Simplex Infra reports growth of 67.71% in its net

BS Reporter / New Delhi June 30, 2008, 18:57 IST

Riding on the strong growth in India's infrastructure sector, Simplex Infrastructures Ltd has reported an increase of 67.71 per cent in its net profit during the financial year 2007-08.

The net profit during FY 08 stood at Rs 90.08 crore compared to Rs 53.71 crore reported during FY 07. The companies net profit during the quarter ended March 31, 2008 stood at Rs 29 crore reflecting a growth of 63 per cent over the same period previous year.

The company registered a total revenue of Rs 2812 crore for the year ended March 31, 2008 reporting a growth of 64 per cent.

However, the total expenditure of the company including consumption of materials, employee cost and other expenses has shown a sharp increase of 64.26 per cent to Rs 2544.61 crore in FY 08 from Rs 1549.10 crore during FY 07.

But experts opine that the company has successfully managed to overcome the sharp escalation in the prices of commodity prices that had hit the bottom lines of many of the infrastructure companies.

Shailesh Kanani, Infrastructure analyst, Angel Broking said,"Going by the general trend in the infrastructure sector, the market expected the the company to report a net profit of Rs 84 crore during the FY 08. However the company exceeded the market expectation and reported a net profit of Rs 90 crore".

At present Simplex infrastructure has an order book value of over Rs 10,000 crore with the share of overseas projects standing at 27 per cent of the total order value.

New players save the NELP-VII show

1 Jul, 2008, 0242 hrs IST, ET Bureau

NEW DELHI: Oil at over $143 a barrel is big bucks anywhere in the world. But it’s a different story in India. The seventh round of bidding under the new exploration licensing policy (NELP) has been a near flop. But for a few new entrants like LN Mittal (one block with HPCL), BHP Billiton (seven blocks with GVK group), RIL-British Petroleum combine(one deepwater block) and the usual suspect ONGC, it would have been almost embarrassing for the government.

“The bidding was low and the response was lukewarm,” a senior official from the director general of hydrocarbons said. While 12 blocks, out of a total of 57, failed to get even a single bid, as many as 19 got just one bid. Big oil companies like ExxonMobil, Chevron, Total and Shell, among others, preferred to stay away.

As many as seven of the no-show blocks were in the deep water region. The response for the smaller fields, however, was relatively good.

“Response for gas expecting blocks are lukewarm because of lack of clarity on policy related issues,” said Director General of Hydrocarbons VK Sibal on the response and the bids. Exploration companies have taken a conservative approach and have bid cautiously, given the uncertainties in the tax regime, an analyst said.

The finance ministry, which has come under attack, for not extending a tax holiday to gas producing companies, went on the defensive and issued a statement, late on Monday evening as news of the bidding round poured in. The official statement only reiterated the finance minister’s reply to the debate on finance bill 2008.

“...There is no material difference in the content or substance of the old provision and the new provision. Subsequent to its introduction, bidding has taken place under NELP I to NELP VI and no request for amendment of the section was received from any quarter,” the statement from the central board of direct taxes said.

Strangely, public sector oil companies, did not share this view and were aggressive in their bids for profit share. “While private players bid profit shares — a share of the profits that companies give to the government after recovering their cost — between 70% and 75%, public sector giants like ONGC bid 85% to 95% in some blocks. What’s even more surprising is that these companies have projected a cost recovery of just 15% to 20%. At this rate, private oil companies can bid good-bye to India’s oil sector,” an energy analyst associated with the bidding rounds said.

Out of 19 deepwater blocks, GVK-BHP got seven blocks, ONGC bagged three blocks and Cairn has been lucky with one deepwater block and BP-RIL bagged one. There has been no takers for seven deepwater blocks. The bidding round (launched on December 13, 2007) was originally scheduled to be closed on April 11. The deadline was first extended to April 25, later it was changed to May 16 and finally to June 30.

The government offered 57 oil & gas blocks under NELP-VII. This included 19 deepwater blocks, 29 are onland blocks and nine blocks are in shallow water.

In previous six rounds, the government awarded 162 blocks. So far, the largest commitment of $3.32 billion investment was received in under NELP-VI where 52 blocks was awarded. Under NELP rounds, 49 oil and gas discoveries have already been made in Cambay onland, North East Coast and Krishna Godavari deepwater areas, accreting over 600 million tonnes of reserves.

US cuts trade benefits for India, Brazil

1 Jul, 2008, 0458 hrs IST, REUTERS

WASHINGTON: Gold necklaces from India, an alloy from Brazil and 23 other developing country products will no longer receive US duty-free treatment, the US Trade Representative's office said on Monday. The decision was the result of an annual review of the Generalized System of Preferences, a program created in 1974 that allows 132 developing countries to export nearly 5,000 products to the United States without paying tariffs.

The United States imported $30.8 billion worth of goods under the GSP program in 2007. As a result of the latest review, 25 products that accounted for about $1.4 billion of the 2007 imports will no longer receive duty-free treatment, USTR said.

Partly because of frustration with India and Brazil's role in the Doha round of world trade talks, Congress passed tougher criteria for the GSP program in December 2006. Lawmakers such as Sen. Charles Grassley, an Iowa Republican, said they were annoyed India and Brazil received duty-free treatment under the program but were refusing in the Doha round to open their own markets to more imported goods.

"Congress created the GSP program to serve as a bridge for developing countries as they increase their participation in the global trading system," US Trade Representative Susan Schwab said in a statement announcing the results. Under the GSP program, countries automatically lose duty-free access when their exports to the United States exceed certain thresholds.

The president can issue a waiver to restore duty-free benefits. But the 2006 law directed the White House to revoke waivers in place for more than five years if the imports met certain "super-competitiveness" criteria. As a result of those new rules, waivers were revoked for $266 million worth of gold necklaces and related products from India, $233 million of jewelry from Turkey, $151 million of the alloy ferroniobium from Brazil and $6.6 million of peanuts from Argentina, USTR said.

Waivers were denied for 21 other developing country products that exceeded GSP thresholds for the first time. Those included $172 million of zinc and $162 million of ferrochromium from Kazakhstan and $161 million of insulated ignition wiring and $154 million of biodiesel from Indonesia. Waivers were continued for 99 products from 15 developing countries.

The largest item on that list was $17 million worth of color televisions from Thailand. Altogether, those waivers will allow continued duty-free treatment for imports that totaled $422 million in 2007, USTR said.

Microsoft to end sales of Windows XP

Microsoft to end sales of Windows XP

WASHINGTON: Microsoft Corp. is scheduled to stop selling its Windows XP operating system to retailers and major computer makers, despite protests from a slice of PC users who do not want to be forced into using XP’s successor, Vista

JK Tyre skids on concerns of large equity dilution

JK Tyre & Industries slipped 4.52% to Rs 94 at 15:30 IST on BSE after the company's board approved a 1:3 rights issue priced at Rs 85 per share including premium of Rs 75 per share.

The company made this announcement during trading hours today, 30 June 2008.

The stock hit a high of Rs 102.70 and a low of Rs 92 so far during the day. The stock had a 52-week high of Rs 195 on 3 January 2008 and a low of Rs 96.95 on 25 June 2008.

The company has an equity capital of Rs 30.79 crore. Face value per share is Rs 10.

The current price of Rs 94 discounts its Q2 March 2008 annualised EPS of Rs 29.91, by a

PE multiple of 3.14.

The stock was hammered on concerns about massive equity dilution as a result of the right issue. The right issue will result in a 33% dilution in equity of the company.

On 23 June 2008, JK Tyre & Industries acquired 100% stake in the Mexican tyre-producing company Tornel for Rs 270 crore.

JK Tyre & Industries’ net profit rose 67.40% to Rs 23.02 crore on 11.10% increase in net sales to Rs 829.96 crore in Q2 March 2008 over Q2 March 2007.

The company is engaged in designing, developing, manufacturing, distributing and servicing of conventional and radial tyres, tubes and flaps. It manufactures truck and bus radials, steel radials for cars, light commercial vehicle (LCV), truck and bus. Radial brands of the group include Ultima and Rally.

India Cements hits 52-week trough on dismal Q4 numbers

India Cements declined 6.21% to Rs 137.55 at 14:22 IST on BSE on reporting 38.25% fall in net profit to Rs 104.44 crore on 10.07% increase in total income to Rs 1010.63 crore in Q4 March 2008 over Q4 March 2007.

The company announced the results during trading hours today, 30 June 2008.

The stock hit a 52-week low of Rs 133.75 in the counter so far during the day. The stock hit a high of Rs 147.90 so far during the day. The stock had a 52-week high of Rs 333 on 14 December 2007.

The company has an equity capital of Rs 281.88 crore. Face value per share is Rs 10.

The current price of Rs 137.55 discounts its Q3 December 2007 annualised EPS of Rs 18.03, by a PE multiple of 7.63.

India Cements’ net profit rose 33.15% to Rs 637.54 crore on 37.57% increase in total income to Rs 3605.61 crore in the year ended March 2008 over the year ended March 2007.

In February 2008, India Cements acquired a second bulk cargo carrier with capacity of 38,002 deadweight tonnages (DWT) from Essar Shipping, Mumbai.

India Cements is engaged in manufacturing and marketing cements.

McNally Bharat Engineering moves south

McNally Bharat Engineering Company slipped 2.05% to Rs 129 at 13:02 IST on BSE despite bagging an order worth Rs 47.30 crore from Mundra Port and Special Economic Zone, Ahmedabad for supply of four rail mounted bucket wheels.

