Update 2
Volatility continues
Sensex was able to trade above the 13400 mark as buying support emerged at lower level. It hit a fresh intra-day high of 13,492.21 as buying intensified.
At 11:40 IST the 30-shares BSE Sensex was up 10.59 points, to 13,410.02. The Sensex witnessed high volatility in the opening session of trade. After opening flat at 13,413.61, it declined sharply to an intra-day low of 13,235.95 as selling continued following a sharp 400-point plunge on Monday (11 December).
The market-breadth, which was negative on BSE in the opening session, turned positive, as buying resumed form small-cap and mid-cap stocks. On BSE, 1281 shares advanced as against 885 that declined. 70 shares remained unchanged.The total turnover on BSE amounted to Rs 1237 crore.Among the 30-Sensex pack, 16 advanced while the rest declined.
Rajesh Exports springs in pursuit of realty dream
Rajesh Exports jumped 5% to Rs 307.20, after the gold jewellery maker said it will pursue real estate development.To start with, Rajesh Exports will transfer its property holdings to a new subsidiary.There were outstanding buy orders for 4,803 shares at the 5% upper limit. As many as 2.2 lakh shares changed hands in the counter on BSE.
The stock had dropped 2.4% on Monday (11 December) to Rs 292.60 in a weak market, while surging 20.8% in two trading sessions, to Rs 284.15 by 5 December from Rs 235.20 on 1 December. The company's equal joint venture with US-based watch designer Fossil Inc., on 4 December 2006, sparked the rally. After a consolidation, the stock had firmed up once again on 8 December, after the company bagged an order worth Rs 25 crore from LIC for supply of gold coins. It had gained nearly 5% on 8 December, to Rs 300.10.
Rajesh Exports has decided to transfer its property holdings to a new subsidiary, Bangalore Infra. The company already has a property division. It had acquired prime properties in Bangalore, which will now be transferred to Bangalore Infra.
Meanwhile, the company has also decided to transfer its entire retail business to a retail subsidiary, 24K Retail. Rajesh Exports had forayed into retailing jewellery a while back by setting up 'Laabh Jewellers,' a chain of stores which operate in some major Indian cities. The company proposes to have more than 150 retail showrooms in the country by June 2007. Currently, it has 22 Laabh Jewellers retail stores.
ONGC Mittal Energy signs MoU with Nigerian govt.
ONGC Mittal Energy (OMEL), the joint venture between ONGC and L N Mittal Group, signed a memorandum of understanding with the Nigerian government for long-term infrastructure investments in exchange for drilling rights in that country, reports Business Line.
Subir Raha, chairman, ONGC, said `` We have signed an agreement with the Nigerian government on Thursday.`` He, however, declined to give the financial details. Under the agreement, the investment was expected to be proportional to the scale of oil discoveries.
OMEL would invest in railways, oil refining and power in Nigeria in exchange for oil drilling rights. Indications are that OMEL has been offered two blocks by the Nigerian government.
At a recent meeting with a high-level Nigerian delegation in India, OMEL and ONGC Videsh (OVL) had sought specific exploration and production (E&P) blocks in that country. A proposal was made to consider OVL and OMEL for some reserved blocks in that country.
The Nigerian Government, normally, keeps these blocks for certain players. Nigeria was looking for integrated infrastructure projects, including investments in export-oriented refineries, liquefied natural gas projects and railways.
Garware Offshore Services to raise USD 25 mn via QIP
Garware Offshore Services has said that it plans to raise funds upto USD 25 million through Qualified Institutional Placement mechanism (QIP) and/or any other alternate route for the possibility of acquiring a fleet of operational Platform Supply Vessels (PSV) already on contract or other OSVs available in the market.
The company shall be raising the foreign investment holding in the company upto 60% of the paid-up share capital of the company.The company has also entered into a memorandum of understanding with Havyard Leirvik, Norway for exclusive representation in the Indian market for supply of vessels and Havyard designs to Indian shipping companies and shipyards.
The shares of the company were last trading higher by 4.98% to Rs 204.5 on the BSE. A total of 42,044 shares have changed hands at the bourses so far. ( Tuesday, 10.57 am).
Bids opening for mega power projects postponed
Power Finance Corporation has postponed the opening of the price bids for the first two ultra mega power projects, to be set up in Madhya Pradesh and Gujarat, tentatively to Dec. 18, reports Business Standard.
The company was scheduled to open the price bids for Sasan and Mundra projects today but could not, due to the absence of Punjab National Bank chairman SC Gupta, who headed the apex committee evaluating the bids, official sources said.
The tariff-based bids were now likely to be opened on Dec. 18, the sources said, adding that the deadline for awarding the projects by Dec. 29 remained unchanged.
The two 4,000 Mw projects have received 16 bids, which include power majors like Reliance Energy, Tata Power and Essar, NTPC , Torrent Power, and Jindal Steel and Power. While 10 bids were received for the pithead coal-fired Sasan project, six companies are in the fray for the imported coal-based Mundra power plant.
