Biocon rose 0.48% to Rs 385.05 at 12:56 IST on BSE after the company said its board has fixed 12 September 2008 as the record date for issue of bonus shares in the ratio of 1:1.
The company announced the record date for bonus issue during trading hours today, 12 August 2008.
The stock hit a high of Rs 387.85 and a low of Rs 379.05 so far during the day. The stock had hit a 52-week high of Rs 663.30 on 15 November 2007 and a 52-week low of Rs 336 on 18 July 2008.
The company has an equity capital of Rs 50 crore. Face value per share is Rs 5.
The current price of Rs 385.05 discounts its Q1 June 2008 annualised EPS of Rs 12, by a PE multiple of 9.56.
In July 2008, Biocon formed an alliance with Abraxis Bio Science of United States for the launch of Abraxane, an oncotherapeutic drug for the treatment of breast cancer in India.
In June 2008, the company launched two pre-filled syringes ERYPRO Safe and NUFIL Safe in collaboration with US based Safety Syringes Inc.
Biocon’s net profit fell 33.1% to Rs 30.01 crore on 2.7% fall in net sales to Rs 221.18 crore in Q1 June 2008 over Q1 June 2007.
Biocon is India's leading biotechnology enterprise. Over the past 28 years, it has evolved from an enzyme manufacturing company to a fully integrated biopharmaceutical enterprise, focused on healthcare.
Tuesday, August 12, 2008
Astral Poly Technik surges on new JV
Astral Poly Technik surged 2.79% to Rs 160 at 12:43 IST on BSE after the company said it has formed a joint venture company with a Kenyan firm.
The company made this announcement during trading hours today, 12 August 2008.
The stock hit a high of Rs 163 and a low of Rs 157 so far during the day. The stock had hit a 52-week high of Rs 235.40 on 3 January 2008 and a 52-week low of Rs 100 on 29 August 2007.
The company has an equity capital of Rs 11.24 crore. Face value per share is Rs 10.
The current price of Rs 160 discounts its Q1 June 2008 annualised EPS of Rs 16.73, by a PE multiple of 9.56.
The proposed joint venture company (JVC) is named as Astral Technologies in which Astral Poly Technik will hold 26% stake.
Astral Poly Technik’s net profit rose 56.7% to Rs 4.70 crore on 81.1% increase in net sales to Rs 42.03 crore in Q1 June 2008 over Q1 June 2007.
The company is a manufacturer and provider of chlorinated polyvinyl chloride (CPVC) piping and plumbing systems in India.
The company made this announcement during trading hours today, 12 August 2008.
The stock hit a high of Rs 163 and a low of Rs 157 so far during the day. The stock had hit a 52-week high of Rs 235.40 on 3 January 2008 and a 52-week low of Rs 100 on 29 August 2007.
The company has an equity capital of Rs 11.24 crore. Face value per share is Rs 10.
The current price of Rs 160 discounts its Q1 June 2008 annualised EPS of Rs 16.73, by a PE multiple of 9.56.
The proposed joint venture company (JVC) is named as Astral Technologies in which Astral Poly Technik will hold 26% stake.
Astral Poly Technik’s net profit rose 56.7% to Rs 4.70 crore on 81.1% increase in net sales to Rs 42.03 crore in Q1 June 2008 over Q1 June 2007.
The company is a manufacturer and provider of chlorinated polyvinyl chloride (CPVC) piping and plumbing systems in India.
FDC Buyback of shares
FDC declined 4.98% to Rs 35.30 at 12:14 IST on BSE after the company’s board approved the buyback of shares at a price not exceeding Rs 40 per share.
The company announced the buyback plan during market hours today, 12 August 2008.
The stock hit a high of Rs 38.25 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 53.60 on 3 January 2008 and a 52-week low of Rs 23.25 on 24 March 2008.
The company has an equity capital of Rs 19.14 crore. Face value per share is Rs 1.
The current price of Rs 35.30 discounts its Q1 June 2008 annualised EPS of Rs 7.25, by a PE multiple of 4.86.
At current Rs 35.30, the stock is trading at a discount of 11.75% over the maxiumim buyback price of Rs 40. The company has set aside a maximum amount of Rs 35.85 crore for buyback which is 10% of the total paid up capital and free reserves as per audited balance sheet for the year ended 31 March 2008.
The company’s net profit rose 53.3% to Rs 34.7 crore on 11.9% rise in sales to Rs 159.29 crore in Q1 June 2008 over Q1 June 2007.
FDC manufactures electral, oral rehydration salt (ORS). It also manufactures bulk drugs, formulations and food products.
The company announced the buyback plan during market hours today, 12 August 2008.
The stock hit a high of Rs 38.25 and a low of Rs 35.15 so far during the day. The stock had hit a 52-week high of Rs 53.60 on 3 January 2008 and a 52-week low of Rs 23.25 on 24 March 2008.
The company has an equity capital of Rs 19.14 crore. Face value per share is Rs 1.
The current price of Rs 35.30 discounts its Q1 June 2008 annualised EPS of Rs 7.25, by a PE multiple of 4.86.
At current Rs 35.30, the stock is trading at a discount of 11.75% over the maxiumim buyback price of Rs 40. The company has set aside a maximum amount of Rs 35.85 crore for buyback which is 10% of the total paid up capital and free reserves as per audited balance sheet for the year ended 31 March 2008.
The company’s net profit rose 53.3% to Rs 34.7 crore on 11.9% rise in sales to Rs 159.29 crore in Q1 June 2008 over Q1 June 2007.
FDC manufactures electral, oral rehydration salt (ORS). It also manufactures bulk drugs, formulations and food products.
Texmaco on demerger plan
Texmaco rose 1.97% to Rs 1,315.05 at 11:00 IST on BSE on reports the company plans to hive off its engineering division to a separate subsidiary to ramp up its business.
The stock hit a high of Rs 1,320 and a low of Rs 1,303 so far during the day. The stock had hit a 52-week high of Rs 1,965.50 on 2 January 2008 and a 52-week low of Rs 950.05 on 2 July 2008.
The company has an equity capital of Rs 10.32 crore. Face value per share is Rs 10.
The current price of Rs 1,315.05 discounts its Q1 June 2008 annualised EPS of Rs 82.38, by a PE multiple of 15.96.
Texmaco will become the holding company of the demerged heavy engineering division and Texmaco will retain only the real estate and investment divisions.
The company plans to raise Rs 200 crore by selling part of its stake in the proposed new demerged entity.
Recently the company’s board had approved splitting of the company's shares of Rs 10 each, into ten shares of Re 1 each. p> The company’s net profit rose 100.7% to Rs 22.82 crore on 37.6% rise in sales to Rs 196.83 crore in Q1 June 2008 over Q1 June 2007.
Texmaco, a part of K K Birla Group, is a diversified engineering company. It manufactures railway freight cars/wagons, hydro-mechanical equipment for mega power projects, heavy steel structures and process equipment.
The stock hit a high of Rs 1,320 and a low of Rs 1,303 so far during the day. The stock had hit a 52-week high of Rs 1,965.50 on 2 January 2008 and a 52-week low of Rs 950.05 on 2 July 2008.
The company has an equity capital of Rs 10.32 crore. Face value per share is Rs 10.
The current price of Rs 1,315.05 discounts its Q1 June 2008 annualised EPS of Rs 82.38, by a PE multiple of 15.96.
Texmaco will become the holding company of the demerged heavy engineering division and Texmaco will retain only the real estate and investment divisions.
The company plans to raise Rs 200 crore by selling part of its stake in the proposed new demerged entity.
Recently the company’s board had approved splitting of the company's shares of Rs 10 each, into ten shares of Re 1 each. p> The company’s net profit rose 100.7% to Rs 22.82 crore on 37.6% rise in sales to Rs 196.83 crore in Q1 June 2008 over Q1 June 2007.
Texmaco, a part of K K Birla Group, is a diversified engineering company. It manufactures railway freight cars/wagons, hydro-mechanical equipment for mega power projects, heavy steel structures and process equipment.
Post-Market Commentary. Tuesday, August 12, 2008
ICICI Bank, Infosys lead 292-points Sensex fall
Key benchmark indices ended sharply lower led by heavy selling in metal, banking and IT shares. The market witnessed a bout of volatility in the last one hour of trade. European markets, which were trading sharply lower in early trade, pared losses after the Kremlin said Russian President Dmitry Medvedev had ordered an end to the military operation in Georgia.
India's industrial output rose 5.4% in June 2008 from a year earlier, above the previous month's upwardly revised 4.1%, data released by the government today, 12 August 2008, afternoon showed. Manufacturing production rose 5.9% in June 2008 from a year earlier
Sensex fell 291.79 points or 1.88% to 15,212.13.
Nifty fell 68.15 points or 1.47% to 4552.25.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 12 August 2008, sold shares worth a net Rs 687.19 crore. Domestic funds sold shares worth a net Rs 7.65 crore.
