Trade range-bound; breadth robust
The market was firm but range-bound in the morning. Cement shares were in the positive zone. HDFC and Bhel firmed up ahead of results. Index heavyweight Reliance Industries (RIL) inched ahead. However, Tata Motors and Cipla flopped on Q3 results, which they released after trading hours on Tuesday.
At 11:23 IST the Sensex was up 88 points, at 14,129. It rose as many as 115.22 points, to 14,156.46, by 10:41 IST. It has fluctuated 40 points, from 14,116 to 14,156.46, since 10:25 IST.
The market-breadth was strong. For 1,565 shares rising on BSE, 761 declined and 59 were unchanged. Gainers outpaced losers by a ratio of 2:1.The BSE clocked a turnover of Rs 1478 crore.Hindalco rose 2% to Rs 168.50, tracking a recovery in global base metal prices. The company will announce Q3 results tomorrow.
Gitanjali Gems jumps
Gitanjali Gems jumped 4.68% to Rs 240.50, after reporting 101.28% jump in net profit for Q3 December 2006.The counter clocked 9.29 lakh shares on the BSE, even as it surged to an intra-day high of Rs 244.75.The stock was gripped by volatility ahead of the results, fluctuating in a range of Rs 245.70 and Rs 220.35, in the past 12 trading sessions.
Gitanjali Gems reported 101.28% jump in net profit for Q3 December 2006, to Rs 31.4 crore, compared to Rs 15.6 crore in Q3 December 2005. Net sales increased to Rs 798.5 crore (Rs 524.1 crore).
In January this year, Gitanjali Gems incorporated Gitanjali Infratech (GIL) as a wholly-owned subsidiary.In December, Gitanjali Gems acquired Samuels, which operates 97 retail stores across the United States. The company sells fine jewellery with emphasis on diamond and gemstone jewellery. Measured by the number of retail locations, Samuels is the tenth largest specialty retailer of jewellery in the US.
The acquisition will be funded by the company’s earlier issued $110 million worth of FCCBs.In September, Gitanjali Gems received approval from the Central Government for setting up of a sector specific special economic zone (SEZ) for gems and jewellery, over 25.23 acres at Panvel, Maharashtra.Gitanjali Gems owns a number of jewellery brands including D'damas, Nakshatra, Sangini and Asmi.
L&T rebounds on winning projects for Delhi Metro
Larsen & Toubro rose 1.11% to Rs 1550, on bagging three orders aggregating Rs 355 crore from Delhi Metro Rail Corporation.As many as 71,017 shares changed hands in the counter on BSE.Profit-booking had begun in the stock during the last few days. From Rs 1586.10 on 18 January, it slipped to Rs 1533.05 by 23 January 2007.Earlier, the stock had struck a high of Rs 1599 on 18 January, an all-time high for the scrip.
The work for Delhi Metro Rail Corp (DMRC) will be executed by ECC, the company's construction division.
With the successful commissioning of Phase-I of Delhi Metro, DMRC has taken up implementation of Phase-II, with 2010 as the target for completion, before the Commonwealth Games.
Two jobs are direct contracts for construction of underground stations at Udyog Bhavan and Green Park. In addition to these stations, tunnels of approximately 1 km will be built by the company using cut-and-cover technology.
As a part of a joint venture, L&T will execute a third order in association with DYWIDAG, Samsung, Shimizu and IRCON. Valued at Rs 490 crore, this involves construction of two underground stations at Hauz Khas and Malviya Nagar. The total length of this tunnel will be 3.10 km and construction will be completed by tunnel boring machines. L&T’s portion of this order is Rs 127 crore.
All the three contracts will be executed by the company in 38 months.
L&T had executed various projects under Phase-I, for which the total value was around Rs 700 crore.
Earlier this month, L&T signed a joint venture (JV) with A.A. Turki Contracting & Trading Corporation (ATCO) of Saudi Arabia. The new venture known as Larsen & Toubro ATCO (Saudia), will focus on electromechanical construction for the hydrocarbon and power sector construction.
The kingdom of Saudi Arabia is the biggest markets in the GCC. As a part of its strategic plans, the company has taken important steps in the GCC area by establishing engineering & project management centres in Abu Dhabi and Sharjah, followed by the construction of its own deep-water offshore platforms and modular fabrication yard at Sohar, Oman.
L&T, of late, has been focussing on projects of large magnitude in airport, ports, power and upstream gas and oil sectors.
L&T has also decided to start developing properties at Bangalore and Hyderabad, through Urban Infrastructure, its subsidiary, which had a land value of Rs 2,500 crore as on 1 October 2005.
L&T’s net profit rose 40.6% to Rs 201.22 crore in Q2 September 2006, from Rs 143.05 crore in Q2 September 2005. Revenue increased 10.8%, from Rs 3,371.60 crore to Rs 3,736.07 crore. The company’s current equity base is Rs 56.18 crore, with face value per share of Rs 2.
