Sell-off in small-caps, mid-caps
The market-breadth was weak, after being strong in the past couple of sessions, as small-caps and mid-caps saw profit-booking. For 1,598 shares declining, 993 advanced and 60 remained unchanged.
The market had opened strong but declined sharply due to profit- booking, only to recover as buying started at the lower level.At 13:39 IST the BSE Sensex was down 32.91 points, at 14,183.94.
The BSE benchmark index had opened with a spurt, at 14,271.24, and surged to a high of 14,300.11, buoyed by stronger-than-expected results of index heavyweight Reliance Industries (RIL) and a fall in global crude oil prices.Immediately after, selling began and continued till the benchmark index slipped to 14,067.52.
India's 30-shares BSE index had struck a lifetime high of 14,325.92, on Thursday (18 January).The total turnover on BSE amounted to Rs 2436 crore.Among the 30-Sensex pack, 21 declined while the rest advanced.
Dena Bank gives in
Dena Bank lost 4.4% to Rs 38.70, after the state-run bank posted 15% fall in net profit for the December 2006 quarter.A strong 16 lakh shares changed hands in the counter on BSE.The stock had surged since late-November 2006. From Rs 32.55 on 28 November 2006, it surged to Rs 40.50 by 18 January 2007.
Dena Bank posted 15% drop in net profit to Rs 70.53 crore in December 2006 quarter from Rs 83.18 crore in December 2005 quarter. Dena Bank’s net interest income rose 3% to Rs 209.79 crore (Rs 203.58 crore). Other income rose 16.7% to Rs 166.32 crore (Rs 142.51 crore). The results hit the market in afternoon trade.
In November 2006, Dena Bank contracted Wipro for bringing 850 branches out of a total 1,134 under the core banking solution (CBS), covering about 92% of the total business.
Early this month, Dena Bank launched Dena Grihaswami Suraksha Yojana, a group mortgage redemption assurance scheme for its housing loan borrowers in association with Life Insurance Corporation of India (LIC).
Dena Bank placed bonds to raise upper tier-II capital worth Rs 300 crore, including a green-shoe option of Rs 150 crore, during June-September 2006 quarter.
Tech Mahindra drops on profit taking after a pre-results surge
Tech Mahindra dropped nearly 5% to Rs 1809 even as the company reported strong Q3 results.Volumes in the stock were substantial at 13.4 lakh shares on BSE. The stock had declined nearly 4% on Thursday 18 January 2007 to Rs 1900.25 ahead of the results announcement. The results hit the market after trading hours on that day.
The stock had witnessed a solid pre-results rally. From Rs 1651.15 on 9 January 2007, the stock had risen 19.8% to lifetime closing high of Rs 1978.45 on 17 January 2007. Earlier, the stock had spurted last month after it had announced winning the largest ever $1 billion outsourcing deal from BT. From Rs 1155.20 on 19 December 2006, it had risen 44.4% in just five trading sessions to Rs 1668.85. The stock had moved in a narrow range before witnessing pre-results surge.
On a sequential basis, Tech Mahindra’s consolidated profit after tax (PAT) before write back of tax provision grew by 17% to Rs 166.70 crore. Consolidated revenue rose 10% on sequential basis Rs 769.80 crore. The contribution of the top client BT rose to 65% (64% in September 2006 quarter) during the quarter.
In the stunning $1 billion deal announced last month, Tech Mahindra will support BT’s planned growth of managed services to business customers around the globe, while continuing to provide ongoing services related to BT’s internal systems, processes and re-usable platforms. Tech Mahindra has paid an upfront discount of Rs 524.93 crore to BT on this large contract.
On 18 January 2007 Tech Mahindra entered into a definitive agreement to acquire Noida based iPolicy Networks ("iPolicy"). This acquisition would be complementary to Tech Mahindra’s strong security services capabilities. iPolicy provides next-generation, carrier-grade integrated network security solutions for enterprise and service provider customers. iPolicy’ capabilities enhance Tech Mahindra’s security service offerings and enabling it to offer end to end security services to its customers; encompassing security consulting services, network security products and managed security services from its security operations centre.
