Update3
Sensex down over 100 points
The BSE Sensex fell further and was now below the 13,300 mark as fresh selling emerged at the higher level.
At 12:31 IST the 30-shares BSE Sensex was down 102.32 points, to 13,298.36. It had witnessed high volatility in the opening session of trade. After opening flat at 13,413.61, it declined sharply to an intra-day low of 13,235.95 as selling continued following a sharp 400-point plunge on Monday (11 December). Its high for the day was 13,492.21.
The market-breadth turned negative on BSE, as selling resumed form small-cap and mid-cap stocks. On BSE, 1,394 shares declined against 957 that advanced. Just 70 shares remained unchanged.The total turnover on BSE amounted to Rs 1,911 crore.Among the 30-Sensex pack, 19 declined while the rest advanced.
Reliance Energy (REL) was the top loser, down 3.42% to Rs 507.80, on a volume of 85,218 shares.ONGC (down 1.96% to Rs 819), HLL (down 2.30% to Rs 224) and HDFC (down 2.88% to Rs 1,500) followed.Select banking stocks recovered after a sharp decline on Monday on the back of a hike in CRR. HDFC Bank was the top gainer, up 1.20% to Rs 1,046.30, while ICICI Bank rose 0.56% to Rs 824.
SpiceJet extends gains
Budget airline SpiceJet rose 3% to Rs 59.80 but was off an intra-day high of Rs 61.90, after its board approved an issue of shares worth $118.5 million on a preferential basis.As many as 9.4 lakh shares changed hands in the counter on BSE.
The scrip had spurted 8.5% on Monday to Rs 58 after the Tata group on Monday said it had picked up `less than 10% stake' in the company as a purely financial investment. The stock had risen on high volume of 41.9 lakh shares that day. Foreign fund Merrill Lynch bought 13.24 lakh shares of SpiceJet at Rs 58.04 per share.
Spicejet today approved shares worth $118.5 million for foreign and domestic investors, including the Tata group. Recent reports suggest that Tata Group will pick up 7.5% in SpiceJet for less than Rs 100 crore, through a preferential allotment.
But the total preferential issue of $118.50 million by SpiceJet will result in a massive 48% equity dilution, assuming that shares are offered at the current market price of Rs 60 a share. The company’s current equity base is Rs 184.34 crore, the face value per share being Rs 10.
Spicejet has already raised money twice; a $80 million overseas convertible bond issue and a $12.5 million stake sale to Dubai investment firm, Istithmar, since it began operations in May 2005.
Fund raising plan buoys Garware Offshore
Garware Offshore Services jumped 5% to Rs 204.50, on announcing a board meeting for 20 December 2006, which will consider raising up to $25 million and a hike in foreign investment limit to 60%.
While 73,360 shares had already changed hands in the counter on BSE, there were outstanding buy orders for 29,110 shares at the 5% upper limit.As on 30 September 2006, FII-holding in the scrip was just 15,000 shares (0.08%) of its paid-up equity.
The stock has spurted since mid-October 2006, in a firm market. From Rs 83 on 16 October, it advanced to Rs 194.80 by 11 December 2006.
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Karur KCP Packkagings zooms 4.59% on order news
The shares of Karur KCP Packkagings are trading higher by 4.59% at BSE (12.41 p.m) on news of securing orders worth Rs 165.2 million.Currently, the shares are trading at Rs 61.5 at BSE compared to the previous day`s close of Rs 58.8 (Monday). A total of 7,185 shares have changed hands at the bourses so far.
Karur KCP Packkagings has announced that it has received a Rs 165.2 million order from existing customers in the cement sector, to supply packaging materials for the month of Dec. 2006.The company`s existing customers in cement sector includes, The India Cements, Madras Cements, Dalmia Cements (Bharat), Chettinad Cements, Ultratech Cement, Associated Cements Companies (ACC) etc., said the company.
The stock has shown a fall of 5.38% over the week and a rise of 14.1% over the month.
Industrial output growth slows down to 6.2% in Oct `06
The cumulative growth for the period April-October 2006 stands at 10.3% over the corresponding period of the pervious year. The growth rate during the same period last year was 8.6%.
During October 2006, the industrial output grew by 6.2%, compared with 9.8% on a year-on-year basis. The manufacturing sector grew by 6% in the period under consideration, compared with 8.6% on a year-on-year basis.
