New listings on Monday 31st December 2007
Brigade Enterprises Ltd
Issue Price - 390
Issue Size - 648 Cr
Likely Listing - 500
Group - A
Listing on - Nse and Bse
Registrar - Karvy Computershare Pvt Ltd
Click here to view the IPO allotment status of Brigade Enterprises Ltd
eClerx Services Ltd
Issue Price - 315
Issue Size - 101 Cr
Likely Listing - 480
Group - B1
Listing on - Nse and Bse
Registrar - Karvy Computershare Pvt Ltd
Click here to view the IPO allotment status of eClerx Services Ltd
Sunday, December 30, 2007
Wednesday, December 26, 2007
BGR Energy Systems Limited IPO allotment completed
The IPO allotment process of BGR Energy Systems Limited has been completed and it can be checked from the link specified below
To get your status of BGR Energy Systems Limited please click here
http://www.intimespectrum.com/site/ipo.asp
The IPO allotment process of BGR Energy Systems Limited has been completed and it can be checked from the link specified below
To get your status of BGR Energy Systems Limited please click here
http://www.intimespectrum.com/site/ipo.asp
Transformers And Rectifiers ( India ) Limited IPO allotment completed
The IPo allotment process of Transformers And Rectifiers ( India ) has been completed and put up on the website.
to get your apllication status of Transformers And Rectifiers ( India ) IPO please click on the link below.
http://www.intimespectrum.com/site/ipo.asp
The IPo allotment process of Transformers And Rectifiers ( India ) has been completed and put up on the website.
to get your apllication status of Transformers And Rectifiers ( India ) IPO please click on the link below.
http://www.intimespectrum.com/site/ipo.asp
Indiabulls Financial to issue over 2 cr shares to ICSL
Domestic brokerage major Indiabulls Financial Services on Wednesday said that it will issue over 2.56 crore equity shares to the shareholders of Indiabulls Credit Services (ICSL) pursuant to its scheme of restructuring.
The company has received Delhi High Court's approval for restructuring its existing business, entailing the merger of Indiabulls Credit Services (ICSL) and the demerger of Indiabulls Securities (ISL).
The board of directors of Indiabulls Financial at its meeting on December 24, approved the allotment of equity shares, pursuant to the merger of ICSL with itself, Indiabulls Financial said in a filing to the BSE.
Consequent to the issue and allotment of the aforesaid shares the paid-up equity capital of the company increased to Rs 50.68 crore from Rs 45.54 crore.
Earlier on February 15, Indiabulls Financial had received board of directors' approval for allotment of three shares of the company for every 10 equity shares held in ICSL. Shares of the company were trading at Rs 959, up 4.46 per cent on the BSE in mor ning trade
Domestic brokerage major Indiabulls Financial Services on Wednesday said that it will issue over 2.56 crore equity shares to the shareholders of Indiabulls Credit Services (ICSL) pursuant to its scheme of restructuring.
The company has received Delhi High Court's approval for restructuring its existing business, entailing the merger of Indiabulls Credit Services (ICSL) and the demerger of Indiabulls Securities (ISL).
The board of directors of Indiabulls Financial at its meeting on December 24, approved the allotment of equity shares, pursuant to the merger of ICSL with itself, Indiabulls Financial said in a filing to the BSE.
Consequent to the issue and allotment of the aforesaid shares the paid-up equity capital of the company increased to Rs 50.68 crore from Rs 45.54 crore.
Earlier on February 15, Indiabulls Financial had received board of directors' approval for allotment of three shares of the company for every 10 equity shares held in ICSL. Shares of the company were trading at Rs 959, up 4.46 per cent on the BSE in mor ning trade
Tuesday, November 27, 2007
3 large property deals in Mumbai may fetch Rs 2,780 cr
Property prices in Mumbai touched a record high with the Wadhawan Group bidding Rs. 5.04 lakh per sq metre for a 7,107 sq metre commercial plot at the Bandra-Kurla Complex. The bidder will be allowed to construct 16,500 sqm office space on the land.
For another commercial plot measuring 10,183 sqm, Reliance Industries quoted Rs 918 crore, wherein it would be allowed to build a 20,366 sqm multi-storeyed car park and 30,550 sqm commercial complex.
The Kolkata-based TCG Infrastructure Ltd and Hiranandani combine emerged the top bidder for a third plot of 8,076.38 sqm. for Rs.1,031 crore. A maximum permissible built-up area would be 28,300 sqm.
The Mumbai Metropolitan Region Development Authority on Monday opened the bids for these three plots.
The sale of these three plots is expected to fetch MMRDA Rs. 2,780 crore.
“Bids have just opened and eligibility has to be determined as per tender norms,” said Mr. Ratnakar Gaikwad, Commissioner of MMRDA.
Mr. Anant J. Gupta, Chairman of the Builders Association of India, Mumbai Chapter, said the rates at BKC varied between Rs. 40,000 and Rs. 45,000 per sqft and the quotes of Reliance and TCG-Hiranandani combine were in the range. The Wadhawan Group, he felt, were a little aggressive.
Asked whether he expected such high rates, Mr Gaikwad said that the response was on the expected lines and it would be the base price for future auctions. The FSI (floor space index) awarded was two and the process of increasing it to four was on, he said.
Property prices in Mumbai touched a record high with the Wadhawan Group bidding Rs. 5.04 lakh per sq metre for a 7,107 sq metre commercial plot at the Bandra-Kurla Complex. The bidder will be allowed to construct 16,500 sqm office space on the land.
For another commercial plot measuring 10,183 sqm, Reliance Industries quoted Rs 918 crore, wherein it would be allowed to build a 20,366 sqm multi-storeyed car park and 30,550 sqm commercial complex.
The Kolkata-based TCG Infrastructure Ltd and Hiranandani combine emerged the top bidder for a third plot of 8,076.38 sqm. for Rs.1,031 crore. A maximum permissible built-up area would be 28,300 sqm.
The Mumbai Metropolitan Region Development Authority on Monday opened the bids for these three plots.
The sale of these three plots is expected to fetch MMRDA Rs. 2,780 crore.
“Bids have just opened and eligibility has to be determined as per tender norms,” said Mr. Ratnakar Gaikwad, Commissioner of MMRDA.
Mr. Anant J. Gupta, Chairman of the Builders Association of India, Mumbai Chapter, said the rates at BKC varied between Rs. 40,000 and Rs. 45,000 per sqft and the quotes of Reliance and TCG-Hiranandani combine were in the range. The Wadhawan Group, he felt, were a little aggressive.
Asked whether he expected such high rates, Mr Gaikwad said that the response was on the expected lines and it would be the base price for future auctions. The FSI (floor space index) awarded was two and the process of increasing it to four was on, he said.
Friday, November 02, 2007
Varun Industries Limited IPO Details
Varun Industries Limited IPO closed on 31 Oct with huge oversubscription in each segments as QIB, MF, Retaill.
The issue was a fixed price issue fixed at Rs. 60 Per share and a lot of 100 shares which meant minimum investement of 6000 for retails bidders.
The allotment of Varun Industries Limited IPO will be displayed on the BIgshare website in next week.
And here is the link to that
http://www.bigshareonline.com/IPO/ipostatus.aspx
Varun Industries Limited IPO closed on 31 Oct with huge oversubscription in each segments as QIB, MF, Retaill.
The issue was a fixed price issue fixed at Rs. 60 Per share and a lot of 100 shares which meant minimum investement of 6000 for retails bidders.
The allotment of Varun Industries Limited IPO will be displayed on the BIgshare website in next week.
And here is the link to that
http://www.bigshareonline.com/IPO/ipostatus.aspx
Sunday, October 28, 2007
Upcoming IPO's
Here are the list of uopcoming IPO's in which everybody should apply to have hamdsome listing gains.
Varun Industries @ 60 from 25-10 to 31-10 (4/5)
Religare Enterp @160-185 from 29-10 to 01-11 (5/5)
Barak Vally Cem@ 37-42 from 29-10 to 01-11 (3.5/5)
Empee Distiller @ 350-400 from 01-11 to 06-11 (4/5)
Mundra Port @ 400-440 from 01-11 to 07-11 ( 5/5)
All the above are trading in grey market at the premium of 35 % to 50% .
The ratings provide are for listing gains.
Here are the list of uopcoming IPO's in which everybody should apply to have hamdsome listing gains.
Varun Industries @ 60 from 25-10 to 31-10 (4/5)
Religare Enterp @160-185 from 29-10 to 01-11 (5/5)
Barak Vally Cem@ 37-42 from 29-10 to 01-11 (3.5/5)
Empee Distiller @ 350-400 from 01-11 to 06-11 (4/5)
Mundra Port @ 400-440 from 01-11 to 07-11 ( 5/5)
All the above are trading in grey market at the premium of 35 % to 50% .
The ratings provide are for listing gains.
Friday, October 26, 2007
Sensex touches new peak of 19,276 intraday
The benchmark Sensex rose to a new intra-day high of 19,276.45 on the BSE on Friday on brisk buying by funds, after the stock regulator yesterday dispelled confusion on P-notes and reiterated its position on easing front-door FII investments.
Later, the Sensex closed at 19,243.17, up 472.28 points over yesterday's close of 18,770.89.
The Securities and Exchange Board of India Chairman, Mr M Damodaran yesterday said pension funds, charitable institutions, foundations and university funds that are not regulated overseas will be able to register in India. Money managers with a one-year track record will be allowed to register funds that have been in operation for less than a year, the regulator had said.
The National Stock Exchange index, Nifty, also surged 133.35 points at 5,702.30 as heavyweights such as Reliance, Larsen and Toubro and Tata Steel and SBI gained significant grounds.
The benchmark Sensex rose to a new intra-day high of 19,276.45 on the BSE on Friday on brisk buying by funds, after the stock regulator yesterday dispelled confusion on P-notes and reiterated its position on easing front-door FII investments.
Later, the Sensex closed at 19,243.17, up 472.28 points over yesterday's close of 18,770.89.
The Securities and Exchange Board of India Chairman, Mr M Damodaran yesterday said pension funds, charitable institutions, foundations and university funds that are not regulated overseas will be able to register in India. Money managers with a one-year track record will be allowed to register funds that have been in operation for less than a year, the regulator had said.
The National Stock Exchange index, Nifty, also surged 133.35 points at 5,702.30 as heavyweights such as Reliance, Larsen and Toubro and Tata Steel and SBI gained significant grounds.
Friday, October 12, 2007
Sensex ends down 363pts at 18,451
Mirroring weakness in the global maretks, the Sensex opened marginally lower at 18,795 - down 19 points. After slipping a bit further, the index rebounded into the positive zone and touched a fresh all-time intra-day high of 18,845 - up 31 points from the previous close.
However, the index was unable to hold gains for long and instead slipped back into red. A fresh round of profit-taking in the last session saw the index tumble to a low of 18,336 - down 509 points from the day's high.
The Sensex finally ended (provisional) with a loss of 363 points at 18,451, after having gained 1,323 points in the last three trading days.
Mirroring weakness in the global maretks, the Sensex opened marginally lower at 18,795 - down 19 points. After slipping a bit further, the index rebounded into the positive zone and touched a fresh all-time intra-day high of 18,845 - up 31 points from the previous close.
However, the index was unable to hold gains for long and instead slipped back into red. A fresh round of profit-taking in the last session saw the index tumble to a low of 18,336 - down 509 points from the day's high.
The Sensex finally ended (provisional) with a loss of 363 points at 18,451, after having gained 1,323 points in the last three trading days.
Thursday, October 11, 2007
Infosys Tech Q2 net up 18% at Rs 1,100 cr
Software major Infosys Technologies' consolidated net profit after tax increased 18.41 per cent at Rs 1,100 crore for the quarter ended September 30, as compared to Rs 929 crore for the same quarter last year.
The total income of the group increased 21.13 per cent to Rs 4,260 crore for the second quarter, from Rs 3,517 crore for the corresponding quarter of the previous year, the company informed the Bombay Stock Exchange.
Infosys posted net profit after tax of Rs 1,074 crore on standalone basis for the quarter ended September 30, compared to Rs 896 crore for the same quarter last year.
The total income of the company was Rs 4,005 crore for the second quarter ended September 30, as against Rs 3,339 crore in the corresponding quarter a year ago.
Software major Infosys Technologies' consolidated net profit after tax increased 18.41 per cent at Rs 1,100 crore for the quarter ended September 30, as compared to Rs 929 crore for the same quarter last year.
The total income of the group increased 21.13 per cent to Rs 4,260 crore for the second quarter, from Rs 3,517 crore for the corresponding quarter of the previous year, the company informed the Bombay Stock Exchange.
Infosys posted net profit after tax of Rs 1,074 crore on standalone basis for the quarter ended September 30, compared to Rs 896 crore for the same quarter last year.
The total income of the company was Rs 4,005 crore for the second quarter ended September 30, as against Rs 3,339 crore in the corresponding quarter a year ago.
Wednesday, October 10, 2007
SBI cuts rates for new retail loans
State Bank of India (SBI) said on Wednesday that it had cut interest rates on new loans for homes, automobiles and farm equipment in a festival season offer that runs until the end of 2007.
Home loan rates were lowered by 0.50-1.0 per cent, while loans for cars and two-wheelers have been reduced by 1.0 per cent, the bank said in a statement.
State Bank of India (SBI) said on Wednesday that it had cut interest rates on new loans for homes, automobiles and farm equipment in a festival season offer that runs until the end of 2007.
Home loan rates were lowered by 0.50-1.0 per cent, while loans for cars and two-wheelers have been reduced by 1.0 per cent, the bank said in a statement.
Sunday, October 07, 2007
Koutons Retail India Limited IPO Allotment Completed
Click here to view the IPO allotment status of Koutons Retail India Limited
http://203.199.177.158/kristel/krilipo.asp
Happy Investing
Click here to view the IPO allotment status of Koutons Retail India Limited
http://203.199.177.158/kristel/krilipo.asp
Happy Investing
Koutons Retail India Limited IPO Allotment Completed
Click here to view the IPO allotment status of Koutons Retail India Limited
http://203.199.177.158/kristel/krilipo.asp
Happy Investing
Click here to view the IPO allotment status of Koutons Retail India Limited
http://203.199.177.158/kristel/krilipo.asp
Happy Investing
Saturday, September 29, 2007
REL board meets tomorrow for Reliance Power IPO
Anil Ambani Group Company Reliance Energy Ltd (REL) is expected to decide tomorrow for a public offer of up to $3 billion in its subsidiary Reliance Power as part of revenue generation for mega investment plans for setting up fresh power capacity .
The board of the Reliance Energy would meet tomorrow to "consider every opportunity for growth and unlocking of shareholders' value,'' the company said in a statement to the stock exchanges.
The meeting comes in the wake of reports that that the company was looking at an initial public offer of $2-3 billion (up to Rs 12,000 crore) shortly.
Anil Ambani Group Company Reliance Energy Ltd (REL) is expected to decide tomorrow for a public offer of up to $3 billion in its subsidiary Reliance Power as part of revenue generation for mega investment plans for setting up fresh power capacity .
The board of the Reliance Energy would meet tomorrow to "consider every opportunity for growth and unlocking of shareholders' value,'' the company said in a statement to the stock exchanges.
The meeting comes in the wake of reports that that the company was looking at an initial public offer of $2-3 billion (up to Rs 12,000 crore) shortly.
Wednesday, September 26, 2007
Sensex crosses 17K-mark in fastest rally
The BSE benchmark Sensex zoomed past 17K-mark early this morning to 17,025.07 points for the first time in fastest-ever 1,000-point rally, on heavy buying across IT counters. IT shares, which were badly battered in last few months as rupee rose beyond 40-level against the US dollar, attracted renewed buying support and helped the Sensex to cross another milestone.
The BSE 30-share barometer touched a new lifetime peak of 17,025.07 in early trade, up by 125.53 points over yesterday's close of 16,899.54.
The journey from 16,000 points to 17,000 points was covered in the shortest span of six days. However, it later parted gains and was quoted at 16,969.16 at 1135 hrs. The broad-based S&P CNX Nifty of the National Stock Exchange also struck an all-time intra-day high of 4,977.90 before being quoted at 4,958.30 at 11 35 hrs, from previous close of 4,938.85, a rise o f 19.45 points.
Metal counters were also in demand while realty shares recovered some of their overnight losses on renewed buying. Hectic shortcovering ahead of the expiry of September series tomorrow too helped the index rise.
Foreign Institutional Investors (FIIs) continued their buying spree and injected about Rs 7,818 crore, including provisional figure of Rs 1,496.14 crore of Tuesday, since September 19, the day on which the US Fed cut interest rate.
Key shares such as Reliance Communications, Satyam, Infosys, Tata Steel, Hindustan Unilever, SAIL, SBI and HDFC made notable gains in early trades.
