Richa Industries spurted 6.56% to Rs 104.70 at 12:05 IST on BSE, on reports the company plans to invest Rs 125 crore on an infrastructure project in Uttarakhand to make steel structures.
The stock hit a high of Rs 105 and a low of Rs 99.50 so far during the day. The stock has a 52-week high of Rs 106 on 11 August 2008 and a 52-week low of Rs 16.50 on 24 September 2007.
The company’s current equity is Rs 16.93 crore. Face value per share is Rs 10.
The current price of Rs 104.70 discounts Q1 June 2008 annualized EPS of Rs 10.32, by a PE multiple of 10.15.
As per reports, the plant, which is expected to be operational by April 2009, would have a capacity of 54,000 metric tonnes per annum (MTPA).
Richa Industries’ net profit surged 273.50% to Rs 4.37 crore on 169.50% increase in net sales to Rs 41.78 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in fabric knitting, knitted fabric dyeing, finishing, garment dyeing and garment manufacturing. The company's products include knitted and processing of fabrics, cotton spinning and weaving in mills, bleaching and painting of cloth & clothing accessories.
Sunday, September 21, 2008
Natco Pharma gains on new drug launch
Natco Pharma gained 2.36% to Rs 71.45 at 11:35 IST on BSE, after the company said on Friday, 19 September 2008, it has launched its nano technology drug Albupax, which is used for the treatment of breast cancer.
The company made this announcement during trading hours today, 19 September 2008.
The stock hit a high of Rs 71.85 and a low of Rs 69.70 so far during the day. The stock has a 52-week high of Rs 179.40 on 1 January 2008 and a 52-week low of Rs 61.05 on 21 July 2008.
The company’s current equity is Rs 28.04 crore. Face value per share is Rs 10.
The current price of Rs 71.45 discounts Q1 June 2008 annualized EPS of Rs 10.96, by a PE multiple of 6.52.
Albupax is the first generic version of the international brand Abraxnae of Abraxis Bio sciences, USA.
Each 100 miligram (mg) vial of Albupax bas been affordably priced at Rs 11,500. The estimated annual Indian market for this product is Rs 150 crore.
In July 2008, Natco Pharma signed a licence and supply agreement with US-based Mylan Inc for the global sale of generic version of Israeli rival Teva's patented drug Copaxone.
Natco Pharma’s net profit 8.6% to Rs 7.68 crore on 5% increase in net sales to Rs 56.51 crore in Q1 June 2008 over Q1 June 2007.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
The company made this announcement during trading hours today, 19 September 2008.
The stock hit a high of Rs 71.85 and a low of Rs 69.70 so far during the day. The stock has a 52-week high of Rs 179.40 on 1 January 2008 and a 52-week low of Rs 61.05 on 21 July 2008.
The company’s current equity is Rs 28.04 crore. Face value per share is Rs 10.
The current price of Rs 71.45 discounts Q1 June 2008 annualized EPS of Rs 10.96, by a PE multiple of 6.52.
Albupax is the first generic version of the international brand Abraxnae of Abraxis Bio sciences, USA.
Each 100 miligram (mg) vial of Albupax bas been affordably priced at Rs 11,500. The estimated annual Indian market for this product is Rs 150 crore.
In July 2008, Natco Pharma signed a licence and supply agreement with US-based Mylan Inc for the global sale of generic version of Israeli rival Teva's patented drug Copaxone.
Natco Pharma’s net profit 8.6% to Rs 7.68 crore on 5% increase in net sales to Rs 56.51 crore in Q1 June 2008 over Q1 June 2007.
Natco Pharma manufactures generic dosage forms, bulk actives and intermediates for the Indian and international markets.
Videocon Industries Overseas acquisition
Videocon Industries surged 4.90% to Rs 228 at 10:56 IST on BSE, after the company said on Friday, 19 September 2008, its overseas unit VB (Brasil) Petroleo has acquired 100% stake in EnCana Brasil Petroleo of Brazil for consideration of $165 million.
The company made this announcement during trading hours today, 19 September 2008.
The stock hit a high of Rs 233.20 and a low of Rs 222 so far during the day. The stock has a 52-week high of Rs 868.65 on 1 January 2008 and a 52-week low of Rs 207 on 18 September 2008.
The company’s current equity is Rs 229.45 crore. Face value per share is Rs 10.
The current price of Rs 228 discounts Q3 June 2008 annualized EPS of Rs 44.49, by a PE multiple of 5.12.
VB (Brasil) Petroleo is a joint venture company incorporated in Brazil equally by Videocon Industries and Bharat PetroResources, which is a wholly owned subsidiary of Bharat Petroleum Corporation.
EnCana Brasil Petroleo assets include ten deep-water offshore petroleum exploration blocks in four concessions in Brazil.
In August 2008, Videocon Industries’ overseas unit Videocon Energy Ventures acquired 10% stake in Mozambique’s Rovuma Offshore Area 1 block from US firm Anadarko Petroleum Corporation.
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 company made this announcement during trading hours today, 19 September 2008.
The stock hit a high of Rs 233.20 and a low of Rs 222 so far during the day. The stock has a 52-week high of Rs 868.65 on 1 January 2008 and a 52-week low of Rs 207 on 18 September 2008.
The company’s current equity is Rs 229.45 crore. Face value per share is Rs 10.
The current price of Rs 228 discounts Q3 June 2008 annualized EPS of Rs 44.49, by a PE multiple of 5.12.
VB (Brasil) Petroleo is a joint venture company incorporated in Brazil equally by Videocon Industries and Bharat PetroResources, which is a wholly owned subsidiary of Bharat Petroleum Corporation.
EnCana Brasil Petroleo assets include ten deep-water offshore petroleum exploration blocks in four concessions in Brazil.
In August 2008, Videocon Industries’ overseas unit Videocon Energy Ventures acquired 10% stake in Mozambique’s Rovuma Offshore Area 1 block from US firm Anadarko Petroleum Corporation.
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.
Garware Offshore on new order wins
Garware Offshore Services rose 2.73% to Rs 175.25 at 10:15 IST on BSE, after the company said it has secured a firm contract for upto 3 years for its new anchor handling tug-cum-supply vessel MV Meghna.
The company made this announcement before trading hours today, 19 September 2008.
The stock hit a high of Rs 181.40 and a low of Rs 175.25 so far during the day. The stock has a 52-week high of Rs 310 on 6 December 2007 and a 52-week low of Rs 134.90 on 4 July 2008.
The company’s current equity is Rs 23.82 crore. Face value per share is Rs 10.
The annual revenue from this contract is expected to be in the region of Rs 22 crore.
In April 2008, Garware Offshore secured a contract for upto three years for its new anchor-handling tug cum supply vessel
Garware Offshore reported net loss of Rs 5.52 crore in Q1 June 2008 as compared to net profit of Rs 5.19 crore in Q1 June 2007. Net sales rose 51.6% to Rs 29.43 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to support drilling and oil exploration activities.