Tech Mahindra's current price of Rs 1809 discounts its 9-months April-December 2006 annualised EPS of Rs 47.90 by a PE multiple of 37.7.
The market had opened strong but declined sharply due to profit- booking, only to recover as buying started at the lower level.At 13:39 IST the BSE Sensex was down 32.91 points, at 14,183.94.
The BSE benchmark index had opened with a spurt, at 14,271.24, and surged to a high of 14,300.11, buoyed by stronger-than-expected results of index heavyweight Reliance Industries (RIL) and a fall in global crude oil prices.Immediately after, selling began and continued till the benchmark index slipped to 14,067.52.
India's 30-shares BSE index had struck a lifetime high of 14,325.92, on Thursday (18 January).The total turnover on BSE amounted to Rs 2436 crore.Among the 30-Sensex pack, 21 declined while the rest advanced.
Dena Bank gives in
Dena Bank lost 4.4% to Rs 38.70, after the state-run bank posted 15% fall in net profit for the December 2006 quarter.A strong 16 lakh shares changed hands in the counter on BSE.The stock had surged since late-November 2006. From Rs 32.55 on 28 November 2006, it surged to Rs 40.50 by 18 January 2007.
Dena Bank posted 15% drop in net profit to Rs 70.53 crore in December 2006 quarter from Rs 83.18 crore in December 2005 quarter. Dena Bank’s net interest income rose 3% to Rs 209.79 crore (Rs 203.58 crore). Other income rose 16.7% to Rs 166.32 crore (Rs 142.51 crore). The results hit the market in afternoon trade.
In November 2006, Dena Bank contracted Wipro for bringing 850 branches out of a total 1,134 under the core banking solution (CBS), covering about 92% of the total business.
Early this month, Dena Bank launched Dena Grihaswami Suraksha Yojana, a group mortgage redemption assurance scheme for its housing loan borrowers in association with Life Insurance Corporation of India (LIC).
Dena Bank placed bonds to raise upper tier-II capital worth Rs 300 crore, including a green-shoe option of Rs 150 crore, during June-September 2006 quarter.
Tech Mahindra drops on profit taking after a pre-results surge
Tech Mahindra dropped nearly 5% to Rs 1809 even as the company reported strong Q3 results.Volumes in the stock were substantial at 13.4 lakh shares on BSE. The stock had declined nearly 4% on Thursday 18 January 2007 to Rs 1900.25 ahead of the results announcement. The results hit the market after trading hours on that day.
The stock had witnessed a solid pre-results rally. From Rs 1651.15 on 9 January 2007, the stock had risen 19.8% to lifetime closing high of Rs 1978.45 on 17 January 2007. Earlier, the stock had spurted last month after it had announced winning the largest ever $1 billion outsourcing deal from BT. From Rs 1155.20 on 19 December 2006, it had risen 44.4% in just five trading sessions to Rs 1668.85. The stock had moved in a narrow range before witnessing pre-results surge.
On a sequential basis, Tech Mahindra’s consolidated profit after tax (PAT) before write back of tax provision grew by 17% to Rs 166.70 crore. Consolidated revenue rose 10% on sequential basis Rs 769.80 crore. The contribution of the top client BT rose to 65% (64% in September 2006 quarter) during the quarter.
In the stunning $1 billion deal announced last month, Tech Mahindra will support BT’s planned growth of managed services to business customers around the globe, while continuing to provide ongoing services related to BT’s internal systems, processes and re-usable platforms. Tech Mahindra has paid an upfront discount of Rs 524.93 crore to BT on this large contract.
On 18 January 2007 Tech Mahindra entered into a definitive agreement to acquire Noida based iPolicy Networks ("iPolicy"). This acquisition would be complementary to Tech Mahindra’s strong security services capabilities. iPolicy provides next-generation, carrier-grade integrated network security solutions for enterprise and service provider customers. iPolicy’ capabilities enhance Tech Mahindra’s security service offerings and enabling it to offer end to end security services to its customers; encompassing security consulting services, network security products and managed security services from its security operations centre.
Tech Mahindra's current price of Rs 1809 discounts its 9-months April-December 2006 annualised EPS of Rs 47.90 by a PE multiple of 37.7.
posted by SY at 2:32 PM
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