Key benchmark indices ended sharply lower led by heavy selling in metal, banking and IT shares. The market witnessed a bout of volatility in the last one hour of trade. European markets, which were trading sharply lower in early trade, pared losses after the Kremlin said Russian President Dmitry Medvedev had ordered an end to the military operation in Georgia.
India's industrial output rose 5.4% in June 2008 from a year earlier, above the previous month's upwardly revised 4.1%, data released by the government today, 12 August 2008, afternoon showed. Manufacturing production rose 5.9% in June 2008 from a year earlier
Sensex fell 291.79 points or 1.88% to 15,212.13.
Nifty fell 68.15 points or 1.47% to 4552.25.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 12 August 2008, sold shares worth a net Rs 687.19 crore. Domestic funds sold shares worth a net Rs 7.65 crore.
‘Bankers responsible for financial crisis’-Swraj Paul
NEW DELHI: Terming the current global economic crisis as a creation of investment bankers, NRI business tycoon Lord Swraj Paul on Monday said the magnitude of the problem could be far bigger than what meets the eye.
“It is a man-made crisis and the investment bankers are responsible for it,” he said at an interactive session organised by the FICCI Ladies Organisation here.
Major banks across the world have written off over $120 billion in bad debts since last year, connected to the sub-prime crisis in the U.S. Banking sector analysts have predicted close to another $200 billion write-downs.
Lord Paul said bankers have gone overboard by giving loans to people, which were more than their repaying capacity and have resulted in the current crisis. He cautioned that India was not shielded from the global downturn and the country’s soaring inflation should be a matter of concern.
“Some people got into the exuberance of growth that India witnessed but they failed to understand the problem of tackling inflation,” he said, adding that countries such as Britain were more focussed on controlling inflation than achieving growth. He said although India had managed to ‘shine’ far better than it was 50 years ago, it had left a lot to be desired. “...80-85 per cent of the people are being neglected, no country can be proud of such a figure,” he said. Lord Paul said it was a shame that over 300 million people live on an earning of $1 a day and nearly 600 million on $2 a day.
Asking women of India to take up leadership role, he said: “A corporate leader does not have to be a visionary, yet he needs to have a vision. The vision may not always remain the same; it can change or evolve, but he must know where he wants to go at any time and keep going towards it.” — PTI
“It is a man-made crisis and the investment bankers are responsible for it,” he said at an interactive session organised by the FICCI Ladies Organisation here.
Major banks across the world have written off over $120 billion in bad debts since last year, connected to the sub-prime crisis in the U.S. Banking sector analysts have predicted close to another $200 billion write-downs.
Lord Paul said bankers have gone overboard by giving loans to people, which were more than their repaying capacity and have resulted in the current crisis. He cautioned that India was not shielded from the global downturn and the country’s soaring inflation should be a matter of concern.
“Some people got into the exuberance of growth that India witnessed but they failed to understand the problem of tackling inflation,” he said, adding that countries such as Britain were more focussed on controlling inflation than achieving growth. He said although India had managed to ‘shine’ far better than it was 50 years ago, it had left a lot to be desired. “...80-85 per cent of the people are being neglected, no country can be proud of such a figure,” he said. Lord Paul said it was a shame that over 300 million people live on an earning of $1 a day and nearly 600 million on $2 a day.
Asking women of India to take up leadership role, he said: “A corporate leader does not have to be a visionary, yet he needs to have a vision. The vision may not always remain the same; it can change or evolve, but he must know where he wants to go at any time and keep going towards it.” — PTI
Monday, August 11, 2008
Fertiliser shares find buyers on new urea investment policy
11 Aug, 2008, 1727 hrs IST,Surya R Kannoth, ECONOMICTIMES
With the long-awaited new urea investment policy finally coming into place, fertiliser companies have more than one reason to smile, and which is clearly reflected in their share prices.
The policy is expected to encourage fresh investments into the sector, leading to capacity expansion. It would also boost the flagging urea production, reducing the country's dependence on imports.
"The Cabinet Committee on Economic Affairs has approved a new fertilizer policy which is long term, realistic and farmer friendly," said Shruti Bhargava, analyst at Networth Stock Broking.
The new policy aims at attracting investments in the urea sector by resumption and expansion of existing units to meet the set target of 40 mn of urea by 2012. This includes reviving eight units of Fertilizer Corporation of India and Hindustan Fertilizer Corporation.
At present, India produces 21 mn tonne of urea as against the rising demand of 27-28 mn tonne, which it has been filling through imports.
Under the new norms, the international price-parity formula for domestic urea manufacturers would be adopted for calculation of subsidy and cost of production. Existing units producing additional urea will get an import parity price of 85 per cent in the price band of $250-425 a tonne while that for expanding units it would be 90 per cent.
Analysts expect Tata Chemicals and Chambal Fertilisers to gain the most from the policy as the two have already initiated debottlenecking plans.
"Tata Chemicals' new additional 0.2 mtpa capacity is coming onstream by October 2008 and Chambal Fertilizers' new additional 0.14 mtpa capacity will come onstream by April 2009. Post expansion, Tata Chemicals' capacity would be 1.06 mtpa, up from the current 0.86 mtpa and Chambal Fertilizers' capacity would be 1.87 mtpa, up from 1.73 mtpa," said Bhargava of Networth.
Shares of fertilizer companies have been in the limelight since Friday after the new policy was announced. On Monday, RCF soared 3.78 per cent to Rs 71.40, Coromandel Fertilizers climbed 2 per cent to Rs 175, Chambal Fertilizers gained 1.47 per cent to Rs 82.75, Tata Chemicals was trading flat at Rs 348 after touching a high of Rs 361.
According to the policy, fertilizer producers will be given subsidy at Rs 8,000 crore per month from September 2008 onwards till February 2009. Till July 2008, the government has paid about Rs 28,000 crore towards fertilizer subsidy. The fertilizer ministry expects the amount to be mostly paid in cash and not more than 10 per cent will be issued as fertilizer bonds. Also, they also expect the subsidy to be borne fully by the government as it is an open-ended one.
The new policy states that the Department of Fertilizers will maintain a buffer stock of 3.5 lakh tonne of diammonium phosphate and 1 lakh tonne of mono ammonium phosphates as contingency. An outlay of Rs 429.85 crore was approved for launching a scheme for promoting the balanced use of fertilizers.
The government has also included two fertilizers-Triple Super Phosphate and Ammonium Sulphate-which will get 25 per cent subsidy on delivered cost under the concession scheme and fixed their maximum retail prices at Rs 7,450 a tonne and Rs 10,350 a tonne, respectively.
Triple Super Phosphate, being a cheaper substitute for diammonium phosphate, will provide access to alternative supply of phosphatic fertilizers, expanding the basket of phosphatic fertilizers.
"With this move, the government expects to save Rs 1,163 crore on its subsidy bill of Rs 95,000 crore, which is positive for all complex fertilizer manufacturing companies like Tata Chemicals, Coromandel Fertilizers, RCF and Zuari Industries," Bhargava added.
The incentive on import savings will be in ratio of 65:35 for the importer, which means if the importer is contracting at a price lower than the industry average, he will be eligible for 65 per cent of the difference between the higher industry average and the lower contracting price. The remaining 35 per cent would go to the government. This will encourage the industry to seek long-term import of fertilizers at lower prices.
Analysts expect the new policy to add 60-70 per cent to margins for large and efficient gas-based urea makers, even as low investments are needed to revamp or expand existing units. Realisations may also go up for cash-starved fertilizer firms.
With the long-awaited new urea investment policy finally coming into place, fertiliser companies have more than one reason to smile, and which is clearly reflected in their share prices.
The policy is expected to encourage fresh investments into the sector, leading to capacity expansion. It would also boost the flagging urea production, reducing the country's dependence on imports.
"The Cabinet Committee on Economic Affairs has approved a new fertilizer policy which is long term, realistic and farmer friendly," said Shruti Bhargava, analyst at Networth Stock Broking.
The new policy aims at attracting investments in the urea sector by resumption and expansion of existing units to meet the set target of 40 mn of urea by 2012. This includes reviving eight units of Fertilizer Corporation of India and Hindustan Fertilizer Corporation.
At present, India produces 21 mn tonne of urea as against the rising demand of 27-28 mn tonne, which it has been filling through imports.
Under the new norms, the international price-parity formula for domestic urea manufacturers would be adopted for calculation of subsidy and cost of production. Existing units producing additional urea will get an import parity price of 85 per cent in the price band of $250-425 a tonne while that for expanding units it would be 90 per cent.
Analysts expect Tata Chemicals and Chambal Fertilisers to gain the most from the policy as the two have already initiated debottlenecking plans.
