Dalal Street

Nagarjuna Construction Company that it has bagged new orders totaling Rs 150 crore. Out of this, the major order comprises of a project for construction of IV phase bridges in Karnataka for Karnataka Road Development Corporation (KRDCL) valued at Rs 109 crore. Another order is for construction of water treatment plant for Ahmedabad Municipal Corporation, Ahmedabad valued at Rs 32 crore.

The current price of Rs 222.50 discounts Q1 June 2007 annualised EPS of Rs 6.91 by a PE multiple of 32.19.

Larsen & Toubro (L&T) has announced that the company has been awarded an order for methanol reformer package as a part of trombay methanol revamp project for Rashtriya Chemicals and Fertilizers (RCF), Chembur.

This project is of paramount importance to RCF in order to enhance overall energy efficiency, reliability and life of the methanol plant along with augmentation of capacity from present 180 TPD to 220 TPD of methanol product. The owner has retained Haldor Topsoe A/S of Denmark as the process licensor and Projects & Development India (PDIL) as the project consultant.

This order valued at Rs 77 crore comprises the detailed engineering, procurement, supply, transportation, storage, fabrication, inspection, construction, installation, testing, mechanical completion and assistance for pre-commissioning, commissioning and performance guarantee test runs for the said project.

The order was bagged by the company against stiff competition from internationally reputed reformer suppliers, on the strength of its track record in execution of similar projects meeting strict quality requirements and conforming to stringent delivery schedule.

IVRCL Infrastructures & Projects just a while ago told us that the Chennai region of IVRCL has bagged various water supply and sewage projects worth Rs 368.14 crore in Chennai.

Net profit of IVRCL Infrastructures & Projects rose 80.59% to Rs 37.96 crore on a 58.92% surge to Rs 690.20 crore in sales in Q1 June 2007 over Q1 June 2006. The current price of Rs 379.75 discounts Q1 June 2007 annualised EPS of Rs 11.71 by a PE multiple of 32.42.

The Stock is up 1.96% at Rs 380 and is of Face Value Rs 2.

Tata Sons, made an open offer at Rs 600 a share to buy up to 28.39% stake from other shareholders of the firm who presently hold 39.39%. The offer price is at a 33 % premium to Friday’s closing price of Rs 450.10. Tata Sons and other Tata group companies hold 60.61% in Tata Investment.

Net profit of Tata Investment Corporation rose 8.61% to Rs 39.59 crore on 6.01% rise in total operating income to Rs 43.57 crore in Q1 June 2007 over Q1 June 2006.

Tata Investment Corporation, which is promoted by Tata Sons, is a non banking financial company that handles a portfolio of investments and it also acts as a promoter of new companies and projects of Tata Group.

The current price of Rs 540.10 discounts Q1 June 2007 annualised EPS of Rs 45.95 by a PE multiple of 11.75.

Reports indicates that the new subsidiary will also act as a holding company for all its joint ventures in the BPO business, including railways project Bharat BPO Services, in which it holds a 50% stake. Spanco’s Middle East joint venture, in which it holds 51%, its call centre business in the UK and the international BPO business from Respondez will now come under Spanco BPO Ventures

Spanco’s net profit rose 106.7% to Rs 9.26 crore on 68.8% rise in sales to Rs 102.14 crore in Q1 June 2007 over Q1 June 2006. At the current price of Rs 230.95, the scrip trades at a PE multiple of 12.87, based on Q1 June 2007 annualised EPS of Rs 17.94.