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ONCE CAN TAKE SMALL EXPOSURE IN THIS SPECULATIVE COUNTER,
ONE OPERATOR IS SAID TO BE BUILDING POSITION IN IT
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28 May, 2008, 1545 hrs IST, INDIATIMES NEWS NETWORK
MUMBAI: Religare Securities has recommended ‘buy’ on Mercator Lines and has raised their target price by 10 per cent to Rs 160 ( 54% upside from current level) to incorporate the larger fleet size (but not the coal mine initiative since it is still early days).
The company is in the midst of a major fleet expansion drive which would buoy growth in the coming years. The company has already purchased a dredger and deployed it with Dredging Corporation of
It has also acquired its third VLCC in Apr-Jun 2008-09. In addition, through its subsidiaries, MLL will acquire a VLCC converted into an ore carrier in Oct-Dec 2008-09, three post Panamax vessels - two in 2009-10 and one in 2010-11 - and a jack up rig in Apr-Jun 2009-10.
The company’s offshore arm, MLL Offshore, will receive delivery of a 350ft shallow water jack up rig in Apr-Jun 2009-10. This rig has already been contracted for a period of three years at an attractive day rate of $ 150,000. Religare expects the operating expense for the rig to be $ 50,000 per day, with the balance accruing to the company’s operating profit.
During 2007-08, fleet expansion coupled with a robust day rate environment led to a 30 per cent year on year increase in the company's consolidated net revenue to Rs 1,450 crore and a 143 per cent rise in profit after tax to Rs 330 crore. Religare expects the continued build-up of a young and modern fleet, deployed at attractive day rates, to bolster revenues and profitability in the coming years as well.
This apart, MLL has purchased interests in two coal mines, wherein it will be in a position to mine and transport coal, thus providing a holistic logistical solution. The stock is trading at a P/E of 4.5x, P/BV of 1x and an EV/EBITDA of 3.6x on FY10E.
Tata Motors advanced 2.40% to Rs 641.55 at on BSE after the company reported 6.03% rise in net profit to Rs 2028.92 crore on 5.40% rise in total income to Rs 29214 crore in the year ended March 2008 over the year ended March 2007.
The stock hit a high of Rs 644 and a low of Rs 612 during the day. The stock had a 52-week high of Rs 840 on
The company’s current equity is Rs 385.55 crore. Face value per share is Rs 10.
The current price of Rs 641.55 discounts its Q3 December 2007 EPS of Rs 51.78, by a PE multiple of 12.38.
However Tata Motors’ consolidated net profit slipped 0.10% to Rs 2167.70 crore on 10.47% rise in total income to Rs 35918.96 crore in full year ended March 2008 over full year ended March 2007.
Tata Motors also announced plan to raise about Rs 7,200 crore through three simultaneous but unlinked rights issues to be used for financing the Jaguar-Land Rover acquisition.
The three simultaneous rights issue equity include rights issue of upto Rs 2,200 crore; rights issue of 'A' equity shares carrying differential voting rights (1 vote for every 10 'A' equity shares) upto Rs 2,000 crore and a rights issue of 5-year 0.5% convertible preference shares (CCPs) upto Rs 3000 crore, optionally convertible into 'A' equity shares after 3 years but before 5 years from the date of allotment.
The company said that after the above-mentioned issues, the company’s total equity capital is estimated to increase by about 30% to 35% during the current financial year.
In March 2008, the company signed an agreement with Ford Motor Company for buying two iconic British auto brands - Jaguar and Land Rover for $2.3 billion.
Tata Motors is engaged in manufacturing and marketing heavy, medium and light commercial vehicles, utility vehicles and passenger cars.
Visa Steel gained 2.71% to Rs 60.65 at 14:01 IST on BSE on reporting 3129% surge in net profit to Rs 20.99 crore on 78% increase in total income to Rs 259.66 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 61.80 and a low of Rs 58.55 so far during the day. The stock had a 52-week high of Rs 65.65 on
The company’s current equity is Rs 110.24 crore. Face value per share is Rs 10.
The current price of Rs 60.65 discounts its Q3 December 2007 annualised EPS of Rs 4.94, by a PE multiple of 12.28.
Visa Steel’s net profit rose 110% to Rs 43.15 crore on 27% growth in total income to Rs 682.81 crore in the year ended March 2008 (FY 2008) over the year ended March 2007 (FY 2007).
The company manufactures pig iron and chrome concentrates. The group operates in two segments namely manufacturing and trading. The manufacturing facilities are in Kalinganagar and Golagoan in Orissa.
Minda Industries surged 4.41% to Rs 308 at 12:51 IST on BSE after the company said it has bagged an order worth Rs 50 crore from Volkswagen for the supply of headlamps and rear combination lamps for its upcoming models in India.
The stock hit a high of Rs 309.75 and a low of Rs 295.55 so far during the day. The stock had a 52-week high of Rs 341.90 on
The company’s current equity is Rs 10.51 crore. Face value per share is Rs 10.
The current price of Rs 308 discounts its Q4 March 2008 annualised EPS of Rs 17.09, by a PE multiple of 18.02.
Minda Industries is conducting feasibility studies for setting up a new lighting plant at Bawal in Haryana. The company expects the turnover from lighting division to contribute Rs 225 - 250 crore to the top line in the next two years.
Minda Industries’ net profit rose 64.5% to Rs 4.49 crore on 23.3% fall in net sales to Rs 95.47 crore in Q4 March 2008 over Q4 March 2007.
The company is engaged in manufacturing automotive parts and accessories. The company's product includes switches and lamps.
Emco gained 1.42% to Rs 174.70 at 10:15 IST on BSE on reporting 98.2% surge in net profit to Rs 28.78 crore on 35.9% increase in total income to Rs 342.31 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 175 and a low of Rs 170 so far during the day. The stock had a 52-week high of Rs 330 on
The company’s current equity is Rs 11.76 crore. Face value per share is Rs 10.
The current price of Rs 174.70 discounts its Q4 March 2008 annualised EPS of Rs 19.56, by a PE multiple of 3.63.
Emco’s net profit rose 58.75% to Rs 64.45 crore on 43.95% increase in total income to Rs 944.36 crore in the year ended March 2008 over the year ended March 2007.
On
In March 2008, Emco bagged an order worth Rs 92 crore from Corporate Power,
On
The company is engaged in manufacturing and marketing furnace and rectifier transformers and electronic energy meters.
Seven fertiliser shares rose between 3.24% and 14.53% on reports that the government has provided fertiliser subsidy of Rs 95000 crore for 2008/09, much higher from earlier budget estimates of Rs 31000 crore.
Tata Chemicals (up 4.29% to Rs 395.10), Nagarjuna Fertilisers and Chemicals (up 2.74% to Rs 46.80), Rashtriya Chemicals and Fertilisers (up 3.90% to Rs 70.55), Chambal Fertilisers and Chemicals (up 3.60% to Rs 79.15), Gujarat State Fertiliser Corporation (up 6.11% to Rs 176.25), Zuari Industries (up 3.24% to Rs 235.55), and National Fertiliser (up 14.53% to Rs 54.40), advanced.
Chambal Fertilisers and Chemicals clocked volumes of 59.20 lakh shares, Nagarjuna Fertilisers saw volumes of 28.30 lakh shares while 3.44 lakh shares changed hands on the Rashtriya Chemicals and Fertilisers counter on BSE.