"Tata Chemicals' new additional 0.2 mtpa capacity is coming onstream by October 2008 and Chambal Fertilizers' new additional 0.14 mtpa capacity will come onstream by April 2009. Post expansion, Tata Chemicals' capacity would be 1.06 mtpa, up from the current 0.86 mtpa and Chambal Fertilizers' capacity would be 1.87 mtpa, up from 1.73 mtpa," said Bhargava of Networth.
Shares of fertilizer companies have been in the limelight since Friday after the new policy was announced. On Monday, RCF soared 3.78 per cent to Rs 71.40, Coromandel Fertilizers climbed 2 per cent to Rs 175, Chambal Fertilizers gained 1.47 per cent to Rs 82.75, Tata Chemicals was trading flat at Rs 348 after touching a high of Rs 361.
According to the policy, fertilizer producers will be given subsidy at Rs 8,000 crore per month from September 2008 onwards till February 2009. Till July 2008, the government has paid about Rs 28,000 crore towards fertilizer subsidy. The fertilizer ministry expects the amount to be mostly paid in cash and not more than 10 per cent will be issued as fertilizer bonds. Also, they also expect the subsidy to be borne fully by the government as it is an open-ended one.
The new policy states that the Department of Fertilizers will maintain a buffer stock of 3.5 lakh tonne of diammonium phosphate and 1 lakh tonne of mono ammonium phosphates as contingency. An outlay of Rs 429.85 crore was approved for launching a scheme for promoting the balanced use of fertilizers.
The government has also included two fertilizers-Triple Super Phosphate and Ammonium Sulphate-which will get 25 per cent subsidy on delivered cost under the concession scheme and fixed their maximum retail prices at Rs 7,450 a tonne and Rs 10,350 a tonne, respectively.
Triple Super Phosphate, being a cheaper substitute for diammonium phosphate, will provide access to alternative supply of phosphatic fertilizers, expanding the basket of phosphatic fertilizers.
"With this move, the government expects to save Rs 1,163 crore on its subsidy bill of Rs 95,000 crore, which is positive for all complex fertilizer manufacturing companies like Tata Chemicals, Coromandel Fertilizers, RCF and Zuari Industries," Bhargava added.
The incentive on import savings will be in ratio of 65:35 for the importer, which means if the importer is contracting at a price lower than the industry average, he will be eligible for 65 per cent of the difference between the higher industry average and the lower contracting price. The remaining 35 per cent would go to the government. This will encourage the industry to seek long-term import of fertilizers at lower prices.
Analysts expect the new policy to add 60-70 per cent to margins for large and efficient gas-based urea makers, even as low investments are needed to revamp or expand existing units. Realisations may also go up for cash-starved fertilizer firms.
HEG surges on buyback plan
HEG surged 12.38% to Rs 267.70 at 14:22 IST on BSE after company said its board will meet on 19 August 2008 to consider share buyback proposal.
The company announced this during market hours today, 11 August 2008.
The stock hit a high of Rs 276.70 and a low of Rs 239 so far during the day. The stock had hit a 52-week high of Rs 609 on 1 January 2008 and a 52-week low of Rs 174 on 2 July 2008.
The company has an equity capital of Rs 44.32 crore. Face value per share is Rs 10.
The current price of Rs 267.70 discounts its Q1 June 2008 annualised EPS of Rs 26.63, by a PE multiple of 10.05.
Earlier on 31 July 2008 the board had decided to defer the decision on buyback till the next board meeting. The board at that time needed some more information relating to the trading in the equity shares of the company and also on the impact of the proposed buyback on the company and therefore the decision was deferred.
HEG is the second largest integrated graphite electrode manufacturer in the world.
The company’s net profit rose 3.6% to Rs 29.51 crore on 5.6% rise in sales to Rs 237.29 crore in Q1 June 2008 over Q1 June 2007.
The company announced this during market hours today, 11 August 2008.
The stock hit a high of Rs 276.70 and a low of Rs 239 so far during the day. The stock had hit a 52-week high of Rs 609 on 1 January 2008 and a 52-week low of Rs 174 on 2 July 2008.
The company has an equity capital of Rs 44.32 crore. Face value per share is Rs 10.
The current price of Rs 267.70 discounts its Q1 June 2008 annualised EPS of Rs 26.63, by a PE multiple of 10.05.
Earlier on 31 July 2008 the board had decided to defer the decision on buyback till the next board meeting. The board at that time needed some more information relating to the trading in the equity shares of the company and also on the impact of the proposed buyback on the company and therefore the decision was deferred.
HEG is the second largest integrated graphite electrode manufacturer in the world.
The company’s net profit rose 3.6% to Rs 29.51 crore on 5.6% rise in sales to Rs 237.29 crore in Q1 June 2008 over Q1 June 2007.
Aurobindo Pharma gains on US FDA nod for cefazolin
Aurobindo Pharma gained 1.68% to Rs 305.10 at 13:57 IST on BSE after the company said it has received final approval from US Food and Drug Administration for Cefazolin for injection USP 500 miligram/vial and 1gram/vival.
The company made this announcement during trading hours today, 11 August 2008.
The stock hit a high of Rs 309.50 and a low of Rs 300.10 so far during the day. The stock had hit a 52-week high of Rs 647 on 5 September 2007 and a 52-week low of Rs 233 on 22 January 2008.
The company has an equity capital of Rs 26.88 crore. Face value per share is Rs 10.
The current price of Rs 305.10 discounts its Q1 June 2008 annualised EPS of Rs 29.67, by a PE multiple of 10.28.
On 5 August 2008, Aurobindo Pharma secured final approval from US Food & Drug Administration (USFDA) to manufacture and market Alendronate sodium tablets in multiple strengths.
On 1 August 2008, the company received final approval from USFDA for its two abbreviated new drug applications for ceftriaxone injections in multiple strengths.
On 10 June 2008, the company received final approval from the USFDA to manufacture and market zaleplon capsules in 5 and 10-miligram strengths.
Aurobindo Pharma’s net profit fell 31.9% to Rs 39.87 crore on 34.9% increase in net sales to Rs 647.23 crore in Q1 June 2008 over Q1 June 2007.
Aurobindo Pharma is engaged in developing, manufacturing and marketing active pharmaceutical ingredients, intermediates and generic formulations.
The company made this announcement during trading hours today, 11 August 2008.
The stock hit a high of Rs 309.50 and a low of Rs 300.10 so far during the day. The stock had hit a 52-week high of Rs 647 on 5 September 2007 and a 52-week low of Rs 233 on 22 January 2008.
The company has an equity capital of Rs 26.88 crore. Face value per share is Rs 10.
The current price of Rs 305.10 discounts its Q1 June 2008 annualised EPS of Rs 29.67, by a PE multiple of 10.28.
On 5 August 2008, Aurobindo Pharma secured final approval from US Food & Drug Administration (USFDA) to manufacture and market Alendronate sodium tablets in multiple strengths.
On 1 August 2008, the company received final approval from USFDA for its two abbreviated new drug applications for ceftriaxone injections in multiple strengths.
On 10 June 2008, the company received final approval from the USFDA to manufacture and market zaleplon capsules in 5 and 10-miligram strengths.
Aurobindo Pharma’s net profit fell 31.9% to Rs 39.87 crore on 34.9% increase in net sales to Rs 647.23 crore in Q1 June 2008 over Q1 June 2007.
Aurobindo Pharma is engaged in developing, manufacturing and marketing active pharmaceutical ingredients, intermediates and generic formulations.
Godawari Power & Ispat Expansion plan
Godawari Power & Ispat rose 2.74% to Rs 223.50 at 12:39 IST on BSE after the company signed a memorandum of understanding with the Government of Chhattisgarh for expansion programme.
The company announced this during market hours today, 11 August 2008.
The stock hit a high of Rs 228.80 and a low of Rs 217.20 so far during the day. The stock had hit a 52-week high of Rs 376.50 on 1 January 2008 and a 52-week low of Rs 149.05 on 24 March 2008.
From a recent low of Rs 199.85 on 30 July 2008, the stock has risen 11.83%. The small-cap scrip had underperformed the market over the past one month till 8 August 2008, gaining 9.43% compared to the Sensex’s return of 13.62%. It had however outperformed the market in the past one quarter, declining 1.72% compared to Sensex’s decline of 11.2%.
The company has an equity capital of Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 223.50 discounts its Q1 June 2008 annualised EPS of Rs 54.22, by a PE multiple of 4.12.
The company plans to set up manufacturing facilities for sponge iron, pig iron, steel and a power plan under its expansion programme in the state of Chhattisgarh with proposed investment of Rs 1,570 crore.
The project shall be implemented through a special purpose vehicle Krishna Global Minerals which will be a subsidiary of the company.
The company’s net profit rose 81.7% to Rs 38.05 crore on 88.3% rise in sales to Rs 320.44 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing steel intermediate products like sponge iron and ferro alloys and finished long steel products like billets, wire rods and mild steel wires, which find application in the construction and infrastructure sectors. The group operates in three segments namely steel, electricity and others.
