Sometimes, share prices of some companies move without any reason and the regulator hardly pays attention to inquire into these unexplained movements. On 6th April, the trading volumes and the share price of Agro Dutch, Jai Corp and Strides Arcolab saw significant movement without any justifiable reasons.
We searched for any news on the web and on the Bombay Stock Exchange and the National Stock Exchange sites, but found no information that could have caused such changes in the trading volumes and the share prices.
On 6th April, Agro Dutch Industries stock surged 52% to Rs14.32 from Rs9.41 on 1st April. The company also saw considerable change in volumes during the period, with 69,741, 365,667 and 255,901 shares traded on the 4th, 5th and 6th of April respectively compared to 48,392 shares traded on 1st April.
In the case of Jai Corp, 3,477,696 shares were traded on 6th April compared to 167,963 on 5th April, and the share price jumped by 15% to Rs197.75, from Rs171.55 the previous day.
The Strides Arcolab registered 362,986 shares traded on 6th April from 9,489 shares traded on 5th April, a whopping 3,725% increase. The share price closed at Rs395, up from Rs366.20 on 5th April.
As is the normal practice, the bourses asked for clarifications and all three companies replied almost similarly, "We have no information/announcement to make with respect to the company's operations/performance which may have a bearing on the price/volume behaviour of the company's shares."
Board proposes dividend of Rs16.50; stock slips by 5% in late afternoon session
Mumbai: Bank of Baroda has recorded a 43% increase in net profit at Rs1,294.30 crore in the fourth quarter ended 31 March 2011, against Rs906.20 crore in the corresponding previous quarter.
The bank informed the Bombay Stock Exchange today that its total income rose to Rs7,168.60 crore in the quarter under review from Rs5120.70 crore in the corresponding period last year. Interest income improved to Rs6,334.10 crore from Rs4,353.8 crore.
The board has proposed a dividend of Rs16.50 per equity share on the face value of Rs10 per share for the financial year 2010-2011, reports PTI.
However, the stock was trading lower by over 5% at Rs939 in the late afternoon session after being more or less flat through the morning. The banking index was among the major sectoral losers today, down almost 1% at 3.30pm, in line with the fall in the Sensex.
For the year ended 31 March 2010, the bank posted a net profit of Rs4,241.60 crore compared with Rs3,058.30 crore in the previous fiscal, registering an increase of 38.6%. During the year, total income increased to Rs24,695.10 crore from Rs19,423.20 crore in the previous fiscal.
Punjab National Bank intends to finalise the partner for its life insurance foray by June
The country second largest public sector lender, Punjab National Bank (PNB) intends to finalise the partner for its life insurance foray by June.
"We hope to finalise the partner this quarter," Punjab National Bank chairman and managing director KR Kamath told PTI.
The bank shortlisted 10 entities from 41 and further it was narrowed down to three, he said.
The three shortlisted life insurers include Bharti AXA, Aviva and Metlife.
The bank will finalise the partner for life insurance business based on the evaluation of the proposals submitted by these insurance companies, he said.
If PNB picks up stake in any life insurer, either domestic or overseas partner will have to dilute stake in the insurance firm.
Aviva India is joint venture between FMCG player Dabur India and UK-based Aviva Plc while Bharti AXA Life Insurance is joint venture between Bharti Enterprises and AXA of France.
Metlife India stakeholders include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors besides Metlife of the US.
Last year, PNB announced its plans for a strategic partnership with an insurance player. The bank had said it has decided to participate in the life insurance venture through "a corporate agency tie-up along with equity participation in an existing Indian life insurance company".
PNB is among the few banks with a large branch network which does not have a stake in a life insurance company.
Last year, PNB decided to part ways with it foreign partner in a proposed life insurance joint venture it set up four years ago.
PNB bought the entire 26% stake held by Principal Financial Group and the 32% participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd. PNB's stake in the proposed joint venture was 30%, while that of Vijaya Bank was 12%.