The company made this announcement before trading hours today, 19 September 2008.
The stock hit a high of Rs 181.40 and a low of Rs 175.25 so far during the day. The stock has a 52-week high of Rs 310 on 6 December 2007 and a 52-week low of Rs 134.90 on 4 July 2008.
The company’s current equity is Rs 23.82 crore. Face value per share is Rs 10.
The annual revenue from this contract is expected to be in the region of Rs 22 crore.
In April 2008, Garware Offshore secured a contract for upto three years for its new anchor-handling tug cum supply vessel
Garware Offshore reported net loss of Rs 5.52 crore in Q1 June 2008 as compared to net profit of Rs 5.19 crore in Q1 June 2007. Net sales rose 51.6% to Rs 29.43 crore in Q1 June 2008 over Q1 June 2007.
The company's principal activity is to support drilling and oil exploration activities.
Godawari Power & Ispat Expansion plan
Godawari Power & Ispat galloped 5.30% to Rs 160 at 9:55 IST on BSE, after the company said it has signed a memorandum of understanding with the state government of Chhattisgarh for setting-up a 1000 megawatt thermal power project.
The company made this announcement after trading hours on Thursday, 18 September 2008.
The stock hit a high of Rs 160 and a low of Rs 160 so far during the day. The stock has a 52-week high of Rs 376.50 on 1 January 2008 and a 52-week low of Rs 149.05 on 24 March 2008.
The company’s current equity is Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 160 discounts Q1 June 2008 annualized EPS of Rs 54.22, by a PE multiple of 2.95.
In July 2008, Godawari Power & Ispat signed a memorandum of understanding with the government of Chhattisgarh for setting up cement plants and power plant in the state at a total cost of Rs 628 crore.
Godawari Power & Ispat’s net profit rose 81.7% to Rs 38.05 crore on 88.3% rise in sales to Rs 320.44 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing steel intermediate products like sponge iron and ferro alloys and finished long steel products like billets, wire rods and mild steel wires, which find application in the construction and infrastructure sectors. The group operates in three segments namely steel, electricity and others.
The company made this announcement after trading hours on Thursday, 18 September 2008.
The stock hit a high of Rs 160 and a low of Rs 160 so far during the day. The stock has a 52-week high of Rs 376.50 on 1 January 2008 and a 52-week low of Rs 149.05 on 24 March 2008.
The company’s current equity is Rs 28.07 crore. Face value per share is Rs 10.
The current price of Rs 160 discounts Q1 June 2008 annualized EPS of Rs 54.22, by a PE multiple of 2.95.
In July 2008, Godawari Power & Ispat signed a memorandum of understanding with the government of Chhattisgarh for setting up cement plants and power plant in the state at a total cost of Rs 628 crore.
Godawari Power & Ispat’s net profit rose 81.7% to Rs 38.05 crore on 88.3% rise in sales to Rs 320.44 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing steel intermediate products like sponge iron and ferro alloys and finished long steel products like billets, wire rods and mild steel wires, which find application in the construction and infrastructure sectors. The group operates in three segments namely steel, electricity and others.
Thursday, September 18, 2008
For AIG, $85 billion might not be enough
18 Sep, 2008, 1535 hrs IST, REUTERS
NEW YORK: American International Group's deal with the government is a bankruptcy liquidation in all but name, and the $85 billion it has borrowed may not be enough extra money to pay off all its obligations, particularly in its derivatives books.
AIG had $971.7 billion of liabilities at the end of June, but a subsidiary also has about $447 billion of credit derivatives on its books. That compares with a little more than $1 trillion of assets. There is a real question mark around the credit derivatives.
The $447 billion is the amount of principal the company has protected, but how that translates to actual losses is difficult to forecast without detail about the real risk. But even if AIG does not ultimately make payouts on the credit default contracts, it could have to post more collateral and write down the derivatives as markets gyrate. Financial companies have continually underestimated their potential risk during the credit crisis, and this time may not be different.
"There is substantial risk in that credit derivatives book," said Sean Egan, co-founder of rating agency Egan-Jones Rating Co. AIG declined to comment. The government has a major role in AIG's operations now - it essentially named a new chief executive, Edward Liddy, and owns nearly 80 percent of the company's stock.
But the government is widely expected to sell off AIG's assets to get its money back, rather than aggressively pursue new business, because the United States' main priority is to get its money back, rather than to maximize profit for shareholders, experts said.
"I can't imagine they'll be in business creation mode," said Dan Alpert, a banker at Westwood Capital in New York. Customers, meanwhile, are likely to try to reduce their business with AIG. Worried clients in Singapore thronged the office of an AIG unit earlier this week to try to redeem their policies. Press reports said the same happened elsewhere in Asia, one of AIG's most important markets.
"To say that confidence has been shaken is an understatement. In the insurance business, trust is of the utmost importance," said Walter Todd, portfolio manager at Greenwood Capital Associates in Greenwood, South Carolina. In other words, AIG can't grow out of its problems, and will in fact likely be forced to shrink.
But selling off assets to meet obligations is difficult when most other financial institutions around the world are reducing the assets, depressing valuations. When it's all said and done, AIG might not have enough assets to meet its obligations, which is why the company's corporate bonds are trading at less than 50 cents on the dollar, analysts said.
"Attorneys will spend the next five years sorting through this mess," said Egan-Jones' Egan.
via:E.T
NEW YORK: American International Group's deal with the government is a bankruptcy liquidation in all but name, and the $85 billion it has borrowed may not be enough extra money to pay off all its obligations, particularly in its derivatives books.
AIG had $971.7 billion of liabilities at the end of June, but a subsidiary also has about $447 billion of credit derivatives on its books. That compares with a little more than $1 trillion of assets. There is a real question mark around the credit derivatives.
The $447 billion is the amount of principal the company has protected, but how that translates to actual losses is difficult to forecast without detail about the real risk. But even if AIG does not ultimately make payouts on the credit default contracts, it could have to post more collateral and write down the derivatives as markets gyrate. Financial companies have continually underestimated their potential risk during the credit crisis, and this time may not be different.
"There is substantial risk in that credit derivatives book," said Sean Egan, co-founder of rating agency Egan-Jones Rating Co. AIG declined to comment. The government has a major role in AIG's operations now - it essentially named a new chief executive, Edward Liddy, and owns nearly 80 percent of the company's stock.
But the government is widely expected to sell off AIG's assets to get its money back, rather than aggressively pursue new business, because the United States' main priority is to get its money back, rather than to maximize profit for shareholders, experts said.
"I can't imagine they'll be in business creation mode," said Dan Alpert, a banker at Westwood Capital in New York. Customers, meanwhile, are likely to try to reduce their business with AIG. Worried clients in Singapore thronged the office of an AIG unit earlier this week to try to redeem their policies. Press reports said the same happened elsewhere in Asia, one of AIG's most important markets.