The company made this announcement during trading hours today, 30 June 2008.

The stock hit a high of Rs 134 so far during the day. The stock hit a low of Rs 127.50 so far during the day, which is a 52-week low. The stock had a 52-week high of Rs 316.90 on 17 December 2007.

The company has an equity capital of Rs 31.24 crore. Face value per share is Rs 10.

The current price of Rs 129 discounts its Q4 March 2008 annualised EPS of Rs 9.86, by a

PE multiple of 13.08.

In May 2008, McNally Bharat Engineering Company (MBECL)’s board approved acquiring 68.3% in Gujarat-based Sayaji Iron & Engineering Company.

On 12 February 2008, the company received an order worth Rs 692.46 crore from Steel Authority of India (Sail) for expansion of IISCO steel plant and Bokaro steel plant.

On 4 February 2008, MBECL secured an order worth Rs 198.44 crore from Uranium Corporation of India for Tummalapalle project in the state of Andhra Pradesh.

MBECL’s net profit rose 9.1% to Rs 7.07 crore on 20.3% increase in net sales to Rs 205.75 crore in Q4 March 2008 over Q4 March 2007.

The company provides turnkey solutions in the areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply.

Deccan Chronicle surges on strong FY 2008 results

Deccan Chronicle Holdings gained 3.85% to Rs 116 at 11:38 IST on BSE after posting 68.53% surge in net profit to Rs 271.94 crore in the year ended March 2008 over the year ended March 2007.

The company announced the year ended March 2008 results during trading hours today, 30 June 2008.

The stock hit a high of Rs 117.80 and a low of Rs 109.50 so far during the day. The stock had a 52-week high of Rs 270.10 on 4 January 2008 and a 52-week low of Rs 99.05 on 10 June 2008.

The company has an equity capital of Rs 48.98 crore. Face value per share is Rs 2.

The current price of Rs 116 discounts its Q3 December 2007 annualised EPS of Rs 16.81, by a PE multiple of 6.90.

Deccan Chronicle Holdings’ total income rose 40.17% to Rs 820.25 crore in the year ended March 2008 over the year ended March 2007.

In April 2008, the company launched a new financial daily Financial Chronicle in Hyderabad and Chennai.

In May 2008, Deccan Chronicle launched Bangalore edition of its English daily newspapers Deccan Chronicle and Financial Chronicle.

Deccan Chronicle Holdings' principle activity is to publish newspapers.

Jupiter Bioscience spurts on overseas acquisition buzz

Jupiter Bioscience soared 4.01% to Rs 122.30 at 11:16 IST on BSE on reports the company has acquired a facility of Merck in Switzerland and forged a five-year agreement for peptide products with Merck Biosciences.

The stock hit a high of Rs 125.75 and a low of Rs 120.05 so far during the day. The stock had a 52-week high of Rs 242.35 on 30 July 2007 and a 52-week low of Rs 109.05 on 24 March 2008.

The company’s current equity is Rs 18.13 crore. Face value per share is Rs 10.

The current price of Rs 122.30 discounts its Q4 March 2008 annualized EPS of Rs 21.80, by a PE multiple of 5.61.

Reports added that the acquisition of the CGMP facility of Merck would give Jupiter Bioscience a faster entry into the regulated markets in Europe and the US.

Meanwhile, as per an agreement with Jupiter Bioscience, Merck Biosciences would supply about 140 peptide blocks to Jupiter Bioscience. Peptide blocks are finding application in all the therapeutic areas of research. However, the size of the contract and the cost of the acquisition were not disclosed in the report.

Jupiter Bioscience’s net profit rose 13.70% to Rs 9.88 crore on 20.30% growth in net sales to Rs 46.19 crore in Q4 March 2008 over Q4 March 2007.

The company is engaged in manufacturing peptide group products, drug intermediates, and fine chemicals. The group has developed three types of molecules to treat human and animal disease small molecules, antibodies and peptides.

Pratibha Industries builds on new order win

Pratibha Industries gained 0.80% to Rs 220.20 at 10:46 IST on BSE after the company said it has bagged an order worth Rs 179.72 crore from Lanco Hills Technology Park for construction of a mall podium.

The company made this announcement before trading hours today, 30 June 2008.

The stock hit a high of Rs 220.20 and a low of Rs 215 so far during the day. The stock had a 52-week high of Rs 469.80 on 2 January 2008 and a 52-week low of Rs 196.25 on 19 October 2007.

The company has an equity capital of Rs 16.69 crore. Face value per share is Rs 10.

The current price of Rs 220.20 discounts its Q4 March 2008 annualised EPS of Rs 24.73, by a PE multiple of 8.90.

The project will be executed in 15 months.

In April 2008, Pratibha Industries bagged an order worth Rs 37.03 crore from Sunshine Housing Development for construction of a commercial building Sunshine Towers at Dadar in Mumbai.

In March 2008, the company bagged an order worth Rs 53.81 crore from Municipal Corporation of Greater Mumbai for construction of 900 million litres a day capacity water pumping station at Bhandup.

Pratibha Industries’ net profit rose 61% to Rs 10.32 crore on 77.2% increase in net sales to Rs 188.94 crore in Q4 March 2008 over Q4 March 2007.

The company is engaged in the business of infrastructure and manufacture of submerged arc welded pipes.

PNB hits 52-week low after hike in lending, deposit rates

Punjab National Bank dropped 1.80% to Rs 396 at 10:16 IST on BSE after the bank said on Saturday, 28 June 2008 it has raised its benchmark prime lending rates by 50 basis to 13% per annum with effect from 1 July 2008.

The bank made this announcement on Saturday, 28 June 2008.

The stock hit a 52-week low of Rs 395.20 in the counter so far during the day. The stock hit a high of Rs 406 so far during the day. The stock had a 52-week high of Rs 721 on 3 January 2008.

The bank has an equity capital of Rs 315.30 crore. Face value per share is Rs 10.

The current price of Rs 396 discounts its Q4 March 2008 annualised EPS of Rs 68.98, by a

PE multiple of 5.74.

The bank has also increased interest rates by 50 basis points on housing loans, car loans and personal loans. It also decided to increase its deposit rates ranging from 25 basis points to 50 basis points in some of the time slabs.

Punjab National Bank (PNB) raised lending rates after the Reserve Bank of India (RBI) gave a strong signal that interest rates in the economy are headed north when it on Tuesday, 24 June 2008, raised repo and cash reserve ratio (CRR) by 50 basis points each on control over 11% inflation.

The double-stroke anti-inflationary measures are expected to tighten the liquidity in the system, as the CRR hike would suck out around Rs 16,000 crore. CRR is the proportion of deposits mobilised by banks and parked with the RBI for statutory requirement. Banks do not earn any interest on the cash reserves. Repo rate is the rate at which RBI lends money to banks.

PNB’s net profit rose 128.8% to Rs 543.76 crore on 19% increase in operating income to Rs 4417 crore in Q4 March 2008 over Q4 March 2007.

The state-run bank provides treasury and banking operations. The activities include accepting deposits, lending loans and to provide other financial related services.

Gujarat State Petronet strong quarterly earnings

Gujarat State Petronet gained almost 1% to Rs 57 at 9:55 IST on BSE on reporting 110.5% surge in net profit to Rs 40.57 crore on 39.7% increase in net sales to Rs 116.10 crore in Q4 March 2008 over Q4 March 2007.

The company announced the results after trading hours on Friday, 27 June 2008.

The stock hit a high of Rs 57 and a low of Rs 56.65 so far during the day. The stock had a 52-week high of Rs 114.45 on 7 January 2008 and a 52-week low of Rs 50 on 22 August 2007.

The company has an equity capital of Rs 562.02 crore. Face value per share is Rs 10.

The current price of Rs 57 discounts its Q4 March 2008 annualised EPS of Rs 2.89, by a

PE multiple of 19.72.

Gujarat State Petronet’s net profit rose 11.8% to Rs 99.92 crore on 31.60% increase in net sales to Rs 417.90 crore in the year ended March 2008 over the year ended March 2007.

The company connects various supply sources and users of natural gas in Gujarat through gas pipeline network. It involves transportation of natural gas from sources of supply to the end customers.

Post-Market Commentary , Monday, June 30, 2008

Sensex ends down 341pts; Rel Infra slumps 11%

The market extended losses for the second successive day today, with Sensex shaving off nearly 1000 points in last two tradng sessions as high inflation, rising interest rates, record high oil prices and political concerns continued to haunt the markets. Over the past few days, the market has witnessed a sharp fall with bears totally dominating the proceedings on the street.

The barometer index BSE Sensex today hit its lowest level in more than 14 months. Realty, consumer durables, oil & gas and capital goods stocks fell. The market breadth was weak.

Political uncertainty weighted on market sentiments. The media continues to speculate whether the ruling Congress led United Progressive Alliance government will be able to push through a much-debated Indo-US nuclear deal and still retain its power, in the face of heavy opposition from its key communist allies. The Left parties on Sunday, 29 June 2008, renewed their threat to withdraw support from the ruling coalition if Prime Minister Manmohan Singh forged ahead with the nuclear deal.

The uncertainty pertains to whether there will be stability at the centre if mid-term polls are held i.e. whether the new government will complete five years and whether the new government restarts economic reforms process which has virtually come to a halt in the last two years or so.

