Equities ended higher Wednesday as buying emerged after forecasts that inflation for the week ended August 9 will be around 12.63 per cent against 12.44 per cent a week ago.
Realty and capital goods stocks were amongst the major gainers.
Bombay Stock Exchange’s Sensex closed at 14,688.45, up 144.72 points or 1 per cent. It touched a high of 14,746.20 and low of 14,584.03.
National Stock Exchange’s Nifty closed at 4420.55, up 51.55 points or 1.20 per cent. The broader index touched a high of 4,434.90 and low of 4,365.45.
BSE Midcap Index closed at 5,825.29, up 1.02 per cent and BSE Smallcap Index ended 0.66 per cent up at 7,059.21.
Biggest Sensex gainers were Reliance Communications (4%), Grasim Industries (3.48%), BHEL (3.41%), HDFC Bank (3.28%) and Bharti Airtel (2.96%).
Losers were ONGC (-2.52%), Mahindra & Mahindra (-2.08%), Satyam Computer (-0.74%), Hindustan Unilever (-0.41%) and ITC (-0.11%).
Market breadth on BSE showed 1658 advances and 974 declines.
Major European markets were in the positive as demand rose in commodities. FTSE 100 was up 0.79 per cent, CAC 40 gained 0.61 per cent and DAX moved 0.34 per cent higher.
Wednesday, August 20, 2008
Tuesday, August 19, 2008
Market down on low volumes, FIIs continue selloff
19 Aug, 2008,
Equities ended lower for the 5th consecutive day on Tuesday as investors remained on the sidelines due to lack of triggers on the domestic front and negative global cues.
Market opened with a gap down and slipped further with European markets trading weak. Towards the end of session, the indices recovered some losses as traders covered short positions.
Bombay Stock Exchange's Sensex closed at 14,543.73, down 101.93 points or 0.7 per cent. It touched a high of 14,604.11 and low of 14,368.72 intraday.
National Stock Exchange's Nifty ended at 4386.15, down 7 points or 0.16 per cent from Monday's close. It touched a high of 4,393.70 and low of 4,316.55 during the day.
"We opened lower following weak global markets. There are hardly any positive triggers left to lift the sentiments. Immediate trend is more bearish. There was some short covering towards the end. But it doesn't indicate any kind of trend reversal. Volumes have been drying up and there was not much participation," said independent technical analyst Sachin Chavan.
"For Nifty, 4200 would be a crucial support. On the upside, it will face resistance at 4600. The market will consolidate between these levels," he added.
According to NSE website, total turnover was Rs 8,929.65 crore (provisional), lower than Rs 9,356.98 crore on Monday.
Foreign investors, which have been net sellers in Indian market during the month, sold equity worth Rs 716.35 crore (provisional) today.
"Everyone is waiting for a selling opportunity. If no reforms are announced in 15 days then we may see further downside," said Shyam Kabra, senior analyst, at Nirmal Bang Securities.
Biggest Sensex gainers were Reliance Infrastructure (2.26%), Hindalco Industries (2.08%), ICICI Bank (2.01%), Hindustan Unilever (0.7%) and HDFC Bank (0.59%).
ACC (-5.78%), Maruti Suzuki (-3.9%), HDFC (-3.24%), Satyam Computer (-3.21%), Reliance Communications (-3.06%) and Bharti Airtel (-2.05%) were under pressure.
Market breadth on BSE showed 1,514 declines against 1,107 advances. On NSE, there were 461 advances and 775 declines.
European markets were in the negative on concerns of credit crisis in the US. At the time Indian markets closed, the FTSE 100 was down 1.12 per cent, CAC 40 fell 1.44 per cent and DAX fell 1.16 per cent.
via:E.T
Equities ended lower for the 5th consecutive day on Tuesday as investors remained on the sidelines due to lack of triggers on the domestic front and negative global cues.
Market opened with a gap down and slipped further with European markets trading weak. Towards the end of session, the indices recovered some losses as traders covered short positions.
Bombay Stock Exchange's Sensex closed at 14,543.73, down 101.93 points or 0.7 per cent. It touched a high of 14,604.11 and low of 14,368.72 intraday.
National Stock Exchange's Nifty ended at 4386.15, down 7 points or 0.16 per cent from Monday's close. It touched a high of 4,393.70 and low of 4,316.55 during the day.
"We opened lower following weak global markets. There are hardly any positive triggers left to lift the sentiments. Immediate trend is more bearish. There was some short covering towards the end. But it doesn't indicate any kind of trend reversal. Volumes have been drying up and there was not much participation," said independent technical analyst Sachin Chavan.
"For Nifty, 4200 would be a crucial support. On the upside, it will face resistance at 4600. The market will consolidate between these levels," he added.
According to NSE website, total turnover was Rs 8,929.65 crore (provisional), lower than Rs 9,356.98 crore on Monday.
Foreign investors, which have been net sellers in Indian market during the month, sold equity worth Rs 716.35 crore (provisional) today.
"Everyone is waiting for a selling opportunity. If no reforms are announced in 15 days then we may see further downside," said Shyam Kabra, senior analyst, at Nirmal Bang Securities.
Biggest Sensex gainers were Reliance Infrastructure (2.26%), Hindalco Industries (2.08%), ICICI Bank (2.01%), Hindustan Unilever (0.7%) and HDFC Bank (0.59%).
ACC (-5.78%), Maruti Suzuki (-3.9%), HDFC (-3.24%), Satyam Computer (-3.21%), Reliance Communications (-3.06%) and Bharti Airtel (-2.05%) were under pressure.
Market breadth on BSE showed 1,514 declines against 1,107 advances. On NSE, there were 461 advances and 775 declines.
European markets were in the negative on concerns of credit crisis in the US. At the time Indian markets closed, the FTSE 100 was down 1.12 per cent, CAC 40 fell 1.44 per cent and DAX fell 1.16 per cent.
via:E.T
Monday, August 18, 2008
Pak, the world leader in stolen cars business!
Pak, the world leader in stolen cars business!
Mon, Aug 18 02:05 PM
Islamabad, Aug 18 (ANI): On an average cars worth Rs one billion are stolen every month in Pakistan, said a report of the country's Interior Ministry, and added that cars of an estimated worth of Rs 18 billion were stolen in the past 18 months.
According to the report, 14,037 vehicles worth Rs seven billion were stolen or snatched across the country during the first half of 2008 while 23,144 vehicles worth Rs 11 billion were stolen or snatched during 2007.
Punjab had the highest number of vehicle lifting incidents, as 7432 vehicles were taken away in the first six months of 2008 and 6,801 in the same period of 2007. In NWFP, the figures remained low and 341 vehicles were stolen from Jan 1 to June 30, 2008 as compared to 329 in the same period in 2007.
In Balochistan, 404 vehicles were stolen or snatched in the same period in 2008 as compared to 315 in 2007. Whereas, 12 vehicles were taken away from the jurisdiction of Railways Police in 2008 as compared to 8 in same period in 2007.
A 49.07 per cent increase of the crime was seen in Islamabad Capital Territory (ICT) as 401 vehicles were lifted during first two quarters of 2008 as compared to 269 during the same period in 2007.
Thefts of vehicles are on the rise with clear indications that police and the vehicles registration offices are part of the mafia, reported The News.
A professional car lifter on condition of anonymity said that bigwigs in the police, and bureaucracy, besides top politicians were directly involved in the lucrative business and they looked after the interests of the mafia. "I enjoy my job. I earn hundreds of thousands for a 3 to 4-minute effort. I can lift at least three vehicles in a day," the daring car lifter said and added that his job was very easy but also hard and risky.
He further said: "Toyota Corolla, Honda, Suzuki Mehran, Alto are favourite vehicles to steal but we follow the demand of the receivers. Motorway is the safest way to take the stolen vehicles to Peshawar and Mardan.
According to him, Peshawar, Hazara and Mardan Divisions were havens for carjackers.