The company announced this during market hours today, 11 August 2008.
The stock hit a high of Rs 228.80 and a low of Rs 217.20 so far during the day. The stock had hit a 52-week high of Rs 376.50 on 1 January 2008 and a 52-week low of Rs 149.05 on 24 March 2008.
From a recent low of Rs 199.85 on 30 July 2008, the stock has risen 11.83%. The small-cap scrip had underperformed the market over the past one month till 8 August 2008, gaining 9.43% compared to the Sensex’s return of 13.62%. It had however outperformed the market in the past one quarter, declining 1.72% compared to Sensex’s decline of 11.2%.
The company has an equity capital of Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 223.50 discounts its Q1 June 2008 annualised EPS of Rs 54.22, by a PE multiple of 4.12.
The company plans to set up manufacturing facilities for sponge iron, pig iron, steel and a power plan under its expansion programme in the state of Chhattisgarh with proposed investment of Rs 1,570 crore.
The project shall be implemented through a special purpose vehicle Krishna Global Minerals which will be a subsidiary of the company.
The company’s net profit rose 81.7% to Rs 38.05 crore on 88.3% rise in sales to Rs 320.44 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing steel intermediate products like sponge iron and ferro alloys and finished long steel products like billets, wire rods and mild steel wires, which find application in the construction and infrastructure sectors. The group operates in three segments namely steel, electricity and others.
State Bank of Bikaner & Jaipur Hikes in lending rate
State Bank of Bikaner & Jaipur gained 3.34% to Rs 3074.95 at 11:47 IST on BSE after the bank raised its benchmark prime lending rate by 50 basis points to 14% with effect from 11 August 2008.
The bank made this announcement before trading hours today, 11 August 2008.
The stock hit a high of Rs 3089 and a low of Rs 3050 so far during the day. The stock had hit a 52-week high of Rs 8450 on 4 January 2008 and a 52-week low of Rs 2747 on 21 July 2008.
The bank has an equity capital of Rs 50 crore. Face value per share is Rs 100.
The current price of Rs 3074.95 discounts its Q1 June 2008 annualised EPS of Rs 522.48, by a PE multiple of 5.89.
State Bank of Bikaner & Jaipur’s net profit fell 7.9% to Rs 65.31 crore on 21.4% increase in net sales to Rs 999.95 crore in Q1 June 2008 over Q1 June 2007.
The bank provides banking and treasury services to individuals and corporate clients. It provides short and long term loans to agricultural, small-scale industries and other priority sectors.
The bank made this announcement before trading hours today, 11 August 2008.
The stock hit a high of Rs 3089 and a low of Rs 3050 so far during the day. The stock had hit a 52-week high of Rs 8450 on 4 January 2008 and a 52-week low of Rs 2747 on 21 July 2008.
The bank has an equity capital of Rs 50 crore. Face value per share is Rs 100.
The current price of Rs 3074.95 discounts its Q1 June 2008 annualised EPS of Rs 522.48, by a PE multiple of 5.89.
State Bank of Bikaner & Jaipur’s net profit fell 7.9% to Rs 65.31 crore on 21.4% increase in net sales to Rs 999.95 crore in Q1 June 2008 over Q1 June 2007.
The bank provides banking and treasury services to individuals and corporate clients. It provides short and long term loans to agricultural, small-scale industries and other priority sectors.
Sanwaria Agro Oils on liberal bonus
Sanwaria Agro Oils moved up 5.15% to Rs 99 at 11:00 IST on BSE after the company said its board has recommended a liberal 1:1 bonus share issue
The company made this announcement before trading hours today, 11 August 2008.
The stock hit a high of Rs 101.95 and a low of Rs 95.70 so far during the day. The stock had hit a 52-week high of Rs 111 on 23 May 2008 and a 52-week low of Rs 28.38 on 22 August 2007.
The company has an equity capital of Rs 8.70 crore. Face value per share is Rs 1.
The current price of Rs 99 discounts its Q1 June 2008 annualised EPS of Rs 9.57, by a PE multiple of 10.34.
Sanwaria Agro Oils’ net profit rose 139.2% to Rs 20.81 crore on 84.2% increase in net sales to Rs 274.34 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in extracting, refining and trading of soya oil and soyameal. The products include soyabean crude oil, edible oil, soyameal and soya flour. The company is also exploring diversification into production of pollution free bio-diesel from non-edible oils available in India to strengthen national energy security.
The company made this announcement before trading hours today, 11 August 2008.
The stock hit a high of Rs 101.95 and a low of Rs 95.70 so far during the day. The stock had hit a 52-week high of Rs 111 on 23 May 2008 and a 52-week low of Rs 28.38 on 22 August 2007.
The company has an equity capital of Rs 8.70 crore. Face value per share is Rs 1.
The current price of Rs 99 discounts its Q1 June 2008 annualised EPS of Rs 9.57, by a PE multiple of 10.34.
Sanwaria Agro Oils’ net profit rose 139.2% to Rs 20.81 crore on 84.2% increase in net sales to Rs 274.34 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in extracting, refining and trading of soya oil and soyameal. The products include soyabean crude oil, edible oil, soyameal and soya flour. The company is also exploring diversification into production of pollution free bio-diesel from non-edible oils available in India to strengthen national energy security.
SAAG RR hits the roof on large order win
SAAG RR Infra was locked at 5% upper limit at Rs 54.65 at 10:49 IST on BSE after the company said it has bagged an order worth Rs 280 crore from Oil & Natural Gas Corporation for hiring operations and maintenance of its rigs.
The stock hit a high of Rs 54.65 and a low of Rs 54.50 so far during the day. The stock had hit a 52-week high of Rs 71.10 on 6 May 2008 and a 52-week low of Rs 27.95 on 25 March 2008.
The company has an equity capital of Rs 10.65 crore. Face value per share is Rs 10. The current price of Rs 54.65 discounts its Q1 June 2008 annualised EPS of Rs 4.38, by a PE multiple of 12.48.
SAAG RR Infra’s net profit surged 42% to Rs 1.15 crore on 26% increase in net sales to Rs 14.52 crore in Q1 June 2008 over Q1 June 2007.
SAAG RR Infra handles infrastructure and housing projects.
The stock hit a high of Rs 54.65 and a low of Rs 54.50 so far during the day. The stock had hit a 52-week high of Rs 71.10 on 6 May 2008 and a 52-week low of Rs 27.95 on 25 March 2008.
The company has an equity capital of Rs 10.65 crore. Face value per share is Rs 10. The current price of Rs 54.65 discounts its Q1 June 2008 annualised EPS of Rs 4.38, by a PE multiple of 12.48.
SAAG RR Infra’s net profit surged 42% to Rs 1.15 crore on 26% increase in net sales to Rs 14.52 crore in Q1 June 2008 over Q1 June 2007.
SAAG RR Infra handles infrastructure and housing projects.
Post-Market Commentary. Monday, August 11, 2008
Market extends gains on falling crude oil prices
Renewed buying in interest rate sensitive stocks banking and realty shares pushed the market higher for the fifth consecutive day. Positive global cues and further decline in crude oil prices boosted investor sentiments.
Buying was broad based, yet, software shares remained subdued throughout the session. Construction and multiplex shares soared on fresh buying interest.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 11 August 2008, bought shares worth a net Rs 280.61 crore. Domestic funds bought shares worth a net Rs 505.30 crore.
Sensex rose 336.10 points or 2.22% to 15,503.92.
Nifty rose 90.90 points or 2.01% to 4620.40.
Shares of multiplex cinema operators spurted on reports the Akshay Kumar and Katrina Kaif starrer 'Singh is Kinng' is this year’s biggest blockbuster- making record opening collections at the box office on Friday, 8 August 2008. Adlabs FIlms (up 0.97% at Rs 564.90), Pyramid Saimira (up 4.59% at Rs 165.15), PVR (up 14.83% at Rs 201.65), and Inox Leisure (up 19.23% at Rs 102.30), soared. The movie collections totaled Rs 8 crore on day one and the weekend collections are projected to be anywhere between Rs 28 to Rs 30 crore.
The Securities & Exchange Board of India (Sebi) will hold a board meeting on Wednesday, 13 August 2008 to review FII regulations, where it may revisit the norms relating to participatory notes and securities lending and borrowing mechanism.
The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.
Renewed buying in interest rate sensitive stocks banking and realty shares pushed the market higher for the fifth consecutive day. Positive global cues and further decline in crude oil prices boosted investor sentiments.
Buying was broad based, yet, software shares remained subdued throughout the session. Construction and multiplex shares soared on fresh buying interest.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 11 August 2008, bought shares worth a net Rs 280.61 crore. Domestic funds bought shares worth a net Rs 505.30 crore.
Sensex rose 336.10 points or 2.22% to 15,503.92.
Nifty rose 90.90 points or 2.01% to 4620.40.
