4 Sep, 2008, 1936 hrs IST, PTI
NEW DELHI : Gold prices on Thursday edged up by Rs 5 to close at 11,845 per 10 grams on the bullion market here on steady demand, while silver rates crashed by Rs 480 due to heavy selling.
Silver prices settled the day at Rs 20,150 per kg, a loss of Rs 480 as compared to its last close. Marketmen said that steady demand ahead the marriage and festival season pushed up the gold prices. Reports of strong global trends also boosted the market sentiments, they added.
However, silver remained bearish on selling by stockists amid reduced offtake by industrial units, traders said.
In London, gold rose for the first time in five sessions on reduced offtake and the dollar's decline against the euro buoyed demand for the metal as an alternative investment. Gold rose by 10.74 dollars at 812.04 dollars an ounce.
Standard gold and ornaments gained Rs 5 each at Rs 11,845 per 10 grams and Rs 11,695 per 10 gram. Sovereign, however, lost Rs 50 at Rs 9,850 per piece of eight gram.
Silver ready recorded a loss of Rs 480 at Rs 20,150 per kg while its weekly-based delivery declined by Rs 250 to Rs 20,100 per kg.
Silver coins, however, shot up by Rs 300 to Rs 28,000 for buying and Rs 28,100 for selling of 100 coins on paucity of stocks.
Thursday, September 4, 2008
GAIL India rallies on bonus plan
GAIL India jumped 4.04% to Rs 421.95 at 14:50 IST on BSE, after the company's board approved a 1:2 bonus issue.
The stock hit a high of Rs 423.85 and a low of Rs 402.45 so far during the day. The stock has a 52-week high of Rs 555 on 1 January 2008 and a 52-week low of Rs 305.80 on 8 July 2008.
The company’s current equity is Rs 845.65. Face value per share is Rs 10.
The current price of Rs 421.95 discounts Q1 June 2008 annualized EPS of Rs 42.42, by a PE multiple of 9.95.
On 24 June 2008, GAIL India's board recommended issue of bonus shares in the ratio of one equity share for every two shares held.
On 9 June 2008, GAIL India signed a gas co-operation agreement with Tamil Nadu Industrial Development Corporation to conduct preliminary techno-economic feasibility study for gas demand in Tamil Nadu.
In April 2008, the company signed contracts for marketing the entire volume of gas produced from the Panna-Mukta and Tapti fields.
GAIL India’s net profit surged 30.9% to Rs 896.87 on 35% increase in net sales to Rs 5730.71 crore in Q1 June 2008 over Q1 June 2007.
The company distributes natural gas and processes petrochemicals.
The stock hit a high of Rs 423.85 and a low of Rs 402.45 so far during the day. The stock has a 52-week high of Rs 555 on 1 January 2008 and a 52-week low of Rs 305.80 on 8 July 2008.
The company’s current equity is Rs 845.65. Face value per share is Rs 10.
The current price of Rs 421.95 discounts Q1 June 2008 annualized EPS of Rs 42.42, by a PE multiple of 9.95.
On 24 June 2008, GAIL India's board recommended issue of bonus shares in the ratio of one equity share for every two shares held.
On 9 June 2008, GAIL India signed a gas co-operation agreement with Tamil Nadu Industrial Development Corporation to conduct preliminary techno-economic feasibility study for gas demand in Tamil Nadu.
In April 2008, the company signed contracts for marketing the entire volume of gas produced from the Panna-Mukta and Tapti fields.
GAIL India’s net profit surged 30.9% to Rs 896.87 on 35% increase in net sales to Rs 5730.71 crore in Q1 June 2008 over Q1 June 2007.
The company distributes natural gas and processes petrochemicals.
Swaraj Mazda gallops on stake sale buzz
Swaraj Mazda jumped 15.02% to Rs 299 at 13:19 IST on BSE on reports Mahindra & Mahindra is likely to sell its 14.04% stake in the Punjab-based light commercial vehicle manufacturer
The scrip had touched a high of Rs 300 and a low of Rs 235 so far during the day. The stock had hit a 52-week high of Rs 395 on 15 January 2008 and a 52-week low of Rs 200 on 2 September 2008.
India's fifth largest commercial vehicle manufacturer by sales has an equity capital of Rs 10.50 crore. Face value per share is Rs 10.
At the current price of Rs 299, the scrip trades at a PE multiple of 12.86, based on Q1 June 2008 annualised EPS of Rs 23.24.
As per reports, Mahindra & Mahindra's plans to sell its 14.04% stake in Swaraj Mazda post its recent plan to merge Punjab Tractors (PTL) with itself.
Swaraj Mazda (SML) is a joint venture between Japan's Sumitomo Corporation and Mahindra & Mahindra-controlled Punjab Tractors. The Sumitomo Corporation is the largest shareholder in SML with 39.49% stake, while Mahindra & Mahindra holds holds 14.04% in the company, through Punjab Tractors (as at end June 2008).
Net profit of Swaraj Mazda rose 1.70% to Rs 6.10 crore on 6.30% rise in net sales to Rs 162.70 crore in Q1 June 2008 over Q1 June 2007.
Swaraj Mazda makes light commercial vehicles (LCVs).
The scrip had touched a high of Rs 300 and a low of Rs 235 so far during the day. The stock had hit a 52-week high of Rs 395 on 15 January 2008 and a 52-week low of Rs 200 on 2 September 2008.
India's fifth largest commercial vehicle manufacturer by sales has an equity capital of Rs 10.50 crore. Face value per share is Rs 10.
At the current price of Rs 299, the scrip trades at a PE multiple of 12.86, based on Q1 June 2008 annualised EPS of Rs 23.24.
As per reports, Mahindra & Mahindra's plans to sell its 14.04% stake in Swaraj Mazda post its recent plan to merge Punjab Tractors (PTL) with itself.