The mafia chiefs involved in this particular crime are known to the police, and so are their dens, mostly in the NWFP, but no one dares to take them to justice, added the paper. (ANI)
Mon, Aug 18 02:05 PM
Islamabad, Aug 18 (ANI): On an average cars worth Rs one billion are stolen every month in Pakistan, said a report of the country's Interior Ministry, and added that cars of an estimated worth of Rs 18 billion were stolen in the past 18 months.
According to the report, 14,037 vehicles worth Rs seven billion were stolen or snatched across the country during the first half of 2008 while 23,144 vehicles worth Rs 11 billion were stolen or snatched during 2007.
Punjab had the highest number of vehicle lifting incidents, as 7432 vehicles were taken away in the first six months of 2008 and 6,801 in the same period of 2007. In NWFP, the figures remained low and 341 vehicles were stolen from Jan 1 to June 30, 2008 as compared to 329 in the same period in 2007.
In Balochistan, 404 vehicles were stolen or snatched in the same period in 2008 as compared to 315 in 2007. Whereas, 12 vehicles were taken away from the jurisdiction of Railways Police in 2008 as compared to 8 in same period in 2007.
A 49.07 per cent increase of the crime was seen in Islamabad Capital Territory (ICT) as 401 vehicles were lifted during first two quarters of 2008 as compared to 269 during the same period in 2007.
Thefts of vehicles are on the rise with clear indications that police and the vehicles registration offices are part of the mafia, reported The News.
A professional car lifter on condition of anonymity said that bigwigs in the police, and bureaucracy, besides top politicians were directly involved in the lucrative business and they looked after the interests of the mafia. "I enjoy my job. I earn hundreds of thousands for a 3 to 4-minute effort. I can lift at least three vehicles in a day," the daring car lifter said and added that his job was very easy but also hard and risky.
He further said: "Toyota Corolla, Honda, Suzuki Mehran, Alto are favourite vehicles to steal but we follow the demand of the receivers. Motorway is the safest way to take the stolen vehicles to Peshawar and Mardan.
According to him, Peshawar, Hazara and Mardan Divisions were havens for carjackers.
The mafia chiefs involved in this particular crime are known to the police, and so are their dens, mostly in the NWFP, but no one dares to take them to justice, added the paper. (ANI)
Andrew Yule soars on strong response for stake sale in power firm
Andrew Yule & Company was locked at upper limit of 5% at Rs 50.50 at 14:35 IST on BSE on reports Tata Power, CESC and Reliance Energy have expressed interest in picking up 57% stake in Dishergarh Power Supply Corporation.
The stock hit a high of Rs 50.50 and a low of Rs 49.45 so far during the day. The stock had a 52-week high of Rs 95 on 3 January 2008 and a 52-week low of Rs 24.55 on 22 August 2007.
The diversified firm has an equity capital of Rs 11.65 crore. Face value per share is Rs 2.
Andrew Yule had invited initial bids for selling 57% stakeholding in DPSC as per the revival package sanctioned for the heavy engineering PSU. While Andrew Yule along with two coal companies control 15% in DPSC, state-run Life Insurance Corporation had 42% in DPSC. LIC would also sell its stake in DPSC.
DPSC has a generating capacity of 40 megawatt and supplies power to the coal belt in the Ranigunj-Asansol area and the industrial township of Durgapur. The divestment process would take place through an open tender route.
Earlier in June 2008, Andrew Yule & Company received clearance from the Union ministry of Heavy Industries and Public Enterprises for its divestment programme in three associate companies viz. Phoenix Yule, Tidewater Oil Company and DPSC
Andrew Yule & Company has three divisions - tea, engineering and electrical equipment. Government of India holds 98.62% stake in the company.
The company reported lower net loss of Rs 4.38 crore in Q1 June 2008 as compared to net loss of Rs 7.46 crore in Q1 June 2007. Net sales rose 28.90% to Rs 34.14 crore in Q1 June 2008 over Q1 June 2007.
The stock hit a high of Rs 50.50 and a low of Rs 49.45 so far during the day. The stock had a 52-week high of Rs 95 on 3 January 2008 and a 52-week low of Rs 24.55 on 22 August 2007.
The diversified firm has an equity capital of Rs 11.65 crore. Face value per share is Rs 2.
Andrew Yule had invited initial bids for selling 57% stakeholding in DPSC as per the revival package sanctioned for the heavy engineering PSU. While Andrew Yule along with two coal companies control 15% in DPSC, state-run Life Insurance Corporation had 42% in DPSC. LIC would also sell its stake in DPSC.
DPSC has a generating capacity of 40 megawatt and supplies power to the coal belt in the Ranigunj-Asansol area and the industrial township of Durgapur. The divestment process would take place through an open tender route.
Earlier in June 2008, Andrew Yule & Company received clearance from the Union ministry of Heavy Industries and Public Enterprises for its divestment programme in three associate companies viz. Phoenix Yule, Tidewater Oil Company and DPSC
Andrew Yule & Company has three divisions - tea, engineering and electrical equipment. Government of India holds 98.62% stake in the company.
The company reported lower net loss of Rs 4.38 crore in Q1 June 2008 as compared to net loss of Rs 7.46 crore in Q1 June 2007. Net sales rose 28.90% to Rs 34.14 crore in Q1 June 2008 over Q1 June 2007.
Bartronics India wins Order
Bartronics India gained 2.70% to Rs 180.70 at 12:18 IST on BSE after the company secured a contract worth over Rs 400 crore from the Employees State Insurance Corporation for providing smart cards.
The stock hit a high of Rs 187.50 and a low of Rs 175 so far during the day. The stock had a 52-week high of Rs 294.50 on 7 January 2008 and a 52-week low of Rs 125 on 4 April 2008.
The company has an equity capital of Rs 27.58 crore. Face value per share is Rs 10.
The current price of Rs 180.70 discounts its Q1 June 2008 annualised EPS of Rs 22.15, by a PE multiple of 8.15.
In an announcement made during market hours today, 18 August 2008, Bartronics India said the contract is for district-wise operation of smart cards under the Rashtriya Swasthya Bima Yojana (RSBY) scheme covering 609 districts across the country.
Bartronics India is a leading provider of smart card-based technology as well as radio frequency identification solutions.
The company posted 220.37% surge in net profit to Rs 15.27 crore on 165.71% increase in total income to Rs 679.32 crore in Q1 June 2008 over Q1 June 2007.
The stock hit a high of Rs 187.50 and a low of Rs 175 so far during the day. The stock had a 52-week high of Rs 294.50 on 7 January 2008 and a 52-week low of Rs 125 on 4 April 2008.
The company has an equity capital of Rs 27.58 crore. Face value per share is Rs 10.
The current price of Rs 180.70 discounts its Q1 June 2008 annualised EPS of Rs 22.15, by a PE multiple of 8.15.
In an announcement made during market hours today, 18 August 2008, Bartronics India said the contract is for district-wise operation of smart cards under the Rashtriya Swasthya Bima Yojana (RSBY) scheme covering 609 districts across the country.
Bartronics India is a leading provider of smart card-based technology as well as radio frequency identification solutions.
The company posted 220.37% surge in net profit to Rs 15.27 crore on 165.71% increase in total income to Rs 679.32 crore in Q1 June 2008 over Q1 June 2007.
Hindalco slumps after pricing rights issue
Hindalco Industries declined 3.53% to Rs 131 at 09:57 IST on BSE after the company’s board priced its 3-for-7 rights issue at Rs 96 per share to raise raise about Rs 4,200 crore.
The company announced the terms of the rights issue after trading horus on Thursday, 14 August 2008.
The stock hit a high of Rs 136.70 and a low of Rs 129 so far during the day. The stock had hit a 52-week high of Rs 223.30 on 15 November 2007 and a 52-week low of Rs 132.50 on 1 July 2008.
The company has an equity capital of Rs 122.71 crore. Face value per share is Re 1.
The current price of Rs 131 discounts its Q1 June 2008 annualised EPS of Rs 22.72, by a PE multiple of 5.76
Earlier in June 2008, Hindalco Industries' board had approved 1:3 rights issue to raise up to Rs 5000 crore. The funds were to be allocated to redeem a bridge loan it had taken for acquisition of Novelis Inc. However the pricing of rights issue was pending at that time.
