More weakness overcomes
The Sensex touched near break-even zone in mid-afternoon trade, but came off that level shortly. Caution prevailed ahead of RBI’s credit policy review meeting on 31 January 2007. As the market is closed on Tuesday on account of Moharram, ahead of the RBI meeting, the impact of the anticipated rate rise impacted trading sentiments today. The central bank is expected to raise short-term interest rates.
Banks weakened in mid-afternoon trade due to concerns regarding interest rate rise. Car major Maruti Udyog recovered from a lower level even as Tata Motors weakened further. Wipro and ITC lost further ground. Gujarat Ambuja Cements (GACL) had weakened in mid-afternoon trade.
At 14:55 IST the Sensex was down 75 points, at 14,207. It struck a low of 14,193.45 at 14:52 IST, falling below its earlier low of 14,216.84 at the onset of today's trading. Earlier, the Sensex had touched near break-even zone, at 14,282, by 13:58 IST.
In afternoon trade, the market had hovered in a narrow range.The market-breadth was positive. For 1,340 shares rising on BSE, 1,254 declined. Just 60 shares were unchanged. Gainers outpaced losers by a ratio of 1.06:1.The BSE clocked a turnover of Rs 3089 crore.
Sun TV overturns
Sun TV slipped 1.46% to Rs 1670, on announcing results for Q3 December 2006.The stock had been trading firm and had attained a high of Rs 1746, anticipating strong results. However, the scrip started declining from this level since the results were announced.As many as 55,061 shares were traded in the counter on BSE.The stock rallied before the results, from Rs 1520.25 on 12 January to Rs 1694.80 by 25 January 2007.
Sun TV reported 49.79% rise in net profit for Q3 December 2006 to Rs 59.77 crore compared to Rs 39.90 crore for Q3 December 2005. Total income for the quarter ended rose 31.86% to Rs 125.02 crore, against Rs 94.81 crore in the previous quarter.
The company’s board of directors also recommended an interim dividend of Rs 3 per share (30%).Sun TV members, at the meeting held on 24 January 2007, approved the scheme of amalgamation and arrangement for the merger of satellite television company, Gemini TV and Udaya TV, without the FM (frequency modulation) radio division, with Sun TV.
Gemini TV owns five television channels: Gemini TV, Teja TV, Gemini News, Gemini Music and Gemini Cable Vision. It had revenue of Rs 174.69 crore for the year ended 31 March 2006.
Udaya TV has four television channels: Udaya TV, Udaya Movies, Udaya Varthegalu and Udaya TV II, and operates with a revenue of Rs 94.31 crore for the year ended 31 March 2006.With the proposed merger, Sun TV’s shareholders will benefit immensely from the highly profitable operations and strong growth plans of both Gemini TV and Udaya TV.Sun TV will have an integrated growth strategy for all south Indian language channels, thus building a dominant presence in entire south India.
Sun TV is a leading television broadcaster in the country, especially in all southern states. It offers four Tamil language channels, namely, Sun TV, Sun News, Sun Music and KTV, as also two Malayalam channels, Surya TV and Kiran TV, apart from Telugu and Kannada language channels.
The company operates leading Tamil radio stations under the name `Suryan FM`, in Chennai, Coimbatore and Tirunelveli. The two subsidiaries of the company, Kal Radio and South Asia FM, jointly hold 41 FM radio licences for FM radio stations across India.
Recently, Sun TV announced an increase in its advertisement rates by 5-27%, which becomes effective from 1 January 2007, because of an increase in viewership. The rates have been increased after a gap of two years.
Dredging Corp slides as net profit dwindles
Dredging Corporation of India slipped 3.40% to Rs 583, on posting 45.30% fall in net profit for Q3 December 2006.The stock had plunged to a low of Rs 564.05 in early trade, following dismal results.As many as 3,053 shares were traded in the counter on BSE.The stock slipped ahead of its results, from Rs 628 on 17 January 2007 to Rs 601 on 24 January 2007.
Dredging Corporation of India (DCI) posted 45.30% fall in net profit for Q3 December 2006 to Rs 22.89 crore compared to Rs 33.6 crore for Q3 December 2005. Net sales during the same quarter rose 6.70% to Rs 132 crore (Rs 124 crore).
In late-2006, the Union Government awarded Dredging Corporation of India (DCI) Rs 2,000 crore worth of dredging works of the Sethusamudram ship canal project. Sethusamudram Ship Channel Project envisages a ship channel across the Palk straits, between India and Sri Lanka.
The project will allow ships sailing between the east and west coasts of India, a straight passage through India's territorial waters. This will save up to 424 nautical miles (780 Km), and up to 30 hours in time.
State-owned Dredging Corporation of India (DCI) is the premier dredging company in the country. Dredging is a process of excavating/ or removing soil/ or rock from under the water. The objective of dredging is the creation of deeper water to improve navigation. Capital dredging is a one-time operation to create new harbours, ports or berths.
