Update 5
Polaris Software tops 'A' group
Polaris Software surged 8% to Rs 159.10 and it was the top gainer from BSE’s A group.
Software shares are attracting renewed buying after Oracle Corporation recently raised the open offer price for i-flex from Rs 1,475 per share to Rs 2,100 per share.
In October 2006, Polaris had reported strong Q2 September 2006 results. The company also has a strong order book. The company has transformed itself from being a pure software services provider to a hybrid model focussed on product-cum-services catering to the banking, financial services and insurance (BFSI) industry. Polaris Software’s consolidated net profit for quarter ended September 2006 jumped 104.3% to Rs 27.10 crore from Rs 13.26 crore during quarter ended September 2005. Total income rose 17.7% to Rs 253.95 crore (Rs 215.62 crore).
J&K Bank surged 7.7% to Rs 619 and it was the second biggest gainer from BSE’s A group. Recently RBI had raised FII investment ceiling in this private sector bank to 40% from 33%.
Lanco Infratech added nearly 7% to Rs 261.70 following reports it had won the bid for a 4,000-megawatt power plant at Sasan in central India. It was third biggest gainer from BSE’s A group.
Private sector utility Tata Power Company rose nearly 6% to Rs 591 following reports it had won a bid for building a 4,000 megawatts coal-fired plant at Mundra in western India. It was the fourth top gainer from A group.
Higher advance tax payment boosts RIL
Reliance Industries rose 3.2% to Rs 1294.80 following reports that it paid advance tax of Rs 444 crore for the third installment taking its total remittance this fiscal to Rs 1102 crore compared to Rs 848 crore paid in the same period last year.The higher advance tax payment raised expectations regarding its financial performance in for Q3 December 2006.8.1 lakh shares changed hands in the counter on BSE.
Reliance Industries (RIL) has a huge 11% weightage in Sensex. The barometer index rose 116.57 points today.The stock is now within striking distance of its lifetime closing high of Rs 1306.05 of 6 November 2006.
Last week, the government approved RIL’s plan for a $5.2 billion deep-sea gas field, which will pump 80 million cubic metres per day. The development plan envisages commencement of delivery of gas by second half of 2008/09. RIL had earlier planned to produce only 40 million cubic metres a day, but in November doubled the estimated output saying new discoveries and expectations of a surge in demand had encouraged the revision.
Lanco Infratech powers ahead on winning bid for 4000 MW power plant
Lanco Infratech surged 6% to Rs 260.70 following reports it had won the bid for a 4,000-megawatt power plant at Sasan in central India.This is one of the two ultra-mega power plants, the financial bids for which were opened today.The stock rose on heavy volume of 24.6 lakh shares on BSE.The scrip had debuted at Rs 241.40 on 27 November (closing price on BSE on that day) compared to IPO price of Rs 240. It moved between Rs 229 to Rs 266 since then. The IPO of Lanco Infratech was subscribed nearly 12 times.
Lanco Infratech is an infrastructure development company with interests in power, construction and property development. The company currently owns 11 power projects, of which five are in operation and six are under development. Its construction division had an order book of Rs 1611.83 crore on 30 September 2006. This includes contracts worth Rs 1229.95 crore with affiliates of Lanco Infratech. The entire order book will be executed by 2010.
Lanco Infratech is also obtaining approvals for a large integrated IT park and township on a 100-acre plot on which it proposes to develop 18.5 million square feet of saleable area in Manikonda, Hyderabad. The company also owns land banks, aggregating about 21.8 acres, close to Ocean Park in Hyderabad, where it intends to develop a residential housing project with one million square feet of saleable area. In addition, it has won a bid to develop an IT park and township on a 10.7-acre plot, on which it proposes to develop two million square feet of saleable area, in Vishakhapatnam, Andhra Pradesh.
Due to the nature of the business, Lanco Infratech’s projects typically require a long gestation period and substantial capital outlay before completion. It may be months or years before positive cash flows can be generated. Further, power, property development, and infrastructure and construction projects are capital intensive and will require high levels of debt financing. They will also lead to continuous dilution of equity.
Contingent liabilities of Lanco Infratech amounted to Rs 755.92 crore on 30 September 2006. Apart from these, the offtake of the Kodapalli power plant has resulted in court proceeding related to Rs 224-crore charges paid by the offtaker to Lanco Kodapalli Power (LKPPL). Lanco Infratech is in the process of raising its stake in LKPPL to 59% from current 33.9%.