In February 2007, the company entered into a definitive agreement to acquire Novelis in an all cash transaction for a consideration of $6 billion.
Hindalco Industries is India's largest aluminium producer and is engaged in producing aluminium and semi- fabricated products.
The company’s net profit rose 16.4% to Rs 696.76 crore on 0.8% decline in sales to Rs 4,647.53 crore in Q1 June 2008 over Q1 June 2007.
The company announced the terms of the rights issue after trading horus on Thursday, 14 August 2008.
The stock hit a high of Rs 136.70 and a low of Rs 129 so far during the day. The stock had hit a 52-week high of Rs 223.30 on 15 November 2007 and a 52-week low of Rs 132.50 on 1 July 2008.
The company has an equity capital of Rs 122.71 crore. Face value per share is Re 1.
The current price of Rs 131 discounts its Q1 June 2008 annualised EPS of Rs 22.72, by a PE multiple of 5.76
Earlier in June 2008, Hindalco Industries' board had approved 1:3 rights issue to raise up to Rs 5000 crore. The funds were to be allocated to redeem a bridge loan it had taken for acquisition of Novelis Inc. However the pricing of rights issue was pending at that time.
In February 2007, the company entered into a definitive agreement to acquire Novelis in an all cash transaction for a consideration of $6 billion.
Hindalco Industries is India's largest aluminium producer and is engaged in producing aluminium and semi- fabricated products.
The company’s net profit rose 16.4% to Rs 696.76 crore on 0.8% decline in sales to Rs 4,647.53 crore in Q1 June 2008 over Q1 June 2007.
Sunday, August 17, 2008
Gold may slip below Rs 10,500/10 grams by end-September
17 Aug, 2008, 1016 hrs IST, PTI
MUMBAI: In line with the steep fall in its price in global markets, gold price in India is expected to fall below the Rs 11,000 mark per 10 grams by September, a top industry official said.
"Gold prices have witnessed a steep fall in line with the global markets and are likely drop further and may touch the Rs 10,400 to Rs 10,600 per 10 grams-mark by September-end," Bombay Bullion Association (BBA) President, Suresh Hundia. told reporters here today.
Domestic gold prices in July saw an inverted U shaped trend, rising in the beginning of the month trading initially at Rs 12,900 per 10 grams and then rallying up to a peak of Rs 13,567 per 10 grams by mid month. Gold then began its downward journey and at the end of the month finished at Rs 12,557 per 10 grams, much below the level it had initially begun.
The gold price dropped from Rs 12,705 on July 26 to the present Rs 11,300 per 10 grams in the local bullion market.
In the international market, the yellow metal dipped below $ 800 an ounce for the first time since December 2007.
As US economists see improved prospects for its economy, the dollar becomes more attractive as an investment. And as the dollar becomes more attractive, particularly in times of crisis, gold has lost its lustre, as have other precious metals.
In the domestic market, gold demand has already started picking up and people have advanced their purchases before the Diwali and wedding season, following a sharp decline in prices, bullion traders said.
Market participants expect the metal to test further lows in line with the steep fall in its prices.
"The metal is losing its social value and more dependent on the foreign exchange," All India Sarafa Bazar President, Sheel Chand Jain, said, adding, every rise in dollar would reduce the appeal of the metal.
He said easing crude oil prices have also eroded the demand for gold as a hedge against inflation.
Gold in overseas markets hit an intra-day low of $ 773.90 an ounce, its weakest since November 20 last year, down from $ 811.25 late in New York on Thursday as the dollar firmed up to a six-month high against the Euro. Crude oil prices fell to $ 111.34 a barrel on demand fears.
Bullion traders said prices would see more lows in the next few days following a fall in demand among stockists and jewellery fabricators.
Overall, there has been a shortfall in demand for physical gold in India, which usually demands about 800 MT of the yellow metal annually.
According to the BBA, Indias gold imports have fallen by almost 50 per cent in the first quarter. BBA statistics say that gold imports in the first quarter of this year is 101 MT as against 193 MT during the same period last year.
MUMBAI: In line with the steep fall in its price in global markets, gold price in India is expected to fall below the Rs 11,000 mark per 10 grams by September, a top industry official said.
"Gold prices have witnessed a steep fall in line with the global markets and are likely drop further and may touch the Rs 10,400 to Rs 10,600 per 10 grams-mark by September-end," Bombay Bullion Association (BBA) President, Suresh Hundia. told reporters here today.
Domestic gold prices in July saw an inverted U shaped trend, rising in the beginning of the month trading initially at Rs 12,900 per 10 grams and then rallying up to a peak of Rs 13,567 per 10 grams by mid month. Gold then began its downward journey and at the end of the month finished at Rs 12,557 per 10 grams, much below the level it had initially begun.
The gold price dropped from Rs 12,705 on July 26 to the present Rs 11,300 per 10 grams in the local bullion market.
In the international market, the yellow metal dipped below $ 800 an ounce for the first time since December 2007.
As US economists see improved prospects for its economy, the dollar becomes more attractive as an investment. And as the dollar becomes more attractive, particularly in times of crisis, gold has lost its lustre, as have other precious metals.
In the domestic market, gold demand has already started picking up and people have advanced their purchases before the Diwali and wedding season, following a sharp decline in prices, bullion traders said.
Market participants expect the metal to test further lows in line with the steep fall in its prices.
"The metal is losing its social value and more dependent on the foreign exchange," All India Sarafa Bazar President, Sheel Chand Jain, said, adding, every rise in dollar would reduce the appeal of the metal.
He said easing crude oil prices have also eroded the demand for gold as a hedge against inflation.
Gold in overseas markets hit an intra-day low of $ 773.90 an ounce, its weakest since November 20 last year, down from $ 811.25 late in New York on Thursday as the dollar firmed up to a six-month high against the Euro. Crude oil prices fell to $ 111.34 a barrel on demand fears.
Bullion traders said prices would see more lows in the next few days following a fall in demand among stockists and jewellery fabricators.
Overall, there has been a shortfall in demand for physical gold in India, which usually demands about 800 MT of the yellow metal annually.
According to the BBA, Indias gold imports have fallen by almost 50 per cent in the first quarter. BBA statistics say that gold imports in the first quarter of this year is 101 MT as against 193 MT during the same period last year.
Telecom service providers falter on 3G policy conflict
Shares of six telecom services providers fell between 0.4% to 3.79% at 12:15 IST on BSE on reports of finance ministry asking the Department of Telecom to put the 3G policy on hold.
Tata Communications (down 3.79% to Rs 432.80), Reliance Communications (down 1.87% to Rs 432.15), Spice Communications (down 0.86% to Rs 74.50), Bharti Airtel (down 0.44% to Rs 818), Tulip Telecom (down 0.57% to Rs 961), Idea Cellular (down 0.4% to Rs 87.10), edged lower.
Reportedly, in a move that may delay the rollout of 3G services in the country the finance ministry has said it was not consulted on the financial implications of the 3G policy guidelines.
Earlier this month, communications minister A Raja lifted the curtain on the 3G policy, which would enable telecom operators to offer high-end services such as video conferencing, faster downloads of music and movies, interactive gaming and high-speed internet. Mr Raja had announced a reserve price of Rs 2,020 crore for auction of pan-India 3G spectrum for GSM operators and about Rs 505 crore for pan-India WiMAX radio frequencies. As per the current schedule, the auction for 3G spectrum will be held within the next three months, spectrum allotted by the year-end and services launched by mid-2009.
The finance ministry has taken the line that DoT has breached protocol as it arrived at these figures (the reserve prices) without consulting it. This marks the second instance of differences having cropped up between different government wings over the recently-announced 3G spectrum policy reports said.
Tata Communications (down 3.79% to Rs 432.80), Reliance Communications (down 1.87% to Rs 432.15), Spice Communications (down 0.86% to Rs 74.50), Bharti Airtel (down 0.44% to Rs 818), Tulip Telecom (down 0.57% to Rs 961), Idea Cellular (down 0.4% to Rs 87.10), edged lower.
