Prism Cement up on takeover buzz

Prism Cement up on takeover buzz
Published: 27 December 2004

 
Rumours of a possible sell out to foreign cement major Lafarge saw the stock of India’s Prism Cement touch new highs on the bourses on Friday. Brokers attribute the large volumes and the fact that the counter hit the upper circuit to rumours of a takeover. Taking a more cautious stand are analysts who believe that the run up is on account of speculation. There are those who question the validity of the rumour as the EV/ton is also said to be too expensive.