Sensex jumps 250 points; above 13600
The Sensex, which witnessed a shaky start for the day’s trading session, caught steam as the day progressed and it surged over 250 points in late afternoon trade. Prior to today’s trading session, the Sensex had declined consistently for 5 trading sessions. IT bellwether Infosys, was the main contributor for this rally. The stock, which was down in the red throughout the day, has now bounced back in the positive ground.
At 14:52 IST, the BSE Sensex was up 228.46 points to 13,590.62. It opened on a weak note at 13331.38 and went on to touch a low of 13303.22, as selling continued. But from here the Sensex recovered, as buying support emerged, and hit a high of 13624.71.The total turnover on BSE amounted to Rs 3465 crore.Among the Sensex pack, 29 advanced while ICICI bank (down 0.30% to Rs 877.25) was the lone gainer.
GEI Hamon builds on new orders
GEI Hamon Industries climbed 4.86% to Rs 61.55 after it received total orders worth Rs 29.21 crore from Thermax India, Punj Lloyd and Bharat Oman Refineries.As many as 1.38 lakh shares were traded on the BSE.
In the last two days trading, the stock pared gains accumulated earlier this month. From Rs 49.70 on 29 December 2006, the stock rose to Rs 63.95 by 8 January 2007 only to slip to Rs 58.70 by 10 January 2007 in a weak market. Earlier, the scrip had remained range-bound between 11 and 29 December 2006, fluctuating between a low of Rs 45 and a high of Rs 49.
At the current market price of Rs 61.55, GEI Hamon Industries trades at 10.59 times its Q3 December 2006 EPS of Rs 5.81.
GEI Hamon Industries has received orders from three companies aggregating Rs 29.21 crore for air cooled heat exchangers and air cooled steam condensers from Thermax India (order worth Rs 13.18 crore), Punj Lloyd (order value is Rs 11.75 crore), Bharat Oman Refineries (order value is Rs 4.28 crore). Further this month, the company had also received another order worth Rs 23 crore from Jaypee Associates for three sets of air-cooled steam condensers ranging from 22Mw to 38Mw.
The company had in November received an order worth Rs 30.50 crore from Toyo Engineering India, Mumbai, for the supply of glycol water heating system, and another order worth Rs 25 crore from L&T in October 2006 for design and supply of duplex steel high-pressure air-cooled heat exchangers for ONGC-VEDP offshore platform.
For Q3 December 2006, GEI Hamon Industries posted 16.7% growth in net profit to Rs 1.89 crore (Rs 1.62 crore), on 42% growth in net sales to Rs 24.43 crore (Rs 17.27 crore).
Earlier last year, GEI Hamon has allotted 10 lakh equity shares of Rs 70 each on preferential basis and another 7.21 lakh warrants convertible into equity shares of Rs 10 each at a premium of Rs 52 per warrant on preferential basis.
GEI Hamon Industries is engaged in machining, fabrication activities and specialises in manufacture of air-cooled heat exchangers and finned tubes. It has a technical tie-up with Birwelco, UK, for design and performance guarantee of the products to be manufactured by the company. The group companies of GEI Hamon Industries are GEI Godavari Engineering, GEI Foods and GEI FHM Consultants.
Rally in IFCI spurs IDBI
IDBI surged 12% to Rs 87 taking cue from a rally in IFCI.The stock rose on huge volume of 30 lakh shares on BSE.IFCI stock rocketed 24% today to Rs 19.98. The stock rose on massive volume of over 11 crore shares on BSE.IDBI holds 11.7% stake in IFCI. Based of the current market price of IFCI shares, IDBI’s 11.7% stake in IFCI is worth about Rs 150 crore.
IFCI stock has spurted in the past two days after it along with other shareholders, sold part of their holdings in the National Stock Exchange to NYSE Group and other foreign investors on Wednesday. IFCI has sold 7% stake in NSE out of its total holding of 12.44%. It has raked in an about $161 million from the stake sale.
IDBI stock had surged in early December 2006 but the rally had soon fizzled out. From a high of Rs 84.65, the stock had slipped to Rs 72.90 on 12 December. It had later recovered to Rs 77.60 by 10 January 2006.
At the time of inking a tie up LIC last month, IDBI had said that it had received enquires for infrastructure projects worth Rs 55,000 crore. Of this, about Rs 15,000 crore was sanctioned. The average duration of these projects is between 10 and 20 years and is spread over power, ports and airports and non-infrastructure segments such as textile industries.
IDBI is one of the lenders in several big-ticket infrastructure projects such as the Rs 5,000-crore Mumbai economic zone. It is also the lead arranger for the Mumbai airport upgradation project, which has a debt component of Rs 5,200 crore.
