Sensex opens strong, pares gain
The market edged up, boosted by firm Asian markets and continued FII-buying. However, the benchmark index pared gains after the initial surge.
At 10:25 IST the Sensex was up just 25 points, at 14,207. It had risen as many as 76.36 points, to 14,259.07, at the onset of trading.
The market-breadth was strong. For 1,386 shares rising on BSE, 606 declined. Just 27 shares were unchanged. Gainers outpaced losers by a ratio of 2.28:1.The BSE clocked a turnover of Rs 497 crore.
ICICI Bank lost nearly 1% to Rs 977, even as it reported stronger than expected Q3 results on Saturday. ICICI Bank reported 42% surge in net profit in the December 2006 quarter, to Rs 910 crore (Rs 640 crore). Its net interest income (NII) rose 32% to Rs 1709 crore from Rs 1296 crore in Q3 December 2005.
Tata Motors firms up
Tata Motors rose nearly 1% in opening trade, on news that it had initiated construction of the small car project at Singur, West Bengal.A strong 4,313 shares changed hands in opening trade on BSE.
The company plans an investment of Rs 1000 crore in this project, the first car expected to roll out by mid-2008.
Early this month, Tata Motors reported strong vehicles sales figures for December 2006. The company's sales rose 37% in December 2006 to 48,792 units from 35,598 units a year earlier. Tata Motors’ commercial vehicles sales rose 50% in December 2006, to 28,179 units from 18,730 units, while sales of passenger vehicles rose 27% to 16,515 units. Exports rose 7% to 4,098 units.
Ispat Ind jumps on turnaround
Ispat Industries surged 8.21% to Rs 16.60, after reporting turnaround results for the December 2006 quarter.The counter clocked 6.84 lakh shares on BSE.The stock has steadily rallied for the past few weeks, ahead of its results. From Rs 10.94 on 28 December, it surged to Rs 15.34 by 19 January 2007.
Ispat Industries posted a net profit of Rs 17.52 crore for the quarter ended December 2006, compared to net loss Rs 217.03 crore for the quarter ended December 2005. Total income increased to Rs 1865.26 crore for the quarter ended December 2006, from Rs 1276.65 crore for the quarter ended December 2005.
Recently, the company signed a memorandum of understanding (MoU) with the Chattisgarh government for a project of estimated worth Rs 2,500 crore. The company may float a special purpose vehicle (SPV) for the purpose. The project, which will come up in Janjgir-Champa district of the state, may be funded in a 70:30 debt-equity ratio. The company will use part of the power to run its integrated steel plant at Dolvi, Maharashtra, and the rest will be sold to the state electricity boards.
Last month, the Pramod and Vinod Mittal-controlled steel company signed a Rs 2,000-crore agreement with the Maharashtra Government to augment capacities to 5.4 million tonne at its plant in Dolvi. The company is also contemplating raising $500 million through overseas debt bonds for expansion of its steel plant at Dolvi (Maharashtra), over the next 18 months. The plant is scheduled to commence production in 2011.
Ispat had also recently announced a 3 million tonne pellet plant in Vizag, which is likely to cost around Rs 900 crore. The plant will take two years to go online.
At 10:25 IST the Sensex was up just 25 points, at 14,207. It had risen as many as 76.36 points, to 14,259.07, at the onset of trading.
The market-breadth was strong. For 1,386 shares rising on BSE, 606 declined. Just 27 shares were unchanged. Gainers outpaced losers by a ratio of 2.28:1.The BSE clocked a turnover of Rs 497 crore.
ICICI Bank lost nearly 1% to Rs 977, even as it reported stronger than expected Q3 results on Saturday. ICICI Bank reported 42% surge in net profit in the December 2006 quarter, to Rs 910 crore (Rs 640 crore). Its net interest income (NII) rose 32% to Rs 1709 crore from Rs 1296 crore in Q3 December 2005.
Tata Motors firms up
Tata Motors rose nearly 1% in opening trade, on news that it had initiated construction of the small car project at Singur, West Bengal.A strong 4,313 shares changed hands in opening trade on BSE.
The company plans an investment of Rs 1000 crore in this project, the first car expected to roll out by mid-2008.
Early this month, Tata Motors reported strong vehicles sales figures for December 2006. The company's sales rose 37% in December 2006 to 48,792 units from 35,598 units a year earlier. Tata Motors’ commercial vehicles sales rose 50% in December 2006, to 28,179 units from 18,730 units, while sales of passenger vehicles rose 27% to 16,515 units. Exports rose 7% to 4,098 units.
Ispat Ind jumps on turnaround
Ispat Industries surged 8.21% to Rs 16.60, after reporting turnaround results for the December 2006 quarter.The counter clocked 6.84 lakh shares on BSE.The stock has steadily rallied for the past few weeks, ahead of its results. From Rs 10.94 on 28 December, it surged to Rs 15.34 by 19 January 2007.
Ispat Industries posted a net profit of Rs 17.52 crore for the quarter ended December 2006, compared to net loss Rs 217.03 crore for the quarter ended December 2005. Total income increased to Rs 1865.26 crore for the quarter ended December 2006, from Rs 1276.65 crore for the quarter ended December 2005.
Recently, the company signed a memorandum of understanding (MoU) with the Chattisgarh government for a project of estimated worth Rs 2,500 crore. The company may float a special purpose vehicle (SPV) for the purpose. The project, which will come up in Janjgir-Champa district of the state, may be funded in a 70:30 debt-equity ratio. The company will use part of the power to run its integrated steel plant at Dolvi, Maharashtra, and the rest will be sold to the state electricity boards.
Last month, the Pramod and Vinod Mittal-controlled steel company signed a Rs 2,000-crore agreement with the Maharashtra Government to augment capacities to 5.4 million tonne at its plant in Dolvi. The company is also contemplating raising $500 million through overseas debt bonds for expansion of its steel plant at Dolvi (Maharashtra), over the next 18 months. The plant is scheduled to commence production in 2011.
Ispat had also recently announced a 3 million tonne pellet plant in Vizag, which is likely to cost around Rs 900 crore. The plant will take two years to go online.
posted by SY at 11:59 AM
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