Swaraj Mazda (SML) is a joint venture between Japan's Sumitomo Corporation and Mahindra & Mahindra-controlled Punjab Tractors. The Sumitomo Corporation is the largest shareholder in SML with 39.49% stake, while Mahindra & Mahindra holds holds 14.04% in the company, through Punjab Tractors (as at end June 2008).
Net profit of Swaraj Mazda rose 1.70% to Rs 6.10 crore on 6.30% rise in net sales to Rs 162.70 crore in Q1 June 2008 over Q1 June 2007.
Swaraj Mazda makes light commercial vehicles (LCVs).
Moser Baer on overseas fund raising plan
Moser Baer India spurted 9% to Rs 115.70 at 13:05 IST on BSE, after the company said its wholly owned photovoltaic subsidiary has signed a pact with consortium of global investors to raise Rs 411 crore.
The transaction values Moser Baer’s photovoltaic (PV) business at Rs 6,350 crore ($1.44 billion).
The company made this announcement during trading hours today, 3 September 2008.
The stock hit a high of Rs 117 and a low of Rs 105 so far during the day. The stock has a 52-week high of Rs 344.80 on 3 January 2008 and a 52-week low of Rs 87.90 on 1 August 2008.
The company’s current equity is Rs 168.30. Face value per share is Rs 10.
This fund raising follows the company’s previous private equity funding transaction of Rs 400 crore in November 2007. With this infusion, the company plans to expand its capacity of crystalline silicon cell to 180 megawatt (MW) and amorphous silicon thin film to 120 MW.
In June 2008, the company signed an agreement with Tamil Nadu government for setting up a Rs 2,000 crore plant at Oragadam near Chennai, to produce nano materials and photovoltaic products.
In April 2008, Moser Baer Photo Voltaic, a subsidiary of Moser Baer India, signed a ten-year agreement with China-based LDK Solar for purchase of high-quality multi-crystalline silicon wafers.
Moser Baer India reported a net loss of Rs 103.98 crore in Q1 June 2008 as against net profit of Rs 9.64 crore in Q1 June 2007. Net sales rose 2.1% to Rs 478.93 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures storage media for data applications and audio/video applications. It is India's second largest manufacturer of IT & entertainment peripherals in terms of sales.
The transaction values Moser Baer’s photovoltaic (PV) business at Rs 6,350 crore ($1.44 billion).
The company made this announcement during trading hours today, 3 September 2008.
The stock hit a high of Rs 117 and a low of Rs 105 so far during the day. The stock has a 52-week high of Rs 344.80 on 3 January 2008 and a 52-week low of Rs 87.90 on 1 August 2008.
The company’s current equity is Rs 168.30. Face value per share is Rs 10.
This fund raising follows the company’s previous private equity funding transaction of Rs 400 crore in November 2007. With this infusion, the company plans to expand its capacity of crystalline silicon cell to 180 megawatt (MW) and amorphous silicon thin film to 120 MW.
In June 2008, the company signed an agreement with Tamil Nadu government for setting up a Rs 2,000 crore plant at Oragadam near Chennai, to produce nano materials and photovoltaic products.
In April 2008, Moser Baer Photo Voltaic, a subsidiary of Moser Baer India, signed a ten-year agreement with China-based LDK Solar for purchase of high-quality multi-crystalline silicon wafers.
Moser Baer India reported a net loss of Rs 103.98 crore in Q1 June 2008 as against net profit of Rs 9.64 crore in Q1 June 2007. Net sales rose 2.1% to Rs 478.93 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures storage media for data applications and audio/video applications. It is India's second largest manufacturer of IT & entertainment peripherals in terms of sales.
ONGC slumps
Oil & Natural Gas Corporation slumped 3.04% to Rs 1068.05 at 11:49 IST on BSE despite reports of the company planning to list its wholly owned overseas exploration unit ONGC Videsh in 2009.
The stock hit a high of Rs 1105 and a low of Rs 1057 so far during the day. The stock has a 52-week high of Rs 1386.90 on 2 November 2007 and a 52-week low of Rs 780 on 1 July 2008.
The company’s current equity is Rs 2138.87. Face value per share is Re 1.
The current price of Rs 1068.05 discounts Q1 June 2008 annualized EPS of Rs 124.11, by a PE multiple of 8.61.
As per reports, Oil & Natural Gas Corporation (ONGC) will utilise the listing proceeds to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.
On 27 August 2008, Oil & Natural Gas Corporation (ONGC)’s unit ONGC Videsh finalized a 1.4 billion pounds bid to buy Russia-focused oil explorer Imperial Energy.
On 29 July 2008, ONGC’s board approved a memorandum of understanding with Uranium Corporation of India (UCIL) for exploration and exploitation of uranium.
In June 2008, ONGC and Mangalore Refinery & Petrochemicals (MRPL) withdrew from Kakinada Refinery & Petrochemicals (KRPL) and Kakinada Special Economic Zone (KSEZ) projects.
ONGC’s net profit rose 43.9% to Rs 6636.33 crore on a 46.5% growth in net sales to Rs 20052.20 crore in Q1 June 2008 over Q1 June 2007.
ONGC specializes in the exploration and production of crude oil and gas. The company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.
The stock hit a high of Rs 1105 and a low of Rs 1057 so far during the day. The stock has a 52-week high of Rs 1386.90 on 2 November 2007 and a 52-week low of Rs 780 on 1 July 2008.
The company’s current equity is Rs 2138.87. Face value per share is Re 1.
The current price of Rs 1068.05 discounts Q1 June 2008 annualized EPS of Rs 124.11, by a PE multiple of 8.61.
As per reports, Oil & Natural Gas Corporation (ONGC) will utilise the listing proceeds to repay some of the bridge loans that ONGC Videsh will raise to finance its $2.8-billion acquisition of Imperial Energy and for future acquisitions.
