Thursday, January 21, 2010
MARKET AT THE CLOSING. >>Thursday, January 21, 2010
As expected, the market lost ground today and declined to 17052 sensex level, it is a support zone but as it has lost previous up move by nearly 60% it looks weak. From 21st Dec , market was rising from level 16577 and today at 21st Jan, it is at 17050 level !! Of , 11th Jan was peak 17777. It may reach 16577 and take support or take support from this level too. Keep watching. Stay away from sensex stocks at this point but enter in to other real strong stocks, be stock specific.
L&T Q3 sales disappoint; stock down 5%
21 Jan 2010, 1424 hrs IST, ET Bureau
MUMBAI: Shares of engineering major Larsen & Toubro were beaten badly after its quarterly sales declined 6 per cent.
L&T's net sales fell to Rs 8139 crore in the December quarter, lower than the corresponding period a year ago. Its net profit grew 15 per cent to Rs 696 crore over the same period a year ago.
At 2:15 p.m., shares of L&T were down 5.2 per cent at Rs 1,550.10 on the NSE.
MUMBAI: Shares of engineering major Larsen & Toubro were beaten badly after its quarterly sales declined 6 per cent.
L&T's net sales fell to Rs 8139 crore in the December quarter, lower than the corresponding period a year ago. Its net profit grew 15 per cent to Rs 696 crore over the same period a year ago.
At 2:15 p.m., shares of L&T were down 5.2 per cent at Rs 1,550.10 on the NSE.
Kewal Kiran Clothing>>CRISIL assigns Fundamental grade ‘3/5’
21 Jan 2010, 1620 hrs IST, ET Bureau
MUMBAI: CRISIL (Independent Equity Research) has assigned Fundamental Grade ‘3/5’ to Kewal Kiran Clothing Ltd (KKCL), indicating the company’s fundamentals are ‘Good’. CRISIL Equities has assigned a valuation grade of ‘5/5’, indicating that the stock has a ‘Strong Upside’ to its Fundamental value of Rs 336 from the current market price of Rs 265. The grades are not a recommendation to buy/sell or hold, or a comment on the graded instrument’s future market price.
The assigned fundamental grading reflects the strong prospects of the branded readymade garment (RMG) industry in India and KKCL’s strong positioning in the sector. It also takes into account the company’s strong and experienced management, which has been instrumental in establishing brands such as ‘Killer’, ‘Lawman Pg3’ and ‘Integriti’ in the domestic market. The company also has a robust balance sheet characterised by low gearing and strong liquidity position. As of September 2009, KKCL’s gearing stood at 0.10x, with cash balance of Rs 0.99 billion. Additionally, the company’s ambitious plans in retail would enable it to tap the tremendous potential in the branded RMG market and would also enhance its brand visibility. However, the grading is tempered by high competition in the branded apparel industry, which is likely to impact KKCL’s product pricing. The company also faces the inherent industry risk of accurately predicting fashion trends and correctly timing the launch of new product variants.
From FY06 to FY09, KKCL’s revenues and PAT increased at CAGR of 19.0% and 7.0%, respectively. CRISIL Equities expects the company’s revenues to touch Rs 2.52 billion by FY12, registering a strong 3-year CAGR of 20.2% on the back of increasing volumes and realisations. KKCL’s PAT is expected to grow at a CAGR of 38.2% from FY09 to FY12, driven by revenue growth as well as higher margins due to lower selling expenses and increasing realisations. KKCL’s net margins are expected to improve from 9.8% in FY09 to 17.3% in FY10, before moderating to 15.0% by FY12. Due to rising profitability, CRISIL Equities expects the company’s earnings per share (EPS) to increase from Rs 11.6 in FY09 to Rs 30.7 in FY12. KKCL’s RoE is forecast to increase from 9.4% to 17.0% during the same period.
MUMBAI: CRISIL (Independent Equity Research) has assigned Fundamental Grade ‘3/5’ to Kewal Kiran Clothing Ltd (KKCL), indicating the company’s fundamentals are ‘Good’. CRISIL Equities has assigned a valuation grade of ‘5/5’, indicating that the stock has a ‘Strong Upside’ to its Fundamental value of Rs 336 from the current market price of Rs 265. The grades are not a recommendation to buy/sell or hold, or a comment on the graded instrument’s future market price.
The assigned fundamental grading reflects the strong prospects of the branded readymade garment (RMG) industry in India and KKCL’s strong positioning in the sector. It also takes into account the company’s strong and experienced management, which has been instrumental in establishing brands such as ‘Killer’, ‘Lawman Pg3’ and ‘Integriti’ in the domestic market. The company also has a robust balance sheet characterised by low gearing and strong liquidity position. As of September 2009, KKCL’s gearing stood at 0.10x, with cash balance of Rs 0.99 billion. Additionally, the company’s ambitious plans in retail would enable it to tap the tremendous potential in the branded RMG market and would also enhance its brand visibility. However, the grading is tempered by high competition in the branded apparel industry, which is likely to impact KKCL’s product pricing. The company also faces the inherent industry risk of accurately predicting fashion trends and correctly timing the launch of new product variants.
From FY06 to FY09, KKCL’s revenues and PAT increased at CAGR of 19.0% and 7.0%, respectively. CRISIL Equities expects the company’s revenues to touch Rs 2.52 billion by FY12, registering a strong 3-year CAGR of 20.2% on the back of increasing volumes and realisations. KKCL’s PAT is expected to grow at a CAGR of 38.2% from FY09 to FY12, driven by revenue growth as well as higher margins due to lower selling expenses and increasing realisations. KKCL’s net margins are expected to improve from 9.8% in FY09 to 17.3% in FY10, before moderating to 15.0% by FY12. Due to rising profitability, CRISIL Equities expects the company’s earnings per share (EPS) to increase from Rs 11.6 in FY09 to Rs 30.7 in FY12. KKCL’s RoE is forecast to increase from 9.4% to 17.0% during the same period.
Sunday, January 17, 2010
FIIs pump in Rs 8,100 cr in market in first fortnight of 2010
17 Jan 2010, 1810 hrs IST, PTI
NEW DELHI: Foreign fund houses infused a net Rs 8,191 crore ($1.7 billion) in the Indian stock markets during the first fortnight of 2010, signaling a good start for the year, in terms of fund inflow.
During the period, foreign institutional investors (FIIs) were the gross purchaser of equities worth Rs 34,663.7 crore, while they sold stocks worth Rs 26472.1 crore, resulting in a net investment of Rs 8,191.70 crore.
According to data available with capital market regulator the Securities and Exchange Board of India (SEBI), FIIs made a net investment of Rs 6,617.40 crore ($1.4 billion) in debt instruments, during the period under review.
Interestingly, during the said period, the Bombay Stock Exchange benchmark Sensex registered a gain of 0.51 per cent, while in the same period past year, the stock market barometer had gained 81 per cent.
