Divis Labs + Aditya Birla Nuvo
Tuesday, July 31, 2007Divi's Laboratories' net profit rose 151.5% to Rs 67.28 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 41.8% to Rs 228.07 crore in Q1 June 2007 over Q1 June 2006.
Hyderabad-based Divi's Labs makes generic bulk drugs and offers customs chemical synthesis or drug development services to innovator drug firms.
Aditya Birla Nuvo's net profit slid 53% to Rs 26.46 crore in Q1 June 2007 over Q1 June 2006. Sales declined 5.4% to Rs 740.96 in Q1 June 2007 over Q1 June 2006.
Aditya Birla Nuvo's principal activities are manufacturing viscose filament yarn, carbon black, branded apparels, textiles and insulators.
Published by Webmaster @ 2:31 PM IST.
i-flex Q1 Net Profit Down 46%
Monday, July 30, 2007i-flex Q1 net profit fell sharply to mere Rs 41.5 cr versus Rs 77 crore on QoQ basis (US GAAP). i-flex net sales also declined to Rs 532 crore versus Rs 579.4 crore, on QoQ basis. (US GAAP)
Other Quarterly News Flash Available to DalalStreet.Biz are as follows,
Rakesh Jhunjunwala held Praj Industries Q1 PAT Rs.28cr (+238%yoy)
Vijay Mallya Controlled United Spirits Q1 PAT Rs.88cr (+151%yoy)
BharatBijlee Q1 PAT Rs.12.6cr (+194%yoy)
Despite weakening Auto Sales, AmarRaja Q1 PAT Rs.18cr (+90%yoy)
Published by Webmaster @ 10:34 AM IST.
Hindustan Unilevel BuyBack
Sunday, July 29, 2007
Hindustan Unilever board which met this evening authorized a share BUY-Back scheme at Rs 230 / share, aggregating to an amount of Rs 630 crore.The buyback is proposed to effectively utilise the surplus cash, and make the balance sheet leaner and more efficient to improve returns.
Published by Webmaster @ 4:51 PM IST.
Punj Lloyd bags Big Order from Reliance
Friday, July 27, 2007Punj Lloyd has been awarded a contract by Reliance Gas Transportation & Infrastructure (RGTIL) for its east-west pipeline project for laying of pipeline & associated facilities.
The value of the contract is Rs 498 crore, which is inclusive of the Rs 180.16-crore placed earlier by RGTIL with the company. The work is scheduled to be completed by December 2007 end.
Published by Webmaster @ 6:56 PM IST.
Crompton Greaves + Tata Power + Suzlon Energy
Crompton Greaves' net profit rose 89.1% to Rs 68.76 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 21% to Rs 896.07 crore in Q1 June 2007 over Q1 June 2006. Crompton Greaves' principal activities are broadly classified into four strategic business units: power systems; consumer products; industrial systems and other.
Tata Power Company's net profit moved up 56.09% to Rs 190.20 crore in Q1 June 2007 over Q1 June 2006. Sales rose 9.80% to Rs 1511.48 crore in Q1 June 2007 over Q1 June 2006.
Suzlon Energy's net profit declined 53.8% to Rs 89.4 crore in Q1 June 2007 over Q1 June 2006. Total income dipped 8.85% to Rs 862.9 crore in Q1 June 2007 over Q1 June 2006.
As on date, the company said it has orders worth Rs 13,496.83 crore comprising Rs 1,711.21 crore domestic orders and Rs 11,785.62-crore export orders.
Published by Webmaster @ 10:47 AM IST.
Maruti + MRF Results
Maruti Udyog's net profit rose 35.1% to Rs 499.60 crore in Q1 June 2007 over Q1 June 2006. Net sales rose 25.7% to Rs 3930.82 crore in Q1 June 2007 over Q1 June 2006. Both top line and bottom line exceeded market expectations. Recall Analysts were skeptical and negative about the performance of Auto companies.
