Market down 79 points; cement scrips on backfoot
The BSE Sensex continued to fall. Cement shares were the worst hit by lifting of customs duty on ordinary portland cement. ACC (down 4.15% to Rs 1069), Grasim (down 2.65% to Rs 2818) and Gujarat Ambuja Cements (GACL) (down 1.87% to Rs 144) bore the brunt of the duty cut.
At 11:28 IST the BSE Sensex was down 79.22 points, at 14,128.73. It had opened a bit higher, at 14,212.12, but had begun declining due to heavy selling. The Sensex has also stooped to a low of 14,119.79.
Volatility may remain high on the bourses in the run up to the expiry of January 2007 derivatives contracts on Thursday (25 January 2007).The total turnover on BSE amounted to Rs 1431 crore.The market-breadth was negative. For 1283 shares declining, 1064 advanced and just 48 scrips remained unchanged.Among the 30-Sensex pack, 20 declined while the rest advanced.
Bharti Airtel upbeat as Q3 net puts forecasts to shade
Bharti Airtel gained 2.3% to Rs 691.90, after reporting 122.8% growth in net profit for the Dec-2006 quarter.The stock also hit a life high of Rs 700.80. As many as 1.9 lakh shares changed hands in the counter on BSE.The stock had firmed up in the run up to the results. From Rs 613.10 on 10 January 2007, it surged to lifetime closing high of Rs 682.05 on 19 January 2007, only to ease the next day to Rs 676.35.
Bharti Airtel’s consolidated net profit as per US GAAP, jumped 122.8% to Rs 1215.13 crore (Rs 545.30 crore), beating market expectations. Four brokerages had forecast 87.6% to 99.2% growth in Bharti’s net profit.
Consolidated revenue rose 62.3% to Rs 4913 crore (Rs 3025.60 crore). Topline growth was within analysts’ expectations.
The board of Bharti Airtel today approved transfer of its towers for mobile communications and related infrastructure, to a wholly-owned subsidiary, Bharti Infratel, for better operational efficiency.
The company also announced commencement of Direct-To-Home (DTH) services to address the fast-growing home entertainment segment through Bharti Telemedia, another wholly-owned subsidiary.
The board also approved acquisition of a submarine network cable system from Network i2i (jointly owned by Singtel and a Bharti group company) for an overall consideration of $ 110 million.
Kewal Kiran Clothing hammered on flat Q3 outcome
Apparel maker Kewal Kiran Clothing plunged 8% to Rs 243, after a mere 7.7% growth in net profit for Dec-2006 quarter.As many as 37,360 shares changed hands in the counter on BSE.The stock has surged since late-December 2006, as investors preferred small-cap and mid-cap scrips. From Rs 210.50 on 22 December 2006, it surged 25.7% to Rs 264.70 by 22 January 2007.
Kewal Kiran Clothing (KKCL)’s net profit rose 7.7% in December 2006, to Rs 3.62 crore (Rs 3.36 crore). Net sales rose 20.6% to Rs 31.56 crore (Rs 26.16 crore). The company, however, said the results were not strictly comparable.
After restructuring, the apparel manufacturing and marketing business is vested in the company. The results for FY-2006 (year ended 31 March 2006) includes the effect of the above for part of the year, and hence the previous year figures are not strictly comparable, the company informed.
The results were released after trading hours on Monday (22 January 2007).
KKCL is India's leading branded apparel manufacturers with integrated designing, manufacturing and marketing facilities. KKCL's product line consists of jeans, denim shirts, cotton trousers and shirts, non-cotton trousers and shirts, knitted T- shirts and accessories such as bags, belts, and caps. The company exports to Asia, the Middle East and the CIS.
Started in 1980, KKCL launched four brands in various internals. All the four cater to different segments. For example, Killer is a power brand for youth, targetted at 16-24 age group. It contributes around 46% to the turnover. Products sold under this segment include jeans, trousers, T-shirts and jackets.
KKCL is slated to launch women's wear under the Killer brand in March-April 2007, and is expanding the range of formal garments under its Easies brand, to penetrate further into the market.