Fertiliser shares had risen in a weak market yesterday,
The substantially higher subsidy bill is a part of the strategy of the government to safeguard farmers from sharp price spiral for both raw materials and finished fertilisers in the global market.
Meanwhile, the government's new fertiliser investment policy is likely to be finalised in the next two to three weeks. The new policy will aim at linking production cost of new fertiliser units to the international prices, in order to encourage fresh investments in the sector.
Four frontline cement shares rose between 1.37% and 3.69% after the Union government partially lifted a ban on cement exports.
Ambuja Cement (up 3.69% to Rs 101.20), UltratechCement Company (up 2.52% to Rs 651.95), ACC (up 1.37% to Rs 664.50), and India Cement (up 3.51% to Rs 162.30), advanced.
Ambuja Cement clocked volumes of 1.28 lakh shares, UltratechCement Company notched volumes of 3228 shares, ACC clinched volumes of 33,701 shares and 61,827 shares were traded on India Cements counter on BSE.
As per the notification of Directorate General of Foreign Trade (DGFT) issued yesterday,
The partial relaxation on the export ban comes at a time of expectation of slow down in the demand of cement in the country with monsoons approaching.
Earlier, on
Earlier this month, the government had allowed export of cement and cement clinkers to
Press Trust of
Camlin Fine Chemicals today said it will split its stock in the ratio of
The board has approved the splitting of shares of face value of Rs 10, into 10 equity shares of face value of Rs one, Camlin said in a filing to the BSE.
Shares of Camlin closed at Rs 164.30, down 4.48 per cent on the BSE.
BS Reporter / Chennai
Chennai-based public sector enterprise, Neyveli Lignite Corporation Ltd (NLC) posted a 1400 per cent in net profit to Rs 384.68 crore in fourth quarter of 2007-08 from Rs 26.40 crore in the comparable quarter of 2006-07. Surge in the profit is due to increase in the lignite production during 2007-08, which was low in the previous quarter due to rain.
In the last quarter of previous fiscal company's total income increased by 78 per cent to Rs 1,013.9 crore as compared to Rs 567.46. NLC's total expenditure grew by 31.07 per cent to Rs 555.43 crore from Rs 423.78 crore.
NLC's profit after tax for 2007-08 increased to Rs 1101.57 crore from Rs 566.78 crore in 2006-07, an increase of 94 per cent. Total income during the year increased by 34 per cent to Rs 3,638.07 crore from Rs 2,705.19 crore in 2006-07.
NLC's Board Of Directors announced 20 per cent dividend for 2007-08 that would result in a fund outflow of Rs 335.54 crore.
Speaking to reporters J N Prasanna Kumar, director – finance, NLC said that the Ministry of Coal approved NLC to set up a 1000 MW power plant in Tuticorn at an investment of Rs 4,900 crore.
Sales rise 10.53% to Rs 68.13 crore
Net profit of Oriental Hotels rose 1.68% to Rs 15.75 crore in the quarter
ended March 2008 as against Rs 15.49 crore during the previous quarter ended
March 2007. Sales rose 10.53% to Rs 68.13 crore in the quarter ended March
2008 as against Rs 61.64 crore during the previous quarter ended March 2007.
For the full year, net profit rose 14.69% to Rs 43.49 crore in the year
ended March 2008 as against Rs 37.92 crore during the previous year ended
March 2007. Sales rose 12.66% to Rs 215.90 crore in the year ended March
2008 as against Rs 191.64 crore during the previous year ended March 2007.
OptoCircuits brd approves bonus issue 7shr for every 10held
Press Trust of
The Reserve Bank is likely to surprise the market by tightening money supply to combat inflation, which would push up interest rates, according to a study by financial services giant Barclays.
"We believe the central bank's policy (in
The study also expects "possibly more hikes" in CRR in the second half of this year. Besides, it expects the RBI to follow through with a repo rate hike of 25-50 basis points in the next one to two quarters.
Cash Reserve Ratio (CRR) is the requirements for banks to keep a proportion of its deposits with central bank and repo is the rate at which RBI injects liquidity in the system by buying government securities.
The Reserve Bank has already announced 0.75 per cent hike in CRR to suck out around Rs 27,000 crore from the system to cool down inflation.
A few other studies on inflation by reputed names like IMF, NCAER and Crisil were also put out.
An IMF study puts weekly inflation rate in
Rating agency CRISIL cautioned the government against using price control measures to soften inflation, saying they would distort resource allocation and create shortages.
Press Trust of
Drug maker Plethico Pharmaceuticals today said it will split its stock in the ratio of
The board has approved the subdivision of equity shares of face value of Rs 10 into 10 shares of face value of Re 1, the company said in a filing to the Bombay Stock Exchange.
Further, the board has declared a dividend of 25 per cent, at the rate of Rs 2.50 on shares of face value Rs 10. Shares of Plethico Pharma closed at Rs 411.40, up 3.92 per cent on the BSE.
Sundaram Finance spurted 6.90% to Rs 620 at
The stock hit a high of Rs 668.95 and a low of Rs 522.05 so far during the day. The stock had a 52-week high of Rs 914.80 on
The company’s current equity is Rs 27.78 crore. Face value per share is Rs 10.
The current price of Rs 620 discounts its Q3 December 2007 annualised EPS of Rs 170.80, by a PE multiple of 3.63.
Sundaram Finance’s net profit rose 423.7% to Rs 118.62 crore on 97.3% rise in operating income to Rs 337.63 crore in Q3 December 2007 over Q3 December 2006.
Sundaram Finance is engaged in providing financial services. The activities of the group span savings products like deposits and mutual funds, car and commercial vehicle finance, insurance, home loans, software solutions, business process outsourcing, tyre finance, fleet cards and logistics services.
Bajaj Electricals was up 1.10% to Rs 455 at 14:53 IST on BSE, off sharply from session's high of Rs 491.05, after the company reported 85.70% jump in net profit to Rs 73 crore in the year ended March 2008 over the year ended March 2007.
The stock jumped 9.09% at the day’s high of Rs 491.05 hit in early trade. The stock hit low of Rs 451.30 so far during the day. The stock has a 52-week high of Rs 740 on
The company’s current equity is Rs 17.28. Face value per share is Rs 10.
The current price of Rs 455 discounts Q3 December 2007 annualized EPS of Rs 43.77, by a PE multiple of 10.39.
Bajaj Electricals' total income rose 27.86% to Rs 1379.50 crore in the year ended March 2008 over the year ended March 2007.
The company recommended a dividend of Rs 8 per share for the year ended March 2008.
Bajaj Electricals is engaged in manufacturing and marketing consumer household and industrial goods. The company operates through four segments viz. lighting, consumer durables, engineering and projects and others.
Everest Kanto Cylinder gained 1.40% to Rs 329.05 at 14:11 IST on BSE after posting 124.8% surge in net profit to Rs 11.51 crore on a 34.9% rise in net sales to Rs 108.05 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 331.95 and a low of Rs 325 so far during the day. The stock had a 52-week high of Rs 385.35 on
The company’s current equity is Rs 20.23 crore. Face value per share is Rs 2.