MRF's net profit rose 420% to Rs 42.5 crore in Q3 June 2007 over Q3 June 2006. Sales moved up 13.93% to Rs 1,133.43 crore in Q3 June 2007 over Q3 June 2007. MRF has declared interim dividend at the rate of Rs 3 per share.
Published by Webmaster @ 9:13 AM IST.
PNB + Canara Bank - Modest Quarter
Punjab National Bank's [PNB] profits are ahead of our 10% growth expectations, but qualitatively, it remains a modest quarter. Margins continue to face pressures, cost increases are also relatively high and overall profitability has been supported by provisioning write-backs.
Falling margins and high costs pressure overall profitability; excluding trading gains, profit expansion is likely to be lower still. PNB’s well above industry and 400bp+ margins were always likely to erode; however, the erosion appears to be coming in a rate environment that should have bolstered PNB’s margins, given its balance-sheet structure. PNB is expected to report an EPS of Rs 60.08 below Dalal Street Analysts consensus of Rs 64.49. Stock price target is Rs 615.
Canara Bank 1Q08 profits up 26% yoy, 9% higher than our expectations. Qualitatively though, they fall short, with a drop in NIIs the primary and a large disappointment. Margins dipped almost 50bp; well below industry levels, its own historical lows, and in a quarter that saw little growth. The asset book itself provides comfort; limited asset deterioration over quarter, continuing asset recoveries, increase in coverage levels, and loan growth moderation to sub 20% levels.
Canara Bank is expected to report an EPS of Rs 35.86 for FY2008 and the stock price target is Rs 300.
Published by Webmaster @ 9:05 AM IST.
Ranbaxy - GSK agree to dismiss US Litigation
Thursday, July 26, 2007Ranbaxy Laboratories has reached an agreement with GlaxoSmithKline (GSK) to stipulate a dismissal of their US litigation with regard to Valtrex (Valacyclovir Hydrochloride tablets). The lawsuit in the US was related to GSK's US Patent No 4,957,924, covering Valacyclovir Hydrochloride and its use in the treatment of herpes virus infections.
Under the agreement, the company will enter the US market in late 2009 whereby as the first generic, the company will enjoy a 180 days exclusivity. In early February 2007, the company received a final approval from the US FDA to market and manufacture Valacyclovir Hydrochloride tablets.
Company will continue to pursue a strategy to effectively leverage and monetize it's pipeline of FTF opportunities. The company believes that it has a First-to File (FTF) status on approximately 20 Para IV ANDA filings representing a market size of - US $ 26 billion valued at innovator prices.
Published by Webmaster @ 1:33 PM IST.
Infosys from Technologies to a BPO Company
Wednesday, July 25, 2007Infosys Technologies Ltd has signed a multi-million dollar outsourcing contract with Royal Philips Electronics of Netherlands. As part of the agreement, Philips will enter into a multi-year contract with Infosys BPO to provide finance & accounting (F&A) services and the processing of purchasing orders.
The company will also acquire three shared service centers located in India, Poland and Thailand from Philips. The contract is amongst the largest finance & accounting BPO engagements from India and will expand the company's global network, particularly strengthening its European operations.
The deal extends the company's global network with new centers in India, Poland and Thailand. The company will gain approximately 1,400 Philips professionals who will add to the company's BPO team a wide range of valuable skills and abilities, which include diverse language capabilities, technical expertise and domain knowledge.
Infosys is desperate to do any business now. LOL. Why can't they expand high margin Infosys Consulting [Min. $100+ / Hour / Consultant] rather than doing stupid BPO deals.
Published by Webmaster @ 5:48 PM IST.
Mindtree posts weak results
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.
Published by Webmaster @ 10:40 AM IST.
ABG Shipyad + RPG Cables Orders
Tuesday, July 24, 2007ABG 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.
Published by Webmaster @ 3:18 PM IST.
Modern Dairies 1:1 bonus
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.
Published by Webmaster @ 3:07 PM IST.
Satyam Computer plans for South Africa
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.
