Market may edge higher
The market may extend Friday’s (29 August 2008) strong gains triggered by softening inflation. Inflation has been a major cause of worry for the domestic markets since the past few months. Market will also take cues from another meeting of Nuclear Suppliers group in Vienna that begins on 4 September 2008.
Inflation based on the wholesale price index rose 12.40% in 12 months to 16 August 2008, below the previous week's annual rise of 12.63% due to lower prices of some minerals and fuels, government data released on Thursday, 28 August 2008, showed. Nevertheless, the inflation remains far above the central bank's target of 7%.
On 29 July 2008, the Reserve Bank of India (RBI), at its quarterly policy review, raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
The gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening. The GDP growth in the first quarter of the current fiscal year was lower than market expectations of a rise of a little above 8%.
Market will closely watch developments on the Indo-US nuclear deal. As per reports, Japan plans to support a civil nuclear accord between the US and India. Japan will back the deal, at a two-day session of the Nuclear Suppliers group (NSG) in Vienna that begins on 4 September 2008. US plans to sell nuclear power plant technologies and fuel to India under a bilateral nuclear cooperation agreement. All 45 members of the Nuclear Suppliers Group including Japan must approve the nuclear accord, which the US Congress must also pass for the deal to come through.
A further rise in crude oil prices may act as a spoilsport for the stock markets. Crude oil for October 2008 delivery rose $1.41, or 1.2 %, to $117 a barrel on the New York Mercantile Exchange on Friday 29 August 2008. Crude oil headed for its biggest weekly gain in almost two months and natural gas rose as producers evacuated rigs ahead of Gustav, forecast to become the worst Gulf of Mexico hurricane since Katrina.
India’s southwest monsoon, crucial for the agriculture sector, was around 1% below the long period average (LPA) during the period from 1 June 2008 to 24 August 2008 and was deficient in six of the 36 meteorological subdivisions.
Foreign institutional investors (FIIs) sold shares worth Rs 1,211.70 crore in August 2008 (till 28 August 2008). FIIs sold shares worth Rs 28,513.60 crore in the calendar year 2008. Mutual funds sold shares worth Rs 700.40 crore in August 2008 (till 27 August 2008).
Sunday, August 31, 2008
Gold firm, demand slows as dips eyed
29 Aug, 2008, 1717 hrs IST, REUTERS
MUMBAI: Gold prices firmed up on Friday, slowing down the momentum of purchases, but dealers said dips could rekindle demand as consumers' appetite remained strong in the festival season.
"Demand is slowing down and coming down to being regular," said Bhavesh Soni, partner at Kunal Jewellers, a jewellery wholesaler in Ahmedabad. "That is because many people bought in a rush in the last 10 days."
Gold was higher on the back of a firm overseas market that traded near its highest level in more than two weeks as crude oil rose on storm fears and the dollar slipped on oil supply worries.
Gold generally moves in tandem with crude oil as the latter signals inflation, while the metal negates it. But the metal has an inverse relation with the dollar as the two compete for funds.
Despite the slowing demand, supplies continued to be delayed and premiums high, dealers said.
In Lucknow, banks took up to 15 days to deliver gold and local traders charged a premium of up to 80 rupees per 10 grams, said Pankaj Agarwal of Brijwasi Traders & Bullions Pvt Ltd, a large wholesaler.
Agarwal said the appetite of the market still remained high and more buying could be seen at dips.
"People fear prices could go up to 14,000 rupees per 10 grams in October," he said.
India's demand for gold will peak in October when festivals and salary bonuses induce consumers to buy gold.
MUMBAI: Gold prices firmed up on Friday, slowing down the momentum of purchases, but dealers said dips could rekindle demand as consumers' appetite remained strong in the festival season.
"Demand is slowing down and coming down to being regular," said Bhavesh Soni, partner at Kunal Jewellers, a jewellery wholesaler in Ahmedabad. "That is because many people bought in a rush in the last 10 days."
Gold was higher on the back of a firm overseas market that traded near its highest level in more than two weeks as crude oil rose on storm fears and the dollar slipped on oil supply worries.
Gold generally moves in tandem with crude oil as the latter signals inflation, while the metal negates it. But the metal has an inverse relation with the dollar as the two compete for funds.
Despite the slowing demand, supplies continued to be delayed and premiums high, dealers said.
In Lucknow, banks took up to 15 days to deliver gold and local traders charged a premium of up to 80 rupees per 10 grams, said Pankaj Agarwal of Brijwasi Traders & Bullions Pvt Ltd, a large wholesaler.
Agarwal said the appetite of the market still remained high and more buying could be seen at dips.
"People fear prices could go up to 14,000 rupees per 10 grams in October," he said.
India's demand for gold will peak in October when festivals and salary bonuses induce consumers to buy gold.
Gremach Infrastructure gains on govt nod for SEZ
Gremach Infrastructure Equipments & Projects rose 1.86% to Rs 74 at 9:55 IST on BSE after the company received approval from the Ministry of Commerce & Industry for setting up a special economic zone for metal sector at Gadhinglaz, Maharashtra.
The company made this announcement after trading hours on Thursday, 28 August 2008.
The stock hit a high of Rs 74 and a low of Rs 74 so far during the day. The stock had hit a 52-week high of Rs 504 on 8 January 2008 and a 52-week low of Rs 72.65 on 28 August 2008.
The company has an equity capital of Rs 15.22 crore. Face value per share is Rs 10.
The current price of Rs 74 discounts its Q1 June 2008 annualised EPS of Rs 31.88, by a PE multiple of 2.32.
Gremach Infrastructure’s net profit surged 198.8% to Rs 12.13 crore on 194.6% increase in net sales to Rs 102.36 crore in Q1 June 2008 over Q1 June 2007.
Gremach Infrastructure Equipments & Projects is engaged in the business of equipment hiring and manufacture of lam coke, refractory and SAW pipes.
The company made this announcement after trading hours on Thursday, 28 August 2008.
The stock hit a high of Rs 74 and a low of Rs 74 so far during the day. The stock had hit a 52-week high of Rs 504 on 8 January 2008 and a 52-week low of Rs 72.65 on 28 August 2008.
The company has an equity capital of Rs 15.22 crore. Face value per share is Rs 10.
The current price of Rs 74 discounts its Q1 June 2008 annualised EPS of Rs 31.88, by a PE multiple of 2.32.
Gremach Infrastructure’s net profit surged 198.8% to Rs 12.13 crore on 194.6% increase in net sales to Rs 102.36 crore in Q1 June 2008 over Q1 June 2007.
Gremach Infrastructure Equipments & Projects is engaged in the business of equipment hiring and manufacture of lam coke, refractory and SAW pipes.
Tata Steel strengthens on strong consolidated results
Tata Steel rose 2.09% to Rs 583.75 at 10:48 IST on BSE after the company posted 60.43% rise in consolidated net profit to Rs 3900.90 crore on 39.18% increase in total income to Rs 43560.96 crore in Q1 June 2008 over Q1 June 2007.
The result was declared after market hours yesterday, 28 August 2008.
The stock hit a high of Rs 590.40 and a low of Rs 582 so far during the day. The stock had a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 522.33 on 29 August 2007.
World’s sixth largest steel maker has an equity capital of Rs 730.58 crore. Face value per share is Rs 10.
The current price of Rs 583.75 discounts its Q1 June 2008 annualised standalone EPS of Rs 81.47, by a PE multiple of 7.16.
The Q1 June 2008 results were calculated on a proforma basis as the profits of Corus were not included in the company's consolidated quarterly earnings last year.
Tata Steel is an integrated steel producer which manufactures a variety of steel products. The company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.
The result was declared after market hours yesterday, 28 August 2008.
The stock hit a high of Rs 590.40 and a low of Rs 582 so far during the day. The stock had a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 522.33 on 29 August 2007.
World’s sixth largest steel maker has an equity capital of Rs 730.58 crore. Face value per share is Rs 10.
The current price of Rs 583.75 discounts its Q1 June 2008 annualised standalone EPS of Rs 81.47, by a PE multiple of 7.16.
The Q1 June 2008 results were calculated on a proforma basis as the profits of Corus were not included in the company's consolidated quarterly earnings last year.
Tata Steel is an integrated steel producer which manufactures a variety of steel products. The company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.
Nectar Lifescience soars on stock-split plan
Nectar Lifescience gained 2.67% to Rs 359.80 at 11:14 IST on BSE after the company said its board has approved for a 10-for-1 stock split.
The company made this announcement after trading hours on Thursday, 28 August 2008.
The stock hit a high of Rs 362.80 and a low of Rs 355.10 so far during the day. The stock had hit a 52-week high of Rs 388 on 25 August 2008 and a 52-week low of Rs 168.50 on 24 March 2008.
The company has an equity capital of Rs 15.23 crore. Face value per share is Rs 10.
The current price of Rs 359.80 discounts its Q1 June 2008 annualised EPS of Rs 63.30, by a PE multiple of 5.68.
The board also approved raising $2.5 million through the issue of convertible warrants on preferential basis to two foreign funds.
Nectar Lifescience’s net profit rose 40.9% to Rs 24.10 crore on 16.9% increase in net sales to Rs 185.44 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing bulk drugs. The products include cefotaxime acid, cefuroxime acid, mica acid, sodium bi carbonate, tetra hydro furon, atorvastatin, cefalothin, cefdinir, cefprozil and clythromycin. The plants are located at Punjab, Himachal Pradesh and Jammu & Kashmir.
The company made this announcement after trading hours on Thursday, 28 August 2008.
The stock hit a high of Rs 362.80 and a low of Rs 355.10 so far during the day. The stock had hit a 52-week high of Rs 388 on 25 August 2008 and a 52-week low of Rs 168.50 on 24 March 2008.
The company has an equity capital of Rs 15.23 crore. Face value per share is Rs 10.
The current price of Rs 359.80 discounts its Q1 June 2008 annualised EPS of Rs 63.30, by a PE multiple of 5.68.
The board also approved raising $2.5 million through the issue of convertible warrants on preferential basis to two foreign funds.
Nectar Lifescience’s net profit rose 40.9% to Rs 24.10 crore on 16.9% increase in net sales to Rs 185.44 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing bulk drugs. The products include cefotaxime acid, cefuroxime acid, mica acid, sodium bi carbonate, tetra hydro furon, atorvastatin, cefalothin, cefdinir, cefprozil and clythromycin. The plants are located at Punjab, Himachal Pradesh and Jammu & Kashmir.
Roto Pumps moves Up on export order
Roto Pumps rose 5.52% to Rs 56.35 at 12:51 IST on BSE after the company said it has bagged an export order worth Rs 2 crore from Blue Water for a water desalination project in Sydney, Australia.
The stock hit a high of Rs 59 and a low of Rs 52 so far during the day. The stock had hit a 52-week high of Rs 99.25 on 1 January 2008 and a 52-week low of Rs 45 on 23 June 2008.
The company has an equity capital of Rs 3.10 crore. Face value per share is Rs 10.
The current price of Rs 56.35 discounts its Q1 June 2008 annualised EPS of Rs 8.54, by a PE multiple of 6.60.
The company has bagged this order against stiff international competition, it said.
Roto Pumps’ net profit rose 50% to Rs 0.66 crore on 35.1% increase in net sales to Rs 10.63 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and marketing industrial pumps and spares parts. It also designs, procures and unitizes various equipments like drives, strainers, valves, gauges, and instrumentation required for the pumping system.
The stock hit a high of Rs 59 and a low of Rs 52 so far during the day. The stock had hit a 52-week high of Rs 99.25 on 1 January 2008 and a 52-week low of Rs 45 on 23 June 2008.
The company has an equity capital of Rs 3.10 crore. Face value per share is Rs 10.
The current price of Rs 56.35 discounts its Q1 June 2008 annualised EPS of Rs 8.54, by a PE multiple of 6.60.
The company has bagged this order against stiff international competition, it said.
Roto Pumps’ net profit rose 50% to Rs 0.66 crore on 35.1% increase in net sales to Rs 10.63 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and marketing industrial pumps and spares parts. It also designs, procures and unitizes various equipments like drives, strainers, valves, gauges, and instrumentation required for the pumping system.
Hinduja Foundries on a roll
Hinduja Foundries was locked at upper limit of 5% to Rs 196.75 at 14:46 IST on BSE, extending gains for the fourth trading session in a row.
The stock hit a high of Rs 196.75 and a low of Rs 194.45 so far during the day. The stock had a 52-week high of Rs 314.90 on 8 January 2008 and a 52-week low of Rs 122 on 19 March 2008.
The scrip has risen 15.73% in the past four trading sessions from Rs 170 on 25 August 2008.
The small-cap iron and aluminum castings maker has an equity capital of Rs 18.68 crore. Face value per share is Rs 10.
The current price of Rs 196.75 discounts its Q1 June 2008 annualised EPS of Rs 9.79, by a PE multiple of 20.09.
Hinduja Foundries’ net profit rose 11.7% to Rs 4.57 crore on a 19.8% rise in sales to Rs 125.20 crore in Q1 June 2008 over Q1 June 2007.
Hinduja Foundries manufactures metal castings for the automobile industries in India. The company's products includes grey iron, aluminium gravity die, casting for automobile, industrial engine, power generator, tractors as well as defence applications.
The stock hit a high of Rs 196.75 and a low of Rs 194.45 so far during the day. The stock had a 52-week high of Rs 314.90 on 8 January 2008 and a 52-week low of Rs 122 on 19 March 2008.
The scrip has risen 15.73% in the past four trading sessions from Rs 170 on 25 August 2008.
The small-cap iron and aluminum castings maker has an equity capital of Rs 18.68 crore. Face value per share is Rs 10.
The current price of Rs 196.75 discounts its Q1 June 2008 annualised EPS of Rs 9.79, by a PE multiple of 20.09.
Hinduja Foundries’ net profit rose 11.7% to Rs 4.57 crore on a 19.8% rise in sales to Rs 125.20 crore in Q1 June 2008 over Q1 June 2007.
Hinduja Foundries manufactures metal castings for the automobile industries in India. The company's products includes grey iron, aluminium gravity die, casting for automobile, industrial engine, power generator, tractors as well as defence applications.
Thursday, August 28, 2008
Gold gains Rs 50 on strong global cues
Gold gains Rs 50 on strong global cues
28 Aug, 2008, 1914 hrs IST, PTI
Gold prices on Thursday rose by Rs 50 to close at Rs 12,080 per 10 gram on the bullion market on sustained buying influenced by firming global trend.
Silver, however, fell by Rs 130 to Rs 20,800 per kg on weak demand.
Strong global trends remained the major driving force behind the gold rally, marketmen said.
Gold rose by 7.90 dollars to 834.80 dollars an ounce in London. Silver also rose 24.5 cents to 13.74 dollars an ounce.
Increased buying by stockists and jewellers to meet the demand during marriage and festival season also supported the movement, traders said.
Standard gold and ornaments added Rs 50 each at Rs 12,080 and Rs 11,930 per 10 grams respectively. Sovereign also gained Rs 25 at Rs 9,925 per piece of eight gram.
Silver ready, however, fell by Rs 130 to Rs 20,800 per kg but weekly-based delivery rose by Rs 105 at Rs 20,380 per kg on speculators buying.
Silver coins was traded unchanged at Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.
28 Aug, 2008, 1914 hrs IST, PTI
Gold prices on Thursday rose by Rs 50 to close at Rs 12,080 per 10 gram on the bullion market on sustained buying influenced by firming global trend.
Silver, however, fell by Rs 130 to Rs 20,800 per kg on weak demand.
Strong global trends remained the major driving force behind the gold rally, marketmen said.
Gold rose by 7.90 dollars to 834.80 dollars an ounce in London. Silver also rose 24.5 cents to 13.74 dollars an ounce.
Increased buying by stockists and jewellers to meet the demand during marriage and festival season also supported the movement, traders said.
Standard gold and ornaments added Rs 50 each at Rs 12,080 and Rs 11,930 per 10 grams respectively. Sovereign also gained Rs 25 at Rs 9,925 per piece of eight gram.
Silver ready, however, fell by Rs 130 to Rs 20,800 per kg but weekly-based delivery rose by Rs 105 at Rs 20,380 per kg on speculators buying.
Silver coins was traded unchanged at Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.
Inflation falls marginally to 12.40%
28 Aug, 2008, 1800 hrs IST
Giving a little respite to the hapless consumers, inflation slipped marginally to 12.40 per cent for the week ended August 16 from 12.63 per cent a week before.
Earlier Lehman Brothers expected inflation to increase to 12.82 per cent y-o-y from 12.63 per cent in the previous week, due to higher prices of food articles, rubber, sugar, paper products, oilseeds, textiles & rubber and plastic products.
"We expect the final WPI inflation to peak in Oct/Nov at around 13.5-14.0 per cent, but to stay in double-digit territory until February 2009. Based on our forecast of slower GDP growth of 7.3 per cent in FY09, our energy team's forecast of the price of oil falling sharply to $90/bbl in Q1 2009, plus favorable base effects, our forecast is that WPI inflation will start turning down decisively in January 2009," it said in a report.
It is the 27th consecutive week the inflation rate has been above 5.5 per cent, the RBI's original target for inflation at the end of the fiscal year in March 2009.
At a policy review in late July, the RBI raised its key lending rate by 50 basis points to 9 per cent and also increased banks' reserve requirements, and said it was now aiming to bring inflation down to 7 per cent by the end of March.
The government has said the inflation rate would hit 13 per cent and thereafter start moderating from December, before settling at 8.0-9.0 per cent by the end of the fiscal year in March.
A slide in prices of oil, India's biggest import, to around $117 a barrel from a record high above $147 in mid-July, is expected to ease the pressure on inflation.
However, analysts said pressure from primary articles and strong demand despite the several rounds of policy tightening would most likely propel inflation higher for some months.
Giving a little respite to the hapless consumers, inflation slipped marginally to 12.40 per cent for the week ended August 16 from 12.63 per cent a week before.
Earlier Lehman Brothers expected inflation to increase to 12.82 per cent y-o-y from 12.63 per cent in the previous week, due to higher prices of food articles, rubber, sugar, paper products, oilseeds, textiles & rubber and plastic products.
"We expect the final WPI inflation to peak in Oct/Nov at around 13.5-14.0 per cent, but to stay in double-digit territory until February 2009. Based on our forecast of slower GDP growth of 7.3 per cent in FY09, our energy team's forecast of the price of oil falling sharply to $90/bbl in Q1 2009, plus favorable base effects, our forecast is that WPI inflation will start turning down decisively in January 2009," it said in a report.
It is the 27th consecutive week the inflation rate has been above 5.5 per cent, the RBI's original target for inflation at the end of the fiscal year in March 2009.
At a policy review in late July, the RBI raised its key lending rate by 50 basis points to 9 per cent and also increased banks' reserve requirements, and said it was now aiming to bring inflation down to 7 per cent by the end of March.
The government has said the inflation rate would hit 13 per cent and thereafter start moderating from December, before settling at 8.0-9.0 per cent by the end of the fiscal year in March.
A slide in prices of oil, India's biggest import, to around $117 a barrel from a record high above $147 in mid-July, is expected to ease the pressure on inflation.
However, analysts said pressure from primary articles and strong demand despite the several rounds of policy tightening would most likely propel inflation higher for some months.
Mastek hardens on large block deal
Mastek rose 0.71% to Rs 360 at 14:42 IST on BSE after about 12.88 lakh shares or 4.8% of the company’s equity changed hands in a block deal on BSE at Rs 361 each.
The stock hit a high of Rs 366 and a low of Rs 358.25 so far during the day. The stock had hit a 52-week high of Rs 419 on 12 October 2007 and a 52-week low of Rs 220 on 12 February 2008.
The company has an equity capital of Rs 13.81 crore. Face value per share is Rs 5.
The current price of Rs 360 discounts its Q4 June 2008 annualised EPS of Rs 46.61, by a PE multiple of 7.72.
In April 2008, Mastek in partnership with Thales, Fujitsu Services and Flyware won a 27-million-pound contract from the UK defence ministry.
Mastek’s net profit fell 1.56% to Rs 31.53 crore on 7.97% increase in net sales to Rs 158.82 crore in Q4 June 2008 over Q3 March 2008.
Mastek is an information technology (IT) player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.
The stock hit a high of Rs 366 and a low of Rs 358.25 so far during the day. The stock had hit a 52-week high of Rs 419 on 12 October 2007 and a 52-week low of Rs 220 on 12 February 2008.
The company has an equity capital of Rs 13.81 crore. Face value per share is Rs 5.
