DMRC accepts Omaxe tender
Friday, August 31, 2007Omaxe has announced that tender offer of the company to the tender floated by Delhi Metro Rail Corporation (DMRC) for commercial development of chawri bazar metro station, has been accepted by DMRC.
The tender offer comprises of the company's quoted amount of Rs 25,51,001 per quarter for 1529 sq mtr for the work of commercial development of chawri bazar metro station. The license period is for 12 years from the date of handover of the site by DMRC. The total contract amount for 12 years is Rs 18,43,25,280.40 considering 20% increase on compounding basis after competition of every three years.
Published by Webmaster @ 2:07 PM IST.
IT People's Follow On Public Offer FAILS
IT People's follow-on public issue (FPO) was to raise Rs 42.25 crore. The FPO, scheduled to close on 31 August 2007, had a price band of Rs 30 to Rs 32 per share. The FPO was subscribed a mere 0.30 times till 30 August 2007.
The company said it would refund the entire amount received via applications.
At the current price of Rs 31.55, the scrip trades at a PE multiple of 38.47, based on Q1 June 2007 annualised EPS of Rs 0.82.
Published by Webmaster @ 11:05 AM IST.
Sun TV acquires stake in Red FM
Thursday, August 30, 2007Sun TV Network announced that the company, through its subsidiary South Asia FM (SAFL) has entered into a strategic alliance with Red FM to expand its FM radio broadcasting business in the north, west and east Indian markets.
As part of the transaction, SAFL has taken up a 48.9% beneficial interest in Red FM by acquiring equity of the holding companies of Red FM at par. The promoters of Red FM would continue to hold 51.1% in Red FM.
SAFL owns 23 FM radio licenses all over India (except the southern states of Tamilnadu, Karnataka, Andhra Pradesh and Kerala). It currently has two operational radio stations at Jaipur and Bhubaneshwar. Red FM, one of the fastest growing FM Radio Companies in India, operates 3 radio stations in Mumbai, Delhi and Kolkata. It is the number 2 player in two of the largest FM radio markets in India viz. Mumbai and Delhi. This alliance enables Sun TV to boost its presence in the fast-growing Radio market in India, Sun TV said in a statement.
Labels: SunTV
Published by Webmaster @ 2:01 PM IST.
BHEL + IVRCL Bag Orders
Bharat Heavy Electricals (Bhel) has won an large order for supply and installation of the steam generator and steam turbine packages at the upcoming Vallur Thermal Power Project at Ennore in Tamil Nadu. The orders for the greenfield power project have been placed by NTPC-Tamil Nadu Energy Company (NTEC).
Bhel's scope of work involves design, engineering manufacture, supply, and erection and commissioning of steam generators, turbine generators, electrostatic precipitators and associated auxiliaries.
IVRCL Infrastructures & Projects announced that the company has been awarded irrigation works of an aggregate value of Rs 320.21 crore in Ajmer and Jodhpur districts, by the public health and engineering department, government of Rajasthan.
Labels: BHEL, IVRCL-Infra
Published by Webmaster @ 12:11 PM IST.
Gammon India + Wyndham hotels in Alliance in India
Mumbai-based construction firm Gammon India is reportedly entering the hospitality sector by forming an alliance with the US-based Wyndham Hotel Group International, Inc., to develop affordable or budget hotels. The Wyndham Group, which runs more than 6,500 hotels under 10 brands in six continents, is one of the largest hospitality companies in the world.Gammon India is a Large Scale Infrastructure development company. Net profit of Gammon India rose 87.57% to Rs 28.53 crore on a 30.97% rise in sales to Rs 540.31 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 11:23 AM IST.
Puravankara Projects Debuts at 8% Discount
Bangalore's Realty Developer, Puravankara Projects had a weak debut on stock exchange listing at Rs 360, way below the revised offer price of Rs 400. Imagine what would have happened if the stocks were alloted at Rs 525. We thank our IPO Analyst for pro-actively writing against the company's abnormal valuation and thus helping investors.
The IPO had ended on 8 August 2007 with 1.91 times subscription. The qualified institutional buyers (QIBs) category was subscribed 2.7 times, the non institutional investors category - made up of corporates and high networth investors - was subscribed 0.98 times. The retail individual investors category was subscribed 0.63 times.
The company had revised the price band of the IPO to Rs 400-Rs 450 per share, compared to the previously set price band of Rs 500 - Rs 525 a share, amid volatile secondary market conditions prevailing at that time.
Published by Webmaster @ 10:02 AM IST.
KLG Syetel Bags Order from Rajasthan Govt
Wednesday, August 29, 2007KLG Systel has been awarded orders worth over Rs 67 crore from Governments of Rajasthan and Haryana. The projects covered in this order include that of revenue management for power utilities and boosting the power infrastructure in the states of Haryana and Rajasthan. The company shall, in the course of these project deployments, use its innovative SG61 technology to reconcile and manage the power distribution in utilities. The company has extensive experience and expertise in the Utilities business and will use state of art project management tools for timely execution of these projects. These projects are expected to be completed by March 2008.
The company is an IBM premiere ISV in India and is also now certified by IBM for SOA. SOA enables organization to build a scalable architecture capable of talking to legacy systems. The company has been recently announced as an independent software vendor by SAP and KLG’ S Vidushi has obtained net weaver certification from SAP. The company was also very recently awarded a SAP-IS utilities order from Jamshedpur utilities.
Published by Webmaster @ 4:13 PM IST.
Abbott India to Buy Back Shares
Abbott India announced that a meeting of the board of directors of the company will be held on 5 September 2007, to consider a proposal for buyback of a portion of fully paid equity shares of the company. The buyback price to be determined by the board will not exceed Rs 650 per equity share, it said.
Net profit of Abbott India rose 34.66% to Rs 18.30 crore on 18.80% rise in sales to Rs 154.04 crore in Q2 May 2007 over Q2 May 2006.
Published by Webmaster @ 1:11 PM IST.
Infotech Enterprises Alliance With Boeing
Infotech Enterprises has announced that Infotech Enterprises America, (Infotech), a global geospatial and engineering consulting and professional services firm has formed a strategic alliance partnership with Continental DataGraphics (CDG), a subsidiary of the boeing company.
The alliance with Infotech will also enable CDG to be more responsive to growing demands from its customers to develop and deliver new solution offerings in an accelerated timeframe. CDG is proactively developing new strategic partnerships with companies such as Infotech to further globalize its business and to actively seek out opportunities for growth in a broader marketplace.
CDG specializes in the creation, production, and distribution of complex engineering publications. Its comprehensive services include technical authoring and illustration services, digital imaging, and hosted portal services supporting multiple market segments in the United States and Europe, including aviation, aerospace and defense, manufacturing, energy and government. CDG has developed complex technical and engineering publications for Boeing aircraft and other heavy equipment manufacturers for many decades.
Published by Webmaster @ 12:58 PM IST.