In 2009, FIIs were net investors of Rs 83,400 crore in domestic equities, the highest inflow in the country in rupee terms in a single year. It came a year after overseas investors pulled out over Rs 50,000 crore.
NEW DELHI: Foreign fund houses infused a net Rs 8,191 crore ($1.7 billion) in the Indian stock markets during the first fortnight of 2010, signaling a good start for the year, in terms of fund inflow.
During the period, foreign institutional investors (FIIs) were the gross purchaser of equities worth Rs 34,663.7 crore, while they sold stocks worth Rs 26472.1 crore, resulting in a net investment of Rs 8,191.70 crore.
According to data available with capital market regulator the Securities and Exchange Board of India (SEBI), FIIs made a net investment of Rs 6,617.40 crore ($1.4 billion) in debt instruments, during the period under review.
Interestingly, during the said period, the Bombay Stock Exchange benchmark Sensex registered a gain of 0.51 per cent, while in the same period past year, the stock market barometer had gained 81 per cent.
In 2009, FIIs were net investors of Rs 83,400 crore in domestic equities, the highest inflow in the country in rupee terms in a single year. It came a year after overseas investors pulled out over Rs 50,000 crore.
Jindal Saw: Maximising capacity usage to drive future nos
16 Jan 2010, 0431 hrs IST, Santanu Mishra, ET Bureau
FOR Jindal Saw, which manufactures steel pipes, the results for the quarter to December 2009 are probably one of the best in the past several quarters. The net profit of the company during the quarter almost doubled to Rs 170 crore. Such a robust growth in bottomline has come mainly due to reduced raw material cost. The company’s net sales declined by around 11.5%, reckoned on year-on-year basis. The stock performance, however, remained muted along with broader market indices in the past few days.
The company produces three categories of pipes –– welded, ductile and seamless. While the demand in the ductile segment continues to remain strong, the demand for welded pipes, especially overseas demand, has started picking up only now, albeit at a slower pace. Helical pipes accounted for around 60% of sales volume whereas ductile pipes contributed close to 28% during the quarter.
The ductile pipe segment, however, is on par with helical pipe segment when it comes to contribution towards the company’s operating profit. This is because operating profit per tonne of pipe produced is close to $300, compared to $135 in the case of helical pipe segment. Overall, the company had a blended operating profit of $256 per tonne, which is at least 20% higher than what it was last year. The management, however, feels that it may not be possible to increase the current operating margin of 21% further.
There are several factors behind this. First, there is now a greater competition in the domestic market. Second, the local market is becoming more and more important in its overall order book. Unfortunately, the margin in domestic projects like the one by GAIL, is relatively lower. What all these mean is that future growth in bottomline is likely to come mainly from topline growth, especially from volume growth.
The company already has an order book of close to 650 thousand tonne valued at $750 million. The helical pipe and ductile pipe accounts for 61% and 34% of this order book, respectively. The management expects the entire sales volume in the next year to be around one-third higher than the current order book. It means more orders are likely to come in the near term.
The company is utilising most of its existing capacities to meet the current orders. Further, it is readying itself to grab a share of these new orders coming on its way. Its capacity is going to increase by another 250 thousand tonne in the next 12-15 months at a cost of nearly Rs 600 crore. The company now has close to Rs 800 crore of gross debt and almost equal amount of cash, making its net-debt almost zero.
FOR Jindal Saw, which manufactures steel pipes, the results for the quarter to December 2009 are probably one of the best in the past several quarters. The net profit of the company during the quarter almost doubled to Rs 170 crore. Such a robust growth in bottomline has come mainly due to reduced raw material cost. The company’s net sales declined by around 11.5%, reckoned on year-on-year basis. The stock performance, however, remained muted along with broader market indices in the past few days.
The company produces three categories of pipes –– welded, ductile and seamless. While the demand in the ductile segment continues to remain strong, the demand for welded pipes, especially overseas demand, has started picking up only now, albeit at a slower pace. Helical pipes accounted for around 60% of sales volume whereas ductile pipes contributed close to 28% during the quarter.
The ductile pipe segment, however, is on par with helical pipe segment when it comes to contribution towards the company’s operating profit. This is because operating profit per tonne of pipe produced is close to $300, compared to $135 in the case of helical pipe segment. Overall, the company had a blended operating profit of $256 per tonne, which is at least 20% higher than what it was last year. The management, however, feels that it may not be possible to increase the current operating margin of 21% further.
There are several factors behind this. First, there is now a greater competition in the domestic market. Second, the local market is becoming more and more important in its overall order book. Unfortunately, the margin in domestic projects like the one by GAIL, is relatively lower. What all these mean is that future growth in bottomline is likely to come mainly from topline growth, especially from volume growth.
The company already has an order book of close to 650 thousand tonne valued at $750 million. The helical pipe and ductile pipe accounts for 61% and 34% of this order book, respectively. The management expects the entire sales volume in the next year to be around one-third higher than the current order book. It means more orders are likely to come in the near term.
The company is utilising most of its existing capacities to meet the current orders. Further, it is readying itself to grab a share of these new orders coming on its way. Its capacity is going to increase by another 250 thousand tonne in the next 12-15 months at a cost of nearly Rs 600 crore. The company now has close to Rs 800 crore of gross debt and almost equal amount of cash, making its net-debt almost zero.
GIC Housing >>is Rar(e)ing Bull Buying???
Rar(e)ing Bull, loyalists take fancy to GIC Housing
Trade volumes in the GIC Housing Finance stock have shot up over the past few sessions. The counter witnessed a few bulk deals on Thursday and Friday, with Caledonia Investments, the largest institutional investor in the company, offloading nearly 32 lakh shares of the 51 lakh shares it held in its portfolio. Stock exchange websites (BSE and NSE) have no details of the buyers.
Buzz is that the Rar(e)ing Bull and his loyalists have been accumulating the shares. The Bull has publicly said that he’s no fan of real estate companies. But it looks like he doesn’t mind betting on sectors that stand to gain if property developers do well.
Heard On the Street:
Trade volumes in the GIC Housing Finance stock have shot up over the past few sessions. The counter witnessed a few bulk deals on Thursday and Friday, with Caledonia Investments, the largest institutional investor in the company, offloading nearly 32 lakh shares of the 51 lakh shares it held in its portfolio. Stock exchange websites (BSE and NSE) have no details of the buyers.
Buzz is that the Rar(e)ing Bull and his loyalists have been accumulating the shares. The Bull has publicly said that he’s no fan of real estate companies. But it looks like he doesn’t mind betting on sectors that stand to gain if property developers do well.
