Year: 2007

Dayim Punj Lloyd Construction Contracting company, a joint venture company of Punj Lloyd, a global EPC services provider in energy and infrastructure domains, has secured its first order from Saudi Kayan Petrochemical company (SABIC) in KSA. The EPC value of the contract is US $ 79 million.

Under the contract, Dayim Punj Lloyd, on EPC basis, will construct 8 tanks for DM Water, Fire / Service Water, MEG and crude storage and one sphere for mixed butanes storage for offsite and utility of saudi kayan petrochemical complex at Jubail Industrial city, KS.

The major highlights of the project will be blast overpressure design for 5 tanks, FEA analysis for large bore nozzles for two tanks. Dayim Punj Lloyd will be constructing the largest tank – 71 dia x 18M high, cone roof carbon steel apart from three tanks of stainless steel 304L, max size 40.5M dia x 18 M high, cone roof. The work is scheduled to be completed by January 2009.

Dayim Punj Lloyd was formed with the joint venture of the company with His Royal Highness Prince Khalid Bin Bandar Bin Sultan (KBS), Kingdom of Saudi Arabia, in May 2006. Formed to identify new business opportunities in Saudi Arabia, it will serve as a powerful vehicle for both companies to expand roles in Saudi Arabia by offering the best of each company’s expertise and a dedicated service and support organization. Dayim Punj Lloyd is a jointly owned company in which the Punj Lloyds has 49% stake.

ICICI Bank saw a sharp increase in its loan defaulters in the past quarter. Net non-performing assets [NPA] as a percentage of net customer assets increased from 0.98% at the end of March to 1.3% at the end of June. An increase of 0.32% in just 3 months is a cause of concern for many Banking analysts.

The stock price of ICICI Bank is on the rise mainly because of its subsidiaries – ICICI Insurance.

We personally don’t recommend ICICI Bank to our investors however, HDFC Bank in the Private Sector and Bank of Baroda under the public sector are our favorite picks. But certainly not at this level, BUY only when the market corrects.

UTI Bank has successfully priced its offering of 14.13 million GDRs, aggregating US $ 218.07 million. Each GDR, representing one underlying share, was priced at US $15.43 and will be listed on the London stock exchange. This represents a discount of 1.7% to the closing price of the bank’s GDR on 20 July 2007.

In addition, the bank has determined the issue price of the equity shares to be offered in the proposed qualified institutional placement (QIP) to be Rs 620 per share. The size of the QIP will be Rs 1,752 crore.

Further, the bank proposes to allot, on a preferential basis, 2,56,21,076 shares to its promoters at Rs 620 per share aggregating to Rs 1,588 crore.