Elder Pharma Acquires Biomeda in Bulgaria
Elder Pharmaceuticals has reportedly acquired 51% stake in Biomeda Group in Bulgaria for euro 5 million (around Rs 28 crore) in an all-cash deal. Biomeda Group is a leading pharma group in Bulgaria with a turnover of about 10-12 million euros. With the acquisition, Elder will see the launch of many more products in Europe. Biomeda is Elder’s second acquisition in less than 45 days.On 26 July 2007 it had acquired a 20% stake in UK's NeutraHealth Plc for 5.63 million pounds sterling (Rs 47crore). Neutra Health has three subsidiaries selling neutraceutical products such as vitamins, health supplements and over-the-counter medicine. Neutra Health has a turnover of 23 million sterling pounds and a market capitalisation of close to 16.8 million sterling pounds.
Elder's net profit rose 15% to Rs 15.08 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 15.6% to Rs 120.69 crore.
Published by Webmaster @ 12:05 PM IST.
Firstsource Solutions acquires MedAssist
Firstsource Solutions announced it has acquired MedAssist Holding, Inc., a leading provider of revenue cycle management in the healthcare industry in the US. The company has over 1,000 clients including hospitals, large physician groups and alternate site providers. The acquisition is valued at $330 million. MedAssist had revenue of $99 million for year ended 31 December, 2006
On 14 August 2007, Firstsource Solutions board of directors approved the proposal for merger of healthcare outsourcer RevIT Systems, a wholly owned subsidiary of the company with the company.
Published by Webmaster @ 10:54 AM IST.
Blackstone to invest in Nagarjuna Constructions
Tuesday, August 28, 2007The board of Nagarjuna Construction Company has accorded its in-principle approval for issue of 20,246,900 equity shares of Rs 2 each at a premium of Rs 200.50 and 9,111,111 warrants of Rs 225 per warrant each warrant convertible into one equity share of Rs 2 each at a premium of Rs 223 together aggregating to around Rs 615 crore to Blackstone GPV Capital Partners Mauritius V-A , Blackstone GPV Capital Partners (Mauritius) V-H and Blackstone FP Capital Partners (Mauritius) V FII, belonging to the blackstone group of USA.
The amounts being raised by the company out of the aforesaid preferential offer are proposed to be used for the purpose of investing in the BOT projects and other infrastructure projects being developed by the company as well as through its subsidiaries and associates, for meeting the working capital and other long term funding needs of the company.
An extraordinary general meeting of the members of the company is being convened on 24 September 2007 for obtaining the approval of the members of the company in respect of aforesaid issue of shares and warrants on preferential basis.
Published by Webmaster @ 3:50 PM IST.
Exide Industries Rights Issue + Modern Dairies Bonus
The board of Exide Industries has approved the issue and allotment of up to or as near thereto as possible 5,00,00,000 equity shares of Re 1 each for cash at a premium of Rs 29 per equity share on rights basis in the ratio of 1 equity share for every 15 equity shares held by shareholders.
The board at the same meeting has appointed SBI Capital Markets as the lead manager to the proposed rights issue by the company.
Modern Dairies announced that it has fixed 1 October 2007 as record date for issuing bonus shares, in the ratio of 1:1 (1 bonus share for every 1 equity share held).
Net profit of Modern Dairies rose 11150% to Rs 2.25 crore on 243.88% rise in sales to Rs 74.69 crore in Q1 June 2007 over Q1 June 2006. Delhi-based Modern Dairies produces dairy products like packed liquid milk, skimmed milk powder, whole milk powder, infant milk food, pure ghee and butter.
Published by Webmaster @ 1:30 PM IST.
RBI Unhappy over iCICI bank Holding Company Structure
Earlier this month, ICICI Bank has received the Foreign Investment Promotion Board (FIPB)'s approval to transfer its holdings in its insurance and asset management subsidiaries to an intermediate holding company, subject to the approval of RBI.The RBI, however, before considering the application, has issued a discussion paper raising certain issues. According to RBI creation of an intermediary financial holding company may lead to a problem of regulation. The intermediary holding company, being a non-banking finance company, is not fully regulated by RBI. Therefore, RBI said, a proper legal framework needs to be created before such structures are floated to ensure that no unregulated entities are present within the structure.
RBI has, instead, suggested a bank holding company (BHC) or a financial holding company model in which bank and non-bank subsidiaries in a banking group will be owned by the holding firm.
Published by Webmaster @ 12:25 PM IST.
Centurion Bank of Punjab merger of Lord Krishna Bank
Centurion Bank of Punjab announced that it has received the Reserve Bank of India's approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna, the bank said.
Net profit of Centurion Bank of Punjab rose 14.90% to Rs 33.01 crore on 75.84% rise in total operating income to Rs 445.60 crore in Q1 June 2007 over Q1 June 2006.
Centurion Bank of Punjab’s principal activities are to provide banking and other financial services to corporate and private customers. It provides personal banking, cash management, retail loans and other financial services.
Published by Webmaster @ 10:42 AM IST.
Punjab Chemicals + KLG Systel Acquisition
Monday, August 27, 2007Punjab Chemicals & Crop Protection's wholly owned SD Agchem (Europe) NV entered into a share purchase agreement with Pevobel N.V. and Gevobel N.V. to acquire 100% equity shares in Pegevo Bcheer BV (Pegevo), a company incorporated under the laws of The Netherlands. The transaction is based on an enterprise value of about euro 39.5 million for Pegevo. The company made this announcement before market hours on Monday, 27 August 2007.
Pegevo undertakes substance formulation for crop protection. Its product range includes herbicides, insecticides and fungicides. Pegevo's products are registered in The Netherlands, Belgium, UK, France, Germany, Ireland, Denmark, Italy, Slovakia, Czech Republic, Belarus and Switzerland.
KLG Systel announced that the company has acquired a 51% stake in Atlantis Lab, a dedicated engineering solutions company. With this acquisition, Atlantis has now become a subsidiary of KLG Systel.
Incorporated in 2001, Chennai based Atlantis Lab is one of the fastest growing engineering services companies providing mechanical design solutions to worldwide manufacturers such as General Electric, Whirlpool, Atlas Copco, Tata Motors, John Deere, Schneider Electric and Cummins, to name a few.
Published by Webmaster @ 2:23 PM IST.
NorthGate Technologies form Social Media India
Northgate Technologies has announced that Social Media India, India based subsidiary company has been formed.Social Media India is focused to tap the online advertising and other internet transaction services industry in India.
Vishnu Vardhan Induri, head of Bharatstudent.com has been appointed as Managing Director of Social Media India.
BharatStudent.com a social networking site for Indian students has been severely criticized by bloggers for spamming and hosting Adult content. Our analysts are of the opinion that Social Media India is a SHELL company because of it being bogged into controversy and the management of BharatStudent.com deciding to remain silent on the issue.
Published by Webmaster @ 10:41 AM IST.
Canara Bank acquires 51% in Can Fin Homes
The board of Canara Bank has permitted the Bank to acquire differential shares so as to hold 51% stake in Can Fin Homes in order to convert the sponsored entity into a subsidiary, through the process of open-offer.Ind Bank Merchant Banking Services, Chennai are the merchant banker to the open-offer scheme.