The BSE Sensex fell further and was now below the 13,300 mark as fresh selling emerged at the higher level.
At 12:31 IST the 30-shares BSE Sensex was down 102.32 points, to 13,298.36. It had witnessed high volatility in the opening session of trade. After opening flat at 13,413.61, it declined sharply to an intra-day low of 13,235.95 as selling continued following a sharp 400-point plunge on Monday (11 December). Its high for the day was 13,492.21.
The market-breadth turned negative on BSE, as selling resumed form small-cap and mid-cap stocks. On BSE, 1,394 shares declined against 957 that advanced. Just 70 shares remained unchanged.The total turnover on BSE amounted to Rs 1,911 crore.Among the 30-Sensex pack, 19 declined while the rest advanced.
Reliance Energy (REL) was the top loser, down 3.42% to Rs 507.80, on a volume of 85,218 shares.ONGC (down 1.96% to Rs 819), HLL (down 2.30% to Rs 224) and HDFC (down 2.88% to Rs 1,500) followed.Select banking stocks recovered after a sharp decline on Monday on the back of a hike in CRR. HDFC Bank was the top gainer, up 1.20% to Rs 1,046.30, while ICICI Bank rose 0.56% to Rs 824.
SpiceJet extends gains
Budget airline SpiceJet rose 3% to Rs 59.80 but was off an intra-day high of Rs 61.90, after its board approved an issue of shares worth $118.5 million on a preferential basis.As many as 9.4 lakh shares changed hands in the counter on BSE.
The scrip had spurted 8.5% on Monday to Rs 58 after the Tata group on Monday said it had picked up `less than 10% stake' in the company as a purely financial investment. The stock had risen on high volume of 41.9 lakh shares that day. Foreign fund Merrill Lynch bought 13.24 lakh shares of SpiceJet at Rs 58.04 per share.
Spicejet today approved shares worth $118.5 million for foreign and domestic investors, including the Tata group. Recent reports suggest that Tata Group will pick up 7.5% in SpiceJet for less than Rs 100 crore, through a preferential allotment.
But the total preferential issue of $118.50 million by SpiceJet will result in a massive 48% equity dilution, assuming that shares are offered at the current market price of Rs 60 a share. The company’s current equity base is Rs 184.34 crore, the face value per share being Rs 10.
Spicejet has already raised money twice; a $80 million overseas convertible bond issue and a $12.5 million stake sale to Dubai investment firm, Istithmar, since it began operations in May 2005.
Fund raising plan buoys Garware Offshore
Garware Offshore Services jumped 5% to Rs 204.50, on announcing a board meeting for 20 December 2006, which will consider raising up to $25 million and a hike in foreign investment limit to 60%.
While 73,360 shares had already changed hands in the counter on BSE, there were outstanding buy orders for 29,110 shares at the 5% upper limit.As on 30 September 2006, FII-holding in the scrip was just 15,000 shares (0.08%) of its paid-up equity.
The stock has spurted since mid-October 2006, in a firm market. From Rs 83 on 16 October, it advanced to Rs 194.80 by 11 December 2006.
To Read MoreClick Here
Karur KCP Packkagings zooms 4.59% on order news
The shares of Karur KCP Packkagings are trading higher by 4.59% at BSE (12.41 p.m) on news of securing orders worth Rs 165.2 million.Currently, the shares are trading at Rs 61.5 at BSE compared to the previous day`s close of Rs 58.8 (Monday). A total of 7,185 shares have changed hands at the bourses so far.
Karur KCP Packkagings has announced that it has received a Rs 165.2 million order from existing customers in the cement sector, to supply packaging materials for the month of Dec. 2006.The company`s existing customers in cement sector includes, The India Cements, Madras Cements, Dalmia Cements (Bharat), Chettinad Cements, Ultratech Cement, Associated Cements Companies (ACC) etc., said the company.
The stock has shown a fall of 5.38% over the week and a rise of 14.1% over the month.
Industrial output growth slows down to 6.2% in Oct `06
The cumulative growth for the period April-October 2006 stands at 10.3% over the corresponding period of the pervious year. The growth rate during the same period last year was 8.6%.
During October 2006, the industrial output grew by 6.2%, compared with 9.8% on a year-on-year basis. The manufacturing sector grew by 6% in the period under consideration, compared with 8.6% on a year-on-year basis.
posted by SY at 1:14 PM
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