A sustained selling of Indian stocks by foreign institutional investors (FIIs) has also dented market sentiment. As per provisional data, foreign funds sold shares worth a net Rs 703.11 crore on Friday, 27 June 2008. FII outflow in June 2008 totaled Rs 9349 crore (till 26 June 2008). FII outflow in calendar year 2008 totaled Rs 24,719.10 crore (till 26 June 2008).

The 30-share BSE Sensex plunged 340.62 points or 2.47% at 13,461.60. Sensex lost 396.68 points at day’s low of 13,405.54, its lowest level in more than 14 months.

S&P CNX Nifty was down 96.1 points or 2.32% at 4,040.55.

As per the provisional figures on NSE, foreign institutional investors sold shares worth Rs 208.66 crore today, 30 June 2008 while domestic funds bought shares worth Rs 724.18 crore.

Anil Dhirubhai Ambani group stocks tumbled. Reliance stocks slumped. Reliance Infrastructure lost 11.47% to Rs 784.80 and Reliance Communications shed 6.58% to Rs 442.40.

INDEX SHAKERS...

Reliance Infrastructure slumped 11.5% to Rs 785. ACC tumbled nearly 10% to Rs 523.

Ambuja Cements plunged nearly 7% to Rs 76. Grasim, DLF and Reliance Communications shed around 6.5% each at Rs 1,815, Rs 396 and Rs 442, respectively.

Tata Motors and Mahindra & Mahindra dropped 5% each to Rs 426 and Rs 485, respectively.

HDFC slipped 4.5% to Rs 1,962. Maruti, Reliance and SBI declined over 4% each to Rs 618, Rs 2,093 and Rs 1,111, respectively.

Larsen & Toubro dropped 3.7% to Rs 2,183. ICICI Bank and Bharti Airtel were down around 3.5% each at Rs 630 and Rs 722, respectively.

...AND THE MOVERS

Hindalco gained 2% at Rs 142.

ITC and Infosys advanced over 1.5% each to Rs 187 and Rs 1,735, respectively.

VALUE & VOLUME TOPPERS

Reliance topped the value chart with a turnover of Rs 380 crore followed by Reliance Petroleum (Rs 262.70 crore), Reliance Capital (Rs 243.65 crore), debutant MVL (Rs 211 crore) and Niraj Cement (Rs 148 crore).

Debutant MVL led the volume chart with trades of around 2.37 crore shares followed by Reliance Petroleum (1.51 crore), Reliance Natural Resources (1.45 crore), Chambal Fertilisers and Chemicals (84.60 lakh) and IFCI (81.65 lakh).

Market may remain weak- for the WEEK Ahead

The outlook for the market remains grim for the near term as steaming inflation, record high global crude oil prices and high interest rates threaten the pace of growth in the world's second fastest expanding major economy, driving investors to the sideline or to exit.

The wholesale price index rose 11.42% in 12 months to 14 June 2008, above the previous week's annual rise of 11.05%, government data released on Friday, 27 June 2008, showed. Inflation for the year through 19 April 2008 was revised upwards to 8.23% from 7.57%.

To tame inflationary pressures, the Reserve Bank of India (RBI) on 24 June 2008, raised its key lending rate viz. the repo rate by 50 basis points to 8.5% with immediate effect, its highest since March 2002 and the second hike this month. The RBI had earlier on 11 June 2008, raised the repo rate, by 25 basis points to 8%.

The RBI also increased the cash reserve ratio, the ratio of deposits banks must keep with it, to 8.75% from 8.25% in two 25-basis-point stages on 5 July 2008 and 19 July 2008.

Foreign investors, who usually set the trend for the market, have been withdrawing relentlessly this year. FIIs dumped shares worth Rs 9349.60 crore in the month of June 2008 (till 26 June 2008). FII outflow in calendar year 2008 totaled Rs 24,719.10 crore (till 26 June 2008).

Political factors will also weigh on the market due to the ongoing confrontation between the government and Left parties over the Indo-US nuclear deal. The UPA-Left coordination committee on Indo-US nuclear deal on 25 June 2008 decided to meet again later. Foreign Minister Pranab Mukherjee said the committee completed its discussions on all aspects of the nuclear deal. The next meeting of the committee will finalise its findings.

The Left parties have already made it clear that they will withdraw their support to the government if it moves ahead with the nuclear deal. Left parties are opposing the deal saying it undermines India's independent foreign policy and nuclear weapons program.

With inflation expected to remain in double-digits in the coming months, it would be suicidal for the ruling coalition to precipitate a political crisis and go for early elections, which are due by May next year.

Crude hit a record of $141.71 on Friday, 27 June 2008 after Opec President, Chakib Khelil predicted that the oil prices could rise to $150-170 a barrel in the next 3-4 months. Rising crude oil remains a major worry as India imports close to 70% of its crude requirements.

NALCO: Free fall in Nalco

National Aluminium Company plunged 9.12% to Rs 336 at 14:45 IST on BSE following reports the company formed a joint venture with Tata Africa to set up a $3 billion aluminium smelter and power plants in South Africa.

The stock hit a high of Rs 364.90 and a low of Rs 334 so far during the day. The stock had a 52-week high of Rs 565.90 on 29 May 2008 and a 52-week low of Rs 237.50 on 16 August 2007.

The company has an equity capital of Rs 644.31 crore. Face value per share is Rs 10.

The current price of Rs 336 discounts its Q4 March 2008 annualised EPS of Rs 25.40, by a

PE multiple of 5.63.

As per recent reports, Tata Africa will hold 49% stake in the joint venture (JV) and the remaining 51% stake will held by National Aluminium Company (Nalco). Tata Africa will execute the project, reports added.

Tata Africa, the investment arm for Tata Group in South Africa, has operations in eight African countries.

Recently, Nalco signed a memorandum of understanding (MoU) with the Indonesian government to set up a five-lakh tonnes smelter and 1250-megawatt power plant at an investment of Rs 14,000 crore.

Nalco’s net profit fell 30.8% to Rs 409.06 crore on 10.1% fall in net sales to Rs 1405.74 crore in Q4 March 2008 over Q4 March 2007.

Nalco manufactures and distributes aluminum products. Government of India holds 87.15% stake in the company (as at end March 2008).

Oil marketing scrips run out of fuel as crude hits record high

Shares of three state run oil marketing companies fell between 4.02% to 6.09% at 14:22 IST on BSE after crude oil prices today hit a record high of $141.71 a barrel.

Bharat Petroleum Corporation (down 6.09% to Rs 253), Hindustan Petroleum Corporation (down 4.47% to Rs 188.20), and Indian Oil Corporation (down 4.02% to Rs 340), plunged.

On 4 June 2008, the government increased the price of petrol by Rs 5 per litre, diesel by Rs 3 per litre and LPG prices by Rs 50 per cylinder in an attemp to curb losses at its state-owned refiners and fuel retailers.

The customs duty on crude oil was reduced from 5% to nil that on petrol and diesel from 7.5% to 2.5% and on other petroleum products reduced from 10% to 5%.

Despite the price increase and duty cuts, the marketing operations of the oil companies such as Indian Oil Corpration (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) will continue to incur hefty losses.

To offset such a massive amount of under-recovery, the government would issue oil bonds oil marketing firms. The budget for 2008-09 had put the total under-recoveries on account of subsidy on petroleum products at Rs 2,45,000 crore.

Parsvnath Developers sinks to lifetime low

Parsvnath Developers declined 2.78% to Rs 132.80 at 14:05 IST on BSE despite bagging an order worth Rs 125 crore from the state government of Bihar for building a park in an area of 2.9 million square feet.

The stock today hit a low of Rs 130 today, which is a lifetime low for the counter. It hit a high of Rs 138 so far during the day. The stock had a 52-week high of Rs 598 on 7 January 2008

The company has an equity capital of Rs 184.70 crore. Face value per share is Rs 10.

The current price of Rs 132.80 discounts its Q4 March 2008 annualised EPS of Rs 23.58, by a PE multiple of 5.63.

The project is to be executed within the period of nine months.

In February 2008, Parsvnath Developers’ subsidiary, Parsvnath Hotels formed a joint venture with Royal Orchid Hotels to develop and manage hotels across the country.

Parsvnath Developers’ net profit fell 17.8% to Rs 108.88 crore on 31.7% increase in net sales to Rs 526.49 crore in Q4 March 2008 over Q4 March 2007.

Parsvnath Developers is engaged in promoting and developing real estate. It includes township development, construction of retail shopping malls, hospitals, hotels and clubs.

Kohinoor Foods drops after filing petition to prevent hostile bid

Kohinoor Foods declined 0.8% to Rs 99 at 13:14 IST on BSE on reports the company's management has filed a petition with the Securities and Exchange Board of India and Company Law Board to prevent hostile takeover by Temptation Foods.

Shares of Temptation Foods declined 4.32% to Rs 320.

The stock hit a high of Rs 104.30 and a low of Rs 96.55 so far during the day. The stock had a 52-week high of Rs 139.20 on 8 January 2008 and a 52-week low of Rs 45.30 on 22 October 2007.

The company has an equity capital of Rs 26.41 crore. Face value per share is Rs 10.

The current price of Rs 99 discounts its Q3 December 2007 annualised EPS of Rs 16.92, by a

PE multiple of 5.85.

Kohinoor Foods has accused Mumbai-based Temptation Foods of leading a consortium that has covertly acquired a shareholding of almost 30% in Kohinoor Foods. It has said that the acquisition was in violation of the market watchdog's takeover code which mandates public disclosure by anybody seeking to acquire more than 15% of a company.