Reportedly, in a move that may delay the rollout of 3G services in the country the finance ministry has said it was not consulted on the financial implications of the 3G policy guidelines.
Earlier this month, communications minister A Raja lifted the curtain on the 3G policy, which would enable telecom operators to offer high-end services such as video conferencing, faster downloads of music and movies, interactive gaming and high-speed internet. Mr Raja had announced a reserve price of Rs 2,020 crore for auction of pan-India 3G spectrum for GSM operators and about Rs 505 crore for pan-India WiMAX radio frequencies. As per the current schedule, the auction for 3G spectrum will be held within the next three months, spectrum allotted by the year-end and services launched by mid-2009.
The finance ministry has taken the line that DoT has breached protocol as it arrived at these figures (the reserve prices) without consulting it. This marks the second instance of differences having cropped up between different government wings over the recently-announced 3G spectrum policy reports said.
KPR Mill on large block deal
KPR Mill spurted 6.97% to Rs 105.90 at 13:49 IST on BSE after 17 lakh shares or 1.3% of the company's equity, changed hands in a block deal on the BSE, at Rs 100 each.
The stock hit a high of Rs 118 and a low of Rs 99 so far during the day. The stock had hit a 52-week high of Rs 209.80 on 28 August 2007 and a 52-week low of Rs 82.05 on 25 March 2008.
The company has an equity capital of Rs 37.68 crore. Face value per share is Rs 10. The current price of Rs 105.90 discounts its Q1 June 2008 annualised EPS of Rs 12.69, by a PE multiple of 8.35.
KPR Mill’s net profit fell 27.2% to Rs 11.95 crore on 26.4% increase in net sales to Rs 167.96 crore in Q1 June 2008 over Q1 June 2007.
KPR Mill is a leading manufacturer of readymade knitted apparel, cotton knitted fabric and yarn in India having manufacturing facilities located at Coimbatore, Sathyamangalam, and Tirupur in Tamil Nadu, South India.
The stock hit a high of Rs 118 and a low of Rs 99 so far during the day. The stock had hit a 52-week high of Rs 209.80 on 28 August 2007 and a 52-week low of Rs 82.05 on 25 March 2008.
The company has an equity capital of Rs 37.68 crore. Face value per share is Rs 10. The current price of Rs 105.90 discounts its Q1 June 2008 annualised EPS of Rs 12.69, by a PE multiple of 8.35.
KPR Mill’s net profit fell 27.2% to Rs 11.95 crore on 26.4% increase in net sales to Rs 167.96 crore in Q1 June 2008 over Q1 June 2007.
KPR Mill is a leading manufacturer of readymade knitted apparel, cotton knitted fabric and yarn in India having manufacturing facilities located at Coimbatore, Sathyamangalam, and Tirupur in Tamil Nadu, South India.
Geometric hardens
Geometric surged 3.96% to Rs 62.95 at 11:48 IST on BSE after the company said it has launched NestLib version 21.5 with significant new enhancements in its optimizer and cutting sequence generation modules.
The stock hit a high of Rs 64.40 and a low of Rs 60.95 so far during the day. The stock had hit a 52-week high of Rs 104 on 20 August 2007 and a 52-week low of Rs 42 on 24 March 2008.
The company has an equity capital of Rs 12.42 crore. Face value per share is Rs 2.
The current price of Rs 62.95 discounts its Q1 June 2008 annualised EPS of Rs 10.24, by a PE multiple of 6.15.
NestLib is one of the most successful nesting technologies in the market focused on optimizing two-dimensional packaging, Geometric said.
On 6 August 2008, Geometric signed a contract with Ford Motor Company to provide application management services for its engineering applications.
In April 2008, the company sold one of its properties located in Pune, for Rs 29.50 crore.
Geometric’s net profit surged 173.02% to Rs 15.89 crore on 13.66% increase in net sales to Rs 52.01 crore in Q1 June 2008 over Q4 March 2008.
Geometric is specialist in the domain of engineering solutions, services and technologies, in the IT sector. Its portfolio of global engineering services and digital technology solutions for product lifecycle management (PLM) enables companies to formulate, implement and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
The stock hit a high of Rs 64.40 and a low of Rs 60.95 so far during the day. The stock had hit a 52-week high of Rs 104 on 20 August 2007 and a 52-week low of Rs 42 on 24 March 2008.
The company has an equity capital of Rs 12.42 crore. Face value per share is Rs 2.
The current price of Rs 62.95 discounts its Q1 June 2008 annualised EPS of Rs 10.24, by a PE multiple of 6.15.
NestLib is one of the most successful nesting technologies in the market focused on optimizing two-dimensional packaging, Geometric said.
On 6 August 2008, Geometric signed a contract with Ford Motor Company to provide application management services for its engineering applications.
In April 2008, the company sold one of its properties located in Pune, for Rs 29.50 crore.
Geometric’s net profit surged 173.02% to Rs 15.89 crore on 13.66% increase in net sales to Rs 52.01 crore in Q1 June 2008 over Q4 March 2008.
Geometric is specialist in the domain of engineering solutions, services and technologies, in the IT sector. Its portfolio of global engineering services and digital technology solutions for product lifecycle management (PLM) enables companies to formulate, implement and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
Amtek Auto on overseas tie-up
Amtek Auto rose 0.24% to Rs 189 at 10:20 IST on BSE after the company formed a joint venture with FormTech Industries of Michigan to set up a manufacturing facility for manufacturing hatehur hot forgings for automotive applications in India & Europe.
The stock hit a high of Rs 193 and a low of Rs 186.65 so far during the day. The stock had hit a 52-week high of Rs 526 on 31 October 2007 and a 52-week low of Rs 179 on 08 August 2008.
The company has an equity capital of Rs 28.20 crore. Face value per share is Rs 5.
The current price of Rs 189 discounts its Q4 June 2008 annualised EPS of Rs 21.27, by a PE multiple of 8.89.
Amtek Auto will hold 51% stake in the joint venture (JV) and FormTech will own 49%. The new JV facility is scheduled to be fully operational in about 12 to 18 months.
FormTech is a manufacturer and supplier of precision hot, warm and cold forging components.
On 4 August 2008, Amtek Auto's board approved merger of Amtek India, Ahmednagar Forgings, Amtek Ring Gears, Amtek Crankshaft India and Amtek Castings India with the company.
In June 2008, Amtek Auto’s subsidiary formed an equal joint venture with US railcar manufacturer American Railcar Industries to set up a new railcar manufacturing facility in India.
Amtek Auto’s net profit rose 18.7% to Rs 74.97 crore on 12.4% increase in net sales to Rs 318.23 crore in Q4 June 2008 over Q4 March 2007.
Amtek Auto is a leading Indian supplier of automotive components and an integrated automotive component manufacturer of forgings, machining and sub-assemblies.
The stock hit a high of Rs 193 and a low of Rs 186.65 so far during the day. The stock had hit a 52-week high of Rs 526 on 31 October 2007 and a 52-week low of Rs 179 on 08 August 2008.
The company has an equity capital of Rs 28.20 crore. Face value per share is Rs 5.
The current price of Rs 189 discounts its Q4 June 2008 annualised EPS of Rs 21.27, by a PE multiple of 8.89.
Amtek Auto will hold 51% stake in the joint venture (JV) and FormTech will own 49%. The new JV facility is scheduled to be fully operational in about 12 to 18 months.
FormTech is a manufacturer and supplier of precision hot, warm and cold forging components.
On 4 August 2008, Amtek Auto's board approved merger of Amtek India, Ahmednagar Forgings, Amtek Ring Gears, Amtek Crankshaft India and Amtek Castings India with the company.
In June 2008, Amtek Auto’s subsidiary formed an equal joint venture with US railcar manufacturer American Railcar Industries to set up a new railcar manufacturing facility in India.
Amtek Auto’s net profit rose 18.7% to Rs 74.97 crore on 12.4% increase in net sales to Rs 318.23 crore in Q4 June 2008 over Q4 March 2007.
Amtek Auto is a leading Indian supplier of automotive components and an integrated automotive component manufacturer of forgings, machining and sub-assemblies.