Published by Webmaster @ 10:00 AM IST.
SEL Manufacturing secures export order
Friday, August 24, 2007SEL Manufacturing Company has received export order for exporting readymade garments to the extent of US $ 18 million (approximately Rs 73.80 crore). The order is to be executed in three stages upto January, 2008 commencing from September 2007.
The above said order is in addition to the regular business transactions of the company and will bring greater strength to the company. The order strengthens the customer's confidence in the company's progress in textile sector.
Published by Webmaster @ 1:42 PM IST.
AREVA Transmission & Distribution bags Order
Areva T&D India has announced that AREVA Transmission & Distribution (T&D) India has bagged its first Turnkey AIS sub station contract from ESSAR Steel at a value of 630 MINR.
This 3.9 MTPA Expansion project at Hazira entails the complete design, supply, erection, testing & commissioning of 220 kV Switchyard on Turnkey basis and also the supply of 160 MVA, 220 kV, 90 MVA, and 220 kV power transformers.
Maharashtra State Electricity Transmission (MSETCL) has also placed its first Gas Insulated Switchgear (GIS) complete turnkey solutions order on AREVA T&D India. This order is valued is at 339 MINR. This project endeavours to improve the power quality and reliability for the Infotech city of Pune.
The scope includes turnkey execution of the 132/22/11 kV rasthapeth substation involving design, supply, civil work, erection, testing and commissioning of multiple bays of 132 kV GIS, 50 MVA and 25 MVA transformers, control relay panels and numerical bay control system. AREVA T&D offers state-of-the-art GIS technology along with Spring operating mechanism and aluminium enclosure. The product offering also provides an undoubted advantage of compactness, modularity and reliability for the customers.
Published by Webmaster @ 11:04 AM IST.
Chambal Fertilisers bags Big Power Project
Chambal Infrastructure Ventures (CIVL), a fully-owned subsidiary of Chambal Fertilisers & Chemicals (CFCL), a KK Birla group company, is likely to sign a memorandum of understanding (MoU) with the Orissa government for setting up a 2,000-mega watts thermal power project with an investment of Rs 8,000 crore in the state. The project will come up at Saria in Dhenkanal district.
The project proposal is now being considered by the single-window clearance committee of the Orissa government.
CIVL has applied to the state-owned Industrial Investment Promotion Corporation of Orissa (IPICOL) for 2,000 acres for the project. It has also applied to the coal ministry for allotment of a coal block. The project could be taken up jointly with the state government as the Orissa Hydro Power Corporation and Orissa Mining Corporation have coal blocks, reports suggest.
Chambal Fertilisers' net profit rose 93% to Rs 61.71 crore on 11.7% rise in sales to Rs 595.11 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 10:07 AM IST.
L&T bags ship building contract from RollDock B V
Thursday, August 23, 2007Larsen & Toubro (L&T) has won a repeat order valued at over US $ 70 million for construction of two ship from RollDock BV of the Netherlands, (erstwhile Zadeko shipmanagement CV).
The order re-establishes the customer's confidence in L&T's progress into shipbuilding which was commenced last year. The vessels will be built at the existing shipyard which is a part of the company's state-of-the-art engineering complex at Hazira, Surat.
RollDock, the Rotterdam-based shipping company, caters to special purpose cargo movements. Its management has expressed their desire to continue the company's association with L&T for its future vessel acquisition programme. They have also signed an agreement that includes options for more vessels of the same series to be built later this year. The vessels will be delivered by May 2010.
In technical terminology RO-RO/LO-LO are semi-submersible, heavy lift container cargo ships. These highly specialized vessels are among the only ones of their kind to be built in India. The vessels have a deadweight capacity of over 8250 tonnes, cargo volume of 17000 cubic metres and can carry 830 TEU of containers.
Published by Webmaster @ 2:56 PM IST.
Holcim's open offer for Ambuja Cement
Switzerland's Holcim today said it had acquired 3.9% additional stake in Ambuja Cements from the founding families at Rs 154 shares, in a deal worth $220 million.Holcim also said it would launch a public takeover offer for another 20% of the share capital of Ambuja Cements in a bid worth around $1.12 billion. "Provided that the public offer is accepted in full, Holcim's stake in (Ambuja) will rise to more than 56%," Holcim said in a statement. The open offer will be made at Rs 154 per share, representing a 20% premium over the average price of the shares for the last two weeks, Holcim said.
Published by Webmaster @ 11:01 AM IST.
Asian Granito falls below IPO price on debut
The current price of Asian Granito is Rs 86 which is below the issue price of Rs 97.
Asian Granito India's IPO had ended on 31 July 2007 with 4.51 times subscription. The qualified institutional buyers (QIBs) category was subscribed 3.06 times, the non institutional investors category was subscribed 10.01 times, the retail individual investors category was subscribed 4.64 times and the employees category was subscribed 1.37 times.
Published by Webmaster @ 10:07 AM IST.
Birla Kennametal + Bank of India
Wednesday, August 22, 2007The board of Birla Kennametal has recommended sub-division of each of 1 (one) existing fully paid-up equity shares of Rs 10 each into 5 (five) fully paid-up equity shares of Rs 2 each.
Bank of India announced that the board of directors of the company has decided to revalue some of its properties taking into account the appreciation in their value. The bank’s Tier II capital will stand increased once the process of revaluation is completed, it said.
Net profit of Bank of India rose 51.01% to Rs 315.20 crore on 34.94% rise in total operating income to Rs 2727.26 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 3:25 PM IST.
Bihar allots 13 locations to Alpa Laboratories
Alpa Laboratories has been allotted 13 locations for setting up Generic Drugs Retail Outlets by the Government of Bihar. The expected annual revenue from these outlets is about Rs 8 crore and the company expects a net profit of about Rs 2 crore per year from these outlets.
The tender was floated by the state health society, Bihar to operate an maintain generic drug shop in each medical college hospital, in each of the District hospitals of Bihar, the sub divisional hospital at Barh (Patna) and gardiner road hospital, Patna as part of its implementation of the national rural health mission (NRHM) to improve the availability of and access to quality health care for people.
Further the company has informed that the company is looking to expand upon its existing manufacturing business by venturing into drug retailing.
Published by Webmaster @ 12:38 PM IST.
DLF bags Durgapur township project
DLF has clinched the deal to develop an integrated town ship on 95 acres at Durgapur in the communist ruled and Government sponsored Ter*orism state of West Bengal. The public-private participation (PPP) project envisaged by the Asansol Durgapur Development Authority (ADDA), is expected to invite investment up to Rs 4,000 crore and is to be completed in four years.
The company will utilize the services of leading architectural and engineering companies to design the township which will have large green spaces, wide roads, attractive retail and commercial spaces, an all-encompassing club with a swimming-pool, gymnasium, tennis court, card-room and state-of-the-art entertainment zone.