"To say that confidence has been shaken is an understatement. In the insurance business, trust is of the utmost importance," said Walter Todd, portfolio manager at Greenwood Capital Associates in Greenwood, South Carolina. In other words, AIG can't grow out of its problems, and will in fact likely be forced to shrink.
But selling off assets to meet obligations is difficult when most other financial institutions around the world are reducing the assets, depressing valuations. When it's all said and done, AIG might not have enough assets to meet its obligations, which is why the company's corporate bonds are trading at less than 50 cents on the dollar, analysts said.
"Attorneys will spend the next five years sorting through this mess," said Egan-Jones' Egan.
via:E.T
Autoline Industries Overseas acquisition
Autoline Industries declined 2.08% to Rs 157.60 at 12:19 IST on BSE, even as the company said on Wednesday, 17 September 2008, its board has approved the acquisition of Cyprus-based Koderat Investments.
The company made this announcement after trading hours on Wednesday, 17 September 2008.
The stock hit a low of Rs 150 so far during the day, which is a 52-week low. The stock hit a high of Rs 157.80 so far during the day. The stock has a 52-week high of Rs 283.50 on 7 May 2008.
The company’s current equity is Rs 12.20 crore. Face value per share is Rs 10.
The current price of Rs 157.60 discounts Q1 June 2008 annualized EPS of Rs 4.39, by a PE multiple of 35.90.
Koderat Investments, a company incorporated and existing under the laws of Cyprus, will act as a special purpose vehicle (SPV) for the purpose of further investment into an Italian S.r.l. which will be in automotive design sector in Italy, Autoline said. The company is engaged in the business of medium sized engineering and auto ancillary, it added.
Autoline Industries’ net profit fell 61.6% to Rs 1.34 crore on 2.1% increase in net sales to Rs 67.33 crore in Q1 June 2008 over Q1 June 2007.
Autoline is engaged in manufacturing and designing of auto components, sheet metal components, sub assemblies and assemblies.
The company made this announcement after trading hours on Wednesday, 17 September 2008.
The stock hit a low of Rs 150 so far during the day, which is a 52-week low. The stock hit a high of Rs 157.80 so far during the day. The stock has a 52-week high of Rs 283.50 on 7 May 2008.
The company’s current equity is Rs 12.20 crore. Face value per share is Rs 10.
The current price of Rs 157.60 discounts Q1 June 2008 annualized EPS of Rs 4.39, by a PE multiple of 35.90.
Koderat Investments, a company incorporated and existing under the laws of Cyprus, will act as a special purpose vehicle (SPV) for the purpose of further investment into an Italian S.r.l. which will be in automotive design sector in Italy, Autoline said. The company is engaged in the business of medium sized engineering and auto ancillary, it added.
Autoline Industries’ net profit fell 61.6% to Rs 1.34 crore on 2.1% increase in net sales to Rs 67.33 crore in Q1 June 2008 over Q1 June 2007.
Autoline is engaged in manufacturing and designing of auto components, sheet metal components, sub assemblies and assemblies.
Pratibha Industries secured Delhi Jal Board order for water supply scheme.
Pratibha Industries declined 6.31% to Rs 228.10 at 10:29 IST on BSE, even as the company said on Thursday, 18 September 2008, it has secured an order worth Rs 156 crore from Delhi Jal Board for design and construction of water supply scheme.
The company made this announcement before trading hours today, 18 September 2008.
The stock hit a high of Rs 235 and a low of Rs 228.10 so far during the day. The stock has a 52-week high of Rs 469.80 on 2 January 2008 and a 52-week low of Rs 180.10 on 17 July 2008.
The company’s current equity is Rs 16.69 crore. Face value per share is Rs 10.
The current price of Rs 228.10 discounts Q1 June 2008 annualized EPS of Rs 27.83, by a PE multiple of 8.20.
The project is to be executed within 21 months.
On 8 September 2008, Pratibha Industries secured a contract worth Rs 44.75 crore from Delhi Jal Board for water transmission program.
In June 2008, Pratibha Industries bagged an order worth Rs 179.72 crore from Lanco Hills Technology Park for construction of a mall podium.
Pratibha Industries’ net profit surged 93.8% to Rs 11.61 crore on 169.7% rise in net sales to Rs 177.81 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in the business of infrastructure and manufacture of submerged arc welded pipes.
The company made this announcement before trading hours today, 18 September 2008.
The stock hit a high of Rs 235 and a low of Rs 228.10 so far during the day. The stock has a 52-week high of Rs 469.80 on 2 January 2008 and a 52-week low of Rs 180.10 on 17 July 2008.
The company’s current equity is Rs 16.69 crore. Face value per share is Rs 10.
The current price of Rs 228.10 discounts Q1 June 2008 annualized EPS of Rs 27.83, by a PE multiple of 8.20.
The project is to be executed within 21 months.
On 8 September 2008, Pratibha Industries secured a contract worth Rs 44.75 crore from Delhi Jal Board for water transmission program.
In June 2008, Pratibha Industries bagged an order worth Rs 179.72 crore from Lanco Hills Technology Park for construction of a mall podium.
Pratibha Industries’ net profit surged 93.8% to Rs 11.61 crore on 169.7% rise in net sales to Rs 177.81 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in the business of infrastructure and manufacture of submerged arc welded pipes.
Post-Market Commentary. Thursday, September 18, 2008
Stocks rebound powered by banks, oil & gas
18 Sep, 2008, 1545 hrs IST, ECONOMICTIMES
Equities staged a smart recovery to close in the positive terrain Thursday following bounce back in banks and oil&gas heavyweights.
Bombay Stock Exchange’s Sensex closed at 13,326.51, up 63.61 points or 0.48 per cent. The 30-share index touched a high of 13,346.79 and low of 12,558.14 in the day.
National Stock Exchange’s Nifty ended at 4,043.95, up 35.70 points or 0.89 per cent. The broader index touched a high of 4,050.10 and low of 3,799.55 in intra-day trade.
BSE Midcap Index closed at 5083.38 down 1.09 per cent and BSE Smallcap Index ended 2.24 per cent lower at 6,075.46.
NTPC (3.79%), HDFC Bank (3.60%), Sterlite Industries (3.41%), Reliance Industries (3.06%) and ICICI Bank (2.98%) were the major Sensex gainers.
Ranbaxy Laboratories (-9.81%), Jaiprakash Associates (-7.76%), Infosys Technologies (-3.64%), DLF (-3.60%) and Tata Steel (-3.16%) were amongst the top losers.
Market breadth was negative on the BSE with 1,927 losers and 693 gainers.
(All figures are provisional)
18 Sep, 2008, 1545 hrs IST, ECONOMICTIMES
Equities staged a smart recovery to close in the positive terrain Thursday following bounce back in banks and oil&gas heavyweights.