Kohinoor has sought an interim stay from the Company Law Board on any further acquisition of Kohinoor shares by Temptation and 45 other entities listed as acting in concert with Temptation, and a suspension of their voting rights.

Kohinoor alleged in its petition, these 46 entities had picked up shares in bulk since December 2007 adding up to 29.35% of Kohinoor's equity capital

Kohinoor Foods' net profit rose 3.1% to Rs 8.29 crore on 14.2% decline in sales to Rs 155.90 crore in Q3 December 2008 over Q3 December 2007.

The company offers an extensive range of food products that caters to all kinds of consumers in different parts of the world - from basmati rice, ready to eat products, cook-in sauces and cooking pastes to spices, seasonings and frozen food.

Hindusthan National Glass strong Q4 show

Hindusthan National Glass & Industries gained 4.65% to Rs 684.70 at 13:00 IST on BSE on reporting 620.3% surge in net profit to Rs 78.87 crore on 117.7% increase in net sales to Rs 305.20 crore in Q4 March 2008 over Q4 March 2007.

The stock rose 8.87% to Rs 654.25 yesterday, 26 June 2008 after the company announced the results post trading hours on Wednesday, 25 June 2007.

The stock hit a high of Rs 785.10 and a low of Rs 621 so far during the day. The stock had a 52-week high of Rs 1801.30 on 8 January 2008 and a 52-week low of Rs 435 on 27 June 2007.

The company has an equity capital of Rs 11.04 crore. Face value per share is Rs 10.

The current price of Rs 684.70 discounts its Q4 March 2008 annualised EPS of Rs 180.58, by a PE multiple of 3.79.

Hindusthan National Glass & Industries’ net profit rose 368.1% to Rs 160.34 crore on 96.8% increase in net sales to Rs 1021.30 crore in the year ended March 2008 over the year ended March 2007.

The company is engaged in manufacturing and marketing glass containers.

California Software reboots after strong quarterly earnings

California Software Company surged 4.94% to Rs 89.25 at 12:41 IST on BSE after posting 64.64% growth in net profit to Rs 27.33 crore on 11% increase in net sales to Rs 3.33 crore in Q4 March 2008 over Q3 December 2007.

The company announced the results after trading hours yesterday, 26 June 2007.

The stock hit a high of Rs 89.25 and a low of Rs 84 so far during the day. The stock had a 52-week high of Rs 107 on 2 January 2008 and a 52-week low of Rs 54 on 26 July 2007.

The company has an equity capital of Rs 12.36 crore. Face value per share is Rs 10.

The current price of Rs 89.25 discounts its Q4 March 2008 annualised EPS of Rs 10.77, by a

PE multiple of 8.29.

California Software Company’s net profit rose 21.8% to Rs 7.25 crore on 49.4% increase in net sales to Rs 71 crore in the year ended March 2008 over the year ended March 2007.

The company provides technology solutions to industries like energy, education, healthcare, hospitality, high technology and manufacturing. The group operates in three segments, namely, technology solutions, enterprise solutions and commodity solutions.

Hatsun Agro Product setting record date for stock split

Hatsun Agro Product declined 3.56% to Rs 433 at 12:31 IST on BSE after fixing 24 July 2008 as the record date for 5-for-1 stock split.

The company announced this during trading hours today, 27 June 2007.

The stock hit a high of Rs 436 and a low of Rs 415.15 so far during the day. The stock had a 52-week high of Rs 536 on 13 May 2008 and a 52-week low of Rs 150 on 27 June 2007.

The company has an equity capital of Rs 6.8 crore. Face value per share is Rs 10.

The current price of Rs 433 discounts its Q4 March 2008 annualised EPS of Rs 31.10, by a

PE multiple of 13.92.

The company’s net profit rose 15.8% to Rs 5.28 crore on 47.8% rise in sales to Rs 230.30 crore in Q4 March 2008 over Q4 March 2007.

The company is engaged in manufacturing and selling milk and milk products and ice creams. The company mainly operates in Tamil Nadu, Karnataka and West Bengal states.

Anant Raj Industries :Bahrain realty fund acquired a minority stake

Anant Raj Industries jumped 9.35% to Rs 148.50 at 12:01 IST on BSE after the company said a Bahrain realty fund acquired a minority stake in its subsidiary Anant Raj Projects for Rs 216.38 crore.

The company made this announcement during trading hours today, 27 June 2007.

The stock hit a high of Rs 153.55 and a low of Rs 146.05 so far during the day. The stock had a 52-week high of Rs 394.95 on 15 January 2008 and a 52-week low of Rs 132.50 on 25 June 2008.

The company has an equity capital of Rs 59.02 crore. Face value per share is Rs 2.

The current price of Rs 148.50 discounts its Q4 March 2008 annualised EPS of Rs 31.62, by a PE multiple of 4.70.

In February 2008, Anant Raj Industries got approval from the Ministry of Commerce, Government of India for developing an information technology special economic zone in 25 acres at Rai, Haryana.

Anant Raj Industries’ net profit rose 20731.2% to Rs 233.31 crore on 2258.4% increase in net sales to Rs 215.32 crore in Q4 March 2008 over Q4 March 2007.

The company constructs and invests in residential buildings, commercial complex and hospitality sector. It also manufactures and supplies plain and printed floor and wall tiles in various sizes.

ABG Shipyard on new order win

ABG Shipyard gained 0.99% to Rs 378 at 11:07 IST on BSE after the company said it has bagged an order worth Rs 585 crore from Sealion Shipping for construction of three sub-sea multi purpose vessels.

The company made this announcement before trading hours today, 27 June 2007.

The stock hit a high of Rs 389 and a low of Rs 365.05 so far during the day. The stock had a 52-week high of Rs 1045 on 30 November 2007 and a 52-week low of Rs 351 on 26 June 2008.

The company has an equity capital of Rs 50.92 crore. Face value per share is Rs 10.

The current price of Rs 378 discounts its Q4 March 2008 annualised EPS of Rs 36.17, by a

PE multiple of 10.45.

Sealion Shipping on behalf of Toisa places the large order. Sealion Shipping and Toisa are engaged in specialized engineering & procurement (E&P) support vessels, consultancy and technical support to the specialised marine industry.

With the latest order, the total order book of ABG Shipyard stands at $2.436 billion.

On 12 June 2008, ABG Shipyard bagged two orders worth Rs 305 crore for construction of one vessel each from two different clients.

In March 2008, the company received a subsidy of Rs 12.80 crore from the government for two of its yards.

ABG Shipyard’s net profit rose 39.6% to Rs 46.05 crore on 43.3% increase in net sales to Rs 276.68 crore in Q4 March 2008 over Q4 March 2007.

ABG Shipyard is engaged in building and repairing a variety of marine ships for commercial and government customers. It also manufacturers marine ships, including bulk carriers, deck barges, interceptor boats, anchor handling supply ships, diving support ships, tugs and offshore vessels.

Tata Steel Good FY 2008 numbers

Tata Steel declined 2.13% to Rs 741 at 9:55 IST on BSE despite reporting 195.64% jump in consolidated net profit to Rs 12349.98 crore on 415.04% growth in total income to Rs 132110.09 crore in the year ended March 2008 over the year ended March 2007.

The company announced the results after trading hours yesterday, 26 June 2007.

The stock hit a high of Rs 750 and a low of Rs 733 so far during the day. The stock had a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 471.07 on 17 August 2007.

The company has an equity capital of Rs 730.58 crore. Face value per share is Rs 10.

The current price of Rs 741 discounts its Q4 March 2008 annualised EPS of Rs 65.98, by a

PE multiple of 11.23.

The consolidated results are non-comparable due to merger Corus Group with Tata Steel in the year ended March 2008 (FY 2008).

At the time of announcing the results, Tata Steel managing director B. Muthuraman said it had raised prices for one-year steel sale contracts. The 25% of Tata Steel's total sales were through annual contracts, he said.

On 16 June 2008, Tata Steel formed a joint venture with Jasper Industries to set up a 135-megawatt power plant in Orissa.

In May 2008, the company raised Rs 2000 crore through private placement of redeemable non-convertible rupee debentures.

Tata Steel is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services.

Post-Market Commentary, Friday, June 27, 2008 -Sensex slumped 619.60 points ( 4.30%) to 13,802.22

Sensex slumped 619.60 points ( 4.30%) to 13,802.22

Inflation worries, oil price surge rattle bourses

A setback to stocks in Asia and US, sharp spurt in crude oil prices and political uncertainty due to Indo-US nuclear deal rattled bourses. Sustained selling pressure in index pivotals throughout the day kept market depressed. Fears of a further monetary tightening by the Reserve Bank of India (RBI) following surge in inflation to more than a 13-year high weighed on the sentiment. The BSE Mid-Cap index, ICICI Bank and Tata Motors touched 52-week lows today.

After an initial sharp fall, the market had staged a mild recovery from lower level in early afternoon trade which proved short lived as news that crude oil has hit a fresh record high of $141.71 a barrel, once again spooked the market and Sensex ended at the lowest level of the day.

Inflation based on the wholesale price index stood at 11.42% for the week ended 14 June 2008, the highest reading in more than 13 years. The rise has been primarily on account of higher prices of food items like tea, milk and cereals. The other commodities, whose prices went up during the week were lubricants and manufactured items.

