Buying resumes
The market, which had eased a bit in afternoon trade, once again picked up steam as buying resumed, especially in index heavyweight Reliance industries (RIL), which advanced to an all-time high of Rs 1372.30.
At 14:38 IST the BSE Sensex was up 126.75 points, at 14,181.96. It had opened strong, extending gains from Friday, and surged to strike an all-time high of 14,202.41, as buying continued. The benchmark index had also dipped to a low of 14,103.12, earlier.
The market-breadth was strong on BSE, as buying happened across small-cap and mid-cap counters. On BSE, there were over 2 gainers for every loser. For 1,816 shares advancing, 814 declined and 51 remained unchanged.The total turnover on BSE amounted to Rs 3761 crore.Among the 30-Sensex pack, 21 advanced while the rest declined.
European Bank alliance lifts SREI Infrastructure Finance
SREI Infrastructure Finance surged 5.63% to Rs 56.25, after it announced it will shortly enter into a strategic partnership with the European Bank for Reconstruction and Development.The counter clocked a volume of 6.16 lakh shares on the BSE.
The stock has remained range-bound since the last few months. From 24 November 2006 till 12 January 2007, the stock has remained range-bound. It moved between a low of Rs 47 and a high of Rs 55. The stock closed at Rs 53.25 on 12 January 2007.
At the current market price of Rs 56.25, SREI Infrastructure Finance trades 10.35 times its Q2 September 2006 annualized EPS of Rs 5.43.
SREI Infrastructure Finance announced that it will shortly enter into a strategic partnership with the European Bank for Reconstruction and Development (EBRD). The strategic partnership comprises an investment by the EBRD in the equity of SREI Russia and extension of credit lines to support the business of the overseas company.
SREI's immediate plan is to extend its presence from Moscow to St Petersburg and other regions in Russia. The company recently diversified into the growing oil and gas sector by structuring and financing work-over rigs, which will be deployed in West Siberia.
The EBRD, owned by 61 countries and two intergovernmental institutions, aims to foster the transition from centrally planned to market economies in countries from Central Europe to Central Asia. The Bank is the largest single investor in Eastern and Central Europe and mobilizes significant foreign direct investment beyond its own financing. It also provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. Further, it closely works with publicly-owned companies, to support privatisation, restructuring of state-owned firms and improvement of municipal services. The EBRD uses its close relationship with governments in the region to promote policies that will bolster the business environment.
Recently, SREI Infrastructure Finance along with Sadbhav Engineering had been awarded the project of maintaining and upgrading national highway no. 7 (NH7) in Madhya Pradesh, on BOT (annuity) basis. The above project is in joint venture with Sadbhav Engineering in the 49:51ratio. The contract is valued at Rs 510 crore. The concession period is 20 years inclusive of the construction period.
SREI Infrastructure Finance signed a co-operation agreement on 14 September with the Netherlands Development Finance Company FMO, to provide it with a long-term syndicated loan of $ 45 million. Further in July, the company had raised long-term loan worth $ 25 million from KfW IPEX-Bank of Germany's KfW Bankengruppe to fund infrastructure projects.
SREI Infrastructure Finance bagged numerous National Highways Authority of India / Annuity Road projects worth more than Rs 3,000 crore on a build-operate-transfer (BOT) basis. These BOT road construction projects will be completed over the next 18 - 36 months. The company will complete the projects in partnership with several leading construction companies throughout India.
The company is a market leader in India for infrastructure equipment leasing. The company has also been financing infrastructure projects and renewable energy products. It boasts of a strong capital adequacy and low incidence of bad loans.
The company also entered the infrastructure sector directly by bagging NHAI/Annuity Road projects worth more than Rs 3,000 crore on BOT, jointly, with various construction firms.
SREI Infrastructure Finance posted a net profit growth of 72.60% to Rs 14.81 crore in September 2006 quarter compared to Rs 8.58 crore in December 2005 quarter. Net sales rose to Rs 95.70 crore from Rs 44.73 crore.
Uttam Galva Steel charged up
Uttam Galva Steels jumped nearly 11% to Rs 41.45, after the company raised galvanised steel prices by Rs 1,500 a tonne to Rs 50,000 per tonne on Monday.As many as 14.2 lakh shares changed hands in the counter on BSE.The stock had spurted since late-December 2006. From Rs 31.05 on 28 December 2006, the stock spurted 20.2% in a short while to Rs 37.35 by 12 January 2007.
The hike in domestic zinc prices appear to have triggered the move by the company to raise zinc prices. Zinc is a key raw material in the manufacture of galvanized steel.
In late-December 2006, Uttam Galva Steels reduced galvanized steel product prices by Rs 3,000 a tonne to Rs 48,500 following a drop in global and domestic zinc prices.