Bombay Stock Exchange’s Sensex closed at 13,326.51, up 63.61 points or 0.48 per cent. The 30-share index touched a high of 13,346.79 and low of 12,558.14 in the day.
National Stock Exchange’s Nifty ended at 4,043.95, up 35.70 points or 0.89 per cent. The broader index touched a high of 4,050.10 and low of 3,799.55 in intra-day trade.
BSE Midcap Index closed at 5083.38 down 1.09 per cent and BSE Smallcap Index ended 2.24 per cent lower at 6,075.46.
NTPC (3.79%), HDFC Bank (3.60%), Sterlite Industries (3.41%), Reliance Industries (3.06%) and ICICI Bank (2.98%) were the major Sensex gainers.
Ranbaxy Laboratories (-9.81%), Jaiprakash Associates (-7.76%), Infosys Technologies (-3.64%), DLF (-3.60%) and Tata Steel (-3.16%) were amongst the top losers.
Market breadth was negative on the BSE with 1,927 losers and 693 gainers.
(All figures are provisional)
Wednesday, September 17, 2008
PI Drugs & Pharmaceuticals spurts on acquisition
PI Drugs & Pharmaceuticals jumped 14.02% to Rs 37 at 12:41 IST on BSE, after the company said on Tuesday, 16 September 2008, it is acquiring the bio-pharmaceutical business of Strides Italia s.r.l known by its trademark Diaspa from Strides Arcolab.
The company made this announcement after trading hours on Tuesday, 16 September 2008.
The stock hit a high of Rs 38 and a low of Rs 30.60 so far during the day. The stock has a 52-week high of Rs 92 on 2 January 2008 and a 52-week low of Rs 26.50 on 16 September 2008.
The company’s current equity is Rs 11.09 crore. Face value per share is Rs 10.
The current price of Rs 37 discounts Q1 June 2008 annualized EPS of Rs 1.48, by a PE multiple of 25.
Diaspa's site has been inspected and qualified by the European and US Food & Drug Administration (USFDA) authorities for good manufacturing products (GMP).
PI Drugs & Pharmaceuticals’ net profit fell 64.7% to Rs 0.41 crore on 109% increase in net sales to Rs 23.28 crore in Q1 June 2008 over Q1 June 2007.
PI Drugs & Pharmaceuticals is a manufacturer exporter of specialized quality formulations having an objective of fulfilling the diverse demands of pharmaceutical industry.
The company made this announcement after trading hours on Tuesday, 16 September 2008.
The stock hit a high of Rs 38 and a low of Rs 30.60 so far during the day. The stock has a 52-week high of Rs 92 on 2 January 2008 and a 52-week low of Rs 26.50 on 16 September 2008.
The company’s current equity is Rs 11.09 crore. Face value per share is Rs 10.
The current price of Rs 37 discounts Q1 June 2008 annualized EPS of Rs 1.48, by a PE multiple of 25.
Diaspa's site has been inspected and qualified by the European and US Food & Drug Administration (USFDA) authorities for good manufacturing products (GMP).
PI Drugs & Pharmaceuticals’ net profit fell 64.7% to Rs 0.41 crore on 109% increase in net sales to Rs 23.28 crore in Q1 June 2008 over Q1 June 2007.
PI Drugs & Pharmaceuticals is a manufacturer exporter of specialized quality formulations having an objective of fulfilling the diverse demands of pharmaceutical industry.
ICICI Bank tumbled
ICICI Bank tumbled 4.57% to Rs 564.35 at 10:36 IST on BSE on reports the bank’s wholly owned UK unit may have to provide an additional $28 million against its investment of around $80 million in senior bonds of Lehman Brothers Inc.
The stock hit a high of Rs 600 and a low of Rs 556.35 so far during the day. The stock had a 52-week high of Rs 1465 on 14 January 2008 and a 52-week low of Rs 515.10 on 16 July 2008.
The ICICI Bank stock tanked 17.66% in eight session to Rs 591.35 on 16 September 2008 from Rs 718.25 on 4 September 2008.
India’s largest private sector bank by market capitalisation has an equity capital of Rs 1113.19 crore. Face value per share is Rs 10.
The current price of Rs 564.35 discounts its Q1 June 2008 annualised EPS of Rs 26.16, by a PE multiple of 21.56.
According to reports, ICICI Bank UK Plc, the wholly owned unit of the bank, has already made a provision of close to $12 million against investment in these bonds. Assuming a recovery of 50% of these investments, the additional provision required would be about $28 million.
ICICI Bank UK Plc.'s $80 million investment in Lehman Brothers' bonds constitutes less than 1% of its assets, and less than 0.1% of the consolidated total assets of the ICICI Group, the reports said.
Brokerage Edelweiss Capital expects ICICI Bank to record about $200 million in losses on bonds, including debt issued by Lehman.
ICICI Bank's net profit fell 6.1% to Rs 728.01 crore on a 1.6% rise in operating income to Rs 9429.98 crore in Q1 June 2008 over Q1 June 2007.
ICICI Bank provides retail-banking, corporate banking, cash management and treasury management services.
The stock hit a high of Rs 600 and a low of Rs 556.35 so far during the day. The stock had a 52-week high of Rs 1465 on 14 January 2008 and a 52-week low of Rs 515.10 on 16 July 2008.
The ICICI Bank stock tanked 17.66% in eight session to Rs 591.35 on 16 September 2008 from Rs 718.25 on 4 September 2008.
India’s largest private sector bank by market capitalisation has an equity capital of Rs 1113.19 crore. Face value per share is Rs 10.
The current price of Rs 564.35 discounts its Q1 June 2008 annualised EPS of Rs 26.16, by a PE multiple of 21.56.
According to reports, ICICI Bank UK Plc, the wholly owned unit of the bank, has already made a provision of close to $12 million against investment in these bonds. Assuming a recovery of 50% of these investments, the additional provision required would be about $28 million.
ICICI Bank UK Plc.'s $80 million investment in Lehman Brothers' bonds constitutes less than 1% of its assets, and less than 0.1% of the consolidated total assets of the ICICI Group, the reports said.
Brokerage Edelweiss Capital expects ICICI Bank to record about $200 million in losses on bonds, including debt issued by Lehman.
ICICI Bank's net profit fell 6.1% to Rs 728.01 crore on a 1.6% rise in operating income to Rs 9429.98 crore in Q1 June 2008 over Q1 June 2007.
ICICI Bank provides retail-banking, corporate banking, cash management and treasury management services.
Hydro S&S Industries spurts on nod for buyback
Hydro S&S Industries galloped 7.93% to Rs 44.25 at 10:14 IST on BSE, after the company said on Wednesday, 17 September 2008, its board has approved buyback of equity shares of the company for an amount not exceeding Rs 2.63 crore.
The company made this announcement before trading hours today, 17 September 2008.
The stock hit a high of Rs 46.75 and a low of Rs 43.50 so far during the day. The stock has a 52-week high of Rs 81.60 on 1 January 2008 and a 52-week low of Rs 30.10 on 4 September 2008.
