Date:10/11/2005 URL: http://www.thehindubusinessline.com/2005/11/10/stories/2005111003041500.htm

Back Morgan Stanley picks stake in Pantaloon Retail

Our Bureau

Kolkata , Nov. 9

PANTALOON Retail wore a new valuation today on fresh buying by Morgan Stanley family. The stock finished at Rs 1,833.25, after touching day's high Rs 1,995. On account of Morgan Stanley Dean Witter Mauritius, Morgan Stanley & Co International bought 1.30 lakh shares of Pantaloon on the NSE.

The counter witnessed a volume of 4.65 lakh shares on the NSE and 2.42 lakh shares on the BSE. The 52-week high of the stock is Rs 2,088, recorded on September 13.

Morgan Stanley & Co International held 3.47 per cent stake in Pantaloon as on September 30, 2005. The total FII stake in the company was 30.14 per cent. Merrill Lynch held 2.64 per cent stake in the Pantaloon.

According to Mr Andrew Holland, Chief Administrative Officer & Executive Vice-President - research of DSP Merrill Lynch, the stock holds promise considering its growth plans and the possibility of opening up of the retail sector for FDI.

Meanwhile, Mr Kishore Biyani, Managing Director of Pantaloon Retail, has converted 4.08 lakh shares warrants into fully paid equity shares. He earlier held around 5.51 lakh shares of Pantaloon in his own name and on behalf of his family. Promoters jointly hold more than 43 per cent stake in the company.