The current price of Rs 360 discounts its Q4 June 2008 annualised EPS of Rs 46.61, by a PE multiple of 7.72.
In April 2008, Mastek in partnership with Thales, Fujitsu Services and Flyware won a 27-million-pound contract from the UK defence ministry.
Mastek’s net profit fell 1.56% to Rs 31.53 crore on 7.97% increase in net sales to Rs 158.82 crore in Q4 June 2008 over Q3 March 2008.
Mastek is an information technology (IT) player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.
Pyramid Saimira Theatre recovers from 52-week trough
Pyramid Saimira Theatre rose nearly 3% to Rs 137.60 at 13:41 IST on BSE on reports the company is close to acquiring UK’s oldest theatre chain Reel Cinemas, earlier Associated British Cinemas or ABC, for around Rs 200 crore.
The stock hit a high of Rs 147.50 and a low of Rs 136 so far during the day. The stock had hit a 52-week high of Rs 551 on 31 December 2007. It had hit a 52-week low of Rs 130.50 yesterday, 27 August 2008.
On BSE, 4.01 lakh shares were traded in the counter. The scrip had an average daily volume of 4.06 lakh shares in the past one quarter to 22 August 2008.
The company has an equity capital of Rs 28.28 crore. Face value per share is Rs 10.
The current price of Rs 137.60 discounts the company’s Q1 June 2008 annualised EPS of Rs 19.09, by a PE multiple of 7.20.
Pyramid Saimira Theatre (PSTL) has already completed the due diligence exercise for Reel Cinemas few weeks ago and the deal is expected to be announced shortly, reports suggest.
Reel Cinemas has been operating in the UK for the past 70 years with a chain of 51 theatres. It has operations mainly in tire II and III cities of Great Britain and has gone through several changes in management control
PSTL operates in 6 countries. Its diversified businesses include exhibition (theatre), film and television content production, distribution, hospitality, food & beverages, animation and gaming and cine advertising.
Last year, PSTL had acquired the US-based theatre chain FunAsia of Texas, which operates multimedia entertainment venues in Houston and Dallas. It marked its foray into the US market.
PSTL’s net profit declined 15.7% to Rs 13.50 crore on 103.9% jump in sales to Rs 250.15 crore in Q1 June 2008 over Q1 June 2007.
The stock hit a high of Rs 147.50 and a low of Rs 136 so far during the day. The stock had hit a 52-week high of Rs 551 on 31 December 2007. It had hit a 52-week low of Rs 130.50 yesterday, 27 August 2008.
On BSE, 4.01 lakh shares were traded in the counter. The scrip had an average daily volume of 4.06 lakh shares in the past one quarter to 22 August 2008.
The company has an equity capital of Rs 28.28 crore. Face value per share is Rs 10.
The current price of Rs 137.60 discounts the company’s Q1 June 2008 annualised EPS of Rs 19.09, by a PE multiple of 7.20.
Pyramid Saimira Theatre (PSTL) has already completed the due diligence exercise for Reel Cinemas few weeks ago and the deal is expected to be announced shortly, reports suggest.
Reel Cinemas has been operating in the UK for the past 70 years with a chain of 51 theatres. It has operations mainly in tire II and III cities of Great Britain and has gone through several changes in management control
PSTL operates in 6 countries. Its diversified businesses include exhibition (theatre), film and television content production, distribution, hospitality, food & beverages, animation and gaming and cine advertising.
Last year, PSTL had acquired the US-based theatre chain FunAsia of Texas, which operates multimedia entertainment venues in Houston and Dallas. It marked its foray into the US market.
PSTL’s net profit declined 15.7% to Rs 13.50 crore on 103.9% jump in sales to Rs 250.15 crore in Q1 June 2008 over Q1 June 2007.
Zandu Pharma hits the roof
Zandu Pharmaceutical Works surged 5% to Rs 16,553.65 at 11:54 IST on BSE on reports the Company Law Board has dismissed a petition filed by the co-promoters of the company opposing an alleged take-over bid by rival Emami.
The stock hit a high of Rs 16,553.65 and a low of Rs 15,990 so far during the day. The stock had hit a 52-week high of Rs 24,643.20 on 24 July 2008 and a 52-week low of Rs 3,434.30 on 28 August 2007.
The company has an equity capital of Rs 8.06 crore. Face value per share is Rs 100.
The current price of Rs 16,553.65 discounts its Q1 June 2008 annualised EPS of Rs 245.66, by a PE multiple of 67.38.
In June 2008, Emami raised its stake in Zandu to 27.51% for an undisclosed amount. Personal care products maker Emami, which already held 3.7% stake in Zandu (as at end March 2008), acquired additional 24% stake from the Vaidya family, one of the two promoter groups, in Zandu Pharmaceutical Works through two off market deals
Later in August 2008, the Parikh famility, the other co-promoters of Zandu, approched the Bombay High Court claiming that they had the first right of refusal in buying the Vaidya family stake.
Zandu Pharmaceutical Works' net profit rose 58.7% to Rs 4.95 crore on 25.2% increase in net sales to Rs 30.90 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and marketing ayurvedic formulations like, avalehas, asavarishtas, ointment, churnas, tablets and pills as well as allopathic formulations like, tinctures, liquid extracts.
The stock hit a high of Rs 16,553.65 and a low of Rs 15,990 so far during the day. The stock had hit a 52-week high of Rs 24,643.20 on 24 July 2008 and a 52-week low of Rs 3,434.30 on 28 August 2007.
The company has an equity capital of Rs 8.06 crore. Face value per share is Rs 100.
The current price of Rs 16,553.65 discounts its Q1 June 2008 annualised EPS of Rs 245.66, by a PE multiple of 67.38.
In June 2008, Emami raised its stake in Zandu to 27.51% for an undisclosed amount. Personal care products maker Emami, which already held 3.7% stake in Zandu (as at end March 2008), acquired additional 24% stake from the Vaidya family, one of the two promoter groups, in Zandu Pharmaceutical Works through two off market deals
Later in August 2008, the Parikh famility, the other co-promoters of Zandu, approched the Bombay High Court claiming that they had the first right of refusal in buying the Vaidya family stake.
Zandu Pharmaceutical Works' net profit rose 58.7% to Rs 4.95 crore on 25.2% increase in net sales to Rs 30.90 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and marketing ayurvedic formulations like, avalehas, asavarishtas, ointment, churnas, tablets and pills as well as allopathic formulations like, tinctures, liquid extracts.
RIL leads 248-point Sensex fall -28th Aug-08
Intense selling in index heavyweight Reliance Industries (RIL) and bank stocks triggered a sell-off in late trade. The BSE 30-share Sensex lost 248.45 points. Concerns of high inflation and steady rise in crude oil prices for three consecutive sessions weighed on the sentiments. Volatility was high in the second half of the trading session ahead of the expiry of August 2008 derivatives contracts. The market breadth was weak.
Wednesday, August 27, 2008
Gold regains 12,000 level on firm global trends
Gold regains 12,000 level on firm global trends
27 Aug, 2008, 1630 hrs IST, PTI
NEW DELHI: Gold prices today rose by Rs 70 to breach the psychological Rs 12,000 level on the bullion market on heavy buying triggered by firm global trends.
The precious metal added Rs 70 to close at Rs 12,030 per 10 grams, while silver jumped by Rs 180 to settle at Rs 20,930 per kg on increased demand.
Buying activity picked up as gold firmed up in global markets, marketmen said.
The precious metals rose for the second day in Asia as the dollar declined from a six-month high against the euro and crude oil advanced, boosting the appeal of the metal as an alternative asset.
Buying by stockists at existing lower levels to meet the demand during marriage and festival season also supported upward trend, traders said.
Standard gold and ornaments climbed by Rs 70 each to Rs 12,030 and Rs 11,880 per 10 gram respectively, the levels last seen on August 22. Sovereign, however, held steady at Rs 9,900 per piece of eight gram.
Silver ready shot up by Rs 180 to Rs 20,930 per kg and weekly-based delivery by Rs 75 to Rs 20,275 per kg on buying by industrial units and jewellery fabricators.
On the other hand, silver coins traded around previous level of Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.
27 Aug, 2008, 1630 hrs IST, PTI
NEW DELHI: Gold prices today rose by Rs 70 to breach the psychological Rs 12,000 level on the bullion market on heavy buying triggered by firm global trends.
The precious metal added Rs 70 to close at Rs 12,030 per 10 grams, while silver jumped by Rs 180 to settle at Rs 20,930 per kg on increased demand.
Buying activity picked up as gold firmed up in global markets, marketmen said.
The precious metals rose for the second day in Asia as the dollar declined from a six-month high against the euro and crude oil advanced, boosting the appeal of the metal as an alternative asset.
Buying by stockists at existing lower levels to meet the demand during marriage and festival season also supported upward trend, traders said.
Standard gold and ornaments climbed by Rs 70 each to Rs 12,030 and Rs 11,880 per 10 gram respectively, the levels last seen on August 22. Sovereign, however, held steady at Rs 9,900 per piece of eight gram.
Silver ready shot up by Rs 180 to Rs 20,930 per kg and weekly-based delivery by Rs 75 to Rs 20,275 per kg on buying by industrial units and jewellery fabricators.
On the other hand, silver coins traded around previous level of Rs 27,900 for buying and Rs 28,000 for selling of 100 pieces.
J Kumar Infraprojects moves north on new order win
J Kumar Infraprojects galloped 5.36% to Rs 90.50 at 15:24 IST on BSE after the company said it has bagged an order worth Rs 62 crore from Pune Municipal Corporation to construct bridge-cum-flyover.
The stock hit a high of Rs 92.60 and a low of Rs 86 so far during the day. The stock had hit a 52-week high of Rs 131.45 on 22 May 2008 and a 52-week low of Rs 70.55 on 4 July 2008.
The company has an equity capital of Rs 20.72 crore. Face value per share is Rs 10.
The current price of Rs 90.50 discounts its Q1 June 2008 annualised EPS of Rs 14.63, by a PE multiple of 6.19.
With this latest order, the company’s order book stands at Rs 746.95 crore.
In July 2008, J Kumar Infraprojects bagged two different orders aggregating Rs 53 crore
The company reported net profit of Rs 7.58 crore from net sales of Rs 89.41 crore in Q1 June 2008. Figures of the previous corresponding period were not available.
J Kumar Infraprojects is a civil engineering and infrastructure development company with primary focus on development of roads, flyovers, bridges, railway over bridges, irrigation projects, commercial and residential buildings, railway buildings, sports complexes and airport contracts.
The stock hit a high of Rs 92.60 and a low of Rs 86 so far during the day. The stock had hit a 52-week high of Rs 131.45 on 22 May 2008 and a 52-week low of Rs 70.55 on 4 July 2008.
The company has an equity capital of Rs 20.72 crore. Face value per share is Rs 10.
The current price of Rs 90.50 discounts its Q1 June 2008 annualised EPS of Rs 14.63, by a PE multiple of 6.19.
With this latest order, the company’s order book stands at Rs 746.95 crore.
In July 2008, J Kumar Infraprojects bagged two different orders aggregating Rs 53 crore
The company reported net profit of Rs 7.58 crore from net sales of Rs 89.41 crore in Q1 June 2008. Figures of the previous corresponding period were not available.
J Kumar Infraprojects is a civil engineering and infrastructure development company with primary focus on development of roads, flyovers, bridges, railway over bridges, irrigation projects, commercial and residential buildings, railway buildings, sports complexes and airport contracts.
SEL Manufacturing recovers
SEL Manufacturing was down 0.75% to Rs 284.95 at 14:01 IST on BSE, having recovered from the session's low of Rs 276.15, after the company clarified that the Russia-Georgia conflict has not affected its exports to Russia
The stock hit a high of Rs 290.70 and a low of Rs 276.15 so far during the day. The stock had hit a 52-week high of Rs 757 on 5 August 2008 and a 52-week low of Rs 76.65 on 22 October 2007.
The stock suffered a sharp fall recently, plunging 54.14% to Rs 287.10 on 26 August 2008 from Rs 626.10 on 7 August 2008 spooked by heavy offloading from Nirmal Kotecha, a high networth individual, on concerns the company's exports to Russia will be affected by the Russia-Georgia conflict.
The company has an equity capital of Rs 17.17 crore. Face value per share is Rs 10.
The current price of Rs 284.95 discounts its Q1 June 2008 annualised EPS of Rs 46.06, by a PE multiple of 6.19.
SEL today clarified that its operations are running as per schedule and it does not foresee any adverse impact on its operations/revenue due to the Russia-Georgia conflict. The company said it had recently won an export order for supplying 1.1 million pieces of readymade garments to a Russian customer
In April 2008, the company’s board approved a Rs 611.67-crore expansion project for setting up technical textile facility in Punjab. The company would set up a facility to manufacture technical textiles having a capacity of 90 tonnes per day (tpd).
SEL Manufacturing Company’s net profit surged 215.3% to Rs 19.14 crore on 209.2% increase in net sales to Rs 176.87 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures and exports knitted garments, fabrics and combed and carded yarn.
The stock hit a high of Rs 290.70 and a low of Rs 276.15 so far during the day. The stock had hit a 52-week high of Rs 757 on 5 August 2008 and a 52-week low of Rs 76.65 on 22 October 2007.
The stock suffered a sharp fall recently, plunging 54.14% to Rs 287.10 on 26 August 2008 from Rs 626.10 on 7 August 2008 spooked by heavy offloading from Nirmal Kotecha, a high networth individual, on concerns the company's exports to Russia will be affected by the Russia-Georgia conflict.
The company has an equity capital of Rs 17.17 crore. Face value per share is Rs 10.
The current price of Rs 284.95 discounts its Q1 June 2008 annualised EPS of Rs 46.06, by a PE multiple of 6.19.
SEL today clarified that its operations are running as per schedule and it does not foresee any adverse impact on its operations/revenue due to the Russia-Georgia conflict. The company said it had recently won an export order for supplying 1.1 million pieces of readymade garments to a Russian customer
In April 2008, the company’s board approved a Rs 611.67-crore expansion project for setting up technical textile facility in Punjab. The company would set up a facility to manufacture technical textiles having a capacity of 90 tonnes per day (tpd).
SEL Manufacturing Company’s net profit surged 215.3% to Rs 19.14 crore on 209.2% increase in net sales to Rs 176.87 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures and exports knitted garments, fabrics and combed and carded yarn.
Jindal Photo plans to delist from BSE
Jindal Photo surged 11.69% to Rs 150 at 14:06 IST on BSE after its board decided to delist the shares from the Bombay Stock Exchange.
The company made the announcement after market hours yesterday, 26 August 2008.
The stock is listed on BSE as well as NSE.
The stock hit a high of Rs 161.25 and a low of Rs 145.05 so far during the day. The stock had a 52-week high of Rs 428.85 on 8 January 2008 and a 52-week low of Rs 115.15 on 18 July 2008.
The small-cap photographic equipment maker has an equity capital of Rs 10.26 crore. Face value per share is Rs 10.
The current price of Rs 150 discounts its Q1 June 2008 annualised EPS of Rs 54.11, by a PE multiple of 2.77.
Jindal Photo’s net profit rose 8.4% to Rs 13.88 crore on a 1.1% rise in sales to Rs 99.34 crore in Q1 June 2008 over Q1 June 2007.
Jindal Photo manufactures photographic supplies. The company produces photographic film, and markets digital and film cameras.
The company made the announcement after market hours yesterday, 26 August 2008.
The stock is listed on BSE as well as NSE.
The stock hit a high of Rs 161.25 and a low of Rs 145.05 so far during the day. The stock had a 52-week high of Rs 428.85 on 8 January 2008 and a 52-week low of Rs 115.15 on 18 July 2008.
The small-cap photographic equipment maker has an equity capital of Rs 10.26 crore. Face value per share is Rs 10.
The current price of Rs 150 discounts its Q1 June 2008 annualised EPS of Rs 54.11, by a PE multiple of 2.77.
Jindal Photo’s net profit rose 8.4% to Rs 13.88 crore on a 1.1% rise in sales to Rs 99.34 crore in Q1 June 2008 over Q1 June 2007.
Jindal Photo manufactures photographic supplies. The company produces photographic film, and markets digital and film cameras.
Stone India speeds up on deal with US firm
Stone India gained 1.50% to Rs 54.25 at 12:57 IST on BSE after the company signed a memorandum of understanding with RailRunner Inc of United States to introduce the latest intermodal freight cars and transportation technology & system in India.
The stock hit a high of Rs 56.05 and a low of Rs 51.10 so far during the day. The stock had hit a 52-week high of Rs 248 on 2 January 2008 and a 52-week low of Rs 46.15 on 22 July 2008.
The company has an equity capital of Rs 7.60 crore. Face value per share is Rs 10.
The current price of Rs 54.25 discounts its Q1 June 2008 annualised EPS of Rs 44.49, by a PE multiple of 10.13.
Stone India reported a net loss of Rs 0.27 crore in Q1 June 2008 as compared to net profit of Rs 3.78 crore in Q1 June 2007. Net sales rose 1.8% to Rs 21.48 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures railway products.
The stock hit a high of Rs 56.05 and a low of Rs 51.10 so far during the day. The stock had hit a 52-week high of Rs 248 on 2 January 2008 and a 52-week low of Rs 46.15 on 22 July 2008.
The company has an equity capital of Rs 7.60 crore. Face value per share is Rs 10.
The current price of Rs 54.25 discounts its Q1 June 2008 annualised EPS of Rs 44.49, by a PE multiple of 10.13.
Stone India reported a net loss of Rs 0.27 crore in Q1 June 2008 as compared to net profit of Rs 3.78 crore in Q1 June 2007. Net sales rose 1.8% to Rs 21.48 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures railway products.
Videocon Industries strengthens on overseas acquisition
Videocon Industries gained 1.65% to Rs 276.70 at 12:33 IST on BSE after the company said its overseas unit Videocon Energy Ventures has acquired 10% stake in Mozambique’s Rovuma Offshore Area 1 block from US firm Anadarko Petroleum Corporation.
The stock hit a high of Rs 280.90 and a low of Rs 269.65 so far during the day. The stock had hit a 52-week high of Rs 868.65 on 1 January 2008 and a 52-week low of Rs 242 on 24 March 2008.
The company has an equity capital of Rs 229.45 crore. Face value per share is Rs 10.
The current price of Rs 77 discounts its Q3 June 2008 annualised EPS of Rs 44.49, by a PE multiple of 10.13.
Videocon's capital outlay for the transaction is estimated at $78 million, which will be incurred by 2011.
Videocon Industries’ net profit rose 4.1% to Rs 255.07 crore on 18.5% increase in net sales to Rs 2612.90 crore in Q3 June 2008 over Q3 June 2007.
Videocon Industries' principal activity is to manufacture and market consumer electronics and home appliances. The company also has interest in segments like crude oil and natural gas.
The stock hit a high of Rs 280.90 and a low of Rs 269.65 so far during the day. The stock had hit a 52-week high of Rs 868.65 on 1 January 2008 and a 52-week low of Rs 242 on 24 March 2008.
The company has an equity capital of Rs 229.45 crore. Face value per share is Rs 10.
The current price of Rs 77 discounts its Q3 June 2008 annualised EPS of Rs 44.49, by a PE multiple of 10.13.
Videocon's capital outlay for the transaction is estimated at $78 million, which will be incurred by 2011.
Videocon Industries’ net profit rose 4.1% to Rs 255.07 crore on 18.5% increase in net sales to Rs 2612.90 crore in Q3 June 2008 over Q3 June 2007.
Videocon Industries' principal activity is to manufacture and market consumer electronics and home appliances. The company also has interest in segments like crude oil and natural gas.
Tech Mahindra gains on BT exit buzz
Tech Mahindra rose 0.92% to Rs 792.05 at 11:49 IST on BSE on reports BT group is planning to sell its 31% stake in the firm, having decided that the holding does not fit its long-term strategy.
However, the management of Tech Mahindra has denied any knowledge of British Telecommunications (BT), its long-term joint venture partner, contemplating selling its stake in the company, according to a business news channel..
The stock hit a high of Rs 802 and a low of Rs 787.10 so far during the day. The stock had a 52-week high of Rs 1550 on 11 October 2007 and a 52-week low of Rs 614.80 on 17 March 2008.
The mid-cap software services company has an equity capital of Rs 121.64 crore. Face value per share is Rs 10.
The current price of Rs 792.05 discounts its Q1 June 2008 annualised EPS of Rs 83.74, by a PE multiple of 9.45.
