Category: Breaking Corporate India Earnings News

MindTree Consulting Ltd just a while ago announced its results. PAT is down QoQ from Rs 24.5 crore for quarter ended March-07 to Rs 20.6 crore for the quarter ended June-07. Revenues were also disappointing and were marginally higher to 161.5 crore.

The stock is facing heavy selling pressure and is down 4% to Rs 702 on the NSE.

ABG Shipyard has secured a major order for construction of 12 vessels of approximately 32,000 DWT, for a total price of US $ 360 million (Rs 1460 crore) from Precious Shipping, Thailand, as a part of its ship acquisition programme.

RPG Cables has received an order for supply of PIJF cables from Mahanagar Telephone Nigam (MTNL). The total value of the order is Rs 33.31 crore and this is required to be completed by November, 2007.

At its upper circuit limit, the scrip touched its all-time high.

The dairy products maker announced a liberal bonus of 1:1 after market hours yesterday, 23 July 2007.

The scrip had touched a low of Rs 49.05 so far during the day. Its 52-week low was Rs 15 on 20 November 2006. At the current price of Rs 49.05, the scrip trades at a PE multiple of 15.67, based on the year ended March 2007 EPS of Rs 3.13.

The Modern Dairies scrip had gained 70.36% in the one month to 20 July 2007 versus the Sensex’s 7.35% gain. It added 101.13% in the past three months against the Sensex’s 12% return.

Satyam Computer Services has announced strategic initiatives to strengthen its presence in South Africa.

The company is banking on a sizable number of contracts emanating from South Africa in the coming years and sees potential in providing IT solutions to the banking & financial, energy & utilities and government sectors.

As part of its global strategy, the company has also recruited and trained 50 South African technical graduates in the last one year. The first batch of 20 has been successfully deployed in projects in South Africa. Essentially an employment and skilled enablement program supporting the RSA’s BEEC, the company plans to hire almost 200 more local technical graduates, train them in India and bring them back to South Africa to associate with various customer projects.

Currently, the company serves 6 of the largest firms in the country, employs over 120 technical resources at customer locations and has offices in Johannesburg and Cape Town.

Dayim Punj Lloyd Construction Contracting company, a joint venture company of Punj Lloyd, a global EPC services provider in energy and infrastructure domains, has secured its first order from Saudi Kayan Petrochemical company (SABIC) in KSA. The EPC value of the contract is US $ 79 million.

Under the contract, Dayim Punj Lloyd, on EPC basis, will construct 8 tanks for DM Water, Fire / Service Water, MEG and crude storage and one sphere for mixed butanes storage for offsite and utility of saudi kayan petrochemical complex at Jubail Industrial city, KS.

The major highlights of the project will be blast overpressure design for 5 tanks, FEA analysis for large bore nozzles for two tanks. Dayim Punj Lloyd will be constructing the largest tank – 71 dia x 18M high, cone roof carbon steel apart from three tanks of stainless steel 304L, max size 40.5M dia x 18 M high, cone roof. The work is scheduled to be completed by January 2009.

Dayim Punj Lloyd was formed with the joint venture of the company with His Royal Highness Prince Khalid Bin Bandar Bin Sultan (KBS), Kingdom of Saudi Arabia, in May 2006. Formed to identify new business opportunities in Saudi Arabia, it will serve as a powerful vehicle for both companies to expand roles in Saudi Arabia by offering the best of each company’s expertise and a dedicated service and support organization. Dayim Punj Lloyd is a jointly owned company in which the Punj Lloyds has 49% stake.

ICICI Bank saw a sharp increase in its loan defaulters in the past quarter. Net non-performing assets [NPA] as a percentage of net customer assets increased from 0.98% at the end of March to 1.3% at the end of June. An increase of 0.32% in just 3 months is a cause of concern for many Banking analysts.

The stock price of ICICI Bank is on the rise mainly because of its subsidiaries – ICICI Insurance.

We personally don’t recommend ICICI Bank to our investors however, HDFC Bank in the Private Sector and Bank of Baroda under the public sector are our favorite picks. But certainly not at this level, BUY only when the market corrects.