The market breadth was weak. Realty, auto and banking stocks declined sharply. Shares of oil marketing and air carriers were hit hard following surge in crude oil prices.

Political uncertainty continued to dog bourses. As per reports in a section of the media, Congress president Sonia Gandhi has given the green signal to Prime Minister Manmohan Singh to go ahead with the Indo-US nuclear deal even if it leads to the collapse of the government at the Centre. Left parties are opposing the deal and they have threatened to withdraw their support to the government if it went ahead with operationalisation of the deal.

US stocks plunged on Thursday, 26 June 2008, with the Dow Jones Industrial Average sliding about 360 points to a 21-month low as oil hit a record and Goldman Sachs urged investors to sell bank and automaker shares, escalating concern about the outlook for profits.

The 30-share BSE Sensex slumped 619.60 points or 4.30% to 13,802.22. Intense selling pulled it lower to day’s low of 13,760.78, which is its lowest level in more than 13 months

S&P CNX Nifty tanked 179.20 points or 4.15% at 4,136.65. The Nifty slipped to a low of 4,119.20 which is its 10-month low.

All sectoral indices on BSE settled with losses today. The BSE Power (down 4.87% to 2,335.26), BSE Realty index (down 4.45% at 4,875.25), BSE Metal index (down 4.53% to 13,292.45), BSE Auto (down 5.26% at 3,689.92), BSE Bankex (down 5.34% at 6,125.95), underperformed the Sensex.

The BSE Oil & Gas index (down 2.99% to 9,387.63), BSE PSU index (down 4.29% to 5,821.62), BSE Capital Goods index (down 4.09% at 10,442.14), BSE TecK index (down 3.86% to 3,093.63), BSE Consumer Durables index (down 3.13% to 3,649.33), BSE FMCG index (down 3.24% to 2,073.15), BSE Health Care index (down 1.40% at 4,150.05), BSE IT index (down 4.24% to 4,004.75), outperformed the Sensex.

New fertiliser policy boosts fertiliser shares

Seven fertiliser stocks were up between 0.98% to 12.2% at 15:29 IST on BSE after the Chemicals and fertilisers minister Ram Vilas Paswan today said that the cabinet has approved a new fertiliser policy

Deepak Fertilizers and Petrochemicals (up 12.2% to Rs 98.90), Chambal Fertilisers & Chemicals (up 6.71% at Rs 81.15), Gujarat State Fertilizers & Chemicals (up 5.08% at Rs 162.50), Nagarjuna Fertilizers & Chemicals (up 5.59% at Rs 40.60), Tata Chemicals (up 4.61% at Rs 312), National Fertilizers (up 4.96% at Rs 57.15), Zuari Industries (up 0.98% at Rs 238) and soared.

The existing fertiliser policy is likely to be renewed with new additions. The price of fertilisers based on phosphorus and potassium will be linked to import price parity, Paswan said.

The new fertiliser policy will be fix base rate for 17 items and will be for long term versus the current practice of yearly changes, reports suggest. Incentives would be offered to fertilizer manufacturers for producing DAP as an end product.

Solitaire Machine surges on order win

Solitaire Machine Tools surged 4.46% to Rs 17.55 at 14:33 IST on BSE after the company said it has tied up with an Italian machine tool manufacturer to rebuild a high value grinding machine for SKF India.

The stock hit a high of Rs 17.55 and a low of Rs 16.15 so far during the day. The stock had a 52-week high of Rs 35.95 on 11 January 2008 and a 52-week low of Rs 12 on 2 July 2007.

The company has an equity capital of Rs 4.55 crore. Face value per share is Rs 10.

The current price of Rs 17.55 discounts its Q1 March 2008 annualised EPS of Rs 0.97, by a

PE multiple of 18.09.

Solitaire Machine Tools’ Baroda plant will execute the work and the technical know how will be provided by the Italian company. The total contract is valued at Rs 20 crore and the order for the first batch is valued Rs 2 crore.

Solitaire Machine Tools’ net profit fell 50% to Rs 0.11 crore on 12.3% rise in net sales to Rs 3.01 crore in Q4 March 2008 over Q4 March 2007.

Alok Industries drops on plan for IPO of retailing unit

Alok Industries declined 0.31% to Rs 48 at 13:57 IST on BSE on reports it is planning an initial public offering for its retail business to raise Rs 500 crore to Rs 600 crore.

The stock hit a high of Rs 49.40. It hit a low of Rs 47.90 also a 52 week low for the scrip. The stock had a 52-week high of Rs 107.75 on 1 January 2008.

The company has an equity capital of Rs 196.97 crore. Face value per share is Rs 10.

The current price of Rs 48 discounts its Q4 March 2008 annualised EPS of Rs 11.48, by a

PE multiple of 4.18.

Alok Industries, which entered the $15-billion organised retail sector in the country in 2006, operates 23 retail stores called H&A, short for Home & Apparel, in Mumbai, Bangalore, Vapi, Hyderabad, Ahmedabad, Silvassa and others.

Alok Industries is engaged in manufacturing and selling home textiles, apparel fabric, garments and polyester yarns.

The company’s net profit declined 31.7% to Rs 53.74 crore on 26.3% rise in sales to Rs 724.79 crore in Q4 March 2008 over Q4 March 2007.

Paper Products plan to sale Nagpur plant

Paper Products rose 1.73% to Rs 41.25 at 12:27 IST on BSE after its board decided to transfer/sell/dispose off its closed Nagpur, Maharashtra plant including its leasehold land and all other assets.

The company made the announcement before market hours today, 26 June 2008.

The stock hit a high of Rs 43 and a low of Rs 41.25 so far during the day. The stock had a 52-week high of Rs 78.80 on 31 December 2007 and a 52-week low of Rs 40 on 27 March 2008.

The small-cap scrip had outperformed the market over the past one month till 25 June 2008, declining 9.06% compared to the Sensex’s decline of 12.63%. It had also outperformed the market in the past one quarter, declining 4.03% compared to Sensex’s decline of 11.21%.

The company has an equity capital of Rs 12.54 crore. Face value per share is Rs 2.

The current price of Rs 41.25 discounts its Q1 March 2008 annualised EPS of Rs 6.01, by a

PE multiple of 6.86.

Paper Products (PPL) is India's leading consumer packaging company.

The company’s net profit rose 21.7% to Rs 9.42 crore on 21.5% rise in sales to Rs 158.24 crore in Q1 March 2008 over Q1 March 2007.

Aban Offshore New orders

Aban Offshore rose 0.44% to Rs 3,170 at 11:44 IST on BSE after receiving two orders totaling $55 million to provide offshore services for a total duration of 300 days.

The stock hit a high of Rs 3,239 and a low of Rs 3,160.10 so far during the day. The stock had a 52-week high of Rs 5,555 on 20 November 2007 and a 52-week low of Rs 2,424 on 17 August 2007.

The company has an equity capital of Rs 7.56 crore. Face value per share is Rs 2.

The current price of Rs 3,170 discounts its Q4 March 2008 annualised EPS of Rs 36.56, by a

PE multiple of 86.7.

Aban Offshore is India’s largest private sector offshore services firm in terms of sales. It provides oil field services for offshore exploration and production of hydrocarbons to the oil industry in India and abroad.

The company’s net profit rose 17% to Rs 34.55 crore on 65.5% rise in sales to Rs 196.39 crore in Q4 March 2008 over Q4 March 2007.

Strides Arcolab gains on approval for new drug

Strides Arcolab rose 1.70% to Rs 152.30 at 11:26 IST on BSE after the company said it has received abbreviated new drug application approval for its Famotidine injection in multiple strengths.

The stock hit a high of Rs 154.70 and a low of Rs 151.60 so far during the day. The stock had a 52-week high of Rs 349.70 on 4 July 2007 and a 52-week low of Rs 120 on 22 January 2008.

The company has an equity capital of Rs 40.05 crore. Face value per share is Rs 10.

On 26 May 2008, Strides Arcolab received abbreviated new drug application approval for Rifampicin injection USP 600 milligram/vial.

On 14 May 2008, the company received an abbreviated new drug application approval for Flumazenil injection USP 0.1 milligram/milliliter multiple dose vial.

Strides Arcolab reported a net loss of Rs 16.05 crore in Q1 March 2008 as compared to net profit of Rs 7.76 crore in Q1 March 2007. Net sales rose 12.8% to Rs 119.69 crore in Q1 March 2008 over Q1 March 2007.

The company manufactures ethical pharmaceutical products, over the counter (OTC) products and nutraceuticals. It performs its activities through two segments, pharma and contract research and manufacturing (CRAM).

Diamond Cables New order

Diamond Cables rose 4.43% to Rs 309.10 at 11:09 IST on BSE after it announced receipt of orders worth Rs 90 crore for various types of conductors, to be executed over a period of next 12 months.

The stock hit a high of Rs 320 and a low of Rs 305.10 so far during the day. The stock had a 52-week high of Rs 599.20 on 1 January 2008 and a 52-week low of Rs 159 on 25 June 2007.

The company has an equity capital of Rs 17.57 crore. Face value per share is Rs 10.

The current price of Rs 309.10 discounts its Q4 March 2008 annualised EPS of Rs 42.78, by a PE multiple of 7.22.

Diamond Cables net profit rose 112.1% to Rs 18.79 crore on 158% rise in sales to Rs 188.01 crore in Q4 March 2008 over Q4 March 2007.

Diamond Cables manufactures wire products such as cables, conductors and wire rods.

