Range bound market
The market was range bound in afternoon trade. NPTC surged. Index heavyweight Reliance Industries (RIL) firmed up. Tata Steel gathered further strength. But ICICI Bank weakened and IT shares remained subdued.
At 13:43 IST, Sensex was down 25 points at 14,236, off 12,275 of 13:09 IST. Sensex moved in a band of 36 points between 12,239 to 14,275 since 12:30 IST.The market breadth was strong. 1427 shares rose on BSE as compared to 1107 shares that declined.
BSE clocked a turnover of Rs 2408 crore.
Indian Oil Corporation rose 2.5% to Rs 505 after it reported a net profit of Rs 1059.01 crore in December 2006 quarter compared to a net loss of Rs 6.48 crore in December 2005 quarter. IOC’s total income has risen to Rs 55218.42 crore from Rs 44874.06 crore.Reliance Industries gained 1.1% to Rs 1385.
Hindalco Ind on a roll
Hindalco Industries advanced 3.42% to Rs 181.25, after 92.90% spurt in net profit for Q3 December 2006.The counter clocked 10.77 lakh shares on BSE.
Hindalco Industries, the flagship company of the Aditya Birla Group, reported 92.90% spurt in net profit for Q3 December 2006 to Rs 643.90 crore, compared to Rs 333.86 crore for Q3 December 2005. Net sales jumped 62.10%, to Rs 4656.2 crore (Rs 2872.70 crore).
Strong aluminium prices on the LME, an improved product mix on account of higher sales of value-added products and focus on speciality alumina revenues from the aluminium business expanded from Rs 1563.4 crore to Rs 1795.8 crore, a rise of 15 %.
In the copper business, revenues escalated 119% from Rs 1308.4 crore to Rs 2862.2 crore. The improvement was driven by good performance from the third smelter at Dahej, and relatively higher TcRc margins.
There are reports that parent Aditya Birla group was considering the takeover of aluminium products maker Novelis Inc and had completed a preliminary examination of Novelis' books. It is expected to submit a bid shortly. The conglomerate was considering a $5 billion to $6 billion bid for Novelis.
Recently, it also entered into a joint venture with Almex, US, for manufacturing high strength aluminium (HSA) alloys for aerospace, sporting goods and surface transport applications. Almex, headquartered in Los Angeles, is a technology supplier and equipment manufacturing company. The joint venture, to be named Hindalco - Almex Aerospace, will see 70% equity participation in the joint venture from the company.
In September, Hindalco Industries proposed a sector specific special economic zone (SEZ) in Madhya Pradesh, which is expected to attract an investment of Rs 20,000 crore. Hindalco will itself contribute Rs 18,000 crore, while the rest will be collected by way of downstream projects. The project is also expected to generate more than 10,000 jobs.
The company also proposed an aluminium smelter plant and a captive power plant in Sidhi, in a phased manner. The SEZ will cover an area of 2,025 hectares, and will have a processing area of 1,200 hectares.
Surya Roshni scores on growth plans
Surya Roshni gained 2.76% to Rs 68.90, after its board consented to expand capacity and for diversifying into real estate development.The gains have materialised on a decent volume of 51,452 shares.The company’s board approved an expansion of its Compact Fluorescent Lamps (CFL) project at a total cost of Rs 20 crore. The board also approved incorporating a separate segment of real estate business by investing up to Rs 10 crore.
The core business of the company spans across manufacture of lighting products and steel tubes. The company is the second largest lighting products maker in India. The company caters to the export market as well with footprints across 48 countries.
The company has come out with an average performance in the third quarter of FY-07. Sales grew 4.7% Y-o-Y, at Rs 332.85 crore, while the corresponding growth in net profit was 4.3%, at Rs 3.40 crore.Since touching a low of Rs 52.90 on 13 December 2006, the stock has gained as much as 28% at the current level.
At 13:43 IST, Sensex was down 25 points at 14,236, off 12,275 of 13:09 IST. Sensex moved in a band of 36 points between 12,239 to 14,275 since 12:30 IST.The market breadth was strong. 1427 shares rose on BSE as compared to 1107 shares that declined.
BSE clocked a turnover of Rs 2408 crore.
Indian Oil Corporation rose 2.5% to Rs 505 after it reported a net profit of Rs 1059.01 crore in December 2006 quarter compared to a net loss of Rs 6.48 crore in December 2005 quarter. IOC’s total income has risen to Rs 55218.42 crore from Rs 44874.06 crore.Reliance Industries gained 1.1% to Rs 1385.
Hindalco Ind on a roll
Hindalco Industries advanced 3.42% to Rs 181.25, after 92.90% spurt in net profit for Q3 December 2006.The counter clocked 10.77 lakh shares on BSE.
Hindalco Industries, the flagship company of the Aditya Birla Group, reported 92.90% spurt in net profit for Q3 December 2006 to Rs 643.90 crore, compared to Rs 333.86 crore for Q3 December 2005. Net sales jumped 62.10%, to Rs 4656.2 crore (Rs 2872.70 crore).
Strong aluminium prices on the LME, an improved product mix on account of higher sales of value-added products and focus on speciality alumina revenues from the aluminium business expanded from Rs 1563.4 crore to Rs 1795.8 crore, a rise of 15 %.
In the copper business, revenues escalated 119% from Rs 1308.4 crore to Rs 2862.2 crore. The improvement was driven by good performance from the third smelter at Dahej, and relatively higher TcRc margins.
There are reports that parent Aditya Birla group was considering the takeover of aluminium products maker Novelis Inc and had completed a preliminary examination of Novelis' books. It is expected to submit a bid shortly. The conglomerate was considering a $5 billion to $6 billion bid for Novelis.
Recently, it also entered into a joint venture with Almex, US, for manufacturing high strength aluminium (HSA) alloys for aerospace, sporting goods and surface transport applications. Almex, headquartered in Los Angeles, is a technology supplier and equipment manufacturing company. The joint venture, to be named Hindalco - Almex Aerospace, will see 70% equity participation in the joint venture from the company.
In September, Hindalco Industries proposed a sector specific special economic zone (SEZ) in Madhya Pradesh, which is expected to attract an investment of Rs 20,000 crore. Hindalco will itself contribute Rs 18,000 crore, while the rest will be collected by way of downstream projects. The project is also expected to generate more than 10,000 jobs.
The company also proposed an aluminium smelter plant and a captive power plant in Sidhi, in a phased manner. The SEZ will cover an area of 2,025 hectares, and will have a processing area of 1,200 hectares.
Surya Roshni scores on growth plans
Surya Roshni gained 2.76% to Rs 68.90, after its board consented to expand capacity and for diversifying into real estate development.The gains have materialised on a decent volume of 51,452 shares.The company’s board approved an expansion of its Compact Fluorescent Lamps (CFL) project at a total cost of Rs 20 crore. The board also approved incorporating a separate segment of real estate business by investing up to Rs 10 crore.
The core business of the company spans across manufacture of lighting products and steel tubes. The company is the second largest lighting products maker in India. The company caters to the export market as well with footprints across 48 countries.
The company has come out with an average performance in the third quarter of FY-07. Sales grew 4.7% Y-o-Y, at Rs 332.85 crore, while the corresponding growth in net profit was 4.3%, at Rs 3.40 crore.Since touching a low of Rs 52.90 on 13 December 2006, the stock has gained as much as 28% at the current level.
posted by SY at 1:56 PM
0 Comments:
Post a Comment
<< Home