Published by Webmaster @ 3:00 PM IST.
Dayim - Punj Lloyd Construction secures first order
Monday, July 23, 2007Dayim 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.
Published by Webmaster @ 5:29 PM IST.
Loan Defaulters rise at ICICI Bank
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.
Published by Webmaster @ 11:46 AM IST.
UTI Bank raises US $ 1.050 Billion
UTI Bank has successfully priced its offering of 14.13 million GDRs, aggregating US $ 218.07 million. Each GDR, representing one underlying share, was priced at US $15.43 and will be listed on the London stock exchange. This represents a discount of 1.7% to the closing price of the bank's GDR on 20 July 2007.
In addition, the bank has determined the issue price of the equity shares to be offered in the proposed qualified institutional placement (QIP) to be Rs 620 per share. The size of the QIP will be Rs 1,752 crore.
Further, the bank proposes to allot, on a preferential basis, 2,56,21,076 shares to its promoters at Rs 620 per share aggregating to Rs 1,588 crore.
Labels: UTI Bank
Published by Webmaster @ 10:20 AM IST.
Sasken Communication drops after Q1 result
Friday, July 20, 2007The stock of Sasken Communications dropped 5.11% to Rs 459 on the NSE.
On a sequential basis, Sasken's consolidated net profit dropped 45.43% to Rs 6.39 in Q1 June 2007 over Q4 March 2007. Sales declined 5.46% to Rs 128 crore in Q1 June 2007 over March 2007.
The net profit declined 26.12% to Rs 6.39 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 40.47% to Rs 128 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 5:32 PM IST.
Exide Industries + Rain Calcining Foreign Acquisition
The board of Exide Industries has given approval for acquisition of 26% stake in a joint venture company in Australia for marketing of traction batteries. Further, the board has also approved the acquisition of the balance 49% shareholding in its existing 51% subsidiary company, Caldyne Automatics.
Rain/CII Holdings, a subsidiary of Rain Calcining, has completed its acquisition of CII Carbon, L.L.C., USA for a cash purchase price of approximately US $ 595 million on 19 July 2007 (New York time). With this acquisition of CII, the company has become the largest manufacturer of calcined petroleum coke in the world.
Published by Webmaster @ 11:48 AM IST.
IT SEZ Plans takes L&T to an all-time high
Larsen and Toubro and Arun Excello Infrastructure on Thursday, 19 July 2007, announced the launch of an IT SEZ. The project coming up at Vallancheri, Tamil Nadu will have a total built up area of 2.70 million squre feet (sq. ft.), spread over eight blocks, ranging from 2.5 lakh sq. ft. to 4.50 lakh sq. ft. and would be completed in two phases. Construction of the first phase is expected to begin in August end this year and would constitute 1.5 million sq. ft.
The scrip had hit a high of Rs 2455, also a all time high for the scrip, and a low of Rs 2390.15 so far during the day.
SEZ in India is the Largest Real Estate Scam in the world. I have never heard of this place called Vallancheri and I wonder how many IT Exporting companies will move into that place. Don't panic, L&Ts major role will be in construction by virtue of which it will get stake :-)
Published by Webmaster @ 11:42 AM IST.
Tech Mahindra Disappointing Results + Stock Drops
BT Revenue Disappoints Tepid sales; margin above expectations - Revenue grew ~7% qoq to US$211mn - below expectation of US$218mn. Revenue in INR terms was flat at Rs.8.76b. EBITDA margin declined 340bps (vs. our expectation of 410bps decline). Lower taxes led to net profit of Rs.1.7b - marginally ahead in spite of lower sales growth.
Tech Mahindra’s consolidated net profit declined 13.1% to Rs 170.30 crore in Q1 June 2007 over Q4 March 2007. Revenue rose 0.2% to Rs 876.30 crore over March 2007.
The stock is down to Rs 1428. However, its a good BUY on decline.
Published by Webmaster @ 11:29 AM IST.