"We are not aware of the move from BT's side," a top Tech Mahindra official was quoted as saying by a business news channel. "We have received long-term business commitments from BT in the last two years," he added.
Mahindra & Mahindra owns about 44.25% in Tech Mahindra (as on 30 June 2008).
Tech Mahindra reported a net profit of Rs 254.36 crore in Q1 June 2008 as against a net loss of Rs 207 crore in Q4 March 2008. Sales rose 11.10% to Rs 1100.70 crore in Q1 June 2008 over Q4 March 2007.
Tech Mahindra develops and markets computer software for the telecom sector.
However, the management of Tech Mahindra has denied any knowledge of British Telecommunications (BT), its long-term joint venture partner, contemplating selling its stake in the company, according to a business news channel..
The stock hit a high of Rs 802 and a low of Rs 787.10 so far during the day. The stock had a 52-week high of Rs 1550 on 11 October 2007 and a 52-week low of Rs 614.80 on 17 March 2008.
The mid-cap software services company has an equity capital of Rs 121.64 crore. Face value per share is Rs 10.
The current price of Rs 792.05 discounts its Q1 June 2008 annualised EPS of Rs 83.74, by a PE multiple of 9.45.
"We are not aware of the move from BT's side," a top Tech Mahindra official was quoted as saying by a business news channel. "We have received long-term business commitments from BT in the last two years," he added.
Mahindra & Mahindra owns about 44.25% in Tech Mahindra (as on 30 June 2008).
Tech Mahindra reported a net profit of Rs 254.36 crore in Q1 June 2008 as against a net loss of Rs 207 crore in Q4 March 2008. Sales rose 11.10% to Rs 1100.70 crore in Q1 June 2008 over Q4 March 2007.
Tech Mahindra develops and markets computer software for the telecom sector.
GEI Industrial Systems bagged Export orders
GEI Industrial Systems gained 1.78% to Rs 77 at 11:24 IST on BSE after the company bagged three orders worth Rs 40 crore from three different buyers for supply of air cooled steam condensers.
The stock hit a high of Rs 79.90 and a low of Rs 75.65 so far during the day. The stock had hit a 52-week high of Rs 152 on 3 January 2008 and a 52-week low of Rs 53 on 3 July 2008.
The company has an equity capital of Rs 14.27 crore. Face value per share is Rs 10.
The current price of Rs 77 discounts its Q1 June 2008 annualised EPS of Rs 7.60, by a PE multiple of 10.13.
In July 2008, GEI Industrial Systems bagged an order worth Rs 50 crore from Essar Construction for a refinery expansion project in Vadinar, Gujarat for supply of air-cooled heat exchangers.
In March 2008, GEI Industrial Systems bagged an order worth Rs 30 crore from Essar Construction for the same project for which it has now got an order.
GEI Industrial Systems’ net profit surged 77.1% to Rs 2.71 crore on 32.5% increase in net sales to Rs 36.62 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing air-cooled heat exchanger and fin tubes. It provides innovative engineering systems and solutions. The products include air cooled heat exchangers, air cooled steam condensers, plant thermal equipments, water cooling modules and air blast oil coolers, radiators for gas and diesel engines, inter and after coolers for compressors, modular oil coolers for large transformers, coolers for motors and generators and finned tubes.
The stock hit a high of Rs 79.90 and a low of Rs 75.65 so far during the day. The stock had hit a 52-week high of Rs 152 on 3 January 2008 and a 52-week low of Rs 53 on 3 July 2008.
The company has an equity capital of Rs 14.27 crore. Face value per share is Rs 10.
The current price of Rs 77 discounts its Q1 June 2008 annualised EPS of Rs 7.60, by a PE multiple of 10.13.
In July 2008, GEI Industrial Systems bagged an order worth Rs 50 crore from Essar Construction for a refinery expansion project in Vadinar, Gujarat for supply of air-cooled heat exchangers.
In March 2008, GEI Industrial Systems bagged an order worth Rs 30 crore from Essar Construction for the same project for which it has now got an order.
GEI Industrial Systems’ net profit surged 77.1% to Rs 2.71 crore on 32.5% increase in net sales to Rs 36.62 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing air-cooled heat exchanger and fin tubes. It provides innovative engineering systems and solutions. The products include air cooled heat exchangers, air cooled steam condensers, plant thermal equipments, water cooling modules and air blast oil coolers, radiators for gas and diesel engines, inter and after coolers for compressors, modular oil coolers for large transformers, coolers for motors and generators and finned tubes.
Kilburn Engineering gallops on export order
Kilburn Engineering jumped 9.04% to Rs 38 at 11:07 IST on BSE after the company said it has received export orders aggregating to Rs 14.90 crore.
The company made this announcement during trading hours today, 27 August 2008.
The stock hit a high of Rs 38 and a low of Rs 35 so far during the day. The stock had hit a 52-week high of Rs 76 on 19 November 2007 and a 52-week low of Rs 24 on 21 July 2008.
The company has an equity capital of Rs 13.50 crore. Face value per share is Rs 10.
In July 2008, Kilburn Engineering bagged export orders aggregating to Rs 14.87 crore for supplying rotary/fluid bed driers.
In April 2008, the company received an order worth Rs 11 crore from GHCL for manufacture of Calciner.
Kilburn Engineering reported a net loss of Rs 2.83 crore in Q1 June 2008 as compared to net profit of Rs 0.25 crore in Q1 June 2007. Net sales fell 77.7% to Rs 3.05 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to design, manufacture, supply and installation of various types of drying systems for chemical, petrochemicals, food, oil, gas and other industries.
The company made this announcement during trading hours today, 27 August 2008.
The stock hit a high of Rs 38 and a low of Rs 35 so far during the day. The stock had hit a 52-week high of Rs 76 on 19 November 2007 and a 52-week low of Rs 24 on 21 July 2008.
The company has an equity capital of Rs 13.50 crore. Face value per share is Rs 10.
In July 2008, Kilburn Engineering bagged export orders aggregating to Rs 14.87 crore for supplying rotary/fluid bed driers.
In April 2008, the company received an order worth Rs 11 crore from GHCL for manufacture of Calciner.
Kilburn Engineering reported a net loss of Rs 2.83 crore in Q1 June 2008 as compared to net profit of Rs 0.25 crore in Q1 June 2007. Net sales fell 77.7% to Rs 3.05 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to design, manufacture, supply and installation of various types of drying systems for chemical, petrochemicals, food, oil, gas and other industries.
Tuesday, August 26, 2008
Firstsource Solutions soars
Shares of back-office firm Firstsource Solutions surged 23.19% to Rs 48.60 at 15:26 IST on BSE, boosted by fall in rupee against the dollar.
The stock hit a high of Rs 49.20 and a low of Rs 38.95 so far during the day. The stock had a 52-week high of Rs 89.80 on 3 January 2008 and a 52-week low of Rs 28.80 on 2 July 2008.
Firstsource Solutions was added for trading in futures & options segment of the National Stock Exchange (NSE) from 21 August 2008.
The mid-cap business process outsourcing services provider has an equity capital of Rs 428.02 crore. Face value per share is Rs 10.
The Indian rupee fell to 17-month lows on Tuesday, 26 August 2008 and weakened beyond 44 per dollar, weighed down by weak Asian indices and greater demand for the US dollar from oil importers. Firstsource Solutions derives close to 62% cent of its revenues from North America and about 28% from the UK.
Firstsource Solutions reported a net loss of Rs 58.22 crore in Q1 June 2008 as against net profit of Rs 8.33 crore in Q4 March 2008. Sales rose 0.05% to Rs 134.93 crore in Q1 June 2008 over Q4 March 2008.
Firstsource Solutions provides business process outsourcing services. The company provides services globally to companies in the banking, financial services, and insurance industries.
The stock hit a high of Rs 49.20 and a low of Rs 38.95 so far during the day. The stock had a 52-week high of Rs 89.80 on 3 January 2008 and a 52-week low of Rs 28.80 on 2 July 2008.
Firstsource Solutions was added for trading in futures & options segment of the National Stock Exchange (NSE) from 21 August 2008.
The mid-cap business process outsourcing services provider has an equity capital of Rs 428.02 crore. Face value per share is Rs 10.
The Indian rupee fell to 17-month lows on Tuesday, 26 August 2008 and weakened beyond 44 per dollar, weighed down by weak Asian indices and greater demand for the US dollar from oil importers. Firstsource Solutions derives close to 62% cent of its revenues from North America and about 28% from the UK.
Firstsource Solutions reported a net loss of Rs 58.22 crore in Q1 June 2008 as against net profit of Rs 8.33 crore in Q4 March 2008. Sales rose 0.05% to Rs 134.93 crore in Q1 June 2008 over Q4 March 2008.
Firstsource Solutions provides business process outsourcing services. The company provides services globally to companies in the banking, financial services, and insurance industries.
Pennar Industries slides after large block deal
Pennar Industries slipped 4.95% to Rs 31.70 at 14:05 IST on BSE after 1.30 crore shares or 10.28% of the company’s equity changed hands in a block deal on BSE at a weighted average price of Rs 32.47 each.
The stock hit a high of Rs 34.10 and a low of Rs 31.70 so far during the day. The stock had hit a 52-week high of Rs 46.60 on 3 January 2008 and a 52-week low of Rs 20.10 on 2 November 2007.
The company has an equity capital of Rs 63.24 crore. Face value per share is Rs 5.
The current price of Rs 31.70 discounts its Q1 June 2008 annualised EPS of Rs 3.06, by a PE multiple of 10.36.
In an announcement to BSE, Pennar Industries today, 26 August 2008, said Hyderabad's JR Realtor Services had acquired 1.30 crore shares or 10.28% of its share capital.
Promoters hold 34.76% stake in the company (as on 30 June 2008)
Pennar Industries’ net profit rose 26.9% to Rs 9.66 crore on 37% increase in net sales to Rs 176.65 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing steel products. The company manufactures cold rolled steel strips, cold formed metal profiles and pressed components. It exports to China, Indonesia, Belgium, Thailand, Nigeria, France, Brazil and Saudi Arabia.
The stock hit a high of Rs 34.10 and a low of Rs 31.70 so far during the day. The stock had hit a 52-week high of Rs 46.60 on 3 January 2008 and a 52-week low of Rs 20.10 on 2 November 2007.
The company has an equity capital of Rs 63.24 crore. Face value per share is Rs 5.
The current price of Rs 31.70 discounts its Q1 June 2008 annualised EPS of Rs 3.06, by a PE multiple of 10.36.
In an announcement to BSE, Pennar Industries today, 26 August 2008, said Hyderabad's JR Realtor Services had acquired 1.30 crore shares or 10.28% of its share capital.
Promoters hold 34.76% stake in the company (as on 30 June 2008)
Pennar Industries’ net profit rose 26.9% to Rs 9.66 crore on 37% increase in net sales to Rs 176.65 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing steel products. The company manufactures cold rolled steel strips, cold formed metal profiles and pressed components. It exports to China, Indonesia, Belgium, Thailand, Nigeria, France, Brazil and Saudi Arabia.
Sasken Communication on buyback plans
Sasken Communication Technologies rose 0.72% to Rs 154.20 at 12:57 IST on BSE after the company said it has filed an appeal before the Securities Appellate Tribunal to proceed with its proposed buyback of shares.
The company made this announcement before trading hours today, 26 August 2008.
The stock hit a high of Rs 158.80 and a low of Rs 151.10 so far during the day. The stock had hit a 52-week high of Rs 407 on 4 September 2007 and a 52-week low of Rs 84 on 24 March 2008.
The company has an equity capital of Rs 28.56 crore. Face value per share is Rs 10.
The current price of Rs 154.20 discounts its Q1 June 2008 annualised EPS of Rs 12.82, by a PE multiple of 12.03.
The stock market regulator Securities and Exchange Board of India (Sebi) had imposed certain conditions and directives in the implementation of its buy back, Sasken Communication said.
The company in its appeal has said it should be allowed to proceed with the buyback scheme with the same conditions as set out in its original announcement. Sasken had announced its share buyback via a public announcement on 18 April 2008, and then subsequently on 2 May 2008 postponed it, pending approval from Sebi.
Sasken Communication Technologies’ net profit rose 29.24% to Rs 9.15 crore in Q1 June 2008 over Q4 March 2008. Total income rose 7.81% to Rs 110.72 crore in Q1 June 2008 over Q4 March 2008.
The company provides telecommunication software services and solutions. The group operates in three segments, software services, software products and network engineering services.
The company made this announcement before trading hours today, 26 August 2008.
The stock hit a high of Rs 158.80 and a low of Rs 151.10 so far during the day. The stock had hit a 52-week high of Rs 407 on 4 September 2007 and a 52-week low of Rs 84 on 24 March 2008.
The company has an equity capital of Rs 28.56 crore. Face value per share is Rs 10.
The current price of Rs 154.20 discounts its Q1 June 2008 annualised EPS of Rs 12.82, by a PE multiple of 12.03.
The stock market regulator Securities and Exchange Board of India (Sebi) had imposed certain conditions and directives in the implementation of its buy back, Sasken Communication said.
The company in its appeal has said it should be allowed to proceed with the buyback scheme with the same conditions as set out in its original announcement. Sasken had announced its share buyback via a public announcement on 18 April 2008, and then subsequently on 2 May 2008 postponed it, pending approval from Sebi.
Sasken Communication Technologies’ net profit rose 29.24% to Rs 9.15 crore in Q1 June 2008 over Q4 March 2008. Total income rose 7.81% to Rs 110.72 crore in Q1 June 2008 over Q4 March 2008.
The company provides telecommunication software services and solutions. The group operates in three segments, software services, software products and network engineering services.
TTK Prestige shoots uper Circuit on delisting proposal
TTK Prestige surged 16.87% to Rs 154 at 12:05 IST on BSE after the firm said its board will meet on 1 September 2008 to consider delisting of equity shares from BSE and NSE.
The stock hit a high of Rs 158.55 and a low of Rs 135.10 so far during the day. The stock had 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 small-cap pressure cooker maker has an equity capital of Rs 11.35 crore. Face value per share is Rs 10.
The current price of Rs 154 discounts its Q1 June 2008 annualised EPS of Rs 18.01, by a PE multiple of 8.55.
TTK Prestige’s net profit rose 19.20% to Rs 5.10 crore on a 13.10% rise in 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.
The promoters hold 72.37% in TTK Prestige (as on 30 June 2008).
The stock hit a high of Rs 158.55 and a low of Rs 135.10 so far during the day. The stock had 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 small-cap pressure cooker maker has an equity capital of Rs 11.35 crore. Face value per share is Rs 10.
The current price of Rs 154 discounts its Q1 June 2008 annualised EPS of Rs 18.01, by a PE multiple of 8.55.
TTK Prestige’s net profit rose 19.20% to Rs 5.10 crore on a 13.10% rise in 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.
The promoters hold 72.37% in TTK Prestige (as on 30 June 2008).
RIL slips on transfer of KG block to unlisted subsidiaries.
Reliance Industries slipped 2.73% to Rs 2170 at 11:20 IST on BSE on reports the firm may transfer 80% of its participatory interest in the D6 Krishna Godavari block to its four unlisted subsidiaries.
The stock hit a high of Rs 2222 and a low of Rs 2160.60 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 1774 on 27 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 2170 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 19.19.
According to reports, Reliance Industries (RIL) has sought the petroleum ministry’s approval for transferring 80% of its participatory interest (PI) in the famous D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries -- Reliance KG Exploration and Development, Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG
The ministry, in turn, has asked the upstream regulator, the Directorate General of Hydrocarbons (DGH), to furnish a list of similar cases where more than 50% of PI in blocks have been transferred to affiliates, the reports added.
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.
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.
GAMES COMPANIES PLAY
The stock hit a high of Rs 2222 and a low of Rs 2160.60 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 1774 on 27 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 2170 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 19.19.
According to reports, Reliance Industries (RIL) has sought the petroleum ministry’s approval for transferring 80% of its participatory interest (PI) in the famous D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries -- Reliance KG Exploration and Development, Reliance KG D6 E&P, Reliance KG Basin and Reliance E&P KG
The ministry, in turn, has asked the upstream regulator, the Directorate General of Hydrocarbons (DGH), to furnish a list of similar cases where more than 50% of PI in blocks have been transferred to affiliates, the reports added.
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.
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.
GAMES COMPANIES PLAY
Astra Microwave gains on new order win
Astra Microwave Products gained 1.24% to Rs 57 at 11:01 IST on BSE after the company said it has secured an order worth Rs 25.50 crore from the Indian Meteorlogical Department for commissioning automatic weather stations in 550 locations across India
The company made this announcement during trading hours today, 26 August 2008.
The stock hit a high of Rs 59.80 and a low of Rs 55.20 so far during the day. The stock had hit a 52-week high of Rs 178 on 2 January 2008 and a 52-week low of Rs 36.50 on 1 July 2008.
The company has an equity capital of Rs 10.81 crore. Face value per share is Rs 2.
The current price of Rs 57 discounts its Q1 June 2008 annualised EPS of Rs 1.22, by a PE multiple of 46.72.
In March 2008, the company received an order worth Rs 21.60 crore from ISRO Telemetry Tracking and Command Network, Bangalore.
Astra Microwave Products’ net profit declined 12.2% to Rs 1.65 crore on 9.5% growth in net sales to Rs 16.77 crore in Q1 June 2008 Q1 June 2007.
The company is engaged in designing and manufacturing high value added RF and microwave super components and sub systems. The products are widely used in VSAT operations, radars, navigational equipment, public mobile trunk radio, WLL, cellular GSM/DCS or PCS networks.
The company made this announcement during trading hours today, 26 August 2008.
The stock hit a high of Rs 59.80 and a low of Rs 55.20 so far during the day. The stock had hit a 52-week high of Rs 178 on 2 January 2008 and a 52-week low of Rs 36.50 on 1 July 2008.
The company has an equity capital of Rs 10.81 crore. Face value per share is Rs 2.
The current price of Rs 57 discounts its Q1 June 2008 annualised EPS of Rs 1.22, by a PE multiple of 46.72.
In March 2008, the company received an order worth Rs 21.60 crore from ISRO Telemetry Tracking and Command Network, Bangalore.
Astra Microwave Products’ net profit declined 12.2% to Rs 1.65 crore on 9.5% growth in net sales to Rs 16.77 crore in Q1 June 2008 Q1 June 2007.
The company is engaged in designing and manufacturing high value added RF and microwave super components and sub systems. The products are widely used in VSAT operations, radars, navigational equipment, public mobile trunk radio, WLL, cellular GSM/DCS or PCS networks.
Bosch speeds up on buyback plan
Bosch soared 15.08% to Rs 4201 at 10:21 IST on BSE after the company said its board will meet on 2 September 2008 to consider a share buyback.
The company made the announcement after market hours on Monday, 25 August 2008.
The stock hit a high of Rs 4294.95 and a low of Rs 4200 so far during the day. The stock had a 52-week high of Rs 5880 on 4 December 2007 and a 52-week low of Rs 3252.20 on 22 January 2008.
The mid-cap auto part maker has an equity capital of Rs 32.05 crore. Face value per share is Rs 10.
The current price of Rs 4201 discounts its Q2 June 2008 annualised EPS of Rs 274.22, by a PE multiple of 15.31.
Bosch’s net profit rose 33.8% to Rs 219.72 crore on a 13.1% rise in sales to Rs 1221.08 crore in Q2 June 2008 over Q2 June 2007.
Bosch, formerly Motor Industries Company, is engaged in manufacturing automotive products and non-automotive products such as industrial equipments and consumer goods. Products include industrial equipment, auto electrical equipment, gear pumps for tractor applications, electric power tools, packaging machines, security technology products and blaupunkt car multimedia systems.
The company made the announcement after market hours on Monday, 25 August 2008.
The stock hit a high of Rs 4294.95 and a low of Rs 4200 so far during the day. The stock had a 52-week high of Rs 5880 on 4 December 2007 and a 52-week low of Rs 3252.20 on 22 January 2008.
The mid-cap auto part maker has an equity capital of Rs 32.05 crore. Face value per share is Rs 10.
The current price of Rs 4201 discounts its Q2 June 2008 annualised EPS of Rs 274.22, by a PE multiple of 15.31.
Bosch’s net profit rose 33.8% to Rs 219.72 crore on a 13.1% rise in sales to Rs 1221.08 crore in Q2 June 2008 over Q2 June 2007.
