Markets steady: BSE metal up over 2.5%
The market-breadth was strong on BSE, as buying happened across small-cap and mid-cap counters. On BSE, there were close to 2.5 gainers for every loser. For 1,772 shares advancing, 745 declined and 47 remained unchanged.
Meanwhile, the Sensex slipped after touching an all-time high of 14,202.41, as profit-booking emerged at higher levels.
At 12:27 IST the BSE Sensex was up 71.90 points, at 14,128.43. It had opened strong, extending gains from Friday, and remained firm as buying continued on back of firm global markets, and on resumption in FII-buying. The benchmark index also dipped to a low of 14,110.44.The total turnover on BSE amounted to Rs 2555 crore.Among the 30-Sensex pack, 21 advanced while the rest declined.
Rajesh Exports upbeat
Rajesh Exports rose 2.06% to Rs 443, after it posted a net profit growth of 57.71% in Q3 December 2006 results.The counter clocked a volume of 92,849 shares on the BSE.
The stock spurted from the middle of December 2006. From Rs 314.05 on 20 December 2006, the stock surged 38.21% to Rs 434.05 by 12 January 2007 on strong order-book and expectations of robust results.
At the current market price of Rs 443, Rajesh Exports trades 19.33 times its Q2 September 2006 annualized EPS of Rs 22.91.
Rajesh Exports posted a net profit growth of 57.71% to Rs 28.12 crore in Q3 December 2006 compared to Rs 17.83 crore in Q3 December 2005. Net sales rose to Rs 1872.45 crore from Rs 1294.02 crore.
Earlier this calendar year, Rajesh Exports was awarded a gold trophy at the Niryat Shree and Niryat Bandhu awards by the Federation of Indian Export Organizations (FIEO). Further, the company was also accorded a five-star export house status, the highest recognition in India for exports.
The company plans to raise $ 150 million through the issue of GDR/ADR with an option for conversion into equities. The raised fund is to meet the company’s expansion programmes such as setting up retail infrastructure and meeting the working capital.
Rajesh Exports proposes to enter the real estate business for which the board has proposed raising the borrowing limit from the current Rs 200 crore to Rs 1,000 crore. The company recently announced the launch of a subsidiary, Bangalore Infra, to unlock the value of its huge land bank for conversion into commercial infrastructure projects. The company already has a property division. It had acquired prime properties in Bangalore, which will now be transferred to Bangalore Infra.
Meanwhile, the company has also decided to transfer its entire retail business to a retail subsidiary, 24K Retail. Rajesh Exports forayed into retailing jewellery a while back, by setting up 'Laabh Jewellers,' a chain of stores which operate in some major Indian cities. The company proposes to have more than 150 retail showrooms in the country by June 2007. Currently, it has 22 Laabh Jewellers retail stores.
Early in December 2006, Rajesh Exports formed an equal joint venture with US-based watch designer Fossil Inc. The JV will establish exclusive retail stores across India. Fossil has a retailing presence in over 90 countries across the world and owns proprietary brands like Fossil, Relic, Mw, Mw Michele, Wrist Net, Wrist Pda and Zodiac. The US-based watchmaker has license agreements with some of the most prestigious brands in the world like Adidas, Emporio Armani, Burberry, Diesel, Dkny, Michael Michael Kors, Marc Jacobs And Marc.
Rajesh Exports, in March 2006, acquired all 36 retail stores, retailing systems, management systems, software packages, customer database and other assets of OyzterBay, one of the largest chains of branded retail jewellery in India.
Rajesh Exports, headquartered at Bangalore, manufactures and sells gold jewellery. It imports raw gold from mines across the world. The jewellery manufactured, is exported across the world and distributed across the country to retail stores.
The company’s current equity base is Rs 7.39 crore, at a face value per share of Rs 2.
VSNL rings in gains
Videsh Sanchar Nigam rose nearly 4% to Rs 451.80 on reports in a section of the media that it is in talks to buy Sri Lankan private telecom operator Suntel for an undisclosed sum.2.3 lakh shares changed hands in the counter on BSE.
After a sharp fall in early December 2006, VSNL stock bounced back. From Rs 381.90 on 12 December 2006, the stock had surged to Rs 435.70 by 12 January 2007.