Shares of multiplex cinema operators spurted on reports the Akshay Kumar and Katrina Kaif starrer 'Singh is Kinng' is this year’s biggest blockbuster- making record opening collections at the box office on Friday, 8 August 2008. Adlabs FIlms (up 0.97% at Rs 564.90), Pyramid Saimira (up 4.59% at Rs 165.15), PVR (up 14.83% at Rs 201.65), and Inox Leisure (up 19.23% at Rs 102.30), soared. The movie collections totaled Rs 8 crore on day one and the weekend collections are projected to be anywhere between Rs 28 to Rs 30 crore.
The Securities & Exchange Board of India (Sebi) will hold a board meeting on Wednesday, 13 August 2008 to review FII regulations, where it may revisit the norms relating to participatory notes and securities lending and borrowing mechanism.
The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.
Sunday, August 10, 2008
Now, India faces economic terror
10 Aug, 2008, 0426 hrs IST,Pervez Iqbal Siddiqui, TNN
LUCKNOW/NEW DELHI: As it reels under the mounting terror menace with the fundamentalist outfits bombing cities to kill and maim innocents, India may also be faced with a grim threat of economic subversion.
A spate of seizures of fake currency notes across Uttar Pradesh with the trail leading towards Nepal has confirmed the fears of what the authorities call 'economic terror'.
While Indian agencies have for long been aware of ISI's plan to bleed India economically, having been engaged in a cat-and-mouse game with the the plotters, the scale and sophistication of the operation has come as a shock to them. After the initial recovery of Rs 5 lakh from one Abid in Doomariaganj in UP, seizures have been reported from all over the state — Aligarh, Lucknow, Gonda and places neighbouring Bihar — leading the authorities to suspect that counterfeit currency adding up to Rs 40 crore may have been in circulation in Uttar Pradesh alone.
But what has stung security agencies this time is not only the quantum of the seizure but the fine printing and high quality currency paper that has been used to print the currency notes and strong evidence of collusion between banks and those working at ISI's instance.
The serial numbers on the money lying in the State Bank of India chest in Doomariaganj were the same as that on the genuine notes kept there. "This explains that the gang members here would first confirm the serial number of the currency notes in the chest and then inform those printing the currency to put the same serial number on the FICN," pointed out an officer of a central agency dealing in economic offences.
A worried UP government on Saturday handed over the probe to the Central Bureau of Investigation, putting aside its grievances against the agency for the moment.
While it may have acquired serious proportions, use of counterfeit money to attack India's economy is not a new addition to the ISI inventory. Authorities have long had evidence that fake currency notes are printed at facilities set up for the purpose at Quetta in Baluchistan and Bangkok, with Aftab Batki, a known aide of ISI-protected Dawood Ibrahim, handling the operations in the Thai capital.
An official panel had estimated that fake Indian currency equalling Rs 1,69,000 crore has been put in circulation as part of the design to deal a blow to the Indian economy. While serious enough a threat by itself, fake currency is also being used by the terror groups to finance their anti-India activities.
The issue figured prominently in the meeting of state police chiefs and chief secretaries called here on Friday to review the security scenario in the aftermath of last month's attacks on Ahmedabad and Bangalore.
The racket was busted with the arrest of one Abid of Sidharth Nagar after Rs 5 lakh in FICN was recovered from him. Abid named Sudhakar Tripathi, a cashier at SBI's Dumariaganj branch, as his co-accused. Sudhakar was arrested after a total of Rs 7.2 lakh was seized from his residence out of which Rs 50,000 were in FICN.
On the basis of the details extracted by Sudhakar, STF requested the RBI to screen the currency notes available in the chest of the banks particularly in the districts bordering Nepal and some pockets of Western UP as well.
UP STF has confirmed that one of the two accused arrested in connection with the seizure, Abid, was in regular touch with his contacts in Nepal as well as Hong Kong apart from some other countries. "But calls to these two places were much more frequent than others," confirmed a source in the STF who also said that arrested militants, during their interrogation, have frequently spoken of the use of fake currency by ISI.
Another important element of the racket is the money which the two arrested accused have pocketed while pumping in fake currency. "If the gang had actually pumped in the amount which is being estimated at Rs 40 crore, then the profits incurred thereon must be traced on the ground to establish that they were major players in the racket," says a senior IPS officer.
The cops have so far seized fake currency from Shameem, Mehandi and Saleem in Aligarh. Another Rs 25 lakh in fake currency notes was found on Sohail of Gonda who was working with Sanjay Paswan, Vinod Kumar and Sanjay Patel of Bihar. Three persons — Momin, Anisuddin and Pramod — have been arrested in Aligarh.
Sleuths from the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) are now focussing on the assets of the arrested accused in order to trace the route of the money earned by them during the course of the racket which is believed to have been in place for at least over 1 year in Dumariaganj itself. The known assets of the two accused are estimated to be somewhere around Rs 10 lakh.
via:e.t/times of india
LUCKNOW/NEW DELHI: As it reels under the mounting terror menace with the fundamentalist outfits bombing cities to kill and maim innocents, India may also be faced with a grim threat of economic subversion.
A spate of seizures of fake currency notes across Uttar Pradesh with the trail leading towards Nepal has confirmed the fears of what the authorities call 'economic terror'.
While Indian agencies have for long been aware of ISI's plan to bleed India economically, having been engaged in a cat-and-mouse game with the the plotters, the scale and sophistication of the operation has come as a shock to them. After the initial recovery of Rs 5 lakh from one Abid in Doomariaganj in UP, seizures have been reported from all over the state — Aligarh, Lucknow, Gonda and places neighbouring Bihar — leading the authorities to suspect that counterfeit currency adding up to Rs 40 crore may have been in circulation in Uttar Pradesh alone.
But what has stung security agencies this time is not only the quantum of the seizure but the fine printing and high quality currency paper that has been used to print the currency notes and strong evidence of collusion between banks and those working at ISI's instance.
The serial numbers on the money lying in the State Bank of India chest in Doomariaganj were the same as that on the genuine notes kept there. "This explains that the gang members here would first confirm the serial number of the currency notes in the chest and then inform those printing the currency to put the same serial number on the FICN," pointed out an officer of a central agency dealing in economic offences.
A worried UP government on Saturday handed over the probe to the Central Bureau of Investigation, putting aside its grievances against the agency for the moment.
While it may have acquired serious proportions, use of counterfeit money to attack India's economy is not a new addition to the ISI inventory. Authorities have long had evidence that fake currency notes are printed at facilities set up for the purpose at Quetta in Baluchistan and Bangkok, with Aftab Batki, a known aide of ISI-protected Dawood Ibrahim, handling the operations in the Thai capital.
An official panel had estimated that fake Indian currency equalling Rs 1,69,000 crore has been put in circulation as part of the design to deal a blow to the Indian economy. While serious enough a threat by itself, fake currency is also being used by the terror groups to finance their anti-India activities.
The issue figured prominently in the meeting of state police chiefs and chief secretaries called here on Friday to review the security scenario in the aftermath of last month's attacks on Ahmedabad and Bangalore.
The racket was busted with the arrest of one Abid of Sidharth Nagar after Rs 5 lakh in FICN was recovered from him. Abid named Sudhakar Tripathi, a cashier at SBI's Dumariaganj branch, as his co-accused. Sudhakar was arrested after a total of Rs 7.2 lakh was seized from his residence out of which Rs 50,000 were in FICN.
On the basis of the details extracted by Sudhakar, STF requested the RBI to screen the currency notes available in the chest of the banks particularly in the districts bordering Nepal and some pockets of Western UP as well.
UP STF has confirmed that one of the two accused arrested in connection with the seizure, Abid, was in regular touch with his contacts in Nepal as well as Hong Kong apart from some other countries. "But calls to these two places were much more frequent than others," confirmed a source in the STF who also said that arrested militants, during their interrogation, have frequently spoken of the use of fake currency by ISI.
Another important element of the racket is the money which the two arrested accused have pocketed while pumping in fake currency. "If the gang had actually pumped in the amount which is being estimated at Rs 40 crore, then the profits incurred thereon must be traced on the ground to establish that they were major players in the racket," says a senior IPS officer.
The cops have so far seized fake currency from Shameem, Mehandi and Saleem in Aligarh. Another Rs 25 lakh in fake currency notes was found on Sohail of Gonda who was working with Sanjay Paswan, Vinod Kumar and Sanjay Patel of Bihar. Three persons — Momin, Anisuddin and Pramod — have been arrested in Aligarh.
Sleuths from the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) are now focussing on the assets of the arrested accused in order to trace the route of the money earned by them during the course of the racket which is believed to have been in place for at least over 1 year in Dumariaganj itself. The known assets of the two accused are estimated to be somewhere around Rs 10 lakh.
via:e.t/times of india
Thursday, August 7, 2008
Will Nelson's magic work again for Sensex on Friday?