With this project the company reinforces its strong commitment for West Bengal. The company is developing around 5000 acre township and a textile SEZ at Dankuni, two IT parks at Rajarhat, luxury, budget hotels and service apartment in Kolkatta.
Published by Webmaster @ 11:12 AM IST.
3i Infotech to implement information infrastructure project
3i Infotech is working with the Government of Goa to implement the state’s integrated information infrastructure (I-3) project. The Government of Goa also announced on 21 August 2007, the launch of GoaOnline portal which will enable citizens to access services through the internet. A unique initiative, the project also involves the setting up of 208 citizen service centres (CSCs) and a state data centre.
As part of the project, the company will build and operate the project under the State Government's guidance as a public-private partnership (PPP) project for a period of five years. The project is a pioneering effort by the Government of Goa as for the first time, the citizens of the state will have access to a comprehensive integrated system allowing them to avail of G2C services through both CSCs as well as a web interface. Additionally, the project will also have the capabilities to provide various B2C and B2B services
Published by Webmaster @ 11:11 AM IST.
Patni Computers + IndusInd Bank
Tuesday, August 21, 2007Shares of under performing and family managed company Patni Computers are trading up because of rumor that Private Equity investors may BUY stake in the company. The promoters have been slacking and are incompetent.
As per reports, private equity (PE) funds Texas Pacific Group and Apax Partners are close to purchasing the stake of two Patni brothers Ashok and Gajendra in Patni Computer Systems Limited.
The agreement between one of the private equity partners and the Patni brothers, who jointly hold 29% stake, is expected to be signed next month. Reports suggest Narendra Patni, the eldest brother and chairman and chief executive officer of the company, would buy out a part of the stake which Ashok and Gajendra had put on the block, while the private equity funds would buy the balance.
Indusind Bank Limited, yet another family managed bank which is underperforming the BSE-Bankex just a while ago denied rumours that ABN Amro Bank, Deutsch Bank and other foreign banks are interested in picking up a stake in Indusind Bank. Indusind management said it is not aware of any such developments.
Published by Webmaster @ 2:48 PM IST.
Exide Rights + BHEL Order
Exide Industries announced during the market hours today, 21 August 2007 that a meeting of the board of directors of the company will be held on 28 August 2007 to consider rights issue of shares.
On 20 July 2007, the board of directors of the company had given their approval for acquisition of a 26% stake in a joint venture company in Australia for marketing of traction batteries. The board had also approved the acquisition of the balance 49% shareholding in its existing 51% subsidiary company Caldyne Automatics.
Exide's net profit jumped 84% to Rs 70.11 crore on 51.4% rise in sales to Rs 663.92 crore in Q1 June 2007 over Q1 June 2006.
BHEL has won contracts worth Rs 6500 crore ($1.6 billion) for setting up power project units. It has won contracts for setting up two units of 500 mega watts (MW) each at the Koderma thermal power station in Jharkhand and two units of 500 MW each at Durgapur Steel Thermal Power Station in West Bengal. The orders have been placed by Damodar Valley Corporation (DVC).
Recently, Bhel had won a Rs 2900-crore contract for building three 500-MW units in north India.
Published by Webmaster @ 1:46 PM IST.
ITC Acquires Technico FMCG
ITC Ltd has announced the acquisition of 100% stake in Technico Pty Ltd, a producer of high-grade potato seeds. Technico is a small company with a turnover of Rs319 mn in FY2007. The acquisition through Russell Credit (ITC's subsidiary) gives ITC access to highgrade potato seed technology and supply chain expertise needed for procurement of potatoes for its salty-snacks products. Though the company has not disclosed the cost of acquisition, and believe that the transaction is small and is unlikely to have a material impact on the company.
Kotak Securities retain outperform rating on the stock with a target price of Rs225 per share.
Published by Webmaster @ 10:39 AM IST.
Ranbe Brakes + Rane Engine to Consolidate Business.
Rane Brake Linings Ltd has informed us that the Board of Directors of the Company at its meeting held on August 20, 2007, has taken the following decisions:The manufacturing undertakings of the Company would be demerged into a new manufacturing Company and the equity shares of the new manufacturing Company will be listed on the Stock Exchanges.
The residual non-manufacturing business of the Company would be merged with Rane Holdings Ltd (RHL). So, for every 100 shares held in the Company, the shareholders would be allotted shares as under:
- 100 shares in the new manufacturing Company
- 75 shares in Rane Holdings Ltd
Rane Engine Valves Ltd has informed us that the Board of Directors of the Company at its meeting held on August 20, 2007, has taken the following decisions:
The manufacturing undertakings of the Company would be demerged into a new manufacturing Company and the equity shares of the new manufacturing Company will be listed on the Stock Exchanges.
The residual non-manufacturing business of the Company would be merged with Rane Holdings Ltd (RHL). So, for every 100 shares held in the Company, the shareholders would be allotted shares as under:
- 100 shares in the new manufacturing Company and
- 56 shares in Rane Holdings Ltd.
Published by Webmaster @ 8:43 AM IST.
Cinevista Stock Split + Ranbaxy US FDA
The board of Cinevista Ltd has approved the sub-division of Rs 10 to Rs 2 per share.
Further, the board has decided to increase the authorized capital from Rs 12 crore to Rs 20 crore.
Ranbaxy Laboratories has received approval from the U.S. Food and Drug Administration to manufacture and market hydrocodone bitartrate and acetaminophen tablets USP, 75 mg/750 mg, 10 mg/500 mg, 5 mg/500 mg, and 10 mg/325 mg strengths. The office of generic drugs, U.S. FDA, has determined the Ranbaxy formulations to be bioequivalent and have the same therapeutic effect as that of the reference listed drugs as follows: 10 mg/325 mg norco tablets of watson pharmaceuticals 5 mg/500 mg vicodin tablets, and 7.5 mg/750 mg vicodin ES tablets both of abbott laboratories, and 10 mg/500 mg lortab tablets of UCB Inc.
Published by Webmaster @ 8:34 AM IST.
Hanung Toys Bags Rs 600 Crore Order
Monday, August 20, 2007Hanung Toys & Textiles announced during the market hours today, 20 August 2007 that the company has bagged an export order from home furnishing retailer IKEA Sweden, for exporting soft toys/kids furnishing to the extent of Rs 600 crore.
Net profit of Hanung Toys and Textiles rose 93.75% to Rs 9.30 crore 55.73% rise in sales to Rs 85.20 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 2:19 PM IST.
Ugar Sugar Works - Rights issue
Flashnews: The board of Ugar Sugar Works has discussed the matter of rights issue and recommended rights shares in the ratio of 1 share for every 4 shares held at a premium of Rs 7 per share (total Rs 8 per share including premium) subject to the approval of the shareholders in the general body meeting to be held on 28 September 2007.
All the sugar stocks including Balrampur Chini and Bajaj Hindustan have turned sour when it comes to their price - quoting almost at their 52 week lows.
Published by Webmaster @ 1:07 PM IST.