Bosch, formerly Motor Industries Company, is engaged in manufacturing automotive products and non-automotive products such as industrial equipments and consumer goods. Products include industrial equipment, auto electrical equipment, gear pumps for tractor applications, electric power tools, packaging machines, security technology products and blaupunkt car multimedia systems.
Infosys inches ahead on large overseas acquisition
Infosys Technologies gained 0.41% to Rs 1710 at 9:56 IST on BSE after the company said it has agreed to acquire UK based SAP consulting company Axon Group plc, for 407.1 million pounds or Rs 3310 crore.
Infosys' American depository receipt lost almost 4% on the Nasdaq yesterday, 25 August 2008, after the announcement. The company made the announcement after trading hours in India and before trading hours in the US.
The stock hit a high of Rs 1710 and a low of Rs 1695 so far during the day. The stock had hit a 52-week high of Rs 2140 on 10 October 2007 and a 52-week low of Rs 1212.20 on 22 January 2008.
The company has an equity capital of Rs 286.17 crore. Face value per share is Rs 5.
The current price of Rs 1710 discounts its Q1 June 2008 annualised EPS of Rs 88.25, by a PE multiple of 19.38.
Axon provides consultancy services to multinational organizations that have chosen SAP as their strategic enterprise platform and has about 2000 employees. Axon reported profit after taxation of 20.2 million pounds (Rs 160 crore) on revenue of 204.5 million pounds or Rs 1660 crore in the year ended 31 December 2007.
Infosys Technologies’ net profit rose 6.64% to Rs 4516 crore on 6.77% growth in net sales to Rs 1262 crore in Q1 June 2008 over Q4 March 2008.
Infosys provides information technology (IT) services. The group's services include consulting, software development, software re-engineering, systems integration, package evaluation and implementation, software maintenance and business process management.
Infosys' American depository receipt lost almost 4% on the Nasdaq yesterday, 25 August 2008, after the announcement. The company made the announcement after trading hours in India and before trading hours in the US.
The stock hit a high of Rs 1710 and a low of Rs 1695 so far during the day. The stock had hit a 52-week high of Rs 2140 on 10 October 2007 and a 52-week low of Rs 1212.20 on 22 January 2008.
The company has an equity capital of Rs 286.17 crore. Face value per share is Rs 5.
The current price of Rs 1710 discounts its Q1 June 2008 annualised EPS of Rs 88.25, by a PE multiple of 19.38.
Axon provides consultancy services to multinational organizations that have chosen SAP as their strategic enterprise platform and has about 2000 employees. Axon reported profit after taxation of 20.2 million pounds (Rs 160 crore) on revenue of 204.5 million pounds or Rs 1660 crore in the year ended 31 December 2007.
Infosys Technologies’ net profit rose 6.64% to Rs 4516 crore on 6.77% growth in net sales to Rs 1262 crore in Q1 June 2008 over Q4 March 2008.
Infosys provides information technology (IT) services. The group's services include consulting, software development, software re-engineering, systems integration, package evaluation and implementation, software maintenance and business process management.
Monday, August 25, 2008
Rural Electrification Corporation Fund raising plan
Rural Electrification Corporation rose 1.06% to Rs 86.05 at 14:07 IST on BSE on reports the company plans to raise Rs 5510 crore debt in both local and overseas markets to meet its onward-lending requirement in the current financial year.
The stock hit a high of Rs 87.25 and a low of Rs 85.55 so far during the day. The stock had hit a 52-week high of Rs 128.40 on 12 March 2008 and a 52-week low of Rs 72.60 on 16 July 2008.
The company has an equity capital of Rs 858.66 crore. Face value per share is Rs 10.
The current price of Rs 86.05 discounts its Q1 June 2008 annualised EPS of Rs 12.70, by a PE multiple of 5.46.
Rural Electrification Corporation (REC)’s net profit rose 58.4% to Rs 272.56 crore on 35.5% increase in net sales to Rs 995.84 crore in Q1 June 2008 over Q1 June 2007.
REC is a term lending institution and a government enterprise, is engaged in the business of lending to power projects.
The stock hit a high of Rs 87.25 and a low of Rs 85.55 so far during the day. The stock had hit a 52-week high of Rs 128.40 on 12 March 2008 and a 52-week low of Rs 72.60 on 16 July 2008.
The company has an equity capital of Rs 858.66 crore. Face value per share is Rs 10.
The current price of Rs 86.05 discounts its Q1 June 2008 annualised EPS of Rs 12.70, by a PE multiple of 5.46.
Rural Electrification Corporation (REC)’s net profit rose 58.4% to Rs 272.56 crore on 35.5% increase in net sales to Rs 995.84 crore in Q1 June 2008 over Q1 June 2007.
REC is a term lending institution and a government enterprise, is engaged in the business of lending to power projects.
MM Forgings setting record date( 30 September 2008 )for bonus issue 1:1.
MM Forgings surged 4.07% to Rs 179.10 at 12:56 IST on BSE after the company said it has fixed 30 September 2008 as the record date for issue of bonus shares in the ratio of 1:1.
The company announced the record date during trading hours today, 25 August 2008.
The stock hit a high of Rs 188.50 and a low of Rs 179 so far during the day. The stock had hit a 52-week high of Rs 192 on 1 January 2008 and a 52-week low of Rs 98.90 on 25 March 2008.
The company has an equity capital of Rs 6.04 crore. Face value per share is Rs 10.
The current price of Rs 179.10 discounts its Q1 June 2008 annualised EPS of Rs 32.78, by a PE multiple of 5.46.
MM Forgings’ net profit rose 26% to Rs 4.95 crore on 24.2% growth in net sales to Rs 52.56 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures carbon and alloy steel forgings.
The company announced the record date during trading hours today, 25 August 2008.
The stock hit a high of Rs 188.50 and a low of Rs 179 so far during the day. The stock had hit a 52-week high of Rs 192 on 1 January 2008 and a 52-week low of Rs 98.90 on 25 March 2008.
The company has an equity capital of Rs 6.04 crore. Face value per share is Rs 10.
The current price of Rs 179.10 discounts its Q1 June 2008 annualised EPS of Rs 32.78, by a PE multiple of 5.46.
MM Forgings’ net profit rose 26% to Rs 4.95 crore on 24.2% growth in net sales to Rs 52.56 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures carbon and alloy steel forgings.
Tata Motors shrugs off Singur unrest
Tata Motors rose 3.15% to Rs 439 at 12:55 IST on BSE amid protest made by Trinamool Congress, demanding 400 acres of land taken for the Tata Nano project in Singur in Orissa to be returned to farmers.
The stock hit a high of Rs 443.75 and a low of Rs 422 so far during the day. The stock had a 52-week high of Rs 840 on 12 October 2007 and a 52-week low of Rs 374 on 8 July 2008.
India’s largest commercial vehicle maker by sales has an equity capital of Rs 385.70 crore. Face value per share is Rs 10.
The current price of Rs 439 discounts its Q1 June 2008 annualised EPS of Rs 33.82, by a PE multiple of 12.98.
Trinamool Congress supremo Mamta Banerjee started an indefinite agitation in Singur from Sunday, 24 August 2008.
Banerjee said she would not budge from her stand of demanding the 400 acres of land taken for the Nano project in Singur and her prime concern was the farmers of Singur, not the car factory.
According to reports, Indian authorities have deployed 3,000 police at Tata Motors' Singur plant to control protestors. About 30,000 people demonstrated outside the factory on Sunday, 24 August 2008, the reports added.
On Friday, 22 August 2008, the Tata Motors stock rose 1.83% to 425.60 after Ratan Tata said he may relocate the Singur plant to protect employees from violent protests, risking a Rs 1500 crore investment for the Nano project. Delays in completing the factory could upset Tata Motors' plan to introduce the Nano in the last quarter of this year and increase the project cost, the reports suggested.
Tata Motors’ net profit declined 30.1% to Rs 326.11 crore on a 14.40% rise in sales to Rs 6928.44 crore in Q1 June 2008 over Q1 June 2007.
Tata Motors is engaged in manufacturing and marketing heavy, medium and light commercial vehicles, utility vehicles and passenger cars.
The stock hit a high of Rs 443.75 and a low of Rs 422 so far during the day. The stock had a 52-week high of Rs 840 on 12 October 2007 and a 52-week low of Rs 374 on 8 July 2008.
India’s largest commercial vehicle maker by sales has an equity capital of Rs 385.70 crore. Face value per share is Rs 10.
The current price of Rs 439 discounts its Q1 June 2008 annualised EPS of Rs 33.82, by a PE multiple of 12.98.
Trinamool Congress supremo Mamta Banerjee started an indefinite agitation in Singur from Sunday, 24 August 2008.
Banerjee said she would not budge from her stand of demanding the 400 acres of land taken for the Nano project in Singur and her prime concern was the farmers of Singur, not the car factory.
According to reports, Indian authorities have deployed 3,000 police at Tata Motors' Singur plant to control protestors. About 30,000 people demonstrated outside the factory on Sunday, 24 August 2008, the reports added.
On Friday, 22 August 2008, the Tata Motors stock rose 1.83% to 425.60 after Ratan Tata said he may relocate the Singur plant to protect employees from violent protests, risking a Rs 1500 crore investment for the Nano project. Delays in completing the factory could upset Tata Motors' plan to introduce the Nano in the last quarter of this year and increase the project cost, the reports suggested.
Tata Motors’ net profit declined 30.1% to Rs 326.11 crore on a 14.40% rise in sales to Rs 6928.44 crore in Q1 June 2008 over Q1 June 2007.
Tata Motors is engaged in manufacturing and marketing heavy, medium and light commercial vehicles, utility vehicles and passenger cars.
JK Lakshmi Cement on expansion plan
JK Lakshmi Cement surged 5.11% to Rs 81.20 at 12:10 IST on BSE on reports the company plans to invest Rs 1000 crore to set up five ready-mix concrete plants by March 2009.
The stock hit a high of Rs 84 and a low of Rs 80.20 so far during the day. The stock had hit a 52-week high of Rs 221 on 17 December 2007 and a 52-week low of Rs 75 on 2 July 2008.
The company has an equity capital of Rs 61.18 crore. Face value per share is Rs 10.
The current price of Rs 81.20 discounts its Q1 June 2008 annualised EPS of Rs 25.29, by a PE multiple of 3.21.
JK Lakshmi Cement’s net profit fell 43.5% to Rs 38.69 crore on 1.1% growth in net sales to Rs 269.43 crore in Q1 June 2008 over Q1 June 2007.
JK Lakshmi Cement, formerly known as JK Corporation, manufactures and markets cement in India.
The stock hit a high of Rs 84 and a low of Rs 80.20 so far during the day. The stock had hit a 52-week high of Rs 221 on 17 December 2007 and a 52-week low of Rs 75 on 2 July 2008.
The company has an equity capital of Rs 61.18 crore. Face value per share is Rs 10.
The current price of Rs 81.20 discounts its Q1 June 2008 annualised EPS of Rs 25.29, by a PE multiple of 3.21.
JK Lakshmi Cement’s net profit fell 43.5% to Rs 38.69 crore on 1.1% growth in net sales to Rs 269.43 crore in Q1 June 2008 over Q1 June 2007.
JK Lakshmi Cement, formerly known as JK Corporation, manufactures and markets cement in India.
Gujarat Apollo Industries on bonus plan of 1:2
Gujarat Apollo Industries galloped 13.20% to Rs 199 at 11:20 IST on BSE after the company said its board has recommended issue of bonus shares in the ratio of 1:2.
The company made this announcement during trading hours today, 25 August 2008.
The stock hit a high of Rs 199 and a low of Rs 180.25 so far during the day. The stock had hit a 52-week high of Rs 399 on 2 January 2008 and a 52-week low of Rs 150 on 2 July 2008.
The company has an equity capital of Rs 10.50 crore. Face value per share is Rs 10.
The current price of Rs 199 discounts its Q1 June 2008 annualised EPS of Rs 19.05, by a PE multiple of 10.45.
Gujarat Apollo Industries’ net profit rose 25.9% to Rs 5 crore on 15.6% increase in net sales to Rs 41.38 crore in Q1 June 2008 over Q1 June 2007.
Gujarat Apollo Industries is a leading manufacturer of road construction and maintenance machinery.
The company made this announcement during trading hours today, 25 August 2008.
The stock hit a high of Rs 199 and a low of Rs 180.25 so far during the day. The stock had hit a 52-week high of Rs 399 on 2 January 2008 and a 52-week low of Rs 150 on 2 July 2008.
The company has an equity capital of Rs 10.50 crore. Face value per share is Rs 10.
The current price of Rs 199 discounts its Q1 June 2008 annualised EPS of Rs 19.05, by a PE multiple of 10.45.
Gujarat Apollo Industries’ net profit rose 25.9% to Rs 5 crore on 15.6% increase in net sales to Rs 41.38 crore in Q1 June 2008 over Q1 June 2007.
Gujarat Apollo Industries is a leading manufacturer of road construction and maintenance machinery.
Zensar Technologies jumps on European acquisition buzz
Zensar Technologies soared 5.32% to Rs 144.55 at 11:11 IST on BSE on reports the firm is looking for acquisitions in Europe and hopes to seal a deal by end-this fiscal.
The stock hit a high of Rs 151 and a low of Rs 142.70 so far during the day. The stock had a 52-week high of Rs 249 on 28 August 2007 and a 52-week low of Rs 88 on 24 March 2008.
The small-cap software developer has an equity capital of Rs 23.96 crore. Face value per share is Rs 10.
The current price of Rs 144.55 discounts its Q1 June 2008 annualised EPS of Rs 32.56, by a PE multiple of 4.43.
According to reports, the company has short-listed around six to seven companies in Europe. Pune-based Zensar also plans to set up a centre in Latin America and has pointed on Mexico, Chile or El Salvador as possible destinations for the centre, the reports added.
Zensar Technologies’ net profit rose 20.13% to Rs 19.51 crore on a 9.60% rise in sales to Rs 98.11 crore in Q1 June 2008 over Q4 March 2008.
Zensar Technologies develops software and it also provides IT consulting and related services. The company has expertise in key verticals of retail, manufacturing, logistics, financial services, telecom and utilities.
The stock hit a high of Rs 151 and a low of Rs 142.70 so far during the day. The stock had a 52-week high of Rs 249 on 28 August 2007 and a 52-week low of Rs 88 on 24 March 2008.
The small-cap software developer has an equity capital of Rs 23.96 crore. Face value per share is Rs 10.
The current price of Rs 144.55 discounts its Q1 June 2008 annualised EPS of Rs 32.56, by a PE multiple of 4.43.
According to reports, the company has short-listed around six to seven companies in Europe. Pune-based Zensar also plans to set up a centre in Latin America and has pointed on Mexico, Chile or El Salvador as possible destinations for the centre, the reports added.
Zensar Technologies’ net profit rose 20.13% to Rs 19.51 crore on a 9.60% rise in sales to Rs 98.11 crore in Q1 June 2008 over Q4 March 2008.
Zensar Technologies develops software and it also provides IT consulting and related services. The company has expertise in key verticals of retail, manufacturing, logistics, financial services, telecom and utilities.
Himalya International spurts on tie-up with retail chain
Himalya International spurted 11.16% to Rs 24.40 at 10:41 IST on BSE after the company said it has formed an alliance with Bharti Wal-Mart retail chain as well as with its parent company Wal-Mart for selling food products in India.
The stock hit a high of Rs 25 and a low of Rs 22.90 so far during the day. The stock had hit a 52-week high of Rs 36.90 on 8 January 2008 and a 52-week low of Rs 13 on 23 August 2007.
The company has an equity capital of Rs 27.43 crore. Face value per share is Rs 10.
The current price of Rs 24.40 discounts its Q1 June 2008 annualised EPS of Rs 4.56, by a PE multiple of 5.35.
The company said it is also in the process of tying up with other major players in retail chains including Reliance Retail.
Himalya International’s net profit surged 80.9% to Rs 3.13 crore on 23.6% increase in net sales to Rs 12.30 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to market mushrooms, fruits and vegetables.
The stock hit a high of Rs 25 and a low of Rs 22.90 so far during the day. The stock had hit a 52-week high of Rs 36.90 on 8 January 2008 and a 52-week low of Rs 13 on 23 August 2007.
The company has an equity capital of Rs 27.43 crore. Face value per share is Rs 10.
The current price of Rs 24.40 discounts its Q1 June 2008 annualised EPS of Rs 4.56, by a PE multiple of 5.35.
The company said it is also in the process of tying up with other major players in retail chains including Reliance Retail.
Himalya International’s net profit surged 80.9% to Rs 3.13 crore on 23.6% increase in net sales to Rs 12.30 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to market mushrooms, fruits and vegetables.
Jai Balaji Industries shines on upward integration plan
Jai Balaji Industries rose 3.29% to Rs 245 at 10:10 IST on BSE after the company said it has signed a memorandum of understanding with the state government of Chhattisgarh for setting up an integrated steel plant in the state
The stock hit a high of Rs 249 and a low of Rs 242.15 so far during the day. The stock had hit a 52-week high of Rs 668 on 8 January 2008 and a 52-week low of Rs 163.10 on 27 August 2007.
The company has an equity capital of Rs 47.13 crore. Face value per share is Rs 10.
The current price of Rs 245 discounts its Q1 June 2008 annualised EPS of Rs 39.31, by a PE multiple of 6.23.
Jai Balaji Industries’ net profit gained 96.3% to Rs 46.30 crore on 88.8% increase in net sales to Rs 464.14 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to manufacture and sell sponge iron.
The stock hit a high of Rs 249 and a low of Rs 242.15 so far during the day. The stock had hit a 52-week high of Rs 668 on 8 January 2008 and a 52-week low of Rs 163.10 on 27 August 2007.
The company has an equity capital of Rs 47.13 crore. Face value per share is Rs 10.
The current price of Rs 245 discounts its Q1 June 2008 annualised EPS of Rs 39.31, by a PE multiple of 6.23.
Jai Balaji Industries’ net profit gained 96.3% to Rs 46.30 crore on 88.8% increase in net sales to Rs 464.14 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to manufacture and sell sponge iron.
Thursday, August 21, 2008
Aksh Optifibre gains on new IPTV rules
Aksh Optifibre gained 0.58% to Rs 43.20 at 14:48 IST on BSE after the union cabinet amended guidelines and allowed broadcasters to provide content to IPTV service providers
The stock was very volatile. It hit a high of Rs 46.25, up 7.68% from previous day's close. The stock hit a low of Rs 41.75, down 2.79% from the previous day's close
The stock had a 52-week high of Rs 96 on 3 January 2008 and a 52-week low of Rs 34.35 on 2 July 2008.
The small-cap telecom products maker has an equity capital of Rs 29.48 crore. Face value per share is Rs 5.
Internet protocol television (IPTV) involves delivery of television and video signals over a broadband network.
Recently, Aksh Optifibre had unveiled its IPTV joint venture with Bharat Sanchar Nigam (BSNL). The company started its service in Jaipur on 4 August 2008 when it had said that it will roll out services in 20 cities of Rajasthan, Jammu & Kashmir, Punjab, Haryana and Uttar Pradesh.
Aksh Optifibre reported a net loss of Rs 9.86 crore in Q3 June 2008 as against net profit of Rs 0.25 crore in Q3 June 2007. Sales rose 57.1% to Rs 31.74 crore in Q3 June 2008 over Q3 June 2007.
Aksh Optifibre manufactures optical fibres, optical fibre cables and glass fibre reinforced plastic rods which are supplied to companies in the information technology and telecom sectors.
The stock was very volatile. It hit a high of Rs 46.25, up 7.68% from previous day's close. The stock hit a low of Rs 41.75, down 2.79% from the previous day's close
The stock had a 52-week high of Rs 96 on 3 January 2008 and a 52-week low of Rs 34.35 on 2 July 2008.
The small-cap telecom products maker has an equity capital of Rs 29.48 crore. Face value per share is Rs 5.
Internet protocol television (IPTV) involves delivery of television and video signals over a broadband network.
Recently, Aksh Optifibre had unveiled its IPTV joint venture with Bharat Sanchar Nigam (BSNL). The company started its service in Jaipur on 4 August 2008 when it had said that it will roll out services in 20 cities of Rajasthan, Jammu & Kashmir, Punjab, Haryana and Uttar Pradesh.
Aksh Optifibre reported a net loss of Rs 9.86 crore in Q3 June 2008 as against net profit of Rs 0.25 crore in Q3 June 2007. Sales rose 57.1% to Rs 31.74 crore in Q3 June 2008 over Q3 June 2007.
