JP Morgan has downgraded National Aluminum Company Ltd – NALCO with an underweight rating. NALCO stock price shot up by by almost 42% over the past fortnight. Following the stock price surge, Nalco is now among the most expensive aluminum companies, globally. JP Morgan sets a downward target price (more…)
Author: CP
L&T – Paul Wurth Order
Larsen & Toubro in consortium with Paul Wurth has bagged a Rs 580.74 crore order from SAIL for Up gradation of blast furnace No 2 at Bokaro steel plant on a turnkey basis. ECC, the company’s construction division will execute this order and the company’s portion of this order its valued at Rs 355.02 crore.
Paul Wurth’s scope covers basic engineering, supply of proprietary and special equipment as well as technical service while the company’s scope includes detail engineering, supply of indigenous mechanical, electrical equipment and instrumentation works as well as complete site services encompassing civil, structural and erection works.
The turnkey project is to be completed in a stringent schedule of 21 months including shutdown of 150 days. The company has core expertise in rebuilding blast furnaces and is reputed for timely execution of similar projects in the past.
IndusInd Bank banks tie-up for insurance
This partnership is expected to generate significant returns targeting the first premium income of Rs 100 crore after one year of the launch of operations. Cholamandalam MS, General Insurance Company is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance of Japan.
In the first phase of the rollout plan, IndusInd Bank plans to enable at least 150 of its 172 branches to sell Cholamandalam MS policies.
IndusInd Bank’s net profit rose 30% to Rs 22.34 crore in Q2 September 2007 over Q2 September 2006.
Satyam Preferred Pick – CLSA + Macquarie
Tier-I Labor Arbitrage Software vendor, Satyam Computers Ltd still remains a top pick amongst research houses, particularly, CLSA and Macquarie. With two quarters remaining in the current fiscal year, expect tier-1 IT firms to finish the fiscal on a strong note. Satyam has progressively revised its FY08 US-dollar-terms revenue growth guidance from 29% at the start of the fiscal year, to 35% after 1Q FY3/08 and 42% after 2Q FY3/08. Both the houses have set a price target (more…)
Solid Quarter from Wanbury
Wanbury Limited, world’s largest producer of both Metformin, a diabetes management product and Salsalate an anti inflammatory drug has declared excellent results for the quarter ended 30th Sept 2007.
Wanbury’s consolidated turnover is up 146 % at Rs. 90.73 crore for the quarter ended 30th Sept 2007 against Rs. 36.84 crore for the same period last year. The Earning before Interest, Depreciation and Tax (EBIDTA) has appreciated 274 % to Rs. 20.50 crore over Rs. 5.48 crore, last year. The Profit After Tax has gone up 150 % to Rs. 8.89 crore as against Rs. 3.57 crore for the corresponding period last year.
During the quarter the company completed the acquisition of the generic division of Industrial Farmaceutica Cantabria. S.A. Spain. Also the company allotted 2,06,674 equity shares of Rs 10/- each at a premium of Rs. 128.43 per equity share, upon the conversion of 50 bonds of Foreign Currency Convertible A Bonds.
UBS expects a Weaker Dollar in 2008
In a currency report released just a while ago, UBS expects a weaker USD against the Indian Rupee in 2008. Here is the chart that details its expectations.
Here is another prediction of Rupee Vs Dollar from the world’s local bank – HSBC.