The BSE benchmark Sensex zoomed past 17K-mark early this morning to 17,025.07 points for the first time in fastest-ever 1,000-point rally, on heavy buying across IT counters. IT shares, which were badly battered in last few months as rupee rose beyond 40-level against the US dollar, attracted renewed buying support and helped the Sensex to cross another milestone.
The BSE 30-share barometer touched a new lifetime peak of 17,025.07 in early trade, up by 125.53 points over yesterday's close of 16,899.54.
The journey from 16,000 points to 17,000 points was covered in the shortest span of six days. However, it later parted gains and was quoted at 16,969.16 at 1135 hrs. The broad-based S&P CNX Nifty of the National Stock Exchange also struck an all-time intra-day high of 4,977.90 before being quoted at 4,958.30 at 11 35 hrs, from previous close of 4,938.85, a rise o f 19.45 points.
Metal counters were also in demand while realty shares recovered some of their overnight losses on renewed buying. Hectic shortcovering ahead of the expiry of September series tomorrow too helped the index rise.
Foreign Institutional Investors (FIIs) continued their buying spree and injected about Rs 7,818 crore, including provisional figure of Rs 1,496.14 crore of Tuesday, since September 19, the day on which the US Fed cut interest rate.
Key shares such as Reliance Communications, Satyam, Infosys, Tata Steel, Hindustan Unilever, SAIL, SBI and HDFC made notable gains in early trades.
Sensex crosses 17K-mark in fastest rally
The BSE benchmark Sensex zoomed past 17K-mark early this morning to 17,025.07 points for the first time in fastest-ever 1,000-point rally, on heavy buying across IT counters. IT shares, which were badly battered in last few months as rupee rose beyond 40-level against the US dollar, attracted renewed buying support and helped the Sensex to cross another milestone.
The BSE 30-share barometer touched a new lifetime peak of 17,025.07 in early trade, up by 125.53 points over yesterday's close of 16,899.54.
The journey from 16,000 points to 17,000 points was covered in the shortest span of six days. However, it later parted gains and was quoted at 16,969.16 at 1135 hrs. The broad-based S&P CNX Nifty of the National Stock Exchange also struck an all-time intra-day high of 4,977.90 before being quoted at 4,958.30 at 11 35 hrs, from previous close of 4,938.85, a rise o f 19.45 points.
Metal counters were also in demand while realty shares recovered some of their overnight losses on renewed buying. Hectic shortcovering ahead of the expiry of September series tomorrow too helped the index rise.
Foreign Institutional Investors (FIIs) continued their buying spree and injected about Rs 7,818 crore, including provisional figure of Rs 1,496.14 crore of Tuesday, since September 19, the day on which the US Fed cut interest rate.
Key shares such as Reliance Communications, Satyam, Infosys, Tata Steel, Hindustan Unilever, SAIL, SBI and HDFC made notable gains in early trades.
The BSE benchmark Sensex zoomed past 17K-mark early this morning to 17,025.07 points for the first time in fastest-ever 1,000-point rally, on heavy buying across IT counters. IT shares, which were badly battered in last few months as rupee rose beyond 40-level against the US dollar, attracted renewed buying support and helped the Sensex to cross another milestone.
The BSE 30-share barometer touched a new lifetime peak of 17,025.07 in early trade, up by 125.53 points over yesterday's close of 16,899.54.
The journey from 16,000 points to 17,000 points was covered in the shortest span of six days. However, it later parted gains and was quoted at 16,969.16 at 1135 hrs. The broad-based S&P CNX Nifty of the National Stock Exchange also struck an all-time intra-day high of 4,977.90 before being quoted at 4,958.30 at 11 35 hrs, from previous close of 4,938.85, a rise o f 19.45 points.
Metal counters were also in demand while realty shares recovered some of their overnight losses on renewed buying. Hectic shortcovering ahead of the expiry of September series tomorrow too helped the index rise.
Foreign Institutional Investors (FIIs) continued their buying spree and injected about Rs 7,818 crore, including provisional figure of Rs 1,496.14 crore of Tuesday, since September 19, the day on which the US Fed cut interest rate.
Key shares such as Reliance Communications, Satyam, Infosys, Tata Steel, Hindustan Unilever, SAIL, SBI and HDFC made notable gains in early trades.
Infosys Tech Q2 results on Oct 11
Infosys Technologies Ltd has informed the BSE that a board meeting will be held on October 11 to consider the audited financial results as per Indian GAAP for the second quarter and half year ending September 30, 2007 and consider payment of inte rim dividend, if any.
The company has also fixed October 19 as the Record Date for the purpose of payment of interim dividend.
Infosys Technologies Ltd has informed the BSE that a board meeting will be held on October 11 to consider the audited financial results as per Indian GAAP for the second quarter and half year ending September 30, 2007 and consider payment of inte rim dividend, if any.
The company has also fixed October 19 as the Record Date for the purpose of payment of interim dividend.
Wednesday, September 19, 2007
Sensex scales 16K level in 52 trading sessions
The Bombay Stock Exchange hit a new milestone with its benchmark Sensex crossing the 16,000-point mark on Wednesday, taking 52 trading sessions to reach the current level from 15,000 hit on July 6.
At 3 pm, the 30-share BSE index rose to 16,312.93 points, gaining 643.81 points as investors stepped up buying, encouraged by US Federal Reserve's decision to cut the benchmark interest rates by 50 basis points.
Similarly, the S&P CNX Nifty on the NSE gained 185.35 points to 4,731.55.
The Sensex traded above 15,000 points for 41 trading sessions as the index fell below the level on account of subprime mortgage crisis in the US that caused meltdown in the global bourses.
The journey from 14,000 to 15,000 level had taken more than 140 trading sessions, the longest 1,000-point march since the Sensex touched the five-figure mark of 10,000 in February last year.
The 15,000-level was reached on July 6 driven by strong inflows from FIIs, robust economic growth and impressive corporate earnings.
In terms of sessions spent in taking each 1,000-point stride, the index took 143 days from 14k to 15k, 26 days from 13k to 14k, 132 days from 12k to 13k, 19 days from 11k to 12k, 33 days for 10k to 11k, 48 days from 9k to 10k, 54 days from 8k to 9k, 55 d ays from 7k to 8k, and as many as 1,124 sessions for 6k to 7k.
Sensex milestones:
Following is the list of dates when BSE Sensex touched the various milestones on its journey to 16,000-point mark:
Points Date
1000 July 25, 1990
2000 January 3, 1992
3000 February 29, 1992
4000 March 30, 1992
5000 October 8, 1999
6000 February 11, 2000
7000 June 20, 2005
8000 September 8, 2005
9000 November 28, 2005
10000 February 6, 2006
11000 March 21, 2006
12000 April 20, 2006
13000 October 30, 2006
14000 December 5, 2006
15000 July 6, 2007
16000 September 19, 2007
The Bombay Stock Exchange hit a new milestone with its benchmark Sensex crossing the 16,000-point mark on Wednesday, taking 52 trading sessions to reach the current level from 15,000 hit on July 6.
At 3 pm, the 30-share BSE index rose to 16,312.93 points, gaining 643.81 points as investors stepped up buying, encouraged by US Federal Reserve's decision to cut the benchmark interest rates by 50 basis points.
Similarly, the S&P CNX Nifty on the NSE gained 185.35 points to 4,731.55.
The Sensex traded above 15,000 points for 41 trading sessions as the index fell below the level on account of subprime mortgage crisis in the US that caused meltdown in the global bourses.
The journey from 14,000 to 15,000 level had taken more than 140 trading sessions, the longest 1,000-point march since the Sensex touched the five-figure mark of 10,000 in February last year.
The 15,000-level was reached on July 6 driven by strong inflows from FIIs, robust economic growth and impressive corporate earnings.
In terms of sessions spent in taking each 1,000-point stride, the index took 143 days from 14k to 15k, 26 days from 13k to 14k, 132 days from 12k to 13k, 19 days from 11k to 12k, 33 days for 10k to 11k, 48 days from 9k to 10k, 54 days from 8k to 9k, 55 d ays from 7k to 8k, and as many as 1,124 sessions for 6k to 7k.
Sensex milestones:
Following is the list of dates when BSE Sensex touched the various milestones on its journey to 16,000-point mark:
Points Date
1000 July 25, 1990
2000 January 3, 1992
3000 February 29, 1992
4000 March 30, 1992
5000 October 8, 1999
6000 February 11, 2000
7000 June 20, 2005
8000 September 8, 2005
9000 November 28, 2005
10000 February 6, 2006
11000 March 21, 2006
12000 April 20, 2006
13000 October 30, 2006
14000 December 5, 2006
15000 July 6, 2007
16000 September 19, 2007
Friday, September 14, 2007
Inflation slows down to 3.52%
Inflation slowed to a two-year low, adding to optimism the central bank may not immediately increase borrowing costs. The wholesale price index was 3.52 per cent in the week to September 1, the lowest since August 27, 2005, compared with 3.79 per cent the previous week, the Ministry of Commerce and Industry said on Friday.
Inflation slowed to a two-year low, adding to optimism the central bank may not immediately increase borrowing costs. The wholesale price index was 3.52 per cent in the week to September 1, the lowest since August 27, 2005, compared with 3.79 per cent the previous week, the Ministry of Commerce and Industry said on Friday.
Monday, September 10, 2007
RIL acquires Malaysian polyester maker
Reliance Industries Ltd (RIL) on Monday said that it has acquired Malaysian polyester producer Hualon Corp Sdn Bhd for an undisclosed sum. Established in 1989, Hualon is an integrated polyester-to-textile maker with half a million tons of pol yester capacity, 2,50,000 spindles for spun yarn and facilities for weaving and processing of 5,800 shuttle-less looms. The company also has nylon filament manufacturing capability.
Reliance has "reached an agreement with the receivers and managers of Hualon Corp to acquire assets of Hualon...'' a company press release said here. Hualon has manufacturing units at Nilai and Malacca in Malaysia and is one of the largest exporters in that country. The company has highly automated plants, cutting edge technology and the most advanced machinery. Hualon was placed into receivership on November 30, 2006 and Lim Tian Huat, Adam Primus Bin Abdullah and Stephen Duar, all of Ernst & Young, Malaysia, were appointed receivers and managers of the company. The agreement to acquire is subject to certain conditions and regulatory approvals, the release said.
This acquisition, when consummated, will be the second international acquisition in the polyester sector by Reliance after the successful takeover of Trevira in Germany in 2004. It will help Reliance consolidate its position further as the global larges t polyester manufacturer with 2.5 million tonnes capacity, a 25 per cent increase from the current capacity, and a rise in revenue by around $1 billion. "The acquisition will bestow RIL with more than 7 per cent global market share in polyester fibre an d yarn,'' the release said
Reliance Industries Ltd (RIL) on Monday said that it has acquired Malaysian polyester producer Hualon Corp Sdn Bhd for an undisclosed sum. Established in 1989, Hualon is an integrated polyester-to-textile maker with half a million tons of pol yester capacity, 2,50,000 spindles for spun yarn and facilities for weaving and processing of 5,800 shuttle-less looms. The company also has nylon filament manufacturing capability.
Reliance has "reached an agreement with the receivers and managers of Hualon Corp to acquire assets of Hualon...'' a company press release said here. Hualon has manufacturing units at Nilai and Malacca in Malaysia and is one of the largest exporters in that country. The company has highly automated plants, cutting edge technology and the most advanced machinery. Hualon was placed into receivership on November 30, 2006 and Lim Tian Huat, Adam Primus Bin Abdullah and Stephen Duar, all of Ernst & Young, Malaysia, were appointed receivers and managers of the company. The agreement to acquire is subject to certain conditions and regulatory approvals, the release said.
This acquisition, when consummated, will be the second international acquisition in the polyester sector by Reliance after the successful takeover of Trevira in Germany in 2004. It will help Reliance consolidate its position further as the global larges t polyester manufacturer with 2.5 million tonnes capacity, a 25 per cent increase from the current capacity, and a rise in revenue by around $1 billion. "The acquisition will bestow RIL with more than 7 per cent global market share in polyester fibre an d yarn,'' the release said
Wednesday, September 05, 2007
1.5 lakh PSU bank jobs up for grabs
Public sector banks in the country are likely to recruit over 1.5 lakh personnel in various cadres over the next three years.
“The manpower requirement of public sector banks will increase substantially over the next three years as significant number of retirements is lined up in all banks,” Mr R. Bhaskaran, Chief Executive Officer, Indian Institute of Banking and Finance (IIBF), Mumbai, told Business Line.
As per IIBF estimates, vacancies coming up in public sector banks alone could be over 1.5 lakh. “Apart from entry-level clerical positions, there is a need for mid-level executives. Further, as banks are diversifying into areas such as insurance, they will have to hire domain experts as well,” Mr Bhaskaran, who was in Hyderabad recently, explained. The PSU banks recruited about 30,000 last year.
The positions are now getting diversified. “The banks today are in need of marketing and finance executives, legal officers, IT professionals to handle core banking solutions (CBS), analysts and agricultural officers,” pointed out Mr Kalyan Mukherjee, Executive Director, Andhra Bank.
“Lot of retirements are in the offing. Further, as business is expanding, the manpower expansion should go hand in hand with it,” he said.
SBH To Recruitment 400
Mr Amitabha Guha, Managing Director, State Bank of Hyderabad (SBH), also sees increasing need for manpower. “SBH alone will be recruiting 400 personnel including 100 officers this year. We have already sent the intent to SBI which will recruit for us,” he said.
In contrast with the previous practice of a common written examination, many banks are exploring new hiring methods competing with private banks in tapping the talent.
“For recruiting finance and marketing executives and analysts, we are going for campus recruitment,” the Andhra Bank official said. The bank preferred mid-level institutes in Mumbai, Pune, Hyderabad and Visakhapatnam for campus recruitments, to big names such as IITs, he added.
Public sector banks in the country are likely to recruit over 1.5 lakh personnel in various cadres over the next three years.
“The manpower requirement of public sector banks will increase substantially over the next three years as significant number of retirements is lined up in all banks,” Mr R. Bhaskaran, Chief Executive Officer, Indian Institute of Banking and Finance (IIBF), Mumbai, told Business Line.
As per IIBF estimates, vacancies coming up in public sector banks alone could be over 1.5 lakh. “Apart from entry-level clerical positions, there is a need for mid-level executives. Further, as banks are diversifying into areas such as insurance, they will have to hire domain experts as well,” Mr Bhaskaran, who was in Hyderabad recently, explained. The PSU banks recruited about 30,000 last year.
The positions are now getting diversified. “The banks today are in need of marketing and finance executives, legal officers, IT professionals to handle core banking solutions (CBS), analysts and agricultural officers,” pointed out Mr Kalyan Mukherjee, Executive Director, Andhra Bank.
“Lot of retirements are in the offing. Further, as business is expanding, the manpower expansion should go hand in hand with it,” he said.
SBH To Recruitment 400
Mr Amitabha Guha, Managing Director, State Bank of Hyderabad (SBH), also sees increasing need for manpower. “SBH alone will be recruiting 400 personnel including 100 officers this year. We have already sent the intent to SBI which will recruit for us,” he said.
In contrast with the previous practice of a common written examination, many banks are exploring new hiring methods competing with private banks in tapping the talent.
“For recruiting finance and marketing executives and analysts, we are going for campus recruitment,” the Andhra Bank official said. The bank preferred mid-level institutes in Mumbai, Pune, Hyderabad and Visakhapatnam for campus recruitments, to big names such as IITs, he added.
Friday, August 31, 2007
Sensex rallies by 228 points closes at 15,318
The stock market rose sharply on Friday tracking strong Asian markets.
The Bombay Stock Exchange barometer opened firm at 15,131.36 and gradually moved upwards to 15,350.14, up 228.40 points.
Similarly, the broad-based S&P CNX Nifty of the NSE spurted by 54.20 points at 4,466.50 from previous close of 4,412.30.
Marketmen said major support to the market came from some of the heavy weight stocks in metal and auto sectors. A better trend in Asian stock markets also boosted the market sentiment, they added.
Mahindra & Mahindra, the country’s top tractor maker by sales, rallied 4.50% to Rs 705.55, off its day’s high of Rs 722.15. In the past seven trading sessions till 30 August 2007, the stock had soared 10.30% to Rs 675.15, riding on reports that it is conducting due diligence on Jaguar and Land Rover, put up for sale by Ford. Other potential bidders include private equity groups TPG Capital, Cerberus Capital Management, Ripplewood Holdings, One Equity Partners and Tata Motors.
All the European markets, which opened after the Indian markets, were trading higher. Key benchmark indices in United Kingdom (up 0.52% to 6,244.38), Germany (up 0.38% to 7,548.33), and France (up 0.72% to 5,632.79), gained.