Aksh Optifibre manufactures optical fibres, optical fibre cables and glass fibre reinforced plastic rods which are supplied to companies in the information technology and telecom sectors.
Tata Motors revs up on lower equity dilution
Tata Motors rose 2.04% to Rs 432.70 at 09:55 IST on BSE after the company scrapped a plan to raise Rs 3000 crore by issuing convertible preference shares due to adverse market conditions.
The stock hit a high of Rs 440 and a low of Rs 429 so far during the day. The stock had a 52-week high of Rs 840 on 12 October 2007 and a 52-week low of Rs 374 on 8 July 2008.
The company has an equity capital of Rs 385.66 crore. Face value per share is Rs 10.
The current price of Rs 432.70 discounts its Q1 June 2008 annualised EPS of Rs 33.82, by a PE multiple of 12.79.
Tata Motors has modified its plan to raise Rs 7200-crore. However, the plan to sell rights shares worth Rs 4200 crore stands. The company will raise funds by selling some of its investments preferably as inter-group sales wherever feasible at prevailing market prices over the next six to eight months.
In May 2008, Tata Motors said it planned to raise about Rs 7,200 crore through three simultaneous but unlinked rights issues for financing the Jaguar-Land Rover acquisition. On 2 June 2008, Tata Motors completed the $2.3-billion acquisition of British luxury brands Jaguar and Land Rover.
Tata Motors reported 30.1% fall in net profit to Rs 326.11 crore on 14.40% rise in net sales to Rs 6928.44 crore in Q1 June 2008 over Q1 June 2007.
Tata Motors is engaged in manufacturing and marketing heavy, medium and light commercial vehicles, utility vehicles and passenger cars.
The stock hit a high of Rs 440 and a low of Rs 429 so far during the day. The stock had a 52-week high of Rs 840 on 12 October 2007 and a 52-week low of Rs 374 on 8 July 2008.
The company has an equity capital of Rs 385.66 crore. Face value per share is Rs 10.
The current price of Rs 432.70 discounts its Q1 June 2008 annualised EPS of Rs 33.82, by a PE multiple of 12.79.
Tata Motors has modified its plan to raise Rs 7200-crore. However, the plan to sell rights shares worth Rs 4200 crore stands. The company will raise funds by selling some of its investments preferably as inter-group sales wherever feasible at prevailing market prices over the next six to eight months.
In May 2008, Tata Motors said it planned to raise about Rs 7,200 crore through three simultaneous but unlinked rights issues for financing the Jaguar-Land Rover acquisition. On 2 June 2008, Tata Motors completed the $2.3-billion acquisition of British luxury brands Jaguar and Land Rover.
Tata Motors reported 30.1% fall in net profit to Rs 326.11 crore on 14.40% rise in net sales to Rs 6928.44 crore in Q1 June 2008 over Q1 June 2007.
Tata Motors is engaged in manufacturing and marketing heavy, medium and light commercial vehicles, utility vehicles and passenger cars.
Banking, realty shares lead 435-point Sensex fall -21st-Aug-08
Bears were in command on the bourses as caution prevailed ahead of the weekly inflation data to be released by the government after the trading hours today, 21 August 2008. Rate sensitive realty and banking stocks were clobbered. Weak Asian markets also weighed on the sentiment. Chinese market declined after yesterday’s steep rise.
State Bank of India fell more than 7%. HDFC Bank, NTPC and DLF fell more than 5.5% each. Reliance Infrastructure and ICICI Bank fell more than 5% each.
A key event today is the Nuclear Suppliers Group (NSG) meet in Vienna. The United States is set to push the 45-nation Nuclear Suppliers Group (NSG) to agree on a landmark nuclear deal with India despite objections at home and reservations abroad.
Sensex lost 434.50 points or 2.96% to 14,243.73.
Nifty was down 131.90 points or 2.99% to 4,283.85.
As per the provisional figures on BSE, the foreign institutional investors (FII)'s sold shares worth Rs 545.71 crore while domestic funds bought shares worth Rs 344.89 crore today, 21 August 2008.
State Bank of India fell more than 7%. HDFC Bank, NTPC and DLF fell more than 5.5% each. Reliance Infrastructure and ICICI Bank fell more than 5% each.
A key event today is the Nuclear Suppliers Group (NSG) meet in Vienna. The United States is set to push the 45-nation Nuclear Suppliers Group (NSG) to agree on a landmark nuclear deal with India despite objections at home and reservations abroad.
Sensex lost 434.50 points or 2.96% to 14,243.73.
Nifty was down 131.90 points or 2.99% to 4,283.85.
As per the provisional figures on BSE, the foreign institutional investors (FII)'s sold shares worth Rs 545.71 crore while domestic funds bought shares worth Rs 344.89 crore today, 21 August 2008.
Wednesday, August 20, 2008
Visa Steel initiating mega project
Visa Steel rose 2.51% to Rs 53 at 14:53 IST on BSE after the company said it signed a preliminary agreement with the Chhattisgarh state government to invest Rs 4750 crore in the state for an integrated steel plant.
The company made the announcement after market hours on Tuesday, 19 August 2008.
The stock hit a high of Rs 55.90 and a low of Rs 52.10 so far during the day. The stock had a 52-week high of Rs 65.65 on 2 January 2008 and a 52-week low of Rs 30.05 on 24 August 2007.
The small-cap pig iron maker has an equity capital of Rs 110.24 crore. Face value per share is Rs 10.
The current price of Rs 53 discounts its Q1 June 2008 annualised EPS of Rs 17.64, by a PE multiple of 3.
The net profit of Visa Steel rose 845.6% to Rs 48.51 crore on a 264.1% rise in sales to Rs 255.73 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures pig iron and chrome concentrates. The group operates in two segments namely manufacturing and trading. The manufacturing facilities are in Kalinganagar and Golagoan in Orissa.
The company made the announcement after market hours on Tuesday, 19 August 2008.
The stock hit a high of Rs 55.90 and a low of Rs 52.10 so far during the day. The stock had a 52-week high of Rs 65.65 on 2 January 2008 and a 52-week low of Rs 30.05 on 24 August 2007.
The small-cap pig iron maker has an equity capital of Rs 110.24 crore. Face value per share is Rs 10.
The current price of Rs 53 discounts its Q1 June 2008 annualised EPS of Rs 17.64, by a PE multiple of 3.
The net profit of Visa Steel rose 845.6% to Rs 48.51 crore on a 264.1% rise in sales to Rs 255.73 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures pig iron and chrome concentrates. The group operates in two segments namely manufacturing and trading. The manufacturing facilities are in Kalinganagar and Golagoan in Orissa.
Fertiliser stocks soar on subsidy clearance
Fertiliser stocks spurted on report that the ministry of fertilisers has cleared Rs 22000 crore in cash as fertiliser subsidy, reducing concerns of cash flow problems for the companies.
Tata Chemicals (up 1.45% at Rs 321.60), Chambal Fertilizers & Chemicals (up 3.90% at Rs 82.55), Nagarjuna Fertilizers & Chemicals (up 3.92% at Rs 42.45), GSFC (up 4.51% at Rs 167), Zuari Industries (up 5.06% at Rs 325.20), National Fertlizer (up 4.93% at Rs 59.65), and Rashtriya Chemicals & Fertilizers (up 5.07% at Rs 68.35), soared.
According to reports, Ram Vilas Paswan, minister of chemicals & fertilizers and steel has said that the Finance Ministry has cleared Rs 22,000 crore in cash as subsidy for fertiliser companies. He said that the second tranche of Rs 32,000 crore subsidy would also be paid in cash. The government will pay the first two tranches of fertiliser subsidy within three months. The first two tranches of fertiliser subsidy would amount to Rs 54,000 crore.
He sees the total fertiliser subsidy burden at Rs 1,19,000 crore, reports suggest
Tata Chemicals (up 1.45% at Rs 321.60), Chambal Fertilizers & Chemicals (up 3.90% at Rs 82.55), Nagarjuna Fertilizers & Chemicals (up 3.92% at Rs 42.45), GSFC (up 4.51% at Rs 167), Zuari Industries (up 5.06% at Rs 325.20), National Fertlizer (up 4.93% at Rs 59.65), and Rashtriya Chemicals & Fertilizers (up 5.07% at Rs 68.35), soared.
According to reports, Ram Vilas Paswan, minister of chemicals & fertilizers and steel has said that the Finance Ministry has cleared Rs 22,000 crore in cash as subsidy for fertiliser companies. He said that the second tranche of Rs 32,000 crore subsidy would also be paid in cash. The government will pay the first two tranches of fertiliser subsidy within three months. The first two tranches of fertiliser subsidy would amount to Rs 54,000 crore.
He sees the total fertiliser subsidy burden at Rs 1,19,000 crore, reports suggest
37 stocks entering in futures & options segment from tomorrow, 21 August 2008,
A total of 37 stocks gained between 0.04% and 4.85% at 12:15 IST on BSE ahead of their entry in futures & options segment of the National Stock Exchange from tomorrow, 21 August 2008, on speculative buying.
ABG Shipyard (up 4.24% to Rs 388.40), Akruti City (up 5.08% to Rs 746.05), Asian Paints (up 1.02% to Rs 1202), Container Corporation of India (up 0.69% to Rs 869.90), Core Projects (up 4.85% to Rs 284.05), Deccan Chronicle Holdings (up 1.77% to Rs 118), Dish TV (up 2.49% to Rs 39), Everonn Systems (up 1.97% to Rs 534.50), Firstsource Solutions (up 3.32% to Rs 42), Gujarat State Petronet (up 1.96% to Rs 65.85), GTL Infrastructures (up 3.13% to Rs 41.20), HCL Infosystems (up 2.48% to Rs 119.95), Indiabulls Real Estate (up 1.64% to Rs 316.50), ICSA (up 3.34% to Rs 337), KLG Systel (up 2.05% to Rs 418), KS Oils (up 2.89% to Rs 67.55), Mindtree Consulting (up 0.93% to Rs 354.25), Mercator Lines (up 2.31% to Rs 81.85), Monnet Ispat (up 0.03% to Rs 500), MRF (up 4.52% to Rs 3683), Nava Bharat Ventures (up 1.66% to Rs 256.50), Noida Toll Bridge Company (up 1.25% to Rs 48.70), Opto Circuit (up 2.52% to Rs 344.10), Orbit Corporation (up 4.81% to Rs 278.95), Prism Cement (up 0.93% to Rs 36.40), PTC India (up 3.06% to Rs 86.30), Reliance Industrial Infrastructures (up 3% to Rs 991.30), Sintex Industries (up 0.36% to Rs 305.95), SREI Infrastructure (up 3.40% to Rs 117), Thermax (up 0.04% to Rs 482.50), Torrent Power (up 4.05% to Rs 119.35), TV 18 (up 0.67% to Rs 248), UCO Bank (up 1.65% to Rs 40.10), UTV Software (up 0.24% to Rs 785.30), Voltamp Transformers (up 3.15% to Rs 855), and Walchandnagar Industries (up 2.43% to Rs 290.30), surged.
Balaji Telefilms (down 3.20% to Rs 163.85), and MIC Electronics (down 0.07% to Rs 144), declined.
The lot sizes of these new entrants in the futures & option (F&O) segment will be announced by the National Stock Exchange (NSE) today, 20 August 2008.
ABG Shipyard (up 4.24% to Rs 388.40), Akruti City (up 5.08% to Rs 746.05), Asian Paints (up 1.02% to Rs 1202), Container Corporation of India (up 0.69% to Rs 869.90), Core Projects (up 4.85% to Rs 284.05), Deccan Chronicle Holdings (up 1.77% to Rs 118), Dish TV (up 2.49% to Rs 39), Everonn Systems (up 1.97% to Rs 534.50), Firstsource Solutions (up 3.32% to Rs 42), Gujarat State Petronet (up 1.96% to Rs 65.85), GTL Infrastructures (up 3.13% to Rs 41.20), HCL Infosystems (up 2.48% to Rs 119.95), Indiabulls Real Estate (up 1.64% to Rs 316.50), ICSA (up 3.34% to Rs 337), KLG Systel (up 2.05% to Rs 418), KS Oils (up 2.89% to Rs 67.55), Mindtree Consulting (up 0.93% to Rs 354.25), Mercator Lines (up 2.31% to Rs 81.85), Monnet Ispat (up 0.03% to Rs 500), MRF (up 4.52% to Rs 3683), Nava Bharat Ventures (up 1.66% to Rs 256.50), Noida Toll Bridge Company (up 1.25% to Rs 48.70), Opto Circuit (up 2.52% to Rs 344.10), Orbit Corporation (up 4.81% to Rs 278.95), Prism Cement (up 0.93% to Rs 36.40), PTC India (up 3.06% to Rs 86.30), Reliance Industrial Infrastructures (up 3% to Rs 991.30), Sintex Industries (up 0.36% to Rs 305.95), SREI Infrastructure (up 3.40% to Rs 117), Thermax (up 0.04% to Rs 482.50), Torrent Power (up 4.05% to Rs 119.35), TV 18 (up 0.67% to Rs 248), UCO Bank (up 1.65% to Rs 40.10), UTV Software (up 0.24% to Rs 785.30), Voltamp Transformers (up 3.15% to Rs 855), and Walchandnagar Industries (up 2.43% to Rs 290.30), surged.
Balaji Telefilms (down 3.20% to Rs 163.85), and MIC Electronics (down 0.07% to Rs 144), declined.
The lot sizes of these new entrants in the futures & option (F&O) segment will be announced by the National Stock Exchange (NSE) today, 20 August 2008.
BRPL(Bongaigaon Refinery) turning ex-dividend
Bongaigaon Refinery & Petrochemicals slumped 9.16% to Rs 62.30 at 10:54 IST on BSE after the stock started trading ex-dividend, for a dividend of Rs 5 per share, from today, 20 August 2008.
On 16 May 2008, the company announced a divided of Rs 5 per share or 50% for the year ended March 2008, giving an attractive dividend yield of 7.27% based on yesterday's closing price of Rs 68.80. Dividend is tax free in the hands of shareholders.
The stock hit a high of Rs 65.50 and a low of Rs 61.60 so far during the day. The stock had a 52-week high of Rs 116.80 on 16 November 2007 and the stock hit a 52-week low of Rs 44.60 on 22 January 2008.
The company’s current equity is Rs 199.82 crore. Face value per share is Rs 10.
The current price of Rs 62.30 discounts its Q1 June 2008 annualised EPS of Rs 18.16, by a PE multiple of 3.43.
The company posted 37.90% rise in net profit to Rs 90.71 crore on 62.20% rise in net sales to Rs 2180.87 crore in Q1 June 2008 over Q1 June 2007.
Bongaigaon Refinery & Petrochemicals (BRPL) operates a refinery with a petrochemical complex. Indian Oil Corporation holds 74.46% stake in the company (as at end June 2008).
On 16 May 2008, the company announced a divided of Rs 5 per share or 50% for the year ended March 2008, giving an attractive dividend yield of 7.27% based on yesterday's closing price of Rs 68.80. Dividend is tax free in the hands of shareholders.
The stock hit a high of Rs 65.50 and a low of Rs 61.60 so far during the day. The stock had a 52-week high of Rs 116.80 on 16 November 2007 and the stock hit a 52-week low of Rs 44.60 on 22 January 2008.
The company’s current equity is Rs 199.82 crore. Face value per share is Rs 10.
The current price of Rs 62.30 discounts its Q1 June 2008 annualised EPS of Rs 18.16, by a PE multiple of 3.43.
The company posted 37.90% rise in net profit to Rs 90.71 crore on 62.20% rise in net sales to Rs 2180.87 crore in Q1 June 2008 over Q1 June 2007.
Bongaigaon Refinery & Petrochemicals (BRPL) operates a refinery with a petrochemical complex. Indian Oil Corporation holds 74.46% stake in the company (as at end June 2008).
HEG spurts on setting buyback price
HEG gained 5.35% to Rs 278.80 at 09:57 IST on BSE after the company’s board approved buyback of equity shares at a maximum price of Rs 350 per share for an aggregate amount not exceeding Rs 48.50 crore.
The company announced this after market hours yesterday, 19 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 278.80 discounts its Q1 June 2008 annualised EPS of Rs 26.63, by a PE multiple of 10.46.
The maximum buyback price of Rs 350 per share is at a 25.53% premium over the current market price.
Earlier on 31 July 2008, HEG’s board had decided to defer the decision on buyback. 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 after market hours yesterday, 19 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 278.80 discounts its Q1 June 2008 annualised EPS of Rs 26.63, by a PE multiple of 10.46.
The maximum buyback price of Rs 350 per share is at a 25.53% premium over the current market price.
Earlier on 31 July 2008, HEG’s board had decided to defer the decision on buyback. 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.
Equities end off highs; realty, capital good surge-20 Aug, 2008,
Equities ended higher Wednesday as buying emerged after forecasts that inflation for the week ended August 9 will be around 12.63 per cent against 12.44 per cent a week ago.
Realty and capital goods stocks were amongst the major gainers.
Bombay Stock Exchange’s Sensex closed at 14,688.45, up 144.72 points or 1 per cent. It touched a high of 14,746.20 and low of 14,584.03.
National Stock Exchange’s Nifty closed at 4420.55, up 51.55 points or 1.20 per cent. The broader index touched a high of 4,434.90 and low of 4,365.45.
BSE Midcap Index closed at 5,825.29, up 1.02 per cent and BSE Smallcap Index ended 0.66 per cent up at 7,059.21.
Biggest Sensex gainers were Reliance Communications (4%), Grasim Industries (3.48%), BHEL (3.41%), HDFC Bank (3.28%) and Bharti Airtel (2.96%).
Losers were ONGC (-2.52%), Mahindra & Mahindra (-2.08%), Satyam Computer (-0.74%), Hindustan Unilever (-0.41%) and ITC (-0.11%).
Market breadth on BSE showed 1658 advances and 974 declines.
Major European markets were in the positive as demand rose in commodities. FTSE 100 was up 0.79 per cent, CAC 40 gained 0.61 per cent and DAX moved 0.34 per cent higher.
Realty and capital goods stocks were amongst the major gainers.
Bombay Stock Exchange’s Sensex closed at 14,688.45, up 144.72 points or 1 per cent. It touched a high of 14,746.20 and low of 14,584.03.
National Stock Exchange’s Nifty closed at 4420.55, up 51.55 points or 1.20 per cent. The broader index touched a high of 4,434.90 and low of 4,365.45.
BSE Midcap Index closed at 5,825.29, up 1.02 per cent and BSE Smallcap Index ended 0.66 per cent up at 7,059.21.
Biggest Sensex gainers were Reliance Communications (4%), Grasim Industries (3.48%), BHEL (3.41%), HDFC Bank (3.28%) and Bharti Airtel (2.96%).
Losers were ONGC (-2.52%), Mahindra & Mahindra (-2.08%), Satyam Computer (-0.74%), Hindustan Unilever (-0.41%) and ITC (-0.11%).
Market breadth on BSE showed 1658 advances and 974 declines.
Major European markets were in the positive as demand rose in commodities. FTSE 100 was up 0.79 per cent, CAC 40 gained 0.61 per cent and DAX moved 0.34 per cent higher.
Tuesday, August 19, 2008
Market down on low volumes, FIIs continue selloff
19 Aug, 2008,
Equities ended lower for the 5th consecutive day on Tuesday as investors remained on the sidelines due to lack of triggers on the domestic front and negative global cues.
Market opened with a gap down and slipped further with European markets trading weak. Towards the end of session, the indices recovered some losses as traders covered short positions.
Bombay Stock Exchange's Sensex closed at 14,543.73, down 101.93 points or 0.7 per cent. It touched a high of 14,604.11 and low of 14,368.72 intraday.
National Stock Exchange's Nifty ended at 4386.15, down 7 points or 0.16 per cent from Monday's close. It touched a high of 4,393.70 and low of 4,316.55 during the day.
"We opened lower following weak global markets. There are hardly any positive triggers left to lift the sentiments. Immediate trend is more bearish. There was some short covering towards the end. But it doesn't indicate any kind of trend reversal. Volumes have been drying up and there was not much participation," said independent technical analyst Sachin Chavan.
"For Nifty, 4200 would be a crucial support. On the upside, it will face resistance at 4600. The market will consolidate between these levels," he added.
According to NSE website, total turnover was Rs 8,929.65 crore (provisional), lower than Rs 9,356.98 crore on Monday.
Foreign investors, which have been net sellers in Indian market during the month, sold equity worth Rs 716.35 crore (provisional) today.
