Month: September 2007

There are rumors of Follow on Public Offering in Syndicate Bank stock. Government holds 66.47% in the bank. The scrip had touched a high of Rs 93.40, its 52-week high. It hit a low of Rs 88 so far during the day. The stock had hit a 52-week low of Rs 57 on 3 April 2007.

At the current price of Rs 92.35, the scrip trades at a PE multiple of 5.45, based on Q1 June 2007 annualised EPS of Rs 16.94. Syndicate Bank’s net profit rose 22.4% to Rs 221.03 crore on 47.3% rise in operating income to Rs 1999.34 crore in Q1 June 2007 over Q1 June 2006.

IVRCL Infrastructures & Projects has announced that the Pune region of the company has bagged building division and power division orders of an aggregate value of Rs 394.24 crore.

GTL, India’s leading network services player, has received the prestigious golden peacock global award for corporate governance, in the 8th international conference on corporate governance held in London on 21 September 2007.

Nearly 130 companies had applied for this prestigious award from across the world. The world council for corporate governance, UK, confers the award annually, to companies that have demonstrated benchmark standards of corporate governance. The company received the award with an appreciation for its good corporate governance practices that reflected in transparent, disclosures and compliance and voluntary audit of quarterly accounts, functioning of the board and corporate social responsibility activities.

As per reports, the issue of bonus shares was discussed at the meeting of inter-ministerial comittee (IMC).

At the current price of Rs 369, the scrip trades at a PE multiple of 11.38, based on Q1 June 2007 annualised EPS of Rs 32.41.

As per reports, the issue of bonus shares was discussed at the meeting of inter-ministerial comittee (IMC).

Report suggested that in terms of Department of Public Enterprises (DPE) guidlines, central public sector enterprises (CPSEs) having reserves and surplus more than three times of their paid up capital are expected to declare bonus shares.

On a paid up capital of Rs 845.65 crore, total reserves of GAIL (India) the company stood at Rs 10,547.26 crore, which is about 12.5 times of the paid up capital.

Reliance Industries has announced an oil discovery in the deepwater block KG-DWN-98/l (KG-D4) located in the Krishna Basin. This is the first time an oil discovery has been made in the Krishna deep-water basin. This deep-water block was awarded to RIL under first round of NELP bidding. RIL holds 100% participating interest in this block, which spans over an area of 8100 sq kms.

The oil find in this exploration block marks a new beginning in this basin. The well was located in a depth of 565 meters and was drilled to a target depth of 3595 meters. The well encountered elastic reservoir with gross oil column of more than 20 meters in the Mesozoic section. During the Drill Stem Testing (DST), the well flowed 596 barrels of oil per day. This discovery namely ‘Dhirubhai – 36’ has been notified to Government of India and directorate general of hydrocarbons.

Encouraged by successes in the Godavari and Cauvery deeper Mesozoic plays, Reliance continued its exploration effort in Krishna offshore. This oil discovery comes after nearly two decades of exploration history with, more than 30 exploratory wells drilled by various operators in this geologically complex basin. The potential commercial interest of the discovery is being ascertained through integration of additional data and analysis.