All the Asian markets settled higher today, 31 August 2007. Japan's Nikkei (up 2.57% at 16,569.09), Taiwan's Taiwan Weighted (up 2.41% at 8,982.16), Hong Kong's Hang Seng (up 2.13% at 23,984.14), Shanghai Composite (up 0.99% to 5,218.82), Singapore's Straits Times (up 2.16% at 3,392.91), and South Korea's Seoul Composite (up 1.71% at 1,873.24), all edged higher
Crude oil prices steadied on Friday, 31 August 2007, as concerns over low oil stocks in the United States were compounded by a possible tropical storm forming in the Atlantic. US crude rose 24 cents to $73.60 a barrel while London Brent was up 21 cents at $72.11 a barrel.
The BSE Sensex surged 957 points, or 6.76%, in four trading sessions, from its 14,163.98 on 23 August 2007 to 15,121.74 on 30 August 2007
The stock market rose sharply on Friday tracking strong Asian markets.
The Bombay Stock Exchange barometer opened firm at 15,131.36 and gradually moved upwards to 15,350.14, up 228.40 points.
Similarly, the broad-based S&P CNX Nifty of the NSE spurted by 54.20 points at 4,466.50 from previous close of 4,412.30.
Marketmen said major support to the market came from some of the heavy weight stocks in metal and auto sectors. A better trend in Asian stock markets also boosted the market sentiment, they added.
Mahindra & Mahindra, the country’s top tractor maker by sales, rallied 4.50% to Rs 705.55, off its day’s high of Rs 722.15. In the past seven trading sessions till 30 August 2007, the stock had soared 10.30% to Rs 675.15, riding on reports that it is conducting due diligence on Jaguar and Land Rover, put up for sale by Ford. Other potential bidders include private equity groups TPG Capital, Cerberus Capital Management, Ripplewood Holdings, One Equity Partners and Tata Motors.
All the European markets, which opened after the Indian markets, were trading higher. Key benchmark indices in United Kingdom (up 0.52% to 6,244.38), Germany (up 0.38% to 7,548.33), and France (up 0.72% to 5,632.79), gained.
All the Asian markets settled higher today, 31 August 2007. Japan's Nikkei (up 2.57% at 16,569.09), Taiwan's Taiwan Weighted (up 2.41% at 8,982.16), Hong Kong's Hang Seng (up 2.13% at 23,984.14), Shanghai Composite (up 0.99% to 5,218.82), Singapore's Straits Times (up 2.16% at 3,392.91), and South Korea's Seoul Composite (up 1.71% at 1,873.24), all edged higher
Crude oil prices steadied on Friday, 31 August 2007, as concerns over low oil stocks in the United States were compounded by a possible tropical storm forming in the Atlantic. US crude rose 24 cents to $73.60 a barrel while London Brent was up 21 cents at $72.11 a barrel.
The BSE Sensex surged 957 points, or 6.76%, in four trading sessions, from its 14,163.98 on 23 August 2007 to 15,121.74 on 30 August 2007
Saturday, August 25, 2007
US markets rally on home sales report
US markets jumped on Friday as surprisingly strong data on home sales and durable goods orders relieved anxiety about the economy and bolstered investor confidence after weeks of market turbulence. The gains helped the S&P 500 index post its best week in five months, even with more news pointing to further turmoil in the subprime mortgage sector.
Both the Dow industrials and the S&P got a big boost from energy stocks such as Exxon Mobil Corp, which benefited from a 2 per cent surge in oil prices. Sales of new U.S. homes in July rose 2.8 per cent, reversing two months of declines and a report show ed new orders for durable goods, which are long-lasting U.S.-made products, soared in the same period.
The Dow Jones industrial average shot up 142.99 points, or 1.08 per cent, to end at 13,378.87. The Standard & Poor's 500 Index climbed 16.87 points, or 1.15 per cent, to finish at 1,479.37. The Nasdaq Composite Index rose 34.99 points, or 1.38 per cent, to close at 2,576.69.
US markets jumped on Friday as surprisingly strong data on home sales and durable goods orders relieved anxiety about the economy and bolstered investor confidence after weeks of market turbulence. The gains helped the S&P 500 index post its best week in five months, even with more news pointing to further turmoil in the subprime mortgage sector.
Both the Dow industrials and the S&P got a big boost from energy stocks such as Exxon Mobil Corp, which benefited from a 2 per cent surge in oil prices. Sales of new U.S. homes in July rose 2.8 per cent, reversing two months of declines and a report show ed new orders for durable goods, which are long-lasting U.S.-made products, soared in the same period.
The Dow Jones industrial average shot up 142.99 points, or 1.08 per cent, to end at 13,378.87. The Standard & Poor's 500 Index climbed 16.87 points, or 1.15 per cent, to finish at 1,479.37. The Nasdaq Composite Index rose 34.99 points, or 1.38 per cent, to close at 2,576.69.
Wednesday, August 22, 2007
Landmark hypermarket to debut
Landmark plans to invest Rs200 crore in seven Spar-branded stores over the next two years
The Dubai-based Landmark Group has tied up with Netherland’s Spar International to open the Dutch company’s franchisee stores to tap India’s booming retail market.
Landmark’s hypermarket chain, Max Hypermarkets India Pvt. Ltd, has signed a licence agreement to use the Spar brand name on hypermarkets and supermarkets that it plans to open in India.
Landmark plans to invest Rs200 crore in seven Spar-branded stores over the next two years, and the first hypermarket and the first supermarket will come up in Bangalore next month.
The Amsterdam-based Spar is one of the world’s largest food retailers, with more than 13,500 stores in 33 countries ranging from the Czech Republic to China.
“They have expertise in different areas of retailing—everything from the store layout to equipment to merchandising to the back-end and IT management,” said Viney Singh, managing director of Max Hypermarkets.
Singh said Landmark will pay a royalty fee—which he declined to specify—to Spar for using its brand for the stores and its technical expertise. Earlier this year, Landmark, which already runs department stores to home decor outlets in India, said it was in talks with a couple of foreign retailers to foray into India’s hypermarket and supermarkets business.
Landmark plans to invest Rs200 crore in seven Spar-branded stores over the next two years
The Dubai-based Landmark Group has tied up with Netherland’s Spar International to open the Dutch company’s franchisee stores to tap India’s booming retail market.
Landmark’s hypermarket chain, Max Hypermarkets India Pvt. Ltd, has signed a licence agreement to use the Spar brand name on hypermarkets and supermarkets that it plans to open in India.
Landmark plans to invest Rs200 crore in seven Spar-branded stores over the next two years, and the first hypermarket and the first supermarket will come up in Bangalore next month.
The Amsterdam-based Spar is one of the world’s largest food retailers, with more than 13,500 stores in 33 countries ranging from the Czech Republic to China.
“They have expertise in different areas of retailing—everything from the store layout to equipment to merchandising to the back-end and IT management,” said Viney Singh, managing director of Max Hypermarkets.
Singh said Landmark will pay a royalty fee—which he declined to specify—to Spar for using its brand for the stores and its technical expertise. Earlier this year, Landmark, which already runs department stores to home decor outlets in India, said it was in talks with a couple of foreign retailers to foray into India’s hypermarket and supermarkets business.
Tuesday, August 21, 2007
Bharti Airtel to double tower capacity; targets rural users
Cellular operator Bharti Airtel will double the tower capacity to 80,000 by March 2008 as it grows its network to reach more towns and cities across the country, besides expanding in metros.
"Currently there are 40,000 towers. This year-end we would be doubling the capacity to total 80,000 towers. This will be the single largest roll out by any company in one year and promises very good coverage to our subscribers in the next 18 months'', Su nil Mittal, CMD, Bharti Enterprises told reporters on the sidelines of a CII seminar. Some of these towers could be capacity filling towers, while most of them will be coming up in new rural areas, he said, adding that in the last one year the company s et up 20,000 new towers.
The cellular major, in which Singapore Telecom holds 31 per cent stake, has already announced its decision to spend Rs 4,300 crore to expand transmission towers. Bharti's tower spending is part of a plan to spend as much as Rs 14,000 crore this year on network expansion to maintain its lead over Reliance and Vodafone Essar.
As mobile penetration goes to semi-urban and rural areas, operators are investing heavily for massive expansion of their mobile networks, infrastructure and subscriber numbers. The company also plans to sell shares in the tower subsidiary to investors.
Bharti Airtel shares were up marginally at Rs 827.20.
Cellular operator Bharti Airtel will double the tower capacity to 80,000 by March 2008 as it grows its network to reach more towns and cities across the country, besides expanding in metros.
"Currently there are 40,000 towers. This year-end we would be doubling the capacity to total 80,000 towers. This will be the single largest roll out by any company in one year and promises very good coverage to our subscribers in the next 18 months'', Su nil Mittal, CMD, Bharti Enterprises told reporters on the sidelines of a CII seminar. Some of these towers could be capacity filling towers, while most of them will be coming up in new rural areas, he said, adding that in the last one year the company s et up 20,000 new towers.
The cellular major, in which Singapore Telecom holds 31 per cent stake, has already announced its decision to spend Rs 4,300 crore to expand transmission towers. Bharti's tower spending is part of a plan to spend as much as Rs 14,000 crore this year on network expansion to maintain its lead over Reliance and Vodafone Essar.
As mobile penetration goes to semi-urban and rural areas, operators are investing heavily for massive expansion of their mobile networks, infrastructure and subscriber numbers. The company also plans to sell shares in the tower subsidiary to investors.
Bharti Airtel shares were up marginally at Rs 827.20.
Sunday, August 19, 2007
Saturday, August 18, 2007
Wall St soars after Fed's discount rate cut
U.S. stocks surged on Friday to end a turbulent week after the Federal Reserve cut the discount rate it charges banks in an emergency move to stabilise credit markets and keep the economy on track.
The Dow Jones industrial average jumped 233.30 points, or 1.82 per cent, to 13,079.08 - snapping a six-day streak of losses. The Standard & Poor's 500 Index shot up 34.67 points, or 2.46 per cent, to 1,445.94. The Nasdaq Composite Index soared 53.96 poin ts, or 2.20 per cent, to 2,505.03. But it was still down 1.6 per cent for the week. The S&P 500 slipped 0.5 per cent for the week, while the Dow's weekly loss was 1.2 per cent.
For the year, the Dow is still up 4.9 per cent, while the S&P is up nearly 2 per cent and the Nasdaq is up 3.7 per cent.
Trading was heavy on the NYSE, with about 2.48 billion shares changing hands, above last year's estimated daily average of 1.84 billion, while on Nasdaq, about 2.58 billion shares traded, also surging ahead of last year's daily average of 2.02 billion. A dvancing stocks outnumbered declining ones by a ratio of about 7 to 1 on the NYSE and by slightly more than 2 to 1 on the Nasdaq.
U.S. stocks surged on Friday to end a turbulent week after the Federal Reserve cut the discount rate it charges banks in an emergency move to stabilise credit markets and keep the economy on track.
The Dow Jones industrial average jumped 233.30 points, or 1.82 per cent, to 13,079.08 - snapping a six-day streak of losses. The Standard & Poor's 500 Index shot up 34.67 points, or 2.46 per cent, to 1,445.94. The Nasdaq Composite Index soared 53.96 poin ts, or 2.20 per cent, to 2,505.03. But it was still down 1.6 per cent for the week. The S&P 500 slipped 0.5 per cent for the week, while the Dow's weekly loss was 1.2 per cent.
For the year, the Dow is still up 4.9 per cent, while the S&P is up nearly 2 per cent and the Nasdaq is up 3.7 per cent.
Trading was heavy on the NYSE, with about 2.48 billion shares changing hands, above last year's estimated daily average of 1.84 billion, while on Nasdaq, about 2.58 billion shares traded, also surging ahead of last year's daily average of 2.02 billion. A dvancing stocks outnumbered declining ones by a ratio of about 7 to 1 on the NYSE and by slightly more than 2 to 1 on the Nasdaq.
Friday, August 17, 2007
Inflation falls to 4.05 per cent
Inflation declined to 4.05 per cent for the week ended August 4 as compared to 4.45 per cent in the previous week due to lower prices of fruits, vegetable, poultry chicken, moong and some manufactured items.
The wholesale prices-based inflation stood at 5.08 per cent in the corresponding week a year ago. During the week, prices of fruits, vegetables and poultry chicken declined by five per cent each, while those of moong and fish-marine fell by one per cent .
However, prices of aviation turbine fuels inched up by four per cent while tea, arhar and milk moved up. In manufactured products, imported edible oil, methanol, basic pig iron, foundry pig iron and bakery products got cheaper
Inflation declined to 4.05 per cent for the week ended August 4 as compared to 4.45 per cent in the previous week due to lower prices of fruits, vegetable, poultry chicken, moong and some manufactured items.
The wholesale prices-based inflation stood at 5.08 per cent in the corresponding week a year ago. During the week, prices of fruits, vegetables and poultry chicken declined by five per cent each, while those of moong and fish-marine fell by one per cent .
However, prices of aviation turbine fuels inched up by four per cent while tea, arhar and milk moved up. In manufactured products, imported edible oil, methanol, basic pig iron, foundry pig iron and bakery products got cheaper
Rupee falls to lowest in nearly four months
The rupee fell 0.6 per cent at the open on Friday to its lowest level in nearly four months, as investors cut exposure to risky assets amid lingering fears of a global credit squeeze. At 9:01 a.m., the partially convertible rupee was at 41.60 per dollar - its lowest level since late April, and compared with 41.36/37 at Thursday's close when it fell 1.5 per cent.
The rupee fell 0.6 per cent at the open on Friday to its lowest level in nearly four months, as investors cut exposure to risky assets amid lingering fears of a global credit squeeze. At 9:01 a.m., the partially convertible rupee was at 41.60 per dollar - its lowest level since late April, and compared with 41.36/37 at Thursday's close when it fell 1.5 per cent.
Thursday, August 16, 2007
Stocks Available at Attractive Valuations
With stock market falling like nine pins today on account of global cues many of the frontline and midcaps are now available at attractive valuations.
At these prices there is hardly any downward movements in these stocks and the upper movement of 30%-40% is expected in 2 months of time frame.
Here are the handpicked stocks.
With stock market falling like nine pins today on account of global cues many of the frontline and midcaps are now available at attractive valuations.
At these prices there is hardly any downward movements in these stocks and the upper movement of 30%-40% is expected in 2 months of time frame.
Here are the handpicked stocks.
- India Bulls Financials [ cmp. 495 ] -- Buy this stock for a target of 700 in 2 months. It has fallen from a level of 690 with lots of mergers and takeovers happening in our financial brokerage business company one can be rest assure that this stock has a huge way to go.
- India Infoline [ cmp. 582 ] -- Similar kind of fundamental story as that of India Bulls financials this stock has also falled from a level of 800 which is closer to 40%. The borkerages company are sowing some where around 30-50% increase in profits on q to q basis. Buy for a targer of 800 in 3 months.
- Ansal Properties and Infra [ cmp. 250 ] -- The reality is the most beaten down sector and there is very bit of reason to buy in these stocks. With the prices of properties across the country going up these stocks will see again upward movements without any speed brakers in coming months especially in October to December. Sev eral of our mutual funds hold this stock in heavy amount. Buy for a target of 450 in 4 months.
- Bank of India [ cmp. 227 ] -- This stock has fallen around 10% in todays trading session and it had hit a high of 276 on 16th of July. With RBI hardly raising any crr or interest in coming days all banking stocks are likely to lead the rally in coming days especially the PSU banking stocks. Buy with a targer of 300 in 2 months.
- Mphasis BFL [ cmp. 290 ] -- This is one of the most better performing IT co. in Midcap category of the market and this co. is on the acquisition by EDS which earlier came out with the buy price of 325 and there is every chances of increasing the offer price. Comopany came out with excellent set of numbers this quarter and with $ appreciating in coming days all IT stock will see the upward movements. Buy with a targert of 400 in 3 months.
Rupee down 47 paise
The surprime crisis in the United States and the resultant turmoil in global equities continued to cast a shadow over rupee which fell by 47 points to more than two-month low of 41।22 against the US dollar.
The rupee today resumed below 41 level at 41।02/04 a dollar and fell further to 41.22 a dollar before being quoted at 41.12/13 a dollar in late morning deals. The Indian currency closed at 40.7450/7550 a dollar on August 14.
Forex Rates
The subprime crisis in the US and the resulting risk aversion worldwide weighed on the rupee sentiment, a forex dealer said। The rupee had risen by 10 per cent this year following consistent capital inflows into equity markets and the central bank's relu ctance to intervene in the forex market. The global markets went into turmoil on panic sales in equity markets on the subprime fears. Nikkei dropped by 525 points, Singapore straight times by 150 points, Taiwan by 310 points and Hang Seng by 790 points.
The benchmark Sensex also came under the global influence and registered its biggest fall this year of 653 points to touch the low of 14,363.57 points in the morning trade.
The surprime crisis in the United States and the resultant turmoil in global equities continued to cast a shadow over rupee which fell by 47 points to more than two-month low of 41।22 against the US dollar.