"Everyone is waiting for a selling opportunity. If no reforms are announced in 15 days then we may see further downside," said Shyam Kabra, senior analyst, at Nirmal Bang Securities.
Biggest Sensex gainers were Reliance Infrastructure (2.26%), Hindalco Industries (2.08%), ICICI Bank (2.01%), Hindustan Unilever (0.7%) and HDFC Bank (0.59%).
ACC (-5.78%), Maruti Suzuki (-3.9%), HDFC (-3.24%), Satyam Computer (-3.21%), Reliance Communications (-3.06%) and Bharti Airtel (-2.05%) were under pressure.
Market breadth on BSE showed 1,514 declines against 1,107 advances. On NSE, there were 461 advances and 775 declines.
European markets were in the negative on concerns of credit crisis in the US. At the time Indian markets closed, the FTSE 100 was down 1.12 per cent, CAC 40 fell 1.44 per cent and DAX fell 1.16 per cent.
via:E.T
Equities ended lower for the 5th consecutive day on Tuesday as investors remained on the sidelines due to lack of triggers on the domestic front and negative global cues.
Market opened with a gap down and slipped further with European markets trading weak. Towards the end of session, the indices recovered some losses as traders covered short positions.
Bombay Stock Exchange's Sensex closed at 14,543.73, down 101.93 points or 0.7 per cent. It touched a high of 14,604.11 and low of 14,368.72 intraday.
National Stock Exchange's Nifty ended at 4386.15, down 7 points or 0.16 per cent from Monday's close. It touched a high of 4,393.70 and low of 4,316.55 during the day.
"We opened lower following weak global markets. There are hardly any positive triggers left to lift the sentiments. Immediate trend is more bearish. There was some short covering towards the end. But it doesn't indicate any kind of trend reversal. Volumes have been drying up and there was not much participation," said independent technical analyst Sachin Chavan.
"For Nifty, 4200 would be a crucial support. On the upside, it will face resistance at 4600. The market will consolidate between these levels," he added.
According to NSE website, total turnover was Rs 8,929.65 crore (provisional), lower than Rs 9,356.98 crore on Monday.
Foreign investors, which have been net sellers in Indian market during the month, sold equity worth Rs 716.35 crore (provisional) today.
"Everyone is waiting for a selling opportunity. If no reforms are announced in 15 days then we may see further downside," said Shyam Kabra, senior analyst, at Nirmal Bang Securities.
Biggest Sensex gainers were Reliance Infrastructure (2.26%), Hindalco Industries (2.08%), ICICI Bank (2.01%), Hindustan Unilever (0.7%) and HDFC Bank (0.59%).
ACC (-5.78%), Maruti Suzuki (-3.9%), HDFC (-3.24%), Satyam Computer (-3.21%), Reliance Communications (-3.06%) and Bharti Airtel (-2.05%) were under pressure.
Market breadth on BSE showed 1,514 declines against 1,107 advances. On NSE, there were 461 advances and 775 declines.
European markets were in the negative on concerns of credit crisis in the US. At the time Indian markets closed, the FTSE 100 was down 1.12 per cent, CAC 40 fell 1.44 per cent and DAX fell 1.16 per cent.
via:E.T
Monday, August 18, 2008
Pak, the world leader in stolen cars business!
Pak, the world leader in stolen cars business!
Mon, Aug 18 02:05 PM
Islamabad, Aug 18 (ANI): On an average cars worth Rs one billion are stolen every month in Pakistan, said a report of the country's Interior Ministry, and added that cars of an estimated worth of Rs 18 billion were stolen in the past 18 months.
According to the report, 14,037 vehicles worth Rs seven billion were stolen or snatched across the country during the first half of 2008 while 23,144 vehicles worth Rs 11 billion were stolen or snatched during 2007.
Punjab had the highest number of vehicle lifting incidents, as 7432 vehicles were taken away in the first six months of 2008 and 6,801 in the same period of 2007. In NWFP, the figures remained low and 341 vehicles were stolen from Jan 1 to June 30, 2008 as compared to 329 in the same period in 2007.
In Balochistan, 404 vehicles were stolen or snatched in the same period in 2008 as compared to 315 in 2007. Whereas, 12 vehicles were taken away from the jurisdiction of Railways Police in 2008 as compared to 8 in same period in 2007.
A 49.07 per cent increase of the crime was seen in Islamabad Capital Territory (ICT) as 401 vehicles were lifted during first two quarters of 2008 as compared to 269 during the same period in 2007.
Thefts of vehicles are on the rise with clear indications that police and the vehicles registration offices are part of the mafia, reported The News.
A professional car lifter on condition of anonymity said that bigwigs in the police, and bureaucracy, besides top politicians were directly involved in the lucrative business and they looked after the interests of the mafia. "I enjoy my job. I earn hundreds of thousands for a 3 to 4-minute effort. I can lift at least three vehicles in a day," the daring car lifter said and added that his job was very easy but also hard and risky.
He further said: "Toyota Corolla, Honda, Suzuki Mehran, Alto are favourite vehicles to steal but we follow the demand of the receivers. Motorway is the safest way to take the stolen vehicles to Peshawar and Mardan.
According to him, Peshawar, Hazara and Mardan Divisions were havens for carjackers.
The mafia chiefs involved in this particular crime are known to the police, and so are their dens, mostly in the NWFP, but no one dares to take them to justice, added the paper. (ANI)
Mon, Aug 18 02:05 PM
Islamabad, Aug 18 (ANI): On an average cars worth Rs one billion are stolen every month in Pakistan, said a report of the country's Interior Ministry, and added that cars of an estimated worth of Rs 18 billion were stolen in the past 18 months.
According to the report, 14,037 vehicles worth Rs seven billion were stolen or snatched across the country during the first half of 2008 while 23,144 vehicles worth Rs 11 billion were stolen or snatched during 2007.
Punjab had the highest number of vehicle lifting incidents, as 7432 vehicles were taken away in the first six months of 2008 and 6,801 in the same period of 2007. In NWFP, the figures remained low and 341 vehicles were stolen from Jan 1 to June 30, 2008 as compared to 329 in the same period in 2007.
In Balochistan, 404 vehicles were stolen or snatched in the same period in 2008 as compared to 315 in 2007. Whereas, 12 vehicles were taken away from the jurisdiction of Railways Police in 2008 as compared to 8 in same period in 2007.
A 49.07 per cent increase of the crime was seen in Islamabad Capital Territory (ICT) as 401 vehicles were lifted during first two quarters of 2008 as compared to 269 during the same period in 2007.
Thefts of vehicles are on the rise with clear indications that police and the vehicles registration offices are part of the mafia, reported The News.
A professional car lifter on condition of anonymity said that bigwigs in the police, and bureaucracy, besides top politicians were directly involved in the lucrative business and they looked after the interests of the mafia. "I enjoy my job. I earn hundreds of thousands for a 3 to 4-minute effort. I can lift at least three vehicles in a day," the daring car lifter said and added that his job was very easy but also hard and risky.
He further said: "Toyota Corolla, Honda, Suzuki Mehran, Alto are favourite vehicles to steal but we follow the demand of the receivers. Motorway is the safest way to take the stolen vehicles to Peshawar and Mardan.
According to him, Peshawar, Hazara and Mardan Divisions were havens for carjackers.
The mafia chiefs involved in this particular crime are known to the police, and so are their dens, mostly in the NWFP, but no one dares to take them to justice, added the paper. (ANI)
Andrew Yule soars on strong response for stake sale in power firm
Andrew Yule & Company was locked at upper limit of 5% at Rs 50.50 at 14:35 IST on BSE on reports Tata Power, CESC and Reliance Energy have expressed interest in picking up 57% stake in Dishergarh Power Supply Corporation.
The stock hit a high of Rs 50.50 and a low of Rs 49.45 so far during the day. The stock had a 52-week high of Rs 95 on 3 January 2008 and a 52-week low of Rs 24.55 on 22 August 2007.
The diversified firm has an equity capital of Rs 11.65 crore. Face value per share is Rs 2.
Andrew Yule had invited initial bids for selling 57% stakeholding in DPSC as per the revival package sanctioned for the heavy engineering PSU. While Andrew Yule along with two coal companies control 15% in DPSC, state-run Life Insurance Corporation had 42% in DPSC. LIC would also sell its stake in DPSC.
DPSC has a generating capacity of 40 megawatt and supplies power to the coal belt in the Ranigunj-Asansol area and the industrial township of Durgapur. The divestment process would take place through an open tender route.
Earlier in June 2008, Andrew Yule & Company received clearance from the Union ministry of Heavy Industries and Public Enterprises for its divestment programme in three associate companies viz. Phoenix Yule, Tidewater Oil Company and DPSC
Andrew Yule & Company has three divisions - tea, engineering and electrical equipment. Government of India holds 98.62% stake in the company.
The company reported lower net loss of Rs 4.38 crore in Q1 June 2008 as compared to net loss of Rs 7.46 crore in Q1 June 2007. Net sales rose 28.90% to Rs 34.14 crore in Q1 June 2008 over Q1 June 2007.
The stock hit a high of Rs 50.50 and a low of Rs 49.45 so far during the day. The stock had a 52-week high of Rs 95 on 3 January 2008 and a 52-week low of Rs 24.55 on 22 August 2007.
The diversified firm has an equity capital of Rs 11.65 crore. Face value per share is Rs 2.
Andrew Yule had invited initial bids for selling 57% stakeholding in DPSC as per the revival package sanctioned for the heavy engineering PSU. While Andrew Yule along with two coal companies control 15% in DPSC, state-run Life Insurance Corporation had 42% in DPSC. LIC would also sell its stake in DPSC.
DPSC has a generating capacity of 40 megawatt and supplies power to the coal belt in the Ranigunj-Asansol area and the industrial township of Durgapur. The divestment process would take place through an open tender route.
Earlier in June 2008, Andrew Yule & Company received clearance from the Union ministry of Heavy Industries and Public Enterprises for its divestment programme in three associate companies viz. Phoenix Yule, Tidewater Oil Company and DPSC
Andrew Yule & Company has three divisions - tea, engineering and electrical equipment. Government of India holds 98.62% stake in the company.
The company reported lower net loss of Rs 4.38 crore in Q1 June 2008 as compared to net loss of Rs 7.46 crore in Q1 June 2007. Net sales rose 28.90% to Rs 34.14 crore in Q1 June 2008 over Q1 June 2007.
Bartronics India wins Order
Bartronics India gained 2.70% to Rs 180.70 at 12:18 IST on BSE after the company secured a contract worth over Rs 400 crore from the Employees State Insurance Corporation for providing smart cards.
The stock hit a high of Rs 187.50 and a low of Rs 175 so far during the day. The stock had a 52-week high of Rs 294.50 on 7 January 2008 and a 52-week low of Rs 125 on 4 April 2008.
The company has an equity capital of Rs 27.58 crore. Face value per share is Rs 10.
The current price of Rs 180.70 discounts its Q1 June 2008 annualised EPS of Rs 22.15, by a PE multiple of 8.15.
In an announcement made during market hours today, 18 August 2008, Bartronics India said the contract is for district-wise operation of smart cards under the Rashtriya Swasthya Bima Yojana (RSBY) scheme covering 609 districts across the country.
Bartronics India is a leading provider of smart card-based technology as well as radio frequency identification solutions.
The company posted 220.37% surge in net profit to Rs 15.27 crore on 165.71% increase in total income to Rs 679.32 crore in Q1 June 2008 over Q1 June 2007.
The stock hit a high of Rs 187.50 and a low of Rs 175 so far during the day. The stock had a 52-week high of Rs 294.50 on 7 January 2008 and a 52-week low of Rs 125 on 4 April 2008.
The company has an equity capital of Rs 27.58 crore. Face value per share is Rs 10.
The current price of Rs 180.70 discounts its Q1 June 2008 annualised EPS of Rs 22.15, by a PE multiple of 8.15.
In an announcement made during market hours today, 18 August 2008, Bartronics India said the contract is for district-wise operation of smart cards under the Rashtriya Swasthya Bima Yojana (RSBY) scheme covering 609 districts across the country.
Bartronics India is a leading provider of smart card-based technology as well as radio frequency identification solutions.
The company posted 220.37% surge in net profit to Rs 15.27 crore on 165.71% increase in total income to Rs 679.32 crore in Q1 June 2008 over Q1 June 2007.
Hindalco slumps after pricing rights issue
Hindalco Industries declined 3.53% to Rs 131 at 09:57 IST on BSE after the company’s board priced its 3-for-7 rights issue at Rs 96 per share to raise raise about Rs 4,200 crore.
The company announced the terms of the rights issue after trading horus on Thursday, 14 August 2008.
The stock hit a high of Rs 136.70 and a low of Rs 129 so far during the day. The stock had hit a 52-week high of Rs 223.30 on 15 November 2007 and a 52-week low of Rs 132.50 on 1 July 2008.
The company has an equity capital of Rs 122.71 crore. Face value per share is Re 1.
The current price of Rs 131 discounts its Q1 June 2008 annualised EPS of Rs 22.72, by a PE multiple of 5.76
Earlier in June 2008, Hindalco Industries' board had approved 1:3 rights issue to raise up to Rs 5000 crore. The funds were to be allocated to redeem a bridge loan it had taken for acquisition of Novelis Inc. However the pricing of rights issue was pending at that time.
In February 2007, the company entered into a definitive agreement to acquire Novelis in an all cash transaction for a consideration of $6 billion.
Hindalco Industries is India's largest aluminium producer and is engaged in producing aluminium and semi- fabricated products.
The company’s net profit rose 16.4% to Rs 696.76 crore on 0.8% decline in sales to Rs 4,647.53 crore in Q1 June 2008 over Q1 June 2007.
The company announced the terms of the rights issue after trading horus on Thursday, 14 August 2008.
The stock hit a high of Rs 136.70 and a low of Rs 129 so far during the day. The stock had hit a 52-week high of Rs 223.30 on 15 November 2007 and a 52-week low of Rs 132.50 on 1 July 2008.
The company has an equity capital of Rs 122.71 crore. Face value per share is Re 1.
The current price of Rs 131 discounts its Q1 June 2008 annualised EPS of Rs 22.72, by a PE multiple of 5.76
Earlier in June 2008, Hindalco Industries' board had approved 1:3 rights issue to raise up to Rs 5000 crore. The funds were to be allocated to redeem a bridge loan it had taken for acquisition of Novelis Inc. However the pricing of rights issue was pending at that time.
In February 2007, the company entered into a definitive agreement to acquire Novelis in an all cash transaction for a consideration of $6 billion.
Hindalco Industries is India's largest aluminium producer and is engaged in producing aluminium and semi- fabricated products.
The company’s net profit rose 16.4% to Rs 696.76 crore on 0.8% decline in sales to Rs 4,647.53 crore in Q1 June 2008 over Q1 June 2007.
Sunday, August 17, 2008
Gold may slip below Rs 10,500/10 grams by end-September
17 Aug, 2008, 1016 hrs IST, PTI
MUMBAI: In line with the steep fall in its price in global markets, gold price in India is expected to fall below the Rs 11,000 mark per 10 grams by September, a top industry official said.
"Gold prices have witnessed a steep fall in line with the global markets and are likely drop further and may touch the Rs 10,400 to Rs 10,600 per 10 grams-mark by September-end," Bombay Bullion Association (BBA) President, Suresh Hundia. told reporters here today.
Domestic gold prices in July saw an inverted U shaped trend, rising in the beginning of the month trading initially at Rs 12,900 per 10 grams and then rallying up to a peak of Rs 13,567 per 10 grams by mid month. Gold then began its downward journey and at the end of the month finished at Rs 12,557 per 10 grams, much below the level it had initially begun.
The gold price dropped from Rs 12,705 on July 26 to the present Rs 11,300 per 10 grams in the local bullion market.
In the international market, the yellow metal dipped below $ 800 an ounce for the first time since December 2007.
As US economists see improved prospects for its economy, the dollar becomes more attractive as an investment. And as the dollar becomes more attractive, particularly in times of crisis, gold has lost its lustre, as have other precious metals.
In the domestic market, gold demand has already started picking up and people have advanced their purchases before the Diwali and wedding season, following a sharp decline in prices, bullion traders said.
Market participants expect the metal to test further lows in line with the steep fall in its prices.
"The metal is losing its social value and more dependent on the foreign exchange," All India Sarafa Bazar President, Sheel Chand Jain, said, adding, every rise in dollar would reduce the appeal of the metal.
He said easing crude oil prices have also eroded the demand for gold as a hedge against inflation.
Gold in overseas markets hit an intra-day low of $ 773.90 an ounce, its weakest since November 20 last year, down from $ 811.25 late in New York on Thursday as the dollar firmed up to a six-month high against the Euro. Crude oil prices fell to $ 111.34 a barrel on demand fears.
Bullion traders said prices would see more lows in the next few days following a fall in demand among stockists and jewellery fabricators.
Overall, there has been a shortfall in demand for physical gold in India, which usually demands about 800 MT of the yellow metal annually.
According to the BBA, Indias gold imports have fallen by almost 50 per cent in the first quarter. BBA statistics say that gold imports in the first quarter of this year is 101 MT as against 193 MT during the same period last year.
MUMBAI: In line with the steep fall in its price in global markets, gold price in India is expected to fall below the Rs 11,000 mark per 10 grams by September, a top industry official said.
"Gold prices have witnessed a steep fall in line with the global markets and are likely drop further and may touch the Rs 10,400 to Rs 10,600 per 10 grams-mark by September-end," Bombay Bullion Association (BBA) President, Suresh Hundia. told reporters here today.
Domestic gold prices in July saw an inverted U shaped trend, rising in the beginning of the month trading initially at Rs 12,900 per 10 grams and then rallying up to a peak of Rs 13,567 per 10 grams by mid month. Gold then began its downward journey and at the end of the month finished at Rs 12,557 per 10 grams, much below the level it had initially begun.
The gold price dropped from Rs 12,705 on July 26 to the present Rs 11,300 per 10 grams in the local bullion market.
In the international market, the yellow metal dipped below $ 800 an ounce for the first time since December 2007.
As US economists see improved prospects for its economy, the dollar becomes more attractive as an investment. And as the dollar becomes more attractive, particularly in times of crisis, gold has lost its lustre, as have other precious metals.
In the domestic market, gold demand has already started picking up and people have advanced their purchases before the Diwali and wedding season, following a sharp decline in prices, bullion traders said.
Market participants expect the metal to test further lows in line with the steep fall in its prices.
"The metal is losing its social value and more dependent on the foreign exchange," All India Sarafa Bazar President, Sheel Chand Jain, said, adding, every rise in dollar would reduce the appeal of the metal.
He said easing crude oil prices have also eroded the demand for gold as a hedge against inflation.
Gold in overseas markets hit an intra-day low of $ 773.90 an ounce, its weakest since November 20 last year, down from $ 811.25 late in New York on Thursday as the dollar firmed up to a six-month high against the Euro. Crude oil prices fell to $ 111.34 a barrel on demand fears.
Bullion traders said prices would see more lows in the next few days following a fall in demand among stockists and jewellery fabricators.
Overall, there has been a shortfall in demand for physical gold in India, which usually demands about 800 MT of the yellow metal annually.
According to the BBA, Indias gold imports have fallen by almost 50 per cent in the first quarter. BBA statistics say that gold imports in the first quarter of this year is 101 MT as against 193 MT during the same period last year.
Telecom service providers falter on 3G policy conflict
Shares of six telecom services providers fell between 0.4% to 3.79% at 12:15 IST on BSE on reports of finance ministry asking the Department of Telecom to put the 3G policy on hold.
Tata Communications (down 3.79% to Rs 432.80), Reliance Communications (down 1.87% to Rs 432.15), Spice Communications (down 0.86% to Rs 74.50), Bharti Airtel (down 0.44% to Rs 818), Tulip Telecom (down 0.57% to Rs 961), Idea Cellular (down 0.4% to Rs 87.10), edged lower.
Reportedly, in a move that may delay the rollout of 3G services in the country the finance ministry has said it was not consulted on the financial implications of the 3G policy guidelines.
Earlier this month, communications minister A Raja lifted the curtain on the 3G policy, which would enable telecom operators to offer high-end services such as video conferencing, faster downloads of music and movies, interactive gaming and high-speed internet. Mr Raja had announced a reserve price of Rs 2,020 crore for auction of pan-India 3G spectrum for GSM operators and about Rs 505 crore for pan-India WiMAX radio frequencies. As per the current schedule, the auction for 3G spectrum will be held within the next three months, spectrum allotted by the year-end and services launched by mid-2009.