Gateway Distripzarks + Zee Entertainment - Recommendation
Wednesday, July 18, 2007Gateway Distriparks has announced its first quarter results. Consolidated PAT declined 6% Y/Y. This research report has complete analysis of Gateway Distriparks results.
Zee Entertainment announced Strong 1QFY08; Ad Growth Rocking, Pay Growth Yet to Fully Kick In. Here is future recommendation for Zee Entertainment.
Published by Webmaster @ 12:18 PM IST.
GMR Infrastructure ban on derivatives contracts
The derivative contracts in the underlying of GMR Infrastructure have crossed 95% of the market-wide position limit and are currently in the ban period on NSE.
The current market price of Rs 868 discounts its FY 2007 EPS of Rs 0.09 by a PE multiple of 9644. [Highly Overvalued Stock - SELL and Book Profits]
GMR Infrastructure reported net profit of Rs 12.37 crore on sales of Rs 22.01 crore in Q4 March 2007.
Net profit declined 91.89% to Rs 2.88 crore in the year ended March 2007 (FY 2007) as against Rs 35.55 crore in the year ended March 2006 (FY 2006). Sales slipped 41.9% to Rs 33.39 crore in FY 2007 (Rs 57.44 crore).
The company will unveil Q1 June 2007 results on 27 July 2007. Is GMR the new ENRON of India ?
Published by Webmaster @ 11:57 AM IST.
Lupin receives US FDA approval
Tuesday, July 17, 2007Lupin has received approval from the US FDA for Abbreviated New Drug Application (ANDA) for Amlodipine Besylate tablets, 2.5 mg (base), 5 mg (base) and 10 mg (base). Commercial shipments of Amlodipine Besylate tablets will commence shortly.
The company's Amlodipine Besylate tablets are AB-rated generic equivalent of Pfizer's Norvasc tablets, a long-acting calcium channel blocker indicated for the treatment of hypertension. The brand product had annual sales of approximately $ 2.7 billion for the twelve months ended December 2006, based on IMS Health sales data.
Published by Webmaster @ 10:59 AM IST.
L&T consortium bags orders from Tata Steel
Monday, July 16, 2007Larsen & Toubro led consortium has bagged orders worth Rs 1070 crore for supply & installation of sinter plant and other packages from Tata Steel.
The company in consortium with Outotec GmbH, Germany bagged EPC (Engineering - Procurement - Construction) Contract for 5.75 MTPA Sinter Plant valued at Rs 836 crore. L&T 's share of this order is Rs 623.30 crore. This would be the single largest Sinter Plant to be built in India. This is scheduled for completion in 30 months.
L&T has also been awarded the contract for civil & structural steel works of steel melt shop valued at Rs 233.59 crore. This is scheduled for completion in 28 months.
Published by Webmaster @ 4:06 PM IST.
TCS Q1 Results
The software giant has posted Q1 consolidated net profit of Rs 1202.9 crore versus Rs 1195.2 crore on QoQ basis as per Indian GAAP.
During the corresponding quarters, its consolidated revenue was up at Rs 5202.9 crore versus Rs 5162.1 crore on QoQ basis.
Published by Webmaster @ 3:38 PM IST.
RCOM Acquires Yipes
ADAG Group company, Reliance Communications just a while ago made an announcement to the Mumbai Stock Exchange that it has acquired Yipes Enterprise Services. goBroadband has an exclusive coverage on how the deal makes strategic sense for Reliance Communications.
Yipes is already profitable and this may mark its ambition to enter the lucrative Datacom market in the US. RCOM may also explore the opportunities in Remote Infrastructure Management a closely related area for it to operate maybe from one of its SEZs to avail tax incentives.
RCOM stock shot up 2.7% and is trading at Rs 570 on the National Stock Exchange.
Published by Webmaster @ 2:52 PM IST.
Jaiprakash Associates Up on good Q1 numbers
Jaiprakash Associates posted 54.34% rise in net profit to Rs 140 crore in the Q1 June 2007 compared to Rs 92 crore in Q1 June 2006. Total income increased 8.76% to Rs 1,005 crore in Q1 June 2007 compared to Rs 924 crore in Q1 June 2006.