8 Aug, 2008, 0628 hrs IST,Ranjit Shinde, ET Bureau
Does numerology work in stock markets? Call it a coincidence, but the so-called Nelson dates have proven to be luckier than some of the other days, for investors.
An ET Intelligence Group analysis shows that the investors who chose to invest in the benchmark indices on dates with three common digits, such as 05/05/05, 06/06/06 etc, in most cases earned positive returns at the end of the corresponding calendar year. The findings appear quite interesting given that Friday is yet another Nelson date (08/08/08).
In the current decade so far, there have been seven instances when the calendar dates had three equal digits. Of the seven days, Indian bourses were open for trading on four of those sessions including January 1, 2001, March 3, 2003, May 5, 2005, and June 6, 2006. Barring the first instance (i.e. 01/01/01), had investors placed their bets on the Sensex or Nifty on all other days, they would have earned returns by the end of the same year .
Market was closed on the dates February 2, 2002, April 4, 2004, and July 7, 2007. If we consider investments made on a trading day immediately preceding any of these days, investors would have still raked in money at the end of the corresponding year.
Though the impact of Nelson dates on Indian bourses sounds intriguing, experts dismiss it as a coincidence. “You need at least 30 observations for any event to be statistically proven. In the case of Nelson dates, the sample size always fails to meet this basic criterion of statistics,” says Deepak Mohoni, a noted technical analyst who had coined the term Sensex in the eighties. “This makes the observations as mere case of coincidence.” He also warns investors not to read too much out of the findings.
Another point worth noting is the fact that for most of the period under observation, Indian bourses were witnessing a bull run that saw share prices soaring like never before. The fact largely influences above findings. Further, returns earned from the exercise are spread unevenly on the time axis.
For instance, an investment made on March 3, 2003, and held until the year end would be spread over 10 months. This is a larger time frame compared to the period of eight months had the investment been made on May 5, 2005, and held till December 31, 2005.
All said, the question remains. Will the miracle work on Friday, which is the eighth day of the eighth month of the eighth year of this century? Although a definitive answer is elusive, the 200 day moving average (DMA), the Lakshman Rekha between a bull and bear market, throws up an interesting point.
On all the past seven occasions, the Nifty was above its 200 DMA. If one gives the credit of the previous positive performances to this fact then things take a twist. Friday is the first occasion, when Nifty goes into a Nelson day, perched well below its Lakshman Rekha.
If the past performances mean anything, this may also become the first occasion post-bull run, when the benchmark index generates negative returns in the remainder of the year.
Does numerology work in stock markets? Call it a coincidence, but the so-called Nelson dates have proven to be luckier than some of the other days, for investors.
An ET Intelligence Group analysis shows that the investors who chose to invest in the benchmark indices on dates with three common digits, such as 05/05/05, 06/06/06 etc, in most cases earned positive returns at the end of the corresponding calendar year. The findings appear quite interesting given that Friday is yet another Nelson date (08/08/08).
In the current decade so far, there have been seven instances when the calendar dates had three equal digits. Of the seven days, Indian bourses were open for trading on four of those sessions including January 1, 2001, March 3, 2003, May 5, 2005, and June 6, 2006. Barring the first instance (i.e. 01/01/01), had investors placed their bets on the Sensex or Nifty on all other days, they would have earned returns by the end of the same year .
Market was closed on the dates February 2, 2002, April 4, 2004, and July 7, 2007. If we consider investments made on a trading day immediately preceding any of these days, investors would have still raked in money at the end of the corresponding year.
Though the impact of Nelson dates on Indian bourses sounds intriguing, experts dismiss it as a coincidence. “You need at least 30 observations for any event to be statistically proven. In the case of Nelson dates, the sample size always fails to meet this basic criterion of statistics,” says Deepak Mohoni, a noted technical analyst who had coined the term Sensex in the eighties. “This makes the observations as mere case of coincidence.” He also warns investors not to read too much out of the findings.
Another point worth noting is the fact that for most of the period under observation, Indian bourses were witnessing a bull run that saw share prices soaring like never before. The fact largely influences above findings. Further, returns earned from the exercise are spread unevenly on the time axis.
For instance, an investment made on March 3, 2003, and held until the year end would be spread over 10 months. This is a larger time frame compared to the period of eight months had the investment been made on May 5, 2005, and held till December 31, 2005.
All said, the question remains. Will the miracle work on Friday, which is the eighth day of the eighth month of the eighth year of this century? Although a definitive answer is elusive, the 200 day moving average (DMA), the Lakshman Rekha between a bull and bear market, throws up an interesting point.
On all the past seven occasions, the Nifty was above its 200 DMA. If one gives the credit of the previous positive performances to this fact then things take a twist. Friday is the first occasion, when Nifty goes into a Nelson day, perched well below its Lakshman Rekha.
If the past performances mean anything, this may also become the first occasion post-bull run, when the benchmark index generates negative returns in the remainder of the year.
Inflation crosses 12%
The rate of inflation breached the psychological barrier of 12 per cent for the week ended July 26, mainly on account of higher prices of certain edibles such as pulses, spices, eggs, fish and meat and some manufactured products.
However, even as the wholesale price index (WPI)-based inflation peaked to a new high of 12.01 per cent — the highest level in over 13 years — from 11.98 per cent a week earlier, the Finance Ministry maintained that the rate of price rise was “stable” on a week-on-week basis.
The WPI data released here on Thursday said that while the prices of most food articles inched up, some other items such as fruits witnessed a moderation in prices. As for iron and steel, the prices remained unchanged while that of cement went up marginally.
In a statement, the Ministry pointed out that in the ‘primary articles’ group, the annual point-to-point inflation at 10.32 per cent was lower than 10.84 per cent reported for the week ended June 28, 2008.
However, even as the wholesale price index (WPI)-based inflation peaked to a new high of 12.01 per cent — the highest level in over 13 years — from 11.98 per cent a week earlier, the Finance Ministry maintained that the rate of price rise was “stable” on a week-on-week basis.
The WPI data released here on Thursday said that while the prices of most food articles inched up, some other items such as fruits witnessed a moderation in prices. As for iron and steel, the prices remained unchanged while that of cement went up marginally.
In a statement, the Ministry pointed out that in the ‘primary articles’ group, the annual point-to-point inflation at 10.32 per cent was lower than 10.84 per cent reported for the week ended June 28, 2008.
KLG Systel on overseas initiative
KLG Systel gained 2.61% to Rs 436.05 at 13:59 IST on BSE after the company said it has set up an office in Singapore to market its power solutions in South East Asia, China and Australia.
The company made this announcement during trading hours today, 7 August 2008.
The stock hit a high of Rs 450 and a low of Rs 415.05 so far during the day. The stock had hit a 52-week high of Rs 1020 on 4 January 2008 and a 52-week low of Rs 292 on 16 July 2008.
The company has an equity capital of Rs 12.62 crore. Face value per share is Rs 10.
The current price of Rs 436.05 discounts its Q1 June 2008 annualised EPS of Rs 41.08, by a PE multiple of 10.61.
In May 2008, KLG Systel received orders worth Rs 47 crore.
KLG Systel’s net profit fell 7.69% to Rs 12.96 crore on 24.89% fall in net sales to Rs 57.49 crore in Q1 June 2008 over Q4 March 2008.
The company provides information technology solutions and IT enabled services.
The company made this announcement during trading hours today, 7 August 2008.
The stock hit a high of Rs 450 and a low of Rs 415.05 so far during the day. The stock had hit a 52-week high of Rs 1020 on 4 January 2008 and a 52-week low of Rs 292 on 16 July 2008.
The company has an equity capital of Rs 12.62 crore. Face value per share is Rs 10.
The current price of Rs 436.05 discounts its Q1 June 2008 annualised EPS of Rs 41.08, by a PE multiple of 10.61.
In May 2008, KLG Systel received orders worth Rs 47 crore.
KLG Systel’s net profit fell 7.69% to Rs 12.96 crore on 24.89% fall in net sales to Rs 57.49 crore in Q1 June 2008 over Q4 March 2008.
The company provides information technology solutions and IT enabled services.
Shiv Vani Oil secured Large order
Shiv Vani Oil & Gas Exploration Services gained 5.89% to Rs 580 at 12:56 IST on BSE after the company said secured a contract worth Rs 1610 crore from Oil & Natural Gas Corporation to deploy eight onshore deep drilling rigs.
The company made this announcement during trading hours today, 7 August 2008.
The stock hit a high of Rs 608.60 and a low of Rs 536.75 so far during the day. The stock had hit a 52-week high of Rs 739.95 on 17 January 2008 and a 52-week low of Rs 300 on 16 August 2007.
The company has an equity capital of Rs 43.91 crore. Face value per share is Rs 10.
The current price of Rs 580 discounts its Q1 June 2008 annualised EPS of Rs 19.33, by a PE multiple of 30.
