Update 2
Sensex crawls back above 13,900
The Sensex found buying support at an intra-day low of 13,855.32.
At 13:30 IST the Sensex was down 60.86 points, at 13,911.23, after having opened with an upward gap of 35.64 points, at 14,007.67. It also hit a high of 14,009.56, but began declining as profit-booking emerged.
The market-breadth was negative on BSE, with 1,302 shares declining compared to 1,168 that advanced. Just 74 shares remained unchanged.The total turnover on BSE amounted to Rs 2,375 crore.Among the 30-Sensex pack, 22 declined while the rest edged higher.
NTPC swells on Merill Lynch faith
NTPC rose 1.5% to Rs 154, on renewed buying, after Merrill Lynch raised the price target on the scrip, to Rs 180.
As many as 8 lakh shares changed hands in the counter on BSE. The stock had gained 2.4% on Thursday (7 December), to Rs 151.70.In a recent report dated 5 December 2006, Merrill Lynch has raised its earnings estimates for NTPC. Its revised price target of Rs 180 on NTPC is based on a discounted cash flow (DCF) analysis.The stock has been advancing since late-October 2006. From Rs 125.70 on 23 October, it has risen 22.5%.
NTPC will almost double the capacity from 26,404 Mw to 51,000 Mw by 2012, by adding hydro plants, gas-based plants, nuclear plants, and high-margin 'merchant' power plants.Recently, NTPC formed a 51:49 joint venture with Bihar State Electricity Board for its 2x110 Mw project.
Recent reports suggest that NTPC will come out with a roadmap for nuclear power plants shortly. The nuclear power capacities will be executed by NTPC in joint venture with a technical partner.
Recently, NTPC said it will submit a proposal to the Sri Lanka Government for a 900 Mw coal or LNG-based power plant on the island. The proposal is still under discussion, and NTPC is likely to sign a memorandum of agreement with the Sri Lankan Government shortly.
NTPC’s net profit increased 27% in Q2 September 2006 to Rs 1,473.90 crore (Rs 1,163.50 crore). Net sales rose 15% to Rs 6,813.80 crore (Rs 5,925.80crore).
Government of India owns 89.5% stake in NTPC.
XL Telecom IPO oversubscribed by 8.68 times
X L Telecom has received a good response from the investors for its initial public offering (IPO) as the issue has been oversubscribed by 8.68 times, as per the NSE website.
The IPO has received bids for a total of 34.35 million equity shares as against the issue size of 8.89 million equity shares of Rs 10 each. The IPO that closed Thursday was made through book building route, to raise upto Rs 593.52 million considering higher price. The price band of the offer was Rs 125 to Rs 150.
The shares offered to qualified institutional buyers were oversubscribed by 9.84 times, non institutional investors overscribed by 10.89 times, retail individual investors oversubscribed by 7.1 times and employee reservation oversubscribed by 0.97 times.Hyderabad based X L Telecom incorporated in 1985, is provider of CDMA handsets and solar systems.
Anil Ambani eyeing Hutchison`s stake in Hutchison Essar
According to a report by Wall Steet Journal, Reliance Communications, an Anil Dhirubhai Ambani Group (ADAG) company is planning to jointly bid with private equity firm Blackstone for acquiring Hutchison Telecommunications International`s 67% stake in Hutchison Essar, reports Business Standard.
The deal may be valued at over USD 8 billion (Rs 360 billion) excluding debt.Other possible bidders include Texas Pacific Group.However, Reliance Communications denied any such move.
The Essar group controls 33% stake in Hutchison Essar, the third largest player in the country`s rapidly growing telecom industry after Bharti Airtel and Reliance Communications.
Hutchison Essar has about 20 million subscribers which is more than double the number of subscribers one year ago.A recent Morgan Stanley study puts the valuation of Hutchison Telecommunications` Indian assets at 75-80% of its total value pegged at around USD 11 billion.
The report also said that, Blackstone was also considering raising a USD 5 billion fund focused on India infrastructure investments.Experts however feel, such a deal may not happen immediately as the Essar group enjoys the first right of refusal in case Hutchison wants to pull out of India.