A few month back, Reserve Bank of India (RBI) had allowed foreign institutional investors (FIIs) to buy equity shares and convertible debentures of Jaiprakash Associates up to 45% of its paid-up capital.
The current market price of Rs 873.10 discounts its FY 2007 EPS of Rs 18.9, by a PE multiple of 46.19.
Published by Webmaster @ 11:05 AM IST.
Larsen & Toubro bags contracts worth Rs 853 crore + Stock Jumps
Friday, July 13, 2007Larsen & Toubro has bagged contracts worth Rs 853 crore.
The company has secured an order valued at Rs 366 crore from the Abu Dhabi Water & Electricity Authority for design, supply installation and commissioning of the two 132/22 kV substations at Saadiyat Island, Abu Dhabi. Each Substation consists of 132 V gas insulated switchgear 22 kV gas insulated switchgear 63/80MVA 132/22 kV transformers, substation control & monitoring system, protection & telecommunication system, DC system & auxiliaries and substations. The contract will be completed within 18 months.
The company has secured another order for turnkey construction at 400/220 kV extra high voltage substations valued at Rs 200 crore from the Power Grid Corporation of India. One of these major substation is to be located at Gurgaon (Near Delhi) will be 400/220 kV gas insulated substations. The other air insulation substations will be located at Bhinmal and Kankroli in Rajasthan and Zerda in Gujarat. The scope of work includes supply, erection testing & commissioning of 315 MVA transformers, 400 kV reactors, substation automation & protection system and total civil & air-conditioning works.
ECC (company's construction division) water and utilities group has also bagged three orders valued at Rs 287 crore.
The scrip had hit a high of Rs 2,450 today, which is also its all-time high, and a low of Rs 2,400 so far during the day. It had touched a 52 week low of Rs 978.50 on 24 July 2006.
Published by Webmaster @ 11:50 AM IST.
Bajaj Auto Net Profit + Sales Decline
Thursday, July 12, 2007Bajaj Auto first quarter results are way below street expectations. The company reported net profit at Rs 226.47 crore in the first quarter of FY08 as against Rs 266.01 crore in corresponding quarter of previous year.
Bajaj Auto net sales also declined to Rs 2109.1 crore versus Rs 2202.66 crore in the same quarter of previous year.
Published by Webmaster @ 12:11 PM IST.
iGate Q1 net profit down 36.72%
Wednesday, July 11, 2007iGate has posted decline of 36.72% in the first quarter net profit at Rs 14.3 crore (Rs 143 million) versus Rs 22.6 crore (Rs 226 million) in the earlier quarter.
The revenue was also down 5.09% at Rs 199.4 crore (Rs 1.99 billion) as against Rs 210.1 crore (Rs 2.1 billion).
Published by Webmaster @ 10:04 AM IST.
HDFC Bank Profits in Line With Estimates
Tuesday, July 10, 2007Results of HDFC Bank for Q1-07 [Quarter ended June] were in line with Citigroup and Dalal Street Analyst Expectations.
HDFC Bank reported a net profit at Rs 321 crore for the quarter. The net interest income has gone up by 27.46% at Rs 1,042.2 crore (Rs 10.42 billion) Operating profit also seen a surge of 41% in first quarter at Rs 783.68 crore (Rs 7.83 billion).
The Board approved raising equity USD 1 billion or Rs 4200 crore, whichever is higher, from domestic or international markets and Allotted shares worth Rs 1390.1 crore to parent HDFC via preferential issue.
Published by Webmaster @ 6:05 PM IST.
Welspun-Gujarat Stahl Rohren sets GDR programme
Pursuant to the resolution passed by the shareholders on 18 October 2005, Welspun-Gujarat Stahl Rohren issued FCCBs of aggregate amount of US$75 million.
