Sensex spurts over 100 points
The BSE Sensex is up over 100 points as buying resumed after the initial weakness. It struck a fresh high of 13492.29, a little while ago as buying intensified.
At 12:42 IST, the BSE Sensex was up 107.38 points to 13,468.92. 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 13476.70.
The market breadth was strong on BSE with 1574 shares advancing as compared to 896 that declined. 64 were unchanged.The total turnover on BSE amounted to Rs 2137 crore.Among the Sensex pack, 27 advanced while the rest declined.
Patel Engineering slips despite new order win
Patel Engineering declined 0.38% to Rs 448.20 in a weak market despite bagging construction orders worth Rs 143.59 crore from Brihanmumbai Municipal Corporation, Greater Mumbai.The counter clocked a volume of 50,341 shares on the BSE
The scrip has been immensely volatile sine the last one month. Since early-December 2006, the scrip has been fluctuating between a low of Rs 427 and a high of Rs 465. The stock closed at Rs 449.50 on 10 January 2007.
At the current market price of Rs 448.20, Patel Engineering trades at 26.71 times its Q2 September 2006 annualized EPS of Rs 16.78.
Patel Engineering said on Thursday it had got construction orders worth Rs 143.59 crore from Brihanmumbai Municipal Corporation, Greater Mumbai (BMC). The project involves construction of approximately 6.1 km long tunnel of 2.8-meter diameter, from Veravail to Yari Road via Adarsh Nagar in the suburbs of Mumbai.
Patel Engineering had in November bagged orders for construction of Loharinag Pala Hydro Electric Power Project Penstock and Power House worth Rs 360 crore from National Thermal Power Corporation (NTPC). The project, to come up on river Bhagirathi in Uttarkashi district of Uttaranchal, will be completed in the next 45 months.
Further, the company had been recently awarded the Loharinag Palo Hydro Electric Power Project Head Race Tunnel Package worth Rs 318 crore. The company, in October, had also bagged two projects worth an aggregate Rs 176 crore from Rail Vikas Nigam.
Patel Engineering had recently acquired controlling stake in Michigan Engineers, a Mumbai-based urban infrastructure company, for an undisclosed sum. Michigan Engineers is a niche player in dredging and projects involving micro-tunneling with an annual turnover of Rs 40 crore.
In mid-June, the Rs 425 crore follow-on public offer of Patel Engineering was oversubscribed 27.2 times, and had mopped up more than Rs 10,000 crore. The price-band for the FPO had been fixed between Rs 400 - Rs 440, the offer price later fixed at Rs 440 per share.
The proceeds of the issue were to be used for organic and inorganic expansion. The company intends to bid for infrastructure projects and invest in subsidiaries and joint ventures inside and outside the country.
The bulk of Patel Engineering's revenue comes from two sectors: hydel power and irrigation. Hydel power projects account for about 40% of the orders, while irrigation and roads contribute 36% and 24% respectively to revenues.
Patel Engineering has posted a net profit growth of 98.30% to Rs 25.04 crore (Rs 12.63 crore) for Q2 September 2006. Net sales rose to Rs 39.30% to Rs 197.89 crore (Rs 142.06 crore).
Nestle India extends gains on plan to use reserves
Nestle India rose 5% to Rs 1265 but the stock pared gains after it had surged as much as 15% to a high of Rs 1387.20,293 shares changed hands in the counter on BSE.
The stock rose for the second day in a row today after the company said on Tuesday (9 January) its board would meet on Jan. 15 to consider using a part of its general reserve and share premium account for distribution to its shareholders. The stock had risen 4% to Rs 1205.40 on Wednesday 10 January following the company’s announcement after trading hours on 9 January.The stock had firmed up since mid-December 2006. From Rs 1042.30 on 18 December 2006, it had firmed up to Rs 1159 by 9 January 2007.
The board of Nestle India meets on 15 January 2007 to consider a scheme formulated under Sections 391 to 394 of the Companies Act, 1956 read with Sections 100 to 102 of the Companies Act, 1956 for distributing a part of the general reserves and the share premium account to shareholders. Sections 391 to 394 deal with capital restructuring including mergers, amalgamations or demergers, anything which alters capital structure of the company. Sections 100 to 102 deal with reduction of share capital.
The company’s current equity is Rs 96.42 crore. Swiss food giant Nestle SA holds 61% stake in the company.
Nestle India posted a moderate set of numbers for the quarter ended Sept 2006. Net sales of the company grew 16% to Rs 722.66 crore while profits after tax (PAT) improved by 11% to Rs 82.98 crore. PAT before considering extraordinary items rose 10% to Rs 87.18 crore.The current price of Rs 1265 discounts its 9-months January-September 2006 annualised EPS of Rs 34.20, by a PE multiple of 36.9.
