Update 1
Sensex off lower level
The market remained weak, but it came off lower level.At 11:32 IST, Sensex was up down 100.16 points at 13,514.36. It opened 81.08 points higher at 13,695.60 and advanced to hit an intra-day high of 13,725.67. But soon from here, it started declining, on intense selling pressure. This selling continued till it slipped to an intra-day low of 13416.40
The total turnover on BSE amounted to Rs 1302 crore.Market breadth was weak on BSE, with 1308 shares declining as compared to 866 that advanced. 72 shares remained unchanged.Among the Sensex pack, 26 declined while the rest advanced.
Huge gas find fuels rally in ONGC
Oil exploration major ONGC surged rose 5.4% to Rs 861 following reports that it has made a huge gas find in the Bay of Bengal, with initial estimates suggesting reserves of about 21 trillion cubic feet.
Last week, reports suggested that ONGC Mittal Energy (OMEL), the joint venture between ONGC and Mittal group, is eyeing opportunities in Kazakhstan, Azerbaijan and Indonesia. OMEL has also bagged two blocks in Nigeria and the production-sharing contracts are expected to be signed shortly. The joint venture recently bid for an offshore block in Trinidad & Tobago.
Meanwhile, ONGC’s overseas investment arm ONGC Videsh proposes to undertake joint exploration and production activities in Iraq with Reliance Industries (RIL). ONGC and RIL are likely to rope in Angolan oil firm Sonatrach to take up joint exploration of a discovered block - touted to have a production capacity of 1,50,000 barrels a day - in south Iraq, reports suggest.
Analysts say, ONGC is one of the less expensive frontliners. The current price of Rs 861 discounts its trailing 12-months September 2006 EPS of Rs 69.40, by a PE multiple of 12.4.The company has also set up a board meeting on 23 December 2006, to consider an interim dividend.
L.T. Overseas trades at discount to IPO price
L.T. Overseas was trading at Rs 54.75 in early trade compared to IPO price of Rs 56
The stock listed on BSE at 7.14% premium at Rs 60 and hit an intra-day high of Rs 62.90. Its intra-day low is Rs 54.10.The counter saw high volumes of 23.04 lakh shares in early trade.
L.T. Overseas is engaged in the business of milling, processing and marketing of branded & non-branded basmati rice and manufacturing of rice food products in the domestic and overseas market. The company’s 'Daawat' brand is among the top-three basmati rice brands in India.
The net proceeds from the IPO will be used for setting up a new parboiled rice processing and milling capacity of 6 TPH of paddy input amounting to Rs 7.02 crore, for setting up a new milling line for producing value added rice (increase of capacity of 5 TPH) amounting to Rs 4.10 crore, to add balancing equipments and automation of existing facility amounting to Rs 3.13 crore, to set up silos and flat storage facility amounting to Rs 12.42 crore, for generating power up to 2 MW for captive consumption amounting to Rs 5.05 crore and for general corporate purpose and public issue expenses.
The company’s post issue equity share capital is Rs 22.27 crore, while post-issue promoter stake is 63.87%.L.T. Overseas had posted to net profit of Rs 11.13 crore on net sales of Rs 400.83 crore for the year ended March 2006.
Smooth sailing for ABG Shipyard on new order win
ABG Shipyard gained 2.5% to Rs 229.85 after the company bagged a Rs 100 crore order from Vroon Offshore.1.9 lakh shares changed hands in the counter on BSE.The stock had witnessed a sustained fall since mid-November 2006. From Rs 272.35 on 13 November, the stock had declined to a low of Rs 211.15 on 12 December. From that low, it had recovered to Rs 224.25 by 15 December.
ABG Shipyard has secured an order worth about Rs 100 crore for construction of a diving support vessel from Vroon Offshore B.V., The Netherlands. The company said it already building two vessels for Vroon Offshore.
With the latest order win, the company’s total order book has risen to about Rs 2400 crore, the company said.
ABG Shipyard’s net profit rose 42.8% to Rs 27.1 crore in Q2 September 2006 compared to Rs 18.9 crore in the corresponding period a year ago. During the quarter, the company's income was Rs 167.9 crore, against Rs 113.9 crore in the same period last fiscal, representing an increase of 47.45 per cent.