Heard On the Street:
Scooters India seen riding the divestment wave>>Beware
A group of punters appear to have taken control of the Scooters India stock. Shares of the loss-making public sector undertaking (PSU) hit a 52-week high of Rs 45.45, amid a sudden surge in volumes, and ended the day at Rs 44, up 14% over the previous close. Around 13.6 lakh shares changed hands on Wednesday, compared to an average daily volume of around 8,000 shares on most trading sessions in the past three months.
The stock has risen nearly 60% this month alone. Cornering the stock does not need too much capital, considering that the non-promoter holding in the company is barely 20 lakh shares. With divestment being the flavour of the season, PSU shares are suddenly in demand.
It is not too difficult for an operator to whip up volumes in an illiquid stock and then unload the shares to the unsuspecting public by spreading the divestment story. There were more than a dozen bulk deals in the stock on Wednesday, with all of them being squared off before close of trading.
The sudden interest in the stock by arbitrageurs does raise eyebrows, considering the illiquid nature of the stock. Of the 13 players who took up positions at the counter, 8 squared off their positions for a small loss, two barely managed to break even, and four made a small profit. Scooters India made a net loss of Rs 2.27 crore for FY09, and a net loss of Rs 1.2 crore for the half year ended September 2009.
The stock has risen nearly 60% this month alone. Cornering the stock does not need too much capital, considering that the non-promoter holding in the company is barely 20 lakh shares. With divestment being the flavour of the season, PSU shares are suddenly in demand.
It is not too difficult for an operator to whip up volumes in an illiquid stock and then unload the shares to the unsuspecting public by spreading the divestment story. There were more than a dozen bulk deals in the stock on Wednesday, with all of them being squared off before close of trading.
The sudden interest in the stock by arbitrageurs does raise eyebrows, considering the illiquid nature of the stock. Of the 13 players who took up positions at the counter, 8 squared off their positions for a small loss, two barely managed to break even, and four made a small profit. Scooters India made a net loss of Rs 2.27 crore for FY09, and a net loss of Rs 1.2 crore for the half year ended September 2009.
Are you waiting for a correction to invest?
The 5 Minute Wrapup, On This Day - 16 January 2010
Are you waiting for a correction to invest?
Since the current rally began in March 2009, we have seen the Sensex gaining around 80% till date. What is more, of the eleven months since then (March 2009 included), the index has clocked positive gains in eight. Now after a strong bull market run like this, it is pertinent that investors start fearing a sharp correction in stock prices.
And you might be one of them! After all, that's a normal way of thinking after such bull runs and especially now when concerns still surround the global economic recovery.
We all fear corrections. And we all feel the ardent need to do something when a correction like event strikes, even if we expect it to be just a minor one. Like selling some stocks, fearing the markets might go down even further.
But then, we at Equitymaster believe that after the sharp rise in stock prices we saw in 2009, a correction this year should be expected and not feared. Corrections are just a normal part of stock markets and do not alter the overall bull market trend. And given the way India's economy and companies are evolving; the markets will definitely be in for a good time (notwithstanding the normal hiccups) over the next 5 to 10 years.
One must never try to time a correction. It is nearly impossible. Anyone can give into fears, pessimism, and crowd mentality. But what distinguishes a successful investor is discipline and patience.
Investing systematically and in good quality stocks, without trying to time the market or fearing a correction, is the way to go.
Are you waiting for a correction to invest?
Are you waiting for a correction to invest?
Since the current rally began in March 2009, we have seen the Sensex gaining around 80% till date. What is more, of the eleven months since then (March 2009 included), the index has clocked positive gains in eight. Now after a strong bull market run like this, it is pertinent that investors start fearing a sharp correction in stock prices.
And you might be one of them! After all, that's a normal way of thinking after such bull runs and especially now when concerns still surround the global economic recovery.
We all fear corrections. And we all feel the ardent need to do something when a correction like event strikes, even if we expect it to be just a minor one. Like selling some stocks, fearing the markets might go down even further.
But then, we at Equitymaster believe that after the sharp rise in stock prices we saw in 2009, a correction this year should be expected and not feared. Corrections are just a normal part of stock markets and do not alter the overall bull market trend. And given the way India's economy and companies are evolving; the markets will definitely be in for a good time (notwithstanding the normal hiccups) over the next 5 to 10 years.
One must never try to time a correction. It is nearly impossible. Anyone can give into fears, pessimism, and crowd mentality. But what distinguishes a successful investor is discipline and patience.
Investing systematically and in good quality stocks, without trying to time the market or fearing a correction, is the way to go.
Are you waiting for a correction to invest?
Vardhman Textiles a value buy in long term
14 Jan 2010, 0350 hrs IST, Devangi Joshi, ET Bureau
Vardhman Textile, one of the oldest and most-diversified integrated textile manufacturers, leads the textile companies whose stocks have outperformed the Sensex in 2009. While the Sensex gained about 75% in 2009, the M-cap of Vardhman textile has more than tripled in the year. Along with a revival in demand and declining interest cost, the stock also seems to be supported by the recent run on cotton yarn prices.
The company produces variety of cotton, polyester and blended yarns, different varieties of popular and specialised fabrics under its textile linked SBUs. Exports accounted for close to 25% of the total revenue in the year ended March 2009. More than one-thirds of its exports came from yarn products, while the rest was accounted for by fabrics. Subsequently, the more than 20% rise in the cotton and yarn prices during the past six months, appears to justify the upswing in its stock price, as investors expect better margins in the quarters to follow.
While the revenues growth in the quarter ended September ’09 was a reasonable 4%, it followed a healthy gain of 10% in the June ‘09 quarter, after the previous two dismal quarters. Moreover, in the latest two quarters, the interest and depreciation cost has stabilised, boosting net profitability. On a trailing year basis as well, the past two quarters experienced a decline in interest costs. For the coming two years, the company is not planning any major capex, and hence, expects the debt cycle to peak out by March 2010.
Of the two major expansion plans, the company has taken up since early 2008, spinning and processing units are expected to function at their full capacities in the coming quarters. Of these, unutilised capacities — 60,000 spindles are anticipated to be functional by March 2010. Over the next few months, the company further plans to consolidate its huge spinning capacities (7.5 lakh spindles) for raising output.
Production through Vardhman’s joint venture with Nisshinbo Textile, Japan that will integrate its fabric business into garments is expected to commence by September 2010. The company plans to hold a 51% stake in this proposed subsidiary. While the operating efficiency and large product portfolio make this company a value buy for long term, currently the stock is trading at a P/E of 13.2, well above the average of 8 for the past four years.
Vardhman Textile, one of the oldest and most-diversified integrated textile manufacturers, leads the textile companies whose stocks have outperformed the Sensex in 2009. While the Sensex gained about 75% in 2009, the M-cap of Vardhman textile has more than tripled in the year. Along with a revival in demand and declining interest cost, the stock also seems to be supported by the recent run on cotton yarn prices.
