Dalal Street

Gateway Distriparks has proposed issue of bonus shares (one equity share for every 4 existing equity shares).

BHEL’s board has recommended a bonus shares in the ratio of 1:1 (ie, One additional share for every one equity share held).

Reliance Communications [ADAG] company has declared its Q4FY07 results. The company reported Q4 net profit of Rs 1,023.3 crore on revenues of Rs 3,936.7 crore.

For quarter-on-quarter, it has posted net profit of Rs 1,023.3 crore versus Rs 924 crore (Rs 9.24 billion), a growth of 10.7% and revenues of Rs 3,936.7 crore compared to Rs 3,755.3 crore in previous quarter, up by 4.8%.

For FY07, the company has reported net profit of Rs 3,163 crore (Rs 31.63 billion) and revenues of Rs 14,468 crore (Rs 144.68 billion). Rel Comms Q4 EBITDA stood at Rs 1,635 crore (Rs 16.35 billion) and margin at 41.5%. Wireless margins in the fourth quarter was at 39%, global business margins at 24% and enterprise business margins at 49%.

Reliance ARPU for Wireless subscribers is at Rs 377, way below Bharti Airtel’s ARPU of Rs 406.

Gujarat Gas Company have approved sub-division of the equity shares from the present nominal value of Rs 10 per equity shear to Rs 2 per equity share.

Jet Airways India has taken delivery of its first Airbus A330 aircraft on order making the airline the first Indian based carrier to receive an aircraft in the A330 product range. The company ordered 10 Airbus A330s in October 2005.

ICICI Bank on Saturday posted lower-than-expected fourth-quarter earnings due to higher cost of funds. ICICI Bank’s net profit rose mere 4.45% to Rs 825.12 crore in the quarter ended March 2007, as against Rs 789.93 crore during the previous quarter ended March 2006. Total income for the bank rose 54.2% at Rs 8495 crore.

Concerns of equity dilution also weighed on the counter. Along with Q4 results, ICICI Bank’s board also approved raising additional equity capital by way of a public issue of shares and American Depositary Shares (ADSs). The exercise is expected to generate around Rs 20000 crore. The approval of shareholders will be sought by postal ballot, the private sector bank said.

ICICI Bank stock is hit by concerns of huge equity dilution and is also a Big Drag on Sensex.