The rupee today resumed below 41 level at 41।02/04 a dollar and fell further to 41.22 a dollar before being quoted at 41.12/13 a dollar in late morning deals. The Indian currency closed at 40.7450/7550 a dollar on August 14.
Forex Rates
The subprime crisis in the US and the resulting risk aversion worldwide weighed on the rupee sentiment, a forex dealer said। The rupee had risen by 10 per cent this year following consistent capital inflows into equity markets and the central bank's relu ctance to intervene in the forex market. The global markets went into turmoil on panic sales in equity markets on the subprime fears. Nikkei dropped by 525 points, Singapore straight times by 150 points, Taiwan by 310 points and Hang Seng by 790 points.
The benchmark Sensex also came under the global influence and registered its biggest fall this year of 653 points to touch the low of 14,363.57 points in the morning trade.
Dalal Street witnesses Rs 1.70 lakh crore loss
Stock market investors on Thursday saw a whopping Rs 1,70,000 crore being wiped off their portfolios, taking the total loss since the US subprime crisis first hit domestic bourses late last month to nearly Rs 3,30,000 crore। The Bombay Stock Exc hange's 30-share benchmark index Sensex today plunged by 642।70 points, its second biggest one-day fall in absolute value terms The crash saw the cumulative market capitalisation of all the listed companies dropping to around Rs 42,77,000 crore, as agai nst Rs 44,44,000 crore after the market close on August
The total invested wealth in the stock market has seen sharp erosion since July 27, when the crisis in the US subprime credit segment first reached the Indian market। Since then, the total market capitalisation on the Indian bourses has gone down by near ly 3,30,000 crore from more than Rs 46,00,000 crore on July 26.
The combined market value of the 30 blue chip firms on the benchmark BSE Sensex has fallen close to Rs 2,25,000 crore since July 27, including about Rs 90,000 crore today itself।
Among the Sensex blue chips, Reliance Industries lost Rs 12,910 crore today, while ONGC saw an erosion of Rs 7,518 crore. Both RIL and ONGC have lost close to Rs 28,000 crore each since July 27. However, the biggest market cap loss in absolute value ter ms has been registered by state-run power equipments major BHEL, which has seen an erosion of more than Rs 37,000 crore since July 27.
Stock market investors on Thursday saw a whopping Rs 1,70,000 crore being wiped off their portfolios, taking the total loss since the US subprime crisis first hit domestic bourses late last month to nearly Rs 3,30,000 crore। The Bombay Stock Exc hange's 30-share benchmark index Sensex today plunged by 642।70 points, its second biggest one-day fall in absolute value terms The crash saw the cumulative market capitalisation of all the listed companies dropping to around Rs 42,77,000 crore, as agai nst Rs 44,44,000 crore after the market close on August
The total invested wealth in the stock market has seen sharp erosion since July 27, when the crisis in the US subprime credit segment first reached the Indian market। Since then, the total market capitalisation on the Indian bourses has gone down by near ly 3,30,000 crore from more than Rs 46,00,000 crore on July 26.
The combined market value of the 30 blue chip firms on the benchmark BSE Sensex has fallen close to Rs 2,25,000 crore since July 27, including about Rs 90,000 crore today itself।
Among the Sensex blue chips, Reliance Industries lost Rs 12,910 crore today, while ONGC saw an erosion of Rs 7,518 crore. Both RIL and ONGC have lost close to Rs 28,000 crore each since July 27. However, the biggest market cap loss in absolute value ter ms has been registered by state-run power equipments major BHEL, which has seen an erosion of more than Rs 37,000 crore since July 27.
Wednesday, August 15, 2007
HDFC shortlists 3 foreign cos for insurance biz
Housing lender HDFC has shortlisted three foreign companies in its partner selection process for the general insurance business and is likely to complete the exercise in the next two-three weeks।
''We have shortlisted three names and it will take two-three weeks to finalise the foreign partner,'' HDFC Executive Director, Ms Renu Sud Karnad, told PTI.
Without giving the specific names, she said the contenders for the 26 per cent stake in its non-life insurance business were from the US, Europe and Australia।
It is believed that the shortlisted firms include the US-based Travelers and Australia's IAG Group। Besides, the world's second largest reinsurer Munich Re's insurance arm ERGO is also being considered.
Without confirming or denying any name, Munich Re last week said MoUs with partners (life and non-life) are close to finalisation। The joint venture for general insurance could happen earlier than life insurance venture and the likelihood of partnering with the private sector is higher for the non-life venture, Munich Reinsurance Chairman, Mr Nikolaus von Bomhard, had said.
HDFC also runs a life insurance firm in joint venture with UK's Standard Life
Tuesday, August 14, 2007
Nokia warns on battery explosion risks
Nokia has announced that 46 million batteries used in its phones could overheat and result in explosion. Nokia has said it would replace them free to consumers while negotiating with battery maker Matsushita (6752.T) over who would bear the costs.
"Nokia has identified that in very rare cases the Nokia-branded BL-5C batteries...could potentially experience overheating initiated by a short circuit while charging, causing the battery to dislodge," it said in a statement on Tuesday. The world`s top cellphone maker said about 100 such incidents had been reported globally but no serious injuries or property damage had been reported.
It said it was working closely with Matsushita Electric Industrial Co. Ltd., who made the batteries in question between December 2005 and November 2006, to investigate the problem. Nokia said replacing millions of batteries would have some financial impact, but Matsushita would pay part of the costs. Analyst Richard Windsor of Nomura estimated the cost to Nokia at a maximum of 100 million euros ($137 million).
"Historically, when there`s been a problem of this nature the supplier has had to pay," he said. Research firm Gartner said one such battery would cost around $4. Shares in Nokia were 0.9 percent lower at 22.42 euros by 6:46 a.m. EDT, helping nudge the DJ European technology index (.SX8P) down 0.5 percent.
Jyske Bank downgraded its rating on Nokia shares to "reduce" from "buy," saying every third Nokia user would now have to check their phone`s batteries. "I think this will hurt Nokia`s brand a lot and that`s the most precious asset Nokia has," Jyske analyst Soren Linde Nielsen said. Nokia`s brand is valued at $33.7 billion, according to Interbrand, making it the world`s fifth most valued brand after Coca-Cola (KO.N), Microsoft (MSFT.O), IBM (IBM.N) and GE (GE.N).
The "BL-5C" is Nokia`s most widely used battery, powering among others low-end 1100 series phones and multimedia handsets N70 and N91. Several suppliers have made a total of more than 300 million of them for Nokia. Nokia said it had issued a product advisory
(http://www.nokia.com/batteryreplacement) to consumers based on preliminary findings of an ongoing investigation. v "By reacting swiftly and responsibly, and by being fully transparent, we believe that consumers will continue to view Nokia as a responsible and trustworthy brand," Robert Andersson, head of customer and market operations at Nokia told Reuters.
Matsushita said there had been a rare problem in the manufacturing process rather than in the design of the batteries.
It said the effect on its earnings was uncertain. "We are still in discussion with Nokia about how to divide the replacement cost," said Matsushita spokesman Akira Kadota. Marianne Holmlund, spokeswoman for Nokia, said in similar cases in the car industry less than half of consumers eligible for replacement had used the option. v In 2003, a Belgian consumer organization said some Nokia batteries had a short circuit risk, but the Finnish firm denied those claims and said media reports of exploding phone batteries were all related to counterfeits.
Last year, Sony Corp (6758.T) was hit by hefty costs to recall 9.6 million laptop PC batteries which could catch fire from overheating.
What is the Remedy ??
Visit the site -- http://www.nokia.com/batteryreplacement/en/
and enter your 24 digit battery number to check.
Nokia BL-5C battery
The BL-5C batteries which are subject to the product advisory were used with the following Nokia models or separately as accessories:
Nokia 1100, Nokia 1100c, Nokia 1101, Nokia 1108, Nokia 1110, Nokia 1112, Nokia 1255, Nokia 1315, Nokia 1600, Nokia 2112, Nokia 2118, Nokia 2255, Nokia 2272, Nokia 2275, Nokia 2300, Nokia 2300c, Nokia 2310, Nokia 2355, Nokia 2600, Nokia 2610, Nokia 2610b, Nokia 2626, Nokia 3100, Nokia 3105, Nokia 3120, Nokia 3125, Nokia 6030, Nokia 6085, Nokia 6086, Nokia 6108, Nokia 6175i, Nokia 6178i, Nokia 6230, Nokia 6230i, Nokia 6270, Nokia 6600, Nokia 6620, Nokia 6630, Nokia 6631, Nokia 6670, Nokia 6680, Nokia 6681, Nokia 6682, Nokia 6820, Nokia 6822, Nokia 7610, Nokia N70, Nokia N71, Nokia N72, Nokia N91, Nokia E50, Nokia E60
“Nokia” and “BL-5C” are printed on the front of the battery.
On the back of the battery, the Nokia mark appears at the top, and the battery identification number (consisting of 26 characters) is found at the bottom.
A look at the Top Performing Mutual Funds
Here is the close analysis of top performing mutual funds in equity diversified segment of our country.
Funds------------------NAV as on 13 Aug 07----1 yr return
Here is the close analysis of top performing mutual funds in equity diversified segment of our country.
Funds------------------NAV as on 13 Aug 07----1 yr return
- JM Basic-----------------------------27.04------75.49
- Standard Chtd. Premier Equity--17.36------68.81
- ICICI Service Industries------------17.46------61.97
- DBS Chola Ooportunities----------31.84------59.04
- Taurus Starshare--------------------49.01------56.93
Here is the collection of top five holding of the mutual funds mentioned above as on 31st July 07 as % of net assets.
- JM Basic [ net asset 306 cr]
- Appolo Tyres --- 5.92
- Action Cons. -----5.91
- Maha Seamless---5.22
- Bharti Shipyard--5.02
- Grasim Ind.-------4.95
2. Std Chtd Pre Equity [ net asset 371 cr]
- 10.89% Sundram Finance 02/05/08 ----- 6.87
- Shree Renuka Sugars ---------------------4.63
- Educomp Solutions------------------------4.46
- Pantloon Retail----------------------------4.38
- Deep Industries----------------------------4.28
3. Pru ICICI Serv. Ind. [ net asset 673 cr ]
- ICICI Bank -----------------------7.55
- Bharti Televentures------------4.78
- ICICI Bank------------------------4.36
- Patel Engg.----------------------3.60
- Nucleus Software---------------3.24
Monday, August 13, 2007
RIL to get $100 million loan from EDC for gas project
Export Development Canada (EDC) has announced its $100 million (Rs406 crore) participation in a 10-year $2 billion syndicated loan for Reliance Industries Limited (RIL).
RIL will use the funds for a gas exploration and development project. “EDC’s business in India continues to expand as Canadian exporters find meaningful ways to grow their business in this opportunity rich market,” Eric Siegel, president and CEO of RDC, Canada’s largest export credit agency, said.
Siegel said: “While a number of Canadian companies already have dealings with Reliance, EDC is pleased to have entered into this facility to help develop Canadian relationships with one of India’s most important companies.”
EDC business volumes in the Indian market have grown considerably following the opening of its permanent representation in New Delhi in 2004, from CAD$267 million at the close of 2003 to CAD$730 million in 2006.
EDC currently facilitates approximately 48% of Canada’s merchandise trade with India. EDC has particularly highlighted the infrastructure, telecommunications, automotive, agrifood processing and storage, mining and energy sectors as growth areas for Canada-India business.
It is currently planning on opening a second permanent Indian representation in Mumbai by the end of 2007. RIL is India’s largest private-sector company and part of Reliance Group.
Export Development Canada (EDC) has announced its $100 million (Rs406 crore) participation in a 10-year $2 billion syndicated loan for Reliance Industries Limited (RIL).
RIL will use the funds for a gas exploration and development project. “EDC’s business in India continues to expand as Canadian exporters find meaningful ways to grow their business in this opportunity rich market,” Eric Siegel, president and CEO of RDC, Canada’s largest export credit agency, said.
Siegel said: “While a number of Canadian companies already have dealings with Reliance, EDC is pleased to have entered into this facility to help develop Canadian relationships with one of India’s most important companies.”
EDC business volumes in the Indian market have grown considerably following the opening of its permanent representation in New Delhi in 2004, from CAD$267 million at the close of 2003 to CAD$730 million in 2006.
EDC currently facilitates approximately 48% of Canada’s merchandise trade with India. EDC has particularly highlighted the infrastructure, telecommunications, automotive, agrifood processing and storage, mining and energy sectors as growth areas for Canada-India business.
It is currently planning on opening a second permanent Indian representation in Mumbai by the end of 2007. RIL is India’s largest private-sector company and part of Reliance Group.
Sunday, August 12, 2007
Hot Stocks for Monday 13 August 2007
If market manages to open in green and closes in green then one can see some hefty movements in these stocks.
Easun Reyrolle Ltd - cmp 242 target 253
Bank of Rajasthan - cmp 109 target 113
Ansal Buildwell -cmp 79 target 84
Escorts - cmp 90 target 94
Buy these stocks early in the trading session in the morning and wait for the targets to come and then book profits.
All the above calls are intraday.
Also one can look for better gains in hold for short term.
If market manages to open in green and closes in green then one can see some hefty movements in these stocks.
Easun Reyrolle Ltd - cmp 242 target 253
Bank of Rajasthan - cmp 109 target 113
Ansal Buildwell -cmp 79 target 84
Escorts - cmp 90 target 94
Buy these stocks early in the trading session in the morning and wait for the targets to come and then book profits.
All the above calls are intraday.
Also one can look for better gains in hold for short term.
This Weeks Bulk Deal on BSE and NSE
Check out the Bulk deal happening on our domestic stock exchanges this will give one a clear cut idea of what the big fish are buying or selling these days on stock market.
Few Buying stock includes stocks as Sujana Metal, Omaxe, Federal Bank , Northgate Tech.
Source- hindubusinessline
Check out the Bulk deal happening on our domestic stock exchanges this will give one a clear cut idea of what the big fish are buying or selling these days on stock market.
Few Buying stock includes stocks as Sujana Metal, Omaxe, Federal Bank , Northgate Tech.
Source- hindubusinessline
Wednesday, August 08, 2007
Puravankara Projects IPO gets fully subscribed
Initial public offer of Puravankara Projects on Wednesday got subscribed 1.83 times on the last day of its issue. As per the latest data available on the bourses, the IPO which closed today received bids for 3.92 crore shares against the 2.15 cr ore shares on offer. The price of the IPO has been fixed between Rs 400 and Rs 450 per share.
Earlier, the issue was supposed to close on August 3 but due to low subscriptions the company had extended the issue period till today and lowered the price band from Rs 500-525 a share before.
The issue would constitute 10.50 per cent of the fully diluted post-issued paid up capital of the company.
DSP Merrill Lynch Ltd, Citigroup Global Markets India Private Ltd and Kotak Mahindra Capital Company Ltd are the Book Running Lead Managers for the issue. Bids submitted by the bidders at any price in the original band of Rs 500-525 would be treated as bids at the higher end of the revised price band of Rs 450. The bids submitted by bidders at the cut-off price in the earlier price band would be treated as bids at the cut-off price in the revised price band.
The Bangalore-based firm is set to foray into the international market with its first overseas project to be launched in the next 2-3 months in Sri Lanka.
Initial public offer of Puravankara Projects on Wednesday got subscribed 1.83 times on the last day of its issue. As per the latest data available on the bourses, the IPO which closed today received bids for 3.92 crore shares against the 2.15 cr ore shares on offer. The price of the IPO has been fixed between Rs 400 and Rs 450 per share.
Earlier, the issue was supposed to close on August 3 but due to low subscriptions the company had extended the issue period till today and lowered the price band from Rs 500-525 a share before.
The issue would constitute 10.50 per cent of the fully diluted post-issued paid up capital of the company.
DSP Merrill Lynch Ltd, Citigroup Global Markets India Private Ltd and Kotak Mahindra Capital Company Ltd are the Book Running Lead Managers for the issue. Bids submitted by the bidders at any price in the original band of Rs 500-525 would be treated as bids at the higher end of the revised price band of Rs 450. The bids submitted by bidders at the cut-off price in the earlier price band would be treated as bids at the cut-off price in the revised price band.
The Bangalore-based firm is set to foray into the international market with its first overseas project to be launched in the next 2-3 months in Sri Lanka.
Monday, August 06, 2007
Bharti, Wal-Mart sign jt venture pact for wholesale biz
Telecom major Bharti and world's biggest retailer Wal-Mart Stores Inc on Monday signed an agreement to form a joint venture for their wholesale cash and carry business. The 50:50 joint venture would be called Bharti Wal-Mart Pvt Ltd.
The first wholesale facility is likely to be opened by the end of 2008. In the next seven years, 10-15 wholesale facilities are likely to be opened. Each such facility would be spread over an area of 50,000-100,000 square feet. These would sell vegetable s, groceries, fruits, staples, footwear, stationary, clothing, consumer durables and other products, Mr Rajan Mittal, Managing Director of Bharti Enterprises told reporters here.