Sensex was able to trade above the 13400 mark as buying support emerged at lower level. It hit a fresh intra-day high of 13,492.21 as buying intensified.
At 11:40 IST the 30-shares BSE Sensex was up 10.59 points, to 13,410.02. The Sensex witnessed high volatility in the opening session of trade. After opening flat at 13,413.61, it declined sharply to an intra-day low of 13,235.95 as selling continued following a sharp 400-point plunge on Monday (11 December).
The market-breadth, which was negative on BSE in the opening session, turned positive, as buying resumed form small-cap and mid-cap stocks. On BSE, 1281 shares advanced as against 885 that declined. 70 shares remained unchanged.The total turnover on BSE amounted to Rs 1237 crore.Among the 30-Sensex pack, 16 advanced while the rest declined.
Rajesh Exports springs in pursuit of realty dream
Rajesh Exports jumped 5% to Rs 307.20, after the gold jewellery maker said it will pursue real estate development.To start with, Rajesh Exports will transfer its property holdings to a new subsidiary.There were outstanding buy orders for 4,803 shares at the 5% upper limit. As many as 2.2 lakh shares changed hands in the counter on BSE.
The stock had dropped 2.4% on Monday (11 December) to Rs 292.60 in a weak market, while surging 20.8% in two trading sessions, to Rs 284.15 by 5 December from Rs 235.20 on 1 December. The company's equal joint venture with US-based watch designer Fossil Inc., on 4 December 2006, sparked the rally. After a consolidation, the stock had firmed up once again on 8 December, after the company bagged an order worth Rs 25 crore from LIC for supply of gold coins. It had gained nearly 5% on 8 December, to Rs 300.10.
Rajesh Exports has decided to transfer its property holdings to a new subsidiary, Bangalore Infra. The company already has a property division. It had acquired prime properties in Bangalore, which will now be transferred to Bangalore Infra.
Meanwhile, the company has also decided to transfer its entire retail business to a retail subsidiary, 24K Retail. Rajesh Exports had forayed into retailing jewellery a while back by setting up 'Laabh Jewellers,' a chain of stores which operate in some major Indian cities. The company proposes to have more than 150 retail showrooms in the country by June 2007. Currently, it has 22 Laabh Jewellers retail stores.
ONGC Mittal Energy signs MoU with Nigerian govt.
ONGC Mittal Energy (OMEL), the joint venture between ONGC and L N Mittal Group, signed a memorandum of understanding with the Nigerian government for long-term infrastructure investments in exchange for drilling rights in that country, reports Business Line.
Subir Raha, chairman, ONGC, said `` We have signed an agreement with the Nigerian government on Thursday.`` He, however, declined to give the financial details. Under the agreement, the investment was expected to be proportional to the scale of oil discoveries.
OMEL would invest in railways, oil refining and power in Nigeria in exchange for oil drilling rights. Indications are that OMEL has been offered two blocks by the Nigerian government.
At a recent meeting with a high-level Nigerian delegation in India, OMEL and ONGC Videsh (OVL) had sought specific exploration and production (E&P) blocks in that country. A proposal was made to consider OVL and OMEL for some reserved blocks in that country.
The Nigerian Government, normally, keeps these blocks for certain players. Nigeria was looking for integrated infrastructure projects, including investments in export-oriented refineries, liquefied natural gas projects and railways.
Garware Offshore Services to raise USD 25 mn via QIP
Garware Offshore Services has said that it plans to raise funds upto USD 25 million through Qualified Institutional Placement mechanism (QIP) and/or any other alternate route for the possibility of acquiring a fleet of operational Platform Supply Vessels (PSV) already on contract or other OSVs available in the market.
The company shall be raising the foreign investment holding in the company upto 60% of the paid-up share capital of the company.The company has also entered into a memorandum of understanding with Havyard Leirvik, Norway for exclusive representation in the Indian market for supply of vessels and Havyard designs to Indian shipping companies and shipyards.
The shares of the company were last trading higher by 4.98% to Rs 204.5 on the BSE. A total of 42,044 shares have changed hands at the bourses so far. ( Tuesday, 10.57 am).
Bids opening for mega power projects postponed
Power Finance Corporation has postponed the opening of the price bids for the first two ultra mega power projects, to be set up in Madhya Pradesh and Gujarat, tentatively to Dec. 18, reports Business Standard.
The company was scheduled to open the price bids for Sasan and Mundra projects today but could not, due to the absence of Punjab National Bank chairman SC Gupta, who headed the apex committee evaluating the bids, official sources said.
The tariff-based bids were now likely to be opened on Dec. 18, the sources said, adding that the deadline for awarding the projects by Dec. 29 remained unchanged.
The two 4,000 Mw projects have received 16 bids, which include power majors like Reliance Energy, Tata Power and Essar, NTPC , Torrent Power, and Jindal Steel and Power. While 10 bids were received for the pithead coal-fired Sasan project, six companies are in the fray for the imported coal-based Mundra power plant.
posted by SY at 12:24 PM
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