WEEK AHEAD
Global cues, oil price to dictate trend
With no key events scheduled in the forthcoming week, the Indian stock market will closely watch global stock markets for direction. Also the inflation data in the year through 2 August 2008 will be released after market hours on Thursday, 14 August 2008. Market remains closed on Friday, 15 August 2008 on account of Independence Day.
Releasing the Economic Outlook for 2008-09, the Prime Minister’s Economic Advisory Council (EAC) on Wednesday, 13 August 2008, projected a lower GDP growth rate of 7.7% during 2008-09 mainly on account of lower agriculture and industrial growth, and adverse fallout of global developments. The EAC had earlier in January 2008 projected a growth rate 8.5% for 2008-09.
Inflation had hit a fresh 13-year high of 12.01% in the year through 26 July 2008, and remains a major concern for the central bank. High inflation will mean that tight monetary policy stance by the central bank may continue. On 29 July 2008, the Reserve Bank of India (RBI), at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
Sentiment is likely to remain edgy in the near term dampened by a series of negative news. Car sales recorded a dip in sales for the first time in 33 months as interest rates, inflationary pressures and hike in fuel prices dented demand. Passenger car sales declined 1.7% to 87,724 units in July 2008 over July 2007, according to data released by the Society of Indian Automobile Manufacturers.
Relentless monetary tightening by the RBI has finally started to catch up with industrial growth. A slowdown in the manufacturing sector pulled down India's industrial growth in June 2008 to 5.4% from 8.9% a year ago. This is however higher than 4.1% growth as per revised figures in May 2008. The index of industrial production (IIP) went up 5.2% in Q1 June 2008 compared to 10.3% growth in Q1 June 2007.
The aggregate results of 3,399 companies showed 5.20% rise in net profit to Rs 63,870 crore on 36.70% rise in sales to Rs 7,68,665 crore in Q1 June 2008 over Q1 June 2007. The net profit growth is the lowest in the past 20 quarters. In the June 2008 quarter, a number of companies were hit by mark-to-market (MTM) losses on their foreign exchange (forex) exposure.
On the positive side, a further fall in crude oil prices may boost the sentiment. Crude oil prices have declined sharply from record high $147.27 a barrel hit on 11 July 2008. US crude was up 50 cents at $116.50 on Thursday, 14 August 2008 due to a larger-than-expected drop in US crude and gasoline inventories, and disruptions to Caspian supplies.
Foreign institutional investors (FII)’s bought shares worth Rs 986.10 crore in the August 2008 (till 13 August 2008). FIIs sold shares worth Rs 26,315.90 in the calendar year 2008. Mutual funds sold shares worth Rs 228.60 crore in August 2008 (till 12 August 2008).
Key benchmark indices ran out of steam after five–week rally to edge lower in truncated week ended Thursday, 14 August 2008. The barometer index BSE Sensex declined 443.64 points or 2.92% to 14,724.18 and the S&P CNX Nifty lost 98.80 points or 2.18% at 4,430.70, in the week.
With no key events scheduled in the forthcoming week, the Indian stock market will closely watch global stock markets for direction. Also the inflation data in the year through 2 August 2008 will be released after market hours on Thursday, 14 August 2008. Market remains closed on Friday, 15 August 2008 on account of Independence Day.
Releasing the Economic Outlook for 2008-09, the Prime Minister’s Economic Advisory Council (EAC) on Wednesday, 13 August 2008, projected a lower GDP growth rate of 7.7% during 2008-09 mainly on account of lower agriculture and industrial growth, and adverse fallout of global developments. The EAC had earlier in January 2008 projected a growth rate 8.5% for 2008-09.
Inflation had hit a fresh 13-year high of 12.01% in the year through 26 July 2008, and remains a major concern for the central bank. High inflation will mean that tight monetary policy stance by the central bank may continue. On 29 July 2008, the Reserve Bank of India (RBI), at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
Sentiment is likely to remain edgy in the near term dampened by a series of negative news. Car sales recorded a dip in sales for the first time in 33 months as interest rates, inflationary pressures and hike in fuel prices dented demand. Passenger car sales declined 1.7% to 87,724 units in July 2008 over July 2007, according to data released by the Society of Indian Automobile Manufacturers.
Relentless monetary tightening by the RBI has finally started to catch up with industrial growth. A slowdown in the manufacturing sector pulled down India's industrial growth in June 2008 to 5.4% from 8.9% a year ago. This is however higher than 4.1% growth as per revised figures in May 2008. The index of industrial production (IIP) went up 5.2% in Q1 June 2008 compared to 10.3% growth in Q1 June 2007.
The aggregate results of 3,399 companies showed 5.20% rise in net profit to Rs 63,870 crore on 36.70% rise in sales to Rs 7,68,665 crore in Q1 June 2008 over Q1 June 2007. The net profit growth is the lowest in the past 20 quarters. In the June 2008 quarter, a number of companies were hit by mark-to-market (MTM) losses on their foreign exchange (forex) exposure.
On the positive side, a further fall in crude oil prices may boost the sentiment. Crude oil prices have declined sharply from record high $147.27 a barrel hit on 11 July 2008. US crude was up 50 cents at $116.50 on Thursday, 14 August 2008 due to a larger-than-expected drop in US crude and gasoline inventories, and disruptions to Caspian supplies.
Foreign institutional investors (FII)’s bought shares worth Rs 986.10 crore in the August 2008 (till 13 August 2008). FIIs sold shares worth Rs 26,315.90 in the calendar year 2008. Mutual funds sold shares worth Rs 228.60 crore in August 2008 (till 12 August 2008).
Key benchmark indices ran out of steam after five–week rally to edge lower in truncated week ended Thursday, 14 August 2008. The barometer index BSE Sensex declined 443.64 points or 2.92% to 14,724.18 and the S&P CNX Nifty lost 98.80 points or 2.18% at 4,430.70, in the week.
Thursday, August 14, 2008
Sovereign funds crowd to invest in India
15 Aug, 2008, 0010 hrs IST,Reena Zachariah, ET Bureau
MUMBAI: A growing number of sovereign wealth funds (SWFs), including China’s overseas investment arm, Korea Investment Corporation and some from the Gulf region, has sought SEBI approval to register and invest in the Indian stock market.
With the capital market regulator easing norms for SWFs to register as foreign portfolio investors, nine government-owned or controlled funds have submitted their applications to SEBI for formal registration, sources close to the development said.
The list of sovereign funds, which have investible surplus aggregating to hundreds of billions of dollars and are now waiting for regulatory approval to invest in India, includes one of China’s state-owned investment vehicles, Korea Investment Corporation, Saudi Arabia, which recently set up a $5.3-billion fund, and SWFs from Oman and Jordan, said a person associated with the registration process.
Lawyers representing some of these funds said since these are large financial entities, government-run and are sometimes opaque in their investment strategies and portfolios, the due diligence process is far more stringent as compared to other categories of foreign portfolio investors. SEBI also has concerns relating to SWFs from certain countries.
Some of the world’s top SWFs have been operating in India for long. For instance, the early birds include the biggest of them, the Abu Dhabi Investment Authority, credited with assets of over $875 billion, which has been investing in Indian markets for over a decade.
So has the Government of Singapore Investment Corporation (GIC), which has over $100 billion in assets. Temasek Holdings, another investment arm of the Singapore government, has also been active for a while. Others include Norway’s government pension fund, reckoned to be one of the best in terms of corporate governance practices, and Kuwait Investment Authority.
The majority of the 20 or so SWFs in operation now have been promoted by countries enjoying a boom in revenues either owing to record oil prices or a commodity boom, as with Chile.
These nations, which have a current account surplus, have carved out a part of their foreign exchange reserves funds to invest in a variety of assets, including stocks, to earn higher returns. India is yet to embark on such a course, as the country has a current account deficit.
In May this year, SEBI revised its foreign institutional investors regulations of 1995, to give effect to the policy measures on offshore derivative instruments (participatory notes) by including sovereign wealth fund as a new investor category.