LIC and IDB joined hand, last month, for providing long-term finance. With this tie-up, the two institutions are expected to complement each other's strengths. IDBI Bank will use its appraisal skills to identify projects, whereas LIC can deploy its long-term resources.
In mid-December 2006, IBDI entered into a non-exclusive memorandum of understanding with Washington-based International Finance Corporation on Friday, to jointly assist domestic companies undertaking Clean Development Mechanism (CDM) projects, which reduce carbon emissions.
Meanwhile, IDBI recently called for prospective buyers to participate in an e-auction for a one-lakh square feet property on Boat Club Road, a prime residential locality in Chennai. The market value of the property is estimated at Rs 150 crore.
Everest Kanto Cylinder has a ball on new order win
Everest Kanto Cylinder jumped 5.8% to Rs 777 on the back of a Rs 40 crore order win.
2.9 lakh shares changed hands in the counter on BSE.The stock had lost 3.6% on Wednesday 10 January in a weak market despite the order win which the company announced after trading hours on 9 January.The scrip had witnessed a solid surge since late November 2006. From 470.35 on 20 November 2006, it surged 61.9% to Rs 761.70 on 9 January 2007.
Everest Kanto Cylinder (EKC) has secured an order worth Rs 40 crore from defense authorities for supply of specialized gas cylinders. The company's order book for the manufacture of CNG and industrial gas cylinders is booked for the next 12 months, according to EKC.
Everest Kanto Cylinder (EKC) is India's largest industrial gas and CNG cylinder manufacturer, with a capacity to manufacture 7,00,000 cylinders annually. EKC recently commissioned its greenfield plant at Gandhidham in Gujarat with a capacity of 3,40,000 cylinders per annum.
It has three manufacturing facilities in India and one overseas. It is setting up another facility in China, while scouting for more locations worldwide. In three years, the China capacity would be its single largest, rolling out 1.5 million CNG cylinders annually. The company is doubling capacity at its UAE plant to 2,00,000 cylinders, with an investment of $12 million.
CNG penetration in India is set for strong growth, driven by cost economics, increasing gas supplies, environmental benefits and improving distribution infrastructure and EKC looks well positioned to capitalize on this trend, according to a recent report by broking house Citigroup
For Q2 September 2006, Everest Kanto Cylinder reported 46% growth in net profit to Rs 13.61 crore, on 74.4% growth in net sales Rs 100.11 crore.
The company’s current equity base is Rs 17.63 crore. Face value per share is Rs 10.
In November 2006, Brightwill, a subsidiary of a fund managed by CLSA Private Equity Management invested $20 million in the company. Brightwill was allotted 18.96 lakh equity shares of the face value of Rs 10 each, fully paid-up at a price of Rs 485 per share on preferential basis.
HDFC Bank gains amid post results volatility
HDFC Bank recovered from after an initial post-results fall, with the private sector banking reporting 31.7% growth in net profit for Q3 December 2006 that fell in line with market expectations.The stock was up 0.7% to Rs 1007 in late trading. 1.8 lakh shares changed hands in the counter on BSE. Sensex was up 293 points at 13,655.
The stock recovered after an initial fall to low of Rs 980.55 at 15:03 IST, after its Q3 results hitting the market at mid-afternoon trade. At that low of Rs 980.55, the stock had lost 1.8% for the day.
After a surge in late-December 2006, the stock lost ground ahead of the results. From Rs 1079 on 28 December, it had retreated to Rs 999.40 by 10 January 2007. Earlier, it had risen 7.3% to Rs 1079 on 28 December from Rs 1005.55 on 22 December 2006.
HDFC Bank has reported 31.7% growth in net profit for Q3 December 2006 at Rs 295.64 crore. The net profit are within market expectations. Net interest income has risen a 38.4% to Rs 928.63 crore (Rs 670.61 crore), beating market expectations. Other income has risen 26% to Rs 373.30 crore (Rs 296.13 crore).
In Q3 December 2006, HDFC Bank raised Rs 478.50 crore as Upper Tier II capital in the form of subordinated bonds.
In late-December 2006, HDFC Bank raised the benchmark prime lending rate (BPLR) by a steep 150 basis points. The bank also increased its deposit rates by 50-75 basis points, following a similar increase in June 2006. But only a small proportion of HDFC Bank's loans are linked to the PLR. This is because most of the bank's retail and corporate lending is done at fixed rates, and is not directly linked to the BPLR.
In November 2006, HDFC Bank received RBI approval for setting up new branches and offsite ATMs. HDFC Bank was earlier barred from opening new branches and demat accounts after being found guilty of flouting 'Know Your Customer' norms in an IPO scam that came to light in 2005. As on December 31, 2006, HDFC Bank’s total number of branches (including extension counters) and the ATM network stood at 583 and 1471 respectively.
