Market worsens
The market weakened further in the afternoon, with the Sensex hit a fresh intra-day low of 13,377.32 at 13:34 IST, surpassing an early low of 13,397.26. At 13,377.32, the BSE benchmark has lost 189.01 points for the day.
At 13:42 IST the Sensex was down 178 points, at 13,388.Banks weakened in afternoon trading. ONGC remained weak. Software major Infosys’ recovery was cut short. Index heavyweight Reliance Industries, too, was off the higher level.
The market-breadth was weak. Against 1,545 shares declining on BSE, 1,013 rose. Just 61 shares were unchanged.The BSE grossed Rs 2277 crore in turnover.
Weakness across Asian bourses has sent the domestic bourses plunging. Weaker crude oil knocked Asian energy shares on Wednesday, and Japan's Nikkei fell nearly 2% as hedge funds sold a range of Asian stocks to cover losses on crude markets.
Bank shares dropped. ICICI Bank shed nearly 4% to Rs 877. ICICI Bank has a 9.3% weightage in the Sensex. SBI lost 1.7% to Rs 1154.
Paramount Communications springs
Paramount Communications rose 1.13% to Rs 224, after it fixed 5 February 2007 as record date for a stock-split.The company’s board had earlier approved sub-division of each equity share of Rs 10 into five of Rs 2 each.A strong 49,879 shares changed hands in the counter on BSE.The scrip has advanced from Rs 205.95 on 27 December, to Rs 227.25 by 8 January 2007, as buying continued. Here, it witnessed profit booking and slipped to Rs 221.50 by 9 January 2007.
Paramount Communication provides cabling solution to power, telecom and IT, Railways, petrochemical and other industries. The company has a flexible manufacturing capacity, which enables it to shift focus from one type of cable to another, depending on demand.
Most of its revenue comes from the telecom segment, especially through jellyfilled telecom cables (JFTC) and optical fibre cables (OFC).
Recently, the company completed a $15 million GDR issue, which was priced at Rs 197.75 per share. With the successful closure of GDR for $ 15 million, the company is executing its expansion of manufacturing high tension and low tension power cables.
Earlier in 2004-05, the company had formed a wholly-owned subsidiary, Paramount Gulf FZE, in Dubai, UAE, with an investment of $ 50,000. The subsidiary is to deal and trade in commodities and will also explore opportunities for exporting cables.
Paramount Communications recorded 116.38% jump in net profit to Rs 11.10 crore for the second quarter ended September 2006, compared with Rs 4.16 crore in the corresponding period of the previous year. Net sales stood at Rs 100.96 crore for the quarter, up 107.14% from Rs 48.74 crore in the year ago period.
Zee News, Wire & Wireless India list on BSE
Zee News was trading at Rs 37.45 and Wire & Wireless India at Rs 123.50, after the demerged entities were listed on BSE.Zee News debuted on BSE at Rs 50, tested a high of Rs 58.85 and fell to a low of Rs 35.25. The scrip clocked 90.68 lakh shares on BSE.Wire & Wireless (India), on the other hand, debuted at Rs 80. This demerged enterprise surged to a high of Rs 139.80. It posted a volume of 32.30 lakh shares on BSE.
Zee News and Wire and Wireless India (WWIL) entered the bourses with over 23.97 crore and 21.72 crore equity shares of Re 1 each, respectively, post demerger.
Zee Entertainment Enterprises’ (formerly Zee Telefilms) (ZTL) was de-merged into three entities effective 18 December 2006. ZTL de-merged its cable distribution subsidiary into Wire & Wireless (India) (WWIL) and its regional and news broadcasting undertaking into Zee News (ZNL).
Ahead of the listing of Zee News, RBI on Tuesday prohibited foreign portfolio funds from purchasing the scrip without its prior permission. The foreign portfolio limit in Zee News had reached the maximum permissible limit of 26%, RBI informed.
Shareholders of the erstwhile ZTL were allotted 45 shares of ZNL and 50 shares of WWIL for every 100 shares held in ZTL.
ZTL had earlier announced the book closure from December 24 to 28, 2006, for determining eligibility for equity shares of the demerged entities. The company will announce a separate record date for the demerger of its direct consumer business into ASC Enterprises, which will be renamed as Dish TV India.Zee’s demerger scheme was aimed at unlocking shareholders’ value.
PVR firms up as M'rashtra offers tax relief
PVR rose 0.59% to Rs 232, as its multiplexes at Latur and Aurangabad were granted exemption from entertainment tax for five years.As many as 6,049 shares were traded in the counter on BSE.
The stock moved higher, amid alternate bouts of buying and selling, in the past few weeks. From Rs 227.65 on 21 December, the stock advanced to Rs 235.25 by 5 January 2007, as buying continued. Here, it slipped to Rs 230.70 on 9 January 2007, under profit-booking.
In September, PVR's multiplex at Indore, Madhya Pradesh, was also granted entertainment tax exemption for five years.PVR Cinemas plans to add 43 more screens across India to its existing stable of 77 in the next 12 months. The chain will use Rs 150 crore, proceeds from its IPO last year, to finance expansion plans.
PVR aims to operate over 300 screens in the next 2-3 years. It has signed 19 new screens, and will add more to take its tally to 120. The 19 screens will be operational by April-end. The chain plans to sign another 43 screens by then, which will become operational in another five months.
PVR group company, PVR Pictures, which signed a two-film co-production deal with Aamir Khan Pictures (AKPL), is likely to launch them next year.
PVR had registered a net profit growth of 57%, to Rs 3.36 crore (Rs 2.14 crore) for Q2 September 2006. Net sales rose 51.60%, to Rs 43.50 crore (Rs 28.70 crore).