The companies, however, did not disclose the amount of investment in the business. Mr Raj Jain, country president Wal-Mart India said the wholesale venture would cater to all the retailers and not just Bharti Enterprises' upcoming retail stores.
Telecom major Bharti and world's biggest retailer Wal-Mart Stores Inc on Monday signed an agreement to form a joint venture for their wholesale cash and carry business. The 50:50 joint venture would be called Bharti Wal-Mart Pvt Ltd.
The first wholesale facility is likely to be opened by the end of 2008. In the next seven years, 10-15 wholesale facilities are likely to be opened. Each such facility would be spread over an area of 50,000-100,000 square feet. These would sell vegetable s, groceries, fruits, staples, footwear, stationary, clothing, consumer durables and other products, Mr Rajan Mittal, Managing Director of Bharti Enterprises told reporters here.
The companies, however, did not disclose the amount of investment in the business. Mr Raj Jain, country president Wal-Mart India said the wholesale venture would cater to all the retailers and not just Bharti Enterprises' upcoming retail stores.
Thursday, August 02, 2007
Good Stocks available at Low Prices
With market at very high level and with a 7% fall in the market its the time to find out stocks which will give the sure shot return from these levels and the downside in these stocks remains very slim unless a heavy selloff comes in the market of around 10%.
Return in these stocks looks very good of 10-15% in very short time as from a week to ten days.
With market at very high level and with a 7% fall in the market its the time to find out stocks which will give the sure shot return from these levels and the downside in these stocks remains very slim unless a heavy selloff comes in the market of around 10%.
Return in these stocks looks very good of 10-15% in very short time as from a week to ten days.
- Escorts [ cmp- 92.85 first target 103 second 112
- Ansal Properties [ cmp- 251.75 first target 277 second 294 ]
- WWIL [ cmp- 55.10 first target 65 second 76 ]
- Easun Reyrolle [ cmp- 233.55 first target 260 second 300 ]
- Ansal Buildwell [ cmp- 79.25 first target 87 second 96 ]
The cmp is on todays closing at BSE.
Buy these stocks and wait for the gain of 7-12% if it comes in a day or a week then book your profits and enter again at lower levels.
Oil prices retreat from record New York high
World oil prices fell on Thursday, 2 August, a day after New York hit a record high $78.77 a barrel on news of sliding American crude reserves and as traders looked to recovering US refinery output.
New York’s main futures contract, light sweet crude for delivery in September, fell 68 cents to $75.85 a barrel in electronic deals before the start of US floor trading.
The contract had surged to $78.77 on Wednesday after the US Department of Energy (DoE) said crude stockpiles sank 6.5 million barrels in the week ended 27 July.
That was almost six times more than market expectations for a fall of 1.13 million barrels, and sparked concern over tight global energy supplies, traders said.
In London on Thursday, the price of Brent North Sea crude for September delivery slid 65 cents to $74.70 a barrel in electronic trade.
“The overall decline can be mainly explained by the latest data showing an increase in refinery throughput levels in the US, which eased fears of insufficient product supplies,” said analysts at Vienna’s PVM Oil Associates.
The DoE had also revealed Wednesday that US refinery utilisation rates rose to 93.6 percent in the week to 27 July — their highest level in 11 months.
The increase in refinery rates was initially overlooked by investors, who saw the much larger than expected drop in crude reserves as heralding a new record in New York.
However, they soon switched focus to the rise in refining rates that resulted in an increase in both US gasoline (petrol) and distillates stockpiles.
Despite Thursday’s losses, prices remain underpinned by low US crude stocks, geopolitical tensions, risks to supply from the North Atlantic hurricane season and OPEC’s seeming reluctance to increase output, analysts said.
“Increasing (US) crude oil demand and decreasing imports outstripped the market consensus,” added Societe Generale analysts of the US stocks report.
The New York record also sparked another call from the International Energy Agency for oil producers’ grouping OPEC to increase its production.
OPEC members, who supply about 40 percent of the world’s crude, insist that recent gains in prices are not due to tight supply.
The Organisation of the Petroleum Exporting Countries has resisted previous IEA calls to pump more crude to keep oil prices down. The next OPEC meeting is scheduled for September 11 in Vienna.
This week’s all-time high in New York topped the previous record of $78.40 set on 13 July, 2006 amid violence between Israel and Lebanon.
World oil prices fell on Thursday, 2 August, a day after New York hit a record high $78.77 a barrel on news of sliding American crude reserves and as traders looked to recovering US refinery output.
New York’s main futures contract, light sweet crude for delivery in September, fell 68 cents to $75.85 a barrel in electronic deals before the start of US floor trading.
The contract had surged to $78.77 on Wednesday after the US Department of Energy (DoE) said crude stockpiles sank 6.5 million barrels in the week ended 27 July.
That was almost six times more than market expectations for a fall of 1.13 million barrels, and sparked concern over tight global energy supplies, traders said.
In London on Thursday, the price of Brent North Sea crude for September delivery slid 65 cents to $74.70 a barrel in electronic trade.
“The overall decline can be mainly explained by the latest data showing an increase in refinery throughput levels in the US, which eased fears of insufficient product supplies,” said analysts at Vienna’s PVM Oil Associates.
The DoE had also revealed Wednesday that US refinery utilisation rates rose to 93.6 percent in the week to 27 July — their highest level in 11 months.
The increase in refinery rates was initially overlooked by investors, who saw the much larger than expected drop in crude reserves as heralding a new record in New York.
However, they soon switched focus to the rise in refining rates that resulted in an increase in both US gasoline (petrol) and distillates stockpiles.
Despite Thursday’s losses, prices remain underpinned by low US crude stocks, geopolitical tensions, risks to supply from the North Atlantic hurricane season and OPEC’s seeming reluctance to increase output, analysts said.
“Increasing (US) crude oil demand and decreasing imports outstripped the market consensus,” added Societe Generale analysts of the US stocks report.
The New York record also sparked another call from the International Energy Agency for oil producers’ grouping OPEC to increase its production.
OPEC members, who supply about 40 percent of the world’s crude, insist that recent gains in prices are not due to tight supply.
The Organisation of the Petroleum Exporting Countries has resisted previous IEA calls to pump more crude to keep oil prices down. The next OPEC meeting is scheduled for September 11 in Vienna.
This week’s all-time high in New York topped the previous record of $78.40 set on 13 July, 2006 amid violence between Israel and Lebanon.
Barclays, Citi, Lehman eye IFCI stake
Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays are interested in buying a 26% stake in India’s IFCI Ltd.
The board of the Indian state-run financial institution will meet on 4August to start the process of inviting bids which is expected to be completed in six months.
The company has valued itself at Rs70 per share, citing industry sources. That would value the company at almost Rs45 billion.
“We will go by the process and select competitively priced bids, even though there is tremendous interest from domestic and foreign parties,” an IFCI official told the media on 1August.
Sources told Reuters in April that IFCI was seeking to raise as much as $250 million by seling up to 26% to a foreign investor.
IFCI said in July its board had approved a proposal to invite bids from strategic investors. It had appointed Ernst & Young as adviser earlier this year.
There were reports that mentioned that IFCI had delayed the sale process because it wanted to first build a robust business model.
The interest from foreign investors comes after IFCI improved its financial position and the federal government said it would inject Rs13 billion into the firm in 2007/08. ( source- HT Mint )
Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays are interested in buying a 26% stake in India’s IFCI Ltd.
The board of the Indian state-run financial institution will meet on 4August to start the process of inviting bids which is expected to be completed in six months.
The company has valued itself at Rs70 per share, citing industry sources. That would value the company at almost Rs45 billion.
“We will go by the process and select competitively priced bids, even though there is tremendous interest from domestic and foreign parties,” an IFCI official told the media on 1August.
Sources told Reuters in April that IFCI was seeking to raise as much as $250 million by seling up to 26% to a foreign investor.
IFCI said in July its board had approved a proposal to invite bids from strategic investors. It had appointed Ernst & Young as adviser earlier this year.
There were reports that mentioned that IFCI had delayed the sale process because it wanted to first build a robust business model.
The interest from foreign investors comes after IFCI improved its financial position and the federal government said it would inject Rs13 billion into the firm in 2007/08. ( source- HT Mint )
1 हैंडसेट और 2 मोबाइल नंबर
मोबाइल फोन की दुनिया में जबर्दस्त धमाका हुआ है। वैल्यू ऐडेड सर्विस से संबंधित इस धमाके ने ड्यूअल मोड फोन के जरिये दस्तक दी है। ड्यूअल मोड फोन बोले तो एक मोबाइल फोन में एक साथ 2 कनेक्शन। यूं कहें कि एक हैंडसेट में एक साथ 2 सिम कार्ड का इस्तेमाल करना अब मुमकिन हो गया है। मोबाइल फोन बनाने वाली कंपनी स्पाइस ने बुधवार को ऐसे 2 हैंडसेट मार्केट में पेश कर दिए। सूत्रों का कहना है कि टाटा टेलिसर्विसेज ने भी ऐसे हैंडसेट मुहैया कराने की तैयारी कर ली है। टाटा
काफी जल्द इसका औपचारिक ऐलान करेगी। टाटा के ड्यूअल मोड हैंडसेट को सैमसंग ने तैयार किया है।
ड्यूअल मोड मोबाइल फोन
इसकी खासियत यह है कि इसमें 2 तरह के सिम कार्ड का इस्तेमाल किया जा सकता है। दोनों सिम कार्ड जीएसएम के हो सकते हैं या फिर एक सिम जीएसएम और दूसरा सीडीएमए का हो सकता है। स्पाइस ने डी 88 और डी 80 नाम के 2 हैंडसेट लॉन्च किए हैं। डी 88 में एक सिम कार्ड सीडीएमए का लगेगा और दूसरा जीएसएम का। डी 80 में दोनों सिम जीएसएम के लगेंगे। इस तरह एक ही फोन में दो मोबाइल नंबरों का इस्तेमाल किया जा सकता है।
सूत्रों के मुताबिक टाटा टेलिसर्विसेज के ड्यूअल मोड मोबाइल फोन में भी 2 सिम कार्ड का इस्तेमाल किया जा सकेगा। इनमें एक तो टाटा का सीडीएमए सिम कार्ड होगा और दूसरा जीएसएम कार्ड। पर इस हैंडसेट में एक साथ दोनों नंबर काम नहीं कर पाएंगे। इसमें एक सिम को निकालकर दूसरा सिम डालने पर ही दूसरा नंबर काम करेगा।
दोहरा फायदा
एक अनुमान के मुताबिक देश के करीब 8 फीसदी टेलिकॉम सब्सक्राइबर्स 2 मोबाइल नंबरों का इस्तेमाल करते हैं। जाहिर तौर पर इसके लिए उन्हें 2 हैंडसेट रखने पड़ते हैं। आमदनी और लोगों की जरूरतें बढ़ने की वजह से आने वाले दिनों में ऐसे सब्सक्राइबर्स की संख्या तेजी से बढ़ने वाली है। मोबाइल हैंडसेट बनाने वाली कंपनियों की नजर इसी बाजार पर है। ड्यूअल मोड फोन का सबसे बड़ा फायदा यह है कि यह कंस्यूमर के दूसरे हैंडसेट रखने या खरीदने की मजबूरी को पूरी तरह खत्म कर देता है।
मोबाइल फोन की दुनिया में जबर्दस्त धमाका हुआ है। वैल्यू ऐडेड सर्विस से संबंधित इस धमाके ने ड्यूअल मोड फोन के जरिये दस्तक दी है। ड्यूअल मोड फोन बोले तो एक मोबाइल फोन में एक साथ 2 कनेक्शन। यूं कहें कि एक हैंडसेट में एक साथ 2 सिम कार्ड का इस्तेमाल करना अब मुमकिन हो गया है। मोबाइल फोन बनाने वाली कंपनी स्पाइस ने बुधवार को ऐसे 2 हैंडसेट मार्केट में पेश कर दिए। सूत्रों का कहना है कि टाटा टेलिसर्विसेज ने भी ऐसे हैंडसेट मुहैया कराने की तैयारी कर ली है। टाटा
काफी जल्द इसका औपचारिक ऐलान करेगी। टाटा के ड्यूअल मोड हैंडसेट को सैमसंग ने तैयार किया है।
ड्यूअल मोड मोबाइल फोन
इसकी खासियत यह है कि इसमें 2 तरह के सिम कार्ड का इस्तेमाल किया जा सकता है। दोनों सिम कार्ड जीएसएम के हो सकते हैं या फिर एक सिम जीएसएम और दूसरा सीडीएमए का हो सकता है। स्पाइस ने डी 88 और डी 80 नाम के 2 हैंडसेट लॉन्च किए हैं। डी 88 में एक सिम कार्ड सीडीएमए का लगेगा और दूसरा जीएसएम का। डी 80 में दोनों सिम जीएसएम के लगेंगे। इस तरह एक ही फोन में दो मोबाइल नंबरों का इस्तेमाल किया जा सकता है।
सूत्रों के मुताबिक टाटा टेलिसर्विसेज के ड्यूअल मोड मोबाइल फोन में भी 2 सिम कार्ड का इस्तेमाल किया जा सकेगा। इनमें एक तो टाटा का सीडीएमए सिम कार्ड होगा और दूसरा जीएसएम कार्ड। पर इस हैंडसेट में एक साथ दोनों नंबर काम नहीं कर पाएंगे। इसमें एक सिम को निकालकर दूसरा सिम डालने पर ही दूसरा नंबर काम करेगा।
दोहरा फायदा
एक अनुमान के मुताबिक देश के करीब 8 फीसदी टेलिकॉम सब्सक्राइबर्स 2 मोबाइल नंबरों का इस्तेमाल करते हैं। जाहिर तौर पर इसके लिए उन्हें 2 हैंडसेट रखने पड़ते हैं। आमदनी और लोगों की जरूरतें बढ़ने की वजह से आने वाले दिनों में ऐसे सब्सक्राइबर्स की संख्या तेजी से बढ़ने वाली है। मोबाइल हैंडसेट बनाने वाली कंपनियों की नजर इसी बाजार पर है। ड्यूअल मोड फोन का सबसे बड़ा फायदा यह है कि यह कंस्यूमर के दूसरे हैंडसेट रखने या खरीदने की मजबूरी को पूरी तरह खत्म कर देता है।
Govt mulls raising FDI cap in PSU refineries
The Government is examining the option of raising the foreign direct investment (FDI) cap in public sector refineries from the existing 26 per cent. Sources said this may come as part of the FDI review process currently being undertaken, which is likely to be finalised around September.
The move to take a policy view on easing the FDI limit for PSU refineries comes in the wake of the recent Government decision to allow steel baron Mr L.N. Mittal’s group to pick up 49 per cent stake in Hindustan Petroleum Corporation Ltd’s Bhatinda refinery. Under the current norms, 100 per FDI is permitted through automatic route for private refining companies, but for the public sector companies only up to 26 per cent is allowed. Thus, Mittal’s proposal had required a Foreign Investment Promotion Board’s (FIPB) approval.
The Petroleum Ministry had favoured a relaxation in the FDI cap for all PSUs. However, in the absence of any policy, the Government had cleared the Mittal proposal as a standalone case. Sources said 49 per cent is the highest slab beyond which the private partner anyway would have a majority stake.
The Government is examining the option of raising the foreign direct investment (FDI) cap in public sector refineries from the existing 26 per cent. Sources said this may come as part of the FDI review process currently being undertaken, which is likely to be finalised around September.
The move to take a policy view on easing the FDI limit for PSU refineries comes in the wake of the recent Government decision to allow steel baron Mr L.N. Mittal’s group to pick up 49 per cent stake in Hindustan Petroleum Corporation Ltd’s Bhatinda refinery. Under the current norms, 100 per FDI is permitted through automatic route for private refining companies, but for the public sector companies only up to 26 per cent is allowed. Thus, Mittal’s proposal had required a Foreign Investment Promotion Board’s (FIPB) approval.
The Petroleum Ministry had favoured a relaxation in the FDI cap for all PSUs. However, in the absence of any policy, the Government had cleared the Mittal proposal as a standalone case. Sources said 49 per cent is the highest slab beyond which the private partner anyway would have a majority stake.
Sunday, July 29, 2007
SBI may cut rates on deposits
State Bank of India may soon be cutting interest rates on its deposits. An official said the bank had discontinued its Platinum Scheme, which was offering 9.25 per cent on deposits of one to three years. Another scheme offering 9.5 per cent interest for four to five year deposits will be discontinued in August.
The SBI official said the cut in deposit rates could in due course be extended across deposits of all maturities.
Cost of deposits in the first quarter of 2006-07 increased to 5.35 per cent in (4.63 per cent), while the yield on advances rose to 9.80 per cent (8.48 per cent).