On 27 August 2008, Oil & Natural Gas Corporation (ONGC)’s unit ONGC Videsh finalized a 1.4 billion pounds bid to buy Russia-focused oil explorer Imperial Energy.
On 29 July 2008, ONGC’s board approved a memorandum of understanding with Uranium Corporation of India (UCIL) for exploration and exploitation of uranium.
In June 2008, ONGC and Mangalore Refinery & Petrochemicals (MRPL) withdrew from Kakinada Refinery & Petrochemicals (KRPL) and Kakinada Special Economic Zone (KSEZ) projects.
ONGC’s net profit rose 43.9% to Rs 6636.33 crore on a 46.5% growth in net sales to Rs 20052.20 crore in Q1 June 2008 over Q1 June 2007.
ONGC specializes in the exploration and production of crude oil and gas. The company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.
Sona Koyo Steering Systems plans to diversify into aerospace and windmill technology
Sona Koyo Steering Systems galloped 5.02% to Rs 15.70 at 11.24 IST on BSE on reports the company plans to diversify into aerospace and windmill technology.
The stock hit a high of Rs 15.95 and a low of Rs 15 so far during the day. The stock has a 52-week high of Rs 37 on 31 December 2007 and a 52-week low of Rs 12.38 on 18 July 2008.
The company’s current equity is Rs 19.87. Face value per share is Re 1.
Reports indicated that rising input costs and automotive sector slowdown influenced Sona Koyo Steering Systems to diversify in new businesses.
Sona Koyo Steering Systems reported a net loss of Rs 1.64 crore in Q1 June 2008 as against net profit of Rs 7.98 crore in Q1 June 2007.
The company is engaged in manufacturing and marketing auto components for four wheelers. It operates in steering gear assembly, axle assembly, sale of spares, rack and pinion assembly and column and UJ assembly.
The stock hit a high of Rs 15.95 and a low of Rs 15 so far during the day. The stock has a 52-week high of Rs 37 on 31 December 2007 and a 52-week low of Rs 12.38 on 18 July 2008.
The company’s current equity is Rs 19.87. Face value per share is Re 1.
Reports indicated that rising input costs and automotive sector slowdown influenced Sona Koyo Steering Systems to diversify in new businesses.
Sona Koyo Steering Systems reported a net loss of Rs 1.64 crore in Q1 June 2008 as against net profit of Rs 7.98 crore in Q1 June 2007.
The company is engaged in manufacturing and marketing auto components for four wheelers. It operates in steering gear assembly, axle assembly, sale of spares, rack and pinion assembly and column and UJ assembly.
PBA Infrastructure builds on order win
PBA Infrastructure jumped 7.33% to Rs 70.30 at 9:56 IST on BSE after the company secured a contract worth Rs 122.04 crore from Pimpri Municipal Corporation, Pimpri in the state of Maharashtra for laying roads.
The company made this announcement during trading hours on Tuesday, 2 September 2008, when the stock spurted 19.96% to Rs 65.50.
The stock hit a high of Rs 70.30 and a low of Rs 68.50 so far during the day. The stock has a 52-week high of Rs 177.20 on 1 January 2008 and a 52-week low of Rs 46 on 2 July 2008.
The company’s current equity is Rs 13.50. Face value per share is Rs 10.
The current price of Rs 70.30 discounts Q1 June 2008 annualized EPS of Rs 9.93, by a PE multiple of 7.08.
In July 2008, PBA Infrastructure bagged an order worth Rs 18.84 crore from Hindustan Petroleum Corporation.
In May 2008, the company bagged an order worth Rs 12.83 crore from Brihanmumbai Mahanagarpalika, Mumbai.
In April 2008, PBA Infrastructure secured orders worth Rs 44.94 crore in Maharashtra and Gujarat.
PBA Infrastructure’s net profit fell 27.8% to Rs 3.35 crore on 15.8% fall in net sales to Rs 84.47 crore in Q1 June 2008 over Q1 June 2007.
PBA Infrastructure is a construction company engaged in building roads, dams, runways and bridges.
The company made this announcement during trading hours on Tuesday, 2 September 2008, when the stock spurted 19.96% to Rs 65.50.
The stock hit a high of Rs 70.30 and a low of Rs 68.50 so far during the day. The stock has a 52-week high of Rs 177.20 on 1 January 2008 and a 52-week low of Rs 46 on 2 July 2008.
The company’s current equity is Rs 13.50. Face value per share is Rs 10.
The current price of Rs 70.30 discounts Q1 June 2008 annualized EPS of Rs 9.93, by a PE multiple of 7.08.
In July 2008, PBA Infrastructure bagged an order worth Rs 18.84 crore from Hindustan Petroleum Corporation.
In May 2008, the company bagged an order worth Rs 12.83 crore from Brihanmumbai Mahanagarpalika, Mumbai.
In April 2008, PBA Infrastructure secured orders worth Rs 44.94 crore in Maharashtra and Gujarat.
PBA Infrastructure’s net profit fell 27.8% to Rs 3.35 crore on 15.8% fall in net sales to Rs 84.47 crore in Q1 June 2008 over Q1 June 2007.
PBA Infrastructure is a construction company engaged in building roads, dams, runways and bridges.
Wednesday, September 3, 2008
INDIA NUKED!!!!!!! UPA Govt Knows it Before????
Secret N-deal note leaked in US, PM holds meeting
Hours before the crucial Nuclear Suppliers Group meeting in Vienna on Wednesday, where the fate of the Indo-US nuclear deal is to be decided, India got a big shock that could politically embarrass the Manmohan Singh government.
The US House Foreign Relations Committee led by a congressman who has been staunchly against the deal, has released a secret note that empowers the US to stop selling nuclear technologies to India and terminate nuclear trade if New Delhi conducts a nuclear test.
The 26-page note was sent to the committee by the State department way back in January in reply to queries sought on the 123 Agreement.