The company’s current equity is Rs 6.53 crore. Face value per share is Rs 10.
The current price of Rs 44.25 discounts Q1 June 2008 annualized EPS of Rs 0.25, by a PE multiple of 177.
The buyback will be through open market purchases at a price not exceeding Rs 60 per share, company said.
Hydro S&S Industries’ net profit fell 97.40% to Rs 0.04 crore on 36.90% increase in net sales to Rs 35.09 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing reinforced polypropylene compounds. Its products include polymer compounds.
The company made this announcement before trading hours today, 17 September 2008.
The stock hit a high of Rs 46.75 and a low of Rs 43.50 so far during the day. The stock has a 52-week high of Rs 81.60 on 1 January 2008 and a 52-week low of Rs 30.10 on 4 September 2008.
The company’s current equity is Rs 6.53 crore. Face value per share is Rs 10.
The current price of Rs 44.25 discounts Q1 June 2008 annualized EPS of Rs 0.25, by a PE multiple of 177.
The buyback will be through open market purchases at a price not exceeding Rs 60 per share, company said.
Hydro S&S Industries’ net profit fell 97.40% to Rs 0.04 crore on 36.90% increase in net sales to Rs 35.09 crore in Q1 June 2008 over Q1 June 2007.
The company is engaged in manufacturing reinforced polypropylene compounds. Its products include polymer compounds.
Ranbaxy slumps on US ban
Ranbaxy Laboratories slumped 8.15% to Rs 372.30 at 10:09 IST on BSE on reports the US government has banned more than 30 generic drugs made by the company citing poor quality in two of its Indian factories.
The stock hit a high of Rs 390 and a low of Rs 363.10 so far during the day. The stock had a 52-week high of Rs 613.70 on 19 June 2008 and a 52-week low of Rs 299.90 on 22 January 2008.
India’s largest drug maker by sales has an equity capital of Rs 187.03 crore. Face value per share is Rs 5.
The current price of Rs 372.30 discounts its Q1 June 2008 annualised EPS of Rs 2.54, by a PE multiple of 146.57.
According to reports, the US Food and Drug Administration (US FDA) would block more than 30 generic drugs from entering the United States following ongoing procedural violations in manufacturing at Ranbaxy's Dewas and Paonta Sahib plants in India.
It also will not approve any new drugs made at the plants until the problems are resolved. The violations pertained to the manufacturing process and not the drugs themselves, the reports added, urging patients not to stop taking any medications and to talk to their doctors. A sampling of products made at the two plants showed no concerns, the reports added.
India has become one of the world's leading suppliers of generic drugs, and concern about Ranbaxy has been growing since FDA inspectors uncovered quality problems at one of its factories in 2006.
Ranbaxy Laboratories’ net profit declined 91.8% to Rs 23.73 crore on a 19.9% increase in net sales to Rs 1216.92 crore in Q2 June 2008 over Q2 June 2007.
Ranbaxy Laboratories manufactures and markets, generic pharmaceuticals, value added generic pharmaceuticals, branded generics, active pharmaceuticals and intermediates.
The stock hit a high of Rs 390 and a low of Rs 363.10 so far during the day. The stock had a 52-week high of Rs 613.70 on 19 June 2008 and a 52-week low of Rs 299.90 on 22 January 2008.
India’s largest drug maker by sales has an equity capital of Rs 187.03 crore. Face value per share is Rs 5.
The current price of Rs 372.30 discounts its Q1 June 2008 annualised EPS of Rs 2.54, by a PE multiple of 146.57.
According to reports, the US Food and Drug Administration (US FDA) would block more than 30 generic drugs from entering the United States following ongoing procedural violations in manufacturing at Ranbaxy's Dewas and Paonta Sahib plants in India.
It also will not approve any new drugs made at the plants until the problems are resolved. The violations pertained to the manufacturing process and not the drugs themselves, the reports added, urging patients not to stop taking any medications and to talk to their doctors. A sampling of products made at the two plants showed no concerns, the reports added.
India has become one of the world's leading suppliers of generic drugs, and concern about Ranbaxy has been growing since FDA inspectors uncovered quality problems at one of its factories in 2006.
Ranbaxy Laboratories’ net profit declined 91.8% to Rs 23.73 crore on a 19.9% increase in net sales to Rs 1216.92 crore in Q2 June 2008 over Q2 June 2007.
Ranbaxy Laboratories manufactures and markets, generic pharmaceuticals, value added generic pharmaceuticals, branded generics, active pharmaceuticals and intermediates.
Post-Market Commentary .Wednesday, September 17, 2008
Sensex tanks 1682 points in seven trading sessions on US financial turmoil
Intense selling pressure in key index pivotals dragged the key benchmark indices lower in volatile trade. The BSE 30-share Sensex, extended losses for the seventh straight day today, 17 September 2008, declining 255.90 points. The S&P CNX Nifty settled just above the psychological 4,000 level.
ICICI Bank shed over 4.5% and Reliance Industries shed over 3%. Sterlite Industries tumbled a little under 9% and ITC lost over 5%. The market breadth was weak. All BSE sectoral indices ended in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008 announced a $85 billion rescue plan to help American International Group in exchange for a 79.9% stake. The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16 September 2008, kept its target for the federal funds rate at 2%. Fed said that the strains in financial markets have increased significantly and labour markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said there are no outstanding open positions/settlement obligations of Lehman Brothers Securities currently in the cash market segment and derivatives segment of NSE. Lehman Brothers Securities can operate only in the cash market segment on pre-funding of their trades, NSE said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008 stepped in with measures to support the rupee — which has been battered to almost 47 against the dollar — and supply cash in the money market. The move will increase dollar supply and lower banks’ borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can pay on NRI deposits by 50 basis points for dollar as well as rupee deposits.
India's largest private sector bank in terms of net profit ICICI Bank plunged 4.75% to Rs 563.25, off day’s low of Rs 530. The sell-off was on reports the bank will have to take a hit of $28 million on account of the additional provisioning that ICICI Bank's UK subsidiary will have to make after Lehman Brothers Holdings, the fourth-largest investment bank filing for bankruptcy.
Meanwhile, the bank denied rumours of top management selling shares over the last few days.
Ranbaxy Laboratories, India’s top drug maker by sales slumped 4.41% to Rs 388. The stock tumbled on reports the US government has banned more than 30 generic drugs made by the company citing poor quality in two of its Indian factories. The stock was already on a sustained downtrend ever since the Japanese drug maker Daiichi Sankyo’s open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.
Intense selling pressure in key index pivotals dragged the key benchmark indices lower in volatile trade. The BSE 30-share Sensex, extended losses for the seventh straight day today, 17 September 2008, declining 255.90 points. The S&P CNX Nifty settled just above the psychological 4,000 level.
