Dalal Street

Usha Martin’s board just a while ago recommended a dividend of Rs 3.75 per share.
Further, the board also recomended for splitting each equity shares of Rs 5 each into five equity shares of Rs 1 each.

Orient Paper & Industries board would meet on 24 May 2007 to consider the proposed rights issue of up to Rs 175 crore.

Suzlon Energy had launched a $ 300 million zero coupon foreign currency convertible bonds (FCCBs) issue with a conversion price of Rs 1800 per share. The bonds, which have a maturity of five years and one day, are expected to be listed on the Singapore Exchange

Alfa Laval AB, a world leader in heat transfer, centrifugal separation and fluid handling, had on 26 February 2007 announced a public offer to increase its holding in Alfa Laval India to 90% at Rs 875 per share. The Alfa Laval Group currently holds 64% in Indian company.

State run Dena Bank gained 11.62% to Rs 45.15 on market talks of its takeover by Canara Bank. The talks are at advanced stage and Canara Bank is reported to have appointed Ernst & Young to explore the possibility

ABN Amro has recommended a BUY on Texmaco Limited with a price target of Rs 1090.

Key Triggers for the Stock are:

• Entry of private players into containerized freight segment and Indian Railways wagon business. Texmaco’s wagon business accounts for approximately 50% of its revenues.
• New Steel foundry has commenced operations in FY07.
• Unlocking the value of idle land bank and business restructuring viz inorganic growth.

The stock is trading above 200 DMA.

Punj Lloyd has bagged a new order worth Rs 122.65 crore from GAIL India for panvel dabhol pipeline project.

IVRCL Infra has bagged two orders. The first project is worth Rs 376.14 crore awarded by Government of Andhra Pradesh for building a tunnel. The second project is worth Rs 6.91 crore awarded by Goa State Infrastructure Development Corporation to construct a swimming pool at Ponda sports complex.

Bharat Seats’ board would meet on 24 May 2007 to consider the sub-division of equity shares from Rs 10 per share into five equity shares of Rs 2 each. Accordingly, the board will accord the proposal to issue bonus shares in ratio of one equity share for every one equity share held (1:1)

Jet Airways has proposed a $400-million rights issue. It is expected to be completed in four months and the money would be utilised for funding aircraft acquisition, Jet Airways Chairman Naresh Goyal said.