Following the easing of rules, quite a few SWFs have applied to SEBI. The potential entry of these funds could boost capital inflows at a time when foreign portfolio investors have sold stocks aggregating $6.5 billion since the beginning of 2008.
“Professionally-managed sovereign wealth funds can be a good source of long-term capital for an emerging economy like India,” said Siddharth Shah, Head-Funds Practice, Nishith Desai Associates. The International Monetary Fund estimates that the size of SWFs could rise from $2-3 trillion now to $6-10 trillion over the next five years.
Although the large SWFs have helped bolster the capital of Wall Street biggies such as Merill Lynch, Morgan Stanley, UBS and Citi, there have been concerns relating to their investment practices, transparency and also political and commercial objectives. The IMF is working with some of them to evolve a code of best practices in the wake of concerns expressed by some countries.
MUMBAI: A growing number of sovereign wealth funds (SWFs), including China’s overseas investment arm, Korea Investment Corporation and some from the Gulf region, has sought SEBI approval to register and invest in the Indian stock market.
With the capital market regulator easing norms for SWFs to register as foreign portfolio investors, nine government-owned or controlled funds have submitted their applications to SEBI for formal registration, sources close to the development said.
The list of sovereign funds, which have investible surplus aggregating to hundreds of billions of dollars and are now waiting for regulatory approval to invest in India, includes one of China’s state-owned investment vehicles, Korea Investment Corporation, Saudi Arabia, which recently set up a $5.3-billion fund, and SWFs from Oman and Jordan, said a person associated with the registration process.
Lawyers representing some of these funds said since these are large financial entities, government-run and are sometimes opaque in their investment strategies and portfolios, the due diligence process is far more stringent as compared to other categories of foreign portfolio investors. SEBI also has concerns relating to SWFs from certain countries.
Some of the world’s top SWFs have been operating in India for long. For instance, the early birds include the biggest of them, the Abu Dhabi Investment Authority, credited with assets of over $875 billion, which has been investing in Indian markets for over a decade.
So has the Government of Singapore Investment Corporation (GIC), which has over $100 billion in assets. Temasek Holdings, another investment arm of the Singapore government, has also been active for a while. Others include Norway’s government pension fund, reckoned to be one of the best in terms of corporate governance practices, and Kuwait Investment Authority.
The majority of the 20 or so SWFs in operation now have been promoted by countries enjoying a boom in revenues either owing to record oil prices or a commodity boom, as with Chile.
These nations, which have a current account surplus, have carved out a part of their foreign exchange reserves funds to invest in a variety of assets, including stocks, to earn higher returns. India is yet to embark on such a course, as the country has a current account deficit.
In May this year, SEBI revised its foreign institutional investors regulations of 1995, to give effect to the policy measures on offshore derivative instruments (participatory notes) by including sovereign wealth fund as a new investor category.
Following the easing of rules, quite a few SWFs have applied to SEBI. The potential entry of these funds could boost capital inflows at a time when foreign portfolio investors have sold stocks aggregating $6.5 billion since the beginning of 2008.
“Professionally-managed sovereign wealth funds can be a good source of long-term capital for an emerging economy like India,” said Siddharth Shah, Head-Funds Practice, Nishith Desai Associates. The International Monetary Fund estimates that the size of SWFs could rise from $2-3 trillion now to $6-10 trillion over the next five years.
Although the large SWFs have helped bolster the capital of Wall Street biggies such as Merill Lynch, Morgan Stanley, UBS and Citi, there have been concerns relating to their investment practices, transparency and also political and commercial objectives. The IMF is working with some of them to evolve a code of best practices in the wake of concerns expressed by some countries.
Fuel, Fruits drive up inflation rate to 12.44%
Up & down
Prices increased for light diesel oil (16%), bitumen & furnace oil (8% each), aviation turbine fuel (3%).
Rates dropped for imported vegoils (13%), rice bran oil (5%), gingelly oil & cotton seed oil (2%).
New Delhi, Aug 14 The annual Wholesale Price Index-based inflation rose 12.44 per cent during the week ended August 2, above the previous week’s annual rise of 12.01 per cent, government data showed on Thursday.
During the latest reported week, the WPI moved up to 240.4 points from 239.6 points during the previous reported week. The annual rate of inflation stood at 4.39 per cent during the corresponding week a year ago.
Prices increased for light diesel oil (16%), bitumen & furnace oil (8% each), aviation turbine fuel (3%).
Rates dropped for imported vegoils (13%), rice bran oil (5%), gingelly oil & cotton seed oil (2%).
New Delhi, Aug 14 The annual Wholesale Price Index-based inflation rose 12.44 per cent during the week ended August 2, above the previous week’s annual rise of 12.01 per cent, government data showed on Thursday.
During the latest reported week, the WPI moved up to 240.4 points from 239.6 points during the previous reported week. The annual rate of inflation stood at 4.39 per cent during the corresponding week a year ago.
Wednesday, August 13, 2008
MSP Steel spurts on expansion plan
MSP Steel & Power gained 7.11% to Rs 55 at 15:05 IST on BSE after the company said it has entered into memorandum of understandings with the state government of Madhya Pradesh and Chhattisgarh for different projects worth Rs 6900 crore.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 56.55 and a low of Rs 50.70 so far during the day. The stock had hit a 52-week high of Rs 88.90 on 4 January 2008 and a 52-week low of Rs 23.50 on 22 August 2007.
The company has an equity capital of Rs 58.10 crore. Face value per share is Rs 10.
The current price of Rs 55 discounts its Q1 June 2008 annualised EPS of Rs 12.06, by a PE multiple of 4.56.
MSP Steel & Power’s net profit rose 146.6% to Rs 17.51 crore on 71% increase in net sales to Rs 108.13 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and selling of iron and steel products. The company manufactures sponge iron, billets or ingots, construction bars, ferro alloy. The company has operations in China and India.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 56.55 and a low of Rs 50.70 so far during the day. The stock had hit a 52-week high of Rs 88.90 on 4 January 2008 and a 52-week low of Rs 23.50 on 22 August 2007.
The company has an equity capital of Rs 58.10 crore. Face value per share is Rs 10.
The current price of Rs 55 discounts its Q1 June 2008 annualised EPS of Rs 12.06, by a PE multiple of 4.56.
MSP Steel & Power’s net profit rose 146.6% to Rs 17.51 crore on 71% increase in net sales to Rs 108.13 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and selling of iron and steel products. The company manufactures sponge iron, billets or ingots, construction bars, ferro alloy. The company has operations in China and India.
MIC Electronics surges on overseas deal
MIC Electronics surged 3.20% to Rs 132.20 at 14:35 IST on BSE after the company said it has formed a joint venture with Latin American Football Corporation for supply of display systems to 50 football stadiums in South America and Europe.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 140.90 and a low of Rs 129.90 so far during the day. The stock had hit a 52-week high of Rs 217.56 on 27 December 2007 and a 52-week low of Rs 72.60 on 14 August 2007.
The company has an equity capital of Rs 20.13 crore. Face value per share is Rs 2.
The current price of Rs 132.20 discounts its Q4 June 2008 annualised EPS of Rs 9.40, by a PE multiple of 7.03.
The order is valued at $50 million, MIC Electronics said.
MIC Electronics’ net profit rose 30.8% to Rs 23.65 crore on a 28.9% decline in net sales to Rs 81.41 crore in Q4 June 2008 over Q4 June 2007.
MIC Electronics is engaged in designing and manufacturing LED video display systems. The LED products manufactured by the company find various applications, including sport and live events, advertising campaigns and news ticker displays.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 140.90 and a low of Rs 129.90 so far during the day. The stock had hit a 52-week high of Rs 217.56 on 27 December 2007 and a 52-week low of Rs 72.60 on 14 August 2007.
The company has an equity capital of Rs 20.13 crore. Face value per share is Rs 2.
The current price of Rs 132.20 discounts its Q4 June 2008 annualised EPS of Rs 9.40, by a PE multiple of 7.03.
The order is valued at $50 million, MIC Electronics said.