The finance ministry has taken the line that DoT has breached protocol as it arrived at these figures (the reserve prices) without consulting it. This marks the second instance of differences having cropped up between different government wings over the recently-announced 3G spectrum policy reports said.
Tata Communications (down 3.79% to Rs 432.80), Reliance Communications (down 1.87% to Rs 432.15), Spice Communications (down 0.86% to Rs 74.50), Bharti Airtel (down 0.44% to Rs 818), Tulip Telecom (down 0.57% to Rs 961), Idea Cellular (down 0.4% to Rs 87.10), edged lower.
Reportedly, in a move that may delay the rollout of 3G services in the country the finance ministry has said it was not consulted on the financial implications of the 3G policy guidelines.
Earlier this month, communications minister A Raja lifted the curtain on the 3G policy, which would enable telecom operators to offer high-end services such as video conferencing, faster downloads of music and movies, interactive gaming and high-speed internet. Mr Raja had announced a reserve price of Rs 2,020 crore for auction of pan-India 3G spectrum for GSM operators and about Rs 505 crore for pan-India WiMAX radio frequencies. As per the current schedule, the auction for 3G spectrum will be held within the next three months, spectrum allotted by the year-end and services launched by mid-2009.
The finance ministry has taken the line that DoT has breached protocol as it arrived at these figures (the reserve prices) without consulting it. This marks the second instance of differences having cropped up between different government wings over the recently-announced 3G spectrum policy reports said.
KPR Mill on large block deal
KPR Mill spurted 6.97% to Rs 105.90 at 13:49 IST on BSE after 17 lakh shares or 1.3% of the company's equity, changed hands in a block deal on the BSE, at Rs 100 each.
The stock hit a high of Rs 118 and a low of Rs 99 so far during the day. The stock had hit a 52-week high of Rs 209.80 on 28 August 2007 and a 52-week low of Rs 82.05 on 25 March 2008.
The company has an equity capital of Rs 37.68 crore. Face value per share is Rs 10. The current price of Rs 105.90 discounts its Q1 June 2008 annualised EPS of Rs 12.69, by a PE multiple of 8.35.
KPR Mill’s net profit fell 27.2% to Rs 11.95 crore on 26.4% increase in net sales to Rs 167.96 crore in Q1 June 2008 over Q1 June 2007.
KPR Mill is a leading manufacturer of readymade knitted apparel, cotton knitted fabric and yarn in India having manufacturing facilities located at Coimbatore, Sathyamangalam, and Tirupur in Tamil Nadu, South India.
The stock hit a high of Rs 118 and a low of Rs 99 so far during the day. The stock had hit a 52-week high of Rs 209.80 on 28 August 2007 and a 52-week low of Rs 82.05 on 25 March 2008.
The company has an equity capital of Rs 37.68 crore. Face value per share is Rs 10. The current price of Rs 105.90 discounts its Q1 June 2008 annualised EPS of Rs 12.69, by a PE multiple of 8.35.
KPR Mill’s net profit fell 27.2% to Rs 11.95 crore on 26.4% increase in net sales to Rs 167.96 crore in Q1 June 2008 over Q1 June 2007.
KPR Mill is a leading manufacturer of readymade knitted apparel, cotton knitted fabric and yarn in India having manufacturing facilities located at Coimbatore, Sathyamangalam, and Tirupur in Tamil Nadu, South India.
Geometric hardens
Geometric surged 3.96% to Rs 62.95 at 11:48 IST on BSE after the company said it has launched NestLib version 21.5 with significant new enhancements in its optimizer and cutting sequence generation modules.
The stock hit a high of Rs 64.40 and a low of Rs 60.95 so far during the day. The stock had hit a 52-week high of Rs 104 on 20 August 2007 and a 52-week low of Rs 42 on 24 March 2008.
The company has an equity capital of Rs 12.42 crore. Face value per share is Rs 2.
The current price of Rs 62.95 discounts its Q1 June 2008 annualised EPS of Rs 10.24, by a PE multiple of 6.15.
NestLib is one of the most successful nesting technologies in the market focused on optimizing two-dimensional packaging, Geometric said.
On 6 August 2008, Geometric signed a contract with Ford Motor Company to provide application management services for its engineering applications.
In April 2008, the company sold one of its properties located in Pune, for Rs 29.50 crore.
Geometric’s net profit surged 173.02% to Rs 15.89 crore on 13.66% increase in net sales to Rs 52.01 crore in Q1 June 2008 over Q4 March 2008.
Geometric is specialist in the domain of engineering solutions, services and technologies, in the IT sector. Its portfolio of global engineering services and digital technology solutions for product lifecycle management (PLM) enables companies to formulate, implement and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
The stock hit a high of Rs 64.40 and a low of Rs 60.95 so far during the day. The stock had hit a 52-week high of Rs 104 on 20 August 2007 and a 52-week low of Rs 42 on 24 March 2008.
The company has an equity capital of Rs 12.42 crore. Face value per share is Rs 2.
The current price of Rs 62.95 discounts its Q1 June 2008 annualised EPS of Rs 10.24, by a PE multiple of 6.15.
NestLib is one of the most successful nesting technologies in the market focused on optimizing two-dimensional packaging, Geometric said.
On 6 August 2008, Geometric signed a contract with Ford Motor Company to provide application management services for its engineering applications.
In April 2008, the company sold one of its properties located in Pune, for Rs 29.50 crore.
Geometric’s net profit surged 173.02% to Rs 15.89 crore on 13.66% increase in net sales to Rs 52.01 crore in Q1 June 2008 over Q4 March 2008.
Geometric is specialist in the domain of engineering solutions, services and technologies, in the IT sector. Its portfolio of global engineering services and digital technology solutions for product lifecycle management (PLM) enables companies to formulate, implement and execute global engineering and manufacturing strategies aimed at achieving greater efficiencies in the product realization lifecycle.
Amtek Auto on overseas tie-up
Amtek Auto rose 0.24% to Rs 189 at 10:20 IST on BSE after the company formed a joint venture with FormTech Industries of Michigan to set up a manufacturing facility for manufacturing hatehur hot forgings for automotive applications in India & Europe.
The stock hit a high of Rs 193 and a low of Rs 186.65 so far during the day. The stock had hit a 52-week high of Rs 526 on 31 October 2007 and a 52-week low of Rs 179 on 08 August 2008.
The company has an equity capital of Rs 28.20 crore. Face value per share is Rs 5.
The current price of Rs 189 discounts its Q4 June 2008 annualised EPS of Rs 21.27, by a PE multiple of 8.89.
Amtek Auto will hold 51% stake in the joint venture (JV) and FormTech will own 49%. The new JV facility is scheduled to be fully operational in about 12 to 18 months.
FormTech is a manufacturer and supplier of precision hot, warm and cold forging components.
On 4 August 2008, Amtek Auto's board approved merger of Amtek India, Ahmednagar Forgings, Amtek Ring Gears, Amtek Crankshaft India and Amtek Castings India with the company.
In June 2008, Amtek Auto’s subsidiary formed an equal joint venture with US railcar manufacturer American Railcar Industries to set up a new railcar manufacturing facility in India.
Amtek Auto’s net profit rose 18.7% to Rs 74.97 crore on 12.4% increase in net sales to Rs 318.23 crore in Q4 June 2008 over Q4 March 2007.
Amtek Auto is a leading Indian supplier of automotive components and an integrated automotive component manufacturer of forgings, machining and sub-assemblies.
The stock hit a high of Rs 193 and a low of Rs 186.65 so far during the day. The stock had hit a 52-week high of Rs 526 on 31 October 2007 and a 52-week low of Rs 179 on 08 August 2008.
The company has an equity capital of Rs 28.20 crore. Face value per share is Rs 5.
The current price of Rs 189 discounts its Q4 June 2008 annualised EPS of Rs 21.27, by a PE multiple of 8.89.
Amtek Auto will hold 51% stake in the joint venture (JV) and FormTech will own 49%. The new JV facility is scheduled to be fully operational in about 12 to 18 months.
FormTech is a manufacturer and supplier of precision hot, warm and cold forging components.
On 4 August 2008, Amtek Auto's board approved merger of Amtek India, Ahmednagar Forgings, Amtek Ring Gears, Amtek Crankshaft India and Amtek Castings India with the company.
In June 2008, Amtek Auto’s subsidiary formed an equal joint venture with US railcar manufacturer American Railcar Industries to set up a new railcar manufacturing facility in India.
Amtek Auto’s net profit rose 18.7% to Rs 74.97 crore on 12.4% increase in net sales to Rs 318.23 crore in Q4 June 2008 over Q4 March 2007.
Amtek Auto is a leading Indian supplier of automotive components and an integrated automotive component manufacturer of forgings, machining and sub-assemblies.
WEEK AHEAD
Global cues, oil price to dictate trend
With no key events scheduled in the forthcoming week, the Indian stock market will closely watch global stock markets for direction. Also the inflation data in the year through 2 August 2008 will be released after market hours on Thursday, 14 August 2008. Market remains closed on Friday, 15 August 2008 on account of Independence Day.
Releasing the Economic Outlook for 2008-09, the Prime Minister’s Economic Advisory Council (EAC) on Wednesday, 13 August 2008, projected a lower GDP growth rate of 7.7% during 2008-09 mainly on account of lower agriculture and industrial growth, and adverse fallout of global developments. The EAC had earlier in January 2008 projected a growth rate 8.5% for 2008-09.
Inflation had hit a fresh 13-year high of 12.01% in the year through 26 July 2008, and remains a major concern for the central bank. High inflation will mean that tight monetary policy stance by the central bank may continue. On 29 July 2008, the Reserve Bank of India (RBI), at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
Sentiment is likely to remain edgy in the near term dampened by a series of negative news. Car sales recorded a dip in sales for the first time in 33 months as interest rates, inflationary pressures and hike in fuel prices dented demand. Passenger car sales declined 1.7% to 87,724 units in July 2008 over July 2007, according to data released by the Society of Indian Automobile Manufacturers.
Relentless monetary tightening by the RBI has finally started to catch up with industrial growth. A slowdown in the manufacturing sector pulled down India's industrial growth in June 2008 to 5.4% from 8.9% a year ago. This is however higher than 4.1% growth as per revised figures in May 2008. The index of industrial production (IIP) went up 5.2% in Q1 June 2008 compared to 10.3% growth in Q1 June 2007.
The aggregate results of 3,399 companies showed 5.20% rise in net profit to Rs 63,870 crore on 36.70% rise in sales to Rs 7,68,665 crore in Q1 June 2008 over Q1 June 2007. The net profit growth is the lowest in the past 20 quarters. In the June 2008 quarter, a number of companies were hit by mark-to-market (MTM) losses on their foreign exchange (forex) exposure.
On the positive side, a further fall in crude oil prices may boost the sentiment. Crude oil prices have declined sharply from record high $147.27 a barrel hit on 11 July 2008. US crude was up 50 cents at $116.50 on Thursday, 14 August 2008 due to a larger-than-expected drop in US crude and gasoline inventories, and disruptions to Caspian supplies.
Foreign institutional investors (FII)’s bought shares worth Rs 986.10 crore in the August 2008 (till 13 August 2008). FIIs sold shares worth Rs 26,315.90 in the calendar year 2008. Mutual funds sold shares worth Rs 228.60 crore in August 2008 (till 12 August 2008).
Key benchmark indices ran out of steam after five–week rally to edge lower in truncated week ended Thursday, 14 August 2008. The barometer index BSE Sensex declined 443.64 points or 2.92% to 14,724.18 and the S&P CNX Nifty lost 98.80 points or 2.18% at 4,430.70, in the week.
With no key events scheduled in the forthcoming week, the Indian stock market will closely watch global stock markets for direction. Also the inflation data in the year through 2 August 2008 will be released after market hours on Thursday, 14 August 2008. Market remains closed on Friday, 15 August 2008 on account of Independence Day.
Releasing the Economic Outlook for 2008-09, the Prime Minister’s Economic Advisory Council (EAC) on Wednesday, 13 August 2008, projected a lower GDP growth rate of 7.7% during 2008-09 mainly on account of lower agriculture and industrial growth, and adverse fallout of global developments. The EAC had earlier in January 2008 projected a growth rate 8.5% for 2008-09.
Inflation had hit a fresh 13-year high of 12.01% in the year through 26 July 2008, and remains a major concern for the central bank. High inflation will mean that tight monetary policy stance by the central bank may continue. On 29 July 2008, the Reserve Bank of India (RBI), at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
Sentiment is likely to remain edgy in the near term dampened by a series of negative news. Car sales recorded a dip in sales for the first time in 33 months as interest rates, inflationary pressures and hike in fuel prices dented demand. Passenger car sales declined 1.7% to 87,724 units in July 2008 over July 2007, according to data released by the Society of Indian Automobile Manufacturers.
Relentless monetary tightening by the RBI has finally started to catch up with industrial growth. A slowdown in the manufacturing sector pulled down India's industrial growth in June 2008 to 5.4% from 8.9% a year ago. This is however higher than 4.1% growth as per revised figures in May 2008. The index of industrial production (IIP) went up 5.2% in Q1 June 2008 compared to 10.3% growth in Q1 June 2007.
The aggregate results of 3,399 companies showed 5.20% rise in net profit to Rs 63,870 crore on 36.70% rise in sales to Rs 7,68,665 crore in Q1 June 2008 over Q1 June 2007. The net profit growth is the lowest in the past 20 quarters. In the June 2008 quarter, a number of companies were hit by mark-to-market (MTM) losses on their foreign exchange (forex) exposure.
On the positive side, a further fall in crude oil prices may boost the sentiment. Crude oil prices have declined sharply from record high $147.27 a barrel hit on 11 July 2008. US crude was up 50 cents at $116.50 on Thursday, 14 August 2008 due to a larger-than-expected drop in US crude and gasoline inventories, and disruptions to Caspian supplies.
Foreign institutional investors (FII)’s bought shares worth Rs 986.10 crore in the August 2008 (till 13 August 2008). FIIs sold shares worth Rs 26,315.90 in the calendar year 2008. Mutual funds sold shares worth Rs 228.60 crore in August 2008 (till 12 August 2008).
Key benchmark indices ran out of steam after five–week rally to edge lower in truncated week ended Thursday, 14 August 2008. The barometer index BSE Sensex declined 443.64 points or 2.92% to 14,724.18 and the S&P CNX Nifty lost 98.80 points or 2.18% at 4,430.70, in the week.
Thursday, August 14, 2008
Sovereign funds crowd to invest in India
15 Aug, 2008, 0010 hrs IST,Reena Zachariah, ET Bureau
MUMBAI: A growing number of sovereign wealth funds (SWFs), including China’s overseas investment arm, Korea Investment Corporation and some from the Gulf region, has sought SEBI approval to register and invest in the Indian stock market.
With the capital market regulator easing norms for SWFs to register as foreign portfolio investors, nine government-owned or controlled funds have submitted their applications to SEBI for formal registration, sources close to the development said.
The list of sovereign funds, which have investible surplus aggregating to hundreds of billions of dollars and are now waiting for regulatory approval to invest in India, includes one of China’s state-owned investment vehicles, Korea Investment Corporation, Saudi Arabia, which recently set up a $5.3-billion fund, and SWFs from Oman and Jordan, said a person associated with the registration process.
Lawyers representing some of these funds said since these are large financial entities, government-run and are sometimes opaque in their investment strategies and portfolios, the due diligence process is far more stringent as compared to other categories of foreign portfolio investors. SEBI also has concerns relating to SWFs from certain countries.
Some of the world’s top SWFs have been operating in India for long. For instance, the early birds include the biggest of them, the Abu Dhabi Investment Authority, credited with assets of over $875 billion, which has been investing in Indian markets for over a decade.
So has the Government of Singapore Investment Corporation (GIC), which has over $100 billion in assets. Temasek Holdings, another investment arm of the Singapore government, has also been active for a while. Others include Norway’s government pension fund, reckoned to be one of the best in terms of corporate governance practices, and Kuwait Investment Authority.
The majority of the 20 or so SWFs in operation now have been promoted by countries enjoying a boom in revenues either owing to record oil prices or a commodity boom, as with Chile.
These nations, which have a current account surplus, have carved out a part of their foreign exchange reserves funds to invest in a variety of assets, including stocks, to earn higher returns. India is yet to embark on such a course, as the country has a current account deficit.
In May this year, SEBI revised its foreign institutional investors regulations of 1995, to give effect to the policy measures on offshore derivative instruments (participatory notes) by including sovereign wealth fund as a new investor category.
Following the easing of rules, quite a few SWFs have applied to SEBI. The potential entry of these funds could boost capital inflows at a time when foreign portfolio investors have sold stocks aggregating $6.5 billion since the beginning of 2008.
“Professionally-managed sovereign wealth funds can be a good source of long-term capital for an emerging economy like India,” said Siddharth Shah, Head-Funds Practice, Nishith Desai Associates. The International Monetary Fund estimates that the size of SWFs could rise from $2-3 trillion now to $6-10 trillion over the next five years.
Although the large SWFs have helped bolster the capital of Wall Street biggies such as Merill Lynch, Morgan Stanley, UBS and Citi, there have been concerns relating to their investment practices, transparency and also political and commercial objectives. The IMF is working with some of them to evolve a code of best practices in the wake of concerns expressed by some countries.
MUMBAI: A growing number of sovereign wealth funds (SWFs), including China’s overseas investment arm, Korea Investment Corporation and some from the Gulf region, has sought SEBI approval to register and invest in the Indian stock market.
With the capital market regulator easing norms for SWFs to register as foreign portfolio investors, nine government-owned or controlled funds have submitted their applications to SEBI for formal registration, sources close to the development said.
The list of sovereign funds, which have investible surplus aggregating to hundreds of billions of dollars and are now waiting for regulatory approval to invest in India, includes one of China’s state-owned investment vehicles, Korea Investment Corporation, Saudi Arabia, which recently set up a $5.3-billion fund, and SWFs from Oman and Jordan, said a person associated with the registration process.
Lawyers representing some of these funds said since these are large financial entities, government-run and are sometimes opaque in their investment strategies and portfolios, the due diligence process is far more stringent as compared to other categories of foreign portfolio investors. SEBI also has concerns relating to SWFs from certain countries.
Some of the world’s top SWFs have been operating in India for long. For instance, the early birds include the biggest of them, the Abu Dhabi Investment Authority, credited with assets of over $875 billion, which has been investing in Indian markets for over a decade.
So has the Government of Singapore Investment Corporation (GIC), which has over $100 billion in assets. Temasek Holdings, another investment arm of the Singapore government, has also been active for a while. Others include Norway’s government pension fund, reckoned to be one of the best in terms of corporate governance practices, and Kuwait Investment Authority.
The majority of the 20 or so SWFs in operation now have been promoted by countries enjoying a boom in revenues either owing to record oil prices or a commodity boom, as with Chile.
These nations, which have a current account surplus, have carved out a part of their foreign exchange reserves funds to invest in a variety of assets, including stocks, to earn higher returns. India is yet to embark on such a course, as the country has a current account deficit.
In May this year, SEBI revised its foreign institutional investors regulations of 1995, to give effect to the policy measures on offshore derivative instruments (participatory notes) by including sovereign wealth fund as a new investor category.
Following the easing of rules, quite a few SWFs have applied to SEBI. The potential entry of these funds could boost capital inflows at a time when foreign portfolio investors have sold stocks aggregating $6.5 billion since the beginning of 2008.
“Professionally-managed sovereign wealth funds can be a good source of long-term capital for an emerging economy like India,” said Siddharth Shah, Head-Funds Practice, Nishith Desai Associates. The International Monetary Fund estimates that the size of SWFs could rise from $2-3 trillion now to $6-10 trillion over the next five years.
Although the large SWFs have helped bolster the capital of Wall Street biggies such as Merill Lynch, Morgan Stanley, UBS and Citi, there have been concerns relating to their investment practices, transparency and also political and commercial objectives. The IMF is working with some of them to evolve a code of best practices in the wake of concerns expressed by some countries.
Fuel, Fruits drive up inflation rate to 12.44%
Up & down
Prices increased for light diesel oil (16%), bitumen & furnace oil (8% each), aviation turbine fuel (3%).
Rates dropped for imported vegoils (13%), rice bran oil (5%), gingelly oil & cotton seed oil (2%).
New Delhi, Aug 14 The annual Wholesale Price Index-based inflation rose 12.44 per cent during the week ended August 2, above the previous week’s annual rise of 12.01 per cent, government data showed on Thursday.