In one of the answers the note says a clause in the 123 Agreement, which assures fuel supply to India by other friendly nations will no longer be valid in the event of a test.
Ultimately, it's up to each individual country but this indicates that the US will not lobby for nuclear fuel on India's behalf.
Given the timing of this note, other countries at the NSG meet may ask why they should agree to give a waiver to India, when the US itself is so tough on India.
While these answers to committee are not an official agreement nor binding on New Delhi, they do reveal a difference in perception on the agreement.
Senior Congressman Howard Berman who heads the House committee has spoken out against the deal before and so the timing of this leak is no coincidence.
But US Ambassador to India David C Mulford has said that there's nothing secretive about this letter. In a statement released on Wednesday he said, "This letter contains no new conditions and there is no data in this letter which has not already been shared in an open and transparent way with members of Congress and with the Government of India."
Prime Minister Manmohan Singh held a Congress core group meeting on the N-deal issue on Wednesday evening and Chairman of Atomic Energy Commission Anil Kakodkar was flown in urgently to Delhi for consultation.
Defending the N-deal, the government has said that the document is non-binding and an internal US document.
Meanwhile, BJP has slammed the UPA government on the N-deal saying it has misled the country.
What's different from 123
While much of the letter is similar in substance to the arguments one has heard but the tone and tenor is what is riling the Indians
The clause for ending nuclear co-operation after a nuclear test by India in the 123 Agreement makes a case for long drawn consultations but this letter talks of the process being fast tracked.
The 123 Agreement enunciates that India can seek 'sensitive nuclear technology' after an amendment to the bilateral agreement but the Q&A released on Wednesday says 'the administration does not plan to negotiate an amendment to the proposed US-India agreement to transfer sensitive nuclear facilities or critical components of such facilities'.
Hours before the crucial Nuclear Suppliers Group meeting in Vienna on Wednesday, where the fate of the Indo-US nuclear deal is to be decided, India got a big shock that could politically embarrass the Manmohan Singh government.
The US House Foreign Relations Committee led by a congressman who has been staunchly against the deal, has released a secret note that empowers the US to stop selling nuclear technologies to India and terminate nuclear trade if New Delhi conducts a nuclear test.
The 26-page note was sent to the committee by the State department way back in January in reply to queries sought on the 123 Agreement.
In one of the answers the note says a clause in the 123 Agreement, which assures fuel supply to India by other friendly nations will no longer be valid in the event of a test.
Ultimately, it's up to each individual country but this indicates that the US will not lobby for nuclear fuel on India's behalf.
Given the timing of this note, other countries at the NSG meet may ask why they should agree to give a waiver to India, when the US itself is so tough on India.
While these answers to committee are not an official agreement nor binding on New Delhi, they do reveal a difference in perception on the agreement.
Senior Congressman Howard Berman who heads the House committee has spoken out against the deal before and so the timing of this leak is no coincidence.
But US Ambassador to India David C Mulford has said that there's nothing secretive about this letter. In a statement released on Wednesday he said, "This letter contains no new conditions and there is no data in this letter which has not already been shared in an open and transparent way with members of Congress and with the Government of India."
Prime Minister Manmohan Singh held a Congress core group meeting on the N-deal issue on Wednesday evening and Chairman of Atomic Energy Commission Anil Kakodkar was flown in urgently to Delhi for consultation.
Defending the N-deal, the government has said that the document is non-binding and an internal US document.
Meanwhile, BJP has slammed the UPA government on the N-deal saying it has misled the country.
What's different from 123
While much of the letter is similar in substance to the arguments one has heard but the tone and tenor is what is riling the Indians
The clause for ending nuclear co-operation after a nuclear test by India in the 123 Agreement makes a case for long drawn consultations but this letter talks of the process being fast tracked.
The 123 Agreement enunciates that India can seek 'sensitive nuclear technology' after an amendment to the bilateral agreement but the Q&A released on Wednesday says 'the administration does not plan to negotiate an amendment to the proposed US-India agreement to transfer sensitive nuclear facilities or critical components of such facilities'.
Ashok Minda Group acquires German firm
NEW DELHI: Ashok Minda Group, leading automotive component manufacturer, on Tuesday announced the acquisition of Germany-based leading specialist interior plastic component manufacturer, Schenk Plastic Solutions. The company also unveiled its plans to invest Rs. 900 crore over the next 2-3 years and come out with an initial public offering of one of its units. “We have purchased 100 per cent equity capital of Schenk through an all-cash transaction. The deal has been funded through a mix of internal accruals and debt in the ratio of 2:3. Post-acquisition, the German company has been rechristened Minda Schenk Plastic Solutions GmbH,” Group Chairman Ashok Minda said at a press conference here. He, however, declined to divulge the deal size.
Bombay Dyeing to sell commercial space
Bombay Dyeing and Manufacturing Company has taken a decision to sell a part of commercial space of about 4.50 lakh sq. ft. which will bring in around Rs. 900 crore in the next one year period and help the company become debt-free, Bombay Dyeing Chairman, Nusli Wadia, told shareholders at the company’s AGM here on Tuesday. Sep 02, 2008
Trading in interest rate futures soon
5 banks test pre-launch of ASPA
First cross regulated product involving two regulatory agencies
Terms on exchange for SMEs will be finalised shortly
KOLKATA: The Securities and Exchange Board of India (SEBI) is all set to launch a scheme for interest rate futures. The guidelines are being formulated by a joint technical committee of the Reserve Bank of
Mr. Bhave, however, declined to give a timeline for its launch but said that this could be done soon. “The technical committee was working on this project and similar work for the currency futures product started in March and was completed in August.” Exchange traded currency futures were launched last week for transaction in rupee-dollar currencies. The settlement would be in rupee.
The interest rate futures would enable investors to hedge against interest rate movement. This would be the first cross-regulated product involving two regulatory agencies — the capital market regulator and the central bank. It is expected to be ready within six months.
