Gujarat NRE Coke finds favour with investors of Oz
A batch of foreign investors led by an Australian fund were seen buying shares of Gujarat NRE Coke in good numbers. According to these investors, floods in
JP Morgan recently raised its forecast for 2008 coking coal prices to $140 a tonne, a 42% jump from last year's agreed price of $98.38. Its previous estimate was $120 a tonne. It is in this light that foreign investors are accumulating shares of mining major Gujarat NRE Coke in good numbers.
Reports that Indian power companies will have to rely on privately held (non-captive mines) mines to meet their requirements (to generate thermal power) have also helped shares of Gujarat NRE to appreciate 24% over the past one week. The company ended marginally up at Rs 137 on the BSE. The scrip logged good trading volumes as about 26 lakh shares exchanged hands on Wednesday.
Bullish future expectations lift Bhushan Steel
Shares of Bhushan Steel have been rising despite the overall weakness in the market. According to market buzz, the company is expected to outperform the industry in the coming quarters thanks to the commissioning of its hot rolled coil (HRC) green-field unit in Orissa by this year-end.
According to the analysts, the project will assure easy availability of key raw material and lower input costs. The stock closed at Rs 1,290 on Wednesday, up 1.8% from the previous day’s close. Besides HRC, the proposed unit will also manufacture sponge iron, billets, pig iron as well as generate captive power.
Wednesday, January 30, 2008
Heard on the street
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