Update 2
Sensex pares gain; market-breadth turns positive
After a 200-point surge in early afternoon trade, the Sensex had pared gain as volatility reigned supreme. The salient feature was the market-breadth, which turned positive from negative
Bank stocks surged on bargain-hunting after the steep fall sparked by the RBI diktat on CRR. Cellular service providers, and cement & auto pivotals edged higher.
At 12:19 IST the Sensex was up 107 points, at 13,102. It came off the higher level after having risen as many as 200.75 points, to 13,195.77, at 11:44 IST.The Sensex has swung over a 1,000 points between some of the vital intra-day tops and bottoms. The Sensex's high and low so far are 13,195.77 and 12,830.38, respectively.
The market-breadth turned positive. Against 1,277 shares rising on BSE, 1,017 declined. Just 59 shares were unchanged. Gainers outpaced losers by a ratio of 1.25:1. At 11:21 IST the losers to advances ratio stood at 1.26:1.The BSE clocked Rs 2,041 crore in turnover.
Glenmark Pharma effervescent
Glenmark Pharma jumped 4.84% to Rs 537, after informing on Wednesday that it had applied for clinical trials of a new pain-relieving compound.Its Swiss subsidiary has applied for the first phase of clinical trials in Europe for the drug, which is slated for a 2011 launch, Glenmark said in a statement.As many as 2.06 lakh shares were traded in the counter on BSE.
The stock witnessed a severe plunge in the recent market fall. It slumped from Rs 595.15 on 5 December, to Rs 512.20 on 12 December under intense pressure.
Last week, Glenmark Pharmaceuticals' US unit has signed a supply and marketing agreement with Lehigh Valley Technologies (LVT), for the manufacture and marketing of 7 products for the US market. The products have a cumulative market size of $ 2.8 billion, and belong to the C-II (controlled substances) category, which have limited competition. The products are used for pain management and are a mix of immediate release and controlled release solid oral dosage formulations.
Tata Steel remains lacklustre
Tata Steel was down 1.68% at Rs 433, due to intense selling in a firm market.The stock had slipped to an intra-day low of Rs 424.15, the intra-day high being Rs 446. It also clocked an enormous 18.44 lakh shares on BSE.The counter slipped from Rs 492.90 on 5 December to Rs 440.40 on 12 December, in line with the overall market plunge. Concerns about Tata Steel - CSN battle for Corus, has been a dampener.
Brazil's CSN offered 515 pence-a-share cash bid to counter Tata Steel's revised bid of 500 pence per Corus share on Monday. The revised Tata Steel bid, which is 10% higher than its original offer, reportedly puts the enterprise value of Europe's second largest steelmaker - Corus at GBP 5.7 billion ($ 11.1 billion), including debt.
Meanwhile, reports state that Tata Steel is formulating a strategy to improve its offer even further.Reports add, Tata Steel may increase its bid for Corus up to 550 pence a share. The private sector steel maker has already started discussions with major shareholders of Corus, including Standard Life, which has a 7.8% stake. CSN already holds around 3.8% stake in Corus.
Tantia Constructions to consider preferential issue of share warrants
Tantia Constructions will consider the preferential issue of share warrants convertible at the option of the allottee of such share warrants into the equity shares of the company.The board will also consider issue of options under the employee stock option plan (ESOP).
Further, the members of the company will issue many securities including foreign currency convertible bonds (FCCBs), global depository receipts (GDRs), American depository receipts (ADRs), convertible into equity shares or linked to the equity shares, preference shares, at the option of the company.
The board of directors will convene a meeting on Dec. 20, 2006 of the company.Tantia Constructions, established in the year 1964, provides construction services for India`s railway infrastructure.The shares of the company were last traded at Rs 133, up 0.23%. A total of 54,136 shares have changed hands at the bourses. (Wednesday, 12.36 p.m).
Lakshmi Precision Screws to raise USD 10 mn
Lakshmi Precision Screws has got the board`s approval for issuing 9,00,000 equity shares of Rs 10 each on a preferential basis at a premium of Rs 91 a share, aggregating to Rs 90.9 million.
The board also approved the proposal for raising additional resources through issue of GDR/ ADR / Foreign Currency Convertible Bonds/ Qualified Institutional Placements in one or more tranches for an amount not exceeding USD 10 million.The above decision were taken by the board at the meeting held on 12 Dec. 2006.An extra ordinary general meeting will be held on 4 Jan. 2006 to consider and approve the above matters.
