Turnover swells
The total turnover on BSE overtook the previous day’s, with almost 30 minutes of trading left. The BSE clocked Rs 3733 crore, as compared to Rs 3731 crore on Monday. A lot of block deals struck on BSE, as also a debut of Cairn India resulted in the high turnover.
Meanwhile, the market, which had opened positive on back of a recovery in Asian markets, slipped into the red as profit-booking began. IT stocks led the fall, on concerns that an appreciating rupee will impact profitability. The BSE Sensex has slipped to a fresh intra-day low of 13,493.38, under heavy selling.
At 14:47 IST the Sensex was down 125.16 points, at 13,526.39. It had also surged to an intra-day high of 13,748.42.The market-breadth, which was strong in the first half of the trading session, turned negative. For 1,256 shares rising on BSE, 1369 declined. A total of 40 shares were unchanged.Among the 30-Sensex pack, 22 declined while the rest advanced.
Praj Ind volatile despite heart-warming numbers
Praj Industries dropped 1.4% to Rs 227.15, even as the company reported robust Q3 December 2006 results.The stock was volatile. It had risen as much as 4.4%, to a high of Rs 240.90 at 11:38 IST, when results trickled into the market.
Volatility was also witnessed in the scrip in early trade ahead of the results, when after opening positive at Rs 232.05, the stock had slipped to a low of Rs 226.25 immediately after. The scrip had firmed up in morning trade ahead of the results announcement. Praj Industries' stock had closed at Rs 230.55 on Monday (8 January 2007).Volumes in the scrip were substantial; a massive 12.4 lakh shares changed hands on BSE.
Praj Industries’ net profit jumped 809% to Rs 33.64 crore for Q3 December 2006 from Rs 3.70 crore in Q3 December 2005. Net sales jumped 231.7% to Rs 177.86 crore (Rs 53.62 crore).
The stock had spurted in the run-up to the results, which hit the market in mid-morning trade. From Rs 181.70 on 27 December 2006, the stock had risen 26.8% to Rs 230.55 by 8 January 2007. The scrip’s entry into futures & options (F&O) and the company winning a large order in the US aided the surge in the counter. The stock entered NSE’s F&O segment from 29 December 2006.
Praj Industries is a pioneer in bio-fuel technology and wastewater treatment plants. Around 80% of Praj revenues come from distillery business, while the rest comes from brewery and other businesses. Praj plans to spend around Rs 100 crore in the next few years on R&D, capacity expansion and acquisitions.
Early this month, Praj Industries had contracted the second phase orders from US based Cilion Group for its Imperial County project and had also bagged an order from Missouri Valley Energy for its Meckling, South Dakota project. The company also bagged the first order from the sugarcane belt of the US. The total value of these three orders is Rs 170 crore.
In September 2006, Praj Industries acquired US-based C J Schneider Engineering Co (CJS) for Rs 22.50 crore. CJS provides engineering services to the biofuel industry, including for ethanol plants. CJS already has contracts on hand from leading ethanol producers.
Sangam India makes headway on fresh export orders
Textile firm Sangam India rose 1.09% to Rs 92.50, after it said it had fresh orders worth Rs 12 crore from Poland and the UK.Exports have crossed the Rs 100 crore mark, and stood at Rs 117 crore on 31 December 2006.As many as 14,723 shares were traded on the BSE.
The scrip has been range-bound since late-November 2006. From 27 November 2006 till 8 January 2007, the stock moved between a low of Rs 84 and a high of Rs 94. The stock closed at Rs 91.50 on 8 January 2007.
At the current market price of Rs 92.50, Sangam India trades at 7.89 times its Q2 September 2006 annualized EPS of Rs 11.72.
Sangam India has declared that its export sales have crossed the Rs 100 crore mark as on 31 December 2006. The company has bagged fresh export orders worth Rs 12 crore from Poland & UK, taking the total export book order position to Rs 50 crore. These orders are to be executed in the next three-four months. The company posted 143% ris in exports to Rs 117 crore as on 31 December 2006, compared to Rs 48 crore in the corresponding period last year.