In this connection, the company has set up GDR programme on 06 July 2007 with the listing approval from the Singapore Stock Exchange Securities Trading wherein the FCCB holders may opt for conversion of their bonds in to a number of GDR equal to the number of equity shares that would have been allotted had the bondholder opted for conversion in to equity shares.
The company made this announcement during trading hours today, 10 July 2007.
Published by Webmaster @ 5:45 PM IST.
Infosys Technologies Q1 Expectations
Monday, July 09, 2007Infosys Technologies is seen reporting a fall in net profit on a sequential basis in Q1 June 2007 due to the surge in the rupee and wage hike. The revenue is expected to grow only a bit on a sequential basis. Infosys unveils Q1 results on Wednesday, 11 July 2007.
Market men also expect Infosys to revise downwards its rupee EPS guidance for FY 2008 to factor in the impact of the rupee’s rise. But they expect Infosys to raise revenue guidance in dollar terms. This will help it maintain the EPS guidance in dollar terms. Infosys had guided a 20% to 22% growth in EPS in FY 2008 and a higher 25.7% to 27.7% growth in EPS in dollar terms at the time of announcing FY 2007 (year ended March 2007) results.
On a consolidated basis, Infosys reported a 16% rise in net profit to Rs 1,144 crore in Q4 March 2007, from Rs 983 crore in Q3 December 2006. Sales rose 3% to Rs 3,772 crore in Q4 March 2007, from Rs 3,655 crore in Q3 December 2006.
Published by Webmaster @ 10:19 AM IST.
Pantaloon retail to launch Small Bazaar
Friday, July 06, 2007Kishore Biyani's Pantaloon Retail India Limited is entering the neighborhood store format with - Small Bazaar outlets. This will compete directly with Reliance Fresh, Spinach, Subhiksha, Fresh @ and Bharti-Walmart stores.
Published by Webmaster @ 12:56 PM IST.
IndiaBulls ADR + IFCI Derivatives Curb
Wednesday, July 04, 2007Indiabulls Real Estate priced its US$ 360 million GDRs offering on the Luxembourg stock exchange at US$ 10.32 per GDR. Each GDR represents one equity share of the Company of nominal value Rs 2 each. The company has also granted an over-allotment option of up to US$ 40 million to Merill Lynch International.
NSE has banned building fresh derivatives positions in IFCI as 95% of market wide limit had reached in the stock. Trading in IFCI derivatives contracts will only be allowed to reduce positions. The scrip touched a high of Rs 63.40 and low of Rs 59.75 so far during the day. On BSE, 72.94 lakh shares were traded in the scrip.
The stock had average daily volume of 1.33 crore shares on BSE in past one quarter.
The company’s equity capital is Rs 639.99 crore, with 63.99 crore outstanding shares of a face value of Rs 10 each. The scrip gained 36% in one month to 3 July 2007 versus Sensex's 2.14% rise. It added 98.11% in past three months against Sensex's 15.80% rise.
Published by Webmaster @ 12:22 PM IST.
Himatsingka Seide acquires 80% stake in Divatex
Tuesday, July 03, 2007Himatsingka Seide has acquired an 80% stake in Divatex Home Fashions Inc. New York through its subsidiary Himatsingka America Inc. The agreement was signed on 01 July 2007 in New York, the enterprise value for the transaction is US$ 75 MM.
Divatex is among the top three distributors of bed linen products in the US.
As Divatex is a large distributor of bed linen products, there will be significant synergies for sourcing requirements from the new US$ 100 MM bed linen facility of Himatsingka at the Hassan Special Economic Zone in Karnataka. The facility has commenced trial production and is likely to commence commercial production in July 2007
Published by Webmaster @ 3:13 PM IST.
GMR Infrastructure stock split
Sunday, July 01, 2007The board of GMR Infrastructure has considered and approved the sub-division of existing equity shares of Rs 10/- each into 5 equity shares of Rs 2/- each.
This was decided at the board meeting held on 30 June 2007
Published by Webmaster @ 11:34 AM IST.