ICICI Bank shed over 4.5% and Reliance Industries shed over 3%. Sterlite Industries tumbled a little under 9% and ITC lost over 5%. The market breadth was weak. All BSE sectoral indices ended in red.
The US Federal Reserve in a meeting on Tuesday, 16 September 2008 announced a $85 billion rescue plan to help American International Group in exchange for a 79.9% stake. The deal would avoid the biggest corporate bankruptcy ever and follows a government bailout of mortgage lenders Freddie Mac and Fannie Mae earlier this month
Meanwhile, the US Federal Reserve at its policy meet on Tuesday, 16 September 2008, kept its target for the federal funds rate at 2%. Fed said that the strains in financial markets have increased significantly and labour markets have weakened further. Economic growth appears to have slowed recently, partly reflecting a softening of household spending.
National Stock Exchange (NSE) on Tuesday, 16 September 2008, said there are no outstanding open positions/settlement obligations of Lehman Brothers Securities currently in the cash market segment and derivatives segment of NSE. Lehman Brothers Securities can operate only in the cash market segment on pre-funding of their trades, NSE said.
The Reserve Bank of India (RBI) on late Tuesday, 16 September 2008 stepped in with measures to support the rupee — which has been battered to almost 47 against the dollar — and supply cash in the money market. The move will increase dollar supply and lower banks’ borrowing cost in the overnight call money market. RBI has hiked the maximum interest that banks can pay on NRI deposits by 50 basis points for dollar as well as rupee deposits.
India's largest private sector bank in terms of net profit ICICI Bank plunged 4.75% to Rs 563.25, off day’s low of Rs 530. The sell-off was on reports the bank will have to take a hit of $28 million on account of the additional provisioning that ICICI Bank's UK subsidiary will have to make after Lehman Brothers Holdings, the fourth-largest investment bank filing for bankruptcy.
Meanwhile, the bank denied rumours of top management selling shares over the last few days.
Ranbaxy Laboratories, India’s top drug maker by sales slumped 4.41% to Rs 388. The stock tumbled on reports the US government has banned more than 30 generic drugs made by the company citing poor quality in two of its Indian factories. The stock was already on a sustained downtrend ever since the Japanese drug maker Daiichi Sankyo’s open offer to acquire an additional 20% stake at Rs 737 a share in the company ended on 4 September 2008.
Tuesday, September 16, 2008
RBI asks Lehman Brothers' arms not to remit money
16 Sep, 2008, 2152 hrs IST, PTI
MUMBAI: The Reserve Bank today asked US investment bank Lehman Brothers' NBFC and primary dealer arms not to remit money in forex without its approval.
The central bank also stopped the Lehman Brothers Fixed Income Securities, the primary dealer arm, to deal in government securities.
Lehman Brothers has succumbed to the financial turbulence and has filed for the world's biggest ever bankruptcy protection.
"RBI is keeping a close watch on the developments of filing of Chapter 11 bankruptcy petition by Lehman Brothers Holding in the US and is in constant touch with banks and other market participants to manage any fallout of these developments in the Indian markets in an orderly manner," the central bank said in a notification.
"Lehman Brothers Fixed Income Securities has been advised not to undertake transactions in Government securities as a primary dealer in the primary market," RBI said.
The central bank also asked the primary dealer arm not to declare any interim dividend without its approval.
Besides, RBI asked Lehman Brothers Capital Ltd, the NBFC arm, to seek its approval before reducing its direct or indirect liability in any institution in India or overseas.
The primary dealer arm was also advised not to remit any amount to its holding company or any other group company without approval of RBI.
In a separate move, RBI today announced measures to inject liquidity in the system, coping the crisis thrown out by meltdown of two US financial institutions and advance tax payments by corporates.
MUMBAI: The Reserve Bank today asked US investment bank Lehman Brothers' NBFC and primary dealer arms not to remit money in forex without its approval.
The central bank also stopped the Lehman Brothers Fixed Income Securities, the primary dealer arm, to deal in government securities.
Lehman Brothers has succumbed to the financial turbulence and has filed for the world's biggest ever bankruptcy protection.
"RBI is keeping a close watch on the developments of filing of Chapter 11 bankruptcy petition by Lehman Brothers Holding in the US and is in constant touch with banks and other market participants to manage any fallout of these developments in the Indian markets in an orderly manner," the central bank said in a notification.
"Lehman Brothers Fixed Income Securities has been advised not to undertake transactions in Government securities as a primary dealer in the primary market," RBI said.
The central bank also asked the primary dealer arm not to declare any interim dividend without its approval.
Besides, RBI asked Lehman Brothers Capital Ltd, the NBFC arm, to seek its approval before reducing its direct or indirect liability in any institution in India or overseas.
The primary dealer arm was also advised not to remit any amount to its holding company or any other group company without approval of RBI.
In a separate move, RBI today announced measures to inject liquidity in the system, coping the crisis thrown out by meltdown of two US financial institutions and advance tax payments by corporates.
IRDA seeks status report from Tata AIG
16 Sep, 2008, 2255 hrs IST, PTI
NEW DELHI: Insurance regulator IRDA today asked insurance provider Tata AIG to clarify if it was solvent in the wake of reports that the venture's American partner AIG was in deep financial trouble.
The venture was conspicuously silent and no comments could be obtained till late this evening, with the company hedging the queries throughout the day by saying it would come out with a statement soon.
"Having regard to the developments reported in USA, the IRDA has asked for the reports of the companies in the matter," the regulator said in a statement.
AIG holds 26 per cent and Tatas 74 per cent in the JV business that offers both life as well as general insurance.
The IRDA statement said that the recent developments in the New York Financial Markets have caused concern in the financial markets in India.
Certain newspapers have reported that AIG, which is a leading insurance group of the USA, has sought financial support from the Fed Reserve and have voiced concerns about the impact the developments in AIG would have on the general and life insurance companies in India, it said.
IRDA also noted that the accounts of these two companies as on March 31, 2008 indicate that both companies have satisfactory solvency margins which are adequate to meet their liabilities.
Both the companies are registered under the Indian Companies Act and are bound by the provisions of the Insurance Act and other Regulations, it said. AIG Group, operating in the country for more than five year, has 12,000 employees.
NEW DELHI: Insurance regulator IRDA today asked insurance provider Tata AIG to clarify if it was solvent in the wake of reports that the venture's American partner AIG was in deep financial trouble.
The venture was conspicuously silent and no comments could be obtained till late this evening, with the company hedging the queries throughout the day by saying it would come out with a statement soon.
"Having regard to the developments reported in USA, the IRDA has asked for the reports of the companies in the matter," the regulator said in a statement.
AIG holds 26 per cent and Tatas 74 per cent in the JV business that offers both life as well as general insurance.
The IRDA statement said that the recent developments in the New York Financial Markets have caused concern in the financial markets in India.
