Update 4
Sensex regains strength
The market, which had softened under selling pressure, had regained strength. Volatility may wane once settlement of November 2006 derivative contracts, is complete. The November contracts are set to expire today. As per reports, NSE F&O Open Interest has shot up by Rs 1,008 crore, to Rs 60,719 crore.
At 14:39 IST the Sensex was up 47.67 points, at 13,664.40. It was off the higher level after hitting 13,745.16, the day's high, within minutes of commencement of trade. Its low for the day was 13,630.61.The market-breadth was negative, with 1304 shares declining on BSE, compared to 1,212 that advanced. As many as 69 shares were unchanged.
The BSE clocked a turnover of Rs 3,097 crore.Among the 30-Sensex pack, 17 advanced while the rest declined.
PSL jubilant on winning new order overseas
PSL rose 3.4% to Rs 207.50, on bagging an order worth Rs 308 crore for carbon-steel, bare-line pipes in Oman.A total of 96,260 shares changed hands in the counter on BSE.Early this month, PSL valued its order-book at Rs 1,465 crore, driven by buoyant activity in the oil & gas and water sectors.
PSL makes various types of pipes and pipe-coatings. It supplies to companies in the oil and gas transportation sector. Its clientele include ONGC, GAIL, HPCL and Indian Oil Corporation. PSL expects strong orders for large diameter pipes, both in India as well as globally, since these are more economical allowing large movement at lesser cost.
PSL has almost doubled the capacity of its pipes division with the addition of three pipe mills, recently. The aggregate pipe-manufacturing capacity of PSL now stands at 11 lakh tonnes per annum. The capacity expansion will aid volume growth over the next few years.
PSL is increasing focus overseas and has a significant presence in West Asia and North-East African countries.PSL reported 69.8% growth in net profit for Q2 September 2006 to Rs 13.52 crore, on 35.2% growth in net sales to Rs 308.62 crore.
Flex Industries upbeat as Delhi HC okays sub-units merger
Flex Industries jumped 14% to Rs 69, after the company said merger of two other group companies, has been cleared by the Delhi High Court.As many as 64,650 shares changed hands in the counter on BSE
Group companies, Flex Engineering and FCL Technologies, will now be merged with Flex Industries, enabling the accumulation of resources under a single entity providing end-to-end solutions in the packaging industry.
Flex Industries makes polyester films, BOPP films, poly- films and various combinations of these films as laminates. It also makes rotogravure cylinders for rotogravure printing. Flex Industries registered 5.5% fall in net profit for Q2 September 2006 to Rs 8.51 crore.
Flex Engineering makes packaging, printing and allied machines & structure and fabrication job. Flex Engineering registered a net loss of Rs 56 crore for Q2 September 2006, against a net profit of Rs 0.17 crore in Q2 September 2005.
FCL Technologies has two major segments: manufacturing and dealing in poly-condensation (PET chips) as well as inks & adhesives. FCL reported 46.9% fall in net profit for Q2 September 2006 to Rs 0.34 crore.
Flex Industries will issue about 1.06 crore equity shares to the shareholders of Flex Engineering on a swap ratio of 2:3. It will also issue about 17.73 lakh equity shares to FCL Technologies' shareholders as per 1:3 swap ratio.Meanwhile, Flex Industries is converting 54.8 lakh equity shares issued to UTI, IDBI, IFCI and LIC into 13.15 lakh zero rate secured optionally fully convertible debentures of Rs 100.
The market, which had softened under selling pressure, had regained strength. Volatility may wane once settlement of November 2006 derivative contracts, is complete. The November contracts are set to expire today. As per reports, NSE F&O Open Interest has shot up by Rs 1,008 crore, to Rs 60,719 crore.
At 14:39 IST the Sensex was up 47.67 points, at 13,664.40. It was off the higher level after hitting 13,745.16, the day's high, within minutes of commencement of trade. Its low for the day was 13,630.61.The market-breadth was negative, with 1304 shares declining on BSE, compared to 1,212 that advanced. As many as 69 shares were unchanged.
The BSE clocked a turnover of Rs 3,097 crore.Among the 30-Sensex pack, 17 advanced while the rest declined.
PSL jubilant on winning new order overseas
PSL rose 3.4% to Rs 207.50, on bagging an order worth Rs 308 crore for carbon-steel, bare-line pipes in Oman.A total of 96,260 shares changed hands in the counter on BSE.Early this month, PSL valued its order-book at Rs 1,465 crore, driven by buoyant activity in the oil & gas and water sectors.
PSL makes various types of pipes and pipe-coatings. It supplies to companies in the oil and gas transportation sector. Its clientele include ONGC, GAIL, HPCL and Indian Oil Corporation. PSL expects strong orders for large diameter pipes, both in India as well as globally, since these are more economical allowing large movement at lesser cost.
PSL has almost doubled the capacity of its pipes division with the addition of three pipe mills, recently. The aggregate pipe-manufacturing capacity of PSL now stands at 11 lakh tonnes per annum. The capacity expansion will aid volume growth over the next few years.
PSL is increasing focus overseas and has a significant presence in West Asia and North-East African countries.PSL reported 69.8% growth in net profit for Q2 September 2006 to Rs 13.52 crore, on 35.2% growth in net sales to Rs 308.62 crore.
Flex Industries upbeat as Delhi HC okays sub-units merger
Flex Industries jumped 14% to Rs 69, after the company said merger of two other group companies, has been cleared by the Delhi High Court.As many as 64,650 shares changed hands in the counter on BSE
Group companies, Flex Engineering and FCL Technologies, will now be merged with Flex Industries, enabling the accumulation of resources under a single entity providing end-to-end solutions in the packaging industry.
Flex Industries makes polyester films, BOPP films, poly- films and various combinations of these films as laminates. It also makes rotogravure cylinders for rotogravure printing. Flex Industries registered 5.5% fall in net profit for Q2 September 2006 to Rs 8.51 crore.
Flex Engineering makes packaging, printing and allied machines & structure and fabrication job. Flex Engineering registered a net loss of Rs 56 crore for Q2 September 2006, against a net profit of Rs 0.17 crore in Q2 September 2005.
FCL Technologies has two major segments: manufacturing and dealing in poly-condensation (PET chips) as well as inks & adhesives. FCL reported 46.9% fall in net profit for Q2 September 2006 to Rs 0.34 crore.
Flex Industries will issue about 1.06 crore equity shares to the shareholders of Flex Engineering on a swap ratio of 2:3. It will also issue about 17.73 lakh equity shares to FCL Technologies' shareholders as per 1:3 swap ratio.Meanwhile, Flex Industries is converting 54.8 lakh equity shares issued to UTI, IDBI, IFCI and LIC into 13.15 lakh zero rate secured optionally fully convertible debentures of Rs 100.
posted by SY at 3:30 PM
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