With this contract, the company’s order backlog stands over Rs 4500 crore executable over a period of three years expect PDO Oman order of Rs 800 crore which is executable in 11 years.
Shiv Vani Oil & Gas Exploration Services’ net profit surged 115.9% to Rs 21.22 crore on 118.4% growth in net sales to Rs 142.26 crore in Q1 June 2008 over Q1 June 2007.
Shiv Vani Oil is the largest seismic data operator in India. The company is also the largest operator of land breaks.
The company made this announcement during trading hours today, 7 August 2008.
The stock hit a high of Rs 608.60 and a low of Rs 536.75 so far during the day. The stock had hit a 52-week high of Rs 739.95 on 17 January 2008 and a 52-week low of Rs 300 on 16 August 2007.
The company has an equity capital of Rs 43.91 crore. Face value per share is Rs 10.
The current price of Rs 580 discounts its Q1 June 2008 annualised EPS of Rs 19.33, by a PE multiple of 30.
With this contract, the company’s order backlog stands over Rs 4500 crore executable over a period of three years expect PDO Oman order of Rs 800 crore which is executable in 11 years.
Shiv Vani Oil & Gas Exploration Services’ net profit surged 115.9% to Rs 21.22 crore on 118.4% growth in net sales to Rs 142.26 crore in Q1 June 2008 over Q1 June 2007.
Shiv Vani Oil is the largest seismic data operator in India. The company is also the largest operator of land breaks.
Balkrishna Industries block deal on BSE
Balkrishna Industries rose 1.21% to Rs 406 at 11:05 IST on BSE after 4 lakh shares or 2.06% of the company’s equity changed hands in a block deal on BSE at Rs 401.15 each.
The stock hit a high of Rs 445.10 and a low of Rs 400 so far during the day. The stock had a 52-week high of Rs 903 on 17 January 2008 and a 52-week low of Rs 380.40 on 18 July 2008.
The small-cap diversified firm has an equity capital of Rs 19.33 crore. Face value per share is Rs 10.
The current price of Rs 406 discounts its Q1 June 2008 annualised EPS of Rs 29.76, by a PE multiple of 13.64.
The net profit of Balkrishna Industries slipepd 32.3% to Rs 14.38 crore on a 30.1% rise in sales to Rs 297.23 crore in Q1 June 2008 over Q1 June 2007.
Balkrishna Industries manufactures paper besides processing synthetic textiles and tyres.
The stock hit a high of Rs 445.10 and a low of Rs 400 so far during the day. The stock had a 52-week high of Rs 903 on 17 January 2008 and a 52-week low of Rs 380.40 on 18 July 2008.
The small-cap diversified firm has an equity capital of Rs 19.33 crore. Face value per share is Rs 10.
The current price of Rs 406 discounts its Q1 June 2008 annualised EPS of Rs 29.76, by a PE multiple of 13.64.
The net profit of Balkrishna Industries slipepd 32.3% to Rs 14.38 crore on a 30.1% rise in sales to Rs 297.23 crore in Q1 June 2008 over Q1 June 2007.
Balkrishna Industries manufactures paper besides processing synthetic textiles and tyres.
Simplex Castings soars on new order win
Simplex Castings spurted 11.78% to Rs 56 at 10:26 IST on BSE after the company said that its consortium with Hyundai Heavy Industries won an order worth Rs 62.58 crore from Steel Authority of India.
The company made this announcement after trading hours on Wednesday, 6 August 2008.
The stock hit a high of Rs 58.80 and a low of Rs 52.55 so far during the day. The stock had hit a 52-week high of Rs 113.30 on 13 December 2007 and a 52-week low of Rs 43 on 4 July 2008.
The company has an equity capital of Rs 5.98 crore. Face value per share is Rs 10.
The current price of Rs 56 discounts its Q1 June 2008 annualised EPS of Rs 9.16, by a PE multiple of 6.11.
Simplex Castings (SCL)’s net profit rose 9.6% to Rs 1.37 crore on 1.1% increase in net sales to Rs 33.01 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures engineering products, castings and equipments. The company's products include ingot moulds, alloy steel ingots and parts of industrial furnaces and ovens. The plants are situated in and around Bhilai, Madhya Pradesh, India.
The company made this announcement after trading hours on Wednesday, 6 August 2008.
The stock hit a high of Rs 58.80 and a low of Rs 52.55 so far during the day. The stock had hit a 52-week high of Rs 113.30 on 13 December 2007 and a 52-week low of Rs 43 on 4 July 2008.
The company has an equity capital of Rs 5.98 crore. Face value per share is Rs 10.
The current price of Rs 56 discounts its Q1 June 2008 annualised EPS of Rs 9.16, by a PE multiple of 6.11.
Simplex Castings (SCL)’s net profit rose 9.6% to Rs 1.37 crore on 1.1% increase in net sales to Rs 33.01 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures engineering products, castings and equipments. The company's products include ingot moulds, alloy steel ingots and parts of industrial furnaces and ovens. The plants are situated in and around Bhilai, Madhya Pradesh, India.
Post-Market Commentary. Thursday, August 07, 2008
Sensex settles above 15,100 in volatile trade
Key benchmark indices ended with marginal gains after swinging wildly. The market breadth was just about positive. Turnover on BSE remained dull. European markets recovered after weak start. Asian markets were trading mixed.
The Bank of England left interest rate unchanged at 5% at its meeting today, 7 August 2008. The European Central Bank which also meets today is expected to hold interest rates at 4.25%.
The Indian government will release the weekly inflation data today, 7 August 2008,
Sensex rose 43.71 points or 0.29% at 15,117.25.
Nifty was up 6.30 points or 0.14% at 4523.85.
Turnover was dull today.
Reliance Communications (RCom) was down 1.71% to Rs 438.65. According to recent reports, the company is all set to float a $500-million tender for GSM 3G networks. At present, RCom is predominantly a CDMA-based operator which is now looking at 3G services only in the GSM space.
Reliance Industries (RIL) was down 1.45% at Rs 2262.50 on 10.30 lakh shares. The stock moved in a range of Rs 2315.25 and Rs 2248.60 so in the day. However, Reliance Natural Resources (RNRL) was up 0.70% to Rs 100.95.
As per reports, the Bombay High Court (HC) has once again postponed hearing on the RIL-RNRL case till 12 August 2008. The court will decide in its next hearing whether the government can intervene in this case at this stage. The government had filed a petition in the HC to become a party to the case, supporting RIL.
Key benchmark indices ended with marginal gains after swinging wildly. The market breadth was just about positive. Turnover on BSE remained dull. European markets recovered after weak start. Asian markets were trading mixed.
The Bank of England left interest rate unchanged at 5% at its meeting today, 7 August 2008. The European Central Bank which also meets today is expected to hold interest rates at 4.25%.
The Indian government will release the weekly inflation data today, 7 August 2008,
Sensex rose 43.71 points or 0.29% at 15,117.25.
Nifty was up 6.30 points or 0.14% at 4523.85.
Turnover was dull today.
Reliance Communications (RCom) was down 1.71% to Rs 438.65. According to recent reports, the company is all set to float a $500-million tender for GSM 3G networks. At present, RCom is predominantly a CDMA-based operator which is now looking at 3G services only in the GSM space.
Reliance Industries (RIL) was down 1.45% at Rs 2262.50 on 10.30 lakh shares. The stock moved in a range of Rs 2315.25 and Rs 2248.60 so in the day. However, Reliance Natural Resources (RNRL) was up 0.70% to Rs 100.95.
As per reports, the Bombay High Court (HC) has once again postponed hearing on the RIL-RNRL case till 12 August 2008. The court will decide in its next hearing whether the government can intervene in this case at this stage. The government had filed a petition in the HC to become a party to the case, supporting RIL.
Wednesday, August 6, 2008
30pc of U.S. Army may be robotic by 2020
30pc of U.S. Army may be robotic by 2020
Tue, Aug 5 11:05 AM
Washington, August 5 (ANI): U.S. technologists have revealed that the country's military has plans to have about 30 per cent of the Army comprised of robotic forces by approximately 2020.
Doug Few and Bill Smart of Washington University in St. Louis say that robots are increasingly taking over more soldier duties in Iraq and Afghanistan, and that the U.S. Army wants to make further additions to its robotic fleet.
They, however, also point out that the machines still need the human touch.
"When the military says 'robot' they mean everything from self-driving trucks up to what you would conventionally think of as a robot. You would more accurately call them autonomous systems rather than robots," says Smart, assistant professor of computer science and engineering.
All of the Army's robots are teleoperated, meaning there is someone operating the robot from a remote location, perhaps often with a joystick and a computer screen.
While this may seem like a caveat in plans to add robots to the military, it is actually very important to keep humans involved in the robotic operations.
"It's a chain of command thing. You don't want to give autonomy to a weapons delivery system. You want to have a human hit the button. You don't want the robot to make the wrong decision. You want to have a human to make all of the important decisions," says Smart.