The current price of Rs 329.05 discounts its Q4 March 2008 annualised EPS of Rs 4.55, by a PE multiple of 72.32.
Everest Kanto Cylinder’s net profit rose 0.40% to Rs 47.26 crore on 0.55% rise in total income to Rs 346.15 crore in the year ended March 2008 over the year ended March 2007.
In April 2008, Everest Kanto Cylinder completed the acquisition of all the assets of CP Industries, Inc.
Everest Kanto Cylinder is engaged in manufacturing high-pressure gas cylinders with the higher water capacity.
Omaxe gained 1.33% to Rs 213.50 at 14:09 IST on BSE after the company reported 187.90% surge in net profit to Rs 398.80 crore on 90.20% rise in net sales to Rs 1789.50 crore in the year ended March 2008 over the year ended March 2007.
The stock hit a high of Rs 218.80 and a low of Rs 213 so far during the day. The stock had a 52-week high of Rs 613 on
The company’s current equity is Rs 173.57 crore. Face value per share is Rs 2.
The current price of Rs 213.50 discounts its Q4 March 2007 annualised EPS of Rs 24.09, by a PE multiple of 8.86.
Omaxe posted net profit of Rs 104.52 crore on net sales of Rs 519.14 crore in Q4 March 2008. Figures for the corresponding previous year period were not available. The results were unveiled after trading hours yesterday,
The company said that it has raised Rs 100 crore through private placement of 100 secured non convertible debentures of Rs 1 crore each to LIC Mutual Fund.
As per reports, Omaxe is talking to merchant bankers in
Another media report suggested that the company is entering into power generation by forming a joint venture with Isolux, a Spanish firm to set up a 150 megawatt unit at Ennore near Chennai. Omaxe is expected to hold 51% stake in the joint venture, with Isolux holding the rest.
Omaxe is a real-estate development and construction company. The company focuses on developing residential and commercial real-estate projects ranging from integrated townships, group housing and retail and other commercial properties, hotels, information technology and bio-tech parks to special economic zones (SEZ).
Bhuwalka Steel Industries gained 2.22% to Rs 83 at 13:16 IST on BSE after the company said it expects revenue of Rs 125 crore and rental income of Rs 12 crore a year, from redevelopment of a mill property in Bangalore.
The stock hit a high of Rs 86.50 and a low of Rs 80 so far during the day. The stock had a 52-week high of Rs 131.80 on
The company’s current equity is Rs 5.19 crore. Face value per share is Rs 10.
The current price of Rs 83 discounts its Q3 December 2007 annualised EPS of Rs 13.64, by a PE multiple of 6.09.
The
In April 2008, Bhuwalka Steel Industries acquired 2.99 lakh shares of Benaka Sponge Iron, based in Karnataka for Rs 10.02 crore.
Bhuwalka Steel Industries’ net profit rose 227.8% to Rs 1.77 crore on 31.6% growth in net sales to Rs 126.71 crore in Q3 December 2007 over Q3 December 2006.
The company manufactures steel billets and ingots. The group's steel rolled products primarily cater to the demand of construction and engineering industries.
Sandur Manganese and Iron Ores scrip jumped 5% to Rs 1185.65 on sustained buying after the company’s management guided a whopping 10-fold jump in net profit for the year ending March 2009, on
The stock hit a high of Rs 1185.65, a lifetime high for the stock on BSE. The stock’s intra-day low so far during the day is at Rs 1147. The stock touched a 52-week low of Rs 30.05 on
The company’s paid up equity share capital is Rs 8.75 crore, with face value per share being Rs 10.
A relatively unknown stock Sandur Manganese and Iron Ores, currently traded in BSE’s Z group, suddenly hogged limelight after the company’s management on 13 May 2008, issued a guidance of around 344% jump in net sales to Rs 1200 crore in the year ending March 2009 (FY 2009) and around 939.32% surge in net profit to Rs 600 crore in FY 2009, if manganese ore prices continued to rise.
The company further said that Rs 300 crore to the net profit will be contributed from manganese ore, even though it forms only 15% of the company’s total production.
The stock galloped 55% in just nine trading days to Rs 1129.20 on
At the current market price of Rs 1185.65, the Sandur Manganese and Iron Ores stock is trading at a PE multiple of 17.97 based on its FY 2008 (year ended March 2008) EPS of Rs 65.96 and a forward PE multiple of a mere 1.73 based on its FY 2009 EPS of around Rs 685.
With spiraling commodity prices, investor fancy turned towards the Sandur Manganese and Iron Ores stock, anticipating that scarce manganese ore will bolster revenues of the company. Globally, prices of manganese ore have risen sharply in the last 12 months.
A majority 74.80% shares of the company are held by promoters. Public and institutional holding on the counter is 15.65% and 8.03% respectively as at end March 2008. Non-promoter corporate holding at 1.53% forms the rest of company’s equity structure. Interestingly all the company’s shares are currently traded in physical format.
Sandur Manganese and Iron Ores derives its revenues from two sources - Manganese ore and iron ore. The company mines about 2 million tonnes of which around 1.7 tonnes (or 85%) is iron ore, while manganese ore is only 0.3 tonnes (15%) of total production. Manganese ore is consumed by the ferro-alloy industry in
The company reported turnaround results in the Q4 March 2008 reporting net profit of Rs 38.39 crore as compared to net loss of Rs 53.94 crore in Q4 March 2007. Net sales jumped 107.4% to Rs 111.96 crore in Q4 March 2008 over Q4 March 2007.
Thermax jumped 6.05% to Rs 456.05 at 12:35 IST on BSE after the company said its boiler & heater business unit has received an export order worth 14.2 million euro for supply of heat recovery steam generator to an oil company in Europe.
The stock hit a high of Rs 469.50 so far during the day. The stock hit a low of Rs 425.25 so far during the day, which is a 52-week low. The stock had a 52-week high of Rs 968.30 on
The company’s current equity is Rs 23.83 crore. Face value per share is Rs 2.
The current price of Rs 456.05 discounts its Q4 March 2008 annualised EPS of Rs 27.03, by a PE multiple of 16.87.
In February 2008, Thermax signed a technical transfer license agreement with Babcock & Wilcox for utility boilers.
Thermax’s net profit rose 15.5% to Rs 80.53 crore on 12.7% rise in net sales to Rs 922.11 crore in Q4 March 2008 over Q4 March 2007.
The company manufactures and distributes industrial equipment. The group operates in two segments, energy and environment.
Cords Cable Industries gained 3.77% to Rs 127.85 at 11:22 IST on BSE after the company said it has bagged an export order worth $12 million for supply of power cables for a major project in the Middle East.
The stock hit a high of Rs 131.45 and a low of Rs 121.15 so far during the day. The stock had a 52-week high of Rs 155.60 on
The company’s current equity is Rs 11.43 crore. Face value per share is Rs 10.
The current price of Rs 127.85 discounts its Q4 March 2008 annualised EPS of Rs 16.76, by a PE multiple of 7.63.
The company has to execute the order within a period of six to seven months.
Cords Cable Industries’ net profit rose 65.7% to Rs 4.79 crore on 57.8% increase in net sales to Rs 52.08 crore in Q4 March 2008 over Q4 March 2007.
Cords Cable manufactures cables up to 1.1 kilovolt (KV) for various applications including industrial, utility and buildings.
