Market continues strong
The market-stayed firm, as buying continued. At 14:45 IST the Sensex was up 31.36 points, at 14,147.30. It had opened higher, at 14,133.78, as buying continued after Wipro announced sound results. The benchmark index also struck a high of 14,185.12, the low being 14,089.63.
The market-breadth was strong on BSE, as buying continued for small-cap and mid-cap stocks. Analysts expect buying to shift to this space, anticipating robust results for the December quarter. Against 1,674 shares advancing, 965 declined, and 52 remained unchanged.The total turnover on BSE amounted to Rs 3770 crore.
Madhucon Projects firms up
Madhucon Projects rose 1.6% to Rs 313.25, after its unit achieved financial closure for a road project in south India, valued at Rs 920 crore.
The scrip was volatile in early trade, when the financial closure of the project was announced at 11:11 IST on the BSE site. After a sharp 5.4% surge to Rs 325 at 11:13 IST, it came off this level almost instantly. As many as 53,500 shares changed hands in the counter on BSE.
The financial closure of the project had already been announced on NSE website on 15 January 2007 and the stock had moved in Rs 308- Rs 314 price range for two trading sessions, on 15 January and 16 January. The stock has fluctuated within a compact range over the past few weeks; between Rs 296 and Rs 315 from 19 December 2006 to 12 January 2007.
In October 2006, Madhucon's subsidiary TN (DK) Expressways achieved financial closure for a Rs 360 crore road project in Tamil Nadu. At that time, the company said it had a strong order backlog of over Rs 5000 crore comprising highways, toll roads, irrigation, and residential and commercial projects.
In the construction segment, Madhucon Projects focusses on roads and irrigation contracts. The company uses limited subcontracting for orders and employs own equipment for executing the projects, enabling it to earn better margins compared to peers. Madhucon’s margins have remained unaffected by raw material price fluctuations on account of price escalation clauses incorporated in its deals.
For Q2 September 2006, Madhucon reported 252% surge in net profit to Rs 11.27 crore, on 54% growth in net sales to Rs 93.36 crore.Recently, the company increased the aggregate limit of FII-holding up to 40% of the equity capital of the company.
NIIT Tech zooms on outstanding Q3 numbers
NIIT Technologies jumped 9.5% to Rs 341, after it reported 92% y-o-y rise in net profit for the December 2006 quarter.As many as 8.7 lakh shares changed hands in the counter on BSE.The stock had witnessed a pre-results surge amid a bout of correction. From Rs 243.30 on 12 December 2006, it had surged 27.9% to Rs 311.30 on 16 January 2007.
NIIT Technologies’ consolidated net profit rose 92% in December 2006 quarter to Rs 34.60 crore (Rs 18 crore). Topline growth led bottomline growth. Consolidated revenue rose 46% to Rs 231.50 crore from Rs 157.40 crore.
The company said integration of Room Solutions is now complete, contributing to margin expansion in the quarter. NIIT Technologies had in May 2006 acquired a majority stake in ROOM Solutions, a $ 25 million, UK-based insurance solutions provider, headquartered in London, with about 120 professionals.
NIIT Tech said it had a record fresh order intake of $56 million in December 2006 quarter.NIIT Tech derives 50% of its revenue from Europe and 33% from US.
NIIT Technologies is focussed on three industry verticals: financial services, transportation, and retail. In the BPO business, NIIT Technologies has been concentrating on the same industry verticals as in the IT solutions business.
The market-breadth was strong on BSE, as buying continued for small-cap and mid-cap stocks. Analysts expect buying to shift to this space, anticipating robust results for the December quarter. Against 1,674 shares advancing, 965 declined, and 52 remained unchanged.The total turnover on BSE amounted to Rs 3770 crore.
Madhucon Projects firms up
Madhucon Projects rose 1.6% to Rs 313.25, after its unit achieved financial closure for a road project in south India, valued at Rs 920 crore.
The scrip was volatile in early trade, when the financial closure of the project was announced at 11:11 IST on the BSE site. After a sharp 5.4% surge to Rs 325 at 11:13 IST, it came off this level almost instantly. As many as 53,500 shares changed hands in the counter on BSE.
The financial closure of the project had already been announced on NSE website on 15 January 2007 and the stock had moved in Rs 308- Rs 314 price range for two trading sessions, on 15 January and 16 January. The stock has fluctuated within a compact range over the past few weeks; between Rs 296 and Rs 315 from 19 December 2006 to 12 January 2007.
In October 2006, Madhucon's subsidiary TN (DK) Expressways achieved financial closure for a Rs 360 crore road project in Tamil Nadu. At that time, the company said it had a strong order backlog of over Rs 5000 crore comprising highways, toll roads, irrigation, and residential and commercial projects.
In the construction segment, Madhucon Projects focusses on roads and irrigation contracts. The company uses limited subcontracting for orders and employs own equipment for executing the projects, enabling it to earn better margins compared to peers. Madhucon’s margins have remained unaffected by raw material price fluctuations on account of price escalation clauses incorporated in its deals.
For Q2 September 2006, Madhucon reported 252% surge in net profit to Rs 11.27 crore, on 54% growth in net sales to Rs 93.36 crore.Recently, the company increased the aggregate limit of FII-holding up to 40% of the equity capital of the company.
NIIT Tech zooms on outstanding Q3 numbers
NIIT Technologies jumped 9.5% to Rs 341, after it reported 92% y-o-y rise in net profit for the December 2006 quarter.As many as 8.7 lakh shares changed hands in the counter on BSE.The stock had witnessed a pre-results surge amid a bout of correction. From Rs 243.30 on 12 December 2006, it had surged 27.9% to Rs 311.30 on 16 January 2007.
NIIT Technologies’ consolidated net profit rose 92% in December 2006 quarter to Rs 34.60 crore (Rs 18 crore). Topline growth led bottomline growth. Consolidated revenue rose 46% to Rs 231.50 crore from Rs 157.40 crore.
The company said integration of Room Solutions is now complete, contributing to margin expansion in the quarter. NIIT Technologies had in May 2006 acquired a majority stake in ROOM Solutions, a $ 25 million, UK-based insurance solutions provider, headquartered in London, with about 120 professionals.
NIIT Tech said it had a record fresh order intake of $56 million in December 2006 quarter.NIIT Tech derives 50% of its revenue from Europe and 33% from US.
NIIT Technologies is focussed on three industry verticals: financial services, transportation, and retail. In the BPO business, NIIT Technologies has been concentrating on the same industry verticals as in the IT solutions business.
posted by SY at 4:07 PM
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