Atlas Copco slumps on deferring decision on buyback

Atlas Copco India was locked at 10% lower circuit at Rs 1,067.35 at 10:35 IST on BSE after the company said on Wednesday, 25 June 2008, its board has decided to defer a decision on buy back of shares.

The stock hit a high of Rs 1,160 and a low of Rs 1,067.35 so far during the day. The stock had a 52-week high of Rs 1,799 on 2 January 2008 and a 52-week low of Rs 680 on 24 March 2008.

The company has an equity capital of Rs 22.56 crore. Face value per share is Rs 10.

The current price of Rs 1,067.35 discounts its Q1 March 2008 annualised EPS of Rs 44.24, by a PE multiple of 24.12.

Atlas Copco did not indicate the reason or a date when the proposal would be considered. Last week, Atlas had said the board would meet on Wednesday 25 June 2008 to consider a share buy back.

Atlas Copco India’s net profit rose 38.8% to Rs 24.95 crore on 28.4% increase in net sales to Rs 283.93 crore in Q1 March 2008 over Q1 March 2007.

The company is engaged in manufacturing and selling air and gas processors, rock drills, pusher legs, merchandised drilling equipment and rock drilling tools. It operates through two segments: industrial segment and construction and mining segment.

Post-Market Commentary Thursday, June 26, 2008

Sensex ends up 202pts; Reliance gains 4%

The Sensex opened at 14,300, up 80 points from the previous day's close. Backed by sustained fund buying influenced by firming global trend the index displayed strength in morning trades.

However, the index dipped into red (14,197) for a brief while in noon deals only to bounce back to higher levels. The index rallied to a high of 14,450 - up 253 points from the day's low - in late noon trades.

The Sensex finally ended with a gain of 202 points at 14,422.

The NSE Nifty ended with a gain of 64 points at 4,316.

The market breadth was positive - out of 2,698 stocks traded, 1,483 advanced, 1,143 declined and 72 were unchanged today.

INDEX MOVERS.....

Ambuja Cements zoomed over 5% to Rs 87. Wipro rallied over 4.5% to Rs 477. Cipla surged 4% to Rs 216.

Reliance gained nearly 4% at Rs 2,219.

ITC, Tata Motors and Larsen & Toubro were up around 2% each at Rs 191, Rs 485 and Rs 2,360, respectively.

Satyam, too, advanced nearly 2% to Rs 453. Infosys, Tata Steel and SBI added 1.5% each to Rs 1,775, Rs 754 and Rs 1,221, respectively.

HDFC was up 1.4% to Rs 2,200.

...AND THE SHAKERS

Reliance Communications slipped 2.6% to Rs 490. Maruti shed 2.4% at Rs 670.

Hindalco and Ranbaxy declined around 2% each to Rs 142 and Rs 530, respectively.

DLF and Hindustan Unilever dropped 1.8% each to Rs 442 and Rs 208, respectively.

Bharti Airtel dipped 1.6% to Rs 755. HDFC Bank was down 1.4% to Rs 1,042, and NTPC was down 1% at Rs 152.

MOST ACTIVE COUNTERS

Reliance topped the value chart with a turnover of Rs 559.63 crore followed by Reliance Capital (Rs 268.69 crore), Niraj Cement (Rs 231.14 crore), Chambal Fertilisers (Rs 177.12 crore) and Anu Labs (Rs 168.20 crore).

Chambal Fertilisers led the volume chart with trades of around 2.18 crore shares followed by Nagarjuna Fertilisers (1.32 crore), Reliance Natural Resources (Rs 1.17 crore), Niraj Cement (1.09 crore) and IFCI (1 crore).

US Fed maintains rate at 2%; stocks climb

Federal Reserve leaves key rate unchanged at 2%

The Federal Open Market Committee of the US Federal Reserve Board, resolved to keep its target for the federal funds rate at 2 % .

As per the committee, the overall economic activity continues to expand, partly reflecting some firming in household spending. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters.

The committee expects inflation to moderate later this year and next year. However, in light of the continued increases in the prices of energy and some other commodities and the elevated state of some indicators of inflation expectations, uncertainty about the inflation outlook remains high.According to the committee although downside risks to growth remain, they appear to have diminished somewhat, and the upside risks to inflation and inflation expectations have increased. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability.

Following the above announcement by the Federal Reserve Board, the stocks in U.S. witnessed a considerable rise , with Standard & Poor`s 500 Index recording its best gain in two weeks, adding 7.68 points, or 0.6 %, to 1,321.97, Dow Jones Industrial Average gaining 4.4 points , or less than 0.1 %, to 11,811.83, and Nasdaq Composite Index climbing 32.98, or 1.4 %, to 2,401.26.

MANSOON FAILED

FORGET CRUDE, RBI, POLITICS..

WORST NEWS ON CARD….

ALERT

MANSOON FAILED

The South West monsoon has failed Kerala in its first phase, causing concern to the farm sector, hydel-based power generation and drinking water supply.
Most parts of the state remain as dry and arid as in peak summer, while it should have rained heavily in the first fortnight of June all over Kerala.

India Meteorological Department (IMD), there has been a 38 per cent deficiency in rainfall

U all will see this Bad NEWS in next 24 HRS on your Blue Channels.

Stelco Strips board ratifies Rs 650 mn capex plan

Stelco Strips announced on Wednesday a capital expenditure plan involving an outlay of nearly Rs 650 million to set up color coating line, optimization & sophistication of plant operations got approval by the board of directors.

Under first phase of this program, colour coating line will be added adjoining to company`s existing production facilities at G.T. Road, Doraba with an outlay of nearly Rs 350 million for the manufacturing of colour coated sheets, the company said.

While under second phase of this program, Rs 300 million has been embarked for optimization and sophistication of plant operations including setting up of manufacturing facilities for high tensile straps. It will enhance the customer base & overall competitiveness of the company, the company added.

Shares of the company declined Rs 0.4, or 1.75%, to settle at Rs 22.45. The total volume of shares traded was 15,436 at the BSE. (Wednesday)

Source: IRIS (25 June 2008)

Abhishek Industries starts Rs 825 cr pulp project

Press Trust of India / Mumbai June 25, 2008, 16:09 IST

Abhishek Industries, the flagship company of Trident Group, today said it has commissioned an integrated pulp and paper project at an investment of Rs 825 crore.

The project includes various facilities ranging from paper, pulp, energy and chemical recovery and effluent treatment and the expected incremental revenues from these units would be about Rs 450 crore per annum, the company said in a filing to the Bombay Stock Exchange.

After the commissioning of the project, the company aims to compete with other paper manufacturing firms in the country, it added.

The paper division would now have an installed capacity of 1.75 lakh tpa and would emerge as world's largest wheat straw based integrated paper plant.

The company further added that after the said expansion, the pulping facility's capacity has increased to 1.25 tpa and the power capacity has increased from 30 mw to 50 mw and the energy division would cater to the power requirements of its paper and textile division of the company.

In compliance to CREP environmental norms ahead of its mandatory requirement in 2009, the company has set up an environment friendly chemical recovery boiler.

Cairn India to invest Rs 8,400cr in India

BS Reporter / Mumbai June 25, 2008, 20:04 IST

Cairn India, the Indian arm of British oil and gas company Cairn Energy, will invest Rs 8,400 crore to develop oil fields and build a pipeline over the next 18 months.

The company is developing oil fields in Rajasthan, which will cost it Rs 3,570 crore this year, said Cairn India Chairman Bill Gammell, at the company's annual general meeting held in Mumbai today.

Cairn India is expected to start production at its Mangala oil field in Rajasthan by the second half of 2009. Output from the Bhagyam and Aishwariya fields will start in 2010.

"Once oil starts to flow from Rajasthan, Cairn India will have the potential to account for 20 per cent of India's oil production in the next decade," added Gammell.

The three proven Rajasthan fields will produce 175,000 barrels of oil per day. India's total oil consumption is about 2.2 million barrels per day. Oil accounts for about 30 per cent of India's total energy consumption. The country imports about 70 per cent of its total oil consumption and makes no exports.

Cairn India is preparing a revised field development plan for Mangala. The plan will also include Cairn's proposal to start field trails for enhanced oil recovery to add a further resource potential of over 300 million barrels of oil.

"On March 31, the company raised its estimate for probable reserves at the Mangala, Bhagyam and Aishwariya fields by 9 per cent to 685 million barrels. Cairn India is developing 3.05 billion barrels of oil equivalent and our gross reserves are around 5.1 billion barrels," said Gammell.

The company sees operating cash flow of Rs 12,600 crore a year at a crude price of $100 a barrel. "It is very sensitive for every $20 rise the cash flow increases by about $500 million," Gammell said.

The company started construction of a 600-kilometer heated oil pipeline to transport the "waxy" crude oil from its fields in Barmer (Rajasthan) to Salaya (Gujarat).

Cairn India's scrip closed at Rs 268, up 2.80 per cent, on the Bombay Stock Exchange on Wednesday.

CCCL has Rs 2,600 cr worth projects in hand

Rs 2,600 cr worth projects in CCCL pipeline

BS Reporter / Chennai June 25, 2008, 18:35 IST

Chennai-based Consolidated Construction Consortium(CCCL) today said that its has projects worth Rs 2,600 crore in the pipeline with a majority of these expected to be executed in the current financial year. The company has tied up with Dubai-based Innotech Construction LLC to increase execution of cross-border contracts.