Hawkins Cookers jumped 8.99% to Rs 184.20 at 10:51 IST on BSE after the company’s board of directors recommended a liberal dividend of Rs 10 per share in a board meeting held on Monday, 26 May 2008
The company made this announcement before market hours today,
The company has been consistently paying high dividend over the past couple of years, in an attempt to reward shareholders. The company paid dividend of Rs 3 per share FY 2005, Rs 5 per share FY 2006 and Rs 7 per share FY 2007.
The stock hit a high of Rs 191.50 and a low of Rs 179.90 so far during the day. The stock had a 52-week high of Rs 248.90 on
The company’s current equity is Rs 5.29 crore. Face value per share is Rs 10.
The current price of Rs 184.20 discounts its Q4 March 2008 annualized EPS of Rs 27.15, by a PE multiple of 6.78.
Hawkins Cookers is a leading manufacturer of cookers. The company has an extensive product range consisting of pressure cookers, cooker accessories, non-stick cookware, cuisinettes and satilon cookware.
The company reported 19.30% rise in net profit to Rs 3.59 crore on 2.70% growth in net sales to Rs 60.24 crore in Q4 March 2008 over Q4 March 2007.
Shriram Transport Finance gained 1.80% to Rs 345 at 10:43 IST on BSE on reporting 131.3% surge in net profit to Rs 111.85 crore on 77.6% growth in net sales to Rs 749.73 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 349 and a low of Rs 342.15 so far during the day. The stock had a 52-week high of Rs 433 on
The company’s current equity is Rs 203.14 crore. Face value per share is Rs 10.
The current price of Rs 345 discounts its Q4 March 2008 annualised EPS of Rs 22.02, by a PE multiple of 15.67.
Shriram Transport Finance Company’s net profit rose 104.74% to Rs 389.82 crore on 76.20% rise in total income to Rs 2494.14 crore in the year ended March 2008 over the year ended March 2007.
Shriram Transport Finance is the largest new and pre-owned commercial vehicle financing company in the country. It has a pan-India presence with four regional, 50 divisional and 327 branch offices.
Elecon Engineering Company rose 1.38% to Rs 136.25 at 9:56 IST on BSE after reporting 23.8% rise in net profit to Rs 22.98 crore on 15.3% increase in net sales to Rs 328.47 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 136.50 and a low of Rs 134.95 so far during the day. The stock had a 52-week high of Rs 343 on
The company’s current equity is Rs 18.57 crore. Face value per share is Rs 2.
The current price of Rs 136.25 discounts its Q4 March 2008 annualised EPS of Rs 9.90, by a PE multiple of 13.76.
Elecon Engineering Company’s net profit rose 22.40% to Rs 67.20 crore on 14.60% increase in total income to Rs 836.22 crore in the year ended March 2008 over the year ended March 2007.
On
On
Elecon Engineering Company manufactures all kinds of mechanical handling equipment such as bucket elevators, belt conveyors, gravity roller conveyors, bag-filling machines, bag stacking machines, overhead chair conveyors.
Inflation rate may be revised to 10%: Economist
"Delays in data collection in
Preventing rising prices reduces the incentive for farmers to increase supply and for consumers to curb demand thus prolonging the very imbalance that has stoked prices. It further said if measured correctly, five of the ten biggest emerging economies co uld have inflation rates of 10 per cent or more by mid-summer.
"Two-thirds of the world's population may then be struggling with double-digit inflation." - PTI
BS Reporter / Mumbai
Pharmaceutical packaging company Ess Dee Aluminium Ltd (EDAL) has posted a net profit of Rs 24.35 crore for for the fourth quarter of 2007-08, 51 per cent higher than the Rs 16.13 crore posted in the corresponding previous year period. Revenues increased by 42 per cent to Rs 100.72 crore for the fourth quarter, compared to Rs 70.75 crore in the previous quarter.
For the year ended 2007-08, the company posted a net profit of Rs 73.45 crore, an increase of 97 per cent over the Rs 37.28 crore posted in the previous year. Revenues grew 89 per cent to Rs 316.94 crore for 2007-08, versus Rs 167.38 crore in the previous year.
" We have performed well across segments in the enterprise. The rising demand in the pharma packing industry is an opportunity to spread our wings in the market," said Sudip Dutta, chairman and managing director.
EDAL's products include aluminium foil for strip packs, lid foil and various PVC films for blister packs. EDAL has three manufacturing facilities – two in
The company has recommended a dividend of 20 per cent on the equity shares.
At the CMP of Rs. 66.7, GICHFL trades at 4.5xFY09E EPS & 1xFY09E Adjusted Book Value of Rs. 62.6. We feel that with the strong management focus & growing demand in Tier I & Tier II cities, the company would be able to maintain its earnings momentum.
GICHFL has surpassed our estimates for NII. However, it has delivered PAT below our estimations by 11.6%. We are not changing the FY09 estimations and shall relook at the same post Q1FY09 results. Rising NPAs & slower growth on a smaller base (despite enough headroom) remain concerns. However high dividend yield of 5.9% (40% dividend declared in FY08) and low P/ABV of 1.1 provide margin of safety. Investors who have exited the scrip / fresh investors could enter in the price band of Rs. 58-62 (Cum-Dividend) for 15% + returns over the next 3-4 quarters.
{We had initiated coverage on GIC Housing Finance Ltd (GICHFL) in October 2007 at Rs.53. The scrip achieved our initial target price of Rs. 75 on Decmeber 3, 2007 & made a high of Rs. 106.7 on
HDSEC,
MK, 23rd May 2008, Sensex – 16,650
Bhushan Steel Ltd, BUY, Earnings revision
Price Rs783 Target Price1,583
Maintain positive outlook, revising target
We are revising our numbers for Bhushan Steel Limited (BSL) to reflect the current trends in steel prices and its progress in its
At CMP of Rs783 the stock is trading at 6.7x FY09E and at 4.9x FY10E FDEPS. On EV/EBITDA basis, the stock is currently trading at 7.5x FY09 and 4.4x FY10 estimates. We maintain BUY on Bhushan with target price of Rs1,583 (10x FY10 FDEPS of Rs158.3)
Gujarat State Petronet (GSPL) is
GSPL is expanding its pipeline network aggressively, which has put pressure on its financial performance due to a rise in interest and depreciation costs. However, the current investments will pay off well once more natural gas becomes available and the capacity utilisation improves.
With the availability of natural gas slated to double in the next three years, GSPL will emerge as a key beneficiary. Long-term investors can consider investing in the scrip.
BUSINESS: GSPL covers nearly 33 districts of
The company operates its pipeline network on an open-access basis, which means that the transmission capacity is available to all shippers without discrimination. Since the company is not involved in buying and selling gas, it’s not exposed to fluctuations in commodity prices.
GROWTH FACTORS: GSPL has an aggressive capital expenditure (capex) plan to invest Rs 1,900 crore by ’10 to take the pipeline network to 2,000 km. This will connect a number of gashungry industrial centres to the gas grid, bringing in more business for GSPL.
With the natural gas regulator — Petroleum and Natural Gas Regulation Board (PNGRB) — becoming active, the wider reach of these pipelines will assume further significance. PNGRB will not allow GSPL’s competitors to lay parallel pipelines and the company will hold competitive advantage while bidding for new projects in adjacent areas.GSPL’s return on capital employed (RoCE) has remained at reasonable levels of 10-11% in the past couple of years.