Participating at an interactive session on New Generation Financial Market, organised by the Merchants’ Chamber of Commerce, he also announced that three public sector and two private sector banks would test run next week a SEBI project called ‘Applications Supported by Blocked Amount (ASPA), which would allow investors to apply for shares in the Initial Public Offering (IPO) without actually sending cheques from their banks (and then chasing refund orders in case they failed to get their desired allotments).
Elaborating on the ASPA project, Mr. Bhave told reporters later that this system was being evolved so as to protect small investors who faced difficulties in getting refund orders on their cheque payments made for an IPO. “A pre-launch testing has been done and the five banks participating in this pilot scheme are: SBI, Union Bank, Corporation Bank, ICICI and HDFC. They would test it during an IPO opening next week,” he said.
On exchange for small and medium enterprises, Mr. Bhave said SEBI had put out a paper sketching out the basic elements and the board would formulate its ideas and set the terms after receiving the feedback in this respect. “We will finalise the terms fairly soon,” he said.
Valecha Engineering fixed 3 October 2008 as the record date for Bonus 1:2.
Valecha Engineering surged 5.69% to Rs 156.15 at 11:23 IST on BSE, after the company said its board has fixed 3 October 2008 as the record date for issue of bonus shares in the ratio of 1:2.
The company announced the record date during trading hours today, 2 September 2008.
The stock hit a high of Rs 158.45 and a low of Rs 152 so far during the day. The stock has a 52-week high of Rs 358 on 4 January 2008 and a 52-week low of Rs 118.80 on 1 July 2008.
The company’s current equity is Rs 11.95. Face value per share is Rs 10.
The current price of Rs 156.15 discounts Q1 June 2008 annualized EPS of Rs 14.29, by a PE multiple of 10.93.
In July 2008, Valecha Engineering bagged additional orders worth Rs 133 crore for laying roads and building bridges in Pune and Delhi.
In March 2008, the company bagged new projects worth Rs 250 crore, which includes road works at Pune, Delhi airport express line work and piling projects.
Valecha Engineering’s net profit rose 19.3% to Rs 4.27 crore on 51.7% increase in net sales to Rs 141.67 crore in Q1 June 2008 over Q1 June 2008.
The company is primarily in the road construction business, from which it derives 70% of its revenues. Its road projects are present across many states in the country.
The company announced the record date during trading hours today, 2 September 2008.
The stock hit a high of Rs 158.45 and a low of Rs 152 so far during the day. The stock has a 52-week high of Rs 358 on 4 January 2008 and a 52-week low of Rs 118.80 on 1 July 2008.
The company’s current equity is Rs 11.95. Face value per share is Rs 10.
The current price of Rs 156.15 discounts Q1 June 2008 annualized EPS of Rs 14.29, by a PE multiple of 10.93.
In July 2008, Valecha Engineering bagged additional orders worth Rs 133 crore for laying roads and building bridges in Pune and Delhi.
In March 2008, the company bagged new projects worth Rs 250 crore, which includes road works at Pune, Delhi airport express line work and piling projects.
Valecha Engineering’s net profit rose 19.3% to Rs 4.27 crore on 51.7% increase in net sales to Rs 141.67 crore in Q1 June 2008 over Q1 June 2008.
The company is primarily in the road construction business, from which it derives 70% of its revenues. Its road projects are present across many states in the country.
Strides Arcolab secured US FDA nod for new drug
Strides Arcolab slipped 0.23% to Rs 197.40 at 10:55 IST on BSE, even as the company said it has secured US Food & Drug Administration approval for two of its abbreviated new drug application for Dexamethasone injection USP in multiple strengths.
The company made this announcement during trading hours today, 2 September 2008.
The stock hit a high of Rs 203 and a low of Rs 196.35 so far during the day. The stock has a 52-week high of Rs 328 on 12 December 2007 and a 52-week low of Rs 112 on 4 July 2008.
The company’s current equity is Rs 40.05. Face value per share is Rs 10.
In July 2008, Strides Arcolab’s joint venture firm Onco Therapies signed an in-licensing deal with multinational corporation GlaxoSmithKline.
In June 2008, the company received abbreviated new drug application approval for its Famotidine injection in multiple strengths.
On 26 May 2008, Strides Arcolab received abbreviated new drug application approval for Rifampicin injection USP 600 milligram/vial.
Strides Arcolab reported a loss of Rs 55.96 crore in Q2 June 2008 as against net profit of Rs 10.18 crore in Q2 June 2007. Net sales rose 52.8% to Rs 160.78 crore in Q2 June 2008 over Q2 June 2007.
The company manufactures ethical pharmaceutical products, over the counter (OTC) products and nutraceuticals. It performs its activities through two segments, pharma and contract research and manufacturing (CRAM).
The company made this announcement during trading hours today, 2 September 2008.
The stock hit a high of Rs 203 and a low of Rs 196.35 so far during the day. The stock has a 52-week high of Rs 328 on 12 December 2007 and a 52-week low of Rs 112 on 4 July 2008.
The company’s current equity is Rs 40.05. Face value per share is Rs 10.
In July 2008, Strides Arcolab’s joint venture firm Onco Therapies signed an in-licensing deal with multinational corporation GlaxoSmithKline.
In June 2008, the company received abbreviated new drug application approval for its Famotidine injection in multiple strengths.
On 26 May 2008, Strides Arcolab received abbreviated new drug application approval for Rifampicin injection USP 600 milligram/vial.
Strides Arcolab reported a loss of Rs 55.96 crore in Q2 June 2008 as against net profit of Rs 10.18 crore in Q2 June 2007. Net sales rose 52.8% to Rs 160.78 crore in Q2 June 2008 over Q2 June 2007.