The Current Account Savings Account ratio to total deposits has fallen to 41.06 per cent (42.67 per cent) due to higher mobilisation of term deposits, said a statement.
Net Non-Performing Assets (NPA) ratio declined to 1.84 per cent (1.62 per cent). The bank has, however, made higher provisioning of Rs 506.32 crore against Rs 173.82 crore in the previous year. “NPAs are going up in absolute terms and while we required to provide Rs 306 crore for provisioning, the additional Rs 200 crore was just a prudent measure,” said the SBI official The capital adequacy ratio stands at 13.13 per cent (11.97 per cent).
State Bank of India may soon be cutting interest rates on its deposits. An official said the bank had discontinued its Platinum Scheme, which was offering 9.25 per cent on deposits of one to three years. Another scheme offering 9.5 per cent interest for four to five year deposits will be discontinued in August.
The SBI official said the cut in deposit rates could in due course be extended across deposits of all maturities.
Cost of deposits in the first quarter of 2006-07 increased to 5.35 per cent in (4.63 per cent), while the yield on advances rose to 9.80 per cent (8.48 per cent).
The Current Account Savings Account ratio to total deposits has fallen to 41.06 per cent (42.67 per cent) due to higher mobilisation of term deposits, said a statement.
Net Non-Performing Assets (NPA) ratio declined to 1.84 per cent (1.62 per cent). The bank has, however, made higher provisioning of Rs 506.32 crore against Rs 173.82 crore in the previous year. “NPAs are going up in absolute terms and while we required to provide Rs 306 crore for provisioning, the additional Rs 200 crore was just a prudent measure,” said the SBI official The capital adequacy ratio stands at 13.13 per cent (11.97 per cent).
SBI net jumps 78.5% in Q1
Spurred by higher interest income, the State Bank of India has reported a 78.55 per cent growth in net profit at Rs 1,425.81 crore in the first quarter of 2006-07, against Rs 798.57 crore in the year-ago period.
“Higher interest income on advances as well as other income has contributed to the robust growth in net profit. The gain has been from the growth of the loan book and the reduction of overheads,” said a senior SBI official.
Total income increased 27.8 per cent to Rs 12,229 crore, from Rs 9,566 crore.
Interest income on advances was 46.25 per cent higher at Rs 7,988 crore, against Rs 5,462.35 crore.
Gross advances grew 29 per cent to Rs 3,44,087 crore (Rs 2,66,963 crore).
Deposits jumped 19 per cent to Rs 4,49,660 crore (Rs 3,77,742 crore).
The official said that the strong growth in advances was driven by a 30 per cent jump in loans to mid-sized corporates, 25 per cent increase in international loans and 29 per cent growth in loans to agriculture.
The net interest margin fell slightly to 3.31 per cent (3.37) due to the mark-up in the cash reserve ratio.
Spurred by higher interest income, the State Bank of India has reported a 78.55 per cent growth in net profit at Rs 1,425.81 crore in the first quarter of 2006-07, against Rs 798.57 crore in the year-ago period.
“Higher interest income on advances as well as other income has contributed to the robust growth in net profit. The gain has been from the growth of the loan book and the reduction of overheads,” said a senior SBI official.
Total income increased 27.8 per cent to Rs 12,229 crore, from Rs 9,566 crore.
Interest income on advances was 46.25 per cent higher at Rs 7,988 crore, against Rs 5,462.35 crore.
Gross advances grew 29 per cent to Rs 3,44,087 crore (Rs 2,66,963 crore).
Deposits jumped 19 per cent to Rs 4,49,660 crore (Rs 3,77,742 crore).
The official said that the strong growth in advances was driven by a 30 per cent jump in loans to mid-sized corporates, 25 per cent increase in international loans and 29 per cent growth in loans to agriculture.
The net interest margin fell slightly to 3.31 per cent (3.37) due to the mark-up in the cash reserve ratio.
Thursday, July 26, 2007
Ranbaxy settles Glaxo patent row, shares jump
Drug maker Ranbaxy Laboratories Ltd said on Thursday that it has reached an agreement with GlaxoSmithKline to settle U.S. litigation on Valtrex, sending its shares up 10 per cent on the day.
The lawsuit was related to Glaxo's patent on the drug, which covered the generic valacyclovir hydrochloride tablets, used to treat herpes infections, Ranbaxy said in a statement.
Under the agreement, Ranbaxy will enter the U.S. market in late 2009 and have 180 days of exclusivity to sell its generic version of the drug.
The market for the drug is estimated at $1.3 billion, said Ranbaxy, which had received approval from the U.S. Food and Drug Administration in February 2007 for valacyclovir hydrochloride.
Market exclusivity, given to the drug maker that is the first to file (FTF) a challenge to a patent, gives lucrative margins to the generics firm.
"Ranbaxy will continue to pursue a strategy to effectively leverage and monetise its pipeline of FTF opportunities," it said. Ranbaxy's shares were up 8.8 per cent at Rs 371.2 on the BSE in the afternoon trades. They rose as high as Rs 374.60, a gain of 10.1 per cent.
Drug maker Ranbaxy Laboratories Ltd said on Thursday that it has reached an agreement with GlaxoSmithKline to settle U.S. litigation on Valtrex, sending its shares up 10 per cent on the day.
The lawsuit was related to Glaxo's patent on the drug, which covered the generic valacyclovir hydrochloride tablets, used to treat herpes infections, Ranbaxy said in a statement.
Under the agreement, Ranbaxy will enter the U.S. market in late 2009 and have 180 days of exclusivity to sell its generic version of the drug.
The market for the drug is estimated at $1.3 billion, said Ranbaxy, which had received approval from the U.S. Food and Drug Administration in February 2007 for valacyclovir hydrochloride.
Market exclusivity, given to the drug maker that is the first to file (FTF) a challenge to a patent, gives lucrative margins to the generics firm.
"Ranbaxy will continue to pursue a strategy to effectively leverage and monetise its pipeline of FTF opportunities," it said. Ranbaxy's shares were up 8.8 per cent at Rs 371.2 on the BSE in the afternoon trades. They rose as high as Rs 374.60, a gain of 10.1 per cent.
Suzlon Energy announces Q1 results
Suzlon Energy Ltd has announced the following Unaudited Results for the quarter ended June 30, 2007
The Company has posted a net profit of Rs 894.00 million for the quarter ended June 30, 2007 where as the same was at Rs 1936.00 million for the quarter ended June 30, 2006. Total Income is Rs 8629.00 million for the quarter ended June 30, 2007 where as the same was at Rs 9467.00 million for the quarter ended June 30, 2006.Effective April 01, 2007.
The Company has commenced commissioning and installation of WTGs through a subsidiary Company, which earlier was done in an associate Company. Certain related assets of the promoter Company pertaining to this business have been transferred to the subsidiary. To that extent, the figures for the quarter ended June 30, 2007 are not comparable with prior periods presented.
The Consolidated Results are as follows:
The Group has posted a net profit after minority interest of Rs 188.90 million for the quarter ended June 30, 2007 where as the same was at Rs 952.70 million for the quarter ended June 30, 2006. Total Income is Rs 19872.70 million for the quarter ended June 30, 2007 where as the same was at Rs 10850.40 million for the quarter ended June 30, 2006.
Suzlon Energy Ltd has announced the following Unaudited Results for the quarter ended June 30, 2007
The Company has posted a net profit of Rs 894.00 million for the quarter ended June 30, 2007 where as the same was at Rs 1936.00 million for the quarter ended June 30, 2006. Total Income is Rs 8629.00 million for the quarter ended June 30, 2007 where as the same was at Rs 9467.00 million for the quarter ended June 30, 2006.Effective April 01, 2007.
The Company has commenced commissioning and installation of WTGs through a subsidiary Company, which earlier was done in an associate Company. Certain related assets of the promoter Company pertaining to this business have been transferred to the subsidiary. To that extent, the figures for the quarter ended June 30, 2007 are not comparable with prior periods presented.
The Consolidated Results are as follows:
The Group has posted a net profit after minority interest of Rs 188.90 million for the quarter ended June 30, 2007 where as the same was at Rs 952.70 million for the quarter ended June 30, 2006. Total Income is Rs 19872.70 million for the quarter ended June 30, 2007 where as the same was at Rs 10850.40 million for the quarter ended June 30, 2006.
Wednesday, July 25, 2007
Sterlite Industries announces Q1 results
Sterlite Industries India Ltd has announced the following Un-Audited results for the quarter ended June 30, 2007:
The Company has posted a net profit after tax & exceptional items of Rs 2014.60 million for the quarter ended June 30, 2007 where as the same was at Rs 2234.90 million for the quarter ended June 30, 2006. Total Income (net of excise) is Rs 31658.50 million for the quarter ended June 30, 2007 where as the same was at Rs 24037.40 million for the quarter ended June 30, 2006.
The Consolidated results are as follows:
The Group has posted a net profit after tax attributable to consolidated Group of Rs 11429.10 million for the quarter ended June 30, 2007 where as the same was at Rs 8790.00 million for the quarter ended June 30, 2006. Total Income (Net of Excise) is Rs 64892.30 million for the quarter ended June 30, 2007 where as the same was at Rs 47384.60 million for the quarter ended June 30, 2006.Previous Period / Year figures have been regrouped / recasted wherever necessary.
On account of sale of Power Transmission Line Division with effect from July 01, 2006, figures for current period/s are not strictly comparable to figures for the previous period / year.
Sterlite Industries India Ltd has announced the following Un-Audited results for the quarter ended June 30, 2007:
The Company has posted a net profit after tax & exceptional items of Rs 2014.60 million for the quarter ended June 30, 2007 where as the same was at Rs 2234.90 million for the quarter ended June 30, 2006. Total Income (net of excise) is Rs 31658.50 million for the quarter ended June 30, 2007 where as the same was at Rs 24037.40 million for the quarter ended June 30, 2006.
The Consolidated results are as follows:
The Group has posted a net profit after tax attributable to consolidated Group of Rs 11429.10 million for the quarter ended June 30, 2007 where as the same was at Rs 8790.00 million for the quarter ended June 30, 2006. Total Income (Net of Excise) is Rs 64892.30 million for the quarter ended June 30, 2007 where as the same was at Rs 47384.60 million for the quarter ended June 30, 2006.Previous Period / Year figures have been regrouped / recasted wherever necessary.
On account of sale of Power Transmission Line Division with effect from July 01, 2006, figures for current period/s are not strictly comparable to figures for the previous period / year.
Monday, July 23, 2007
Sensex ends at record high of 15,732 points
The benchmark Sensex ended at a new peak of over 15,732 points on Monday on aggressive buying by funds in bluechip stocks in capital goods and realty sectors. Buying activity gathered momentum in last half-an-hour of trading and shot up by 166.6 5 points to close at 15,732.20 after the finance minister said enough funds are available for infrastructure sector, road construction, power projects and ports.
The Sensex touched an intra-session peak of 15,773.37 points and a low of 15,477.91. Similarly, the wide-based National Stock Exchange's index Nifty settled at 4619.35, a gain of 53.40 points, after touching an intra-session high of 4,628.45 and a low o f 4547.20.
The bourses, which had commenced the day a little, lower in line with weakening global stock markets, picked up in the last 30 minutes of trading, brokers said. They said the market could reach the milestone of 16,000 points in a shortest thousand point s journey. The shortest 1,000-point leap as of now is of just 19 trading sessions that the Sensex took to scale 12,000 level in April last year.
Capital goods index gained the most by rising 526.12 points at 13,596.20, followed by realty index by 196.2 6 points at 8,379.28. PSU index rose by 113.01 points at 7,217.80, oil and gas index by 99.09 points at 8,210.63 and metal index by 93.90 points at 12,305.
The benchmark Sensex ended at a new peak of over 15,732 points on Monday on aggressive buying by funds in bluechip stocks in capital goods and realty sectors. Buying activity gathered momentum in last half-an-hour of trading and shot up by 166.6 5 points to close at 15,732.20 after the finance minister said enough funds are available for infrastructure sector, road construction, power projects and ports.
The Sensex touched an intra-session peak of 15,773.37 points and a low of 15,477.91. Similarly, the wide-based National Stock Exchange's index Nifty settled at 4619.35, a gain of 53.40 points, after touching an intra-session high of 4,628.45 and a low o f 4547.20.
The bourses, which had commenced the day a little, lower in line with weakening global stock markets, picked up in the last 30 minutes of trading, brokers said. They said the market could reach the milestone of 16,000 points in a shortest thousand point s journey. The shortest 1,000-point leap as of now is of just 19 trading sessions that the Sensex took to scale 12,000 level in April last year.
Capital goods index gained the most by rising 526.12 points at 13,596.20, followed by realty index by 196.2 6 points at 8,379.28. PSU index rose by 113.01 points at 7,217.80, oil and gas index by 99.09 points at 8,210.63 and metal index by 93.90 points at 12,305.
Rupee rallies to 9-year high
The rupee rallied to a nine-year high on Monday, boosted by capital inflows into the stock market and on the back of the dollar's weakness against some currencies. At 1:07 p.m., the partially convertible rupee was at 40.25/26 per dollar - a level it last tested in May 1998 and up from its previous close of 40.32/32.
The rupee rallied to a nine-year high on Monday, boosted by capital inflows into the stock market and on the back of the dollar's weakness against some currencies. At 1:07 p.m., the partially convertible rupee was at 40.25/26 per dollar - a level it last tested in May 1998 and up from its previous close of 40.32/32.
Dabur India announces Q1 results
Dabur India Ltd has announced the following Un-Audited results for the quarter ended June 30, 2007:
The Company has posted a net profit of Rs 540.60 million for the quarter ended June 30, 2007 as compared to Rs 458.40 million for the quarter ended June 30, 2006.
Total Income has increased from Rs 3930.50 million for the quarter ended June 30, 2006 to Rs 4510.40 million for the quarter ended June 30, 2007.
The Consolidated results are as follows:
The Group has posted a net profit after minority interest of Rs 622.20 million for the quarter ended June 30, 2007 as compared to Rs 482.20 million for the quarter ended June 30, 2006. Total Income has increased from Rs 4807.90 million for the quarter ended June 30, 2006 to Rs 5785.90 million for the quarter ended June 30, 2007.
Dabur India Ltd has announced the following Un-Audited results for the quarter ended June 30, 2007:
The Company has posted a net profit of Rs 540.60 million for the quarter ended June 30, 2007 as compared to Rs 458.40 million for the quarter ended June 30, 2006.
Total Income has increased from Rs 3930.50 million for the quarter ended June 30, 2006 to Rs 4510.40 million for the quarter ended June 30, 2007.
The Consolidated results are as follows:
The Group has posted a net profit after minority interest of Rs 622.20 million for the quarter ended June 30, 2007 as compared to Rs 482.20 million for the quarter ended June 30, 2006. Total Income has increased from Rs 4807.90 million for the quarter ended June 30, 2006 to Rs 5785.90 million for the quarter ended June 30, 2007.
Siemens announces Q3 results
Siemens Ltd has announced the following unaudited results for the quarter ended June 30, 2007:
The Company has posted a net profit after tax of Rs 817.88 million for the quarter ended June 30, 2007 as compared to Rs 565.17 million for the quarter ended June 30, 2006.
Total Income (net of excise) has increased from Rs 10489.62 million for the quarter ended June 30, 2006 to Rs 18196.65 million for the quarter ended June 30, 2007.
Siemens Ltd has announced the following unaudited results for the quarter ended June 30, 2007:
The Company has posted a net profit after tax of Rs 817.88 million for the quarter ended June 30, 2007 as compared to Rs 565.17 million for the quarter ended June 30, 2006.
Total Income (net of excise) has increased from Rs 10489.62 million for the quarter ended June 30, 2006 to Rs 18196.65 million for the quarter ended June 30, 2007.
Dr Reddys announces Q1 results
Dr Reddys Laboratories Ltd has announced the following unaudited results for the quarter ended June 30, 2007:
The Company has posted a net profit of Rs 1456.90 million for the quarter ended June 30, 2007 as compared to Rs 1318.10 million for the quarter ended June 30, 2006. Total Income (net of excise) has increased from Rs 7721.80 million for the quarter ended June 30, 2006 to Rs 8018.40 million for the quarter ended June 30, 2007.
The Consolidated results are as follows:The Group has posted a net profit attributable to the shareholders of the Parent of Rs 1872.30 million for the quarter ended June 30, 2007 as compared to Rs 1289.20 million for the quarter ended June 30, 2006. Total Income (net of excise) has decreased from Rs 13736.70 million for the quarter ended June 30, 2006 to Rs 12524.90 million for the quarter ended June 30, 2007.The Consolidated results as per US GAAP are as follows:
The Group has posted a net income of Rs 1825.068 million (USD 44.975 million) for the quarter ended June 30, 2007 as compared to Rs 1397.612 million for the quarter ended June 30, 2006. Revenues has decreased from Rs 14049.406 million for the quarter ended June 30, 2006 to Rs 12018.223 million (USD 296.161 million) for the quarter ended June 30, 2007.