This is below the 12% RoCE allowed by PNGRB under its guidelines. Thus, there is hardly any risk of GSPL having to reduce transport tariffs in future. GSPL transports around 17 million metric standard cubic metres of gas a day (mmscmd), but this will double with volumes from two contracts it signed recently.
GSPL has signed a five-year agreement with Reliance Industries to transport 11 mmscmd and another contract with Torrent Power to transport 4.5 mmscmd for 20 years. Both these contracts are set to commission by the second half of the current fiscal itself, which will significantly improve the capacity utilisation of GSPL’s pipeline network.
Over the next three years, the availability of natural gas in
Gujarat State Petroleum (GSPC) and ONGC are developing their gas fields on the eastern coast of
GSPL also holds strategic stakes in three city gas distribution companies — two in
FINANCIALS:The company has witnessed healthy growth during the recent quarters. However, the spurt in interest and depreciation costs on completion of the pipeline projects has impacted its net profits.
The company is charging depreciation onits pipelines at a higher rate, assuming just 12 years of working life. However, the lifetime of the pipelines is estimated at 30 years, which gives it an option to bring down the rate of depreciation any time in future. In fact, in the quarter ended September ’05,
For the 12-month period ended December ’07, the company reported a 2.8% fall in net profit, despite a 35% jump in operating profit, as interest and depreciation costs soared. The volume of gas transported has increased steadily to cross 16.9 mmscmd for the 12-month period ended December ’08.
VALUATIONS: As the contracts with RIL and Torrent Power become functional in the next 4-5 months, the natural gas volumes transported by GSPL are expected to double. This will bring in additional revenues, with the margins remaining intact.
The interest and depreciation costs may rise as and when new pipelines get commissioned. However, for the year ending FY09, we expect the company to report earnings per share of Rs 2.1 and cash earnings of Rs 5.6 per share. Thus, at the current market price of Rs 67, the scrip is trading at a one-year forward P/E of 31.9. However, based on cash profits, the forward P/E works out to just 12.
Considering the aggressive depreciation policy adopted by the company, its real value is reflected by the growth in its cash EPS. Hence, for long-term investors, the scrip offers attractive returns.
JK Tyre & Industries is
Commercial vehicle tyres account for nearly two-thirds of the domestic tyre industry’s turnover and profits. In the past, the company suffered due to high capital cost followed by spiralling natural rubber prices.
This adversely affected its profitability and for a long time, JK Tyre was one of the least profitable tyre makers in the country. Rubber prices have now stabilised and the company has successfully hiked prices to pass on the increase in input costs to its customers.
Besides, it has been able to restrict its interest cost and depreciation allowances to historical levels, even as revenues and operating profit continue to grow. All this makes it an interesting turnaround story for longterm investors. To top it all, JK Tyre is currently one of the cheapest stocks in the tyre segment, with an attractive dividend yield of 2%.
BUSINESS:The flagship company of the Hari Shankar Singhania Group, JK Tyre markets tyres and tubes under the JK brand. The company pioneered the radial tyre technology in
The slow market response to bus/truck radial tyres hit JK Tyre hard as it had bet hundreds of crores on setting up
For nearly a decade ended September ’06, these two elements of fixed cost ate away the entire operating profit generated by the company, hardly leaving anything for shareholders. Now, however, there are strong indications that radialisation in the commercial vehicle segment is at a take-off point. It has already risen to 4% from 2% two years ago.
And being a pioneer in radial tyre technology, JK Tyre is likely to be one of the biggest gainers of this move. This is already visible in its financials. Its return on capital employed (RoCE) nearly tripled in the past three years to over 14% in FY07, and is expected to improve further this year.
The ratio of fixed cost to operating profit improved to 65% during the 12-month ended March ’08, against 116% in FY03. This translates into a stronger balance sheet and more sustainable finances.
In July ’07, the company raised capital from its promoters by way of a preferential issue to further improve its debt-to-equity ratio (DER).
It now plans to go in for a rights issue, which is expected to provide it additional capital to the tune of Rs 100 crore. This, coupled with its retained profits, is expected to improve the company’s DER to around 1.2-1.5 from nearly 2.5 during FY07.
GROWTH PLANS: In view of the increasing radialisation, JK Tyre now plans to invest Rs 480 crore to increase capacity of radial tyres.
Out of this, Rs 315 crore will be spent on augmenting its truck radial tyre capacity to 8 lakh tyres from the existing 3.67 lakh tyres, and another Rs 120 crore will be spent on increasing its off-the-road tyre capacity. The company also plans to invest in augmenting its captive power capacity.
Early last month, the company announced the acquisition of Mexicobased tyre company, Tornel, for Rs 270 crore. The acquisition, which is being done through a special purpose vehicle (SPV), will make it easier for JK Tyre to access the North American market and spare its domestic capacity to meet rising domestic demand.
Tornel is likely to be earnings per share (EPS)-accretive, as the acquisition cost is nearly half of the replacement cost of setting up a plant with similar capacity.
Spread over three locations, Tornel has a production capacity of 290 tonnes per day (tpd), against JK Tyre’s 650 tpd. In FY07, exports accounted for nearly 20% of the company’s revenues.
FINANCIALS:In the past three years, the company’s annualised net sales have recorded a compound annual growth rate (CAGR) of 15%, while net profit posted a CAGR of 40%.
During the same period, net profit zoomed to Rs 89 crore during the 12-months ended March ’08, against a loss of Rs 7 crore during the 12-months ended March ’05. Nearly two-thirds of the company’s profit growth was recorded in the past six quarters.
We expect the company to continue its growth momentum for at least the next few quarters, aided by price hikes and continued growth in the after-market for tyres. Early last month, the company, along with other tyre makers, hiked tyre prices by 5%.
VALUATIONS: At its current market price of around Rs 128 per share, the stock is trading at 4.5 times its EPS during the year ended March ’07.
In contrast, its peer, Apollo Tyres, is trading at a price-to-earnings (P/E) multiple of nearly 10, while MRF is trading at 8 times its EPS.
Assuming a modest 12-15% annual growth in revenues and continued improvement in operating margins, JK Tyre’s one-year forward P/E works out to around 2.5, which provides ample upside potential to investors with a horizon of 2-3 years. Besides, JK Tyre has the industry’s highest dividend yield of 2%, which will only improve as profits grow.
Genesys International jumped 5% to Rs 119.45 at
The stock hit a high of Rs 119.45, which is also its all time high on BSE. The stock touched a low of Rs 115.10 so far during the day. The stock’s 52-week low is at Rs 19.50 touched on
The company’s current equity share capital is Rs 11.57 crore. Face value per share is Rs 10.
At the latest market price of Rs 119.45, the stock trades at a PE multiple of 18.18, based on its Q4 March 2008 annualised EPS of Rs 6.57.
The stock witnessed solid re-rating, surging 73.34% from Rs 65.65 on
Genesys International reported a 126.66-fold spurt in net profit to Rs 7.60 crore on the back of 4.38-fold spurt in net sales to Rs 18.92 crore in Q4 March 2008 over Q4 March 2007
The company posted 608.30% jump in net profit to Rs 14.59 crore on 145.20% surge in net sales to Rs 47.02 crore in FY March 2008 over FY March 2007.