During the latest reported week, the WPI moved up to 240.4 points from 239.6 points during the previous reported week. The annual rate of inflation stood at 4.39 per cent during the corresponding week a year ago.
Prices increased for light diesel oil (16%), bitumen & furnace oil (8% each), aviation turbine fuel (3%).
Rates dropped for imported vegoils (13%), rice bran oil (5%), gingelly oil & cotton seed oil (2%).
New Delhi, Aug 14 The annual Wholesale Price Index-based inflation rose 12.44 per cent during the week ended August 2, above the previous week’s annual rise of 12.01 per cent, government data showed on Thursday.
During the latest reported week, the WPI moved up to 240.4 points from 239.6 points during the previous reported week. The annual rate of inflation stood at 4.39 per cent during the corresponding week a year ago.
Wednesday, August 13, 2008
MSP Steel spurts on expansion plan
MSP Steel & Power gained 7.11% to Rs 55 at 15:05 IST on BSE after the company said it has entered into memorandum of understandings with the state government of Madhya Pradesh and Chhattisgarh for different projects worth Rs 6900 crore.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 56.55 and a low of Rs 50.70 so far during the day. The stock had hit a 52-week high of Rs 88.90 on 4 January 2008 and a 52-week low of Rs 23.50 on 22 August 2007.
The company has an equity capital of Rs 58.10 crore. Face value per share is Rs 10.
The current price of Rs 55 discounts its Q1 June 2008 annualised EPS of Rs 12.06, by a PE multiple of 4.56.
MSP Steel & Power’s net profit rose 146.6% to Rs 17.51 crore on 71% increase in net sales to Rs 108.13 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and selling of iron and steel products. The company manufactures sponge iron, billets or ingots, construction bars, ferro alloy. The company has operations in China and India.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 56.55 and a low of Rs 50.70 so far during the day. The stock had hit a 52-week high of Rs 88.90 on 4 January 2008 and a 52-week low of Rs 23.50 on 22 August 2007.
The company has an equity capital of Rs 58.10 crore. Face value per share is Rs 10.
The current price of Rs 55 discounts its Q1 June 2008 annualised EPS of Rs 12.06, by a PE multiple of 4.56.
MSP Steel & Power’s net profit rose 146.6% to Rs 17.51 crore on 71% increase in net sales to Rs 108.13 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing and selling of iron and steel products. The company manufactures sponge iron, billets or ingots, construction bars, ferro alloy. The company has operations in China and India.
MIC Electronics surges on overseas deal
MIC Electronics surged 3.20% to Rs 132.20 at 14:35 IST on BSE after the company said it has formed a joint venture with Latin American Football Corporation for supply of display systems to 50 football stadiums in South America and Europe.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 140.90 and a low of Rs 129.90 so far during the day. The stock had hit a 52-week high of Rs 217.56 on 27 December 2007 and a 52-week low of Rs 72.60 on 14 August 2007.
The company has an equity capital of Rs 20.13 crore. Face value per share is Rs 2.
The current price of Rs 132.20 discounts its Q4 June 2008 annualised EPS of Rs 9.40, by a PE multiple of 7.03.
The order is valued at $50 million, MIC Electronics said.
MIC Electronics’ net profit rose 30.8% to Rs 23.65 crore on a 28.9% decline in net sales to Rs 81.41 crore in Q4 June 2008 over Q4 June 2007.
MIC Electronics is engaged in designing and manufacturing LED video display systems. The LED products manufactured by the company find various applications, including sport and live events, advertising campaigns and news ticker displays.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 140.90 and a low of Rs 129.90 so far during the day. The stock had hit a 52-week high of Rs 217.56 on 27 December 2007 and a 52-week low of Rs 72.60 on 14 August 2007.
The company has an equity capital of Rs 20.13 crore. Face value per share is Rs 2.
The current price of Rs 132.20 discounts its Q4 June 2008 annualised EPS of Rs 9.40, by a PE multiple of 7.03.
The order is valued at $50 million, MIC Electronics said.
MIC Electronics’ net profit rose 30.8% to Rs 23.65 crore on a 28.9% decline in net sales to Rs 81.41 crore in Q4 June 2008 over Q4 June 2007.
MIC Electronics is engaged in designing and manufacturing LED video display systems. The LED products manufactured by the company find various applications, including sport and live events, advertising campaigns and news ticker displays.
XL Telecom & Energy in demand
XL Telecom & Energy rose 4.04% to Rs 218 at 14:17 IST on BSE after LDK Solar Company, a leading manufacturer of solar wafers, signed a five year contract to supply multicrystalline solar wafers to XL Telecom & Energy.
XL Telecom announced this during the market hours today, 13 August 2008.
The stock hit a high of Rs 222 and a low of Rs 202.50 so far during the day. The stock had hit a 52-week high of Rs 595 on 31 December 2007 and a 52-week low of Rs 122 on 22 August 2007.
The company has an equity capital of Rs 18.78 crore. Face value per share is Rs 10.
The current price of Rs 218 discounts its Q3 March 2008 annualised EPS of Rs 30.42, by a PE multiple of 7.16.
Under the terms of agreement, LDK Solar will deliver 300 megawatt (MW) of multi crystalline solar wafers over a five-year period to XL Telecom & Energy from the first quarter of 2009 and extending through 2013. This contract will help XL Telecom meet its solar wafer needs to cater to the photovoltaic market in coming years.
XL Telecom & Energy has focus in solar, ethanol and telecom segments and was established in 1985.
The company’s net profit rose 143.8% to Rs 14.14 crore on 27.45 rise in sales to Rs 172.30 crore in Q3 March 2008 over Q3 March 2007.
XL Telecom announced this during the market hours today, 13 August 2008.
The stock hit a high of Rs 222 and a low of Rs 202.50 so far during the day. The stock had hit a 52-week high of Rs 595 on 31 December 2007 and a 52-week low of Rs 122 on 22 August 2007.
The company has an equity capital of Rs 18.78 crore. Face value per share is Rs 10.
The current price of Rs 218 discounts its Q3 March 2008 annualised EPS of Rs 30.42, by a PE multiple of 7.16.
Under the terms of agreement, LDK Solar will deliver 300 megawatt (MW) of multi crystalline solar wafers over a five-year period to XL Telecom & Energy from the first quarter of 2009 and extending through 2013. This contract will help XL Telecom meet its solar wafer needs to cater to the photovoltaic market in coming years.
XL Telecom & Energy has focus in solar, ethanol and telecom segments and was established in 1985.
The company’s net profit rose 143.8% to Rs 14.14 crore on 27.45 rise in sales to Rs 172.30 crore in Q3 March 2008 over Q3 March 2007.
G S Auto setting record date for stock split
G S Auto International was locked at 5% upper limit at Rs 140.55 at 12:52 IST on BSE after the company set record date for 2-for-1 stock split.
The stock hit a high of Rs 140.55 and a low of Rs 140.55 so far during the day. The stock had hit a 52-week high of Rs 147.90 on 12 May 2008 and a 52-week low of Rs 16.90 on 16 August 2007.
The company has an equity capital of Rs 1.70 crore. Face value per share is Rs 1.
The current price of Rs 140.55 discounts its Q1 June 2008 annualised EPS of Rs 20, by a PE multiple of 7.03.
G S Auto International has fixed 27 August 2008 as the record date for stock split. The company has announced the record date during trading hours today, 13 August 2008.
G S Auto International’s net profit surged 507.1% to Rs 0.85 crore on 30.7% increase in net sales to Rs 24.99 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures automotive suspension components like u-bolts, center bolt, spring pins and kingpins.
The stock hit a high of Rs 140.55 and a low of Rs 140.55 so far during the day. The stock had hit a 52-week high of Rs 147.90 on 12 May 2008 and a 52-week low of Rs 16.90 on 16 August 2007.
The company has an equity capital of Rs 1.70 crore. Face value per share is Rs 1.
The current price of Rs 140.55 discounts its Q1 June 2008 annualised EPS of Rs 20, by a PE multiple of 7.03.
G S Auto International has fixed 27 August 2008 as the record date for stock split. The company has announced the record date during trading hours today, 13 August 2008.
G S Auto International’s net profit surged 507.1% to Rs 0.85 crore on 30.7% increase in net sales to Rs 24.99 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures automotive suspension components like u-bolts, center bolt, spring pins and kingpins.
Voltas acquired a 51% stake in Rohini Industrial Electricals
Voltas was flat at Rs 137.30 at 11:36 IST on BSE even as the company said it has acquired a 51% stake in a Mumbai based Rohini Industrial Electricals for a consideration of Rs 62 crore.
The company made this announcement after trading hours on Tuesday, 12 August 2008.
The stock hit a high of Rs 139.90 and a low of Rs 136.10 so far during the day. The stock had hit a 52-week high of Rs 266.90 on 4 December 2007 and a 52-week low of Rs 114.50 on 1 July 2008.
The company has an equity capital of Rs 33.09 crore. Face value per share is Rs 1.
The current price of Rs 137.30 discounts its Q1 June 2008 annualised EPS of Rs 10.30, by a PE multiple of 13.33.
Rohini Industrial Electricals (RIE) is engaged in undertaking large turnkey electrical and instrumentation projects for industrial and commercial sectors.
Voltas’ net profit surged 63.2% to Rs 85.13 crore on 22% increase in net sales to Rs 1006.73 crore in Q1 June 2008 over Q1 June 2007.
Voltas' products include air conditioners, water coolers, refrigerators and washing machines.
The company made this announcement after trading hours on Tuesday, 12 August 2008.
The stock hit a high of Rs 139.90 and a low of Rs 136.10 so far during the day. The stock had hit a 52-week high of Rs 266.90 on 4 December 2007 and a 52-week low of Rs 114.50 on 1 July 2008.
The company has an equity capital of Rs 33.09 crore. Face value per share is Rs 1.
The current price of Rs 137.30 discounts its Q1 June 2008 annualised EPS of Rs 10.30, by a PE multiple of 13.33.
Rohini Industrial Electricals (RIE) is engaged in undertaking large turnkey electrical and instrumentation projects for industrial and commercial sectors.
Voltas’ net profit surged 63.2% to Rs 85.13 crore on 22% increase in net sales to Rs 1006.73 crore in Q1 June 2008 over Q1 June 2007.
Voltas' products include air conditioners, water coolers, refrigerators and washing machines.
RIL slips on postponement of court hearing on gas dispute
Reliance Industries fell 0.1% to Rs 2,340 at 11:21 IST on BSE after the Bombay High Court once again adjourned the hearing on the gas sale dispute between the company and Reliance Natural Resources till 21 August 2008
Reliance Natural Resources was trading flat at Rs 102.15.
Reliance Industries hit a high of Rs 2,347.80 and a low of Rs 2,310.55 so far during the day. The stock had hit a 52-week high of Rs 3,252.10 on 15 January 2008 and a 52-week low of Rs 1,700 on 17 August 2007.
The company has an equity capital of Rs 1,453.65 crore. Face value per share is Rs 10.
The current price of Rs 2340 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 20.69.
The dispute is about which firm has the rights over gas supplies and at what price. After the government of India set a higher benchmark price of $4.2 metric million british thermal units (mmbtu) or one million British thermal unit for the gas from KG basin, Reliance Industries (RIL) had refused to sell the gas to Reliance Natural Resources (RNRL) at a lower rate.
The court had restrained RIL from entering into contracts to sell the gas from the basin - known as KG-D6 - with companies other than RNRL and the state-run National Thermal Power Corporation (NTPC).
RNRL demands a contract for 17 years while RIL says that it does not have enough confirmed gas reserves in Krishna-Godavari basin to accept the demand.
Reliance Industries net profit rose 13.2% to Rs 4,110 crore on 40.8% rise in sales to Rs 41,579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas. The firm also runs retail outlets.
Reliance Natural Resources was trading flat at Rs 102.15.
Reliance Industries hit a high of Rs 2,347.80 and a low of Rs 2,310.55 so far during the day. The stock had hit a 52-week high of Rs 3,252.10 on 15 January 2008 and a 52-week low of Rs 1,700 on 17 August 2007.
The company has an equity capital of Rs 1,453.65 crore. Face value per share is Rs 10.
The current price of Rs 2340 discounts its Q1 June 2008 annualised EPS of Rs 113.07, by a PE multiple of 20.69.
The dispute is about which firm has the rights over gas supplies and at what price. After the government of India set a higher benchmark price of $4.2 metric million british thermal units (mmbtu) or one million British thermal unit for the gas from KG basin, Reliance Industries (RIL) had refused to sell the gas to Reliance Natural Resources (RNRL) at a lower rate.
The court had restrained RIL from entering into contracts to sell the gas from the basin - known as KG-D6 - with companies other than RNRL and the state-run National Thermal Power Corporation (NTPC).
RNRL demands a contract for 17 years while RIL says that it does not have enough confirmed gas reserves in Krishna-Godavari basin to accept the demand.
Reliance Industries net profit rose 13.2% to Rs 4,110 crore on 40.8% rise in sales to Rs 41,579 crore in Q1 June 2008 over Q1 June 2007.
Reliance Industries is engaged in oil refining, producing and distributing plastic and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers, chemicals, textiles. It is also into exploration and production of oil and natural gas. The firm also runs retail outlets.
Tata Steel signing JV for steel complex in Vietnam
Tata Steel rose 1.32% to Rs 616 at 11:03 IST on BSE after the company said its overseas unit has formed a joint venture with Vietnam Steel Corporation and Vietnam Cement Industries Corporation for a steel complex in Ha Tinh province in Vietnam.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 622 and a low of Rs 600 so far during the day. The stock had hit a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 471.07 on 17 August 2007.
The company has an equity capital of Rs 730.58 crore. Face value per share is Rs 10.
The current price of Rs 616 discounts its Q1 June 2008 annualised EPS of Rs 81.47, by a PE multiple of 7.56.
Singapore based Tata Steel Global Holding, a wholly owned subsidiary of Tata Steel, will hold 65% stake in the project.
Tata Steel’s net profit rose 21.8% to Rs 1488.40 on 46.9% increase in net sales to Rs 6165.03 crore in Q1 June 2008 over Q1 June 2007.
Tata Steel is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services. The company, along with its associates, has operations in 24 countries and commercial presence in more than 50 countries. The steel maker owns Corus, Tata Steel Thailand (formerly Millennium Steel) and NatSteel Asia.
The company made this announcement during trading hours today, 13 August 2008.
The stock hit a high of Rs 622 and a low of Rs 600 so far during the day. The stock had hit a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 471.07 on 17 August 2007.
The company has an equity capital of Rs 730.58 crore. Face value per share is Rs 10.
The current price of Rs 616 discounts its Q1 June 2008 annualised EPS of Rs 81.47, by a PE multiple of 7.56.
Singapore based Tata Steel Global Holding, a wholly owned subsidiary of Tata Steel, will hold 65% stake in the project.
Tata Steel’s net profit rose 21.8% to Rs 1488.40 on 46.9% increase in net sales to Rs 6165.03 crore in Q1 June 2008 over Q1 June 2007.
Tata Steel is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services. The company, along with its associates, has operations in 24 countries and commercial presence in more than 50 countries. The steel maker owns Corus, Tata Steel Thailand (formerly Millennium Steel) and NatSteel Asia.
Wire & Wireless India on rights issue plan
Wire & Wireless India gained 1.91% to Rs 26.65 at 10:09 IST on BSE after the company said its board will meet on 20 August 2008 to consider issue of equity shares on a rights basis.
The stock hit a high of Rs 26.95 and a low of Rs 26.05 so far during the day. The stock had hit a 52-week high of Rs 104 on 6 December 2007 and a 52-week low of Rs 18.55 on 2 July 2008.
The company has an equity capital of Rs 21.72 crore. Face value per share is Rs 1.
Wire & Wireless India reported a net loss of Rs 19.74 crore in Q1 June 2008 as compared to net loss of Rs 20.64 crore in Q1 June 2007. Net sales rose 4.3% to Rs 55.13 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is distribution of television channels through analog and digital cable distribution network, primary Internet and allied services. The activities include cable subscription, channel placement, advertisement and leasing out infrastructure.
The stock hit a high of Rs 26.95 and a low of Rs 26.05 so far during the day. The stock had hit a 52-week high of Rs 104 on 6 December 2007 and a 52-week low of Rs 18.55 on 2 July 2008.
The company has an equity capital of Rs 21.72 crore. Face value per share is Rs 1.
Wire & Wireless India reported a net loss of Rs 19.74 crore in Q1 June 2008 as compared to net loss of Rs 20.64 crore in Q1 June 2007. Net sales rose 4.3% to Rs 55.13 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is distribution of television channels through analog and digital cable distribution network, primary Internet and allied services. The activities include cable subscription, channel placement, advertisement and leasing out infrastructure.
Post-Market Commentary. Wednesday, August 13, 2008
Market extends fall on weak global cues
The market ended lower for the second day in a row tracking weak global markets. The key benchmark indices were highly volatile throughout the session ahead of the outcome of the Securities and Exchange Board of India’s board meet to review the rules regarding the issuance of participatory notes.
Banking and realty shares witnessed selling pressure, while buying was seen in pharmaceuticals and technology stocks. Index pivotal ICICI Bank was the biggest loser in the Sensex pack.
Sensex fell 119.01 points or 0.78% to 15,093.12.
Nifty fell 23.2 points or 0.51% lower at 4529.05.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
The market ended lower for the second day in a row tracking weak global markets. The key benchmark indices were highly volatile throughout the session ahead of the outcome of the Securities and Exchange Board of India’s board meet to review the rules regarding the issuance of participatory notes.
Banking and realty shares witnessed selling pressure, while buying was seen in pharmaceuticals and technology stocks. Index pivotal ICICI Bank was the biggest loser in the Sensex pack.
Sensex fell 119.01 points or 0.78% to 15,093.12.
Nifty fell 23.2 points or 0.51% lower at 4529.05.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.
Tuesday, August 12, 2008
Landmark Property Development tops volumes on BSE
Landmark Property Development Company was trading at Rs 35.80 on a volume of 2.49 crore shares on BSE. It was the top traded counter on BSE in terms of volumes. The scrip was listed on the bourses today pursuant to the transfer of the real estate unit of OCL India to the company. (ORISSA CEMENTS LTD)OCL
Steel Strips Wheels shifts gears on strong sales in July 2008
Steel Strips Wheels soared 2.98% to Rs 121 at 14:40 IST on BSE after the company posted 20% growth in sales to 5.15 lakh units in July 2008 over July 2007.
The company made this announcement during trading hours today, 12 August 2008.
The stock hit a high of Rs 121 and a low of Rs 117 so far during the day. The stock had hit a 52-week high of Rs 256.25 on 2 January 2008 and a 52-week low of Rs 106 on 22 July 2008.
The company has an equity capital of Rs 12.56 crore. Face value per share is Rs 10.
The current price of Rs 121 discounts its Q1 June 2008 annualised EPS of Rs 22.64, by a PE multiple of 5.34.
Steel Strips Wheels achieved 291% surge in export sales to 38,640 units in July 2008 over July 2007. The company recorded a 20% rise in production to 5.18 lakh wheel rims in July 2008 over July 2007.
In April 2008, Steel Strips Wheels bagged an export order worth Rs 110 crore from Renault, France for supply of one million steel wheel rims over five years.
Steel Strips Wheels’ net profit surged 92.2% to Rs 7.11 crore on 57.3% increase in net sales to Rs 88.48 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing wheel rims. The company caters largely to the two-wheeler industry.
The company made this announcement during trading hours today, 12 August 2008.
The stock hit a high of Rs 121 and a low of Rs 117 so far during the day. The stock had hit a 52-week high of Rs 256.25 on 2 January 2008 and a 52-week low of Rs 106 on 22 July 2008.
The company has an equity capital of Rs 12.56 crore. Face value per share is Rs 10.
The current price of Rs 121 discounts its Q1 June 2008 annualised EPS of Rs 22.64, by a PE multiple of 5.34.
Steel Strips Wheels achieved 291% surge in export sales to 38,640 units in July 2008 over July 2007. The company recorded a 20% rise in production to 5.18 lakh wheel rims in July 2008 over July 2007.
In April 2008, Steel Strips Wheels bagged an export order worth Rs 110 crore from Renault, France for supply of one million steel wheel rims over five years.
Steel Strips Wheels’ net profit surged 92.2% to Rs 7.11 crore on 57.3% increase in net sales to Rs 88.48 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing wheel rims. The company caters largely to the two-wheeler industry.
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