The market remained weak, but it came off lower level.At 11:32 IST, Sensex was up down 100.16 points at 13,514.36. It opened 81.08 points higher at 13,695.60 and advanced to hit an intra-day high of 13,725.67. But soon from here, it started declining, on intense selling pressure. This selling continued till it slipped to an intra-day low of 13416.40
The total turnover on BSE amounted to Rs 1302 crore.Market breadth was weak on BSE, with 1308 shares declining as compared to 866 that advanced. 72 shares remained unchanged.Among the Sensex pack, 26 declined while the rest advanced.
Huge gas find fuels rally in ONGC
Oil exploration major ONGC surged rose 5.4% to Rs 861 following reports that it has made a huge gas find in the Bay of Bengal, with initial estimates suggesting reserves of about 21 trillion cubic feet.
Last week, reports suggested that ONGC Mittal Energy (OMEL), the joint venture between ONGC and Mittal group, is eyeing opportunities in Kazakhstan, Azerbaijan and Indonesia. OMEL has also bagged two blocks in Nigeria and the production-sharing contracts are expected to be signed shortly. The joint venture recently bid for an offshore block in Trinidad & Tobago.
Meanwhile, ONGC’s overseas investment arm ONGC Videsh proposes to undertake joint exploration and production activities in Iraq with Reliance Industries (RIL). ONGC and RIL are likely to rope in Angolan oil firm Sonatrach to take up joint exploration of a discovered block - touted to have a production capacity of 1,50,000 barrels a day - in south Iraq, reports suggest.
Analysts say, ONGC is one of the less expensive frontliners. The current price of Rs 861 discounts its trailing 12-months September 2006 EPS of Rs 69.40, by a PE multiple of 12.4.The company has also set up a board meeting on 23 December 2006, to consider an interim dividend.
L.T. Overseas trades at discount to IPO price
L.T. Overseas was trading at Rs 54.75 in early trade compared to IPO price of Rs 56
The stock listed on BSE at 7.14% premium at Rs 60 and hit an intra-day high of Rs 62.90. Its intra-day low is Rs 54.10.The counter saw high volumes of 23.04 lakh shares in early trade.
L.T. Overseas is engaged in the business of milling, processing and marketing of branded & non-branded basmati rice and manufacturing of rice food products in the domestic and overseas market. The company’s 'Daawat' brand is among the top-three basmati rice brands in India.
The net proceeds from the IPO will be used for setting up a new parboiled rice processing and milling capacity of 6 TPH of paddy input amounting to Rs 7.02 crore, for setting up a new milling line for producing value added rice (increase of capacity of 5 TPH) amounting to Rs 4.10 crore, to add balancing equipments and automation of existing facility amounting to Rs 3.13 crore, to set up silos and flat storage facility amounting to Rs 12.42 crore, for generating power up to 2 MW for captive consumption amounting to Rs 5.05 crore and for general corporate purpose and public issue expenses.
The company’s post issue equity share capital is Rs 22.27 crore, while post-issue promoter stake is 63.87%.L.T. Overseas had posted to net profit of Rs 11.13 crore on net sales of Rs 400.83 crore for the year ended March 2006.
Smooth sailing for ABG Shipyard on new order win
ABG Shipyard gained 2.5% to Rs 229.85 after the company bagged a Rs 100 crore order from Vroon Offshore.1.9 lakh shares changed hands in the counter on BSE.The stock had witnessed a sustained fall since mid-November 2006. From Rs 272.35 on 13 November, the stock had declined to a low of Rs 211.15 on 12 December. From that low, it had recovered to Rs 224.25 by 15 December.
ABG Shipyard has secured an order worth about Rs 100 crore for construction of a diving support vessel from Vroon Offshore B.V., The Netherlands. The company said it already building two vessels for Vroon Offshore.
With the latest order win, the company’s total order book has risen to about Rs 2400 crore, the company said.
ABG Shipyard’s net profit rose 42.8% to Rs 27.1 crore in Q2 September 2006 compared to Rs 18.9 crore in the corresponding period a year ago. During the quarter, the company's income was Rs 167.9 crore, against Rs 113.9 crore in the same period last fiscal, representing an increase of 47.45 per cent.
posted by SY at 12:23 PM
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