Sheths to firm up counter offer by Nov 7
Mumbai: Despite having taken some time to respond, it is expected that the Sheth family, which controls Gesco Corporation, that is at the centre of a takeover battle, will firm up their counter offer by the deadline date of November 10.

According to market sources, the counter offer move by the Sheth family is likely to set off a veritable war for control over the company between the Sheths and the Dalmias. The Dalmias, who had recently increased their offer price from Rs 23 per share to Rs 27 recently, had made an open offer through group company Renaissance Estates on October 21 for acquiring an additional 45 per cent of Gesco Corporation shares.

The Sheths have appointed Kotak Mahindra to help them draw up a counter-strategy .
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Old economy stocks prop up sensex
Mumbai: With most of the funds continuing to buy the old-economy stocks, the bull run in that segment continued for the second day in row .

This lifted the benchmark index by 87 points on Thursday, which closed at 3,875.79 points. The S&P CNX Nifty index on the NSE also moved up by 24.05 points on increased buying by speculators and FIIs and ended the day 1,224.

This buying in the brick and mortar has come after a long gap. Most of these stocks had taken a severe beating in the last few months and the levels at which they stocks were being quoting make their valuations attractive.
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