The company produces variety of cotton, polyester and blended yarns, different varieties of popular and specialised fabrics under its textile linked SBUs. Exports accounted for close to 25% of the total revenue in the year ended March 2009. More than one-thirds of its exports came from yarn products, while the rest was accounted for by fabrics. Subsequently, the more than 20% rise in the cotton and yarn prices during the past six months, appears to justify the upswing in its stock price, as investors expect better margins in the quarters to follow.
While the revenues growth in the quarter ended September ’09 was a reasonable 4%, it followed a healthy gain of 10% in the June ‘09 quarter, after the previous two dismal quarters. Moreover, in the latest two quarters, the interest and depreciation cost has stabilised, boosting net profitability. On a trailing year basis as well, the past two quarters experienced a decline in interest costs. For the coming two years, the company is not planning any major capex, and hence, expects the debt cycle to peak out by March 2010.
Of the two major expansion plans, the company has taken up since early 2008, spinning and processing units are expected to function at their full capacities in the coming quarters. Of these, unutilised capacities — 60,000 spindles are anticipated to be functional by March 2010. Over the next few months, the company further plans to consolidate its huge spinning capacities (7.5 lakh spindles) for raising output.
Production through Vardhman’s joint venture with Nisshinbo Textile, Japan that will integrate its fabric business into garments is expected to commence by September 2010. The company plans to hold a 51% stake in this proposed subsidiary. While the operating efficiency and large product portfolio make this company a value buy for long term, currently the stock is trading at a P/E of 13.2, well above the average of 8 for the past four years.
Engineers India soars as Govt plans 10% stake sale ,2:1 Bonus & Stock Split
15th-Jan-10 (Friday)
Engineers India was locked at upper circuit limit of 20% at Rs 2079.70 at 9:13 IST after the government on Thursday, 14 January 2010, approved sale of a 10% stake in the state-run company.
The stock hit a high of Rs 2079.70, which is an all-time high. It hit a low of Rs 1945 so far during the day. The stock had hit 52-week low of Rs 405 on 19 January 2009.
The mid-cap state-run engineering consultancy active in the oil sector has an equity capital of Rs 56.16 crore. Face value per share is Rs 10.
The current price of Rs 2079.70 discounts the company's Q2 September 2009, annualised EPS of Rs 75.05, by a PE multiple of 27.71.
Engineers India, which is 90.40% owned by the government, is the latest in a list of planned sell-offs aimed at raising funds to cut India's fiscal deficit. After the public offer, the government's stake in the company will come down to 80.4% from the current 90.4%.
The government gave no details of the timeframe for the public offering or how much it wanted to raise. However, reports suggest that the issue is likely to hit the market in April or May this year.
Before the public offering, the company will issue two bonus shares for every share held, split each share of Rs 10 into two shares of Rs 5 each and declare a special dividend of Rs 100 per share
India aims to sell stakes in about 60 firms in the coming years. The government's fiscal deficit is estimated to be at a 16-year high of 6.8% of gross domestic product by the end of March 2010.
Engineers India's net profit rose 59.2% to Rs 105.37 crore on a 36.10% rise in sales to Rs 468.20 crore in Q2 September 2009 over Q2 September 2008.
Engineers India provides engineering and related technical services for petroleum refineries and other industrial projects.
Engineers India was locked at upper circuit limit of 20% at Rs 2079.70 at 9:13 IST after the government on Thursday, 14 January 2010, approved sale of a 10% stake in the state-run company.
The stock hit a high of Rs 2079.70, which is an all-time high. It hit a low of Rs 1945 so far during the day. The stock had hit 52-week low of Rs 405 on 19 January 2009.
The mid-cap state-run engineering consultancy active in the oil sector has an equity capital of Rs 56.16 crore. Face value per share is Rs 10.
The current price of Rs 2079.70 discounts the company's Q2 September 2009, annualised EPS of Rs 75.05, by a PE multiple of 27.71.
Engineers India, which is 90.40% owned by the government, is the latest in a list of planned sell-offs aimed at raising funds to cut India's fiscal deficit. After the public offer, the government's stake in the company will come down to 80.4% from the current 90.4%.
The government gave no details of the timeframe for the public offering or how much it wanted to raise. However, reports suggest that the issue is likely to hit the market in April or May this year.
Before the public offering, the company will issue two bonus shares for every share held, split each share of Rs 10 into two shares of Rs 5 each and declare a special dividend of Rs 100 per share
India aims to sell stakes in about 60 firms in the coming years. The government's fiscal deficit is estimated to be at a 16-year high of 6.8% of gross domestic product by the end of March 2010.
Engineers India's net profit rose 59.2% to Rs 105.37 crore on a 36.10% rise in sales to Rs 468.20 crore in Q2 September 2009 over Q2 September 2008.
Engineers India provides engineering and related technical services for petroleum refineries and other industrial projects.
Hanung Toys gets Overseas order worth $100 million.
15th Jan-10 (Friday)
Hanung Toys & Textiles jumped 3.52% to Rs 128.10 at 9:11 IST on BSE, after the company signed a pact with a US buyer for exporting value added home furnishings aggregating $100 million.
The company announced the overseas order win after market hours on Thursday, 14 January 2010.
Meanwhile, the BSE Sensex was up 18.37 points, or 0.10%, to 17,603.24.
On BSE, 71,351 shares were traded in the counter as against an average daily volume of 87,534 shares in the past one quarter.
The stock hit a high of Rs 128.70 and a low of Rs 124.70 so far during the day. The stock hit a 52-week high of Rs 132.30 on 26 October 2009 and a lifetime low of Rs 24.25 on 23 January 2009.
The company's equity capital is Rs 25.19 crore. Face value per share is Rs 10.
The current price of Rs 128.10 discounts the company's Q2 September 2009 annualized EPS of Rs 29.61, by a PE multiple of 4.33.
The order is to be executed by December 2012. This will bring greater strength and better revenue to the company, Hanung Toys said.
Late last month, the company signed a pact with a US buyer for exporting home furnishings aggregating $60 million. The order is to be executed by December 2012.
Hanung Toys & Textiles' net profit fell 4.1% to Rs 18.65 crore on 12.1% rise in net sales to Rs 182.61 crore in Q2 September 2009 over Q2 September 2008.
The company is engaged in the business of manufacturing and exporting of soft toys. It is also into manufacture and exports of home furnishings.
Hanung Toys & Textiles jumped 3.52% to Rs 128.10 at 9:11 IST on BSE, after the company signed a pact with a US buyer for exporting value added home furnishings aggregating $100 million.
The company announced the overseas order win after market hours on Thursday, 14 January 2010.
Meanwhile, the BSE Sensex was up 18.37 points, or 0.10%, to 17,603.24.
On BSE, 71,351 shares were traded in the counter as against an average daily volume of 87,534 shares in the past one quarter.