Pantaloon Retail to raise Rs 1260 Crore
Pantaloon Retail India Ltd is all set to raise Rs 200 crore by issuing 4,000,000 equity shares of Rs 2 each at a premium of Rs 498 to private equity and institutional investors.
The board has also decided to issue of 21,200,000 warrants at a price of Rs 500 per warrant aggregating to Rs 1060 crore to promoter group, Pantaloon Employee welfare trust and select employees of the company.
Pantaloon Retail stock currently trades at Rs 487 on the NSE. Check out this exclusive retail India website for more details on business and operations of all retailers in India.
Published by Webmaster @ 11:48 AM IST.
RCOM to Buy Aircel from Maxis Communications ?
Anil Ambani Insiders have leaked that Reliance Communications is in talks with Malaysia's Maxis Communications to buy a controlling stake in its Indian unit Aircel Cellular. Maxis is Malaysia's largest mobile operator. Reports suggest that the two firms were exploring options such as buyout or a joint venture. Aircel is valued at about $7 billion. Maxis holds 74% in Aircel while the owners of south India based Apollo Hospitals Enterprises control the rest.Aircel has operations in very small circles such as Chennai & Tamilnadu and North East. Though they have PAN India license, they don't have SPECTRUM to operate nor the required infrastructure. We at Dalal Street are negative about RCom if the deal sails through at $7 Billion and recommend a SELL on RCom stock.
Published by Webmaster @ 11:39 AM IST.
Sobha Developers plans township project in Kerala
Sobha Developers announced before the market hours today, 20 August 2007 that the company will be signing a memorandum of understanding (MoU) with the state government of Kerala today, 20 August 2007, for setting up the largest township development in Kerala, Sobha Hitech City. The draft of the MoU has already been approved by the state government.
Sobha Hitech City project will create an integrated city of world-class standards with a focus on research & development, knowledge dissemination, electronics, information technology and pure & applied sciences. It will involve an investment of Rs 5000 crore, the highest such development in the state and is expected to create 75,000 direct jobs. The project will come up near Maradu in Kochi in a land area of around 400 acres, out of which around 320 acres have already been acquired.
Infrastructure work will commence soon after the signing of the MoU. The project is expected to take 8 to 10 years for completion after receipt of necessary approvals.
Published by Webmaster @ 10:05 AM IST.
Tata Power exists PTC
Friday, August 17, 2007Tata Power has sold 4.2% in Power Trading Corporation [PTC] India in the open market for about Rs 50 crore since April 2007.
Tata Power held 10.47% till March 2007. The company diluted its holding marginally during the April-June 2007 quarter. Thereafter, it sold an additional 3.35% in the open market over the past six weeks, report suggests.
PTC's net profit fell 1.1% to Rs 11.88 crore on a 12.2% increase in sales to Rs 1158.55 in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 12:53 PM IST.
Zylog System Lists at 25% Premium
The IPO of Zylog Systems which was heavily subscribed and for which our IPO Analyst had a BUY recommendation listed on the bourses just a while ago at 25% premium. The stock is currently trading at Rs 450.Book some profits at this level and make a total exit over Rs 500.
Published by Webmaster @ 10:17 AM IST.
Federal-Mogul Goetze Cuts Rights Issue price
Thursday, August 16, 2007Federal-Mogul Goetze (India) said, that its board had revised the pricing of its rights issue to Rs 145-Rs 170 per share, from the earlier band of Rs 180-Rs 215.
The company reported a net profit of Rs 0.86 crore in Q2 June 2007 as against net loss of Rs 6.46 crore in Q2 June 2006. Sales rose 28.01% to Rs 146.58 crore in Q2 June 2007 over Q2 June 2006. The current price of Rs 151.40 discounts its Q2 June 2007 annualised EPS of Rs 1.36 by a PE multiple of 111.32.
Published by Webmaster @ 6:20 PM IST.
Raj TV + Mediaone Global Entertainment Bonus
Raj Television Network has announced that the company has launched Kalaignar TV and Raj Musix, an youth centric channel on 15 August 2007, evening.Kalaignar TV is a general entertainment channel which will cater all sections of peoples in the society with mixed flavor of programs including movies, news, serials, children's program etc. Raj Musix is a music channel and will consist of mainly youth generic programs.
The board of Mediaone Global Entertainment recommended the issue of bonus shares in the proportion of 5 equity shares for every 1 equity share. The board has also recommended the issue of rights shares in the proportion of 5 equity shares for every 1 equity shares of Rs 10 each at a premium of Rs 5 per share.
The board has decided to increase the authorised capital from Rs 1 crore to Rs 32 crore.
Published by Webmaster @ 1:33 PM IST.
Katwa Udyog to change the company name
The board of Katwa Udyog has approved to change the name of the company to Jyoti Cements and Infra.
The board has also approved to make preferential allotment of 3,00,000 equity shares of Rs 10 each at a premium of Rs 15 aggregating to a sum of Rs 75,00,000 at the highest price of Rs 25 per equity share during the last 52 weeks as against the current market price of Rs 18 per share.
Further, the board has approved to seek shareholders approval to the proposed acquisition of 100% share capital of its unlisted group company Katwa Construction Company with an intention to seek eventual merger of that unlisted company with it. Katwa Construction has paid up capital of Rs 35,00,000 divided in to 35,000 equity shares of Rs 100 each. The proposed acquisition is at face value of the share.
Published by Webmaster @ 1:30 PM IST.
HDIL ties up with Lehman Brothers for Dharavi development
Global investment bank Lehman Brothers has teamed up with Wadhawan group promoted HDIL to bid for the redevelopment of Asia's largest slum, Dharavi. The project is expected to generate close to Rs 25000 crore in revenue for the Maharashtra government.
HDIL has formed a special purpose vehicle (SPV) with Lehman Brothers. HDIL will hold a majority equity stake, reports suggest.
Reportedly, the new company will bid for the redevelopment of all the five sectors of Dharavi that the government has announced to develop through a global tender process. Interested developers will be evaluated technically and financially by a committee led by the state chief secretary.
HDIL reported a net profit of Rs 202.69 crore on sales of Rs 443.28 in Q1 June 2007. HDIL mainly operated in the Mumbai region.
Published by Webmaster @ 12:31 PM IST.
IVR Prime Lists at 20% Discount
IVR Prime, the shady Real Estate company listed at 20% discount to its offer price. Any upward movement in the stock should be considered as an opportunity to exit.
The stock is currently trading at Rs 402, against the issue price of Rs 550.
Published by Webmaster @ 9:59 AM IST.
Videocon incorporates SPV, Global Energy Inc
Tuesday, August 14, 2007Videocon Industries has incorporated an SPV, Global Energy Inc., which is a wholly owned subsidiary of the company, to explore for, develop and exploit petroleum block JPDA 06-103 and the export and marketing of that petroleum and all activities. As such, Global Energy Inc., is part of the consortium which was awarded the JPDA 06-103 production sharing contract by the timor sea designated authority.
The participating interest of Global Energy Inc., in the JPDA 06-103 production sharing contract is 25%. JPDA is within the bonaparte basin with estimated 23 Tcf of undiscovered EUR gas reserves. Besides gas, there could be substantial condensate recovery.