At 11:23 IST the Sensex was up 88 points, at 14,129. It rose as many as 115.22 points, to 14,156.46, by 10:41 IST. It has fluctuated 40 points, from 14,116 to 14,156.46, since 10:25 IST.
The market-breadth was strong. For 1,565 shares rising on BSE, 761 declined and 59 were unchanged. Gainers outpaced losers by a ratio of 2:1.The BSE clocked a turnover of Rs 1478 crore.Hindalco rose 2% to Rs 168.50, tracking a recovery in global base metal prices. The company will announce Q3 results tomorrow.
Gitanjali Gems jumps
Gitanjali Gems jumped 4.68% to Rs 240.50, after reporting 101.28% jump in net profit for Q3 December 2006.The counter clocked 9.29 lakh shares on the BSE, even as it surged to an intra-day high of Rs 244.75.The stock was gripped by volatility ahead of the results, fluctuating in a range of Rs 245.70 and Rs 220.35, in the past 12 trading sessions.
Gitanjali Gems reported 101.28% jump in net profit for Q3 December 2006, to Rs 31.4 crore, compared to Rs 15.6 crore in Q3 December 2005. Net sales increased to Rs 798.5 crore (Rs 524.1 crore).
In January this year, Gitanjali Gems incorporated Gitanjali Infratech (GIL) as a wholly-owned subsidiary.In December, Gitanjali Gems acquired Samuels, which operates 97 retail stores across the United States. The company sells fine jewellery with emphasis on diamond and gemstone jewellery. Measured by the number of retail locations, Samuels is the tenth largest specialty retailer of jewellery in the US.
The acquisition will be funded by the company’s earlier issued $110 million worth of FCCBs.In September, Gitanjali Gems received approval from the Central Government for setting up of a sector specific special economic zone (SEZ) for gems and jewellery, over 25.23 acres at Panvel, Maharashtra.Gitanjali Gems owns a number of jewellery brands including D'damas, Nakshatra, Sangini and Asmi.
L&T rebounds on winning projects for Delhi Metro
Larsen & Toubro rose 1.11% to Rs 1550, on bagging three orders aggregating Rs 355 crore from Delhi Metro Rail Corporation.As many as 71,017 shares changed hands in the counter on BSE.Profit-booking had begun in the stock during the last few days. From Rs 1586.10 on 18 January, it slipped to Rs 1533.05 by 23 January 2007.Earlier, the stock had struck a high of Rs 1599 on 18 January, an all-time high for the scrip.
The work for Delhi Metro Rail Corp (DMRC) will be executed by ECC, the company's construction division.
With the successful commissioning of Phase-I of Delhi Metro, DMRC has taken up implementation of Phase-II, with 2010 as the target for completion, before the Commonwealth Games.
Two jobs are direct contracts for construction of underground stations at Udyog Bhavan and Green Park. In addition to these stations, tunnels of approximately 1 km will be built by the company using cut-and-cover technology.
As a part of a joint venture, L&T will execute a third order in association with DYWIDAG, Samsung, Shimizu and IRCON. Valued at Rs 490 crore, this involves construction of two underground stations at Hauz Khas and Malviya Nagar. The total length of this tunnel will be 3.10 km and construction will be completed by tunnel boring machines. L&T’s portion of this order is Rs 127 crore.
All the three contracts will be executed by the company in 38 months.
L&T had executed various projects under Phase-I, for which the total value was around Rs 700 crore.
Earlier this month, L&T signed a joint venture (JV) with A.A. Turki Contracting & Trading Corporation (ATCO) of Saudi Arabia. The new venture known as Larsen & Toubro ATCO (Saudia), will focus on electromechanical construction for the hydrocarbon and power sector construction.
The kingdom of Saudi Arabia is the biggest markets in the GCC. As a part of its strategic plans, the company has taken important steps in the GCC area by establishing engineering & project management centres in Abu Dhabi and Sharjah, followed by the construction of its own deep-water offshore platforms and modular fabrication yard at Sohar, Oman.
L&T, of late, has been focussing on projects of large magnitude in airport, ports, power and upstream gas and oil sectors.
L&T has also decided to start developing properties at Bangalore and Hyderabad, through Urban Infrastructure, its subsidiary, which had a land value of Rs 2,500 crore as on 1 October 2005.
L&T’s net profit rose 40.6% to Rs 201.22 crore in Q2 September 2006, from Rs 143.05 crore in Q2 September 2005. Revenue increased 10.8%, from Rs 3,371.60 crore to Rs 3,736.07 crore. The company’s current equity base is Rs 56.18 crore, with face value per share of Rs 2.
posted by SY at 12:34 PM
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