Suntel is a joint venture backed by Sri Lanka's National Development Bank, Sweden's Overseas Telecom AB, Metrocorp, Hong Kong's Townsend and International Finance Corporation (IFC). VSNL Global, VSNL’s international arm, recently won licences to provide international long distance and Internet services in Sri Lanka, and wanted to enter the outbound voice traffic, data and enterprise businesses, a newspaper said, quoting company sources. There was no announcement from VSNL so far.
VSNL which earns three-quarters of its revenue abroad, holds 26 percent in South Africa's second national fixed phone operator Neotel, and had also acquired Teleglobe International Holdings and Tyco International's global undersea fibre optic cable network
Last month, Neotel, the South African arm of VSNL signed a Rs 1300-crore bridging debt facility with a funding consortium comprising Nedbank Capital, Investec Bank and the Development Bank of Southern Africa. The funds will be utilised for Neotel's network rollout, which already consists of 1,300 km of optic fibre cable in 6 main metropolitan areas. This was purchased from Transnet for Rs 165 crore earlier this year.
VSNL has also entered into a memorandum of understanding (MoU) with telecom services providers including Etisalat, Saudi Telecom, Telecom Egypt and Telecom Italia Sparkle to jointly construct a new submarine cable (I-ME-WE) linking India, West Asia and Western Europe. The cable project will connect the major countries in the region including India, UAE, Kingdom of Saudi Arabia, Egypt, Italy and France. The cable will leverage the strength of these major carriers and provide interconnection facilities with several existing and emerging systems in the regions. It is expected to be commissioned by mid 2008.
VSNL will be rolling out WiMAX service extensively in Bangalore by June, where the company had already tested a live pilot successfully. WiMAX enables broadband connectivity overcoming the hurdle of absence of last mile connection. VSNL hopes to roll out the technology in other parts of the country by the second half of 2007.
VSNL’s net profit rose 18% to Rs 107 crore in Q3 December 2006 from Rs 91 crore in Q3 December 2005. Net sales rose 4% to Rs 966 crore (Rs 929 crore).
The current price of Rs 451.80 discounts its 6-months April-December 2006 annualised EPS of Rs 13.70, by PE multiple of 32.9.
Meanwhile, the Sensex slipped after touching an all-time high of 14,202.41, as profit-booking emerged at higher levels.
At 12:27 IST the BSE Sensex was up 71.90 points, at 14,128.43. It had opened strong, extending gains from Friday, and remained firm as buying continued on back of firm global markets, and on resumption in FII-buying. The benchmark index also dipped to a low of 14,110.44.The total turnover on BSE amounted to Rs 2555 crore.Among the 30-Sensex pack, 21 advanced while the rest declined.
Rajesh Exports upbeat
Rajesh Exports rose 2.06% to Rs 443, after it posted a net profit growth of 57.71% in Q3 December 2006 results.The counter clocked a volume of 92,849 shares on the BSE.
The stock spurted from the middle of December 2006. From Rs 314.05 on 20 December 2006, the stock surged 38.21% to Rs 434.05 by 12 January 2007 on strong order-book and expectations of robust results.
At the current market price of Rs 443, Rajesh Exports trades 19.33 times its Q2 September 2006 annualized EPS of Rs 22.91.
Rajesh Exports posted a net profit growth of 57.71% to Rs 28.12 crore in Q3 December 2006 compared to Rs 17.83 crore in Q3 December 2005. Net sales rose to Rs 1872.45 crore from Rs 1294.02 crore.
Earlier this calendar year, Rajesh Exports was awarded a gold trophy at the Niryat Shree and Niryat Bandhu awards by the Federation of Indian Export Organizations (FIEO). Further, the company was also accorded a five-star export house status, the highest recognition in India for exports.
The company plans to raise $ 150 million through the issue of GDR/ADR with an option for conversion into equities. The raised fund is to meet the company’s expansion programmes such as setting up retail infrastructure and meeting the working capital.
Rajesh Exports proposes to enter the real estate business for which the board has proposed raising the borrowing limit from the current Rs 200 crore to Rs 1,000 crore. The company recently announced the launch of a subsidiary, Bangalore Infra, to unlock the value of its huge land bank for conversion into commercial infrastructure projects. The company already has a property division. It had acquired prime properties in Bangalore, which will now be transferred to Bangalore Infra.