The stock hit a high of Rs 128.70 and a low of Rs 124.70 so far during the day. The stock hit a 52-week high of Rs 132.30 on 26 October 2009 and a lifetime low of Rs 24.25 on 23 January 2009.
The company's equity capital is Rs 25.19 crore. Face value per share is Rs 10.
The current price of Rs 128.10 discounts the company's Q2 September 2009 annualized EPS of Rs 29.61, by a PE multiple of 4.33.
The order is to be executed by December 2012. This will bring greater strength and better revenue to the company, Hanung Toys said.
Late last month, the company signed a pact with a US buyer for exporting home furnishings aggregating $60 million. The order is to be executed by December 2012.
Hanung Toys & Textiles' net profit fell 4.1% to Rs 18.65 crore on 12.1% rise in net sales to Rs 182.61 crore in Q2 September 2009 over Q2 September 2008.
The company is engaged in the business of manufacturing and exporting of soft toys. It is also into manufacture and exports of home furnishings.
Saturday, January 9, 2010
" Transgene Biotek " on pact with Dr Reddy's Lab
Transgene Biotek was locked at 5% upper limit at Rs 75.70 at 13:34 IST on BSE, after the company signed a pact with Dr Reddy's Lab to manufacture a drug named, Orlistat which is used for treating obesity.
The company made this announcement after market hours on Thursday, 7 January 2010.
The stock hit a high of Rs 75.70 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 74 so far during the day. The stock hit a 52-week low of Rs 12 on 12 March 2009.
The company's equity capital is Rs 15.77 crore. Face value per share is Rs 10.
The current price of Rs 75.70 discounts the company's Q2 September 2009 annualized EPS of Rs 0.08, by a PE multiple of 946.25.
Transgene Biotek has entered into a licensing and technology transfer agreement with Dr Reddy's Laboratories for the out-licensing of a technology to manufacture Orlistat, Transgene Biotek said in a filing to the BSE.
Transgene Biotek's net profit fell 66.7% to Rs 0.03 crore on 14.6% decline in net sales to Rs 0.76 crore in Q2 September 2009 over Q2 September 2008.
The company is engaged in the research and development and manufacture of various medical reagents, both chemical and immuno-diagnostic reagents for the qualitative and quantitative estimation of bio-chemical parameters and diagnosis of diseases respectively.
The company made this announcement after market hours on Thursday, 7 January 2010.
The stock hit a high of Rs 75.70 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 74 so far during the day. The stock hit a 52-week low of Rs 12 on 12 March 2009.
The company's equity capital is Rs 15.77 crore. Face value per share is Rs 10.
The current price of Rs 75.70 discounts the company's Q2 September 2009 annualized EPS of Rs 0.08, by a PE multiple of 946.25.
Transgene Biotek has entered into a licensing and technology transfer agreement with Dr Reddy's Laboratories for the out-licensing of a technology to manufacture Orlistat, Transgene Biotek said in a filing to the BSE.
Transgene Biotek's net profit fell 66.7% to Rs 0.03 crore on 14.6% decline in net sales to Rs 0.76 crore in Q2 September 2009 over Q2 September 2008.
The company is engaged in the research and development and manufacture of various medical reagents, both chemical and immuno-diagnostic reagents for the qualitative and quantitative estimation of bio-chemical parameters and diagnosis of diseases respectively.
McLeod Russel takes a breather after sharp rally
McLeod Russel India dropped 5.58% to Rs 290.40 at 14:11 IST on profit booking after a recent sharp rally
The stock hit a high of Rs 309 and a low of Rs 288.10 so far during the day. The stock had hit a 52-week high of Rs 311.50 on Thursday, 7 January 2010. The stock hit a 52-week low of Rs 42.05 on 25 February 2009.
The McLeod Russel India scrip has been on a roll recently. It advanced 17.02% in four trading days from Rs 261.65 on 31 December 2009 to Rs 306.20 on Thursday, 7 January 2010. The rally in the counter was triggered by hopes of firm tea prices after a report suggested that global tea shortage may widen this year and extend into 2011 as a rebound in production in Africa, Sri Lanka and India trails demand growth.
The mid-cap tea plantation company has an equity capital of Rs 54.73 crore. Face value per share is Rs 5.
The current price of Rs 290.40 discounts the company's Q2 September 2009, annualised EPS of Rs 70.23, by a PE multiple of 4.13
A recent report on the tea industry showed that the global deficit may reach as much as 130 million kilograms by April 2010, compared with the 110 million kilograms forecast in September 2009, and prices may rise to a record again this year as shortages persist.
Tea prices are likely to rule firm as the dry weather in top tea producing countries viz. Kenya, Sri Lanka and India crimped output. India's output in the 10 months through 31 October 2009 dropped to 830.4 million kilograms from 832.5 million a year ago, according to the state-run Tea Board. Exports declined 12% to 150 million kilograms in the January-October 2009 period.
On the other hand consumption growth is likely in India, the Middle East, Pakistan, Egypt and mature markets like the United Kingdom and Ireland.
On 23 December 2009, McLeod Russel India said it will acquire for the first time tea estates in Africa through its UK-based subsidiary Borelli Tea Holdings (Borelli) UK. The transaction will be completed on 15 January 2010.
McLeod Russel India, said that Borelli has signed a share purchase agreement with James Finlay and James Finlay International Holdings, both of the UK, for acquisition of 100% of the share capital of Rwenzori Tea Investments (Rwenzori), Uganda, for a provisional consideration of $25 million. Rwenzori has six gardens and five factories spread over 3,300 hectares.
With this acquisition, McLeod's total production will rise to 96 million kg , up from 81 million kg. The exports too would rise to 49 million kg from 34 million kg.
McLeod Russel India's net profit rose 57.9% to Rs 192.19 crore on a 23.1% rise in sales to Rs 343.77 crore in Q2 September 2009 over Q2 September 2008.
Mcleod Russel India is the country's largest tea-producing company. It is engaged in cultivation, manufacture and sale of tea.
Promoters have pledged more than 1.19 crore shares representing 10.90% of the equity capital of the company. Total promoters shareholding in the company is 45.36% (as on 30 September 2009).
The stock hit a high of Rs 309 and a low of Rs 288.10 so far during the day. The stock had hit a 52-week high of Rs 311.50 on Thursday, 7 January 2010. The stock hit a 52-week low of Rs 42.05 on 25 February 2009.
The McLeod Russel India scrip has been on a roll recently. It advanced 17.02% in four trading days from Rs 261.65 on 31 December 2009 to Rs 306.20 on Thursday, 7 January 2010. The rally in the counter was triggered by hopes of firm tea prices after a report suggested that global tea shortage may widen this year and extend into 2011 as a rebound in production in Africa, Sri Lanka and India trails demand growth.
The mid-cap tea plantation company has an equity capital of Rs 54.73 crore. Face value per share is Rs 5.