Polaris Software surged 8% to Rs 159.10 and it was the top gainer from BSE’s A group.
Software shares are attracting renewed buying after Oracle Corporation recently raised the open offer price for i-flex from Rs 1,475 per share to Rs 2,100 per share.
In October 2006, Polaris had reported strong Q2 September 2006 results. The company also has a strong order book. The company has transformed itself from being a pure software services provider to a hybrid model focussed on product-cum-services catering to the banking, financial services and insurance (BFSI) industry. Polaris Software’s consolidated net profit for quarter ended September 2006 jumped 104.3% to Rs 27.10 crore from Rs 13.26 crore during quarter ended September 2005. Total income rose 17.7% to Rs 253.95 crore (Rs 215.62 crore).
J&K Bank surged 7.7% to Rs 619 and it was the second biggest gainer from BSE’s A group. Recently RBI had raised FII investment ceiling in this private sector bank to 40% from 33%.
Lanco Infratech added nearly 7% to Rs 261.70 following reports it had won the bid for a 4,000-megawatt power plant at Sasan in central India. It was third biggest gainer from BSE’s A group.
Private sector utility Tata Power Company rose nearly 6% to Rs 591 following reports it had won a bid for building a 4,000 megawatts coal-fired plant at Mundra in western India. It was the fourth top gainer from A group.
Higher advance tax payment boosts RIL
Reliance Industries rose 3.2% to Rs 1294.80 following reports that it paid advance tax of Rs 444 crore for the third installment taking its total remittance this fiscal to Rs 1102 crore compared to Rs 848 crore paid in the same period last year.The higher advance tax payment raised expectations regarding its financial performance in for Q3 December 2006.8.1 lakh shares changed hands in the counter on BSE.
Reliance Industries (RIL) has a huge 11% weightage in Sensex. The barometer index rose 116.57 points today.The stock is now within striking distance of its lifetime closing high of Rs 1306.05 of 6 November 2006.
Last week, the government approved RIL’s plan for a $5.2 billion deep-sea gas field, which will pump 80 million cubic metres per day. The development plan envisages commencement of delivery of gas by second half of 2008/09. RIL had earlier planned to produce only 40 million cubic metres a day, but in November doubled the estimated output saying new discoveries and expectations of a surge in demand had encouraged the revision.
Lanco Infratech powers ahead on winning bid for 4000 MW power plant
Lanco Infratech surged 6% to Rs 260.70 following reports it had won the bid for a 4,000-megawatt power plant at Sasan in central India.This is one of the two ultra-mega power plants, the financial bids for which were opened today.The stock rose on heavy volume of 24.6 lakh shares on BSE.The scrip had debuted at Rs 241.40 on 27 November (closing price on BSE on that day) compared to IPO price of Rs 240. It moved between Rs 229 to Rs 266 since then. The IPO of Lanco Infratech was subscribed nearly 12 times.
Lanco Infratech is an infrastructure development company with interests in power, construction and property development. The company currently owns 11 power projects, of which five are in operation and six are under development. Its construction division had an order book of Rs 1611.83 crore on 30 September 2006. This includes contracts worth Rs 1229.95 crore with affiliates of Lanco Infratech. The entire order book will be executed by 2010.
Lanco Infratech is also obtaining approvals for a large integrated IT park and township on a 100-acre plot on which it proposes to develop 18.5 million square feet of saleable area in Manikonda, Hyderabad. The company also owns land banks, aggregating about 21.8 acres, close to Ocean Park in Hyderabad, where it intends to develop a residential housing project with one million square feet of saleable area. In addition, it has won a bid to develop an IT park and township on a 10.7-acre plot, on which it proposes to develop two million square feet of saleable area, in Vishakhapatnam, Andhra Pradesh.
Due to the nature of the business, Lanco Infratech’s projects typically require a long gestation period and substantial capital outlay before completion. It may be months or years before positive cash flows can be generated. Further, power, property development, and infrastructure and construction projects are capital intensive and will require high levels of debt financing. They will also lead to continuous dilution of equity.
Contingent liabilities of Lanco Infratech amounted to Rs 755.92 crore on 30 September 2006. Apart from these, the offtake of the Kodapalli power plant has resulted in court proceeding related to Rs 224-crore charges paid by the offtaker to Lanco Kodapalli Power (LKPPL). Lanco Infratech is in the process of raising its stake in LKPPL to 59% from current 33.9%.
posted by SY at 5:11 PM
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