Update 5
Cement fails to withstand the rout
Grasim plunged 7% to Rs 2,510, ACC lost 6% to Rs 967 and Gujarat Ambuja Cements shed 5% to Rs 130.50.Against 14.5 lakh shares in Gujarat Ambuja Cements, 3.9 lakh shares in ACC and 32,700 shares in Grasim changed hands on BSE.
ACC had lost 11.6% in a short while to Rs 1,036.20, from a lifetime closing high of Rs 1,172.60 on 4 December 2006. Earlier, the stock had surged sharply - to Rs 1,172.60 on 4 December from Rs 1,007 on 14 November 2006.
Gujarat Ambuja Cements had surged to Rs 146.15 on 29 November from Rs 117.25 on 31 October. From the high of Rs 146.15, it had eased to Rs 137.35 by 11 December. ACC promoter, Holcim, which had raised its stake in Gujarat Ambuja cement (GACL) to 18.4% from 14.8%, last month.
Grasim moved in a range of Rs 2,664 and Rs 2,800 since early November 2006. UltraTech Cement had surged to Rs 958.30 on 7 December from Rs 881.50 on 24 November.
Analysts expect cement prices to remain firm over the medium term, as no big capacity addition is expected till FY 2008. Strong growth from housing and infrastructure has been driving up demand for cement.
Last month, the Central government cut diesel price by Re 1 per litre and petrol price by Rs 2 per litre. This is expected to reduce the transportation cost for cement companies. On account of its bulky nature, cement production and sales are limited to a defined geographical radius from a plant, with freight contributing significantly to the cost structure.
Gokaldas Exports to sub-divide face value from Rs 10 to Rs 5 per share
Gokaldas Exports has got the members` approval on the sub-division of the face value of the company`s shares from Rs 10/- each to Rs 5/- each.
The decision was taken by the members at the extra-ordinary general meeting of the company held on Dec. 09, 2006.Gokaldas Exports was started by J.H. Hinduja in 1970. It is India`s largest apparel exporter catering to the needs of several international apparel brands and retailers. The business model of Gokaldas is that of designing, manufacturing and exporting garments.
The shares of the company were last trading down Rs 10.65, or 1.72% at Rs 610.10 at the Sensex (2.34 pm, Tuesday).
Cairn India to pump Rs 65 bn in India
Cairn India is planning to infuse about Rs 65 billion in India over the next three years to explore oil and natural gas reserves. The company has already spent Rs 50 billion in Andhra Pradesh, Gujarat and Rajasthan, reports Business Standard.
The company plans to pump in more funds in Rajasthan and about Rs 4,500 million in Ravva block in Andhra Pradesh, P Elango, director (strategy & production assets), Cairn India, said.
He said with these investments, the production capacity of the company would increase from 90,000 barrels a day to 2 lakh barrels a day.As a part of its expansion and to take up more drilling work in the existing blocks, Cairn would bring four new drilling rigs into the country apart from the existing three rigs.
The company posted a higher revenue of Rs 5,450 million during the first half of the current fiscal as against Rs 780 crore during the entire last fiscal, owing to a hike in crude oil prices internationally, he added.
Grasim plunged 7% to Rs 2,510, ACC lost 6% to Rs 967 and Gujarat Ambuja Cements shed 5% to Rs 130.50.Against 14.5 lakh shares in Gujarat Ambuja Cements, 3.9 lakh shares in ACC and 32,700 shares in Grasim changed hands on BSE.
ACC had lost 11.6% in a short while to Rs 1,036.20, from a lifetime closing high of Rs 1,172.60 on 4 December 2006. Earlier, the stock had surged sharply - to Rs 1,172.60 on 4 December from Rs 1,007 on 14 November 2006.
Gujarat Ambuja Cements had surged to Rs 146.15 on 29 November from Rs 117.25 on 31 October. From the high of Rs 146.15, it had eased to Rs 137.35 by 11 December. ACC promoter, Holcim, which had raised its stake in Gujarat Ambuja cement (GACL) to 18.4% from 14.8%, last month.
Grasim moved in a range of Rs 2,664 and Rs 2,800 since early November 2006. UltraTech Cement had surged to Rs 958.30 on 7 December from Rs 881.50 on 24 November.
Analysts expect cement prices to remain firm over the medium term, as no big capacity addition is expected till FY 2008. Strong growth from housing and infrastructure has been driving up demand for cement.
Last month, the Central government cut diesel price by Re 1 per litre and petrol price by Rs 2 per litre. This is expected to reduce the transportation cost for cement companies. On account of its bulky nature, cement production and sales are limited to a defined geographical radius from a plant, with freight contributing significantly to the cost structure.
Gokaldas Exports to sub-divide face value from Rs 10 to Rs 5 per share
Gokaldas Exports has got the members` approval on the sub-division of the face value of the company`s shares from Rs 10/- each to Rs 5/- each.
The decision was taken by the members at the extra-ordinary general meeting of the company held on Dec. 09, 2006.Gokaldas Exports was started by J.H. Hinduja in 1970. It is India`s largest apparel exporter catering to the needs of several international apparel brands and retailers. The business model of Gokaldas is that of designing, manufacturing and exporting garments.
The shares of the company were last trading down Rs 10.65, or 1.72% at Rs 610.10 at the Sensex (2.34 pm, Tuesday).
Cairn India to pump Rs 65 bn in India
Cairn India is planning to infuse about Rs 65 billion in India over the next three years to explore oil and natural gas reserves. The company has already spent Rs 50 billion in Andhra Pradesh, Gujarat and Rajasthan, reports Business Standard.
The company plans to pump in more funds in Rajasthan and about Rs 4,500 million in Ravva block in Andhra Pradesh, P Elango, director (strategy & production assets), Cairn India, said.
He said with these investments, the production capacity of the company would increase from 90,000 barrels a day to 2 lakh barrels a day.As a part of its expansion and to take up more drilling work in the existing blocks, Cairn would bring four new drilling rigs into the country apart from the existing three rigs.
The company posted a higher revenue of Rs 5,450 million during the first half of the current fiscal as against Rs 780 crore during the entire last fiscal, owing to a hike in crude oil prices internationally, he added.
posted by SY at 5:04 PM
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