The current price of Rs 290.40 discounts the company's Q2 September 2009, annualised EPS of Rs 70.23, by a PE multiple of 4.13
A recent report on the tea industry showed that the global deficit may reach as much as 130 million kilograms by April 2010, compared with the 110 million kilograms forecast in September 2009, and prices may rise to a record again this year as shortages persist.
Tea prices are likely to rule firm as the dry weather in top tea producing countries viz. Kenya, Sri Lanka and India crimped output. India's output in the 10 months through 31 October 2009 dropped to 830.4 million kilograms from 832.5 million a year ago, according to the state-run Tea Board. Exports declined 12% to 150 million kilograms in the January-October 2009 period.
On the other hand consumption growth is likely in India, the Middle East, Pakistan, Egypt and mature markets like the United Kingdom and Ireland.
On 23 December 2009, McLeod Russel India said it will acquire for the first time tea estates in Africa through its UK-based subsidiary Borelli Tea Holdings (Borelli) UK. The transaction will be completed on 15 January 2010.
McLeod Russel India, said that Borelli has signed a share purchase agreement with James Finlay and James Finlay International Holdings, both of the UK, for acquisition of 100% of the share capital of Rwenzori Tea Investments (Rwenzori), Uganda, for a provisional consideration of $25 million. Rwenzori has six gardens and five factories spread over 3,300 hectares.
With this acquisition, McLeod's total production will rise to 96 million kg , up from 81 million kg. The exports too would rise to 49 million kg from 34 million kg.
McLeod Russel India's net profit rose 57.9% to Rs 192.19 crore on a 23.1% rise in sales to Rs 343.77 crore in Q2 September 2009 over Q2 September 2008.
Mcleod Russel India is the country's largest tea-producing company. It is engaged in cultivation, manufacture and sale of tea.
Promoters have pledged more than 1.19 crore shares representing 10.90% of the equity capital of the company. Total promoters shareholding in the company is 45.36% (as on 30 September 2009).
JK Tyre plans Rs 1,200-cr expansion
9 Jan 2010, 1956 hrs IST, PTI
NEW DELHI: JK Tyre today said it will invest Rs 1,200 crore in the next three-four years for capacity addition which includes setting up a new plant in Karnataka with an investment of Rs 800 crore.
"JK Tyre has recently completed a Rs 315-crore expansion project to increase truck and bus radial tyre capacity from four lakh to eight lakh tyres per annum and is also planning to invest Rs 1,200 crore in the next three to four years to fulfill the demand for quality tyres," a statement quoting JK Tyre & Industries president Arun Bajoria said today.
As part of company's growth strategy, JK Tyre will invest in Karnataka to manufacture truck, bus and car radials to cater to both domestic and international markets and has earmarked an investment of Rs 800 crore for that, it added.
"We had announced last year to undertake substantial expansion of our tyre operations, therefore our new plant in Karnataka is part of our long-term growth strategy," Bajoria said in the statement.
NEW DELHI: JK Tyre today said it will invest Rs 1,200 crore in the next three-four years for capacity addition which includes setting up a new plant in Karnataka with an investment of Rs 800 crore.
"JK Tyre has recently completed a Rs 315-crore expansion project to increase truck and bus radial tyre capacity from four lakh to eight lakh tyres per annum and is also planning to invest Rs 1,200 crore in the next three to four years to fulfill the demand for quality tyres," a statement quoting JK Tyre & Industries president Arun Bajoria said today.
As part of company's growth strategy, JK Tyre will invest in Karnataka to manufacture truck, bus and car radials to cater to both domestic and international markets and has earmarked an investment of Rs 800 crore for that, it added.
"We had announced last year to undertake substantial expansion of our tyre operations, therefore our new plant in Karnataka is part of our long-term growth strategy," Bajoria said in the statement.
Budget on Feb 26, GST roll out later - PranabMukherjee
NEW DELHI (Reuters) - The government will present its annual budget on February 26 and was aiming at enacting legislation in the second half of this year for introducing a new Goods and Services Tax (GST), the finance minister said on Saturday.
Pranab Mukherjee also said he is hopeful growth rate of Asia's third largest economy could touch 8 percent in the fiscal year to March 2010, faster than 6.7 percent in the previous year.
A raft of stimulus through tax cuts and higher spending by the government, coupled with the Reserve Bank of India's aggressive rate cuts and infusion of liquidity in financial markets helped the economy weather the global slump faster than most nations.
With faster growth in output in recent months and rise in inflation, India is widely expected to withdraw some of its fiscal stimulus in the forthcoming budget.
"Budget will be presented on February 26," Mukherjee told reporters at a luncheon meeting but gave no details.
STAKE SALES
Industry bodies have urged the government to extend fiscal stimulus by six months this year, but a 16-year high fiscal deficit of 6.8 percent of gross domestic product estimated for 2009/10, has left little room for extending tax concessions.
Mukherjee said it would take 7-8 months for the government to bring in legislations for introducing GST, which was earlier scheduled on April 2010.
The centre and state government are now still debating the rates of proposed GST, which would replace a multitude of levies such as excise duty, service tax, value-added tax, and ease the burden of industry.
The government expects the proposed tax reform along with higher growth in the economy leading to more revenues and stake sales in state-run firms, could help lower the fiscal deficit in 2010/11 to an estimated at 5.5 percent.
Sunil Mitra, a secretary in the finance ministry looking at disinvestment of state-run firms, said some of the big-ticket share sales including that of Steel Authority (SAIL.NS : 238.85 -2.75 ) of India Ltd and Coal India Ltd would come in the next fiscal year.
An initial public offering of telecoms firm BSNL was also likely in 2010/11, he said.
The government, accelerated the stake sale process and sold shares in NHPC and Oil India that fetched $1.8 billion.
India aims to sell shares of about 60 state-run firms in the coming years, with offers for power utility NTPC, miner NMDC, Rural Electrification Corp and Satluj Jal Vidyut expected by end-March 2010, Mitra said.
Pranab Mukherjee also said he is hopeful growth rate of Asia's third largest economy could touch 8 percent in the fiscal year to March 2010, faster than 6.7 percent in the previous year.
A raft of stimulus through tax cuts and higher spending by the government, coupled with the Reserve Bank of India's aggressive rate cuts and infusion of liquidity in financial markets helped the economy weather the global slump faster than most nations.
With faster growth in output in recent months and rise in inflation, India is widely expected to withdraw some of its fiscal stimulus in the forthcoming budget.
"Budget will be presented on February 26," Mukherjee told reporters at a luncheon meeting but gave no details.
STAKE SALES
Industry bodies have urged the government to extend fiscal stimulus by six months this year, but a 16-year high fiscal deficit of 6.8 percent of gross domestic product estimated for 2009/10, has left little room for extending tax concessions.
