MUMBAI: Reliance Industries’ special economic zone in Raigad, Maharashtra, may take off if the company announces a better compensation for farmers willing to part with their land, media reports quoted ministers in the state government as saying.
According to the rehabilitation package announced by RIL in 2006, the displaced farmers will be given Rs 25,00,000 per hectare. RIL also promised a job to one person in each family in the industries that came up in the zone. This may give a boost to the RIL stock, which ended down 2.45 per cent at Rs 1,884.10 on BSE Monday.
The promoters of Emami, Agarwals, have nearly doubled the open offer to acquire 20 per cent stake in ayurvedic pharma firm, Zandu Pharmaceutical Works. The offer was raised to Rs 15,000 a share from Rs 7,315 earlier.
The attempts of Agarwals to enter the board of Zandu have been stalled by the Parekhs, who have raised their stake by nearly 2 per cent in the past couple of months through open market purchases. Emami currently holds 27.5 per cent stake in Zandu while the Parekhs hold over 40 per cent in the company.
On Monday, Zandu shares fell by 5 per cent to close at Rs 16,728 on the BSE, while Emami fell by 2.9 per cent to Rs 279.60. Zandu shares had touched a high of Rs 24,643 on BSE on July 24.
Allcargo Global Logistics has firmed up plans to set up two greenfield ports on both coasts of the country. The company’s shares, which ended 4.18 per cent lower at Rs 848.95 on Monday, could see some upside.
Shares of Usher Agro are likely to witness some action on reports that private equity firms such as Blackstone, TPG, Blue River Capital are eyeing more than a 40 per cent stake in the agri-processing firm. The company’s shares rose 2.99 per cent to Rs 199.75 on Monday.
Jet Airways is in talks with Bangalore-based infrastructure developer GMR Group to buy at least 24 per cent stake in a proposed aircraft maintenance, repair and overhaul venture, to be set up at Hyderabad. Jet Airways shares ended 1.06 per cent lower at Rs 511.30 on BSE.
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