Update 2
Sensex extends fall
The BSE Sensex extended fall from opening session as selling pressure continued after the market had rallied for four consecutive sessions.
At 11:44 IST, Sensex was down 165.26 points at 13,565.83. It hit a fresh low of 13,550.51. It opened weak on Tuesday and started slipping till it touched a low of 13,600.21. It’s high for the day is at 13748.62. The latest data showing substantial FII sales on Monday (18 December) also dampened the sentiment.
The total turnover on BSE amounted to Rs 1303 crore.Market breadth was positive on BSE as buying continued for small-cap and mid-cap stocks. On BSE, 1227 share advanced as compared to 1010 that declined. 62 remained unchanged.Among the Sensex pack, 22 declined while the rest advanced.PSU engineering major Bhel was the top loser, down 3.84% to Rs 2299.50 on 2.04 lakh shares.
Tata Steel strengthens
Tata Steel rose 1.4% to Rs 473.95 following reports the UK Takeover Panel is putting the Corus deal on the fast track by planning to auction Anglo-Dutch steel company to the two rival suitors Tata Steel and Brazil’s CSN.3.3 lakh shares changed hands in the counter on BSE.
After witnessing a heavy battering due to concerns arising from the bidding war for Corus, the Tata Steel scrip had staged a rebound from lower level on market talks it may pull out of the bid for Corus. From Rs 435.65 on 13 December 2006, the stock surged to Rs 467.40 by 18 December. Earlier, the scrip had tumble to Rs 435.65 on 13 December from a recent high of Rs 492.90 on 5 December.
The reason why the UK Takeover Panel is mulling an early end to the Corus battle is because it reckons that a long drawn battle will impact Corus’ business and shareholders, reports suggest. Recently, Brazil's CSN offered 515 pence-a-share cash-bid to counter Tata Steel's revised bid of 500 pence per share. At the time of revising the Corus bid, Tata Steel had said that Standard Chartered Bank and Standard Chartered First Bank Korea would provide for additional funding for its new offer of 500 pence
Tata Steel produced more than five million tonne in 2005-06, while Corus produced around 18 million tonne. Tata Steel is already one of the lowest cost producers of steel in the world.
Crew BOS Products gains on preferential issue
Crew BOS Products gained 3.74% to Rs 238.50, as buying continued for the second day in a row today.2.03 lakh shares changed hands on the counter on BSE.
The stock had surged 10% to Rs 229.90 on Monday (18 December) after it scheduled an extraordinary general meeting (EGM) on 8 January 2007, to consider allotment of up to 12.50 lakh convertible warrants, on a preferential basis, to promoters and investors, with an option to convert them into equity shares of Rs 10 each against one warrant at the exercise price of Rs 178.
The board will also seek shareholders’ consent for raising $ 25 million in domestic/international markets through various routes.The stock witnessed a steady rise over the past few days - from Rs 197.70 on 12 December to Rs 229.90 on 18 December, ahead of the announcement.Recently, RBI raised FII-ceiling to 49% in Crew BOS Products. FII-holding in the company was 21.4% at end September 2006.
ABG Shipyard extends gain on new order win
Private shipyard ABG Shipyard rose 3.5% to Rs 238.25 as the stock rose for the second day in a row after it secured an order for construction of a vessel at a price of euro 16.54 million (about Rs 100 crore) from Vroon Offshore, The Netherlands.1.09 lakh shares changed hands in the counter on BSE.
The announcement of the order win from the Dutch firm had lifted the scrip 2.6% on Monday (18 December) to Rs 230.10. Earlier, the scrip 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.
With the latest order win, the company’s total order book has risen to about Rs 2400 crore. This is the highest amongst the private sector shipyards in India. These orders are expected to be executed by the end of FY 2009.
ABG Shipyard’s new facility at Dahej is expected to be commissioned in FY 2009. The facility will consist of two dry docks capable of accommodating eight bulk carriers up to a maximum weight of 1,20,000 Dead Weight Tonne (DWT). The company is also expected to leverage this facility to build jack up rigs as there is demand in E&P activities worldwide, reports suggest.