Dr Reddys Laboratories Ltd has announced the following unaudited results for the quarter ended June 30, 2007:
The Company has posted a net profit of Rs 1456.90 million for the quarter ended June 30, 2007 as compared to Rs 1318.10 million for the quarter ended June 30, 2006. Total Income (net of excise) has increased from Rs 7721.80 million for the quarter ended June 30, 2006 to Rs 8018.40 million for the quarter ended June 30, 2007.
The Consolidated results are as follows:The Group has posted a net profit attributable to the shareholders of the Parent of Rs 1872.30 million for the quarter ended June 30, 2007 as compared to Rs 1289.20 million for the quarter ended June 30, 2006. Total Income (net of excise) has decreased from Rs 13736.70 million for the quarter ended June 30, 2006 to Rs 12524.90 million for the quarter ended June 30, 2007.The Consolidated results as per US GAAP are as follows:
The Group has posted a net income of Rs 1825.068 million (USD 44.975 million) for the quarter ended June 30, 2007 as compared to Rs 1397.612 million for the quarter ended June 30, 2006. Revenues has decreased from Rs 14049.406 million for the quarter ended June 30, 2006 to Rs 12018.223 million (USD 296.161 million) for the quarter ended June 30, 2007.
Sunday, July 22, 2007
Easun Reyrolle fixes Record Date for stock split
Easun Reyrolle Ltd has informed BSE that August 07, 2007 has been fixed as the Record Date for the purpose of sub-division of Shares, namely, determining the names of the Shareholders entitled for Shares with the face value of Rs 2 each.
The stock closed at 1125 on BSE on Friday [ 52 wk high - 1209 on 3 July 07 ; 52 wk low - 450 on 28 July 06 ]
Last 1 month return up 23%.
Easun Reyrolle Ltd has informed BSE that August 07, 2007 has been fixed as the Record Date for the purpose of sub-division of Shares, namely, determining the names of the Shareholders entitled for Shares with the face value of Rs 2 each.
The stock closed at 1125 on BSE on Friday [ 52 wk high - 1209 on 3 July 07 ; 52 wk low - 450 on 28 July 06 ]
Last 1 month return up 23%.
Buyback: A Lever to shore up valuation
BL Research Bureau Given their high operational cash flows and relatively limited scope for capital investments, large Indian FMCG companies have constantly explored new options to return cash surplus to shareholders over the past few years.
Hindustan Unilever’s (HUL) bonus debenture programme and Marico’s bonus preference share offer, Nestle India’s special dividend and Colgate Palmolive India’s proposal to reduce its share capital are attempts of large FMCG companies to reduce the surplus cash . FMCG companies often enjoy high return on equity ratios (many in excess of 100 per cent) and thus have substantial cash coffers, which are usually deployed in treasury operations.
Given the conservative investment policies followed by most of them, the treasury operations often generate returns that are much lower than core operations.
Buyback scheme is largely a strategy to improve the overall return parameters for investors . Hindustan Unilever’s proposal this week to consider share buyback should be seen in this light.
In HUL’s case, it is quite clear that the buyback is also being used as a tool by the company to signal that its stock, in its view, is under-valued.
Sluggish financial performance over the past two quarters has led to the stock trading below its all-time high, with valuations that hover below long-term averages.
How will the buyback impact investors in the HUL stock?
Well, if it is routed through open market purchases, it may provide support to the stock price against any further downside.
If it is the tender offer route, the pricing of the offer may determine the upside.
However, investors should note that only a certain proportion of the tendered shares may be accepted in that case.
But a successful buyback will reduce HUL’s equity base and thus improveits earnings per share.
It may also peg up the parent’s stake in the Indian company.
The stock closed at 194 at BSE on Friday.
BL Research Bureau Given their high operational cash flows and relatively limited scope for capital investments, large Indian FMCG companies have constantly explored new options to return cash surplus to shareholders over the past few years.
Hindustan Unilever’s (HUL) bonus debenture programme and Marico’s bonus preference share offer, Nestle India’s special dividend and Colgate Palmolive India’s proposal to reduce its share capital are attempts of large FMCG companies to reduce the surplus cash . FMCG companies often enjoy high return on equity ratios (many in excess of 100 per cent) and thus have substantial cash coffers, which are usually deployed in treasury operations.
Given the conservative investment policies followed by most of them, the treasury operations often generate returns that are much lower than core operations.
Buyback scheme is largely a strategy to improve the overall return parameters for investors . Hindustan Unilever’s proposal this week to consider share buyback should be seen in this light.
In HUL’s case, it is quite clear that the buyback is also being used as a tool by the company to signal that its stock, in its view, is under-valued.
Sluggish financial performance over the past two quarters has led to the stock trading below its all-time high, with valuations that hover below long-term averages.
How will the buyback impact investors in the HUL stock?
Well, if it is routed through open market purchases, it may provide support to the stock price against any further downside.
If it is the tender offer route, the pricing of the offer may determine the upside.
However, investors should note that only a certain proportion of the tendered shares may be accepted in that case.
But a successful buyback will reduce HUL’s equity base and thus improveits earnings per share.
It may also peg up the parent’s stake in the Indian company.
The stock closed at 194 at BSE on Friday.
Indian Bank announces Q1 results
Indian Bank has announced the following unaudited results for the quarter ended June 30, 2007
The Bank has posted a net profit of Rs 2120.30 million for the quarter ended June 30, 2007 as compared to Rs 1648.10 million for the quarter ended June 30, 2006.
Total Income has increased from Rs 10484.20 million for the quarter ended June 30, 2006 to Rs 13767.40 million for the quarter ended June 30, 2007.
Indian Bank has announced the following unaudited results for the quarter ended June 30, 2007
The Bank has posted a net profit of Rs 2120.30 million for the quarter ended June 30, 2007 as compared to Rs 1648.10 million for the quarter ended June 30, 2006.
Total Income has increased from Rs 10484.20 million for the quarter ended June 30, 2006 to Rs 13767.40 million for the quarter ended June 30, 2007.
Saturday, July 14, 2007
Corp Bank Q1 net up 23% at Rs 177 cr
Corporation Bank on Saturday posted 22.78 per cent increase in net profit at Rs 177.11 crore for the quarter ended June 2007, as compared to Rs 144.24 crore for the same quarter last year.
The total income increased 38.39 per cent to Rs 1,238.83 crore for the first quarter ended June 2007, from Rs 895.11 crore a year ago, Corporation Bank informed the BSE.
Shares of Corporation Bank closed at Rs 360.10, up 1.15 per cent on the BSE yesterdray.
Corporation Bank on Saturday posted 22.78 per cent increase in net profit at Rs 177.11 crore for the quarter ended June 2007, as compared to Rs 144.24 crore for the same quarter last year.
The total income increased 38.39 per cent to Rs 1,238.83 crore for the first quarter ended June 2007, from Rs 895.11 crore a year ago, Corporation Bank informed the BSE.
Shares of Corporation Bank closed at Rs 360.10, up 1.15 per cent on the BSE yesterdray.
Tuesday, July 10, 2007
Car sales up 16% in June
Domestic passenger car sales in June grew by 16.36 per cent at 94,002 units as against 80,784 units in the same month a year ago.
Domestic motorcycle sales during the month were at 4,37,776 units as against 5,28,499 units in June 2006, down by 17.17 per cent.
Total two-wheelers sold in the country during June stood at 5,64,971 units, registering a dip of 10.66 per cent as compared with 6,32,373 units sold in the year-ago period.
Domestic sales of commercial vehicles during the month were up by 4.15 per cent at 35,390 units as against 33,980 units in the corresponding month a year ago.
Domestic passenger car sales in June grew by 16.36 per cent at 94,002 units as against 80,784 units in the same month a year ago.
Domestic motorcycle sales during the month were at 4,37,776 units as against 5,28,499 units in June 2006, down by 17.17 per cent.
Total two-wheelers sold in the country during June stood at 5,64,971 units, registering a dip of 10.66 per cent as compared with 6,32,373 units sold in the year-ago period.
Domestic sales of commercial vehicles during the month were up by 4.15 per cent at 35,390 units as against 33,980 units in the corresponding month a year ago.
IDBI - Q1 results on Jul 18, 2007
Industrial Development Bank of India Ltd (IDBI) has informed BSE that a meeting of the Board of Directors of the Bank will be held on July 18, 2007, for considering the un-audited financial accounts of the Bank for the quarter ended June 30, 2007 (Q1), subject to a Limited Review by the auditors.
The stock closed at 117 down Rs. 2 today at stock market.
Industrial Development Bank of India Ltd (IDBI) has informed BSE that a meeting of the Board of Directors of the Bank will be held on July 18, 2007, for considering the un-audited financial accounts of the Bank for the quarter ended June 30, 2007 (Q1), subject to a Limited Review by the auditors.
The stock closed at 117 down Rs. 2 today at stock market.
HDFC Bank announces Q1 results
HDFC Bank Ltd has announced the following unaudited results for the quarter ended June 30, 2007:
The Bank has posted a net profit of Rs 3212.30 million for the quarter ended June 30, 2007 as compared to Rs 2393.00 million for the quarter ended June 30, 2006. Total Income has increased from Rs 17952.10 million for the quarter ended June 30, 2006 to Rs 26417.00 million for the quarter ended June 30, 2007.
The stock closed at 1151 down 16 ( 1.5% ) following its results.
HDFC Bank Ltd has announced the following unaudited results for the quarter ended June 30, 2007:
The Bank has posted a net profit of Rs 3212.30 million for the quarter ended June 30, 2007 as compared to Rs 2393.00 million for the quarter ended June 30, 2006. Total Income has increased from Rs 17952.10 million for the quarter ended June 30, 2006 to Rs 26417.00 million for the quarter ended June 30, 2007.
The stock closed at 1151 down 16 ( 1.5% ) following its results.
Tuesday, July 03, 2007
L&T Board declares special dividend
Larsen & Toubro Ltd (L&T) has informed BSE that the Board of Directors of the Company at its meeting held on July 03, 2007, inter alia, has decided to Pay Rs 2/- per share of Rs 2/- each as Special Dividend for the financial year 2007-08.
Further the Company has informed that, July 18, 2007 has been fixed as the Record Date to determine the members entitled to receive the aforesaid Special Dividend payable on July 24/25, 2007.
Larsen & Toubro Ltd (L&T) has informed BSE that the Board of Directors of the Company at its meeting held on July 03, 2007, inter alia, has decided to Pay Rs 2/- per share of Rs 2/- each as Special Dividend for the financial year 2007-08.
Further the Company has informed that, July 18, 2007 has been fixed as the Record Date to determine the members entitled to receive the aforesaid Special Dividend payable on July 24/25, 2007.
Friday, June 29, 2007
Suzlon extends deal with US firm PPM Energy
Suzlon Energy Ltd on Friday said that its U.S. - based unit has extended a contract with U.S.' PPM Energy to deliver an additional 300 megawatt of wind turbine capacity.
According to the existing pact, Suzlon Wind Energy Corporation was to deliver 400 MW of wind turbine capacity by 2009 to PPM Energy, but will now include the additional 300 MW capacity, Suzlon Energy said in a statement.
Suzlon Energy Ltd on Friday said that its U.S. - based unit has extended a contract with U.S.' PPM Energy to deliver an additional 300 megawatt of wind turbine capacity.
According to the existing pact, Suzlon Wind Energy Corporation was to deliver 400 MW of wind turbine capacity by 2009 to PPM Energy, but will now include the additional 300 MW capacity, Suzlon Energy said in a statement.
Sun TV Board recommends final dividend
Sun TV Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 28, 2007, inter alia, has recommended a Final Dividend at the rate of 20% of the face value of Rs 5/- each on the expanded capital after bonus issue for the financial year ended March 31, 2007.
Sun TV Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 28, 2007, inter alia, has recommended a Final Dividend at the rate of 20% of the face value of Rs 5/- each on the expanded capital after bonus issue for the financial year ended March 31, 2007.
Tuesday, June 12, 2007
DLF IPO fully subscribed
The mega initial public offer of realty giant DLF, through which the developer is expecting to garner Rs 9,625 crore, on Tuesday got fully subscribed.
The IPO got subscribed 1.04 times on its second day of offer, receiving 18.27 crore bids for 17.5 crore equity shares on offer, latest data available on the stock exchanges shows. Besides, 23,13,020 bids were received at cut-off price, the data shows.
The issue had received bids for 78 per cent shares on Monday, when the IPO opened for subscription.
The Qualified Institutional Buyers portion constituting of foreign institutional investors, domestic financial institutions and mutual funds was subscribed 1.28 times the shares reserved for them on the first day itself.
DLF, which is offering 17.5 crore equity shares through 100 per cent book-building process, has fixed the price band at Rs 500-550 per share. The mega issue would make it among the 10 largest firms on the bourses with a value of Rs 93,700 crore on the up per band.
The issue would close on June 14. It would constitute 10.27 per cent of the fully diluted post-issue capital of the company.
The mega initial public offer of realty giant DLF, through which the developer is expecting to garner Rs 9,625 crore, on Tuesday got fully subscribed.
The IPO got subscribed 1.04 times on its second day of offer, receiving 18.27 crore bids for 17.5 crore equity shares on offer, latest data available on the stock exchanges shows. Besides, 23,13,020 bids were received at cut-off price, the data shows.
The issue had received bids for 78 per cent shares on Monday, when the IPO opened for subscription.
The Qualified Institutional Buyers portion constituting of foreign institutional investors, domestic financial institutions and mutual funds was subscribed 1.28 times the shares reserved for them on the first day itself.
DLF, which is offering 17.5 crore equity shares through 100 per cent book-building process, has fixed the price band at Rs 500-550 per share. The mega issue would make it among the 10 largest firms on the bourses with a value of Rs 93,700 crore on the up per band.
The issue would close on June 14. It would constitute 10.27 per cent of the fully diluted post-issue capital of the company.
Industrial growth up 13.6 per cent in April
Buoyant manufacturing sector has pushed up industrial growth to 13.6 per cent in the first month of the current financial year against 9.9 per cent in April 2006.
The industrial growth, as measured by the Index of Industrial Production (IIP), showed good performance despite the core sector which contributes to 26 per cent of the index showing a low growth of 7.4 per cent in April.
While the manufacturing sector recorded a whopping 15.1 per cent growth in April as against 11 per cent in the same month last year, the electricity generation went up by 8.7 per cent against 5.9 per cent.
The mining sector, however, continued to perform poorly recording a low growth of 3.4 per cent, the same as in the corresponding period last year.
As per the use-based classification, consumer non-durables sector recorded very high growth rate of 21.9 per cent against 9.4 per cent in April 2006.
However, consumer durable sector witnessed a deceleration of growth which dipped to 5.3 per cent as against 7.4 per cent in the corresponding month last year. The other segments of the industry which include basic goods and capital goods also witnessed d eceleration in growth.
The IIP growth rate for the basic goods dipped to 8.9 per cent and for capital goods to 17.7 per cent from 9.3 per cent and 19.6 per cent respectively.
The intermediate goods showed a good performance with a growth rate moving up to 12.6 per cent from 8.5 per cent in April 2006.
Buoyant manufacturing sector has pushed up industrial growth to 13.6 per cent in the first month of the current financial year against 9.9 per cent in April 2006.
The industrial growth, as measured by the Index of Industrial Production (IIP), showed good performance despite the core sector which contributes to 26 per cent of the index showing a low growth of 7.4 per cent in April.
While the manufacturing sector recorded a whopping 15.1 per cent growth in April as against 11 per cent in the same month last year, the electricity generation went up by 8.7 per cent against 5.9 per cent.
The mining sector, however, continued to perform poorly recording a low growth of 3.4 per cent, the same as in the corresponding period last year.
As per the use-based classification, consumer non-durables sector recorded very high growth rate of 21.9 per cent against 9.4 per cent in April 2006.
However, consumer durable sector witnessed a deceleration of growth which dipped to 5.3 per cent as against 7.4 per cent in the corresponding month last year. The other segments of the industry which include basic goods and capital goods also witnessed d eceleration in growth.
The IIP growth rate for the basic goods dipped to 8.9 per cent and for capital goods to 17.7 per cent from 9.3 per cent and 19.6 per cent respectively.
The intermediate goods showed a good performance with a growth rate moving up to 12.6 per cent from 8.5 per cent in April 2006.
L&T bags Rs 877 crore ONGC order
Larsen & Toubro Ltd (L&T) has announced that the Oil & Natural Gas Corporation (ONGC) has awarded a Rs 877 Crore turnkey project order to the Company for the NQ Re-construction (NQRC) Project in Mumbai High North fields. This Projects is the largest Brownfield project of its kind awarded in the Offshore Oil & Gas Sector in India.