In production sharing contract 06-103, leads 103-A and 103-C have been identified with recoverable unrisked potential of 260 million barrels of oil or 1300 BCF gas and 130 million barrels of oil or 571 BCF gas respectively.
In JPDA 06-103 a contract for 1657 sq kms of 3-D data acquisition has been awarded at an estimated cost of $18.6 million. 1055 sq kms of reprocessed 3-D data to the north of the block has already been acquired from Fugro. With this it would facilitate zeroing in on the 4 well locations for the commitment wells included in the minimum work programme. The company's share in the current work programme is US $ 18.9 million.
Published by Webmaster @ 5:26 PM IST.
JSW Steel seeks solace in technology
JSW Steel has set up JSoft Solutions, a Bangalore-based IT company, that is likely to be spun off as an independent vertical.
Meanwhile, JSW Steel is reportedly planning to raise around Rs 3400 crore in the international markets. The fund raising is expected to be done over the next six to 12 months. The funds are aimed at helping the company's Rs 17000-crore expansion plans.
The current price of Rs 646 discounts its Q1 June 2007 annualised EPS of Rs 112.6 (based on consolidated results) by a PE multiple of 5.73.
Published by Webmaster @ 1:09 PM IST.
Sterlite Optical + Petron Engineering
Sterlite Optical Technologies on 14 August 2007 has received a contract from BSNL for manufacture and supply of high fiber count ribbon fiber optic cables, which would be installed in BSNL's Pan—India Optical fiber Access Network (OAN). The contract is valued at Rs 380 million and supplies would be completed within the next 6 months.
Petron Engineering Construction has announced that the company had participated in bid document for fired heaters and they have accepted company's bid and accordingly the company has been awarded contract for fired heaters for HCU / DHDT for Bina Refinery Project developed by Bharat Oman Refineries for a contract value of Rs 127 crore, inclusive of all taxes, duties and levies and MP VAT on works contract.
Published by Webmaster @ 12:07 PM IST.
Indian Hotels Clear Rights Issue
Monday, August 13, 2007
The Tata Group Controlled, Indian Hotels Company [Taj Mahal Brand of Hotels] announced during the market hours today, 13 August 2007 that the board of directors of the company has decided to make a rights offer of two simultaneous but unlinked issues to the shareholders of the company.The rights issue of equity shares is in the ratio of 1:5 (1 share for every 5 shares held ) at a price of Rs 70 per share. The company will raise Rs 844 crore through this issue.
The second rights issue is in the ratio of 1:10 of a 5-year 4% unsecured convertible debentures of the face value in the range of Rs 150 to Rs 180 convertible after 2 years at a conversion price in the range of Rs 150 to Rs 180 into equity shares of the company. The amount raised through this issue would be in the range of Rs 900 crore to Rs 1080 crore.
The objective of the two issues is to meet the company's long term financing needs for capital expenditure and growth plans, including possible acquisitions
Published by Webmaster @ 3:05 PM IST.
Sobha Developers QoQ Profit Declines
Bangalore based Real Estate company Sobha Developers QoQ profits declined from Rs 61.9 crore to Rs 40 crore for Q1-FY08.Profits during Q1-FY07 was Rs 17 crore. Details are awaited from the management of the company. Bangalore has witnessed tremendous slowdown in Real Estate prices in the past few months where Sobha and Purvankara have their major projects.
Published by Webmaster @ 2:03 PM IST.
L&T bags Rs 203 crore worth new orders
Larsen & Toubro (L&T) has announced that the company has secured two more design and build contracts from Delhi Metro Railway Corporation (DMRC) for the construction of the underground station at Saket (Delhi) and a tunnel as part of its phase II project. Valued at Rs 203 crore the new station and tunnel will come up between Central Secretariat and Qutub Minar Corridors of Delhi Metro.
To be completed in 30 months, the construction of the Saket station involves 1500m of tunneling. The length of the station will be 284m. In addition, the construction involves a 945m link tunnel and a 260m Ramp, both of which to be completed in 24 months. Top down construction method will be adopted for the underground station at Saket (Delhi) while cut & cover method will be used for tunneling and NATM for 185 m of twin tunnel.
Published by Webmaster @ 1:43 PM IST.
Gati gains on acquisition buzz
Gati is planning to acquire Kausar, a Delhi-based firm with a presence in the cold chain segment.
Kausar, which reported a turnover of Rs 19 crore in FY 2007, is listed on the Delhi Stock Exchange (DSE) but has not witnessed any trading activity in the past few months, reports suggest.
Kausar has a strong presence in the cold chain segment in northern India and specialises in the transportation of meat, pedigree products, dairy products and pharmaceuticals. Kausar has a strong customer base with clients like Hindustan Unilever (HUL), Nestle, Dabur and Amul among others.
At present, Gati does not have any presence in the movement of perishable cargo and this acquisition will mark Gati's entry into the cold chain space. The move by Gati to enter into the cold chain space comes on the eve of the increased requirements of cold chain facilities by retail giants like Reliance Retail, Bharti Wal-Mart and the Aditya Birla Group.
Published by Webmaster @ 11:00 AM IST.
Ahluwalia Contracts Bags CommonWealth Games Contract
Friday, August 10, 2007Ahluwalia Contracts India received construction contract for the Commonwealth Games 2010 Village Residential project from Emaar MGF Construction. The estimated project value is Rs 688 crore and expected to be completed by December 2009. The current order book value of the company including the above mentioned project stands at Rs 2748 crore.
The current price of Rs 561.70 discounts its Q1 June 2007 annualized EPS of Rs 26.93 by a PE multiple of 20.85.
Published by Webmaster @ 12:20 PM IST.
Subprime crisis expensive for Tata Steel
As per reports, bankers underwriting loan to Tata Steel to acquire Anglo-Dutch steelmaker Corus have cut the price of one tranche of debt to be floated in the market to 99.25% of face value from 100%. Tata steel will now have to pay 50 basis points more on this tranche of $1 billion with a seven-year tenure. Tata Steel is mopping up $7.3 billion to fund its $13 billion-acquisition of Corus. The loan’s underwriters are ABN Amro, Citigroup and Standard Chartered.The move came after institutional investors, the loan's original target market, have been reluctant to join amid current credit market volatility arising from US sub-prime mortgage woes.
Published by Webmaster @ 12:12 PM IST.
Anant Raj Industries stock split
The board of Anant Raj Industries has approved for the split of equity shares of the company from 1 equity share of Rs 10 each to 5 equity shares of Rs 2 each. Further the effect of split will be extended to the shares which will be allotted pursuant to the merger of the company with it's group companies and to any other earlier resolution passed for allotment of equity shares of face value of Rs 10 each.
Further, the board has decided to convene extra ordinary general meeting on 10 September 2007.
Published by Webmaster @ 12:01 PM IST.