During this period, exports of fabrics grew from Rs 23.94 crore to Rs 43.70 crore. While the export sales of yarn grew to Rs 73.80 crore as on 31 December 2006 compared to Rs 24.03 crore in the corresponding period last year.
Further, Sangam India’s members will meet on 27 January 2007 to consider and allot various financial instruments to the tune of Rs 100 crore.
In November 2006, the company increased its ongoing expansion plan by Rs 167.40 crore, aggregating to Rs 707.40 crore. Accordingly, the company is planning to add 51,840 spindles for manufacturing polyester-viscose yarn and 12 knitting machines. The company's Rs 707.40-crore expansion plan has been progressing on schedule. The increased capital expenditure will be financed through term loans under the Technology Upgrade Fund Scheme, equity and internal accruals. The company has already tied up rupee term loans of Rs 125 crore at competitive interest rates. The expansion plan is expected to be completed by December next year. With this, the number of spindles will increase to over 2 lakh, and the number of weaving & knitting machines to 279.
Sangam (India) is one of the largest polyester-viscose dyed yarn manufacturer in India. It markets products under the Sangam brand.
The company has registered a net profit growth of Rs 74.10% to Rs 10.08 crore (Rs 5.79 crore) in Q2 September 2006. Net sales rose to 52.4% to R 125.39 crore from Rs 82.28 crore.
RCom overturns
Reliance Communications fell 2.4% to Rs 425, even as the media reported that it plans to raise up to $1.2 billion through a GDR issue.The stock has cooled off lately. From a lifetime closing high of Rs 477.20 on 28 December 2006, it has lost nearly 11% in the past 7 trading sessions.
The continued strong growth in new subscriptions addition, robust Q2 results and more recent reports that the government will free more frequencies for cellular telephony triggered a solid surge in the shares of cellular services behemoths in recent months. From Rs 238.30 on 21 July, it had surged 100.2% to a lifetime closing high of Rs 477.20 on 28 December 2006.
The board of Reliance Communications (RCL) is scheduled to meet on Jan 10 to consider an overseas issue. A newspaper reported on Tuesday that RCL, which is in the race to acquire Hutchison Essar, has sought government approval for a sponsored GDR issue. The issue of 133.5 million shares will include a greenshoe option of 20%, the paper said, citing a regulatory filing by the company to the Ministry of Finance.
An issue of 133.50 million will result in equity dilution of 6.5%. The company’s current equity base is Rs 1022.31 crore, the face value per share being Rs 10.
The successful acquisition of Hutch will make Reliance Communication India's largest mobile company with a combined subscriber base of 52 million. Hutchison Essar has 22 million subscribers. The largest player, Bharti Airtel, has a subscriber base of 31 million.
Hutch Essar, India's fourth-biggest mobile operator, is estimated to be valued at $18-$20 billion. The Essar group, the Hinduja group and Britain's Vodafone Group are also in the fray to acquire Hutchison Essar.
Recently, Reliance Communications said it will invest $1.5 billion (around Rs 7,000 crore) in Flag Telecom, its under-sea cable subsidiary, over the next three years. The investment will help lay an additional 50,000 km of optic fibre cable and expand the company's reach to over 60 countries. At present, Flag Telecom operates the world's largest private under-sea cable system spanning 65,000 km and has a customer base of over 200 leading operators, which include the top 10 international carriers.
Reliance Communications (RCL) has called an extraordinary meeting of shareholders on January 27 to seek approval for demerging its business operations and passive infrastructure into three companies. The company is demerging the passive infrastructure such as towers and optic fibre cables of Reliance Communications (RCL) and Reliance Telecom (RTL) into Reliance Telecom Infrastructure (RTIL). RTIL will be a subsidiary of RCL through Reliance Communications Infrastructure. RCIL will hold 99% of the share capital of Rs 5 lakhs of RTIL.
On a consolidated basis, RCL posted a net profit of Rs 702.34 crore for the third quarter ended 30 September 2006, against a net loss of Rs 19 crore for the third quarter ended 30 September 2005. Total revenue rose to Rs 3,525.98 crore (Rs 2,522 crore).
