Close on the heels of Pentafour Software hiking its FII limit, another group company seems to be following suit. Now, Pentafour Communications plans to enhance the FII limit from the current 24 per cent to 30 per cent and awaits shareholder approval for the same. Also on the lines of Pentafour Software, the company intends to issue equity shares/GDRs/ADRs up to $10 million or equivalent or to issue and allot 30 lakh shares to FIIs/NRIs and others. To meet these objectives, the company is awaiting shareholder approval to increase the authorised share capital of the company from the present Rs 6 crore to Rs 15 crore. It is not suprising therefore that Pentafour Communications has been rising on the Bombay Stock Exchange. The scrip has already appreciated from its early-December level of Rs 60.6 to Rs 169. Volumes in the counter have gone up from a daily average level of 20,000 shares to a high of 1.66 lakh shares.

Thumbs down to Max's other income

MaxIndia's nine-month net profit of 174.46 crore (as against the full-year figure 's Rs 8.57 crore) has failed to fuel buying interest in the counter. On the contrary, the stock was hammered by 2 per cent the day the results were announced. The subdued response is understandable as the company has earned Rs 165 crore as interim dividend from its subsidiary, Max Telecom Ventures. If one excludes this, the net profit for the nine-month period ended January 1999 is only Rs 9.46 crore. For the full-year 1998-99, the company is likely to earn a profit of around Rs 13-14 crore. On the bourses, the scrip seems poised for a steep fall from its current level of Rs 131. The stock has already shed 14 per cent from its December-end level of Rs 151.

Export growth fuels rise in Rolta India

Punters can't seem to have enough of Maars Software. The stock, which had been rising in anticipation of excellent results, continued its northward journey even after the company announced a 282 per cent rise in export growth. OnWednesday, the stock scaled a new high of Rs 123 as operators logged into the counter. A phenomenal 27 lakh shares changed hands.

According to marketmen, the scrip is likely to touch Rs 130-level and then witness profit-booking. A major part of Rolta India's revenues have come from its European subsidiary, Rolta BV.

Bank of Rajasthan hits new low

Bank of Rajasthan has taken a severe beating on bourses in the past twenty trading sessions and has shed over 90 per cent since early-January. The reason is not too far to seek; the bank has incurred a net loss of Rs 44 crore for the nine-period ended December 1998. The stock began its southward journey in from a peak of Rs 40 in mid-January. News of a change in the management had propelled the stock. The drubbing in the market has narrowed down the market premium to the offer price of Rs 15. The scrip is currently hovering around Rs 21, which is close to the rights offer price of Rs 15. The counter may see a further fall on as a rsult of the marketadjustment of fresh equity shares to be issued through the rights issue.

Indo National spurts on higher net

Indo National's over 50 per cent jump in net profit seems to have gone down well with investors. On February 8 (the day company declared its results), Indo National gained Rs 20 to close at Rs 305. On Tuesday, the scrip touched a high of Rs 329.25, before closing at Rs 309.5 on BSE. For the quarter-ended December 1998, Indo National earned a net profit of Rs 3.19 on a total income of Rs 55.27 crore. Indo National manufactures the `Nippo' brand of batteries.

The preferential boost to Dhanalaxmi Cotex

After a lull of more than three months, some action is expected at the Dhanalaxmi Cotex counter. The company is making a preferential allotment of 8.3 lakh shares at a price of Rs 60. This is at a premium of Rs 10 to the last traded price of Rs 50 at the Mumbai Stock Exchange on October 26, 1998. Dhanalaxmi Cotex is infrequently traded on the bourses. For the year ended March 31, 1998,the company earned a net profit of Rs 62.34 lakh on sales of Rs 26.78 crore.