At 14:52 IST, the BSE Sensex was up 228.46 points to 13,590.62. It opened on a weak note at 13331.38 and went on to touch a low of 13303.22, as selling continued. But from here the Sensex recovered, as buying support emerged, and hit a high of 13624.71.The total turnover on BSE amounted to Rs 3465 crore.Among the Sensex pack, 29 advanced while ICICI bank (down 0.30% to Rs 877.25) was the lone gainer.
GEI Hamon builds on new orders
GEI Hamon Industries climbed 4.86% to Rs 61.55 after it received total orders worth Rs 29.21 crore from Thermax India, Punj Lloyd and Bharat Oman Refineries.As many as 1.38 lakh shares were traded on the BSE.
In the last two days trading, the stock pared gains accumulated earlier this month. From Rs 49.70 on 29 December 2006, the stock rose to Rs 63.95 by 8 January 2007 only to slip to Rs 58.70 by 10 January 2007 in a weak market. Earlier, the scrip had remained range-bound between 11 and 29 December 2006, fluctuating between a low of Rs 45 and a high of Rs 49.
At the current market price of Rs 61.55, GEI Hamon Industries trades at 10.59 times its Q3 December 2006 EPS of Rs 5.81.
GEI Hamon Industries has received orders from three companies aggregating Rs 29.21 crore for air cooled heat exchangers and air cooled steam condensers from Thermax India (order worth Rs 13.18 crore), Punj Lloyd (order value is Rs 11.75 crore), Bharat Oman Refineries (order value is Rs 4.28 crore). Further this month, the company had also received another order worth Rs 23 crore from Jaypee Associates for three sets of air-cooled steam condensers ranging from 22Mw to 38Mw.
The company had in November received an order worth Rs 30.50 crore from Toyo Engineering India, Mumbai, for the supply of glycol water heating system, and another order worth Rs 25 crore from L&T in October 2006 for design and supply of duplex steel high-pressure air-cooled heat exchangers for ONGC-VEDP offshore platform.
For Q3 December 2006, GEI Hamon Industries posted 16.7% growth in net profit to Rs 1.89 crore (Rs 1.62 crore), on 42% growth in net sales to Rs 24.43 crore (Rs 17.27 crore).
Earlier last year, GEI Hamon has allotted 10 lakh equity shares of Rs 70 each on preferential basis and another 7.21 lakh warrants convertible into equity shares of Rs 10 each at a premium of Rs 52 per warrant on preferential basis.
GEI Hamon Industries is engaged in machining, fabrication activities and specialises in manufacture of air-cooled heat exchangers and finned tubes. It has a technical tie-up with Birwelco, UK, for design and performance guarantee of the products to be manufactured by the company. The group companies of GEI Hamon Industries are GEI Godavari Engineering, GEI Foods and GEI FHM Consultants.
Rally in IFCI spurs IDBI
IDBI surged 12% to Rs 87 taking cue from a rally in IFCI.The stock rose on huge volume of 30 lakh shares on BSE.IFCI stock rocketed 24% today to Rs 19.98. The stock rose on massive volume of over 11 crore shares on BSE.IDBI holds 11.7% stake in IFCI. Based of the current market price of IFCI shares, IDBI’s 11.7% stake in IFCI is worth about Rs 150 crore.
IFCI stock has spurted in the past two days after it along with other shareholders, sold part of their holdings in the National Stock Exchange to NYSE Group and other foreign investors on Wednesday. IFCI has sold 7% stake in NSE out of its total holding of 12.44%. It has raked in an about $161 million from the stake sale.
IDBI stock had surged in early December 2006 but the rally had soon fizzled out. From a high of Rs 84.65, the stock had slipped to Rs 72.90 on 12 December. It had later recovered to Rs 77.60 by 10 January 2006.
At the time of inking a tie up LIC last month, IDBI had said that it had received enquires for infrastructure projects worth Rs 55,000 crore. Of this, about Rs 15,000 crore was sanctioned. The average duration of these projects is between 10 and 20 years and is spread over power, ports and airports and non-infrastructure segments such as textile industries.
IDBI is one of the lenders in several big-ticket infrastructure projects such as the Rs 5,000-crore Mumbai economic zone. It is also the lead arranger for the Mumbai airport upgradation project, which has a debt component of Rs 5,200 crore.
LIC and IDB joined hand, last month, for providing long-term finance. With this tie-up, the two institutions are expected to complement each other's strengths. IDBI Bank will use its appraisal skills to identify projects, whereas LIC can deploy its long-term resources.