The BSE Sensex extended fall from opening session as selling pressure continued after the market had rallied for four consecutive sessions.
At 11:44 IST, Sensex was down 165.26 points at 13,565.83. It hit a fresh low of 13,550.51. It opened weak on Tuesday and started slipping till it touched a low of 13,600.21. It’s high for the day is at 13748.62. The latest data showing substantial FII sales on Monday (18 December) also dampened the sentiment.
The total turnover on BSE amounted to Rs 1303 crore.Market breadth was positive on BSE as buying continued for small-cap and mid-cap stocks. On BSE, 1227 share advanced as compared to 1010 that declined. 62 remained unchanged.Among the Sensex pack, 22 declined while the rest advanced.PSU engineering major Bhel was the top loser, down 3.84% to Rs 2299.50 on 2.04 lakh shares.
Tata Steel strengthens
Tata Steel rose 1.4% to Rs 473.95 following reports the UK Takeover Panel is putting the Corus deal on the fast track by planning to auction Anglo-Dutch steel company to the two rival suitors Tata Steel and Brazil’s CSN.3.3 lakh shares changed hands in the counter on BSE.
After witnessing a heavy battering due to concerns arising from the bidding war for Corus, the Tata Steel scrip had staged a rebound from lower level on market talks it may pull out of the bid for Corus. From Rs 435.65 on 13 December 2006, the stock surged to Rs 467.40 by 18 December. Earlier, the scrip had tumble to Rs 435.65 on 13 December from a recent high of Rs 492.90 on 5 December.
The reason why the UK Takeover Panel is mulling an early end to the Corus battle is because it reckons that a long drawn battle will impact Corus’ business and shareholders, reports suggest. Recently, Brazil's CSN offered 515 pence-a-share cash-bid to counter Tata Steel's revised bid of 500 pence per share. At the time of revising the Corus bid, Tata Steel had said that Standard Chartered Bank and Standard Chartered First Bank Korea would provide for additional funding for its new offer of 500 pence
Tata Steel produced more than five million tonne in 2005-06, while Corus produced around 18 million tonne. Tata Steel is already one of the lowest cost producers of steel in the world.
Crew BOS Products gains on preferential issue
Crew BOS Products gained 3.74% to Rs 238.50, as buying continued for the second day in a row today.2.03 lakh shares changed hands on the counter on BSE.
The stock had surged 10% to Rs 229.90 on Monday (18 December) after it scheduled an extraordinary general meeting (EGM) on 8 January 2007, to consider allotment of up to 12.50 lakh convertible warrants, on a preferential basis, to promoters and investors, with an option to convert them into equity shares of Rs 10 each against one warrant at the exercise price of Rs 178.
The board will also seek shareholders’ consent for raising $ 25 million in domestic/international markets through various routes.The stock witnessed a steady rise over the past few days - from Rs 197.70 on 12 December to Rs 229.90 on 18 December, ahead of the announcement.Recently, RBI raised FII-ceiling to 49% in Crew BOS Products. FII-holding in the company was 21.4% at end September 2006.
ABG Shipyard extends gain on new order win
Private shipyard ABG Shipyard rose 3.5% to Rs 238.25 as the stock rose for the second day in a row after it secured an order for construction of a vessel at a price of euro 16.54 million (about Rs 100 crore) from Vroon Offshore, The Netherlands.1.09 lakh shares changed hands in the counter on BSE.
The announcement of the order win from the Dutch firm had lifted the scrip 2.6% on Monday (18 December) to Rs 230.10. Earlier, the scrip 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.
With the latest order win, the company’s total order book has risen to about Rs 2400 crore. This is the highest amongst the private sector shipyards in India. These orders are expected to be executed by the end of FY 2009.
ABG Shipyard’s new facility at Dahej is expected to be commissioned in FY 2009. The facility will consist of two dry docks capable of accommodating eight bulk carriers up to a maximum weight of 1,20,000 Dead Weight Tonne (DWT). The company is also expected to leverage this facility to build jack up rigs as there is demand in E&P activities worldwide, reports suggest.
posted by SY at 11:47 AM
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