The technologist duo says that researchers are not necessarily looking for intelligent decision-making in their robots. Instead, they are working to develop an improved, "intelligent" functioning of the robot.
"It's oftentimes like the difference between the adverb and noun. You can act intelligently or you can be intelligent. I'm much more interested in the adverb for my robots," says Few, a Ph.D. student who is interested in the delicate relationship between robot and human.
He says that there are many issues that may require "a graceful intervention" by humans, and these need to be thought of from the ground up.
"When I envision the future of robots, I always think of the Jetsons. George Jetson never sat down at a computer to task Rosie to clean the house. Somehow, they had this local exchange of information. So what we've been working on is how we can use the local environment rather than a computer as a tasking medium to the robot," he says.
Few has incorporated a toy into robotic programming, and with the aid of a Wii controller, he capitalizes on natural human movements to communicate with the robot.
According to the researchers, focussing on a joystick and screen rather than carting around a heavy laptop would help soldiers in battle to stay alert, and engage in their surroundings while performing operations with the robot.
"We forget that when we're controlling robots in the lab it's really pretty safe and no one's trying to kill us. But if you are in a war zone and you're hunched over a laptop, that's not a good place to be. You want to be able to use your eyes in one place and use your hand to control the robot without tying up all of your attention," says Smart.
Devices like unmanned aerial vehicles, ground robots for explosives detection, and Packbots have already been inducted in the military.
"When I stood there and looked at that Packbot, I realized that if that robot hadn't been there, it would have been some kid," says Few. (ANI)
Tue, Aug 5 11:05 AM
Washington, August 5 (ANI): U.S. technologists have revealed that the country's military has plans to have about 30 per cent of the Army comprised of robotic forces by approximately 2020.
Doug Few and Bill Smart of Washington University in St. Louis say that robots are increasingly taking over more soldier duties in Iraq and Afghanistan, and that the U.S. Army wants to make further additions to its robotic fleet.
They, however, also point out that the machines still need the human touch.
"When the military says 'robot' they mean everything from self-driving trucks up to what you would conventionally think of as a robot. You would more accurately call them autonomous systems rather than robots," says Smart, assistant professor of computer science and engineering.
All of the Army's robots are teleoperated, meaning there is someone operating the robot from a remote location, perhaps often with a joystick and a computer screen.
While this may seem like a caveat in plans to add robots to the military, it is actually very important to keep humans involved in the robotic operations.
"It's a chain of command thing. You don't want to give autonomy to a weapons delivery system. You want to have a human hit the button. You don't want the robot to make the wrong decision. You want to have a human to make all of the important decisions," says Smart.
The technologist duo says that researchers are not necessarily looking for intelligent decision-making in their robots. Instead, they are working to develop an improved, "intelligent" functioning of the robot.
"It's oftentimes like the difference between the adverb and noun. You can act intelligently or you can be intelligent. I'm much more interested in the adverb for my robots," says Few, a Ph.D. student who is interested in the delicate relationship between robot and human.
He says that there are many issues that may require "a graceful intervention" by humans, and these need to be thought of from the ground up.
"When I envision the future of robots, I always think of the Jetsons. George Jetson never sat down at a computer to task Rosie to clean the house. Somehow, they had this local exchange of information. So what we've been working on is how we can use the local environment rather than a computer as a tasking medium to the robot," he says.
Few has incorporated a toy into robotic programming, and with the aid of a Wii controller, he capitalizes on natural human movements to communicate with the robot.
According to the researchers, focussing on a joystick and screen rather than carting around a heavy laptop would help soldiers in battle to stay alert, and engage in their surroundings while performing operations with the robot.
"We forget that when we're controlling robots in the lab it's really pretty safe and no one's trying to kill us. But if you are in a war zone and you're hunched over a laptop, that's not a good place to be. You want to be able to use your eyes in one place and use your hand to control the robot without tying up all of your attention," says Smart.
Devices like unmanned aerial vehicles, ground robots for explosives detection, and Packbots have already been inducted in the military.
"When I stood there and looked at that Packbot, I realized that if that robot hadn't been there, it would have been some kid," says Few. (ANI)
Gold price may slip below Rs 11,500 per 10 grams
Gold price may slip below Rs 11,500 per 10 grams
6 Aug, 2008, 1936 hrs IST, PTI
MUMBAI: In line with falling crude prices and rising dollar, gold prices may see a downward trend and could fall below Rs 11,500 per 10 grams, a top industry official said.
"Taking a cue from falling crude prices, gold prices may fall from the present Rs 12,025 per 10 grams to touch Rs 11,400 per 10 grams by this month end," Bombay Bullion Association's President, Suresh Hundia, told reporters here today.
Gold import has also increased due to slight increase in demand due to falling prices.
India imported 24 tonnes of gold in June, which is 50 per cent of the gold imported in the same period last year, Hundia said, adding that festive demand was unlikely to have any impact on pricing.
The standard gold (99.5 per cent purity) slipped further to Rs 12,025 from Rs 12,135 and pure gold (99.9 per cent purity) to Rs 12,085 from Rs 12,200 per 10 grams in the Mumbai bullion market today.
In the international market, continuing its downward journey, gold fell below USD 900 an ounce on Tuesday for the first time since June amid a commodities slump as funds sold the metal.
Gold price may hover between $822 and $892 per ounce, in the near future, Hundia said.
6 Aug, 2008, 1936 hrs IST, PTI
MUMBAI: In line with falling crude prices and rising dollar, gold prices may see a downward trend and could fall below Rs 11,500 per 10 grams, a top industry official said.
"Taking a cue from falling crude prices, gold prices may fall from the present Rs 12,025 per 10 grams to touch Rs 11,400 per 10 grams by this month end," Bombay Bullion Association's President, Suresh Hundia, told reporters here today.
Gold import has also increased due to slight increase in demand due to falling prices.
India imported 24 tonnes of gold in June, which is 50 per cent of the gold imported in the same period last year, Hundia said, adding that festive demand was unlikely to have any impact on pricing.
The standard gold (99.5 per cent purity) slipped further to Rs 12,025 from Rs 12,135 and pure gold (99.9 per cent purity) to Rs 12,085 from Rs 12,200 per 10 grams in the Mumbai bullion market today.
In the international market, continuing its downward journey, gold fell below USD 900 an ounce on Tuesday for the first time since June amid a commodities slump as funds sold the metal.
Gold price may hover between $822 and $892 per ounce, in the near future, Hundia said.
ICSA India Acquisition ECE Industries
ICSA India was locked at upper limit of 5% at Rs 377 at 14:08 IST on BSE after the firm signed a deal with ECE Industries to buy the latter's machineries and equipment along with available drawings, designs and data.
The company made the announcement during market hours today, 6 August 2008.
The stock hit a high of Rs 377.40 and a low of Rs 362.70 so far during the day. The stock had a 52-week high of Rs 648.80 on 28 December 2007 and a 52-week low of Rs 254 on 08 July 2008.
The mid-cap firm has an equity capital of Rs 8.81 crore. Face value per share is Rs 2.
The current price of Rs 377 discounts its Q1 June 2008 annualised EPS of Rs 37.25, by a PE multiple of 10.12.
The transaction would enable ICSA to manufacture the energy meters on its own capacity. The deal also allows ICSA to use the brand name of ECE for a period of six months. Both the parties have also signed a 5-year non-compete agreement.
Net profit of ICSA India rose 9.36% to Rs 40.97 crore on a 14.03% increase in sales to 241.50 crore in Q1 June 2008 over Q4 March 2008. The net profit rose 71.3% to Rs 40.97 crore on a 96.9% rise in sales to Rs 241.50 crore in Q1 June 2008 over Q1 June 2007.
ICSA India provides software development services and technology solutions for the power, telecommunication and other sector.
The company made the announcement during market hours today, 6 August 2008.
The stock hit a high of Rs 377.40 and a low of Rs 362.70 so far during the day. The stock had a 52-week high of Rs 648.80 on 28 December 2007 and a 52-week low of Rs 254 on 08 July 2008.
The mid-cap firm has an equity capital of Rs 8.81 crore. Face value per share is Rs 2.
The current price of Rs 377 discounts its Q1 June 2008 annualised EPS of Rs 37.25, by a PE multiple of 10.12.
The transaction would enable ICSA to manufacture the energy meters on its own capacity. The deal also allows ICSA to use the brand name of ECE for a period of six months. Both the parties have also signed a 5-year non-compete agreement.
Net profit of ICSA India rose 9.36% to Rs 40.97 crore on a 14.03% increase in sales to 241.50 crore in Q1 June 2008 over Q4 March 2008. The net profit rose 71.3% to Rs 40.97 crore on a 96.9% rise in sales to Rs 241.50 crore in Q1 June 2008 over Q1 June 2007.
ICSA India provides software development services and technology solutions for the power, telecommunication and other sector.
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