Mukherjee said it would take 7-8 months for the government to bring in legislations for introducing GST, which was earlier scheduled on April 2010.
The centre and state government are now still debating the rates of proposed GST, which would replace a multitude of levies such as excise duty, service tax, value-added tax, and ease the burden of industry.
The government expects the proposed tax reform along with higher growth in the economy leading to more revenues and stake sales in state-run firms, could help lower the fiscal deficit in 2010/11 to an estimated at 5.5 percent.
Sunil Mitra, a secretary in the finance ministry looking at disinvestment of state-run firms, said some of the big-ticket share sales including that of Steel Authority (SAIL.NS : 238.85 -2.75 ) of India Ltd and Coal India Ltd would come in the next fiscal year.
An initial public offering of telecoms firm BSNL was also likely in 2010/11, he said.
The government, accelerated the stake sale process and sold shares in NHPC and Oil India that fetched $1.8 billion.
India aims to sell shares of about 60 state-run firms in the coming years, with offers for power utility NTPC, miner NMDC, Rural Electrification Corp and Satluj Jal Vidyut expected by end-March 2010, Mitra said.
Wednesday, January 6, 2010
US rolls out new online visa form in India
6 Jan 2010, 2023 hrs IST, IANS
NEW DELHI: With the demand for US visas surging by the day, the US embassy and its consulates in India have introduced a new online non-immigrant visa (NIV) application form to cut out needless delays.
The DS-160 form will be online on the website of the US embassy from Jan 19. For all NIV visa appointments starting Feb 1, applicants will need to fill out the DS-160 form, the US embassy said here Wednesday while announcing the introduction of the new form.
The new form, that leverages new technologies, is expected to cut processing delays as applications could be pre-processed and pre-screened before an applicant's interview.
Applicants will continue to complete visa application forms online, as they did previously with the Electronic Visa Application Form, the embassy said.
The demand for American visas has been escalating in India over the years.
The four US consulates in the country had processed 725,000 visas in 2007 - a 58 percent increase from 2006.
India is among the top 10 countries sending visitors to the US.
NEW DELHI: With the demand for US visas surging by the day, the US embassy and its consulates in India have introduced a new online non-immigrant visa (NIV) application form to cut out needless delays.
The DS-160 form will be online on the website of the US embassy from Jan 19. For all NIV visa appointments starting Feb 1, applicants will need to fill out the DS-160 form, the US embassy said here Wednesday while announcing the introduction of the new form.
The new form, that leverages new technologies, is expected to cut processing delays as applications could be pre-processed and pre-screened before an applicant's interview.
Applicants will continue to complete visa application forms online, as they did previously with the Electronic Visa Application Form, the embassy said.
The demand for American visas has been escalating in India over the years.
The four US consulates in the country had processed 725,000 visas in 2007 - a 58 percent increase from 2006.
India is among the top 10 countries sending visitors to the US.
Gulf may launch single currency in 2015
6 Jan 2010, 1810 hrs IST, REUTERS
RIYADH: A single Gulf Arab currency could be launched in 2015 if countries from the Gulf Cooperation Council (GCC) speed up the process, a senior official from the bloc's secretariat said on Wednesday.
Rulers from the world's top oil exporting region endorsed the much-delayed monetary union last month despite the pullout of the United Arab Emirates -the bloc's second-largest economy- and Oman. Policymakers from the other four states -Saudi Arabia, Kuwait, Qatar and Bahrain- are currently expected to set a timetable for the creation of a joint central bank, but launching the single currency is still a distant prospect.
"I personally expect the single currency to be launched in 2015, if we step up the efforts and the work of various committees," Mohamed al-Mazrooei, GCC Assistant Secretary General for Economic Affairs told. Mazrooei's comment is the first from the GCC secretariat that sets a potential new timetable for the single currency's launch after the bloc abandoned an initial 2010 deadline.
"I think it's an optimistic scenario given the slower-than-expected progress that has been achieved up to now," said John Sfakianakis, Calyon's chief economist for the Middle East. "But it's feasible if the political will is there." Striking a power balance in the union remains a challenge as some smaller Gulf states resist the dominance of Saudi Arabia, the world's biggest oil exporter.
"They need to be steadfast to push it forward. They have to complete various technical tasks such as establishing technical committees, synchronizing statistics, facilitating capital and labour movements, deciding on the peg and then the name of the currency," Sfakianakis added. A few days before it hosted a rulers' summit in December, Kuwait said that it may take up to 10 years to adopt the single currency. The UAE opted out of the monetary union in May in protest over a decision to base the Gulf central bank in Saudi Arabia, dealing a serious blow to the project. Oman withdrew in 2006. The GCC bloc -a loose economic entity that seeks to emulate the European Union's economic and monetary integration -abandoned last year an initial deadline for issuing common notes and coins in 2010, saying a joint monetary council would determine a new timetable for its issuance. Oman said earlier this month that it has no plans to review its decision to withdraw now or in the future.
RIYADH: A single Gulf Arab currency could be launched in 2015 if countries from the Gulf Cooperation Council (GCC) speed up the process, a senior official from the bloc's secretariat said on Wednesday.
Rulers from the world's top oil exporting region endorsed the much-delayed monetary union last month despite the pullout of the United Arab Emirates -the bloc's second-largest economy- and Oman. Policymakers from the other four states -Saudi Arabia, Kuwait, Qatar and Bahrain- are currently expected to set a timetable for the creation of a joint central bank, but launching the single currency is still a distant prospect.
"I personally expect the single currency to be launched in 2015, if we step up the efforts and the work of various committees," Mohamed al-Mazrooei, GCC Assistant Secretary General for Economic Affairs told. Mazrooei's comment is the first from the GCC secretariat that sets a potential new timetable for the single currency's launch after the bloc abandoned an initial 2010 deadline.
"I think it's an optimistic scenario given the slower-than-expected progress that has been achieved up to now," said John Sfakianakis, Calyon's chief economist for the Middle East. "But it's feasible if the political will is there." Striking a power balance in the union remains a challenge as some smaller Gulf states resist the dominance of Saudi Arabia, the world's biggest oil exporter.
"They need to be steadfast to push it forward. They have to complete various technical tasks such as establishing technical committees, synchronizing statistics, facilitating capital and labour movements, deciding on the peg and then the name of the currency," Sfakianakis added. A few days before it hosted a rulers' summit in December, Kuwait said that it may take up to 10 years to adopt the single currency. The UAE opted out of the monetary union in May in protest over a decision to base the Gulf central bank in Saudi Arabia, dealing a serious blow to the project. Oman withdrew in 2006. The GCC bloc -a loose economic entity that seeks to emulate the European Union's economic and monetary integration -abandoned last year an initial deadline for issuing common notes and coins in 2010, saying a joint monetary council would determine a new timetable for its issuance. Oman said earlier this month that it has no plans to review its decision to withdraw now or in the future.