MIC Electronics’ net profit rose 30.8% to Rs 23.65 crore on a 28.9% decline in net sales to Rs 81.41 crore in Q4 June 2008 over Q4 June 2007.
MIC Electronics is engaged in designing and manufacturing LED video display systems. The LED products manufactured by the company find various applications, including sport and live events, advertising campaigns and news ticker displays.
XL Telecom & Energy in demand
XL Telecom & Energy rose 4.04% to Rs 218 at 14:17 IST on BSE after LDK Solar Company, a leading manufacturer of solar wafers, signed a five year contract to supply multicrystalline solar wafers to XL Telecom & Energy.
XL Telecom announced this during the market hours today, 13 August 2008.
The stock hit a high of Rs 222 and a low of Rs 202.50 so far during the day. The stock had hit a 52-week high of Rs 595 on 31 December 2007 and a 52-week low of Rs 122 on 22 August 2007.
The company has an equity capital of Rs 18.78 crore. Face value per share is Rs 10.
The current price of Rs 218 discounts its Q3 March 2008 annualised EPS of Rs 30.42, by a PE multiple of 7.16.
Under the terms of agreement, LDK Solar will deliver 300 megawatt (MW) of multi crystalline solar wafers over a five-year period to XL Telecom & Energy from the first quarter of 2009 and extending through 2013. This contract will help XL Telecom meet its solar wafer needs to cater to the photovoltaic market in coming years.
XL Telecom & Energy has focus in solar, ethanol and telecom segments and was established in 1985.
The company’s net profit rose 143.8% to Rs 14.14 crore on 27.45 rise in sales to Rs 172.30 crore in Q3 March 2008 over Q3 March 2007.
XL Telecom announced this during the market hours today, 13 August 2008.
The stock hit a high of Rs 222 and a low of Rs 202.50 so far during the day. The stock had hit a 52-week high of Rs 595 on 31 December 2007 and a 52-week low of Rs 122 on 22 August 2007.
The company has an equity capital of Rs 18.78 crore. Face value per share is Rs 10.
The current price of Rs 218 discounts its Q3 March 2008 annualised EPS of Rs 30.42, by a PE multiple of 7.16.
Under the terms of agreement, LDK Solar will deliver 300 megawatt (MW) of multi crystalline solar wafers over a five-year period to XL Telecom & Energy from the first quarter of 2009 and extending through 2013. This contract will help XL Telecom meet its solar wafer needs to cater to the photovoltaic market in coming years.
XL Telecom & Energy has focus in solar, ethanol and telecom segments and was established in 1985.
The company’s net profit rose 143.8% to Rs 14.14 crore on 27.45 rise in sales to Rs 172.30 crore in Q3 March 2008 over Q3 March 2007.
G S Auto setting record date for stock split
G S Auto International was locked at 5% upper limit at Rs 140.55 at 12:52 IST on BSE after the company set record date for 2-for-1 stock split.
The stock hit a high of Rs 140.55 and a low of Rs 140.55 so far during the day. The stock had hit a 52-week high of Rs 147.90 on 12 May 2008 and a 52-week low of Rs 16.90 on 16 August 2007.
The company has an equity capital of Rs 1.70 crore. Face value per share is Rs 1.
The current price of Rs 140.55 discounts its Q1 June 2008 annualised EPS of Rs 20, by a PE multiple of 7.03.
G S Auto International has fixed 27 August 2008 as the record date for stock split. The company has announced the record date during trading hours today, 13 August 2008.
G S Auto International’s net profit surged 507.1% to Rs 0.85 crore on 30.7% increase in net sales to Rs 24.99 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures automotive suspension components like u-bolts, center bolt, spring pins and kingpins.
The stock hit a high of Rs 140.55 and a low of Rs 140.55 so far during the day. The stock had hit a 52-week high of Rs 147.90 on 12 May 2008 and a 52-week low of Rs 16.90 on 16 August 2007.
The company has an equity capital of Rs 1.70 crore. Face value per share is Rs 1.
The current price of Rs 140.55 discounts its Q1 June 2008 annualised EPS of Rs 20, by a PE multiple of 7.03.
G S Auto International has fixed 27 August 2008 as the record date for stock split. The company has announced the record date during trading hours today, 13 August 2008.
G S Auto International’s net profit surged 507.1% to Rs 0.85 crore on 30.7% increase in net sales to Rs 24.99 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures automotive suspension components like u-bolts, center bolt, spring pins and kingpins.
Voltas acquired a 51% stake in Rohini Industrial Electricals
Voltas was flat at Rs 137.30 at 11:36 IST on BSE even as the company said it has acquired a 51% stake in a Mumbai based Rohini Industrial Electricals for a consideration of Rs 62 crore.
The company made this announcement after trading hours on Tuesday, 12 August 2008.
The stock hit a high of Rs 139.90 and a low of Rs 136.10 so far during the day. The stock had hit a 52-week high of Rs 266.90 on 4 December 2007 and a 52-week low of Rs 114.50 on 1 July 2008.
The company has an equity capital of Rs 33.09 crore. Face value per share is Rs 1.
The current price of Rs 137.30 discounts its Q1 June 2008 annualised EPS of Rs 10.30, by a PE multiple of 13.33.
Rohini Industrial Electricals (RIE) is engaged in undertaking large turnkey electrical and instrumentation projects for industrial and commercial sectors.
Voltas’ net profit surged 63.2% to Rs 85.13 crore on 22% increase in net sales to Rs 1006.73 crore in Q1 June 2008 over Q1 June 2007.
Voltas' products include air conditioners, water coolers, refrigerators and washing machines.
The company made this announcement after trading hours on Tuesday, 12 August 2008.
The stock hit a high of Rs 139.90 and a low of Rs 136.10 so far during the day. The stock had hit a 52-week high of Rs 266.90 on 4 December 2007 and a 52-week low of Rs 114.50 on 1 July 2008.
The company has an equity capital of Rs 33.09 crore. Face value per share is Rs 1.
The current price of Rs 137.30 discounts its Q1 June 2008 annualised EPS of Rs 10.30, by a PE multiple of 13.33.
Rohini Industrial Electricals (RIE) is engaged in undertaking large turnkey electrical and instrumentation projects for industrial and commercial sectors.
Voltas’ net profit surged 63.2% to Rs 85.13 crore on 22% increase in net sales to Rs 1006.73 crore in Q1 June 2008 over Q1 June 2007.
Voltas' products include air conditioners, water coolers, refrigerators and washing machines.
RIL slips on postponement of court hearing on gas dispute
Reliance Industries fell 0.1% to Rs 2,340 at 11:21 IST on BSE after the Bombay High Court once again adjourned the hearing on the gas sale dispute between the company and Reliance Natural Resources till 21 August 2008
Reliance Natural Resources was trading flat at Rs 102.15.
Reliance Industries hit a high of Rs 2,347.80 and a low of Rs 2,310.55 so far during the day. The stock had hit a 52-week high of Rs 3,252.10 on 15 January 2008 and a 52-week low of Rs 1,700 on 17 August 2007.
The company has an equity capital of Rs 1,453.65 crore. Face value per share is Rs 10.
The current price of Rs 2340 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 20.69.
The dispute is about which firm has the rights over gas supplies and at what price. After the government of India set a higher benchmark price of $4.2 metric million british thermal units (mmbtu) or one million British thermal unit for the gas from KG basin, Reliance Industries (RIL) had refused to sell the gas to Reliance Natural Resources (RNRL) at a lower rate.
The court had restrained RIL from entering into contracts to sell the gas from the basin - known as KG-D6 - with companies other than RNRL and the state-run National Thermal Power Corporation (NTPC).
RNRL demands a contract for 17 years while RIL says that it does not have enough confirmed gas reserves in Krishna-Godavari basin to accept the demand.
Reliance Industries net profit rose 13.2% to Rs 4,110 crore on 40.8% rise in sales to Rs 41,579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas. The firm also runs retail outlets.
Reliance Natural Resources was trading flat at Rs 102.15.
Reliance Industries hit a high of Rs 2,347.80 and a low of Rs 2,310.55 so far during the day. The stock had hit a 52-week high of Rs 3,252.10 on 15 January 2008 and a 52-week low of Rs 1,700 on 17 August 2007.