Certain newspapers have reported that AIG, which is a leading insurance group of the USA, has sought financial support from the Fed Reserve and have voiced concerns about the impact the developments in AIG would have on the general and life insurance companies in India, it said.
IRDA also noted that the accounts of these two companies as on March 31, 2008 indicate that both companies have satisfactory solvency margins which are adequate to meet their liabilities.
Both the companies are registered under the Indian Companies Act and are bound by the provisions of the Insurance Act and other Regulations, it said. AIG Group, operating in the country for more than five year, has 12,000 employees.
Goldman Sachs 3rd-quarter net plunges 70 percent
16 Sep, 2008, 1801 hrs IST, REUTERS
NEW YORK: Goldman Sachs Group Inc said on Tuesday third-quarter earnings plunged 70 percent as one of the worst market slumps ever weighed on banking and trading results. The largest U.S. investment bank reported net income of $845 million, or $1.81 a share, for the quarter ended August 29, down from $2.85 billion, or $6.13 a share, a year earlier.
Net revenue fell by half to $6.04 billion from $12.3 billion. "This was a challenging quarter as we saw a marked decrease in client activity and declining asset valuations," Lloyd Blankfein, Goldman's chief executive, said in a statement. The results come as the year-long credit crunch gains steam.
Six months after Bear Stearns collapsed and was acquired by JPMorgan Chase , Lehman Brothers Holdings Inc on Monday filed for bankruptcy protection while Merrill Lynch & Co rushed into the arms of Bank of America Corp.
Lehman last week reported a third-quarter loss of $3.9 billion -- on the heels of a $2.8 billion second-quarter loss -- fueled by nearly $8 billion in write-downs as well as steep declines in banking, underwriting and trading revenue.
NEW YORK: Goldman Sachs Group Inc said on Tuesday third-quarter earnings plunged 70 percent as one of the worst market slumps ever weighed on banking and trading results. The largest U.S. investment bank reported net income of $845 million, or $1.81 a share, for the quarter ended August 29, down from $2.85 billion, or $6.13 a share, a year earlier.
Net revenue fell by half to $6.04 billion from $12.3 billion. "This was a challenging quarter as we saw a marked decrease in client activity and declining asset valuations," Lloyd Blankfein, Goldman's chief executive, said in a statement. The results come as the year-long credit crunch gains steam.
Six months after Bear Stearns collapsed and was acquired by JPMorgan Chase , Lehman Brothers Holdings Inc on Monday filed for bankruptcy protection while Merrill Lynch & Co rushed into the arms of Bank of America Corp.
Lehman last week reported a third-quarter loss of $3.9 billion -- on the heels of a $2.8 billion second-quarter loss -- fueled by nearly $8 billion in write-downs as well as steep declines in banking, underwriting and trading revenue.
Rupee posts biggest fall in a decade
16 Sep, 2008, 1821 hrs IST, REUTERS
MUMBAI: The rupee posted its biggest fall in a decade on Tuesday, hit by risk aversion and banks arbitraging a weaker offshore rate, although suspected central bank intervention stopped the slide just short of 47 per dollar.
The partially convertible rupee ended at 46.89/90 per dollar, off a trough of 46.99 which was its lowest since July 24, 2006.
"The rupee may test 47.20-25 levels in the near term," he added. Dealers said the central bank was seen selling dollars to halt the rupee's sharp decline, but sales were offset by demand for the US currency. At its low on Tuesday, the rupee was down 6.5 percent in September and more than 16 percent in 2008. Dealers estimated the central bank had sold $1.5-$2 billion to put a floor under the rupee on Tuesday.
Indian shares pulled out from a nosedive to end almost level on Tuesday after they had opened down 3.5 percent. Capital outflows from the local shares so far in 2008 total a net $8.4 billion, including $1 billion in September, a sharp turnaround from a record net inflows of $17.4 billion in 2007.
Traders said broad strength in the dollar versus other currencies overseas was also hurting sentiment on the rupee. The dollar steadied near 4-month lows versus the yen on Tuesday, but held gains against high yielders as investors took refuge in safe-haven assets following the collapse of Lehman Brothers.
MUMBAI: The rupee posted its biggest fall in a decade on Tuesday, hit by risk aversion and banks arbitraging a weaker offshore rate, although suspected central bank intervention stopped the slide just short of 47 per dollar.
The partially convertible rupee ended at 46.89/90 per dollar, off a trough of 46.99 which was its lowest since July 24, 2006.
"The rupee may test 47.20-25 levels in the near term," he added. Dealers said the central bank was seen selling dollars to halt the rupee's sharp decline, but sales were offset by demand for the US currency. At its low on Tuesday, the rupee was down 6.5 percent in September and more than 16 percent in 2008. Dealers estimated the central bank had sold $1.5-$2 billion to put a floor under the rupee on Tuesday.
Indian shares pulled out from a nosedive to end almost level on Tuesday after they had opened down 3.5 percent. Capital outflows from the local shares so far in 2008 total a net $8.4 billion, including $1 billion in September, a sharp turnaround from a record net inflows of $17.4 billion in 2007.
Traders said broad strength in the dollar versus other currencies overseas was also hurting sentiment on the rupee. The dollar steadied near 4-month lows versus the yen on Tuesday, but held gains against high yielders as investors took refuge in safe-haven assets following the collapse of Lehman Brothers.
Jetking Infotrain fixed 26 September 2008 as the record date for 1:2 bonus issue.
Jetking Infotrain rose 0.39% to Rs 325 at 11:51 IST on BSE, after the company said on Tuesday, 16 September 2008, its board has fixed 26 September 2008 as the record date for 1:2 bonus issue.
The stock hit a high of Rs 335.40 and a low of Rs 320 so far during the day. The stock has a 52-week high of Rs 433.70 on 6 November 2007 and a 52-week low of Rs 251 on 2 June 2008.
The company’s current equity is Rs 3.93 crore. Face value per share is Rs 10.
The current price of Rs 325 discounts Q1 June 2008 annualized EPS of Rs 35.74, by a PE multiple of 9.09.
Jetking Infotrain’s net profit surged 117.28% to Rs 3.52 crore on 9.94% increase in net sales to Rs 10.95 crore in Q1 June 2008 over Q1 March 2008.
Jetking Infotrain provides training in the field of computer hardware and networking and relevant courses. The institute operates through 85 training centers with 2500 faculty members.
The stock hit a high of Rs 335.40 and a low of Rs 320 so far during the day. The stock has a 52-week high of Rs 433.70 on 6 November 2007 and a 52-week low of Rs 251 on 2 June 2008.
The company’s current equity is Rs 3.93 crore. Face value per share is Rs 10.
The current price of Rs 325 discounts Q1 June 2008 annualized EPS of Rs 35.74, by a PE multiple of 9.09.
Jetking Infotrain’s net profit surged 117.28% to Rs 3.52 crore on 9.94% increase in net sales to Rs 10.95 crore in Q1 June 2008 over Q1 March 2008.
