Sensex pummelled; IT stocks under pressure
The market weakened even further in morning trade, the Sensex tumbling over 200 points. Only ONGC, among the 30 Sensex constituents, managed to buck the weakness. Sensex heavyweight Reliance Industries had slipped
IT stocks remained at the forefront of the market fall, which was sparked by lacklustre Asian markets, and a fall in Indian ADRs on Friday.The BSE clocked a turnover of Rs 1,411 crore.
At 11:26 IST the Sensex was down 209 points at 13,651. It had come off the lower level after having plunged as many as 239.76 points, to 13,620.76 at 11:18 IST.The market-breadth was positive. For 1,388 shares rising on BSE, 1,000 declined. Just 51 shares were unchanged. Gainers outpaced losers by a ratio of 1.38:1.
Gujarat Ambuja Exports jumps on equity buyback plans
Gujarat Ambuja Exports surged 8.44% to Rs 30.20, on convening a board meet on 16 Jan to consider a buyback of 10% of the paid-up share capital.
The stock had surged to a high of Rs 32.95 in early trade, as 1.86 lakh shares were traded on the BSE.The counter witnessed a steady rally in the past few days, on sustained buying. The stock gained consistently from Rs 24 on 12 December 2006 to Rs 27.85 by 5 January 2007, as buying continued.
Gujarat Ambuja Exports had commissioned two wind mills, each of 1.250 Mw at village Vanku, Kutch, on 22 September 2006, while another wind mill of 0.8 Mw capacity was commissioned on 12 September at Satapar, Jamnagar, Gujarat.
The company plans to set up its first maize-based ethanol and extra-neutral alcholol (ENA) plant at Nashik. The Rs 100 crore plant will be operational by September 2007. An additional Rs 225 crore will be pumped into the project after commencement.Gujarat Ambuja Exports manufactures refined castor oil, hydrated castor oil and hydrogenated castor oil.
Gujarat Ambuja Exports registered a net profit growth of 70.66%, to Rs 11.52 crore for Q2 September 2006, compared to Rs 6.75 crore for Q2 September 2005. Net sales rose 13.32%, to Rs 358.15 crore from Rs 316.03 crore.
Hindustan Zinc dips after slashing product prices
Hindustan Zinc lost 1.38% to Rs 774, after it cut zinc prices by Rs 800 per tonne, to Rs 2,11,400 per tonne, immediately.The price of lead has also been cut by Rs 900 (1.04%) per tonne, to Rs 85,400 per tonne.The stock notched up volumes of 1.13 lakh shares on BSE after slipping to Rs 758 in early-trade.
The stock has dipped sharply from a recent high of Rs 972.45 on 27 November 2006. It had slipped to Rs 784.85 on 5 January 2007, due to declining metal prices in global markets.
Recently, media reports speculated that the Central Government is working towards buying back 44% stake in the nation’s top zinc producer. The government sold off 44% ownership in the firm to Vedanta group's Sterlite Opportunities and Ventures, between 2002 and 2004, with an agreement that it will set up a 1,00,000 tonne a year smelter plant in Rajasthan.
In case the two sides the project was not implemented within five years, or before 30 March 2007, the two parties agreed that the Central Government will have the right to buy-back those shares, the report added.
Incorporated in the mid-sixties, Hindustan Zinc (HZL) was a wholly-owned company of the Government of India till disinvestment. It chiefly producces zinc and lead, which are extensively used by engineering and automobile industries.
On the back of firm prices, the top zinc maker reported 562% surge in net profit for Q2 September 2006, to Rs 1,298 crore, over 269% growth in net sales to Rs 2,441 crore.
IT stocks remained at the forefront of the market fall, which was sparked by lacklustre Asian markets, and a fall in Indian ADRs on Friday.The BSE clocked a turnover of Rs 1,411 crore.
At 11:26 IST the Sensex was down 209 points at 13,651. It had come off the lower level after having plunged as many as 239.76 points, to 13,620.76 at 11:18 IST.The market-breadth was positive. For 1,388 shares rising on BSE, 1,000 declined. Just 51 shares were unchanged. Gainers outpaced losers by a ratio of 1.38:1.
Gujarat Ambuja Exports jumps on equity buyback plans
Gujarat Ambuja Exports surged 8.44% to Rs 30.20, on convening a board meet on 16 Jan to consider a buyback of 10% of the paid-up share capital.
The stock had surged to a high of Rs 32.95 in early trade, as 1.86 lakh shares were traded on the BSE.The counter witnessed a steady rally in the past few days, on sustained buying. The stock gained consistently from Rs 24 on 12 December 2006 to Rs 27.85 by 5 January 2007, as buying continued.
Gujarat Ambuja Exports had commissioned two wind mills, each of 1.250 Mw at village Vanku, Kutch, on 22 September 2006, while another wind mill of 0.8 Mw capacity was commissioned on 12 September at Satapar, Jamnagar, Gujarat.
The company plans to set up its first maize-based ethanol and extra-neutral alcholol (ENA) plant at Nashik. The Rs 100 crore plant will be operational by September 2007. An additional Rs 225 crore will be pumped into the project after commencement.Gujarat Ambuja Exports manufactures refined castor oil, hydrated castor oil and hydrogenated castor oil.
Gujarat Ambuja Exports registered a net profit growth of 70.66%, to Rs 11.52 crore for Q2 September 2006, compared to Rs 6.75 crore for Q2 September 2005. Net sales rose 13.32%, to Rs 358.15 crore from Rs 316.03 crore.
Hindustan Zinc dips after slashing product prices
Hindustan Zinc lost 1.38% to Rs 774, after it cut zinc prices by Rs 800 per tonne, to Rs 2,11,400 per tonne, immediately.The price of lead has also been cut by Rs 900 (1.04%) per tonne, to Rs 85,400 per tonne.The stock notched up volumes of 1.13 lakh shares on BSE after slipping to Rs 758 in early-trade.
The stock has dipped sharply from a recent high of Rs 972.45 on 27 November 2006. It had slipped to Rs 784.85 on 5 January 2007, due to declining metal prices in global markets.
Recently, media reports speculated that the Central Government is working towards buying back 44% stake in the nation’s top zinc producer. The government sold off 44% ownership in the firm to Vedanta group's Sterlite Opportunities and Ventures, between 2002 and 2004, with an agreement that it will set up a 1,00,000 tonne a year smelter plant in Rajasthan.
In case the two sides the project was not implemented within five years, or before 30 March 2007, the two parties agreed that the Central Government will have the right to buy-back those shares, the report added.
Incorporated in the mid-sixties, Hindustan Zinc (HZL) was a wholly-owned company of the Government of India till disinvestment. It chiefly producces zinc and lead, which are extensively used by engineering and automobile industries.
On the back of firm prices, the top zinc maker reported 562% surge in net profit for Q2 September 2006, to Rs 1,298 crore, over 269% growth in net sales to Rs 2,441 crore.
posted by SY at 12:40 PM
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