Uttam Galva Steels has tied up with Steel Summit International, the US arm of Japan's Sumitomo Corporation, to supply value-added construction grade steel to American retail giant Home Depot, which operates a chain of 2,000 retail stores, selling a variety of building material to the US, Canada, and South America. The steel supplied by Uttam will be used to make air distribution systems.
Uttam recently signed a MoU with the Orissa Government for setting up a 3 million tonne steel plant and a 210-Mw power plant for a total investment of Rs 8,987 crore and a new generation BI-cycle plant at Gopalpur. The company is tripling its auto-grade cold rolled steel capacity from 60,000 tonnes a year as part of a capacity expansion programme. While the first phase of the expansion project will be completed by year-end, the second phase will be wrapped up by mid-2007 at a total cost of Rs 600 crore.
The company is also planning to double its total cold rolled steel production to 1 million tonne by the end of the calendar year.
Uttam Galva Steel’s net profit jumped 178.9% in Q2 September 2006 to Rs 27.56 crore (Rs 9.88 crore). Net sales rose 78.6% to Rs 656.83 crore (Rs 367.80 crore).
Orders galore, grand Q3 show spawn interest in KEC International
A strong backlog of orders coupled with robust Q3 results powered a fresh surge in KEC International as the stock vaulted 20% to Rs 484.35.
There were outstanding buy orders for 17,313 shares at the 20% upper limit. The stock had spurted 13.7% on Friday (12 January 2007), when KEC reported Q3 results during trading hours.Earlier, the stock had declined gradually ahead of its results, from Rs 369.70 on 2 January 2007, to Rs 354.75 on 11 January 2007.
KEC International’ s net profit jumped 116% in Q3 December 2006 to Rs 38.21 crore. Net sales rose 25% to Rs 572.27 crore. For April-December 2006, KEC’s net profit rose 124% to Rs 74.45 crore (Rs 33.27 crore). Sales rose 16% to Rs 1452.29 crore (Rs 1248.87 crore).
According to Ramesh Chandak, Managing Director, KEC, aggressive project execution and efficient utilisation of resources was behing the impressive growth in profitability.
KEC’s orders' backlog was Rs 2900 crore as at end-Dec 2006. This is 1.67 times its FY 2006 sales of Rs 1,727.25 crore.
KEC is seen benefitting from privatisation of transmission lines in India.
KEC International is the largest power transmission, engineering, procurement and construction companies in the world, with a presence in more than 15 countries.
At 14:38 IST the BSE Sensex was up 126.75 points, at 14,181.96. It had opened strong, extending gains from Friday, and surged to strike an all-time high of 14,202.41, as buying continued. The benchmark index had also dipped to a low of 14,103.12, earlier.
The market-breadth was strong on BSE, as buying happened across small-cap and mid-cap counters. On BSE, there were over 2 gainers for every loser. For 1,816 shares advancing, 814 declined and 51 remained unchanged.The total turnover on BSE amounted to Rs 3761 crore.Among the 30-Sensex pack, 21 advanced while the rest declined.
European Bank alliance lifts SREI Infrastructure Finance
SREI Infrastructure Finance surged 5.63% to Rs 56.25, after it announced it will shortly enter into a strategic partnership with the European Bank for Reconstruction and Development.The counter clocked a volume of 6.16 lakh shares on the BSE.
The stock has remained range-bound since the last few months. From 24 November 2006 till 12 January 2007, the stock has remained range-bound. It moved between a low of Rs 47 and a high of Rs 55. The stock closed at Rs 53.25 on 12 January 2007.
At the current market price of Rs 56.25, SREI Infrastructure Finance trades 10.35 times its Q2 September 2006 annualized EPS of Rs 5.43.
SREI Infrastructure Finance announced that it will shortly enter into a strategic partnership with the European Bank for Reconstruction and Development (EBRD). The strategic partnership comprises an investment by the EBRD in the equity of SREI Russia and extension of credit lines to support the business of the overseas company.
SREI's immediate plan is to extend its presence from Moscow to St Petersburg and other regions in Russia. The company recently diversified into the growing oil and gas sector by structuring and financing work-over rigs, which will be deployed in West Siberia.
The EBRD, owned by 61 countries and two intergovernmental institutions, aims to foster the transition from centrally planned to market economies in countries from Central Europe to Central Asia. The Bank is the largest single investor in Eastern and Central Europe and mobilizes significant foreign direct investment beyond its own financing. It also provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. Further, it closely works with publicly-owned companies, to support privatisation, restructuring of state-owned firms and improvement of municipal services. The EBRD uses its close relationship with governments in the region to promote policies that will bolster the business environment.