The company manufactures ethical pharmaceutical products, over the counter (OTC) products and nutraceuticals. It performs its activities through two segments, pharma and contract research and manufacturing (CRAM).
Indo Asian Fusegear secured export order
Indo Asian Fusegear gained 2.02% to Rs 81 at 9:58 IST on BSE, after the company said it has secured an export order worth Rs 23 crore for supply of electrical distribution equipments.
The company made this announcement after trading hours on Monday, 1 September 2008.
The stock hit a high of Rs 81 and a low of Rs 81 so far during the day. The stock has a 52-week high of Rs 201 on 7 January 2008 and a 52-week low of Rs 66 on 30 June 2008.
The company’s current equity is Rs 14.56. Face value per share is Rs 10.
The current price of Rs 81 discounts Q1 June 2008 annualized EPS of Rs 8.60, by a PE multiple of 9.42.
Indo Asian Fusegear’s net profit fell 9.9% to Rs 3.29 crore on 22% increase in net sales to Rs 64.76 crore Q1 June 2008 over Q1 June 2007.
Indo Asian Fusegear is a Noida-based manufacturer of electrical lighting and switchgear equipments.
The company made this announcement after trading hours on Monday, 1 September 2008.
The stock hit a high of Rs 81 and a low of Rs 81 so far during the day. The stock has a 52-week high of Rs 201 on 7 January 2008 and a 52-week low of Rs 66 on 30 June 2008.
The company’s current equity is Rs 14.56. Face value per share is Rs 10.
The current price of Rs 81 discounts Q1 June 2008 annualized EPS of Rs 8.60, by a PE multiple of 9.42.
Indo Asian Fusegear’s net profit fell 9.9% to Rs 3.29 crore on 22% increase in net sales to Rs 64.76 crore Q1 June 2008 over Q1 June 2007.
Indo Asian Fusegear is a Noida-based manufacturer of electrical lighting and switchgear equipments.
Post-Market Commentary, Tuesday, September 02, 2008
Tumbling oil lifts Sensex by 551 points
A strong correction in crude oil price helped the key benchmark indices register phenomenal gains today, 2 September 2008. The 30-share BSE Sensex jumped over 500 points to cross the psychological 15,000 mark after nearly 12 trading sessions. Realty and banking shares were star performers, while healthcare stocks lagged behind in today’s rally.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 2 September 2008, bought shares worth a net Rs 1,132.25 crore. Domestic funds purchased shares worth a net Rs 209.79 crore.
Oil prices tumbled extending the previous day's fall on initial signs that a weakened Hurricane Gustav spared major Gulf oil facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel on the New York Mercantile Exchange (NYMEX).
A strong correction in crude oil price helped the key benchmark indices register phenomenal gains today, 2 September 2008. The 30-share BSE Sensex jumped over 500 points to cross the psychological 15,000 mark after nearly 12 trading sessions. Realty and banking shares were star performers, while healthcare stocks lagged behind in today’s rally.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 2 September 2008, bought shares worth a net Rs 1,132.25 crore. Domestic funds purchased shares worth a net Rs 209.79 crore.
Oil prices tumbled extending the previous day's fall on initial signs that a weakened Hurricane Gustav spared major Gulf oil facilities. At 16:32 IST, crude oil was trading at $108.12 a barrel on the New York Mercantile Exchange (NYMEX).
Monday, September 1, 2008
LIC may launch credit card next month
1 Sep, 2008, 2205 hrs IST, PTI
NAGPUR: Life Insurance Corp (LIC) may launch its credit card in October, according to its Senior Divisional Manager Bhausaheb Gujar.
LIC is in the process of finalising the partner and in all probablity it would be introduced next month, he said told reporters here.
The insurance giant is also in the process of completing formalities for accepting its premium through credit cards, Gujar said.
LIC has already roped in Corporation bank and Axis Bank for accepting premiums from those holding accounts there.
NAGPUR: Life Insurance Corp (LIC) may launch its credit card in October, according to its Senior Divisional Manager Bhausaheb Gujar.
LIC is in the process of finalising the partner and in all probablity it would be introduced next month, he said told reporters here.
The insurance giant is also in the process of completing formalities for accepting its premium through credit cards, Gujar said.
LIC has already roped in Corporation bank and Axis Bank for accepting premiums from those holding accounts there.
Finance Secretary D Subbarao to succeed Reddy as RBI Governor
1 Sep, 2008, 2016 hrs IST, PTI
NEW DELHI: The government on Monday appointed D Subbarao, Finance Secretary, as the Reserve Bank Governor.
Subbarao will take charge from YV Reddy, who relinquishes office on completion of his eventful five years at the helm of central bank on September 5.
An alumini of IIT Kanpur, Subbarao topped the civil services examination in 1972 and was assigned the Andhra Pradesh cadre.
He was elevated to Finance Secretary in May 2007. Before that he was working has Secretary Economic Affairs in the same ministry.
Earlier, he was lead economist with the World Bank and had worked on various issues in public finance in countries of Africa and East Asia.
Subbarao did his MS in economic from Ohio State University and was a Humphrey Fellow at MIT. He completed his Phd in economics from Andhra University.
Via:E.T
NEW DELHI: The government on Monday appointed D Subbarao, Finance Secretary, as the Reserve Bank Governor.
Subbarao will take charge from YV Reddy, who relinquishes office on completion of his eventful five years at the helm of central bank on September 5.
An alumini of IIT Kanpur, Subbarao topped the civil services examination in 1972 and was assigned the Andhra Pradesh cadre.
He was elevated to Finance Secretary in May 2007. Before that he was working has Secretary Economic Affairs in the same ministry.
Earlier, he was lead economist with the World Bank and had worked on various issues in public finance in countries of Africa and East Asia.
Subbarao did his MS in economic from Ohio State University and was a Humphrey Fellow at MIT. He completed his Phd in economics from Andhra University.
