Update 2
Heavyweights take Sensex to fresh all time high
Auto shares joined bank stocks as the Sensex struck all time high in mid-morning trade. Gains in index heavyweights Reliance Industries (RIL), ICICI Bank and Infosys played a key role in Sensex’s surge today. These three have a combined weightage of about 31.5% in Sensex.
The market sentiment was firm inspired by a stronger-than- expected 9.2% GDP growth rate for Q2 ended September 2006. The data was released on Thursday during trading hours.At 11:57 IST, Sensex was up 126 points at 13,822. Sensex stuck a new all time high of 13,835.53 at 11:41 IST surpassing its earlier all time high of 13,819.06 reached at about 10:50 IST.
The market breadth was strong. 1568 shares rose on BSE as compared to 763 shares that declined. 76 shares were unchanged. Gainers outpaced losers by a ratio of 2:1.BSE clocked a turnover of Rs 1830 crore.
City Union Bank marches on L&T interest
City Union Bank advanced 3.51% to Rs 176.75, on reports that L&T will acquire a little over 10% stake in the Kumbakonam-based private bank.
The deal is yet to be approved by the Reserve Bank of India (RBI), as corporate groups are barred from picking up stakes above 5% in a bank.
The board of directors of City Union Bank have approved a preferential issue of 27 lakh shares to L&T, at Rs 169 per share. The bank’s board will seek approval from shareholders at an extraordinary general meeting (EGM) slated for 29 December 2006, after which it will approach the RBI for permission.
The market, however, seemed to have gotten wind of the deal beforehand. The scrip jumped a sharp 35.2% from Rs 126.25 on 30 October to Rs 170.70 on 30 November 2006, as buying continued.
Sonata Software adds 3.91% on robust revenue estimates
Sonata Software has moved up 3.91% at BSE after the company said that it estimates Sonata to be in the category of EUR 250 million plus revenues, post-acquisition of TUI InfoTec.
A total of 3,06,849 shares of the company have changed hands so far. The shares are currently trading at Rs 45.15 (10.53 am), compared with their previous close of Rs 43.45 on Thursday.
Sonata Europe, the UK based wholly owned subsidiary of Sonata Software has announced that it has signed the closing memorandum with TUI InfoTec on November 24, 2006 and has remitted EUR 18 million, that makes it a 50.1% shareholder in TUI InfoTec GmbH.
Earlier, Sonata announced it had signed an agreement with TUI AG, Europe`s leading tourism and shipping group, to acquire 50.1% stake in TUI InfoTec, an IT company headquartered in Hanover, Germany for EUR 18 million in an all-cash transaction.
The deal is expected to enhance the company`s ability to bid for much larger deals in the future, said company officials.The shares of the company rose 15.33% over the week and 31.25% over the month.
Cairn India to pump Rs 55.25 billion in Rajasthan Block
Cairn India has presence in crude oil and natural gas exploration, promoted by UK based Cairn Energy, said it has plans to invest Rs Rs 55.25 billion in Rajasthan oil field block.
The company has come out with initial public offering and plans to raise in the range of Rs 60.50 billion to 71.84 billion (including green shore option). This will constitute 20.84% of total equity share capital.
The issue proceeds will be utilise over a period of next 3 years. The development in the Rajasthan Block and additional drilling activities will cost Rs 55.25 billion, exploration and appraisal activities will require Rs 6.91 billion, general corporate purposes will require Rs 230 million, contingencies expenses including the part payment of debt will require Rs 2.53 billion and issue expenses amounts to Rs 1.84 billion. In addition to this company will pay cash consideration of Rs 26.82 billion to Cairn UK Holdings for its share holding.
The company intend to finance a significant component of capital expenditures in the Rajasthan Block through the bank facility, which is a USD 850 million syndicated revolving credit facility for the development of assets in the Rajasthan Block.
The company expects commercial production from Rajasthan Block will start during 2009. It has interest in 10 blocks for exploration and at 3 blocks for production and development with joint venture partners.The issue opens on 11th Dec., 06 and closes on 15th Dec., 06.
MERC spares Reliance Energy from high penalty
In a new order, Maharashtra Electricity Regulatory Commission (MERC) has reversed the controversial load management charge (LMC) sparing the electricity consumers of Reliance Energy from penalty for high usage.
The MERC order says that LMC has caused unintended hardship and severe economic penalties, and thus directed REL to discontinue the levy of LMC and load management rebate (LMR) in all future bills. In cases where LMC has already been collected, the amount will be adjusted in the subsequent bills of the consumers.