Aban Offshore + Hindustan Copper's restructuring
Thursday, August 09, 2007Aban Offshore has announced that letter of award has been received from a leading E&P Company in South Asia for deployment of the new built jack up rig deep driller 4, for a firm period of 12 months with two options to the operator for a period of 6 months each.
The estimated revenues for the firm period of deployment would be approximately US $ 80 million, including mobilization and demobilization. The rig is likely to commence operations by 4th quarter of year 2007.
Reportedly, the ministry of mines had proposed a financial restructuring package worth Rs 637 crore for Hindustan Copper Limited [HCL] revival. The package includes waiver of loan, interest, preference share capital, guarantee fee and reduction of capital.
The combined measures are expected to substantially reduce HCL's accumulated losses of Rs 723 crore that has eroded its capital base by about 50%, reports suggest.
The financial restructuring package is aimed at helping HCL to mobilise funds from the market for estimated outlay of Rs 1800 crore for modernisation, expansion and development of new mines.
Meanwhile, the state-run copper firm was recently in news for exploring avenues to hedge its risk on the Multi Commodity Exchange (MCX). If successful, HCL would be the first metal producer in the country to hedge on a local commodity exchange
Published by Webmaster @ 3:11 PM IST.
Biocon & Abraxis Bioscience announces licensing agreement
Biocon has announced that the company and Abraxis BioScience, an integrated, global biopharmaceutical company has announced a licensing agreement for the commercialization of ABRAXANE in India.
Under the terms of the agreement, the company will also have the right to market ABRAXANE in Pakistan, Bangladesh, Sri Lanka, United Arab Emirates, Saudi Arabia, Kuwait and certain other persian gulf countries. As part of this agreement, Abraxis will receive royalties from the company based on net sales of ABRAXANE in these countries.
In July 2007, Abraxis submitted to India's Ministry of Health and Family Welfare an application to market ABRAXANE for the treatment of breast cancer.
Published by Webmaster @ 2:03 PM IST.
Tata Tea gains on US acquisition buzz
As per reports, the Tata Tea is examining a number of acquisition targets in the US beverage market. Topping the list is AriZona Beverages, in which the Tatas have been interested for almost three years now.
AriZona Beverages operates a portfolio of tea, coffee, water and juice brands, besides beer and snacks. Reportedly, if a bid goes through, the Tatas will keep both the bottled and powder beverage operations and may divest the beer and snack businesses of AriZona Beverages.
Last year, Tata Group paid about $677 million for a 30% stake in Glaceau — makers of enhanced water in the US. But it was forced to sell its stake in the company to Coke after the US giant made an aggressive offer.
The scrip touched a high of Rs 744.90 and a low of Rs 724.10 so far during the day. On BSE, 20,044 shares were traded in the scrip.
Published by Webmaster @ 11:27 AM IST.
Sical Logistics sells its auto components division
Wednesday, August 08, 2007Sical Logistics has sold the manufacturing facilities and assets of its auto components division, indrad auto components, for Rs 14.69 crore to Lucas TVS, one of India's largest auto electrical manufacturing companies.
With this asset disposal, the total funds realized by the company since the start of the dis-investment process, in 2006, have gone upto Rs 90.18 crore. The exit from the facilities of the auto components division, part of the non logistics business of the company, is in continuation of the company’s strategy to exit its non core businesses and focus on the core business of logistics. The company had been in talks with a number of global majors but zeroed in on the TVS group because of business synergies and the fit of the facilities to TVS's growing needs.
Published by Webmaster @ 2:32 PM IST.
Jai Corp at all time high on bonus bonanza
Jai Corp Limited announced before the market hours today, 8 August 2007 that a meeting of the board of directors of the company will be held on 09, August 2007 to consider issue of bonus shares. The book value per share is a healthy Rs 392.63.The company's current equity is Rs 8.63 crore, with 86.3 lakh outstanding shares of a face value of Rs 10.
The current market price of Rs 5061.70 discounts its Q1 June 2007 annualised EPS of Rs 157.78, by a PE multiple of 32.08.
Published by Webmaster @ 12:25 PM IST.
Strides Arcolab + Kale Consultants
Strides Arcolab has announced its first ANDS approval for ondansetron injection 2 mg / ml. Ondansetron is a first amongst various sterile submissions the company has submitted with health Canada and the product is licensed to an undisclosed partner in Canada and expects sales to commence in Q4 2007.
Kale Consultants has announced the company's acquisition of privately held Zero Octa, the largest and leading provider of airline revenue assurance, protection and audit services world wide.
Zero Octa, headquartered in London, is a strategic addition to the company's revenue management portfolio aimed specifically at the airline industry. The acquisition will extend the company's revenue management, protection and revenue integrity service capabilities and also significantly increases the company's airline client base. Zero Octa offers a fully managed end-to-end solution that works in conjunction with an airlines' existing processes to maximize the efficiency of their systems, processes and personnel.
The acquisition will make Kale Consultants not only the leading, but also the largest provider of revenue management and accounting solutions globally. With over 200 domain, technology and software professionals and 1100 processing staff the company will have the largest pool of expertise in this space globally.
Published by Webmaster @ 12:22 PM IST.
Nitin Fire Protection Industries signs MOU
Tuesday, August 07, 2007Nitin Fire Protection Industries has announced that Nitin Cylinders, a wholly owned subsidiary of the company has signed a MOU for the supply CNG gas cylinders to IRAN worth Rs 650 million. The execution of the order shall be done within this current financial year.
Further the plant of the company at Himachal Pradesh has started operation for manufacturing of fire protection equipments.
Published by Webmaster @ 1:25 PM IST.
Punj Lloyd Order + GMR SEZ
Monday, August 06, 2007Punj Lloyd has secured a Rs 590 crore contract for building a sulphur block at Bina Refinery of Bharat Oman Refineries at Bina, Madhya Pradesh. The lump-sum turnkey contract entails engineering, procurement, construction and commissioning assistance (EPCC) services and has been bagged amidst stiff International competitive bidding. Order Book of Punj Lloyd now stands at Rs 16,400 crore.
GMR Infrastructure announced during market hours today, 6 August 2007, that it had entered into a memorandum of understanding (MOU) with Tamil Nadu Industrial Development Corporation (TIDCO) for the development of a multi product special economic zone (SEZ) in the Krishnagiri District, Tamil Nadu. GMR Infrastructure reported a net profit of Rs 0.73 crore on sales of Rs 7.07 crore in Q1 June 2007. The current market price of Rs 816 discounts its Q1 June 2007 annualised EPS of Rs 0.09, by a PE multiple of 9066. We recommend a SELL on GMR Infrastructure.
Published by Webmaster @ 2:25 PM IST.
VSNL Likely to Invest More in South Africa
As per reports, Infraco, South Africa's third network operator, which has been formed to lower the broadband costs, is planning to invest close $700 million to build an undersea cable network. The cable network will connect Africa, America and Europe. Tata group-controlled Videsh Sanchar Nigam (VSNL) may invest close to $200 million for the cable project.