The NQ Complex, one of the oldest assets owned by ONGC is operational since 1985.The project comprises of re-construction of Offshore Facilities at the NQ Complex including the replacement of the existing Booster Compressor with a new Process Gas Compressor Module, revamp of Produced Water Conditioning System, Hot Oil System, Gas Dehydration Unit and other utilities.The turbo-machinery for the Process Gas Compressor Module will be supplied by Kawasaki Heavy Industries (KHI), Japan and the Module will be fabricated and delivered from the Company's Modular Fabrication Facility at Hazira.
The Project calls for substantial quantum of Offshore Works, with an "in-the-sea" campaign spanning over 300 days in Mumbai High.The Company bagged the prestigious order on the strength of its proven track record in meeting several stringent requirements, including a tight project schedule. The Project will be executed on a Lump Sum Turnkey basis with the completion scheduled by May 08, 2009.
The award of the NQRC Project has further strengthened the Company's position in the Indian Upstream Hydrocarbon Sector as a leader in providing total E&C solution to ONGC & to the Industry.
Larsen & Toubro Ltd (L&T) has announced that the Oil & Natural Gas Corporation (ONGC) has awarded a Rs 877 Crore turnkey project order to the Company for the NQ Re-construction (NQRC) Project in Mumbai High North fields. This Projects is the largest Brownfield project of its kind awarded in the Offshore Oil & Gas Sector in India.
The NQ Complex, one of the oldest assets owned by ONGC is operational since 1985.The project comprises of re-construction of Offshore Facilities at the NQ Complex including the replacement of the existing Booster Compressor with a new Process Gas Compressor Module, revamp of Produced Water Conditioning System, Hot Oil System, Gas Dehydration Unit and other utilities.The turbo-machinery for the Process Gas Compressor Module will be supplied by Kawasaki Heavy Industries (KHI), Japan and the Module will be fabricated and delivered from the Company's Modular Fabrication Facility at Hazira.
The Project calls for substantial quantum of Offshore Works, with an "in-the-sea" campaign spanning over 300 days in Mumbai High.The Company bagged the prestigious order on the strength of its proven track record in meeting several stringent requirements, including a tight project schedule. The Project will be executed on a Lump Sum Turnkey basis with the completion scheduled by May 08, 2009.
The award of the NQRC Project has further strengthened the Company's position in the Indian Upstream Hydrocarbon Sector as a leader in providing total E&C solution to ONGC & to the Industry.
Thursday, June 07, 2007
Airtel launches instant messaging service
In a bid to cash in on the popularity of online chatting, Bharti Airtel has launched an instant messaging service that will allow users to chat on their mobile handset.
Instant messaging is being seen as the next biggest killer application for mobile operators after SMS.
While Airtel is offering the service free of cost till August 31, the company is likely to offer a monthly or yearly package after the introductory period. Other operators are also expected to launch the service shortly.
This service will give all Airtel mobile customers the advantage of having the same experience as a desktop chat service.
Airtel Messenger users can send and receive messages in real-time via their mobile without the need to be attached to a computer.
The service also offers various personalised options of usage, including status tag options.
It also gives the users the advantage to convey multiple emoticons while in conversation.
The company is expecting significant revenues from the service starting next year.
Access to other messenger services such as Yahoo! and MSN will also be offered shortly.
The service is being targeted at youth and young professionals.
To download the Airtel Messenger service, all Airtel customers with GPRS-enabled handsets can register by sending `IM' SMS to 57070.
After registration, they can create their own messaging communities by adding friends from their phone book or manually adding new friends.
The Airtel move comes after the GSM Association announced an initiative to make instant messaging as popular and ubiquitous among mobile users as text messaging.
As part of this initiative, 15 of the world's leading mobile phone operators plan to roll out instant messaging services that will work across networks. (source - thehindubusinessline)
In a bid to cash in on the popularity of online chatting, Bharti Airtel has launched an instant messaging service that will allow users to chat on their mobile handset.
Instant messaging is being seen as the next biggest killer application for mobile operators after SMS.
While Airtel is offering the service free of cost till August 31, the company is likely to offer a monthly or yearly package after the introductory period. Other operators are also expected to launch the service shortly.
This service will give all Airtel mobile customers the advantage of having the same experience as a desktop chat service.
Airtel Messenger users can send and receive messages in real-time via their mobile without the need to be attached to a computer.
The service also offers various personalised options of usage, including status tag options.
It also gives the users the advantage to convey multiple emoticons while in conversation.
The company is expecting significant revenues from the service starting next year.
Access to other messenger services such as Yahoo! and MSN will also be offered shortly.
The service is being targeted at youth and young professionals.
To download the Airtel Messenger service, all Airtel customers with GPRS-enabled handsets can register by sending `IM' SMS to 57070.
After registration, they can create their own messaging communities by adding friends from their phone book or manually adding new friends.
The Airtel move comes after the GSM Association announced an initiative to make instant messaging as popular and ubiquitous among mobile users as text messaging.
As part of this initiative, 15 of the world's leading mobile phone operators plan to roll out instant messaging services that will work across networks. (source - thehindubusinessline)
Monday, June 04, 2007
VIP Industries Board recommends dividend
VIP Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 04, 2007, inter alia, has recommended a dividend of Rs 2.50 per equity share for the year 2006-07.
Further the Company has informed that, the Board has approved in-principle the proposal for amalgamation of Aristocrat Luggage Ltd and Quality Plastics Ltd with the Company and has constituted a Committee of Directors for assessing the feasibility, appointment of Valuers, recommendation of Share Exchange Ratio etc.
At the current price of 99 a dividen of 2.50 would mean a gain of 2.5% in a single day hence one can buy it before the record date and sell it after that and have a handsome gain of 2.5%.
VIP Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 04, 2007, inter alia, has recommended a dividend of Rs 2.50 per equity share for the year 2006-07.
Further the Company has informed that, the Board has approved in-principle the proposal for amalgamation of Aristocrat Luggage Ltd and Quality Plastics Ltd with the Company and has constituted a Committee of Directors for assessing the feasibility, appointment of Valuers, recommendation of Share Exchange Ratio etc.
At the current price of 99 a dividen of 2.50 would mean a gain of 2.5% in a single day hence one can buy it before the record date and sell it after that and have a handsome gain of 2.5%.
Friday, June 01, 2007
Tata Tea Board recommends dividend
Tata Tea Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 01, 2007, inter alia, has recommended a dividend of Rs 15/- per equity share of 10 each, fully paid, in respect of the financial year 2006-07.
The stock today closed at 952 up 32 i.e., 3.4%.
Tata Tea Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 01, 2007, inter alia, has recommended a dividend of Rs 15/- per equity share of 10 each, fully paid, in respect of the financial year 2006-07.
The stock today closed at 952 up 32 i.e., 3.4%.
Thursday, May 31, 2007
Tata Chemicals Board recommends dividend
Tata Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2007, inter alia,
has recommended payment of dividend at Rs 8 per share aggregating to Rs 201.33 crores (Previous year Rs 171.69 crores @ Rs 7 per share) including dividend tax.
The stock is currently trading at 256.
Tata Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2007, inter alia,
has recommended payment of dividend at Rs 8 per share aggregating to Rs 201.33 crores (Previous year Rs 171.69 crores @ Rs 7 per share) including dividend tax.
The stock is currently trading at 256.
Wednesday, May 30, 2007
50% rise in L&T fourth quarter net profit
Larsen & Toubro has reported a 50 per cent growth in net profit for the fourth quarter ended March 2007.
Net profit amounted to Rs 700.8 crore, against Rs 467 crore in the same year-ago quarter. Gross revenues, at Rs 6,366 crore (Rs 4,695 crore), were up 36 per cent.
The performance can be attributed to the generally buoyant market and the growing capital goods sector as well as to L&T's own strategy of "carefully choosing business opportunities," said Mr. A M Naik, Chairman & Managing Director, at a news conference here on Tuesday.
L&T's net profit (including exceptional gains), for fiscal 2006-2007 rose 39 per cent to Rs 1,403 crore (Rs 1,012 crore). Gross revenues rose 20 per cent to Rs 17,901 crore. L&T's consolidated profit after tax grew 70 per cent, rising to Rs 2,240 crore (Rs 1,317). Total income at Rs 21,342 crore, was up 25 per cent.
Its profitability was led by its largest business segment Engineering & Construction, which reported a revenue increase of 16 per cent at Rs 1,3425 crore and an operating margin of 11.1 per cent (8.1 per cent).
Revenues from international operations remained at 18 per cent of gross revenues, while margins from domestic and international operations were more or less on a par.
The company's operating profit for the year, at Rs 2,209 crore, was 47 per cent higher.
Other income at Rs 994 crore, nearly doubled. It included a one-time gain of Rs 339 crore recognised on partial dilution of stake in two subsidiaries arising on issue of additional share capital to third parties at a premium. "L&T's share of the premium at which the private equity entities subscribed to the equity, was routed to the profit and loss account," said Mr Y.M. Deosthalee, Chief Financial Officer of the company.
The board announced a final dividend of Rs 2 per equity share, taking the total dividend to Rs 13 per share, or 650 per cent.
Larsen & Toubro has reported a 50 per cent growth in net profit for the fourth quarter ended March 2007.
Net profit amounted to Rs 700.8 crore, against Rs 467 crore in the same year-ago quarter. Gross revenues, at Rs 6,366 crore (Rs 4,695 crore), were up 36 per cent.
The performance can be attributed to the generally buoyant market and the growing capital goods sector as well as to L&T's own strategy of "carefully choosing business opportunities," said Mr. A M Naik, Chairman & Managing Director, at a news conference here on Tuesday.
L&T's net profit (including exceptional gains), for fiscal 2006-2007 rose 39 per cent to Rs 1,403 crore (Rs 1,012 crore). Gross revenues rose 20 per cent to Rs 17,901 crore. L&T's consolidated profit after tax grew 70 per cent, rising to Rs 2,240 crore (Rs 1,317). Total income at Rs 21,342 crore, was up 25 per cent.
Its profitability was led by its largest business segment Engineering & Construction, which reported a revenue increase of 16 per cent at Rs 1,3425 crore and an operating margin of 11.1 per cent (8.1 per cent).
Revenues from international operations remained at 18 per cent of gross revenues, while margins from domestic and international operations were more or less on a par.
The company's operating profit for the year, at Rs 2,209 crore, was 47 per cent higher.
Other income at Rs 994 crore, nearly doubled. It included a one-time gain of Rs 339 crore recognised on partial dilution of stake in two subsidiaries arising on issue of additional share capital to third parties at a premium. "L&T's share of the premium at which the private equity entities subscribed to the equity, was routed to the profit and loss account," said Mr Y.M. Deosthalee, Chief Financial Officer of the company.
The board announced a final dividend of Rs 2 per equity share, taking the total dividend to Rs 13 per share, or 650 per cent.
Friday, May 25, 2007
DLF Finally comes up with IPO
Real estate giant player DLF Ltd has set a price band of Rs 500-550 per equity share for its forthcoming initial public offering.
The issue opens on June 11 and closes on June 14. The company filed its prospectus with the Registrar of Companies on Thursday.
The company had filed its draft prospectus in January for 17.5 crore equity shares of Rs 2 each.
The company thus proposes to raise Rs 8,750 crore at the lower end of the price band and Rs 9,625 crore at the upper end.
The issue would constitute 10.27 per cent of the fully diluted post-issue capital of the company, reducing the promoter's stake to around 88 per cent.
DLF's public issue would fall shy of Oil and Natural Gas Corporation's public issue in 2004 of around Rs 10,500 crore, the country's largest issue by far, by around Rs 875 crore even if all the shares are subscribed at the upper end of the price band.
Real estate giant player DLF Ltd has set a price band of Rs 500-550 per equity share for its forthcoming initial public offering.
The issue opens on June 11 and closes on June 14. The company filed its prospectus with the Registrar of Companies on Thursday.
The company had filed its draft prospectus in January for 17.5 crore equity shares of Rs 2 each.
The company thus proposes to raise Rs 8,750 crore at the lower end of the price band and Rs 9,625 crore at the upper end.
The issue would constitute 10.27 per cent of the fully diluted post-issue capital of the company, reducing the promoter's stake to around 88 per cent.
DLF's public issue would fall shy of Oil and Natural Gas Corporation's public issue in 2004 of around Rs 10,500 crore, the country's largest issue by far, by around Rs 875 crore even if all the shares are subscribed at the upper end of the price band.
Thursday, May 24, 2007
Rajesh Exports secures Rs 286 crores export order
Rajesh Exports Ltd (REL) has informed BSE that the Company has bagged an export order worth Rs 286 crores of gold jewellery from M/s. Excel Goldsmiths, Sharjah. This order is to be completed by September 30, 2007.
Indian jewellery designs have reached high standards and are recognizable the world over. Rajesh Exports has achieved expertise in making hand-made and machine made jewellery in traditional as well as modem designs. Indian hand-made jewellery has always had a large ethnic demand in various countries such as the Middle East, Far East, South-East Asian countries, USA and Canada. The Company has one of the best designing teams in the country and the Company is abreast with the trends in the international markets.
Mr. Rajesh Mehta, Executive Chairman of the Company Said "The R&D team of REL is carrying on path breaking work and has developed global jewellery designs which have ensured a consistent flow of orders to the Company from across the world. This order gains significance as it is for the supply of designer jewellery, which provides better bottom line margins for the Company. The international markets have been exhibiting a robust demand for Indian jewellery."
Rajesh Exports Ltd (REL) has informed BSE that the Company has bagged an export order worth Rs 286 crores of gold jewellery from M/s. Excel Goldsmiths, Sharjah. This order is to be completed by September 30, 2007.
Indian jewellery designs have reached high standards and are recognizable the world over. Rajesh Exports has achieved expertise in making hand-made and machine made jewellery in traditional as well as modem designs. Indian hand-made jewellery has always had a large ethnic demand in various countries such as the Middle East, Far East, South-East Asian countries, USA and Canada. The Company has one of the best designing teams in the country and the Company is abreast with the trends in the international markets.
Mr. Rajesh Mehta, Executive Chairman of the Company Said "The R&D team of REL is carrying on path breaking work and has developed global jewellery designs which have ensured a consistent flow of orders to the Company from across the world. This order gains significance as it is for the supply of designer jewellery, which provides better bottom line margins for the Company. The international markets have been exhibiting a robust demand for Indian jewellery."
Tuesday, May 22, 2007
Reliance Communications cuts roaming rates
Starting a price war, Reliance Communications on Tuesday slashed its roaming rates by about 70 per cent at the lowest 40 paise a minute on some select plans, while incoming has been made just Re 1 per minute.
Incoming calls on roaming has been reduced to just Re 1 a minute from Rs 1.75 a minute.
In February, TRAI had reduced the roaming charges, as per which, the maximum permissible charge for roaming calls, irrespective of terminating networks and tariff plans, was set at Rs 1.40 per minute for outgoing local calls, Rs 2.40 for outgoing nationa l long distance calls and Rs 1.75 for incoming calls. The telecom regulator had already removed rentals.
Roaming charge reduction gained more ground after former Telecom Minister Dayanidhi Maran had told the media that he was planning the abolition of national roaming charges as a gift to Tamil Nadu Chief Minister M Karunanidhi on his birthday on June 3.
The current Minister A Raja has said the Government is looking into the possibility.
Reliance Communications President (Personal Business) S.P Shukla said, ''Now, we have taken a step further by reducing roaming rates to as low as 40 paise per minute on select plans.
A significant feature of this rate reduction has been on incoming calls, while roaming, which have been reduced from current Rs 1.75 per minute to Re 1 per minute. (source-hindubusinessline)
Starting a price war, Reliance Communications on Tuesday slashed its roaming rates by about 70 per cent at the lowest 40 paise a minute on some select plans, while incoming has been made just Re 1 per minute.
Incoming calls on roaming has been reduced to just Re 1 a minute from Rs 1.75 a minute.
In February, TRAI had reduced the roaming charges, as per which, the maximum permissible charge for roaming calls, irrespective of terminating networks and tariff plans, was set at Rs 1.40 per minute for outgoing local calls, Rs 2.40 for outgoing nationa l long distance calls and Rs 1.75 for incoming calls. The telecom regulator had already removed rentals.
Roaming charge reduction gained more ground after former Telecom Minister Dayanidhi Maran had told the media that he was planning the abolition of national roaming charges as a gift to Tamil Nadu Chief Minister M Karunanidhi on his birthday on June 3.
The current Minister A Raja has said the Government is looking into the possibility.
Reliance Communications President (Personal Business) S.P Shukla said, ''Now, we have taken a step further by reducing roaming rates to as low as 40 paise per minute on select plans.
A significant feature of this rate reduction has been on incoming calls, while roaming, which have been reduced from current Rs 1.75 per minute to Re 1 per minute. (source-hindubusinessline)
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