Update 1
Market goes from bad to worse
The market had weakened after remaining range-bound in early afternoon trade. A sell-off had gripped bank shares, while telecom service providers, cement and auto shares had drifted lower.
At 12:24 IST the Sensex was down 217 points, at 13,582. The barometer index lost as many as 225.89 points, to 13,573.60 by 12:20 IST.Earlier, the Sensex had recovered from a lower level after having lost as many as 206.15 points, to 13,593.34 by 10:32 IST.The market-breadth was weak. For 1,596 shares declining on BSE, 776 rose. A total of 62 shares were unchanged. Losers outpaced gainers by a ratio of 2:1.The BSE clocked a turnover of Rs 2,290 crore.RBI’s surprise hike in cash reserve ratio (CRR), and data showing heavy FII sales in the futures segment on Friday (8 December), weighed on the bourses.
Infosys celebrates entry into elite Nasdaq 100
IT bellwether, Infosys Technologies, rose 1.60% to Rs 2,232.50, on becoming the first Indian firm to join the Nasdaq 100 index.
Infosys will be included in the elite index from 18 December 2006. The Nasdaq-100 Index is one of the world's most recognized benchmarks that owes this distinction to its components: companies that are leaders in a diverse range of industries.
The company joined the elite club of Nasdaq 100 index after the annual revision of the index. Infosys' inclusion was on the back of the company's sponsored secondary offering of 30 million American Depository Shares worth $1.6 billion, in November. About 19% of Infosys shares are now traded on Nasdaq.
This is the first time that an Indian company has found a place in a stock index outside the country. It may be recalled that Infosys was the first Indian company to list on the US stock exchange in 1999, with a market capitsalisation of $1.9 billion.
As many as 33,402 shares changed hands in the counter on BSE.The current price of Rs 2,232.50, discounts its projected FY 2007 EPS of Rs 66, by a PE multiple of 33.82.
Blue Bird gets the blues
Blue Bird India was trading at Rs 101, a discount of 3.8% over the IPO price of Rs 105.The stock hit a low of Rs 100, and a high of Rs 109. As many as 1.5 lakh shares changed hands in the counter on BSE.The company had priced its IPO at the upper end of the Rs 90 to Rs 105 price band.
The current price of Rs 101 discounts its first-half April-September 2006 annualised earning per share (EPS) of Rs 8.60 by a PE multiple of 11.7. The paid-up equity of the company is Rs 35 crore, the face value per share being Rs 10.In October 2006, Blue Bird India had privately placed equity shares at a Rs 98 per share.
Blue Bird India is manufactures notebooks and stationery. The company is setting up a second notebook manufacturing and printing unit in south India to address the logistic needs in procuring raw material and delivery of products to retailers in the region, at an estimated Rs 45.41 crore. The project is likely to commence in the fourth quarter of fiscal 2008.
SpiceJet zooms on Tatas new found affinity
Low cost carrier, SpiceJet, spurted 10.38% to Rs 59, amid reports that Tatas are to purchase a minority stake in it.The stock registered a high volume of 20.58 lakh shares on BSE.The counter has been advancing on such premise since 4 December, when from from Rs 49.15 it reached Rs 53.45 by 8 December, on high volumes.
Reports say, Tatas will pick up around 10% in SpiceJet, or a bit lower, at a little lower than Rs 54 per share.The investment, which the Tatas say is merely of financial interest, will be done through an investment arm of the group.
A SpiceJet board meeting scheduled for today (11 December) is expected to give necessary approval to a foothold for the Tatas in the company.SpiceJet mulls selling equity to raise $60 million to upgrade technology and improve reservation, customer support and airport facilities.SpiceJet commenced commercial operations with its maiden flight on 23 May 2005. Currently, it operates a fleet of three leased Boeing aircraft connecting Ahmedabad, Bangalore, Delhi, Goa, Mumbai and Pune.
SpiceJet reported a net loss of Rs 17.81 crore for first quarter ended August 2006, higher than the net loss of Rs 10.81 crore in August 2005 quarter. Total income surged 178.50% to Rs 159.47 crore (Rs 57.26 crore).For FY (ended May 2006), the company reported a net loss of Rs 41 crore. Total revenue stood at Rs 421 crore.