Genesys International providers geospatial, engineering and information technology solutions to the utility, telecom, energy, government, oil & gas and petrochemical sectors.
Eicher Motors jumped 20% to Rs 384.30 at 13:49 IST on BSE after its holding company Eicher Goodearth Investments said it plans to buy back 13.12% of the public holding in Eicher Motors at Rs 691.68 per share
The stock hit a high of Rs 384.30 and a low of Rs 318.05 so far during the day. The stock had a 52-week high of Rs 599 on
The mid-cap commercial vehicle maker has an equity capital of Rs 28.09 crore. Face value per share is Rs 10.
The current price of Rs 384.30 discounts its Q4 March 2008 annualised EPS of Rs 27.71, by a PE multiple of 13.86.
The proposed buy back offer is at hefty premium of 79.98% over the current price of Rs 384.30. Eicher Goodearth Investments holds 58.20% stake in the company while public holding in Eicher Motors stood at 15.57% (as at end March 2008).
Meanwhile, the world's number two truck maker Volvo said on
Earlier on
Eicher Motors’ commercial vehicle sales increased 17% to 2,002 units in April 2008 over April 2007.
Eicher Motors reported 6.8% fall in net profit to Rs 19.46 crore on 5.5% rise in net sales to Rs 653.35 crore in Q4 March 2008 over Q4 March 2007.
Eicher Motors manufactures and sells commercial vehicles, tractors, two-wheelers and gears. Its plants are located at Madhya Pradesh, Tamil Nadu and
Ashok Leyland was flat at Rs 37.40 at
The stock came off session's low of Rs 35.05 after the announcement.
The stock hit a high of Rs 38.15 so far during the day. The stock had a 52-week high of Rs 57.90 on
The company’s current equity is Rs 113.33 crore. Face value per share is Rs 1.
The current price of Rs 37.40 discounts its Q4 March 2008 annualised EPS of Rs 5.43, by a PE multiple of 6.89.
The aggregate investment in all three companies will be around Rs 2300 crore. The plant is expected to start production from 2010/11.
Ashok Leyland’s net profit rose 5.3% to Rs 180.57 crore on 11.8% increase in net sales to Rs 2562.01 crore in Q4 March 2008 over Q4 March 2007.
Ashok Leyland manufactures commercial vehicles and spare parts. The company also manufactures special vehicles and engines for industrial, genset, marine requirements and automobile spare parts. The company operates only in
Bajaj Auto was trading at Rs 648 and Bajaj Finserv at Rs 570 at 11:03 IST on BSE on the re-listing of the two firms as a result of the demerger of erstwhile Bajaj Auto into three separate entities in a move aimed at unlocking value for shareholders.
The Bajaj Auto stock debuted at Rs 945 on BSE. The stock hit a high of Rs 945 and a low of Rs 556 so far during the day. Bajaj Auto manufacturers two & three wheelers.
The Bajaj Finserv stock debuted at Rs 700 on BSE. The stock hit a high of Rs 999 and a low of Rs 525 so far during the day. Bajaj Finserv comprises of financial services and wind farm businesses and has major presence in insurance, consumer finance and distribution space.
The third company Bajaj Holdings & Investment, which was listed on
In May 2007, Bajaj Auto was demerged into three new entities Bajaj Holdings & Investments, Bajaj Auto and Bajaj Finserv.
For each share of Bajaj Auto, the shareholders continued to hold one share of the company with face value of Rs 10 and were allotted one share of Rs 10 face value of Bajaj Holdings and Investment and one share of Rs 5 face value of Bajaj Finserv.
The total of the current prices of the three scrips - Bajaj Holdings & Investment at Rs 635, Bajaj Auto at Rs 648 and Bajaj Finserv at Rs 570, works out to Rs 1883. This is a 9.45% discount as compared to last traded price of Rs 2079.65 of Bajaj Auto on
Deccan Chronicle Holdings gained 0.36% to Rs 137.95 at 10:53 IST on BSE after the company said it today launched Bangalore Edition of its English daily newspapers Deccan Chronicle and Financial Chronicle.
The stock hit a high of Rs 140 and a low of Rs 135 so far during the day. The stock had a 52-week high of Rs 270.10 on
The company’s current equity is Rs 48.98 crore. Face value per share is Rs 2.
The current price of Rs 137.95 discounts its Q3 December 2007 annualised EPS of Rs 16.81, by a PE multiple of 8.21.
In April 2008, Deccan Chronicle Holding launched a new financial daily Financial Chronicle in
Deccan Chronicle Holdings’ net profit rose 112.5% to Rs 102.94 crore on 47.7% growth in net sales to Rs 216.20 crore in Q3 December 2007 over Q3 December 2006.
Deccan Chronicle Holdings' principle activity is to publish newspapers. The company's English daily is circulated in
Bank of Rajasthan surged 5.88% to Rs 108 at
The stock hit a high of Rs 115 and a low of Rs 105 so far during the day. The stock had a 52-week high of Rs 200 on
The bank’s current equity is Rs 134.46 crore. Face value per share is Rs 10.
The current price of Rs 108 discounts its Q3 December 2007 annualised EPS of Rs 12.54, by a PE multiple of 8.61.
Bank of Rajasthan’s net profit rose 112.7% to Rs 42.15 crore on 44.5% increase in operating profit to Rs 311.26 crore in Q3 December 2007 over Q3 December 2006.
The bank provides commercial banking and other related services. The services include banking operations and treasury operations.
Even oil ministry, as it presses for a raise, may come around to accept the alternative - and, more crucial, politically more palatable - ways to rescue the oil marketing companies. Other options include raising petrol price by up to Rs 2 a litre but leaving the diesel price unchanged, while simultaneously reducing customs and excise levies. Oil minister may be arguing the brief of the oil companies for higher pump prices.
But as a politician, even he is not in favour of such a major revision and is pushing hard for reduction in customs and excise levies. This is something the Left and Sharad Pawar had been supporting during the runup to the last revision in fuel prices in February. But P Chidambarm is loathe to giving up any earning at a time when he has to pay for a slew of social projects and the farm loan waiver.
Reducing Central excise by Re 1 will provide a relief of approximately Rs 7,000 crore a year to the oil marketing firms.
Similarly, if customs duty is reduced by 5% to nil on crude and 2.5% on motor fuels from 7.5%, the companies will get a relief of roughly Rs 13,300 crore a year. The customs duty reduction has to come on both crude and refined products to avoid giving windfall gains for private companies such as Reliance Industries and Essar, who only run refineries and do not have substantial marketing operations.
But finance ministry will never give up so much of revenue. Chidambarm could be persuaded to reduce customs on fuels by about 2% and some reduction in Central excise. The argument for reducing duties is being forwarded on the basis of the fact that high oil prices has meant the exchequer grew fatter in 2007-08 by Rs 35,000 crore to Rs 180,000 crore from higher customs mopup, other taxes and dividend from oil firms.