DCI is a public sector undertaking (PSU) and the Government of India controls 78% stake. The public hold 3% stake in the company.
Sail gets a boost from improved profitability
Steel Authority of India advanced 2.55% to Rs 114.55, after reporting 124% surge in net profit for Q3 December 2006.The stock also struck an all-time high of Rs 116.75.
The stock surged ahead of results, anticipating a strong set of results from Steel Authority of India (Sail). From Rs 96.75 on 19 January, the scrip surged to Rs 104.40 by 24 January 2007.
Sail’s net profit surged 124% to Rs 1,471 crore during the third quarter of 2006-07, against Rs 656 crore recorded during the corresponding period last year. Sales stand at Rs 9,657 crore during Q3 December 2006.
The company’s board also announced an interim dividend for the third consecutive year, at the rate of 16% of the paid-up equity, amounting to Rs 660.86 crore for the nine months ended December 2006. Sail paid an interim dividend of 12.5% at the end of the third quarter of the previous fiscal.
The public sector steel major registered its highest net profit of Rs 4,300 crore for the nine months ended December 2006. Net profit grew 48% for the nine months of the current fiscal over the corresponding period of the previous year. Sail also recorded its highest nine months' turnover, at Rs 27,655 crore, during the same period- an increase of 25% over the year ago period.
The profitability of Sail improved mainly due to higher production and sales of steel coupled with a better product-mix, productivity, techno-economic parameters and higher sales realisation. This despite increasing freight costs for inputs.
Sail achieved a record production of 3.3 million tonne (MT) of saleable steel and highest-ever sales of 3 MT during October-December’06 with a growth of 6.3 - 8.6%, respectively, on a year-on-year basis.
Sail plants operated at an average capacity of 112% in the first nine months of 2006-07. Production of value-added items was boosted - 76% for pipes, 23% in rounds and bars, 14% in HR coils, 8% in CRNO, and 5% in plates. Production of value-added products was 16% higher.
In an effort to implement its Corporate Plan 2010 for ramping up capacity to about 22 million tonnes (MT), the company has been granted approvals for projects worth about Rs 10,600 crore during the quarter. Projects worth around Rs 28,000 crore have been sanctioned for implementation. These include ‘in-principle’ approval for modernisation and expansion of IISCO Steel Plant, Salem Steel Plant, Bokaro Steel Plant and some schemes in the other operating units of the company.
In its effort to take steel of common use to every district of India through its dealers’ network, Sail appointed dealers in 432 districts during the current financial year. The total number of districts covered by Sail's dealers now stand at 529.
Banks weakened in mid-afternoon trade due to concerns regarding interest rate rise. Car major Maruti Udyog recovered from a lower level even as Tata Motors weakened further. Wipro and ITC lost further ground. Gujarat Ambuja Cements (GACL) had weakened in mid-afternoon trade.
At 14:55 IST the Sensex was down 75 points, at 14,207. It struck a low of 14,193.45 at 14:52 IST, falling below its earlier low of 14,216.84 at the onset of today's trading. Earlier, the Sensex had touched near break-even zone, at 14,282, by 13:58 IST.
In afternoon trade, the market had hovered in a narrow range.The market-breadth was positive. For 1,340 shares rising on BSE, 1,254 declined. Just 60 shares were unchanged. Gainers outpaced losers by a ratio of 1.06:1.The BSE clocked a turnover of Rs 3089 crore.
Sun TV overturns
Sun TV slipped 1.46% to Rs 1670, on announcing results for Q3 December 2006.The stock had been trading firm and had attained a high of Rs 1746, anticipating strong results. However, the scrip started declining from this level since the results were announced.As many as 55,061 shares were traded in the counter on BSE.The stock rallied before the results, from Rs 1520.25 on 12 January to Rs 1694.80 by 25 January 2007.
Sun TV reported 49.79% rise in net profit for Q3 December 2006 to Rs 59.77 crore compared to Rs 39.90 crore for Q3 December 2005. Total income for the quarter ended rose 31.86% to Rs 125.02 crore, against Rs 94.81 crore in the previous quarter.
The company’s board of directors also recommended an interim dividend of Rs 3 per share (30%).Sun TV members, at the meeting held on 24 January 2007, approved the scheme of amalgamation and arrangement for the merger of satellite television company, Gemini TV and Udaya TV, without the FM (frequency modulation) radio division, with Sun TV.
Gemini TV owns five television channels: Gemini TV, Teja TV, Gemini News, Gemini Music and Gemini Cable Vision. It had revenue of Rs 174.69 crore for the year ended 31 March 2006.
Udaya TV has four television channels: Udaya TV, Udaya Movies, Udaya Varthegalu and Udaya TV II, and operates with a revenue of Rs 94.31 crore for the year ended 31 March 2006.With the proposed merger, Sun TV’s shareholders will benefit immensely from the highly profitable operations and strong growth plans of both Gemini TV and Udaya TV.Sun TV will have an integrated growth strategy for all south Indian language channels, thus building a dominant presence in entire south India.