Via:E.T
TTK Prestige spurts on delisting plan
TTK Prestige surged 6.39% to Rs 169.10 at 15:29 IST on BSE, after the company said it will delist its shares from the BSE and NSE. .
The company made the announcement during trading hours today, 1 September 2008.
The stock hit a high of Rs 174 and a low of Rs 158.20 so far during the day. The stock has a 52-week high of Rs 233.70 on 4 January 2008 and a 52-week low of Rs 93 on 30 July 2008.
The company’s current equity is Rs 11.35. Face value per share is Rs 10.
The current price of Rs 169.10 discounts Q1 June 2008 annualized EPS of Rs 18.01, by a PE multiple of 9.39.
TTK Prestige’s net profit rose 19.2% to Rs 5.10 crore on 13.1% increase in net sales to Rs 85.66 crore in Q1 June 2008 over Q1 June 2007.
TTK Prestige manufactures a range of domestic appliances. The company's products include pressure cookers and non-stick cookware, stainless steel/glass vacuum flasks, and gas stoves.
Promoters hold 72.37% in TTK Prestige (as on 30 June 2008).
The company made the announcement during trading hours today, 1 September 2008.
The stock hit a high of Rs 174 and a low of Rs 158.20 so far during the day. The stock has a 52-week high of Rs 233.70 on 4 January 2008 and a 52-week low of Rs 93 on 30 July 2008.
The company’s current equity is Rs 11.35. Face value per share is Rs 10.
The current price of Rs 169.10 discounts Q1 June 2008 annualized EPS of Rs 18.01, by a PE multiple of 9.39.
TTK Prestige’s net profit rose 19.2% to Rs 5.10 crore on 13.1% increase in net sales to Rs 85.66 crore in Q1 June 2008 over Q1 June 2007.
TTK Prestige manufactures a range of domestic appliances. The company's products include pressure cookers and non-stick cookware, stainless steel/glass vacuum flasks, and gas stoves.
Promoters hold 72.37% in TTK Prestige (as on 30 June 2008).
Resurgere Mines & Minerals tops volumes on BSE on debut
Resurgere Mines & Minerals India was trading at Rs 556, a 105.93% premium over the initial public offer price of Rs 270. The counter clocked huge volumes of 2.89 crore shares on BSE and was the top traded counter on BSE in terms of volumes on the day of its debut on the bourses today. The stock & Minerals India debuted at Rs 272.05 on BSE, a marginal premium of 0.75% over its issue price of Rs 270. The stock hit a high and low of Rs 562.80 and Rs 272.05 so far during the day.
The company raised Rs 120 crore rupees through its 44.5 lakh share initial public offer (IPO) in a price band of Rs 263 and Rs 272 a share. The IPO was oversubscribed 1.16 times. The issue price was later fixed at Rs 270 per share. The issue opened for subscription on 11 August 2008 and closed on 13 August 2008.
Resurgere Mines & Minerals India is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.
The company will utilise the proceeds of the initial pubilc offer for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.
The company reported 110.4% spurt in net profit to Rs 66.56 crore on 154.80% surge in net sales to Rs 418.57 crore in the year ended March 2008 over the year ended March 2007.
The company raised Rs 120 crore rupees through its 44.5 lakh share initial public offer (IPO) in a price band of Rs 263 and Rs 272 a share. The IPO was oversubscribed 1.16 times. The issue price was later fixed at Rs 270 per share. The issue opened for subscription on 11 August 2008 and closed on 13 August 2008.
Resurgere Mines & Minerals India is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.
The company will utilise the proceeds of the initial pubilc offer for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.
The company reported 110.4% spurt in net profit to Rs 66.56 crore on 154.80% surge in net sales to Rs 418.57 crore in the year ended March 2008 over the year ended March 2007.
Rain Commodities up ahead of board meeting on buyback
Rain Commodities rose 0.51% to Rs 217.50 at 13.47 IST on BSE, ahead of its board meet today, 1 September 2008, to consider buyback of shares.
The stock hit a high of Rs 227 and a low of Rs 214 so far during the day. The stock has a 52-week high of Rs 309 on 1 January 2008 and a 52-week low of Rs 125.30 on 24 March 2008.
The company’s current equity is Rs 72.03. Face value per share is Rs 10.
The current price of Rs 217.50 discounts quarter ended June 2008 annualized EPS of Rs 15.25, by a PE multiple of 14.26.
Rain Commodities’ net profit fell 70% to Rs 27.46 crore on 130.5% increase in net sales to Rs 299.72 in the quarter ended June 2008 over quarter ended June 2007.
The company is engaged in manufacturing and selling cement. It is also engaged in the manufacture and trading of calcined petroleum coke and generation of energy.
The stock hit a high of Rs 227 and a low of Rs 214 so far during the day. The stock has a 52-week high of Rs 309 on 1 January 2008 and a 52-week low of Rs 125.30 on 24 March 2008.
The company’s current equity is Rs 72.03. Face value per share is Rs 10.
The current price of Rs 217.50 discounts quarter ended June 2008 annualized EPS of Rs 15.25, by a PE multiple of 14.26.
Rain Commodities’ net profit fell 70% to Rs 27.46 crore on 130.5% increase in net sales to Rs 299.72 in the quarter ended June 2008 over quarter ended June 2007.
The company is engaged in manufacturing and selling cement. It is also engaged in the manufacture and trading of calcined petroleum coke and generation of energy.
RIL ---- Can We Trust?
Reliance Industries gained 1.03% to Rs 2158.05 at 10:41 IST on BSE on reports it has scrapped a plan to transfer an 80% stake in a deepwater oil & gas block to four fully-owned units.
The stock hit a high of Rs 2165 and a low of Rs 2106 so far during the day. The stock had a 52-week high of Rs 3252.10 on 15 January 2008 and a 52-week low of Rs 1886 on 30 August 2007.