The company has an equity capital of Rs 1,453.65 crore. Face value per share is Rs 10.
The current price of Rs 2340 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 20.69.
The dispute is about which firm has the rights over gas supplies and at what price. After the government of India set a higher benchmark price of $4.2 metric million british thermal units (mmbtu) or one million British thermal unit for the gas from KG basin, Reliance Industries (RIL) had refused to sell the gas to Reliance Natural Resources (RNRL) at a lower rate.
The court had restrained RIL from entering into contracts to sell the gas from the basin - known as KG-D6 - with companies other than RNRL and the state-run National Thermal Power Corporation (NTPC).
RNRL demands a contract for 17 years while RIL says that it does not have enough confirmed gas reserves in Krishna-Godavari basin to accept the demand.
Reliance Industries net profit rose 13.2% to Rs 4,110 crore on 40.8% rise in sales to Rs 41,579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas. The firm also runs retail outlets.
Tata Steel signing JV for steel complex in Vietnam
Tata Steel rose 1.32% to Rs 616 at 11:03 IST on BSE after the company said its overseas unit has formed a joint venture with Vietnam Steel Corporation and Vietnam Cement Industries Corporation for a steel complex in Ha Tinh province in Vietnam.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 622 and a low of Rs 600 so far during the day. The stock had hit 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 616 discounts its Q1 June 2008 annualised EPS of Rs 81.47, by a PE multiple of 7.56.
Singapore based Tata Steel Global Holding, a wholly owned subsidiary of Tata Steel, will hold 65% stake in the project.
Tata Steel’s net profit rose 21.8% to Rs 1488.40 on 46.9% increase in net sales to Rs 6165.03 crore in Q1 June 2008 over Q1 June 2007.
Tata Steel is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services. The company, along with its associates, has operations in 24 countries and commercial presence in more than 50 countries. The steel maker owns Corus, Tata Steel Thailand (formerly Millennium Steel) and NatSteel Asia.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 622 and a low of Rs 600 so far during the day. The stock had hit 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 616 discounts its Q1 June 2008 annualised EPS of Rs 81.47, by a PE multiple of 7.56.
Singapore based Tata Steel Global Holding, a wholly owned subsidiary of Tata Steel, will hold 65% stake in the project.
Tata Steel’s net profit rose 21.8% to Rs 1488.40 on 46.9% increase in net sales to Rs 6165.03 crore in Q1 June 2008 over Q1 June 2007.
Tata Steel is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services. The company, along with its associates, has operations in 24 countries and commercial presence in more than 50 countries. The steel maker owns Corus, Tata Steel Thailand (formerly Millennium Steel) and NatSteel Asia.
Wire & Wireless India on rights issue plan
Wire & Wireless India gained 1.91% to Rs 26.65 at 10:09 IST on BSE after the company said its board will meet on 20 August 2008 to consider issue of equity shares on a rights basis.
The stock hit a high of Rs 26.95 and a low of Rs 26.05 so far during the day. The stock had hit a 52-week high of Rs 104 on 6 December 2007 and a 52-week low of Rs 18.55 on 2 July 2008.
The company has an equity capital of Rs 21.72 crore. Face value per share is Rs 1.
Wire & Wireless India reported a net loss of Rs 19.74 crore in Q1 June 2008 as compared to net loss of Rs 20.64 crore in Q1 June 2007. Net sales rose 4.3% to Rs 55.13 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is distribution of television channels through analog and digital cable distribution network, primary Internet and allied services. The activities include cable subscription, channel placement, advertisement and leasing out infrastructure.
The stock hit a high of Rs 26.95 and a low of Rs 26.05 so far during the day. The stock had hit a 52-week high of Rs 104 on 6 December 2007 and a 52-week low of Rs 18.55 on 2 July 2008.
The company has an equity capital of Rs 21.72 crore. Face value per share is Rs 1.
Wire & Wireless India reported a net loss of Rs 19.74 crore in Q1 June 2008 as compared to net loss of Rs 20.64 crore in Q1 June 2007. Net sales rose 4.3% to Rs 55.13 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is distribution of television channels through analog and digital cable distribution network, primary Internet and allied services. The activities include cable subscription, channel placement, advertisement and leasing out infrastructure.
Post-Market Commentary. Wednesday, August 13, 2008
Market extends fall on weak global cues
The market ended lower for the second day in a row tracking weak global markets. The key benchmark indices were highly volatile throughout the session ahead of the outcome of the Securities and Exchange Board of India’s board meet to review the rules regarding the issuance of participatory notes.
Banking and realty shares witnessed selling pressure, while buying was seen in pharmaceuticals and technology stocks. Index pivotal ICICI Bank was the biggest loser in the Sensex pack.
Sensex fell 119.01 points or 0.78% to 15,093.12.
Nifty fell 23.2 points or 0.51% lower at 4529.05.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
The market ended lower for the second day in a row tracking weak global markets. The key benchmark indices were highly volatile throughout the session ahead of the outcome of the Securities and Exchange Board of India’s board meet to review the rules regarding the issuance of participatory notes.
Banking and realty shares witnessed selling pressure, while buying was seen in pharmaceuticals and technology stocks. Index pivotal ICICI Bank was the biggest loser in the Sensex pack.
Sensex fell 119.01 points or 0.78% to 15,093.12.
Nifty fell 23.2 points or 0.51% lower at 4529.05.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
Tuesday, August 12, 2008
Landmark Property Development tops volumes on BSE
Landmark Property Development Company was trading at Rs 35.80 on a volume of 2.49 crore shares on BSE. It was the top traded counter on BSE in terms of volumes. The scrip was listed on the bourses today pursuant to the transfer of the real estate unit of OCL India to the company. (ORISSA CEMENTS LTD)OCL
Steel Strips Wheels shifts gears on strong sales in July 2008
Steel Strips Wheels soared 2.98% to Rs 121 at 14:40 IST on BSE after the company posted 20% growth in sales to 5.15 lakh units in July 2008 over July 2007.
The company made this announcement during trading hours today, 12 August 2008.
The stock hit a high of Rs 121 and a low of Rs 117 so far during the day. The stock had hit a 52-week high of Rs 256.25 on 2 January 2008 and a 52-week low of Rs 106 on 22 July 2008.
The company has an equity capital of Rs 12.56 crore. Face value per share is Rs 10.
The current price of Rs 121 discounts its Q1 June 2008 annualised EPS of Rs 22.64, by a PE multiple of 5.34.
Steel Strips Wheels achieved 291% surge in export sales to 38,640 units in July 2008 over July 2007. The company recorded a 20% rise in production to 5.18 lakh wheel rims in July 2008 over July 2007.
In April 2008, Steel Strips Wheels bagged an export order worth Rs 110 crore from Renault, France for supply of one million steel wheel rims over five years.
Steel Strips Wheels’ net profit surged 92.2% to Rs 7.11 crore on 57.3% increase in net sales to Rs 88.48 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing wheel rims. The company caters largely to the two-wheeler industry.
The company made this announcement during trading hours today, 12 August 2008.
The stock hit a high of Rs 121 and a low of Rs 117 so far during the day. The stock had hit a 52-week high of Rs 256.25 on 2 January 2008 and a 52-week low of Rs 106 on 22 July 2008.
The company has an equity capital of Rs 12.56 crore. Face value per share is Rs 10.
The current price of Rs 121 discounts its Q1 June 2008 annualised EPS of Rs 22.64, by a PE multiple of 5.34.
Steel Strips Wheels achieved 291% surge in export sales to 38,640 units in July 2008 over July 2007. The company recorded a 20% rise in production to 5.18 lakh wheel rims in July 2008 over July 2007.
In April 2008, Steel Strips Wheels bagged an export order worth Rs 110 crore from Renault, France for supply of one million steel wheel rims over five years.
Steel Strips Wheels’ net profit surged 92.2% to Rs 7.11 crore on 57.3% increase in net sales to Rs 88.48 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing wheel rims. The company caters largely to the two-wheeler industry.
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