Sensex trims losses
The Sensex, which had slipped sharply into the red, recovered partially on value-buying. The market, after opening firm, has turned cautious ahead of the Reserve Bank of India (RBI)’s quarterly monetary policy review meeting today.
At 11:28 IST the BSE Sensex was down 61.74 points, at 14,150.25. It had opened higher, at 14,219.38, and surged to a high of 14,269.31. The benchmark index had also slipped to a low of 14,116.02.
The central bank has sent strong signals of raising short-term rates to fight the menace of inflation. After lifting its key rates four times in 2006, and reiterating concerns about runaway asset prices, the Reserve Bank of India (RBI) may directly act to restrict lending to the real estate and capital markets.The total turnover on BSE amounted to Rs 1684 crore.
The market-breadth, which was positive in the opening session, turned negative small-cap and mid-cap stocks came under pressure. For 1,304 shares declining, 1,059 advanced and 57 remained unchanged.Among the 30-Sensex pack, 22 declined while the rest advanced.
Visesh Infotecnics surges on fund-raising designs
Visesh Infotecnics was up 3.38%, at Rs 44.30.The stock notched up a volume of 91,452 shares on BSE.The share price of the company has appreciated by around 30% since a low of Rs 33.45 on 13 December 2006.
The company mulls an issue of FCCBs/GDRs/ADRs on a preferential basis up to $10 million.The company’s December quarter FY07 results have been quite impressive with a 73.6% rise in its net profit, to Rs 5.92 crore over the corresponding previous year's quarter. Sales grew 72.4% for the same period, to Rs 34.72 crore, compared to the year ago period .
Earlier in October, the company joined hands with UK-based Image Analyser to promote the latter's anti-porn software in the Asia-Pacific region.The company owns V Connect, a unit that offers outsourced services to overseas clients.
Thirumalai Chemicals undone by results
Thirumalai Chemicals plunged 13% to Rs 159.65, on reporting a net loss in the December 2006 quarter.As many as 14,100 shares changed hands in the counter on BSE.
The stock had surged since late-December 2006 as investors made a beenline for small-cap and mid-cap shares. From Rs 161.30 on 26 December 2006, the stock surged to Rs 183.70 by 29 January 2007.
Thirumalai Chemicals reported a net loss of Rs 1.36 crore in the December 2006 quarter compared to a net profit of Rs 1.60 crore in the December 2005 quarter. Net sales rose 54.5% in the same period compared to Rs 110.23 crore (Rs 71.33 crore) in the year ago period.
Thirumalai Chemicals occupies a dominant position in the phthalic anhydride (PAN) business, which accounts for 72% of its revenues. The price of the key raw materials for manufacturing PAN continue to fluctuate, impacting the company’s profitability. The company operates in a raw material intensive business with input costs constituting about 80% of operating expenditure. Prices of orthoxylene, which constitutes about 80% of input costs, are closely linked to that of crude oil.
The company is also the largest manufacturer of maleic anhydride (MAN). International prices play a key role in determining domestic prices of PAN and MAN. The company also manufactures food acids and phthalate esters, which together contribute about 7% to revenues.
With an intention to reduce volatility of margins and to increase operating levels, the company has entered into contracts with customers for supplying PAN on a formula basis.
ITC gains as Q3 outcome lives up to estimates
ITC rose 2.5% to Rs 176.80, on reporting 33.6% growth in net profit in the December 2006 quarter.As many as 6.5 lakh shares changed hands in the counter on BSE.
The stock had bounced back from a lower level ahead of results. From Rs 162.65 on 9 January 2007, the scrip recovered to Rs 172.40 by 29 January 2007. The stock had earlier drifted lower in a weak market. From Rs 177.65 on 28 December 2006, ITC declined to Rs 162.65 on 9 January 2007.
The key trigger for the ITC scrip, in the near term, is developments pertaining to value added tax (VAT) on cigarettes. The Centre has agreed to allow states to levy VAT on tobacco and tobacco products. The Centre and states reached an agreement in early January 2007, to phase out central sales tax (CST) over the next four years.
A 12.5% VAT on cigarettes will lead to a steep hike in cigarette prices, which may impact volumes. The concern for the cigarette industry is higher taxes may result in a shift in tobacco consumption, to low-end products such as bidis and chewing tobacco.
ITC today reported a 33.6% growth in net profit in the December 2006 quarter to Rs 717.40 crore, from Rs 536.83 crore during the year ago period. The net profit was at the top end of analysts' expectations. Net sales rose 23.8% to Rs 3165.57 crore (Rs 2556.04 crore), which was also in line with estimates.
ITC has initiated retail and wholesale vending of vegetables and fruits. The company has prepared a plan to expand its 'Choupal Fresh' stores across the country. The company will open 140 stores across 54 towns in the next three - four years. Currently, ITC runs a store each in Chandigarh, Pune and Hyderabad.