India’s largest private sector firm by market capitalisation and oil refiner has an equity capital of Rs 1453.71 crore. Face value per share is Rs 10.
The current price of Rs 2158.05 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 19.08.
On 27 August 2008, Reliance Industries (RIL) said it plans to transfer 80% of its holding in D6 block of the Krishna Godavari basin to four unlisted subsidiaries -- Reliance KG Exploration and Development, Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG, to enhance flexibility to raise finances. The Mukesh Ambani-run RIL currently owns a 90% interest in KG-DWN-98/3, better known as the D6 block, in the basin where 18 oil and gas discoveries have been reported till date. The remaining 10% stake vests with its Canadian partner Niko Resources. Valued at nearly $50 billion with 14 trillion cubic feet of gas reserves, this is the arguably the most valuable asset held by the company.
Meanwhile, the hearing of the Reliance Industries (RIL) – Reliance Natural Resources (RNRL) dispute over the supply of natural gas from the former's eastern offshore Krishna-Godavari gas fields is due today, 1 September 2008.
Reliance Industries’ net profit rose 13.2% to Rs 4110 crore on a 40.8% rise in sales to Rs 41579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquified petroleum gas.
The stock hit a high of Rs 2165 and a low of Rs 2106 so far during the day. The stock had a 52-week high of Rs 3252.10 on 15 January 2008 and a 52-week low of Rs 1886 on 30 August 2007.
India’s largest private sector firm by market capitalisation and oil refiner has an equity capital of Rs 1453.71 crore. Face value per share is Rs 10.
The current price of Rs 2158.05 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 19.08.
On 27 August 2008, Reliance Industries (RIL) said it plans to transfer 80% of its holding in D6 block of the Krishna Godavari basin to four unlisted subsidiaries -- Reliance KG Exploration and Development, Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG, to enhance flexibility to raise finances. The Mukesh Ambani-run RIL currently owns a 90% interest in KG-DWN-98/3, better known as the D6 block, in the basin where 18 oil and gas discoveries have been reported till date. The remaining 10% stake vests with its Canadian partner Niko Resources. Valued at nearly $50 billion with 14 trillion cubic feet of gas reserves, this is the arguably the most valuable asset held by the company.
Meanwhile, the hearing of the Reliance Industries (RIL) – Reliance Natural Resources (RNRL) dispute over the supply of natural gas from the former's eastern offshore Krishna-Godavari gas fields is due today, 1 September 2008.
Reliance Industries’ net profit rose 13.2% to Rs 4110 crore on a 40.8% rise in sales to Rs 41579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquified petroleum gas.
L&T setting record date (3 October 2008) 1:1 for Bonus issue
Larsen & Toubro lost nearly 1% to Rs 2565 at 9:55 IST on BSE, even as the company said it has fixed 3 October 2008 as the record date for 1:1 bonus issue.
The company announced the record date after trading hours on Friday, 29 August 2008.
The stock hit a high of Rs 2579.80 and a low of Rs 2550.10 so far during the day. The stock has a 52-week high of Rs 4670 on 1 November 2007 and a 52-week low of Rs 2100 on 2 July 2008.
The company’s current equity is Rs 58.50. Face value per share is Rs 2.
The current price of Rs 2565 discounts Q1 June 2008 annualized EPS of Rs 68.73, by a PE multiple of 37.32.
On 12 August 2008, Larsen & Toubro (L&T)’s consortium bagged engineering, procurement and construction orders worth Rs 3,816 crore from the steel and zinc industries.
On 9 July 2008, L&T’s railway business unit bagged an order worth Rs 1047 crore from Indian Railways for setting up a cast steel wheel manufacturing plant at Saran in Bihar.
On 7 July 2008, L&T bagged an order worth Rs 446 crore from JSW Power Transco for transmission lines.
L&T’s net profit surged 33.3% to Rs 502.44 crore on 53.2% increase in net sales to Rs 6901.43 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys.
The company announced the record date after trading hours on Friday, 29 August 2008.
The stock hit a high of Rs 2579.80 and a low of Rs 2550.10 so far during the day. The stock has a 52-week high of Rs 4670 on 1 November 2007 and a 52-week low of Rs 2100 on 2 July 2008.
The company’s current equity is Rs 58.50. Face value per share is Rs 2.
The current price of Rs 2565 discounts Q1 June 2008 annualized EPS of Rs 68.73, by a PE multiple of 37.32.
On 12 August 2008, Larsen & Toubro (L&T)’s consortium bagged engineering, procurement and construction orders worth Rs 3,816 crore from the steel and zinc industries.
On 9 July 2008, L&T’s railway business unit bagged an order worth Rs 1047 crore from Indian Railways for setting up a cast steel wheel manufacturing plant at Saran in Bihar.
On 7 July 2008, L&T bagged an order worth Rs 446 crore from JSW Power Transco for transmission lines.
L&T’s net profit surged 33.3% to Rs 502.44 crore on 53.2% increase in net sales to Rs 6901.43 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys.
Market Commentary, Monday, September 01, 2008
Market ends with minor losses after strong intra-day rebound
Buying support in banking pivotals helped the market stage a sharp recovery from lower level in the last one hour of the trading session. Buying was also witnessed in PSU and oil & gas shares. Metal shares were the biggest losers in today’s trade. Resurgere Mines & Minerals settled at a 94.20% premium over the initial public offer (IPO) price.
The BSE 30-share Sensex lost 66.02 points or 0.45% to 14,498.51. The index opened with a downward gap of 151.54 point on weak global cues. Selling activity intensified by afternoon, dragging the index lower by 283.43 point at the day’s low of 14,281.10. However, strong buying support in banking and other index pivotals towards the latter part of the trading session helped the Sensex pare early losses.
Nifty was down 11.35 points or 0.26% to 4348.65.
As per provisional data released by the stock exchanges after trading hours, foreign funds today,
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