At 13:42 IST the Sensex was down 178 points, at 13,388.Banks weakened in afternoon trading. ONGC remained weak. Software major Infosys’ recovery was cut short. Index heavyweight Reliance Industries, too, was off the higher level.
The market-breadth was weak. Against 1,545 shares declining on BSE, 1,013 rose. Just 61 shares were unchanged.The BSE grossed Rs 2277 crore in turnover.
Weakness across Asian bourses has sent the domestic bourses plunging. Weaker crude oil knocked Asian energy shares on Wednesday, and Japan's Nikkei fell nearly 2% as hedge funds sold a range of Asian stocks to cover losses on crude markets.
Bank shares dropped. ICICI Bank shed nearly 4% to Rs 877. ICICI Bank has a 9.3% weightage in the Sensex. SBI lost 1.7% to Rs 1154.
Paramount Communications springs
Paramount Communications rose 1.13% to Rs 224, after it fixed 5 February 2007 as record date for a stock-split.The company’s board had earlier approved sub-division of each equity share of Rs 10 into five of Rs 2 each.A strong 49,879 shares changed hands in the counter on BSE.The scrip has advanced from Rs 205.95 on 27 December, to Rs 227.25 by 8 January 2007, as buying continued. Here, it witnessed profit booking and slipped to Rs 221.50 by 9 January 2007.
Paramount Communication provides cabling solution to power, telecom and IT, Railways, petrochemical and other industries. The company has a flexible manufacturing capacity, which enables it to shift focus from one type of cable to another, depending on demand.
Most of its revenue comes from the telecom segment, especially through jellyfilled telecom cables (JFTC) and optical fibre cables (OFC).
Recently, the company completed a $15 million GDR issue, which was priced at Rs 197.75 per share. With the successful closure of GDR for $ 15 million, the company is executing its expansion of manufacturing high tension and low tension power cables.
Earlier in 2004-05, the company had formed a wholly-owned subsidiary, Paramount Gulf FZE, in Dubai, UAE, with an investment of $ 50,000. The subsidiary is to deal and trade in commodities and will also explore opportunities for exporting cables.
Paramount Communications recorded 116.38% jump in net profit to Rs 11.10 crore for the second quarter ended September 2006, compared with Rs 4.16 crore in the corresponding period of the previous year. Net sales stood at Rs 100.96 crore for the quarter, up 107.14% from Rs 48.74 crore in the year ago period.
Zee News, Wire & Wireless India list on BSE
Zee News was trading at Rs 37.45 and Wire & Wireless India at Rs 123.50, after the demerged entities were listed on BSE.Zee News debuted on BSE at Rs 50, tested a high of Rs 58.85 and fell to a low of Rs 35.25. The scrip clocked 90.68 lakh shares on BSE.Wire & Wireless (India), on the other hand, debuted at Rs 80. This demerged enterprise surged to a high of Rs 139.80. It posted a volume of 32.30 lakh shares on BSE.
Zee News and Wire and Wireless India (WWIL) entered the bourses with over 23.97 crore and 21.72 crore equity shares of Re 1 each, respectively, post demerger.
Zee Entertainment Enterprises’ (formerly Zee Telefilms) (ZTL) was de-merged into three entities effective 18 December 2006. ZTL de-merged its cable distribution subsidiary into Wire & Wireless (India) (WWIL) and its regional and news broadcasting undertaking into Zee News (ZNL).
Ahead of the listing of Zee News, RBI on Tuesday prohibited foreign portfolio funds from purchasing the scrip without its prior permission. The foreign portfolio limit in Zee News had reached the maximum permissible limit of 26%, RBI informed.
Shareholders of the erstwhile ZTL were allotted 45 shares of ZNL and 50 shares of WWIL for every 100 shares held in ZTL.
ZTL had earlier announced the book closure from December 24 to 28, 2006, for determining eligibility for equity shares of the demerged entities. The company will announce a separate record date for the demerger of its direct consumer business into ASC Enterprises, which will be renamed as Dish TV India.Zee’s demerger scheme was aimed at unlocking shareholders’ value.
PVR firms up as M'rashtra offers tax relief
PVR rose 0.59% to Rs 232, as its multiplexes at Latur and Aurangabad were granted exemption from entertainment tax for five years.As many as 6,049 shares were traded in the counter on BSE.
The stock moved higher, amid alternate bouts of buying and selling, in the past few weeks. From Rs 227.65 on 21 December, the stock advanced to Rs 235.25 by 5 January 2007, as buying continued. Here, it slipped to Rs 230.70 on 9 January 2007, under profit-booking.
In September, PVR's multiplex at Indore, Madhya Pradesh, was also granted entertainment tax exemption for five years.PVR Cinemas plans to add 43 more screens across India to its existing stable of 77 in the next 12 months. The chain will use Rs 150 crore, proceeds from its IPO last year, to finance expansion plans.
PVR aims to operate over 300 screens in the next 2-3 years. It has signed 19 new screens, and will add more to take its tally to 120. The 19 screens will be operational by April-end. The chain plans to sign another 43 screens by then, which will become operational in another five months.
PVR group company, PVR Pictures, which signed a two-film co-production deal with Aamir Khan Pictures (AKPL), is likely to launch them next year.
PVR had registered a net profit growth of 57%, to Rs 3.36 crore (Rs 2.14 crore) for Q2 September 2006. Net sales rose 51.60%, to Rs 43.50 crore (Rs 28.70 crore).
posted by SY at 2:25 PM
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