At 11:28 IST the BSE Sensex was down 61.74 points, at 14,150.25. It had opened higher, at 14,219.38, and surged to a high of 14,269.31. The benchmark index had also slipped to a low of 14,116.02.
The central bank has sent strong signals of raising short-term rates to fight the menace of inflation. After lifting its key rates four times in 2006, and reiterating concerns about runaway asset prices, the Reserve Bank of India (RBI) may directly act to restrict lending to the real estate and capital markets.The total turnover on BSE amounted to Rs 1684 crore.
The market-breadth, which was positive in the opening session, turned negative small-cap and mid-cap stocks came under pressure. For 1,304 shares declining, 1,059 advanced and 57 remained unchanged.Among the 30-Sensex pack, 22 declined while the rest advanced.
Visesh Infotecnics surges on fund-raising designs
Visesh Infotecnics was up 3.38%, at Rs 44.30.The stock notched up a volume of 91,452 shares on BSE.The share price of the company has appreciated by around 30% since a low of Rs 33.45 on 13 December 2006.
The company mulls an issue of FCCBs/GDRs/ADRs on a preferential basis up to $10 million.The company’s December quarter FY07 results have been quite impressive with a 73.6% rise in its net profit, to Rs 5.92 crore over the corresponding previous year's quarter. Sales grew 72.4% for the same period, to Rs 34.72 crore, compared to the year ago period .
Earlier in October, the company joined hands with UK-based Image Analyser to promote the latter's anti-porn software in the Asia-Pacific region.The company owns V Connect, a unit that offers outsourced services to overseas clients.
Thirumalai Chemicals undone by results
Thirumalai Chemicals plunged 13% to Rs 159.65, on reporting a net loss in the December 2006 quarter.As many as 14,100 shares changed hands in the counter on BSE.
The stock had surged since late-December 2006 as investors made a beenline for small-cap and mid-cap shares. From Rs 161.30 on 26 December 2006, the stock surged to Rs 183.70 by 29 January 2007.
Thirumalai Chemicals reported a net loss of Rs 1.36 crore in the December 2006 quarter compared to a net profit of Rs 1.60 crore in the December 2005 quarter. Net sales rose 54.5% in the same period compared to Rs 110.23 crore (Rs 71.33 crore) in the year ago period.
Thirumalai Chemicals occupies a dominant position in the phthalic anhydride (PAN) business, which accounts for 72% of its revenues. The price of the key raw materials for manufacturing PAN continue to fluctuate, impacting the company’s profitability. The company operates in a raw material intensive business with input costs constituting about 80% of operating expenditure. Prices of orthoxylene, which constitutes about 80% of input costs, are closely linked to that of crude oil.
The company is also the largest manufacturer of maleic anhydride (MAN). International prices play a key role in determining domestic prices of PAN and MAN. The company also manufactures food acids and phthalate esters, which together contribute about 7% to revenues.
With an intention to reduce volatility of margins and to increase operating levels, the company has entered into contracts with customers for supplying PAN on a formula basis.
ITC gains as Q3 outcome lives up to estimates
ITC rose 2.5% to Rs 176.80, on reporting 33.6% growth in net profit in the December 2006 quarter.As many as 6.5 lakh shares changed hands in the counter on BSE.
The stock had bounced back from a lower level ahead of results. From Rs 162.65 on 9 January 2007, the scrip recovered to Rs 172.40 by 29 January 2007. The stock had earlier drifted lower in a weak market. From Rs 177.65 on 28 December 2006, ITC declined to Rs 162.65 on 9 January 2007.
The key trigger for the ITC scrip, in the near term, is developments pertaining to value added tax (VAT) on cigarettes. The Centre has agreed to allow states to levy VAT on tobacco and tobacco products. The Centre and states reached an agreement in early January 2007, to phase out central sales tax (CST) over the next four years.
A 12.5% VAT on cigarettes will lead to a steep hike in cigarette prices, which may impact volumes. The concern for the cigarette industry is higher taxes may result in a shift in tobacco consumption, to low-end products such as bidis and chewing tobacco.
ITC today reported a 33.6% growth in net profit in the December 2006 quarter to Rs 717.40 crore, from Rs 536.83 crore during the year ago period. The net profit was at the top end of analysts' expectations. Net sales rose 23.8% to Rs 3165.57 crore (Rs 2556.04 crore), which was also in line with estimates.
ITC has initiated retail and wholesale vending of vegetables and fruits. The company has prepared a plan to expand its 'Choupal Fresh' stores across the country. The company will open 140 stores across 54 towns in the next three - four years. Currently, ITC runs a store each in Chandigarh, Pune and Hyderabad.
posted by SY at 12:42 PM
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