The Sensex found buying support at an intra-day low of 13,855.32.
At 13:30 IST the Sensex was down 60.86 points, at 13,911.23, after having opened with an upward gap of 35.64 points, at 14,007.67. It also hit a high of 14,009.56, but began declining as profit-booking emerged.
The market-breadth was negative on BSE, with 1,302 shares declining compared to 1,168 that advanced. Just 74 shares remained unchanged.The total turnover on BSE amounted to Rs 2,375 crore.Among the 30-Sensex pack, 22 declined while the rest edged higher.
NTPC swells on Merill Lynch faith
NTPC rose 1.5% to Rs 154, on renewed buying, after Merrill Lynch raised the price target on the scrip, to Rs 180.
As many as 8 lakh shares changed hands in the counter on BSE. The stock had gained 2.4% on Thursday (7 December), to Rs 151.70.In a recent report dated 5 December 2006, Merrill Lynch has raised its earnings estimates for NTPC. Its revised price target of Rs 180 on NTPC is based on a discounted cash flow (DCF) analysis.The stock has been advancing since late-October 2006. From Rs 125.70 on 23 October, it has risen 22.5%.
NTPC will almost double the capacity from 26,404 Mw to 51,000 Mw by 2012, by adding hydro plants, gas-based plants, nuclear plants, and high-margin 'merchant' power plants.Recently, NTPC formed a 51:49 joint venture with Bihar State Electricity Board for its 2x110 Mw project.
Recent reports suggest that NTPC will come out with a roadmap for nuclear power plants shortly. The nuclear power capacities will be executed by NTPC in joint venture with a technical partner.
Recently, NTPC said it will submit a proposal to the Sri Lanka Government for a 900 Mw coal or LNG-based power plant on the island. The proposal is still under discussion, and NTPC is likely to sign a memorandum of agreement with the Sri Lankan Government shortly.
NTPC’s net profit increased 27% in Q2 September 2006 to Rs 1,473.90 crore (Rs 1,163.50 crore). Net sales rose 15% to Rs 6,813.80 crore (Rs 5,925.80crore).
Government of India owns 89.5% stake in NTPC.
XL Telecom IPO oversubscribed by 8.68 times
X L Telecom has received a good response from the investors for its initial public offering (IPO) as the issue has been oversubscribed by 8.68 times, as per the NSE website.
The IPO has received bids for a total of 34.35 million equity shares as against the issue size of 8.89 million equity shares of Rs 10 each. The IPO that closed Thursday was made through book building route, to raise upto Rs 593.52 million considering higher price. The price band of the offer was Rs 125 to Rs 150.
The shares offered to qualified institutional buyers were oversubscribed by 9.84 times, non institutional investors overscribed by 10.89 times, retail individual investors oversubscribed by 7.1 times and employee reservation oversubscribed by 0.97 times.Hyderabad based X L Telecom incorporated in 1985, is provider of CDMA handsets and solar systems.
Anil Ambani eyeing Hutchison`s stake in Hutchison Essar
According to a report by Wall Steet Journal, Reliance Communications, an Anil Dhirubhai Ambani Group (ADAG) company is planning to jointly bid with private equity firm Blackstone for acquiring Hutchison Telecommunications International`s 67% stake in Hutchison Essar, reports Business Standard.
The deal may be valued at over USD 8 billion (Rs 360 billion) excluding debt.Other possible bidders include Texas Pacific Group.However, Reliance Communications denied any such move.
The Essar group controls 33% stake in Hutchison Essar, the third largest player in the country`s rapidly growing telecom industry after Bharti Airtel and Reliance Communications.
Hutchison Essar has about 20 million subscribers which is more than double the number of subscribers one year ago.A recent Morgan Stanley study puts the valuation of Hutchison Telecommunications` Indian assets at 75-80% of its total value pegged at around USD 11 billion.
The report also said that, Blackstone was also considering raising a USD 5 billion fund focused on India infrastructure investments.Experts however feel, such a deal may not happen immediately as the Essar group enjoys the first right of refusal in case Hutchison wants to pull out of India.
posted by SY at 2:41 PM
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