The South African telecom regulator has invited strategic partners to invest in the submarine cable project. Since VSNL has its own undersea cable projects across the globe, it is interested in equity participation in Infraco's cable project.
Currently, the Tata group, through VSNL and Tata Africa, has a 26% holding in South Africa's second national telecoms operator, Neotel. The Tata Groups Telecom ventures when clubbed together make them the third Largest Telecom Service Provider in India.
Published by Webmaster @ 11:36 AM IST.
Jindal Saw Conference Call - Notes
Saturday, August 04, 2007
Financial Highlights:For the quarter ended Jun'07 Jindal Saw reported a 34% rise in Net sales revenue to Rs 1285.53 crore. The OPM (Operating Profit Margin) increased by 100 basis points to 12.5%. Operating profit for the quarter ended Jun'07 stood at Rs 160.59 crore, which was 45% higher as compared to corresponding previous quarter last year. The ensuing PAT for the quarter ended Jun07 was Rs 82.05 crore which was 99% higher when compared with corresponding previous quarter last year.
The order book is approx. US$ 1.225 billion (Indian book approx. US$ 725 million and app. US$ 500 million at USA branch). The orders are slated to be executed by June 2008.
Targets sales revenue to the tune of Rs 5000- 5200 crore for the year ending Sept'07. The sales target for the year ending Sept'08 and Sept'09 is around Rs 6000-6200 crore and Rs 7200 crore respectively.
Capacity utilisation of Kosikana plant, which is longitudinal plant, is 45-50%.
Capex to the tune of Rs 450 crore upto Sept'08. The total Interest cost for the year ended Sept'07 is expected to be around Rs 120 crore. The Depreciation for the FY 2007-08 would be around Rs 75-80 crore.
Published by Webmaster @ 6:02 PM IST.
Rajesh Exports India's No 1 investor friendly company
Friday, August 03, 2007Rajesh Exports was rated as India's No. 1 investor friendly company among India's all listed companies. The rating was announced by the leading business magazine BUSINESS TODAY. The company achieved this significant milestone ahead of some of India's highly rated service and manufacturing companies.
The rating was arrived as a result of a comprehensive exercise conducted among all the India's listed companies including the SENSEX and NIFTY companies.
If you don't agree, you may send your comments to "feedback @ DalalStreet.Biz"
Published by Webmaster @ 8:11 PM IST.
Gitanjali Gems Shines on Good Results
Net profit of Gitanjali Gems rose 55.59% to Rs 32.83 crore in Q1 June 2007 over Q1 June 2006. Sales jumped 31.26% to Rs 653.85 crore in Q1 June 2007 over Q1 June 2006.
Shares of the second largest diamond maker by sales in India had hit a high of Rs 280, which is also its all-time high. The current market price of Rs 275.05 discounts its Q1 June 2007 annualized EPS of Rs 21.69 by a PE multiple of 12.68
Published by Webmaster @ 1:39 PM IST.
Punj Lloyd gains on Pipavav Shipyard Deal
Punj Lloyd has signed a memorandum of understanding (MOU) to invest Rs 403 crore for acquiring a 25.1% stake in Pipavav Shipyard. This will provide it an access to fabrication facilities for platforms, rigs and jackets to exploit the opportunities in this sector.
Orders to the Company:
On 2 August 2007 that Sembawang Engineers and Constructors (Sembawang), a subsidiary of Punj Lloyd (PLL), secured a contract worth over Singapore dollar 250 million for sub-structural works at the Sentosa Integrated Resort Development.
Punj Lloyd has signed a MOU with the Ramprastha Group for the development of multi-storied residential housing through a 50:50 joint venture of the company and the Ramprastha Group.
The MOU envisages development of residential apartments by the joint venture in Ghaziabad in approximately 29 acres in Vaishali in the first phase. In the second phase, substantial real estate development is proposed in Indrapuram and Gurgaon, where the Ramprastha Group holds a large land-bank. Punj Lloyd is expected to make an initial investment in the joint venture to the extent of Rs 180 crore and a similar initial investment is planned by the Ramprastha Group.
Published by Webmaster @ 1:18 AM IST.
Hero Honda + Tata Motors Sales Skid
Thursday, August 02, 2007
Auto sales have been on a decline. Sales of Bike Major Hero Honda was down from 2,35,314 sold in June-06 to 2,01,191 units in July 2007. A decline of 14.5%.Hero Honda Net profit dipped 20.14% to Rs 189.84 crore in Q1 June 2007 over Q1 June 2006. Sales inched up 3.3% to Rs 2447.99 crore in Q1 June 2007 over Q1 June 2006.
Tata Motors' vehicle sales fell 6.6% in July 2007 to 42,098 units over July 2006. Sales of commercial vehicles dropped 3.8% to 20,705 units in July 2007 over July 2006. Exports fell 17% to 4,382 units.
Net profit rose 22.2% to Rs 466.76 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 4.7% to Rs 6056.82 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 12:56 PM IST.
Reliance Energy wins Damodar Valley Project
After successfully winning the Sasan ultra mega power project in Madhya Pradesh, for setting up the 4,000 mega watts plant in Madhya Pradesh, Reliance Energy has emerged as the sole bidder for a Damodar Valley Corporation (DVC) power project in Purulia district of the West Bengal.
Reliance Energy is due to sign a letter of intent with DVC within a fortnight for 1,300 MW coal based power plant. The company is planning to invest Rs 5,000 crore over the next three years in the project.
Reliance Energy's investment in Sasan UMPP is expected to be Rs 20,000 crore.
Buy Reliance Energy on Decline.
Published by Webmaster @ 12:45 PM IST.
Apollo Hospitals to set up a multi speciality hospital
Apollo Hospitals Enterprise has announced that the company has been in negotiation with British American Investment (Mauritius) (BAI) for associating in a joint venture for setting up a multi speciality hospital on a state land provided by Government of Mauritius. The joint venture company, British American Hospitals Enterprise (BAHEL) has been formed and joint venture agreement between the company, BAI, BAI Medical Centres (BMCL), subsidiary of BAI. The said BAHEL has been entered into on 31 July 2007 in this regard. The company will be holding 26% of the total equity capital of joint venture company and the balance 74% will be held by BMCL.
Published by Webmaster @ 11:46 AM IST.
Indian Hotels + VSNL
Wednesday, August 01, 2007Net profit of Indian Hotels Company rose 42.23% to Rs 54.76 crore in Q1June 2007 over Q1 June 2006. Sales were up 34.65% to Rs 346.50 crore Q1 June 2007 over Q1 June 2006.
The current market price of Rs 140.15 discounts its Q1 June 2007 annualised EPS of Rs 3.63, by a PE multiple of 38.6.
VSNL's net profit rose 18.22% to Rs 104.16 crore in Q1 June 2007 over Q1 June 2006. Total income soared 88.49% to Rs 1035.45 crore in Q1 June 2007 over Q1 June 2006.
The current market price of Rs 448 discounts its Q1 June 2007 annualised EPS of Rs 14.62, by a PE multiple of 30.64.
Published by Webmaster @ 1:15 PM IST.