KKCL also plans to enhance its present 60,000 square feet retail space to 85,000 square feet by end-2007, and to 2,25,000 sq. ft. end-2008.
At 11:28 IST the BSE Sensex was down 79.22 points, at 14,128.73. It had opened a bit higher, at 14,212.12, but had begun declining due to heavy selling. The Sensex has also stooped to a low of 14,119.79.
Volatility may remain high on the bourses in the run up to the expiry of January 2007 derivatives contracts on Thursday (25 January 2007).The total turnover on BSE amounted to Rs 1431 crore.The market-breadth was negative. For 1283 shares declining, 1064 advanced and just 48 scrips remained unchanged.Among the 30-Sensex pack, 20 declined while the rest advanced.
Bharti Airtel upbeat as Q3 net puts forecasts to shade
Bharti Airtel gained 2.3% to Rs 691.90, after reporting 122.8% growth in net profit for the Dec-2006 quarter.The stock also hit a life high of Rs 700.80. As many as 1.9 lakh shares changed hands in the counter on BSE.The stock had firmed up in the run up to the results. From Rs 613.10 on 10 January 2007, it surged to lifetime closing high of Rs 682.05 on 19 January 2007, only to ease the next day to Rs 676.35.
Bharti Airtel’s consolidated net profit as per US GAAP, jumped 122.8% to Rs 1215.13 crore (Rs 545.30 crore), beating market expectations. Four brokerages had forecast 87.6% to 99.2% growth in Bharti’s net profit.
Consolidated revenue rose 62.3% to Rs 4913 crore (Rs 3025.60 crore). Topline growth was within analysts’ expectations.
The board of Bharti Airtel today approved transfer of its towers for mobile communications and related infrastructure, to a wholly-owned subsidiary, Bharti Infratel, for better operational efficiency.
The company also announced commencement of Direct-To-Home (DTH) services to address the fast-growing home entertainment segment through Bharti Telemedia, another wholly-owned subsidiary.
The board also approved acquisition of a submarine network cable system from Network i2i (jointly owned by Singtel and a Bharti group company) for an overall consideration of $ 110 million.
Kewal Kiran Clothing hammered on flat Q3 outcome
Apparel maker Kewal Kiran Clothing plunged 8% to Rs 243, after a mere 7.7% growth in net profit for Dec-2006 quarter.As many as 37,360 shares changed hands in the counter on BSE.The stock has surged since late-December 2006, as investors preferred small-cap and mid-cap scrips. From Rs 210.50 on 22 December 2006, it surged 25.7% to Rs 264.70 by 22 January 2007.
Kewal Kiran Clothing (KKCL)’s net profit rose 7.7% in December 2006, to Rs 3.62 crore (Rs 3.36 crore). Net sales rose 20.6% to Rs 31.56 crore (Rs 26.16 crore). The company, however, said the results were not strictly comparable.
After restructuring, the apparel manufacturing and marketing business is vested in the company. The results for FY-2006 (year ended 31 March 2006) includes the effect of the above for part of the year, and hence the previous year figures are not strictly comparable, the company informed.
The results were released after trading hours on Monday (22 January 2007).
KKCL is India's leading branded apparel manufacturers with integrated designing, manufacturing and marketing facilities. KKCL's product line consists of jeans, denim shirts, cotton trousers and shirts, non-cotton trousers and shirts, knitted T- shirts and accessories such as bags, belts, and caps. The company exports to Asia, the Middle East and the CIS.
Started in 1980, KKCL launched four brands in various internals. All the four cater to different segments. For example, Killer is a power brand for youth, targetted at 16-24 age group. It contributes around 46% to the turnover. Products sold under this segment include jeans, trousers, T-shirts and jackets.
KKCL is slated to launch women's wear under the Killer brand in March-April 2007, and is expanding the range of formal garments under its Easies brand, to penetrate further into the market.
KKCL also plans to enhance its present 60,000 square feet retail space to 85,000 square feet by end-2007, and to 2,25,000 sq. ft. end-2008.
posted by SY at 12:08 PM
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