For the financial year 2007-08, CCCL has reported a turnover of Rs 1477.23 crore, an increase of 71 per cent over the previous year's turnover of Rs 863.34 crore. Profit after tax for the year increased by 86 per cent to Rs 88.89 crore in 2007-08.

The company's board has approved a dividend of 25 per cent. CCCL has been listed since last year.

The company further said that, through a subsidiary, a food processing SEZ is being set up in Tuticorin in Tamil Nadu with an investment of Rs 300 crore. The company is also bidding for building and renovating international airports in Kolkata and Chennai.

Ramsarup Industries net up 44% at Rs 16 cr

BS Reporter / Kolkata June 25, 2008, 19:00 IST

Kolkata-based steel wire producer, Ramsarup Industries, has recorded a profit after tax (PAT) of Rs 16.25 crore in the quarter ended March 31, 2008, an increase of 44 per cent over the same period last year, on the back of higher wire and steel product sales. Net sales for the quarter increased 20 per cent to Rs 419.63 crore.

For the year ended March 31, 2008, the company registered a PAT of Rs 59.62 corre , an increase of 36 per cent. Net income was at Rs 1,581 crore, an increase of 21 per cent while exports increased 34 per cent to Rs 95.73 crore.

The earnings per share (EPS) is Rs 33.82 compared to Rs 24.76 last year. The company has recommended a dividend of 20 per cent.

Ranbaxy receives tentative USFDA nod for AIDS medicine

NEW DELHI: Drug firm Ranbaxy Laboratories on Wednesday said it has received tentative approval from the US Food and Drug Administration (USFDA) to manufacture and market Valganciclovir Hydrochloride 450 mg tablets, used in the treatment of prevention of blindness in AIDS patients.

The company has got the approval for the generic version of Roche's anti-viral 'Valcyte', which has a total annual market of around $239 million.

Ranbaxy believes that it has First-to-File status on Valganciclovir tablets, thereby, providing a potential of 180-days of marketing exclusivity that offers a significant opportunity in the future, the company said in a release.

"This product formulation will further expand our portfolio of affordable generic alternatives and will be available to all segments of the society," said Ranbaxy Pharmaceuticals Inc's Vice President Mr Bill Winter said in a statement.

Ranbaxy Pharmaceuticals Inc is a wholly owned subsidiary of Ranbaxy Laboratories and is based in Florida USA. - PTI

Ranbaxy gets a boost from US FDA approval for genetics drug

Ranbaxy Laboratories gained 3.18% to Rs 542 at 14:14 IST on BSE on receiving tentative approval from US Food and Drug Administration for manufacturing and marketing valganciclovir hydrochloride tablets in 450 miligram strength.

The stock hit a high of Rs 545 and a low of Rs 518.50 so far during the day. The stock had a 52-week high of Rs 613.70 on 19 June 2008 and a 52-week low of Rs 299.90 crore on 22 January 2008.

The company has an equity capital of Rs 186.62 crore. Face value per share is Rs 5.

The current price of Rs 542 discounts its Q1 March 2008 annualised EPS of Rs 11.09, by a

PE multiple of 48.75.

Valganciclovir hydrochloride tablets are used for treating cytomegalovirus (CMV) retinitis in patients with acquired immune deficiency syndrome (AIDS). The drugs also used for preventing CMV diseases in kidney, heart and kidney-pancreas transplant patients. The annual market for the drug in US is $239 million

On 19 June 2008, Ranbaxy Laboratories (RLL) the Indian drug maker and Pfizer reached an out-of-court settlement on their litigation over the world’s largest selling drug, Lipitor. According to the settlement, Ranbaxy will launch its generic version of Lipitor, the $12.7-billion cholesterol-lowering medicine, and combination drug Caduet in November 30, 2011 in the US with exclusive marketing rights for 180 days, along with the innovator company. Ranbaxy has agreed to keep the generic versions of the Pfizer's cholesterol pill Lipitor off the US market for extra 20 months. As per the agreement, Ranbaxy will not sell a generic of Lipitor, the world's best-selling drug, until November 2011.

Daiichi Sankyo struck a deal on Wednesday, 11 June 2008, worth up to $4.6 billion to take control of Ranbaxy. The Japan’s third biggest drug maker agreed to acquire 34.8% from Ranbaxy's founders, the Singh family.

Subsequently on 16 June 2008, Daiichi-Sankyo launched an open offer to acquire up to 20% stake in Ranbaxy laboratories at a price of Rs 737 each, to the minority shareholders of the company. The offer is scheduled to open on 8 August 2008 and closes on 27 August 2008 In May 2008, Ranbaxy singed drug discovery & development agreement with US based Merck & Co for discovering new products in the anti-infective segment. On 28 April 2008, RLL received final approval from the US Food and Drug Administration to manufacture and market cetirizine hydrochloride oral solution.

RLL’s net profit declined 10.3% to Rs 103.42 crore on 0.1% fall in net sales to Rs 987.29 crore in Q1 March 2008 over Q1 March 2007.

Ranbaxy Laboratories is India's largest drug maker by sales.

LG Balakrishnan & Bros bounces back from 52-week low on sale of unit

LG Balakrishnan & Bros rose 19.78% to Rs 16.65 at 15:15 IST on BSE after it agreed to sell its industrial chain business to UK's Renold PLC for 5.7 million pounds.

The stock hit a high of Rs 16.65. It hit a low of Rs 13.70 also a 52 week low for the scrip. The stock had a 52-week high of Rs 45.40 on 31 December 2007.

The company has an equity capital of Rs 7.85 crore. Face value per share is Rs 1.

The current price of Rs 16.65 discounts its Q4 March 2008 annualised EPS of Rs 2.06, by a

PE multiple of 8.08.

This transaction would lead to a potential joint venture in which LG Balakrishnan & Bros (LGB) will hold 25% and Renold will hold 75%. Renold is a leading global manufacturer of industrial chains, the company said. It also manufactures specialist gearboxes and couplings.

The net profit of L G Balakrishnan & Bros rose 67.6% to Rs 4.05 crore on a 26.9% rise in sales to Rs 156.14 crore in Q4 March 2008 over Q4 March 2007.

LG Balakrishnan & Bros makes automobile and industrial components, cold, hot & warm forging components, fine blanking components and also variety of flat wires and shaped wires.

ONGC FY 2008 numbers

Oil & Natural Gas Corporation gained 0.68% to Rs 861.15 at 14:51 IST on BSE after posting 6.77% rise in net profit to Rs 16701.65 crore on 6.54% increase in net sales to Rs 64859.18 crore in the year ended March 2008 over the year ended March 2007.

The stock hit a high of Rs 876 and a low of Rs 830 so far during the day. The stock had a 52-week high of Rs 1386.90 on 2 November 2007 and a 52-week low of Rs 770 crore on 17 August 2007.

The company has an equity capital of Rs 2138.87 crore. Face value per share is Rs 10.

The current price of Rs 861.15 discounts its Q3 December 2007 annualised EPS of Rs 20.42, by a PE multiple of 42.17.

Oil & Natural Gas Corporation (ONGC)’s net profit fell 2.03% to Rs 2627.1 crore on 21.16% increase in total income to Rs 17659.78 crore in Q4 March 2008 over Q4 March 2007.

On 23 June 2008, ONGC and Mangalore Refinery & Petrochemicals (MRPL) withdraws from Kakinada Refinery & Petrochemicals (KRPL) and Kakinada Special Economic Zone (KSEZ) Projects.

ONGC operates in oil & gas exploration, production and refining.

Patel Engineering Strong quarterly earnings

Patel Engineering rose 0.22% to Rs 362.85 at 12:50 IST on BSE on reporting 58.4% rise in net profit to Rs 53.78 crore on 26.7% increase in net sales to Rs 501.98 crore in Q4 March 2008 over Q4 March 2007.

The stock hit a high of Rs 370 and a low of Rs 342 so far during the day. The stock had a 52-week high of Rs 1070 on 4 January 2008 and a 52-week low of Rs 354.40 on 24 June 2008.

The company has an equity capital of Rs 5.97 crore. Face value per share is Rs 1.

The current price of Rs 362.85 discounts its Q4 March 2008 annualised EPS of Rs 36.09, by a PE multiple of 10.05.

Patel Engineering’s net profit rose 34% to Rs 147.61 crore on 19.8% increase in net sales to Rs 1330.02 crore in the year ended March 2008 over the year ended March 2007.

In May 2008, Patel Engineering’s joint venture in the United States received a dam reconstruction contract worth $280 million.

Patel Engineering designs and constructs power houses, hydroelectric projects, commercial buildings, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.

Hind Rectifiers Liberal bonus

Hind Rectifiers rose 3.79% to Rs 153.50 at 12:40 IST on BSE after it announced issue of bonus shares in the ratio of one equity share for each equity share held.

The stock hit a high of Rs 155 and a low of Rs 148 so far during the day. The stock had a 52-week high of Rs 285 on 3 January 2008 and a 52-week low of Rs 110 on 9 June 2008.

The company has an equity capital of Rs 1.5 crore. Face value per share is Rs 2.

The current price of Rs 153.50 discounts its Q4 March 2008 annualised EPS of Rs 21.72, by a

PE multiple of 7.06.

The company also announced dividend of 100% i.e. Rs 2 per share.

The company’s net profit rose 32.3% to Rs 4.1 crore on 26.9% rise in sales to Rs 34.37 crore in Q4 March 2008 over Q4 March 2007.

