Update 1
Satyam Computer inches ahead following surge in ADR
Satyam Computer rose 0.4% to Rs 463.35 following a 3.4% surge in its ADR on Tuesday to $24.42.But the stock came off the higher level after it had risen as much as 1.7% in opening trade to Rs 469. 44,940 shares changed hands in the counter on BSE.
IT pivotals surged in the past one month boosted by reports that top Indian IT firms are chasing over a dozen deals on an average, the sizes of which range between $50 - $100 million.
Last month, Satyam Computer bagged a $55 million contract from Qantas Airways of Australia. The company expects to set up a dedicated centre and would initially deploy about 100 people on the project and gradually ramp it up. About 70 per cent of the work would be handled offshore.
Recently, Satyam had also announced its 100-seater development centre in the Guangzhou Software Park, China, which has potential to scale up to 1,000 employees by 2008-end. The development centre will serve as a near shore set-up for Satyam's customers based out of Hong Kong and Japan.
Satyam Computer, in late September, signed a 10-year, Rs 135-crore contract with Punjab & Sindh Bank, to implement and maintain its core banking system.
RIL extends gain
Reliance Industries rose 1% to Rs 1293.50 after an analyst report said the company may produce 60,000 barrels per day of oil as early as 2008, from exploration block KG-D6.
Niko Resources is a 10 percent partner in the block. A report by brokerage CLSA said RIL’s recently submitted revised field development plan indicated potential crude reserves of 1.6 billion barrels in the block. It said the oil find was in addition to RIL’s previous similar discovery in another exploration block KG-III-6.
The scrip also got boost today from reports that RIL had won two oil exploration blocks in Yemen.RIL had risen 1.5% on Tuesday to Rs 1280 following unconfirmed reports that it is acquiring Adani Retail. The scrip is now quite close to its lifetime closing high of Rs 1306.05 of 6 November 2006.
The two blocks won by RIL in Yemen are onshore blocks each measuring around 7,500 sq km. RIL is expected to sign a production sharing contract for these two bocks next month.Meanwhile, RIL has denied talks to acquire Premier Oil of UK.RIL had said on 1 December, that its hydrotreater plant at Jamnagar refinery, which was partially damaged in a fire on 25 October, has been refurbished and has started functioning.
As far as the acquisition of Adani Retail is concerned, the acquisition if it materializes will provide RIL with a readymade retail infrastructure and real estate to begin operations in Gujarat. Adani Retail has about 54 stores across all formats such as neighbourhood stores, supermarkets and hypermarkets, spread across 15 cities in Gujarat. The company had planned to have about 65 stores by the end of this year. Adani Retail will have a topline of about Rs 200 crore this year.
Overseas expansion generates interest in ICICI Bank
ICICI Bank rose 1.3% to Rs 874 after the private sector bank said on Tuesday it had opened offices in Bangkok, Jakarta and Kuala Lumpur, to capitalise on a rise in cross-border deals.53,010 shares changed hands in the counter on BSE.
After a solid surge in the first half of November 2006, the stock underwent consolidation when it moved between Rs 857 to Rs 883 between 17 November to 5 December. Earlier, the stock had spurted 15.6% in a short while to a lifetime closing high of Rs 887.75 on 16 November from Rs 767.75 on 6 November. Expectations of continued strong earnings growth of the private sector bank had contributed to the scrip’s upmove.
ICICI Bank’s entry into Bangkok, Jakarta and Kuala Lumpur is because it expects a spurt in India’s transactions in this region once the ASEAN-India FTA (free trade agreement) is announced. With the new offices, ICICI Bank would have a presence in 17 countries.
ICICI Bank has shifted its focus to international operations. The bank has set an ambitious target of expanding its international operations to 25% of its total business in the next two-three years. As of now about 17% of its total business is from international operations.
It may be recalled that ICICI Bank and State Bank of India had sought licences quite a while ago for US entry, but concerns expressed by US agencies about the money laundering controls of Indian banks had led to an impasse.
Back home, RBI recently permitted ICICI Bank to open new branches and set up off-site ATMs. As per reports, ICICI Bank and HDFC Bank together have plans to open 500 new branches.
ICICI Bank’s Q2 September 2006 net profit rose 30% to Rs 755 crore from Rs 580.05 crore in Q2 September 2005. Net interest income (NII) jumped 47% to Rs 1,577 crore, from Rs 1,070 crore
As per recent reports, the Indian government will allow Temasek and Government of Singapore Investment Corp (GIC), to double their shareholdings in ICICI Bank from a combined 10% currently, to 10% each. It may be recalled that RBI had earlier rejected the proposals by the duo to increase their respective holdings because of a common controlling shareholder, the Government of Singapore.