Meanwhile, the market, which had opened positive on back of a recovery in Asian markets, slipped into the red as profit-booking began. IT stocks led the fall, on concerns that an appreciating rupee will impact profitability. The BSE Sensex has slipped to a fresh intra-day low of 13,493.38, under heavy selling.
At 14:47 IST the Sensex was down 125.16 points, at 13,526.39. It had also surged to an intra-day high of 13,748.42.The market-breadth, which was strong in the first half of the trading session, turned negative. For 1,256 shares rising on BSE, 1369 declined. A total of 40 shares were unchanged.Among the 30-Sensex pack, 22 declined while the rest advanced.
Praj Ind volatile despite heart-warming numbers
Praj Industries dropped 1.4% to Rs 227.15, even as the company reported robust Q3 December 2006 results.The stock was volatile. It had risen as much as 4.4%, to a high of Rs 240.90 at 11:38 IST, when results trickled into the market.
Volatility was also witnessed in the scrip in early trade ahead of the results, when after opening positive at Rs 232.05, the stock had slipped to a low of Rs 226.25 immediately after. The scrip had firmed up in morning trade ahead of the results announcement. Praj Industries' stock had closed at Rs 230.55 on Monday (8 January 2007).Volumes in the scrip were substantial; a massive 12.4 lakh shares changed hands on BSE.
Praj Industries’ net profit jumped 809% to Rs 33.64 crore for Q3 December 2006 from Rs 3.70 crore in Q3 December 2005. Net sales jumped 231.7% to Rs 177.86 crore (Rs 53.62 crore).
The stock had spurted in the run-up to the results, which hit the market in mid-morning trade. From Rs 181.70 on 27 December 2006, the stock had risen 26.8% to Rs 230.55 by 8 January 2007. The scrip’s entry into futures & options (F&O) and the company winning a large order in the US aided the surge in the counter. The stock entered NSE’s F&O segment from 29 December 2006.
Praj Industries is a pioneer in bio-fuel technology and wastewater treatment plants. Around 80% of Praj revenues come from distillery business, while the rest comes from brewery and other businesses. Praj plans to spend around Rs 100 crore in the next few years on R&D, capacity expansion and acquisitions.
Early this month, Praj Industries had contracted the second phase orders from US based Cilion Group for its Imperial County project and had also bagged an order from Missouri Valley Energy for its Meckling, South Dakota project. The company also bagged the first order from the sugarcane belt of the US. The total value of these three orders is Rs 170 crore.
In September 2006, Praj Industries acquired US-based C J Schneider Engineering Co (CJS) for Rs 22.50 crore. CJS provides engineering services to the biofuel industry, including for ethanol plants. CJS already has contracts on hand from leading ethanol producers.
Sangam India makes headway on fresh export orders
Textile firm Sangam India rose 1.09% to Rs 92.50, after it said it had fresh orders worth Rs 12 crore from Poland and the UK.Exports have crossed the Rs 100 crore mark, and stood at Rs 117 crore on 31 December 2006.As many as 14,723 shares were traded on the BSE.
The scrip has been range-bound since late-November 2006. From 27 November 2006 till 8 January 2007, the stock moved between a low of Rs 84 and a high of Rs 94. The stock closed at Rs 91.50 on 8 January 2007.
At the current market price of Rs 92.50, Sangam India trades at 7.89 times its Q2 September 2006 annualized EPS of Rs 11.72.
Sangam India has declared that its export sales have crossed the Rs 100 crore mark as on 31 December 2006. The company has bagged fresh export orders worth Rs 12 crore from Poland & UK, taking the total export book order position to Rs 50 crore. These orders are to be executed in the next three-four months. The company posted 143% ris in exports to Rs 117 crore as on 31 December 2006, compared to Rs 48 crore in the corresponding period last year.
During this period, exports of fabrics grew from Rs 23.94 crore to Rs 43.70 crore. While the export sales of yarn grew to Rs 73.80 crore as on 31 December 2006 compared to Rs 24.03 crore in the corresponding period last year.
