Market continues in Friday's vein
The market, which opened strong, extending gains from Friday, held firm as buying continued on back of firm global markets, and on resumption in FII-buying.
At 11:24 IST the BSE Sensex was up 100.39 points, at 14,156.92. It had also surged to an all-time high of 14,202.41, the low for the day being 14,110.44.The total turnover on BSE amounted to Rs 1856 crore.The market-breadth was strong on BSE, with close to 3 gainers for every loser. A strong 1720 shares advanced, compared to 666 that declined and 51 shares remained unchanged.Among the 30-Sensex pack, 22 advanced while the rest declined.
Clamour for Tayo Rolls as Q3 figures impress
Tayo Rolls surged 13.01% to Rs 155, after the company posted strong Q3 December 2006 results.A strong 58,061 shares were traded on the BSE.
The counter has been southbound since the beginning of this calendar year. From Rs 144.90 on 3 January 2007, it slipped to Rs 137.15 by 12 January 2007. Earlier, from 12 December 2006 to 2 January 2007, the stock had remained range-bound, moving between a low of Rs 125 and a high of Rs 131.
At the current market price of Rs 155, Tayo Rolls trades at 10.54 times its Q2 September 2006 annualized EPS of Rs 14.70.
Tayo Rolls has posted a net profit of Rs 4.04 crore in Q3 December 2006 compared with the net profit of Rs 0.01 crore in Q3 December 2005. Net sales rose to Rs 45.25 crore from Rs 37.41 crore.
Earlier last year, Tayo Rolls’ board approved an integrated manufacturing facility for forgings and forged rolls at its works in Adityapur, Jamshedpur.
Tayo Rolls is the country’s leading roll manufacturers and suppliers. The steel industry is the key user-industry for the company’s rolls, which also find wide application in paper, rubber, textile and food processing sectors.
The company has embarked on a modernization-cum-expansion programme, involving an outlay of Rs 38 crore over three years (by FY 2007-08). The expansion programme envisages a phased increase in the roll-making capacity, from the present level of 12,500 tonnes per annum to 17,000 tonnes per annum by 2007-08.
Promoted by Tan Steel in 1968, in collaboration, with Yodogawa Steel Works and Nisshow Iwai Corporation (now Sojitz Corporation), Japan, the company supplies high quality cast rolls of spun cast and static grades to leading steel producers. The company also exports nearly 30% of its production in overseas markets, which include Corus, Thyssen, Arcelor-Mittal Steel and others.
To meet the growing requirement of cold rolling mills in India, Tayo Rolls collaborated with Union Electric Steel Corporation, US, a leading forged roll manufacturer world-wide in 1999 for finish machining of rough turned hardened forged steel rolls procured from UES, USA, and supplying these to quality conscious steel plants.
Cairn India gains after amicable end to pipeline tiff
Cairn India jumped 5% to Rs 142, amid reports of reaching an agreement with ONGC to build a $340-million pipeline to transport crude oil from Rajasthan to Gujarat.
The stock rose on high early volume of 26 lakh shares on BSE.
ONGC and Cairn will share the cost of the pipeline project in 70:30 ratio. The new arrangement will also mark Cairn India’s involvement in the mid-stream segment of the petroleum business in the country.
One of the major reasons for the weak performance of Cairn India on debut was the concern about a possible delay in production of crude from its Rajasthan field scheduled in 2009. Cairn had warned investors that its dispute with ONGC, its partner in the Rajasthan blocks, over funding of the pipeline may delay production, scheduled to begin from 2009. The stock had settled at Rs 137.50 on 9 January 2007 (the day of its debut), compared to the IPO price of Rs 160. The stock moved around Rs 134 - Rs 135 level over the next three days, from 10 January to 12 January.
As per reports, Cairn and ONGC will first build a 340-km line to Indian Oil Corp’s (IOC) Viramgam pipeline terminal in Gujarat. Viramgam is connected by pipelines to IOC’s Koyali, Panipat and Mathura refineries, potential customers for Rajasthan crude. A smaller pipeline can be built along the coast or at Jamnagar, where Reliance Industries and Essar Oil also have their refineries. The construction will take 12-18 months.
Cairn India intends to utilize a major portion of the IPO proceeds to develop the Rajasthan block and for additional drilling in Ravva (Andhra Pradesh) and Cambay (Gujarat) blocks.
Tata Steel rallies as new Corus bid likely
Tata Steel rose 3% to Rs 481.50, on reports that the steel major may put in a new bid for Corus before expiry of the deadline.UK's Takeover Panel had asked all suitors to submit their bids before 30 January 2007.A strong 3.9 lakh shares changed hands in the counter on BSE.
