Market stays firm
The market stayed firm at higher levels as short covering continued ahead of expiry of January 2007 derivatives contracts.At 11:43 IST, the BSE Sensex was up 63.26 points to 14,173.23. It opened higher at 14151.62 and surged to hit a high of 14209.41. Its low is at 14115.40.The total turnover on BSE amounted to Rs 1434 crore
The market breadth was strong on BSE with 1471 shares advancing as compared to 873 that declined. 62 shares remained unchanged.Among the Sensex pack, 24 advanced while the rest declined.
Tata Steel surges as deadline for revised bids for Corus approaches
Tata Steel surged nearly 4% to Rs 500 extending Wednesday’s 3.6% rise.7.1 lakh shares changed hands in the counter on BSE.The stock had gained 3.6% on Wednesday 24 January 2007 to Rs 481.45. The stock has underperformed the market since October 2006, largely out of uncertainty regarding the Corus bid.
With just a few days to go before the deadline for submitting revised bids for Anglo-Dutch steelmaker Corus, the stage seems set for an auction for the world’s eighth largest steel maker. It may be recalled that on 19 December 2006, the UK Takeover Panel had said an auction process would be initiated if “the competitive situation continues to exist shortly before January 30”.
As of today, CSN has its nose ahead with a higher price bid 515 pence a share for Corus compared to Tata Steel’s 500 pence per share. However, recent reports suggest that iron ore dispute casts doubts over Brazil’s CSN’s deadline for Tata Steel. The tussle has arisen after Companhia Vale do Rio Doce, the Brazilian mining group, said it would challenge CSN's ability to supply iron ore to Corus should its bid succeed. A big part of the rationale behind CSN's offer is that it would be able to supply cheap iron ore from its Casa de Pedra mine in Brazil to Corus's European plants.
Meanwhile, Tata Steel said on Wednesday (24 January) its Singapore-based subsidiary NatSteel Asia increased its holding in three of NatSteel's units. All three stakes were bought from Malaysia's Southern Steel Berhad, Tata Steel said.
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
Tata Steel's board will meet on 30 January 2007 to consider the audited financial results for the quarter/nine months ended 31 December 2006.
Ind-Swift Labs drops after dismal Q3 numbers
Ind-Swift Laboratories lost 2% at Rs 68.30 after the company reported 39% fall in net profit in December 2006 quarter.78,654 shares changed hands in the counter on BSE.The stock had seen a low of Rs 53.20 on 13 December 2006 and from then on it surged to the current levels.
The company came out with a disappointing set of Q3 numbers with a 39.40% fall in its net profit over the corresponding previous year quarter at Rs 5.51 crore. Net sales rose 15.72% at Rs.95.30 crore. It may be recalled that the company’s second quarter results were even more unimpressive where the net profit figure was down 45%.
The company is one of the largest manufacturers of Clarithromycin and enjoys 30-33 per cent of the world capacities for this drug. The company has a good market share in its product segment in countries like, Jordan, Syria, Egypt & Iran. The company is now striving to expand its presence in the regulated markets of Europe and the US.
The company in the last financial year completed its first major expansion plan of over Rs.100 crore, where it put up a new facility at tax exempted zone at Samba, Jammu (J&K) to manufacture products for the domestic market.
The market breadth was strong on BSE with 1471 shares advancing as compared to 873 that declined. 62 shares remained unchanged.Among the Sensex pack, 24 advanced while the rest declined.
Tata Steel surges as deadline for revised bids for Corus approaches
Tata Steel surged nearly 4% to Rs 500 extending Wednesday’s 3.6% rise.7.1 lakh shares changed hands in the counter on BSE.The stock had gained 3.6% on Wednesday 24 January 2007 to Rs 481.45. The stock has underperformed the market since October 2006, largely out of uncertainty regarding the Corus bid.
With just a few days to go before the deadline for submitting revised bids for Anglo-Dutch steelmaker Corus, the stage seems set for an auction for the world’s eighth largest steel maker. It may be recalled that on 19 December 2006, the UK Takeover Panel had said an auction process would be initiated if “the competitive situation continues to exist shortly before January 30”.
As of today, CSN has its nose ahead with a higher price bid 515 pence a share for Corus compared to Tata Steel’s 500 pence per share. However, recent reports suggest that iron ore dispute casts doubts over Brazil’s CSN’s deadline for Tata Steel. The tussle has arisen after Companhia Vale do Rio Doce, the Brazilian mining group, said it would challenge CSN's ability to supply iron ore to Corus should its bid succeed. A big part of the rationale behind CSN's offer is that it would be able to supply cheap iron ore from its Casa de Pedra mine in Brazil to Corus's European plants.
Meanwhile, Tata Steel said on Wednesday (24 January) its Singapore-based subsidiary NatSteel Asia increased its holding in three of NatSteel's units. All three stakes were bought from Malaysia's Southern Steel Berhad, Tata Steel said.
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
Tata Steel's board will meet on 30 January 2007 to consider the audited financial results for the quarter/nine months ended 31 December 2006.
Ind-Swift Labs drops after dismal Q3 numbers
Ind-Swift Laboratories lost 2% at Rs 68.30 after the company reported 39% fall in net profit in December 2006 quarter.78,654 shares changed hands in the counter on BSE.The stock had seen a low of Rs 53.20 on 13 December 2006 and from then on it surged to the current levels.
The company came out with a disappointing set of Q3 numbers with a 39.40% fall in its net profit over the corresponding previous year quarter at Rs 5.51 crore. Net sales rose 15.72% at Rs.95.30 crore. It may be recalled that the company’s second quarter results were even more unimpressive where the net profit figure was down 45%.
The company is one of the largest manufacturers of Clarithromycin and enjoys 30-33 per cent of the world capacities for this drug. The company has a good market share in its product segment in countries like, Jordan, Syria, Egypt & Iran. The company is now striving to expand its presence in the regulated markets of Europe and the US.
The company in the last financial year completed its first major expansion plan of over Rs.100 crore, where it put up a new facility at tax exempted zone at Samba, Jammu (J&K) to manufacture products for the domestic market.
posted by SY at 12:26 PM
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