Further, Sangam India’s members will meet on 27 January 2007 to consider and allot various financial instruments to the tune of Rs 100 crore.
In November 2006, the company increased its ongoing expansion plan by Rs 167.40 crore, aggregating to Rs 707.40 crore. Accordingly, the company is planning to add 51,840 spindles for manufacturing polyester-viscose yarn and 12 knitting machines. The company's Rs 707.40-crore expansion plan has been progressing on schedule. The increased capital expenditure will be financed through term loans under the Technology Upgrade Fund Scheme, equity and internal accruals. The company has already tied up rupee term loans of Rs 125 crore at competitive interest rates. The expansion plan is expected to be completed by December next year. With this, the number of spindles will increase to over 2 lakh, and the number of weaving & knitting machines to 279.
Sangam (India) is one of the largest polyester-viscose dyed yarn manufacturer in India. It markets products under the Sangam brand.
The company has registered a net profit growth of Rs 74.10% to Rs 10.08 crore (Rs 5.79 crore) in Q2 September 2006. Net sales rose to 52.4% to R 125.39 crore from Rs 82.28 crore.
RCom overturns
Reliance Communications fell 2.4% to Rs 425, even as the media reported that it plans to raise up to $1.2 billion through a GDR issue.The stock has cooled off lately. From a lifetime closing high of Rs 477.20 on 28 December 2006, it has lost nearly 11% in the past 7 trading sessions.
The continued strong growth in new subscriptions addition, robust Q2 results and more recent reports that the government will free more frequencies for cellular telephony triggered a solid surge in the shares of cellular services behemoths in recent months. From Rs 238.30 on 21 July, it had surged 100.2% to a lifetime closing high of Rs 477.20 on 28 December 2006.
The board of Reliance Communications (RCL) is scheduled to meet on Jan 10 to consider an overseas issue. A newspaper reported on Tuesday that RCL, which is in the race to acquire Hutchison Essar, has sought government approval for a sponsored GDR issue. The issue of 133.5 million shares will include a greenshoe option of 20%, the paper said, citing a regulatory filing by the company to the Ministry of Finance.
An issue of 133.50 million will result in equity dilution of 6.5%. The company’s current equity base is Rs 1022.31 crore, the face value per share being Rs 10.
The successful acquisition of Hutch will make Reliance Communication India's largest mobile company with a combined subscriber base of 52 million. Hutchison Essar has 22 million subscribers. The largest player, Bharti Airtel, has a subscriber base of 31 million.
Hutch Essar, India's fourth-biggest mobile operator, is estimated to be valued at $18-$20 billion. The Essar group, the Hinduja group and Britain's Vodafone Group are also in the fray to acquire Hutchison Essar.
Recently, Reliance Communications said it will invest $1.5 billion (around Rs 7,000 crore) in Flag Telecom, its under-sea cable subsidiary, over the next three years. The investment will help lay an additional 50,000 km of optic fibre cable and expand the company's reach to over 60 countries. At present, Flag Telecom operates the world's largest private under-sea cable system spanning 65,000 km and has a customer base of over 200 leading operators, which include the top 10 international carriers.
Reliance Communications (RCL) has called an extraordinary meeting of shareholders on January 27 to seek approval for demerging its business operations and passive infrastructure into three companies. The company is demerging the passive infrastructure such as towers and optic fibre cables of Reliance Communications (RCL) and Reliance Telecom (RTL) into Reliance Telecom Infrastructure (RTIL). RTIL will be a subsidiary of RCL through Reliance Communications Infrastructure. RCIL will hold 99% of the share capital of Rs 5 lakhs of RTIL.
On a consolidated basis, RCL posted a net profit of Rs 702.34 crore for the third quarter ended 30 September 2006, against a net loss of Rs 19 crore for the third quarter ended 30 September 2005. Total revenue rose to Rs 3,525.98 crore (Rs 2,522 crore).
posted by SY at 3:10 PM
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