Sun TV is a leading television broadcaster in the country, especially in all southern states. It offers four Tamil language channels, namely, Sun TV, Sun News, Sun Music and KTV, as also two Malayalam channels, Surya TV and Kiran TV, apart from Telugu and Kannada language channels.
The company operates leading Tamil radio stations under the name `Suryan FM`, in Chennai, Coimbatore and Tirunelveli. The two subsidiaries of the company, Kal Radio and South Asia FM, jointly hold 41 FM radio licences for FM radio stations across India.
Recently, Sun TV announced an increase in its advertisement rates by 5-27%, which becomes effective from 1 January 2007, because of an increase in viewership. The rates have been increased after a gap of two years.
Dredging Corp slides as net profit dwindles
Dredging Corporation of India slipped 3.40% to Rs 583, on posting 45.30% fall in net profit for Q3 December 2006.The stock had plunged to a low of Rs 564.05 in early trade, following dismal results.As many as 3,053 shares were traded in the counter on BSE.The stock slipped ahead of its results, from Rs 628 on 17 January 2007 to Rs 601 on 24 January 2007.
Dredging Corporation of India (DCI) posted 45.30% fall in net profit for Q3 December 2006 to Rs 22.89 crore compared to Rs 33.6 crore for Q3 December 2005. Net sales during the same quarter rose 6.70% to Rs 132 crore (Rs 124 crore).
In late-2006, the Union Government awarded Dredging Corporation of India (DCI) Rs 2,000 crore worth of dredging works of the Sethusamudram ship canal project. Sethusamudram Ship Channel Project envisages a ship channel across the Palk straits, between India and Sri Lanka.
The project will allow ships sailing between the east and west coasts of India, a straight passage through India's territorial waters. This will save up to 424 nautical miles (780 Km), and up to 30 hours in time.
State-owned Dredging Corporation of India (DCI) is the premier dredging company in the country. Dredging is a process of excavating/ or removing soil/ or rock from under the water. The objective of dredging is the creation of deeper water to improve navigation. Capital dredging is a one-time operation to create new harbours, ports or berths.
DCI is a public sector undertaking (PSU) and the Government of India controls 78% stake. The public hold 3% stake in the company.
Sail gets a boost from improved profitability
Steel Authority of India advanced 2.55% to Rs 114.55, after reporting 124% surge in net profit for Q3 December 2006.The stock also struck an all-time high of Rs 116.75.
The stock surged ahead of results, anticipating a strong set of results from Steel Authority of India (Sail). From Rs 96.75 on 19 January, the scrip surged to Rs 104.40 by 24 January 2007.
Sail’s net profit surged 124% to Rs 1,471 crore during the third quarter of 2006-07, against Rs 656 crore recorded during the corresponding period last year. Sales stand at Rs 9,657 crore during Q3 December 2006.
The company’s board also announced an interim dividend for the third consecutive year, at the rate of 16% of the paid-up equity, amounting to Rs 660.86 crore for the nine months ended December 2006. Sail paid an interim dividend of 12.5% at the end of the third quarter of the previous fiscal.
The public sector steel major registered its highest net profit of Rs 4,300 crore for the nine months ended December 2006. Net profit grew 48% for the nine months of the current fiscal over the corresponding period of the previous year. Sail also recorded its highest nine months' turnover, at Rs 27,655 crore, during the same period- an increase of 25% over the year ago period.
The profitability of Sail improved mainly due to higher production and sales of steel coupled with a better product-mix, productivity, techno-economic parameters and higher sales realisation. This despite increasing freight costs for inputs.
Sail achieved a record production of 3.3 million tonne (MT) of saleable steel and highest-ever sales of 3 MT during October-December’06 with a growth of 6.3 - 8.6%, respectively, on a year-on-year basis.
Sail plants operated at an average capacity of 112% in the first nine months of 2006-07. Production of value-added items was boosted - 76% for pipes, 23% in rounds and bars, 14% in HR coils, 8% in CRNO, and 5% in plates. Production of value-added products was 16% higher.
In an effort to implement its Corporate Plan 2010 for ramping up capacity to about 22 million tonnes (MT), the company has been granted approvals for projects worth about Rs 10,600 crore during the quarter. Projects worth around Rs 28,000 crore have been sanctioned for implementation. These include ‘in-principle’ approval for modernisation and expansion of IISCO Steel Plant, Salem Steel Plant, Bokaro Steel Plant and some schemes in the other operating units of the company.
In its effort to take steel of common use to every district of India through its dealers’ network, Sail appointed dealers in 432 districts during the current financial year. The total number of districts covered by Sail's dealers now stand at 529.
posted by SY at 3:03 PM
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