Update 4
Thai expansion buzz turns on Tata Steel
Tata Steel jumped 5.64% to Rs 460.50, on reports that it will invest Rs 450 crore for setting up an iron ore smelting plant in Thailand.The iron ore smelter unit will be part of Millennium Steel, Tata Steel's Thai subsidiary.The stock slipped sharply from Rs 492.90 on 5 December to Rs 435.90 by 14 December, due to sustained selling.The stock clocked a very high volume of 26.87 lakh shares on BSE.
Millennium Steel, in which the Indian steel major bought 40% (majority) stake for about Rs 600 crore last year, has been renamed Tata Steel (Thailand).
The investment comes when doubts are raised in Indian markets that the company’s expansion plans could be pushed to the background, what with the private steel behemoth raising about $7 billion in debt to fund the acquisition of Corus. Construction of the smelting plant, with a capacity of 5,00,000 tonne per annum, is expected to begin in early 2007 and will be ready for commissioning in about 15 months.
Suzlon Energy eases, a wee bit
Suzlon Energy was down 0.70% to Rs 1,302, even after three block deals in the counter on BSE.Each of the three block deals involved 5.82 lakh shares and were struck at an average Rs 1,316 per share in opening trade.The counter clocked a cumulative volume of 19.86 lakh shares on BSE, compared to average yearly volume of 3.05 lakh shares on a daily basis.
As part of its expansion timetable, Suzlon Energy will set up a 1,500-Mw wind turbine factory in Karnataka, while simultaneously expanding its existing unit in Vadodara. The capital expenditure will be funded through internal accruals and debt.
Suzlon Energy currently has over 30 wind farms located across eight states.
Suzlon is constructing a wind resource study in West Bengal, Orissa, Chhattisgarh and Bihar. The company's rotor blade unit in Minnesota, USA, and its factory in Tianjin, China, started operations this year.
Crompton Greaves makes the most of impending bonus issue
Crompton Greaves surged 7.56% to Rs 208.40, the most among BSE ‘A’ group stocks.
Crompton Greaves has been advancing as buying continues on the back of a robust order-book. Investors are lapping it up for bonus shares. The company had earlier fixed 15 December 2006, as the record-date for an issue of bonus shares in ratio of 2 bonus shares for every 5 already held.
MphasiS BFL jumped 7.39% to Rs 273.10, as market men expect it to bag a large $2.4 billion contract in association with American promoter, Electronic Data Systems (EDS) Corporation, US. EDS had bought 52% stake in the company, and made an open offer for approximately 32.95 million shares. The offer opens on November 27 and closes on December 18. As a result, EDS' holding in MphasiS BFL will increase to 70.4%.
Jindal Steel and Power advanced 6.86% to Rs 2,167.35, on strong buying demand, tracking firm metal prices on the LME.
India Cements rose 6.20% to Rs 228.15 on high volumes, as analysts expect demand for cement to last due to expanding infrastructure and housing activity.
Canara Bank gained 5.91% to Rs 281.25, as buying resumed after a few state-run banks informed that the latest hike in CRR will have only a marginal impact on profitability.
Tata Steel jumped 5.64% to Rs 460.50, on reports that it will invest Rs 450 crore for setting up an iron ore smelting plant in Thailand.The iron ore smelter unit will be part of Millennium Steel, Tata Steel's Thai subsidiary.The stock slipped sharply from Rs 492.90 on 5 December to Rs 435.90 by 14 December, due to sustained selling.The stock clocked a very high volume of 26.87 lakh shares on BSE.
Millennium Steel, in which the Indian steel major bought 40% (majority) stake for about Rs 600 crore last year, has been renamed Tata Steel (Thailand).
The investment comes when doubts are raised in Indian markets that the company’s expansion plans could be pushed to the background, what with the private steel behemoth raising about $7 billion in debt to fund the acquisition of Corus. Construction of the smelting plant, with a capacity of 5,00,000 tonne per annum, is expected to begin in early 2007 and will be ready for commissioning in about 15 months.
Suzlon Energy eases, a wee bit
Suzlon Energy was down 0.70% to Rs 1,302, even after three block deals in the counter on BSE.Each of the three block deals involved 5.82 lakh shares and were struck at an average Rs 1,316 per share in opening trade.The counter clocked a cumulative volume of 19.86 lakh shares on BSE, compared to average yearly volume of 3.05 lakh shares on a daily basis.
As part of its expansion timetable, Suzlon Energy will set up a 1,500-Mw wind turbine factory in Karnataka, while simultaneously expanding its existing unit in Vadodara. The capital expenditure will be funded through internal accruals and debt.
Suzlon Energy currently has over 30 wind farms located across eight states.
Suzlon is constructing a wind resource study in West Bengal, Orissa, Chhattisgarh and Bihar. The company's rotor blade unit in Minnesota, USA, and its factory in Tianjin, China, started operations this year.
Crompton Greaves makes the most of impending bonus issue
Crompton Greaves surged 7.56% to Rs 208.40, the most among BSE ‘A’ group stocks.
Crompton Greaves has been advancing as buying continues on the back of a robust order-book. Investors are lapping it up for bonus shares. The company had earlier fixed 15 December 2006, as the record-date for an issue of bonus shares in ratio of 2 bonus shares for every 5 already held.
MphasiS BFL jumped 7.39% to Rs 273.10, as market men expect it to bag a large $2.4 billion contract in association with American promoter, Electronic Data Systems (EDS) Corporation, US. EDS had bought 52% stake in the company, and made an open offer for approximately 32.95 million shares. The offer opens on November 27 and closes on December 18. As a result, EDS' holding in MphasiS BFL will increase to 70.4%.
Jindal Steel and Power advanced 6.86% to Rs 2,167.35, on strong buying demand, tracking firm metal prices on the LME.
India Cements rose 6.20% to Rs 228.15 on high volumes, as analysts expect demand for cement to last due to expanding infrastructure and housing activity.
Canara Bank gained 5.91% to Rs 281.25, as buying resumed after a few state-run banks informed that the latest hike in CRR will have only a marginal impact on profitability.
posted by SY at 6:08 PM
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