Stake sale in NSE sends IFCI surging
IFCI jumped 5% to Rs 16.90 extending Wednesday rally, 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.Volumes in the scrip were a huge 2.08 crore shares on BSE.The news of NSE stake sale had lifted the scrip by a whopping 19% on Wednesday 10 January 2007, on huge volume of 4.7 crore shares.Earlier, the stock had firmed up since late December 2006. From Rs 11.01 on 22 December, the stock had risen to Rs 13.48 by 9 January 2007.
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.
Recently, IFCI had said that the board of directors of the company are contemplating various options for future of the company. IFCI has started lending in a limited AAA rating companies. It may be recalled that a combination of aggressive lending in the early part of the last decade, which later resulted in a good deal of the portfolio turning into bad loans and higher cost of borrowings saw red ink being splashed all over the IFCI balance sheet. Attempts made mainly during the previous government's regime to merge IFCI with IDBI failed
In the last quarter, IFCI reported profit after tax of Rs 115.83 crore against a total income of Rs 325.47 crore. Recovery of bad loans has improved and the proceeds are now being parked in deposits of top rated firms.The latest equity share capital of IFCI is Rs 639.99 crore. The company has negative book value of Rs 61.23 per share.
Toll collection contract lifts PBA Infrastructure
PBA Infrastructure rose 1.2% to Rs 131 after it got a contract worth Rs 60.30 crore from National Highways Authority of India for toll collection on National Highway 4. 20,615 shares were traded on the BSE.
The counter had pared earlier gains that it accumulated during the bullish market earlier this calendar year. The scrip rose from Rs 129.95 on 2 January 2007, to Rs 131.95 on 9 January in a strong market only to slip back to Rs 129.45 the very next day on 10 January 2007 as the market reeled under volatility. Earlier, from Rs 124.50 on 13 December 2006, the scrip had surged to 130.70 by 27 December only to slip to Rs 129.95 by 2 January 2007
At the current market price of Rs 131, PBA Infrastructure trades at 12.93 times its Q2 September annualized EPS of Rs 10.13.
In November, the company along with Sadbhav Engineering bagged contract worth Rs 297 crore for providing four laning to Aurangabad-Jalna Road from the World Bank Project Division, Maharashtra. This closely follows two contracts worth Rs 101.13 crore from Jammu & Kashmir Economic Reconstruction Agency for widening and strengthening of roads in Jammu.
PBA Infrastructure is engaged mainly in execution of civil engineering projects.
For Q2 September 2006, PBA reported a net profit of Rs 3.42 crore on revenue of Rs 55.49 crore. The company had a net profit of Rs 2.82 crore on revenue of Rs 62.49 crore in Q1 June 2006.
At 12:42 IST, the BSE Sensex was up 107.38 points to 13,468.92. 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 13476.70.
The market breadth was strong on BSE with 1574 shares advancing as compared to 896 that declined. 64 were unchanged.The total turnover on BSE amounted to Rs 2137 crore.Among the Sensex pack, 27 advanced while the rest declined.
Patel Engineering slips despite new order win
Patel Engineering declined 0.38% to Rs 448.20 in a weak market despite bagging construction orders worth Rs 143.59 crore from Brihanmumbai Municipal Corporation, Greater Mumbai.The counter clocked a volume of 50,341 shares on the BSE
The scrip has been immensely volatile sine the last one month. Since early-December 2006, the scrip has been fluctuating between a low of Rs 427 and a high of Rs 465. The stock closed at Rs 449.50 on 10 January 2007.
At the current market price of Rs 448.20, Patel Engineering trades at 26.71 times its Q2 September 2006 annualized EPS of Rs 16.78.
Patel Engineering said on Thursday it had got construction orders worth Rs 143.59 crore from Brihanmumbai Municipal Corporation, Greater Mumbai (BMC). The project involves construction of approximately 6.1 km long tunnel of 2.8-meter diameter, from Veravail to Yari Road via Adarsh Nagar in the suburbs of Mumbai.
Patel Engineering had in November bagged orders for construction of Loharinag Pala Hydro Electric Power Project Penstock and Power House worth Rs 360 crore from National Thermal Power Corporation (NTPC). The project, to come up on river Bhagirathi in Uttarkashi district of Uttaranchal, will be completed in the next 45 months.
Further, the company had been recently awarded the Loharinag Palo Hydro Electric Power Project Head Race Tunnel Package worth Rs 318 crore. The company, in October, had also bagged two projects worth an aggregate Rs 176 crore from Rail Vikas Nigam.
Patel Engineering had recently acquired controlling stake in Michigan Engineers, a Mumbai-based urban infrastructure company, for an undisclosed sum. Michigan Engineers is a niche player in dredging and projects involving micro-tunneling with an annual turnover of Rs 40 crore.
In mid-June, the Rs 425 crore follow-on public offer of Patel Engineering was oversubscribed 27.2 times, and had mopped up more than Rs 10,000 crore. The price-band for the FPO had been fixed between Rs 400 - Rs 440, the offer price later fixed at Rs 440 per share.