Recently, SREI Infrastructure Finance along with Sadbhav Engineering had been awarded the project of maintaining and upgrading national highway no. 7 (NH7) in Madhya Pradesh, on BOT (annuity) basis. The above project is in joint venture with Sadbhav Engineering in the 49:51ratio. The contract is valued at Rs 510 crore. The concession period is 20 years inclusive of the construction period.
SREI Infrastructure Finance signed a co-operation agreement on 14 September with the Netherlands Development Finance Company FMO, to provide it with a long-term syndicated loan of $ 45 million. Further in July, the company had raised long-term loan worth $ 25 million from KfW IPEX-Bank of Germany's KfW Bankengruppe to fund infrastructure projects.
SREI Infrastructure Finance bagged numerous National Highways Authority of India / Annuity Road projects worth more than Rs 3,000 crore on a build-operate-transfer (BOT) basis. These BOT road construction projects will be completed over the next 18 - 36 months. The company will complete the projects in partnership with several leading construction companies throughout India.
The company is a market leader in India for infrastructure equipment leasing. The company has also been financing infrastructure projects and renewable energy products. It boasts of a strong capital adequacy and low incidence of bad loans.
The company also entered the infrastructure sector directly by bagging NHAI/Annuity Road projects worth more than Rs 3,000 crore on BOT, jointly, with various construction firms.
SREI Infrastructure Finance posted a net profit growth of 72.60% to Rs 14.81 crore in September 2006 quarter compared to Rs 8.58 crore in December 2005 quarter. Net sales rose to Rs 95.70 crore from Rs 44.73 crore.
Uttam Galva Steel charged up
Uttam Galva Steels jumped nearly 11% to Rs 41.45, after the company raised galvanised steel prices by Rs 1,500 a tonne to Rs 50,000 per tonne on Monday.As many as 14.2 lakh shares changed hands in the counter on BSE.The stock had spurted since late-December 2006. From Rs 31.05 on 28 December 2006, the stock spurted 20.2% in a short while to Rs 37.35 by 12 January 2007.
The hike in domestic zinc prices appear to have triggered the move by the company to raise zinc prices. Zinc is a key raw material in the manufacture of galvanized steel.
In late-December 2006, Uttam Galva Steels reduced galvanized steel product prices by Rs 3,000 a tonne to Rs 48,500 following a drop in global and domestic zinc prices.
Uttam Galva Steels has tied up with Steel Summit International, the US arm of Japan's Sumitomo Corporation, to supply value-added construction grade steel to American retail giant Home Depot, which operates a chain of 2,000 retail stores, selling a variety of building material to the US, Canada, and South America. The steel supplied by Uttam will be used to make air distribution systems.
Uttam recently signed a MoU with the Orissa Government for setting up a 3 million tonne steel plant and a 210-Mw power plant for a total investment of Rs 8,987 crore and a new generation BI-cycle plant at Gopalpur. The company is tripling its auto-grade cold rolled steel capacity from 60,000 tonnes a year as part of a capacity expansion programme. While the first phase of the expansion project will be completed by year-end, the second phase will be wrapped up by mid-2007 at a total cost of Rs 600 crore.
The company is also planning to double its total cold rolled steel production to 1 million tonne by the end of the calendar year.
Uttam Galva Steel’s net profit jumped 178.9% in Q2 September 2006 to Rs 27.56 crore (Rs 9.88 crore). Net sales rose 78.6% to Rs 656.83 crore (Rs 367.80 crore).
Orders galore, grand Q3 show spawn interest in KEC International
A strong backlog of orders coupled with robust Q3 results powered a fresh surge in KEC International as the stock vaulted 20% to Rs 484.35.
There were outstanding buy orders for 17,313 shares at the 20% upper limit. The stock had spurted 13.7% on Friday (12 January 2007), when KEC reported Q3 results during trading hours.Earlier, the stock had declined gradually ahead of its results, from Rs 369.70 on 2 January 2007, to Rs 354.75 on 11 January 2007.
KEC International’ s net profit jumped 116% in Q3 December 2006 to Rs 38.21 crore. Net sales rose 25% to Rs 572.27 crore. For April-December 2006, KEC’s net profit rose 124% to Rs 74.45 crore (Rs 33.27 crore). Sales rose 16% to Rs 1452.29 crore (Rs 1248.87 crore).
According to Ramesh Chandak, Managing Director, KEC, aggressive project execution and efficient utilisation of resources was behing the impressive growth in profitability.
KEC’s orders' backlog was Rs 2900 crore as at end-Dec 2006. This is 1.67 times its FY 2006 sales of Rs 1,727.25 crore.
KEC is seen benefitting from privatisation of transmission lines in India.
KEC International is the largest power transmission, engineering, procurement and construction companies in the world, with a presence in more than 15 countries.
posted by SY at 3:52 PM
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