For example, oil firms paid $2 as customs per barrel when the price was $40 and have to pay $5 if the price rises to $100. Besides, other taxes push up pump prices. Out of the Rs 45.52 a litre price of petrol in
Oil marketing firms are losing Rs 580 crore daily on motor and kitchen fuel sales. They are losing Rs 16.34 a litre on petrol, Rs 23.50 on diesel, Rs 29 on kerosene and Rs 316 on each cylinder of cooking gas. Present pump prices correspond to approximately $70-75/barrel of crude, which they are buying at $125-130 a barrel.
Government had allowed them to raise petrol prices prices by Rs 2 a litre and diesel by Re 1 in February. By then, however, international crude had moved to $90-100/barrel. No wonder, they are looking at closing 2008-09 with a loss of Rs 200,000 crore, up from Rs 70,579 crore in 2007-08.
Federal Bank declined 3.67% to Rs 236.10 at 14:38 IST on BSE after reporting a meagre 3.63% rise in net profit to Rs 102.86 on a 32.26% increase in total income to Rs 842.06 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 252 and a low of Rs 233.10 so far during the day. The stock had a 52-week high of Rs 395 on
The mid-cap private sector lender has an equity capital of Rs 171.03 crore. Face value per share is Rs 10.
The current price of Rs 236.10 discounts its Q3 December 2007 annualised EPS of Rs 48.09, by a PE multiple of 4.90.
The Kochi-based private sector bank, Federal Bank, has a significant presence in KeralaCity Union Bank jumped 3.43% to Rs 31.65 at 13:11 IST on BSE after the bank reported 41.70% rise in net profit to Rs 101.73 crore on 51.10% increase in total income to Rs 686.24 crore in the year ended March 2008 over the year ended March 2007
The stock hit a high of Rs 32.80 and a low of Rs 31.10 so far during the day. The stock had a 52-week high of Rs 51.55 on
The small-cap private sector lender has an equity capital of Rs 32 crore. Face value per share is Re 1.
The current price of Rs 31.65 discounts its Q3 December 2007 annualised EPS of Rs 3.17, by a PE multiple of 9.98.
However, City Union Bank reported a mere 8.50% rise in net profit to Rs 28.18 crore on a 49.20% increase in operating income to Rs 198.40 crore in Q4 March 2008 over Q4 March 2007. The bank declared the results during trading hours today,
City Union Bank is a leading scheduled private commercial bank with a strong base in urban, semi-urban and rural centres of south
Shasun Chemicals & Drugs jumped 4.48% to Rs 59.45 at
The stock hit a high of Rs 61.40 and a low of Rs 57.70 so far during the day. The stock had a 52-week high of Rs 157 on
The small-cap drug maker has an equity capital of Rs 9.66 crore. Face value per share is Rs 2.
The current price of Rs 59.45 discounts its Q3 December 2007 annualised EPS of Rs 4.86, by a PE multiple of 12.23.
The net profit of Shasun Chemicals and Drugs fell 41.5% to Rs 5.86 crore on 25.5% rise in sales to Rs 123.19 crore in Q3 December 2007 over Q3 December 2006.
Shasun Chemicals & Drugs manufactures and supplies active pharmaceutical ingredients, intermediaries and formulations.
Mercator Lines advanced 2.30% to Rs 124.70 at
The stock hit a high of Rs 129.30 and a low of Rs 121.90 so far during the day. The stock had a 52-week high of Rs 184.95 on
The company’s current equity is Rs 23.53 crore. Face value per share is Re 1.
The current price of Rs 124.70 discounts its Q4 March 2008 annualised EPS of Rs 12.61, by a PE multiple of 9.89.
Mercator Lines said during market hours today,
On
In April 2008, Mercator Lines,
In March 2008, Mercator Lines,
Mercator Lines reported 351.7% surge in net profit to Rs 74.04 crore on 31% growth in net sales to Rs 265.67 in Q4 March 2008 over Q4 March 2007. The company’s net profit jumped 130.88% to Rs 166.35 crore on 0.27% decline in sales to Rs 781.14 crore in the year ended March 2008 (FY 2008) over the year ended March 2007 (FY 2007).
Mercator Lines, the country’s second largest private sector shipping company provides marine transportation services. The group's areas of operations are tankers and lighterage. The company is a provider of sea borne transportation services, primarily involved in the transportation of crude oil in
Dalmia Cement (Bharat) rose 3.26% to Rs 298 at 11:43 IST on BSE after the firm reported 13.3% rise in net profit to Rs 70 crore on a 39.1% increase in sales to Rs 414.53 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 300.05 and a low of Rs 292 so far during the day. The stock had a 52-week high of Rs 620 on
The mid-cap cement maker has an equity capital of Rs 16.17 crore. Face value per share is Rs 2.
The current price of Rs 298 discounts its Q4 March 2008 annualised EPS of Rs 34.63, by a PE multiple of 8.60.
Dalmia Cement (Bharat) has a cement plant in Tamil Nadu. Dalmia Cement is known for the manufacture of special cements which find applications in strengthening airstrips, concretising railway sleepers and cementing oil wells.
Lakshmi Electrical Control Systems gained 2.06% to Rs 368.10 at 11:33 IST on BSE after the company reported 62.90% rise in net profit to Rs 3.16 crore on 109.80% jump in net sales to Rs 38.75 crore in Q4 March 2008 over Q4 March 2007.
The scrip had touched a high of Rs 380.80 and low of Rs 348.15 so far during the day. The stock had hit a 52-week high of Rs 589 on
The small-cap electrical equipment maker has an equity capital of Rs 2.46 crore. Face value per share is Rs 10.
At the current price of Rs 368.10, the scrip trades at a PE multiple of 7.16, based on Q4 March 2008 annualised EPS of Rs 51.38.
Lakshmi Electrical Control Systems’ net profit rose 49% to Rs 11.68 crore on 72.20% rise in net sales to Rs 117.53 crore in the year ended March 2008 (FY 2008) over the year ended March 2007 (FY 2007). The company had unveiled its results after trading hours yesterday,
Lakshmi Electrical Control Systems manufactures contactors, thermal overload relays, control relays, electrical control panels and industrial plastic components.
Balaji Telefilms galloped 7.04% to Rs 184 at 11:14 IST on BSE after the firm reported 12.1% rise in net profit to Rs 23.85 crore on a 24.7% increase in sales to Rs 96.51 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 184.30 and a low of Rs 171.60 so far during the day. The stock had a 52-week high of Rs 388 on
The mid-cap television content producer has an equity capital of Rs 13.04 crore. Face value per share is Rs 2.
The current price of Rs 184 discounts its Q4 March 2008 annualised EPS of Rs 14.63, by a PE multiple of 12.57.
Balaji Telefilms dominates the television content business. It provides content to most Hindi satellite channels.
Videocon Industries gained 1.76% to Rs 408.50 at 10:59 IST on BSE on reports it plans a major consumer electronics retail foray across West Asia, Europe, Africa and Latin America to raise global revenue shares from the current 2% to 50% by 2011.
The stock hit a high of Rs 415.50 and a low of Rs 405.55 so far during the day. The stock had a 52-week high of Rs 868.65 on
The mid-cap diversified firm has an equity capital of Rs 229.45 crore. Face value per share is Rs 10.
The current price of Rs 408.50 discounts its Q4 March 2008 annualised EPS of Rs 43.82, by a PE multiple of 9.32.