TO READ MORE CLICK HERE
Auto shares joined bank stocks as the Sensex struck all time high in mid-morning trade. Gains in index heavyweights Reliance Industries (RIL), ICICI Bank and Infosys played a key role in Sensex’s surge today. These three have a combined weightage of about 31.5% in Sensex.
The market sentiment was firm inspired by a stronger-than- expected 9.2% GDP growth rate for Q2 ended September 2006. The data was released on Thursday during trading hours.At 11:57 IST, Sensex was up 126 points at 13,822. Sensex stuck a new all time high of 13,835.53 at 11:41 IST surpassing its earlier all time high of 13,819.06 reached at about 10:50 IST.
The market breadth was strong. 1568 shares rose on BSE as compared to 763 shares that declined. 76 shares were unchanged. Gainers outpaced losers by a ratio of 2:1.BSE clocked a turnover of Rs 1830 crore.
City Union Bank marches on L&T interest
City Union Bank advanced 3.51% to Rs 176.75, on reports that L&T will acquire a little over 10% stake in the Kumbakonam-based private bank.
The deal is yet to be approved by the Reserve Bank of India (RBI), as corporate groups are barred from picking up stakes above 5% in a bank.
The board of directors of City Union Bank have approved a preferential issue of 27 lakh shares to L&T, at Rs 169 per share. The bank’s board will seek approval from shareholders at an extraordinary general meeting (EGM) slated for 29 December 2006, after which it will approach the RBI for permission.
The market, however, seemed to have gotten wind of the deal beforehand. The scrip jumped a sharp 35.2% from Rs 126.25 on 30 October to Rs 170.70 on 30 November 2006, as buying continued.
Sonata Software adds 3.91% on robust revenue estimates
Sonata Software has moved up 3.91% at BSE after the company said that it estimates Sonata to be in the category of EUR 250 million plus revenues, post-acquisition of TUI InfoTec.
A total of 3,06,849 shares of the company have changed hands so far. The shares are currently trading at Rs 45.15 (10.53 am), compared with their previous close of Rs 43.45 on Thursday.
Sonata Europe, the UK based wholly owned subsidiary of Sonata Software has announced that it has signed the closing memorandum with TUI InfoTec on November 24, 2006 and has remitted EUR 18 million, that makes it a 50.1% shareholder in TUI InfoTec GmbH.
Earlier, Sonata announced it had signed an agreement with TUI AG, Europe`s leading tourism and shipping group, to acquire 50.1% stake in TUI InfoTec, an IT company headquartered in Hanover, Germany for EUR 18 million in an all-cash transaction.
The deal is expected to enhance the company`s ability to bid for much larger deals in the future, said company officials.The shares of the company rose 15.33% over the week and 31.25% over the month.
Cairn India to pump Rs 55.25 billion in Rajasthan Block
Cairn India has presence in crude oil and natural gas exploration, promoted by UK based Cairn Energy, said it has plans to invest Rs Rs 55.25 billion in Rajasthan oil field block.
The company has come out with initial public offering and plans to raise in the range of Rs 60.50 billion to 71.84 billion (including green shore option). This will constitute 20.84% of total equity share capital.
The issue proceeds will be utilise over a period of next 3 years. The development in the Rajasthan Block and additional drilling activities will cost Rs 55.25 billion, exploration and appraisal activities will require Rs 6.91 billion, general corporate purposes will require Rs 230 million, contingencies expenses including the part payment of debt will require Rs 2.53 billion and issue expenses amounts to Rs 1.84 billion. In addition to this company will pay cash consideration of Rs 26.82 billion to Cairn UK Holdings for its share holding.
The company intend to finance a significant component of capital expenditures in the Rajasthan Block through the bank facility, which is a USD 850 million syndicated revolving credit facility for the development of assets in the Rajasthan Block.
The company expects commercial production from Rajasthan Block will start during 2009. It has interest in 10 blocks for exploration and at 3 blocks for production and development with joint venture partners.The issue opens on 11th Dec., 06 and closes on 15th Dec., 06.
MERC spares Reliance Energy from high penalty
In a new order, Maharashtra Electricity Regulatory Commission (MERC) has reversed the controversial load management charge (LMC) sparing the electricity consumers of Reliance Energy from penalty for high usage.
The MERC order says that LMC has caused unintended hardship and severe economic penalties, and thus directed REL to discontinue the levy of LMC and load management rebate (LMR) in all future bills. In cases where LMC has already been collected, the amount will be adjusted in the subsequent bills of the consumers.
TO READ MORE CLICK HERE
posted by SY at 12:22 PM
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