The stock has underperformed the market since October 2006, largely out of uncertainty regarding the Corus bid. The stock is down almost 10% from Rs 534.50 on 3 October 2006. During this period, the Sensex rose 14% from 12,366.39 on 3 October 2006 to current 14,133.
Shares of the Anglo-Dutch steelmaker Corus rose to a six-month high on Friday, as the London market was abuzz with speculation over a revised offer from Tata Steel. Corus’ stock saw a rise of 4 pence and ended Friday’s trading at 540 pence per share.
As the January 30 deadline set by the UK Takeover Panel nears, the market expects an announcement by the Tatas anytime, reports suggest. Tata Steel will need to top the 515 pence-per-share bid made by its Brazilian rival Companhia Siderurgica Nacional (CSN) on December 11. The Indian major revised its bid to 500 pence per share from 455 pence, but was topped by CSN within hours.
A newspaper citing sources in the investment banking circles said that Tata Steel’s bid may go up as high as 550 pence, “but not necessarily in one go’’.
If the deadlock on Corus’ future continues beyond the January 30-deadline, the UK Takeover Panel has indicated it may resort to bidding through an auction. The process of the auction is yet to be announced by the Panel. Meanwhile, the European Commission is seeking “observations from interested parties” on CSN’s bid by January 19. The Commission is expected to give its ruling by February 5. The merger with either of the suitors will create the world’s fifth-largest steel producer with a capacity of almost 25 million tonne per annum.
Tata Steel's saleable steel production at 3.66 million tonnes during the first nine months of 2006-07 marked an increase of 11%t over saleable steel production during the corresponding period of last fiscal. During April-December 2006, the company produced 4.1 million tonnes of hot metal and 3.7 million tonnes of crude steel.
Tata Steel’ s total sales in the first nine months of the current fiscal was 3.532 million tonnes, an increase of 11.7% over sales during the corresponding period of last fiscal. Domestic sales of long products increased 30%.
Tata Steel is also gearing up to play a major role in the automotive boom. The domestic automotive market is expected to see a growth of 17- 18% in the current financial year and Tata Steel is set to take advantage. Tata Steel's market share in the domestic automotive segment is expected to be 43% in FY07, against 41% in FY06.
At 11:24 IST the BSE Sensex was up 100.39 points, at 14,156.92. It had also surged to an all-time high of 14,202.41, the low for the day being 14,110.44.The total turnover on BSE amounted to Rs 1856 crore.The market-breadth was strong on BSE, with close to 3 gainers for every loser. A strong 1720 shares advanced, compared to 666 that declined and 51 shares remained unchanged.Among the 30-Sensex pack, 22 advanced while the rest declined.
Clamour for Tayo Rolls as Q3 figures impress
Tayo Rolls surged 13.01% to Rs 155, after the company posted strong Q3 December 2006 results.A strong 58,061 shares were traded on the BSE.
The counter has been southbound since the beginning of this calendar year. From Rs 144.90 on 3 January 2007, it slipped to Rs 137.15 by 12 January 2007. Earlier, from 12 December 2006 to 2 January 2007, the stock had remained range-bound, moving between a low of Rs 125 and a high of Rs 131.
At the current market price of Rs 155, Tayo Rolls trades at 10.54 times its Q2 September 2006 annualized EPS of Rs 14.70.
Tayo Rolls has posted a net profit of Rs 4.04 crore in Q3 December 2006 compared with the net profit of Rs 0.01 crore in Q3 December 2005. Net sales rose to Rs 45.25 crore from Rs 37.41 crore.
Earlier last year, Tayo Rolls’ board approved an integrated manufacturing facility for forgings and forged rolls at its works in Adityapur, Jamshedpur.
Tayo Rolls is the country’s leading roll manufacturers and suppliers. The steel industry is the key user-industry for the company’s rolls, which also find wide application in paper, rubber, textile and food processing sectors.
The company has embarked on a modernization-cum-expansion programme, involving an outlay of Rs 38 crore over three years (by FY 2007-08). The expansion programme envisages a phased increase in the roll-making capacity, from the present level of 12,500 tonnes per annum to 17,000 tonnes per annum by 2007-08.
Promoted by Tan Steel in 1968, in collaboration, with Yodogawa Steel Works and Nisshow Iwai Corporation (now Sojitz Corporation), Japan, the company supplies high quality cast rolls of spun cast and static grades to leading steel producers. The company also exports nearly 30% of its production in overseas markets, which include Corus, Thyssen, Arcelor-Mittal Steel and others.