Few days back, the Videocon stock was in demand boosted by reports the firm is venturing into mobile phone handsets manufacturing business. The handsets will be manufactured at its new plant in Kashipur, Uttaranchal, the reports had suggested.
The net profit of Videocon Industries rose 8.6% to Rs 251.22 crore on a 16.8% rise in sales to Rs 2514.91 crore in Q4 March 2008 over Q4 March 2007.
Videocon Industries' principal activity is to manufacture and market consumer electronics and home appliances. The company also has interest in segments like crude oil and natural gas.
Core Projects & Technologies rose 2.07% to Rs 219.90 at 9:55 IST on BSE after the firm reported a 29.23% rise in net profit to Rs 13.88 crore on a 0.42% decline in sales to Rs 51.63 crore in Q4 March 2008 over Q3 December 2007.
The stock hit a high of Rs 219.90 and a low of Rs 215 so far during the day. The stock had a 52-week high of Rs 464.40 on
The mid-cap information technology solutions provider has an equity capital of Rs 16.59 crore. Face value per share is Rs 2.
The current price of Rs 219.90 discounts its Q4 March 2008 annualised EPS of Rs 6.69, by a PE multiple of 32.86.
Core Projects & Technologies is into IT business with special focus in verticals like healthcare, education, and government.
Rana Sugars soared 5.85% to Rs 17.20 at 13:38 IST on BSE ahead of its board meeting later today to consider issuing global depository receipts and allotments of preferential warrants to the promoters.
The stock hit a high of Rs 18.30 and a low of Rs 16.05 so far during the day. The stock had a 52-week high of Rs 25 on
The small-cap sugar manufacturer has an equity capital of Rs 76.62 crore. Face value per share is Rs 10.
The current price of Rs 17.20 discounts its Q2 March 2008 annualised EPS of Rs 5.86, by a
PE multiple of 2.93.
The net profit of Rana Sugars surged 1574.6% to Rs 11.22 crore on a 14.2% rise in sales to Rs 59.01 crore in Q2 March 2008 over Q2 March 2007.
Rana Sugars, part of the Rana group, manufactures white crystal sugar for domestic use as well as for confectionery and pharmaceutical purposes.
Surya Roshni soared 11.39% to Rs 67 at 13:08 IST on BSE after the firm reported 104.6% surge in net profit to Rs 10.29 crore on a 28% increase in sales to Rs 435 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 69.70 and a low of Rs 61.10 so far during the day. The stock had a 52-week high of Rs 95 on
The small-cap lighting products maker has an equity capital of Rs 26 crore. Face value per share is Rs 10.
The current price of Rs 67 discounts its Q4 March 2008 annualised EPS of Rs 15.83, by a PE multiple of 4.23.
The core business of Surya Roshni spans across manufacture of lighting products and steel tubes. The company is the second largest lighting products maker in
Hatsun Agro Product surged 3.47% to Rs 510 at
The stock hit a high of Rs 510 and a low of Rs 505 on so far during the day. The stock had a 52-week high of Rs 536 on
The company’s current equity is Rs 6.80 crore. Face value per share is Rs 10.
The current price of Rs 510 discounts its Q3 December 2007 annualised EPS of Rs 30.69, by a PE multiple of 16.62.
Hatsun Agro Product’s net profit rose 221.6% to Rs 5.21 crore on 51.9% increase in net sales to Rs 232.19 crore in Q3 December 2007 over Q3 December 2006.
The company is engaged in manufacturing and selling milk and milk products and ice creams. The company mainly operates in Tamil Nadu, Karnataka and
Mastek gained 1.11% to Rs 396.95 at
The stock hit a high of Rs 400 and a low of Rs 385 on so far during the day. The stock had a 52-week high of Rs 419 on
The company’s current equity is Rs 14.27 crore. Face value per share is Rs 5.
The current price of Rs 396.95 discounts its Q3 March 2008 annualised EPS of Rs 44.89, by a PE multiple of 8.84.
In April 2008, Mastek in partnership with Thales, Fujitsu Services and Flyware won a 27-million-pound contract from the
In March 2008, Mastek acquired 100% stake in Systems Task Group International,
Mastek’s net profit rose 71.10% to Rs 32.03 crore on 7.22% rise in net sales to Rs 147.09 crore in Q3 March 2008 over Q2 December 2007.
Mastek is an information technology (IT) player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.
KLG Systel rose 0.21% to Rs 609.90 at
The stock hit a high of Rs 614.80 and a low of Rs 604.70 on so far during the day. The stock had a 52-week high of Rs 1020 on
The company’s current equity is Rs 11.70 crore. Face value per share is Rs 10.
The current price of Rs 609.90 discounts its Q3 December 2007 annualised EPS of Rs 63.25, by a PE multiple of 9.64.
With these orders, the company's order book stands at Rs 148 crore. Also the company has been selected as the lowest bidder (L1) for order of Rs 145 crore to be awarded in June 2008.
KLG Systel’s net profit rose 36.36% to Rs 17.14 crore on 61.21% increase in net sales to Rs 92.13 crore in Q3 December 2007 over Q2 September 2007.
The company provides software, information technology solutions and IT enabled services.
Thermax gained 0.29% to Rs 464.95 at 9:57 IST on BSE on reporting 15.5% rise in net profit to Rs 80.53 crore on 12.7% increase in net sales to Rs 922.11 crore in Q4 March 2008 over Q4 March 2007.
The stock hit a high of Rs 473.30 and a low of Rs 455 on so far during the day. The stock had a 52-week high of Rs 968.30 on
The company’s current equity is Rs 23.83 crore. Face value per share is Rs 2.
The current price of Rs 464.95 discounts its Q4 March 2008 annualised EPS of Rs 27.03, by a PE multiple of 17.20.
Thermax’s net profit rose 49.51% to Rs 280.78 crore on 46.87% increase in total income to Rs 3245.94 crore in the year ended March 2008 over the year ended March 2007.
In February 2008, Thermax signed a technical transfer license agreement with Babcock & Wilcox for utility boilers.
The company manufactures and distributes industrial equipment. The group operates in two segments, energy and environment.
Market tracks weak global equities; Sensex sheds 336 points
Sharp fall in US stocks overnight and surging crude oil prices weighed on the market sentiment today, triggering a broad based decline in blue chips.
Banking, capital goods, realty and auto stocks fell. All the sectoral indices on BSE were in red. The market breadth was weak.
On Wednesday, 21 May 2008, the US Federal Reserve cut its 2008 US economic growth forecast and signaled that mounting concerns over inflation would make further interest rate cuts unlikely, driving the three major US indexes down over 1.5%. Oil prices surged to a record high above $135 per barrel on
As per the provisional figures on NSE, the foreign institutional investors (FII)'s sold shares worth Rs 537.35 crore while domestic funds bought shares worth Rs 415.16 crore today, 22 May 2008.
Oil and Natural Gas Corporation (ONGC) declined 1.53% to Rs 924.35. It is reportedly planning to sell 30% to 40% each in two blocks in
Ranbaxy Laboratories declined 1.14% to Rs 498.25. It has reportedly struck two deals with group companies. Ranbaxy has sold some land and building for Rs 90 crore to a group company. It has also picked up 24.91% stake in Shimal Laboratories, another promoter family company, for Rs 93.4 crore, the reports added.