The market had weakened after remaining range-bound in early afternoon trade. A sell-off had gripped bank shares, while telecom service providers, cement and auto shares had drifted lower.
At 12:24 IST the Sensex was down 217 points, at 13,582. The barometer index lost as many as 225.89 points, to 13,573.60 by 12:20 IST.Earlier, the Sensex had recovered from a lower level after having lost as many as 206.15 points, to 13,593.34 by 10:32 IST.The market-breadth was weak. For 1,596 shares declining on BSE, 776 rose. A total of 62 shares were unchanged. Losers outpaced gainers by a ratio of 2:1.The BSE clocked a turnover of Rs 2,290 crore.RBI’s surprise hike in cash reserve ratio (CRR), and data showing heavy FII sales in the futures segment on Friday (8 December), weighed on the bourses.
Infosys celebrates entry into elite Nasdaq 100
IT bellwether, Infosys Technologies, rose 1.60% to Rs 2,232.50, on becoming the first Indian firm to join the Nasdaq 100 index.
Infosys will be included in the elite index from 18 December 2006. The Nasdaq-100 Index is one of the world's most recognized benchmarks that owes this distinction to its components: companies that are leaders in a diverse range of industries.
The company joined the elite club of Nasdaq 100 index after the annual revision of the index. Infosys' inclusion was on the back of the company's sponsored secondary offering of 30 million American Depository Shares worth $1.6 billion, in November. About 19% of Infosys shares are now traded on Nasdaq.
This is the first time that an Indian company has found a place in a stock index outside the country. It may be recalled that Infosys was the first Indian company to list on the US stock exchange in 1999, with a market capitsalisation of $1.9 billion.
As many as 33,402 shares changed hands in the counter on BSE.The current price of Rs 2,232.50, discounts its projected FY 2007 EPS of Rs 66, by a PE multiple of 33.82.
Blue Bird gets the blues
Blue Bird India was trading at Rs 101, a discount of 3.8% over the IPO price of Rs 105.The stock hit a low of Rs 100, and a high of Rs 109. As many as 1.5 lakh shares changed hands in the counter on BSE.The company had priced its IPO at the upper end of the Rs 90 to Rs 105 price band.
The current price of Rs 101 discounts its first-half April-September 2006 annualised earning per share (EPS) of Rs 8.60 by a PE multiple of 11.7. The paid-up equity of the company is Rs 35 crore, the face value per share being Rs 10.In October 2006, Blue Bird India had privately placed equity shares at a Rs 98 per share.
Blue Bird India is manufactures notebooks and stationery. The company is setting up a second notebook manufacturing and printing unit in south India to address the logistic needs in procuring raw material and delivery of products to retailers in the region, at an estimated Rs 45.41 crore. The project is likely to commence in the fourth quarter of fiscal 2008.
SpiceJet zooms on Tatas new found affinity
Low cost carrier, SpiceJet, spurted 10.38% to Rs 59, amid reports that Tatas are to purchase a minority stake in it.The stock registered a high volume of 20.58 lakh shares on BSE.The counter has been advancing on such premise since 4 December, when from from Rs 49.15 it reached Rs 53.45 by 8 December, on high volumes.
Reports say, Tatas will pick up around 10% in SpiceJet, or a bit lower, at a little lower than Rs 54 per share.The investment, which the Tatas say is merely of financial interest, will be done through an investment arm of the group.
A SpiceJet board meeting scheduled for today (11 December) is expected to give necessary approval to a foothold for the Tatas in the company.SpiceJet mulls selling equity to raise $60 million to upgrade technology and improve reservation, customer support and airport facilities.SpiceJet commenced commercial operations with its maiden flight on 23 May 2005. Currently, it operates a fleet of three leased Boeing aircraft connecting Ahmedabad, Bangalore, Delhi, Goa, Mumbai and Pune.
SpiceJet reported a net loss of Rs 17.81 crore for first quarter ended August 2006, higher than the net loss of Rs 10.81 crore in August 2005 quarter. Total income surged 178.50% to Rs 159.47 crore (Rs 57.26 crore).For FY (ended May 2006), the company reported a net loss of Rs 41 crore. Total revenue stood at Rs 421 crore.
posted by SY at 1:16 PM
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