To meet the growing requirement of cold rolling mills in India, Tayo Rolls collaborated with Union Electric Steel Corporation, US, a leading forged roll manufacturer world-wide in 1999 for finish machining of rough turned hardened forged steel rolls procured from UES, USA, and supplying these to quality conscious steel plants.
Cairn India gains after amicable end to pipeline tiff
Cairn India jumped 5% to Rs 142, amid reports of reaching an agreement with ONGC to build a $340-million pipeline to transport crude oil from Rajasthan to Gujarat.
The stock rose on high early volume of 26 lakh shares on BSE.
ONGC and Cairn will share the cost of the pipeline project in 70:30 ratio. The new arrangement will also mark Cairn India’s involvement in the mid-stream segment of the petroleum business in the country.
One of the major reasons for the weak performance of Cairn India on debut was the concern about a possible delay in production of crude from its Rajasthan field scheduled in 2009. Cairn had warned investors that its dispute with ONGC, its partner in the Rajasthan blocks, over funding of the pipeline may delay production, scheduled to begin from 2009. The stock had settled at Rs 137.50 on 9 January 2007 (the day of its debut), compared to the IPO price of Rs 160. The stock moved around Rs 134 - Rs 135 level over the next three days, from 10 January to 12 January.
As per reports, Cairn and ONGC will first build a 340-km line to Indian Oil Corp’s (IOC) Viramgam pipeline terminal in Gujarat. Viramgam is connected by pipelines to IOC’s Koyali, Panipat and Mathura refineries, potential customers for Rajasthan crude. A smaller pipeline can be built along the coast or at Jamnagar, where Reliance Industries and Essar Oil also have their refineries. The construction will take 12-18 months.
Cairn India intends to utilize a major portion of the IPO proceeds to develop the Rajasthan block and for additional drilling in Ravva (Andhra Pradesh) and Cambay (Gujarat) blocks.
Tata Steel rallies as new Corus bid likely
Tata Steel rose 3% to Rs 481.50, on reports that the steel major may put in a new bid for Corus before expiry of the deadline.UK's Takeover Panel had asked all suitors to submit their bids before 30 January 2007.A strong 3.9 lakh shares changed hands in the counter on BSE.
The stock has underperformed the market since October 2006, largely out of uncertainty regarding the Corus bid. The stock is down almost 10% from Rs 534.50 on 3 October 2006. During this period, the Sensex rose 14% from 12,366.39 on 3 October 2006 to current 14,133.
Shares of the Anglo-Dutch steelmaker Corus rose to a six-month high on Friday, as the London market was abuzz with speculation over a revised offer from Tata Steel. Corus’ stock saw a rise of 4 pence and ended Friday’s trading at 540 pence per share.
As the January 30 deadline set by the UK Takeover Panel nears, the market expects an announcement by the Tatas anytime, reports suggest. Tata Steel will need to top the 515 pence-per-share bid made by its Brazilian rival Companhia Siderurgica Nacional (CSN) on December 11. The Indian major revised its bid to 500 pence per share from 455 pence, but was topped by CSN within hours.
A newspaper citing sources in the investment banking circles said that Tata Steel’s bid may go up as high as 550 pence, “but not necessarily in one go’’.
If the deadlock on Corus’ future continues beyond the January 30-deadline, the UK Takeover Panel has indicated it may resort to bidding through an auction. The process of the auction is yet to be announced by the Panel. Meanwhile, the European Commission is seeking “observations from interested parties” on CSN’s bid by January 19. The Commission is expected to give its ruling by February 5. The merger with either of the suitors will create the world’s fifth-largest steel producer with a capacity of almost 25 million tonne per annum.
Tata Steel's saleable steel production at 3.66 million tonnes during the first nine months of 2006-07 marked an increase of 11%t over saleable steel production during the corresponding period of last fiscal. During April-December 2006, the company produced 4.1 million tonnes of hot metal and 3.7 million tonnes of crude steel.
Tata Steel’ s total sales in the first nine months of the current fiscal was 3.532 million tonnes, an increase of 11.7% over sales during the corresponding period of last fiscal. Domestic sales of long products increased 30%.
Tata Steel is also gearing up to play a major role in the automotive boom. The domestic automotive market is expected to see a growth of 17- 18% in the current financial year and Tata Steel is set to take advantage. Tata Steel's market share in the domestic automotive segment is expected to be 43% in FY07, against 41% in FY06.
posted by SY at 12:32 PM
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