After a 200-point surge in early afternoon trade, the Sensex had pared gain as volatility reigned supreme. The salient feature was the market-breadth, which turned positive from negative
Bank stocks surged on bargain-hunting after the steep fall sparked by the RBI diktat on CRR. Cellular service providers, and cement & auto pivotals edged higher.
At 12:19 IST the Sensex was up 107 points, at 13,102. It came off the higher level after having risen as many as 200.75 points, to 13,195.77, at 11:44 IST.The Sensex has swung over a 1,000 points between some of the vital intra-day tops and bottoms. The Sensex's high and low so far are 13,195.77 and 12,830.38, respectively.
The market-breadth turned positive. Against 1,277 shares rising on BSE, 1,017 declined. Just 59 shares were unchanged. Gainers outpaced losers by a ratio of 1.25:1. At 11:21 IST the losers to advances ratio stood at 1.26:1.The BSE clocked Rs 2,041 crore in turnover.
Glenmark Pharma effervescent
Glenmark Pharma jumped 4.84% to Rs 537, after informing on Wednesday that it had applied for clinical trials of a new pain-relieving compound.Its Swiss subsidiary has applied for the first phase of clinical trials in Europe for the drug, which is slated for a 2011 launch, Glenmark said in a statement.As many as 2.06 lakh shares were traded in the counter on BSE.
The stock witnessed a severe plunge in the recent market fall. It slumped from Rs 595.15 on 5 December, to Rs 512.20 on 12 December under intense pressure.
Last week, Glenmark Pharmaceuticals' US unit has signed a supply and marketing agreement with Lehigh Valley Technologies (LVT), for the manufacture and marketing of 7 products for the US market. The products have a cumulative market size of $ 2.8 billion, and belong to the C-II (controlled substances) category, which have limited competition. The products are used for pain management and are a mix of immediate release and controlled release solid oral dosage formulations.
Tata Steel remains lacklustre
Tata Steel was down 1.68% at Rs 433, due to intense selling in a firm market.The stock had slipped to an intra-day low of Rs 424.15, the intra-day high being Rs 446. It also clocked an enormous 18.44 lakh shares on BSE.The counter slipped from Rs 492.90 on 5 December to Rs 440.40 on 12 December, in line with the overall market plunge. Concerns about Tata Steel - CSN battle for Corus, has been a dampener.
Brazil's CSN offered 515 pence-a-share cash bid to counter Tata Steel's revised bid of 500 pence per Corus share on Monday. The revised Tata Steel bid, which is 10% higher than its original offer, reportedly puts the enterprise value of Europe's second largest steelmaker - Corus at GBP 5.7 billion ($ 11.1 billion), including debt.
Meanwhile, reports state that Tata Steel is formulating a strategy to improve its offer even further.Reports add, Tata Steel may increase its bid for Corus up to 550 pence a share. The private sector steel maker has already started discussions with major shareholders of Corus, including Standard Life, which has a 7.8% stake. CSN already holds around 3.8% stake in Corus.
Tantia Constructions to consider preferential issue of share warrants
Tantia Constructions will consider the preferential issue of share warrants convertible at the option of the allottee of such share warrants into the equity shares of the company.The board will also consider issue of options under the employee stock option plan (ESOP).
Further, the members of the company will issue many securities including foreign currency convertible bonds (FCCBs), global depository receipts (GDRs), American depository receipts (ADRs), convertible into equity shares or linked to the equity shares, preference shares, at the option of the company.
The board of directors will convene a meeting on Dec. 20, 2006 of the company.Tantia Constructions, established in the year 1964, provides construction services for India`s railway infrastructure.The shares of the company were last traded at Rs 133, up 0.23%. A total of 54,136 shares have changed hands at the bourses. (Wednesday, 12.36 p.m).
Lakshmi Precision Screws to raise USD 10 mn
Lakshmi Precision Screws has got the board`s approval for issuing 9,00,000 equity shares of Rs 10 each on a preferential basis at a premium of Rs 91 a share, aggregating to Rs 90.9 million.
The board also approved the proposal for raising additional resources through issue of GDR/ ADR / Foreign Currency Convertible Bonds/ Qualified Institutional Placements in one or more tranches for an amount not exceeding USD 10 million.The above decision were taken by the board at the meeting held on 12 Dec. 2006.An extra ordinary general meeting will be held on 4 Jan. 2006 to consider and approve the above matters.
posted by SY at 12:55 PM
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