In mid-December 2006, IBDI entered into a non-exclusive memorandum of understanding with Washington-based International Finance Corporation on Friday, to jointly assist domestic companies undertaking Clean Development Mechanism (CDM) projects, which reduce carbon emissions.
Meanwhile, IDBI recently called for prospective buyers to participate in an e-auction for a one-lakh square feet property on Boat Club Road, a prime residential locality in Chennai. The market value of the property is estimated at Rs 150 crore.
Everest Kanto Cylinder has a ball on new order win
Everest Kanto Cylinder jumped 5.8% to Rs 777 on the back of a Rs 40 crore order win.
2.9 lakh shares changed hands in the counter on BSE.The stock had lost 3.6% on Wednesday 10 January in a weak market despite the order win which the company announced after trading hours on 9 January.The scrip had witnessed a solid surge since late November 2006. From 470.35 on 20 November 2006, it surged 61.9% to Rs 761.70 on 9 January 2007.
Everest Kanto Cylinder (EKC) has secured an order worth Rs 40 crore from defense authorities for supply of specialized gas cylinders. The company's order book for the manufacture of CNG and industrial gas cylinders is booked for the next 12 months, according to EKC.
Everest Kanto Cylinder (EKC) is India's largest industrial gas and CNG cylinder manufacturer, with a capacity to manufacture 7,00,000 cylinders annually. EKC recently commissioned its greenfield plant at Gandhidham in Gujarat with a capacity of 3,40,000 cylinders per annum.
It has three manufacturing facilities in India and one overseas. It is setting up another facility in China, while scouting for more locations worldwide. In three years, the China capacity would be its single largest, rolling out 1.5 million CNG cylinders annually. The company is doubling capacity at its UAE plant to 2,00,000 cylinders, with an investment of $12 million.
CNG penetration in India is set for strong growth, driven by cost economics, increasing gas supplies, environmental benefits and improving distribution infrastructure and EKC looks well positioned to capitalize on this trend, according to a recent report by broking house Citigroup
For Q2 September 2006, Everest Kanto Cylinder reported 46% growth in net profit to Rs 13.61 crore, on 74.4% growth in net sales Rs 100.11 crore.
The company’s current equity base is Rs 17.63 crore. Face value per share is Rs 10.
In November 2006, Brightwill, a subsidiary of a fund managed by CLSA Private Equity Management invested $20 million in the company. Brightwill was allotted 18.96 lakh equity shares of the face value of Rs 10 each, fully paid-up at a price of Rs 485 per share on preferential basis.
HDFC Bank gains amid post results volatility
HDFC Bank recovered from after an initial post-results fall, with the private sector banking reporting 31.7% growth in net profit for Q3 December 2006 that fell in line with market expectations.The stock was up 0.7% to Rs 1007 in late trading. 1.8 lakh shares changed hands in the counter on BSE. Sensex was up 293 points at 13,655.
The stock recovered after an initial fall to low of Rs 980.55 at 15:03 IST, after its Q3 results hitting the market at mid-afternoon trade. At that low of Rs 980.55, the stock had lost 1.8% for the day.
After a surge in late-December 2006, the stock lost ground ahead of the results. From Rs 1079 on 28 December, it had retreated to Rs 999.40 by 10 January 2007. Earlier, it had risen 7.3% to Rs 1079 on 28 December from Rs 1005.55 on 22 December 2006.
HDFC Bank has reported 31.7% growth in net profit for Q3 December 2006 at Rs 295.64 crore. The net profit are within market expectations. Net interest income has risen a 38.4% to Rs 928.63 crore (Rs 670.61 crore), beating market expectations. Other income has risen 26% to Rs 373.30 crore (Rs 296.13 crore).
In Q3 December 2006, HDFC Bank raised Rs 478.50 crore as Upper Tier II capital in the form of subordinated bonds.
In late-December 2006, HDFC Bank raised the benchmark prime lending rate (BPLR) by a steep 150 basis points. The bank also increased its deposit rates by 50-75 basis points, following a similar increase in June 2006. But only a small proportion of HDFC Bank's loans are linked to the PLR. This is because most of the bank's retail and corporate lending is done at fixed rates, and is not directly linked to the BPLR.
In November 2006, HDFC Bank received RBI approval for setting up new branches and offsite ATMs. HDFC Bank was earlier barred from opening new branches and demat accounts after being found guilty of flouting 'Know Your Customer' norms in an IPO scam that came to light in 2005. As on December 31, 2006, HDFC Bank’s total number of branches (including extension counters) and the ATM network stood at 583 and 1471 respectively.
posted by SY at 3:37 PM
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