The proceeds of the issue were to be used for organic and inorganic expansion. The company intends to bid for infrastructure projects and invest in subsidiaries and joint ventures inside and outside the country.
The bulk of Patel Engineering's revenue comes from two sectors: hydel power and irrigation. Hydel power projects account for about 40% of the orders, while irrigation and roads contribute 36% and 24% respectively to revenues.
Patel Engineering has posted a net profit growth of 98.30% to Rs 25.04 crore (Rs 12.63 crore) for Q2 September 2006. Net sales rose to Rs 39.30% to Rs 197.89 crore (Rs 142.06 crore).
Nestle India extends gains on plan to use reserves
Nestle India rose 5% to Rs 1265 but the stock pared gains after it had surged as much as 15% to a high of Rs 1387.20,293 shares changed hands in the counter on BSE.
The stock rose for the second day in a row today after the company said on Tuesday (9 January) its board would meet on Jan. 15 to consider using a part of its general reserve and share premium account for distribution to its shareholders. The stock had risen 4% to Rs 1205.40 on Wednesday 10 January following the company’s announcement after trading hours on 9 January.The stock had firmed up since mid-December 2006. From Rs 1042.30 on 18 December 2006, it had firmed up to Rs 1159 by 9 January 2007.
The board of Nestle India meets on 15 January 2007 to consider a scheme formulated under Sections 391 to 394 of the Companies Act, 1956 read with Sections 100 to 102 of the Companies Act, 1956 for distributing a part of the general reserves and the share premium account to shareholders. Sections 391 to 394 deal with capital restructuring including mergers, amalgamations or demergers, anything which alters capital structure of the company. Sections 100 to 102 deal with reduction of share capital.
The company’s current equity is Rs 96.42 crore. Swiss food giant Nestle SA holds 61% stake in the company.
Nestle India posted a moderate set of numbers for the quarter ended Sept 2006. Net sales of the company grew 16% to Rs 722.66 crore while profits after tax (PAT) improved by 11% to Rs 82.98 crore. PAT before considering extraordinary items rose 10% to Rs 87.18 crore.The current price of Rs 1265 discounts its 9-months January-September 2006 annualised EPS of Rs 34.20, by a PE multiple of 36.9.
Stake sale in NSE sends IFCI surging
IFCI jumped 5% to Rs 16.90 extending Wednesday rally, 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.Volumes in the scrip were a huge 2.08 crore shares on BSE.The news of NSE stake sale had lifted the scrip by a whopping 19% on Wednesday 10 January 2007, on huge volume of 4.7 crore shares.Earlier, the stock had firmed up since late December 2006. From Rs 11.01 on 22 December, the stock had risen to Rs 13.48 by 9 January 2007.
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.
Recently, IFCI had said that the board of directors of the company are contemplating various options for future of the company. IFCI has started lending in a limited AAA rating companies. It may be recalled that a combination of aggressive lending in the early part of the last decade, which later resulted in a good deal of the portfolio turning into bad loans and higher cost of borrowings saw red ink being splashed all over the IFCI balance sheet. Attempts made mainly during the previous government's regime to merge IFCI with IDBI failed
In the last quarter, IFCI reported profit after tax of Rs 115.83 crore against a total income of Rs 325.47 crore. Recovery of bad loans has improved and the proceeds are now being parked in deposits of top rated firms.The latest equity share capital of IFCI is Rs 639.99 crore. The company has negative book value of Rs 61.23 per share.
Toll collection contract lifts PBA Infrastructure
PBA Infrastructure rose 1.2% to Rs 131 after it got a contract worth Rs 60.30 crore from National Highways Authority of India for toll collection on National Highway 4. 20,615 shares were traded on the BSE.
The counter had pared earlier gains that it accumulated during the bullish market earlier this calendar year. The scrip rose from Rs 129.95 on 2 January 2007, to Rs 131.95 on 9 January in a strong market only to slip back to Rs 129.45 the very next day on 10 January 2007 as the market reeled under volatility. Earlier, from Rs 124.50 on 13 December 2006, the scrip had surged to 130.70 by 27 December only to slip to Rs 129.95 by 2 January 2007
At the current market price of Rs 131, PBA Infrastructure trades at 12.93 times its Q2 September annualized EPS of Rs 10.13.
In November, the company along with Sadbhav Engineering bagged contract worth Rs 297 crore for providing four laning to Aurangabad-Jalna Road from the World Bank Project Division, Maharashtra. This closely follows two contracts worth Rs 101.13 crore from Jammu & Kashmir Economic Reconstruction Agency for widening and strengthening of roads in Jammu.
PBA Infrastructure is engaged mainly in execution of civil engineering projects.
For Q2 September 2006, PBA reported a net profit of Rs 3.42 crore on revenue of Rs 55.49 crore. The company had a net profit of Rs 2.82 crore on revenue of Rs 62.49 crore in Q1 June 2006.
posted by SY at 1:16 PM
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