Jetking Infotrain provides training in the field of computer hardware and networking and relevant courses. The institute operates through 85 training centers with 2500 faculty members.
Bliss GVS Pharma setting 30 September 2008 as record date for 3:5 Bonus
Bliss GVS Pharma slipped 1.62% to Rs 39.50 at 11:33 IST on BSE, even as the company said on Tuesday, 16 September 2008, its board has fixed 30 September 2008 as record date for 3:5 bonus issue.
The company fixed record date during trading hours today, 16 September 2008.
The stock hit a high of Rs 42.50 and a low of Rs 39.50 so far during the day. The stock has a 52-week high of Rs 78.59 on 18 January 2008 and a 52-week low of Rs 23.50 on 17 September 2007.
The company’s current equity is Rs 6.45 crore. Face value per share is Rs 1.
The current price of Rs 39.50 discounts Q1 June 2008 annualized EPS of Rs 4.14, by a PE multiple of 9.45.
Bliss GVS Pharma’s net profit surged 52.3% to Rs 6.67 crore on 60.1% increase in net sales to Rs 22.56 crore in Q1 June 2008 over Q1 June 2007.
The company operates in two segments, healthcare products and pharma products.
The company fixed record date during trading hours today, 16 September 2008.
The stock hit a high of Rs 42.50 and a low of Rs 39.50 so far during the day. The stock has a 52-week high of Rs 78.59 on 18 January 2008 and a 52-week low of Rs 23.50 on 17 September 2007.
The company’s current equity is Rs 6.45 crore. Face value per share is Rs 1.
The current price of Rs 39.50 discounts Q1 June 2008 annualized EPS of Rs 4.14, by a PE multiple of 9.45.
Bliss GVS Pharma’s net profit surged 52.3% to Rs 6.67 crore on 60.1% increase in net sales to Rs 22.56 crore in Q1 June 2008 over Q1 June 2007.
The company operates in two segments, healthcare products and pharma products.
Mather & Platt Pumps Delisting
Mather & Platt Pumps was locked at upper limit of 20% to Rs 140.50 at 10:37 IST on BSE after the company said its promoter proposes voluntary delisting of the company from all the stock exchanges.
The company made the announcement before market hours today, 16 September 2008.
The stock had a 52-week high of Rs 239.75 on 20 November 2007 and a 52-week low of Rs 90 on 17 July 2008.
The small-cap motor pumps maker has an equity capital of Rs 9.23 crore. Face value per share is Rs 10.
The current price of Rs 140.50 discounts its Q2 June 2008 annualised EPS of Rs 13.04, by a PE multiple of 10.77.
The company said in a release that its promoter WILO SE proposed to voluntary delist the company from all the stock exchanges where it is presently listed, i.e. Bombay Stock Exchange and Pune Stock Exchange. The promoter has also proposed Rs 150 as the delisting price. The promoter WILO AG holds 62.84% in the company (as on 30 June 2008).
The net profit of Mather & Platt Pumps rose 2910% to Rs 3.01 crore on a 100.5% rise in sales to Rs 63.65 crore in Q2 June 2008 over Q2 June 2007.
Mather & Platt Pumps manufactures pumps and valves to all core industries. The company renders services like installation and commissioning of pumping plants, training, preventive maintenance, supply of spare parts , retrofit, field services and repairs.
The company made the announcement before market hours today, 16 September 2008.
The stock had a 52-week high of Rs 239.75 on 20 November 2007 and a 52-week low of Rs 90 on 17 July 2008.
The small-cap motor pumps maker has an equity capital of Rs 9.23 crore. Face value per share is Rs 10.
The current price of Rs 140.50 discounts its Q2 June 2008 annualised EPS of Rs 13.04, by a PE multiple of 10.77.
The company said in a release that its promoter WILO SE proposed to voluntary delist the company from all the stock exchanges where it is presently listed, i.e. Bombay Stock Exchange and Pune Stock Exchange. The promoter has also proposed Rs 150 as the delisting price. The promoter WILO AG holds 62.84% in the company (as on 30 June 2008).
The net profit of Mather & Platt Pumps rose 2910% to Rs 3.01 crore on a 100.5% rise in sales to Rs 63.65 crore in Q2 June 2008 over Q2 June 2007.
Mather & Platt Pumps manufactures pumps and valves to all core industries. The company renders services like installation and commissioning of pumping plants, training, preventive maintenance, supply of spare parts , retrofit, field services and repairs.
Post-Market Commentary. Tuesday, September 16, 2008
Sensex slipped 12.47 points or 0.09% at 13,518.80. The Sensex opened with a downward gap of 479.54 at 13,051.73.
Nifty rose 2 points or 0.05%, to 4074.90. Nifty recovered from a low of 3919.35.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 16 September 2008, sold shares worth a net Rs 1303.41 crore. Domestic funds bought shares worth a net Rs 612.36 crore.
India's largest private sector bank in terms of net profit ICICI Bank plunged 5.23% to Rs 595.05 on 55.56 lakh shares on concerns it may incur losses tied to the US credit market turmoil. ICICI Bank said on Tuesday, 16 September 2008, it had exposure to 57 million euros ($81 million) of Lehman Brothers senior bonds, adding the potential losses were not material.
Among side counters, Hercules Hoists (up 20% to Rs 3040.30), IVP (up 15.44% to Rs 31.40), Simplex Castings (up 11.98% to Rs 52.80), and Century Enka (up 11.41% to Rs 103.95), surged.
KSK Energy Ventures surged 17.13% to Rs 202.05. The company said in a statement today, 16 September 2008, the shareholding of Lehman Brothers and its units in the company was locked in for a year. Lehman affiliates hold 28.41% in the company, which they had acquired as a part of a pre-initial public offer (IPO) transaction.
Nifty rose 2 points or 0.05%, to 4074.90. Nifty recovered from a low of 3919.35.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 16 September 2008, sold shares worth a net Rs 1303.41 crore. Domestic funds bought shares worth a net Rs 612.36 crore.
India's largest private sector bank in terms of net profit ICICI Bank plunged 5.23% to Rs 595.05 on 55.56 lakh shares on concerns it may incur losses tied to the US credit market turmoil. ICICI Bank said on Tuesday, 16 September 2008, it had exposure to 57 million euros ($81 million) of Lehman Brothers senior bonds, adding the potential losses were not material.
Among side counters, Hercules Hoists (up 20% to Rs 3040.30), IVP (up 15.44% to Rs 31.40), Simplex Castings (up 11.98% to Rs 52.80), and Century Enka (up 11.41% to Rs 103.95), surged.
KSK Energy Ventures surged 17.13% to Rs 202.05. The company said in a statement today, 16 September 2008, the shareholding of Lehman Brothers and its units in the company was locked in for a year. Lehman affiliates hold 28.41% in the company, which they had acquired as a part of a pre-initial public offer (IPO) transaction.
Subscribe to:
Posts (Atom)