Meanwhile, the company has also decided to transfer its entire retail business to a retail subsidiary, 24K Retail. Rajesh Exports forayed into retailing jewellery a while back, by setting up 'Laabh Jewellers,' a chain of stores which operate in some major Indian cities. The company proposes to have more than 150 retail showrooms in the country by June 2007. Currently, it has 22 Laabh Jewellers retail stores.
Early in December 2006, Rajesh Exports formed an equal joint venture with US-based watch designer Fossil Inc. The JV will establish exclusive retail stores across India. Fossil has a retailing presence in over 90 countries across the world and owns proprietary brands like Fossil, Relic, Mw, Mw Michele, Wrist Net, Wrist Pda and Zodiac. The US-based watchmaker has license agreements with some of the most prestigious brands in the world like Adidas, Emporio Armani, Burberry, Diesel, Dkny, Michael Michael Kors, Marc Jacobs And Marc.
Rajesh Exports, in March 2006, acquired all 36 retail stores, retailing systems, management systems, software packages, customer database and other assets of OyzterBay, one of the largest chains of branded retail jewellery in India.
Rajesh Exports, headquartered at Bangalore, manufactures and sells gold jewellery. It imports raw gold from mines across the world. The jewellery manufactured, is exported across the world and distributed across the country to retail stores.
The company’s current equity base is Rs 7.39 crore, at a face value per share of Rs 2.
VSNL rings in gains
Videsh Sanchar Nigam rose nearly 4% to Rs 451.80 on reports in a section of the media that it is in talks to buy Sri Lankan private telecom operator Suntel for an undisclosed sum.2.3 lakh shares changed hands in the counter on BSE.
After a sharp fall in early December 2006, VSNL stock bounced back. From Rs 381.90 on 12 December 2006, the stock had surged to Rs 435.70 by 12 January 2007.
Suntel is a joint venture backed by Sri Lanka's National Development Bank, Sweden's Overseas Telecom AB, Metrocorp, Hong Kong's Townsend and International Finance Corporation (IFC). VSNL Global, VSNL’s international arm, recently won licences to provide international long distance and Internet services in Sri Lanka, and wanted to enter the outbound voice traffic, data and enterprise businesses, a newspaper said, quoting company sources. There was no announcement from VSNL so far.
VSNL which earns three-quarters of its revenue abroad, holds 26 percent in South Africa's second national fixed phone operator Neotel, and had also acquired Teleglobe International Holdings and Tyco International's global undersea fibre optic cable network
Last month, Neotel, the South African arm of VSNL signed a Rs 1300-crore bridging debt facility with a funding consortium comprising Nedbank Capital, Investec Bank and the Development Bank of Southern Africa. The funds will be utilised for Neotel's network rollout, which already consists of 1,300 km of optic fibre cable in 6 main metropolitan areas. This was purchased from Transnet for Rs 165 crore earlier this year.
VSNL has also entered into a memorandum of understanding (MoU) with telecom services providers including Etisalat, Saudi Telecom, Telecom Egypt and Telecom Italia Sparkle to jointly construct a new submarine cable (I-ME-WE) linking India, West Asia and Western Europe. The cable project will connect the major countries in the region including India, UAE, Kingdom of Saudi Arabia, Egypt, Italy and France. The cable will leverage the strength of these major carriers and provide interconnection facilities with several existing and emerging systems in the regions. It is expected to be commissioned by mid 2008.
VSNL will be rolling out WiMAX service extensively in Bangalore by June, where the company had already tested a live pilot successfully. WiMAX enables broadband connectivity overcoming the hurdle of absence of last mile connection. VSNL hopes to roll out the technology in other parts of the country by the second half of 2007.
VSNL’s net profit rose 18% to Rs 107 crore in Q3 December 2006 from Rs 91 crore in Q3 December 2005. Net sales rose 4% to Rs 966 crore (Rs 929 crore).
The current price of Rs 451.80 discounts its 6-months April-December 2006 annualised EPS of Rs 13.70, by PE multiple of 32.9.
posted by SY at 1:17 PM
0 Comments:
Post a Comment
<< Home