Satyam Computer rose 0.4% to Rs 463.35 following a 3.4% surge in its ADR on Tuesday to $24.42.But the stock came off the higher level after it had risen as much as 1.7% in opening trade to Rs 469. 44,940 shares changed hands in the counter on BSE.
IT pivotals surged in the past one month boosted by reports that top Indian IT firms are chasing over a dozen deals on an average, the sizes of which range between $50 - $100 million.
Last month, Satyam Computer bagged a $55 million contract from Qantas Airways of Australia. The company expects to set up a dedicated centre and would initially deploy about 100 people on the project and gradually ramp it up. About 70 per cent of the work would be handled offshore.
Recently, Satyam had also announced its 100-seater development centre in the Guangzhou Software Park, China, which has potential to scale up to 1,000 employees by 2008-end. The development centre will serve as a near shore set-up for Satyam's customers based out of Hong Kong and Japan.
Satyam Computer, in late September, signed a 10-year, Rs 135-crore contract with Punjab & Sindh Bank, to implement and maintain its core banking system.
RIL extends gain
Reliance Industries rose 1% to Rs 1293.50 after an analyst report said the company may produce 60,000 barrels per day of oil as early as 2008, from exploration block KG-D6.
Niko Resources is a 10 percent partner in the block. A report by brokerage CLSA said RIL’s recently submitted revised field development plan indicated potential crude reserves of 1.6 billion barrels in the block. It said the oil find was in addition to RIL’s previous similar discovery in another exploration block KG-III-6.
The scrip also got boost today from reports that RIL had won two oil exploration blocks in Yemen.RIL had risen 1.5% on Tuesday to Rs 1280 following unconfirmed reports that it is acquiring Adani Retail. The scrip is now quite close to its lifetime closing high of Rs 1306.05 of 6 November 2006.
The two blocks won by RIL in Yemen are onshore blocks each measuring around 7,500 sq km. RIL is expected to sign a production sharing contract for these two bocks next month.Meanwhile, RIL has denied talks to acquire Premier Oil of UK.RIL had said on 1 December, that its hydrotreater plant at Jamnagar refinery, which was partially damaged in a fire on 25 October, has been refurbished and has started functioning.
As far as the acquisition of Adani Retail is concerned, the acquisition if it materializes will provide RIL with a readymade retail infrastructure and real estate to begin operations in Gujarat. Adani Retail has about 54 stores across all formats such as neighbourhood stores, supermarkets and hypermarkets, spread across 15 cities in Gujarat. The company had planned to have about 65 stores by the end of this year. Adani Retail will have a topline of about Rs 200 crore this year.
Overseas expansion generates interest in ICICI Bank
ICICI Bank rose 1.3% to Rs 874 after the private sector bank said on Tuesday it had opened offices in Bangkok, Jakarta and Kuala Lumpur, to capitalise on a rise in cross-border deals.53,010 shares changed hands in the counter on BSE.
After a solid surge in the first half of November 2006, the stock underwent consolidation when it moved between Rs 857 to Rs 883 between 17 November to 5 December. Earlier, the stock had spurted 15.6% in a short while to a lifetime closing high of Rs 887.75 on 16 November from Rs 767.75 on 6 November. Expectations of continued strong earnings growth of the private sector bank had contributed to the scrip’s upmove.
ICICI Bank’s entry into Bangkok, Jakarta and Kuala Lumpur is because it expects a spurt in India’s transactions in this region once the ASEAN-India FTA (free trade agreement) is announced. With the new offices, ICICI Bank would have a presence in 17 countries.
ICICI Bank has shifted its focus to international operations. The bank has set an ambitious target of expanding its international operations to 25% of its total business in the next two-three years. As of now about 17% of its total business is from international operations.
It may be recalled that ICICI Bank and State Bank of India had sought licences quite a while ago for US entry, but concerns expressed by US agencies about the money laundering controls of Indian banks had led to an impasse.
Back home, RBI recently permitted ICICI Bank to open new branches and set up off-site ATMs. As per reports, ICICI Bank and HDFC Bank together have plans to open 500 new branches.
ICICI Bank’s Q2 September 2006 net profit rose 30% to Rs 755 crore from Rs 580.05 crore in Q2 September 2005. Net interest income (NII) jumped 47% to Rs 1,577 crore, from Rs 1,070 crore
As per recent reports, the Indian government will allow Temasek and Government of Singapore Investment Corp (GIC), to double their shareholdings in ICICI Bank from a combined 10% currently, to 10% each. It may be recalled that RBI had earlier rejected the proposals by the duo to increase their respective holdings because of a common controlling shareholder, the Government of Singapore.
posted by SY at 5:52 PM
0 Comments:
Post a Comment
<< Home