Sunil Hitech Engineers wins order worth Rs 488 crores.
Sunil Hitech Engineers rose 2.27% to Rs 238.75 at 13:50 IST after the company received an order worth Rs 488 crore from Maharashtra State Power Generation Company.
The announcement was made during trading hours on Wednesday, 6 January 2010.
The stock hit a high of Rs 241, which is also its 52-week high. It hit a low of Rs 234 so far during the day. The stock had hit a 52-week low of Rs 49.25 on 12 March 2009.
The small-cap engineering company has an equity capital of Rs 12.28 crore. Face value per share is Rs 10.
The current price of Rs 238.75 discounts the company's Q2 September 2009, annualised EPS of Rs 41.04, by a PE multiple of 5.81.
The order involves supply of power gears except main equipment for a 250 megawatt project.
Sunil Hitech Engineers' net profit soared 83.4% to Rs 12.60 crore on a 53.2% rise in sales to Rs 200.92 crore in Q2 September 2009 over Q2 September 2008.
Sunil Hitech specializes in fabrication, erection, testing & commissioning of thermal power plants, both in the private as well as the public sector.
The announcement was made during trading hours on Wednesday, 6 January 2010.
The stock hit a high of Rs 241, which is also its 52-week high. It hit a low of Rs 234 so far during the day. The stock had hit a 52-week low of Rs 49.25 on 12 March 2009.
The small-cap engineering company has an equity capital of Rs 12.28 crore. Face value per share is Rs 10.
The current price of Rs 238.75 discounts the company's Q2 September 2009, annualised EPS of Rs 41.04, by a PE multiple of 5.81.
The order involves supply of power gears except main equipment for a 250 megawatt project.
Sunil Hitech Engineers' net profit soared 83.4% to Rs 12.60 crore on a 53.2% rise in sales to Rs 200.92 crore in Q2 September 2009 over Q2 September 2008.
Sunil Hitech specializes in fabrication, erection, testing & commissioning of thermal power plants, both in the private as well as the public sector.
Pidilite Industries hits all-time high on bonus issue plan
Pidilite Industries jumped 13.72% to Rs 222.50 on BSE, after the company said its board will meet on 28 January 2010 to consider issue of bonus shares.
The company announced the board meet during trading hours today, 6 January 2010.
Meanwhile, the BSE Sensex was provisionally up 10.31 points, or 0.06%, to 17,696.55.
The stock hit a high of Rs 229 so far during the day, which is an all-time high for the counter. The stock hit a low of Rs 191.50 so far during the day. The stock hit a 52-week low of Rs 79.50 on 11 February 2009.
The company's equity capital is Rs 25.31 crore. Face value per share is Rs 1.
The current price of Rs 222.50 discounts the company's Q2 September 2009 annualized EPS of Rs 13.52, by a PE multiple of 16.46.
If approved by the board, this will be the third bonus from Pidilite Industries. Earlier, the company had issued a liberal 1:1 bonus, each in October 1996 and June 2000.
Pidilite Industries' net profit surged 158% to Rs 85.54 crore on 6% rise in net sales to Rs 507.20 crore in Q2 September 2009 over Q2 September 2008.
Also, this is PIL’s golden jubilee year & hence one can expect a shareholder friendly corporate action like bonus or special dividend.
The company announced the board meet during trading hours today, 6 January 2010.
Meanwhile, the BSE Sensex was provisionally up 10.31 points, or 0.06%, to 17,696.55.
The stock hit a high of Rs 229 so far during the day, which is an all-time high for the counter. The stock hit a low of Rs 191.50 so far during the day. The stock hit a 52-week low of Rs 79.50 on 11 February 2009.
The company's equity capital is Rs 25.31 crore. Face value per share is Rs 1.
The current price of Rs 222.50 discounts the company's Q2 September 2009 annualized EPS of Rs 13.52, by a PE multiple of 16.46.
If approved by the board, this will be the third bonus from Pidilite Industries. Earlier, the company had issued a liberal 1:1 bonus, each in October 1996 and June 2000.
Pidilite Industries' net profit surged 158% to Rs 85.54 crore on 6% rise in net sales to Rs 507.20 crore in Q2 September 2009 over Q2 September 2008.
Also, this is PIL’s golden jubilee year & hence one can expect a shareholder friendly corporate action like bonus or special dividend.
Saturday, January 2, 2010
Deepak Fertilizers >foreign fund hikes stake
Deepak Fertilizers & Petrochemicals Corporation jumped 3.65% to Rs 106.40 at 13:58 IST on BSE, after the company said Fidelity Puitan Trust, a foreign fund, has hiked its stake in the firm.
The company made this announcement during trading hours today, 31 December 2009.
The stock hit a high of Rs 108.25 and a low of Rs 102.10 so far during the day. The stock had hit a 52-week high of Rs 111.40 on 2 June 2009 and 52-week low of Rs 48.60 on 6 March 2009.
The company's equity capital is Rs 88.20 crore. Face value per share is Rs 10.
The current price of Rs 106.40 discounts the company's Q2 September 2009 annualized EPS of Rs 16.38, by a PE multiple of 6.50.
Fidelity Puitan Trust has hiked its stake to 4.18% from 4.14% after acquiring 35,000 shares representing 0.04% of the equity capital of the firm through open market purchases on 23 December 2009.
Deepak Fertilizers & Petrochemicals Corporation's net profit fell 13.6% to Rs 36.12 crore on 5.1% decline in net sales to Rs 350.93 crore in Q2 September 2009 over Q2 September 2008.
The company manufactures ammonia, fertiliser, concentrated nitric acid, ammonium nitrate and diluted nitric acid.
The total promoter shareholding in the company is 42.61% (as on 30 September 2009).
The company made this announcement during trading hours today, 31 December 2009.
The stock hit a high of Rs 108.25 and a low of Rs 102.10 so far during the day. The stock had hit a 52-week high of Rs 111.40 on 2 June 2009 and 52-week low of Rs 48.60 on 6 March 2009.
The company's equity capital is Rs 88.20 crore. Face value per share is Rs 10.
The current price of Rs 106.40 discounts the company's Q2 September 2009 annualized EPS of Rs 16.38, by a PE multiple of 6.50.
Fidelity Puitan Trust has hiked its stake to 4.18% from 4.14% after acquiring 35,000 shares representing 0.04% of the equity capital of the firm through open market purchases on 23 December 2009.
Deepak Fertilizers & Petrochemicals Corporation's net profit fell 13.6% to Rs 36.12 crore on 5.1% decline in net sales to Rs 350.93 crore in Q2 September 2009 over Q2 September 2008.
The company manufactures ammonia, fertiliser, concentrated nitric acid, ammonium nitrate and diluted nitric acid.
The total promoter shareholding in the company is 42.61% (as on 30 September 2009).
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