The company is engaged in developing, designing, manufacturing and marketing semiconductor, electronic equipments and railway transportation equipments. The company operates in two segments viz. equipments and electronic components. It exports its products to Australia, Bangladesh, Canada, Columbia, Italy, Malaysia, Middle East, Pakistan, South Africa, South Korea, Spain, Sri Lanka, Thailand, UK and USA.

Amara Raja Batteries Strong Q4 result

Amara Raja Batteries surged 4.44% to Rs 161 at 12:24 IST on BSE after posting 71.94% growth in net profit to Rs 26.18 crore on 61.59% increase in total income to Rs 318.10 crore in Q4 March 2008 over Q4 March 2007.

The stock hit a high of Rs 161.85 and a low of Rs 154.25 so far during the day. The stock had a 52-week high of Rs 274.90 on 5 February 2008 and a 52-week low of Rs 87.78 on 25 June 2007.

The company has an equity capital of Rs 11.69 crore. Face value per share is Rs 2.

The current price of Rs 161 discounts its Q3 December 2007 annualised EPS of Rs 20.83, by a PE multiple of 7.73.

Amara Raja Batteries’ net profit rose 100.58% to Rs 94.36 crore on 83.12% increase in total income to Rs 1108.94 crore in the year ended March 2008 over the year ended March 2007.

The company manufactures and markets lead acid storage batteries.

Suzlon Energy on Acquisition buzz

Suzlon Energy rose 1.57% to Rs 243.05 at 11:54 IST on BSE on reports it has joined hands with Bahrain based private equity giant Arcapita to explore a bid for Chinese alternative energy company Honiton Energy Holdings.

The stock hit a high of Rs 245.30 and a low of Rs 232.30 so far during the day. The stock had a 52-week high of Rs 460 on 9 January 2008 and a 52-week low of Rs 220.10 on 7 March 2008.

The company has an equity capital of Rs 299.38 crore. Face value per share is Rs 2.

The current price of Rs 243.05 discounts its Q4 March 2008 annualised EPS of Rs 12.89, by a PE multiple of 18.85.

Honiton Energy Holdings is valued at around $400 million. The company is focused solely on wind energy with assets mostly in North China.

Arcapita, with deals worth over $ 23 billion in the bag, is expected to be the lead partner in this acquisition. The private equity (PE) company has roped in Suzlon as a strategic partner to foray into China`s clean energy market, reports suggested.

Suzlon Energy’s net profit rose 10.2% to Rs 482.55 crore on 33.5% rise in sales to Rs 2,744.40 crore in Q4 March 2008 over Q4 March 2007.

Suzlon Energy provides customers with total wind power solutions.

Spice Communication soars on stake sale to Idea Cellular

Spice Communication surged 30.63% to Rs 71.05 at 11:29 IST on BSE after Idea Cellular said it will buy 40.8% stake in the company at Rs 77.30 a share.

The stock hit a high of Rs 72, also its 52-week high. The stock touched a low of Rs 52 so far during the day. The stock had hit a 52-week low of Rs 23.25 on 22 January 2008.

The mid-cap telecom services provider has an equity capital of Rs 689.92 crore. Face value per share is Rs 10.

Meanwhile, shares of Idea Cellular were up 6.25% at Rs 105.35.

Idea Cellular said it would merge Spice with itself through a share swap whereby Spice shareholders would get 49 Idea shares for every 100 Spice shares held. Idea also said that it would make an open offer for additional 20% stake to Spice Communicaton shareholders at Rs 77.30 a share.

Telekom Malaysia, which holds 39.3% stake in Spice, will get 14.99% stake in the merged entity. Idea will make preferential allotment of 46.47 crore equity shares or 14.99% stake at Rs 156.96 each to Telecom Malaysia.

Spice Communications reported a net loss of Rs 36.50 crore in Q1 March 2008 as compared a net loss of Rs 14.67 crore in the Q1 March 2007. Net sales rose 38.70% to Rs 299.82 crore in Q1 March 2008 over Q1 March 2007.

Spice Communications has licences to operate in six of India's 23 telecom circles but a paucity of spectrum, or radio airwaves to transmit the wireless signals, means it cannot immediately start services in all of them. It has operations in Punjab and Karnataka. The company also provides Internet telephony, Internet services and broadband services.

GMR Infrastructure builds on overseas acquisition

GMR Infrastructure surged 3.43% to Rs 99.45 at 11:01 IST on BSE after the company said it has bought 50% stake in Netherlands-based power generation company InterGen N.V. for $1.1 billion.

The stock hit a high of Rs 102 and a low of Rs 94 so far during the day. The stock had a 52-week high of Rs 268.7 on 6 December 2007 and a 52-week low of Rs 95 on 24 June 2008.

The company has an equity capital of Rs 364.13 crore. Face value per share is Rs 2.

The current price of Rs 99.45 discounts its Q4 March 2008 annualised EPS of Rs 0.82, by a PE multiple of 121.28.

InterGen is a global power generation company with operations in five countries. It has ownership interest in 12 operating power plants, including one under construction, with a gross capacity of 8,258 megawatts and 4,822 megawatts of assets under development. The average age of its operating plants is 5.5 years. The company had a turnover of $1.65 billion for the year ended December 2007.

Ontario Teachers Pension Plan holds the balance 50% stake in InterGen.

On 6 June 2008, GMR Infrstructure’s 100% subsidiary GMR Energy entered into a power purchase agreement with Karnataka Power Transmission Corporation for sale of power for a period of 7 years.

In April 2008, GMR Energy acquired 5% stake in Homeland Mining and Energy SA, South Africa for an undisclosed amount.

In February 2008, a consortium of GMR Infrstructure bagged a contract from the government of Nepal to build a 300-megawatt hydroelectric project in Nepal.

GMR Infrastructure’s net profit rose 202% to Rs 37.36 crore on 181.65% rise in sales to Rs 61.99 crore in Q4 March 2008 over Q4 March 2007.

GMR Infrastructure generates, transmits and distributes electrical power. It also develops, maintains and operates airports and roads.

Tata Chemicals Strong Q4 result

Tata Chemicals gained 0.72% to Rs 306 at 10.09 IST on BSE after posting a 493% surge in net profit to Rs 559.99 crore on 15.9% increase in net sales to Rs 930.85 crore in Q4 March 2008 over Q4 March 2007.

The stock hit a high of Rs 307 and a low of Rs 296 so far during the day. The stock had a 52-week high of Rs 440 on 29 May 2008 and a 52-week low of Rs 231.10 on 22 August 2007.

The company has an equity capital of Rs 234.18 crore. Face value per share is Rs 10.

The current price of Rs 306 discounts its Q4 March 2008 annualised EPS of Rs 95.70, by a

PE multiple of 3.20.

Tata Chemicals’ net profit rose 113.7% to Rs 949.18 crore on 2.3% increase in net sales to Rs 4075.63 crore in the year ended March 2008 over the year ended March 2007.

In March 2008, Tata Chemicals completed the acquisition of General Chemical Industrial Products Inc. USA.

Tata Chemicals is India's leading manufacturer of inorganic chemicals. It also manufactures fertilizers and food additives.

Post-Market Commentary, Wednesday, June 25, 2008

Sensex ends up 113pts; RCom surges 7%

The Sensex opened with a huge downward gap of 250 points at 13,856, and soon touched a low of 13,731. Another rise in repo rate and Cash Reserve Ratio by the RBI sparked off heavy sell-off in opening trades.

However, fresh buying at lower levels helped the index recover all its losses by mid noon trades. A fresh round of buying in late trades saw the index surge to a high of 14,249 - up 518 points from the days low. The Sensex finally settled with a gain of 113 points at 14,220.

The NSE Nifty ended with a gain of 60 points at 4,251.

The market breadth was marginally positive- out of 2707 stocks traded, 1,370 advanced, 1,264 declined and 73 were unchanged today.

INDEX MOVERS.....

Reliance Communications (RCom) zoomed 7.2% at Rs 509. Tata Steel surged 4.5% at Rs 743. DLF and Reliance Infra gained 4.2% each at Rs 458 and Rs 945, respectively.

TCS and Bharti Airtel advanced 4% each at Rs 877 and Rs 780, respectively. Ranbaxy was up 3.8% at Rs 545. BHEL gained 3.7% at Rs 1,442. Reliance advanced 3.4% to Rs 2,135 and Maruti was up 3.2% at Rs 700.

Hindalco and Ambuja Cements gained over 2% each at Rs 148 and Rs 82, respectively.

HDFC, NTPC and ONGC advanced over 1% each to Rs 1,073, Rs 157 and Rs 864, respectively.

...AND THE SHAKERS

HDFC plunged 4.3% to Rs 2,136. Wipro shed 2.9% at Rs 451.

Cipla, Infosys and ITC tumbled 2.5% each to Rs 206, Rs 1,696 and Rs 182, respectively. Satyam dropped 2% to Rs 437.

MOST ACTIVE COUNTERS

Spice Telecom topped the value chart with a turnover of Rs 339.58 crore followed by Reliance Capital (Rs 320.73 crore), Reliance (Rs 276.63 crore), Reliance Petroleum (Rs 196.40 crore) and ONGC (Rs 56.76 crore).

Spice Telecom led the volume chart with trades of around 4.88 crore shares followed by Reliance Natural Resources (1.39 crore), Reliance Petroleum (Rs 1.17 crore), Ispat Industries (1.08 crore) and IFCI (1.04 crore).