Value-buying supports Sensex
The market, which had opened positive tracking a recovery in Asian markets, slipped as profit-booking began. However, it has recovered from this point due to value-buying.
At 12:32 IST the Sensex was up 46.29 points, at 13,698.44. It had surged to a high of 13,748.42, the low being 13,650.96.The market-breadth was strong. For 1,725 shares rising on BSE, 786 declined. A total of 59 shares were unchanged.The BSE clocked Rs 2273 crore in turnover.Among the 30-Sensex pack, 21 advanced while the rest declined.
Cairn India roiled on debut
Cairn India was trading at Rs 137 on BSE in early trade, a discount of 14.3% over the IPO price of Rs 160.After debuting at Rs 140, the scrip attained a high of Rs 155 and a low of Rs 135.20. As many as 4.7 lakh shares changed hands in the counter on BSE.
The company had priced the IPO at the lower end of the Rs 160 - Rs 190 price-band.
The company’s post-issue equity is a massive Rs 1765.31 crore, face value per share being Rs 10. The post-issue holding of Cairn Energy is 67.6%.The post-issue, FII-holding in the company is 13.04%.NSE has also added the stock to the futures & options (F&O) segment with a lot size of 1,250.
Cairn India's IPO, in December 2006, managed to scrape through. The IPO was embroiled in controversy just before the float with Oil and Natural Gas Corporation, Cairn's partner in Rajasthan, dragging the company to the market regulator, Securities and Exchange Board of India, complaining that its subsidiary, Mangalore Refinery and Petrochemicals (MRPL) did not bear the sole responsibility for ensuring midstream development (pipeline for the transport of crude oil).
MRPL is the government nominee for the offtake of crude oil from Rajasthan. Cairn India expects to resolve its row with MRPL in the next few months.
Cairn India (CIL) was incorporated on 21 August 2006 to consolidate Cairn Energy’s business and interests in India. In the first six months to June 2006, CIL’s gross production from existing oil assets Ravva, Lakshmi and Gauri was 87,500 barrels of oil equivalent per day (boepd). Of this, CIL had a working interest in 24,000 boepd. (22.5% working interest in Ravva field in Andhra Pradesh and 40% in Lakshmi and Gauri fields in Gujarat).
The company intends to utilize a major portion of the IPO proceeds to develop the Rajasthan block and for additional drilling in Ravva and Cambay (Gujarat) blocks.
Gujarat Ambuja Cements gets going
Gujarat Ambuja Cements rose 1.68% to Rs 138.95, after a huge block deal was struck in the counter.A deal for 2.25 crore shares was executed in the counter at Rs 136.65 per share, in opening trade. The deal constituted around 1.48% of the company's equity share capital of Rs 272.02 crore (face value Rs 2 per share).The counter clocked a cumulative volume of 2.26 crore shares.The details such as buyers and sellers were not immediately known.
The stock had steadily rallied in the past on the back of firm cement prices. From Rs 130.35 on 12 December 2006, it advanced to Rs 144.95 by 3 January 2007, as buying continued. Here, it witnessed profit-booking and declined to Rs 136.65 by 8 January 2007.
Gujarat Ambuja Cements plans to increase capacity from 16 million mt currently to 21.5 million mt by December 2008, through a combination of greenfield expansions and blending of fly ash across seven locations. Increase in the ash content will account for 25% of capacity expansion.
Gujarat Ambuja Cements reported 225% increase in net profit at Rs 244.66 crore (Rs 75.28 crore) for Q2 September 2006. Net income jumped 52%; from Rs 647.28 crore to Rs 984.14 crore.The total foreign holding in the company is 41.65%, while that of promoters and public is 23.95% and 13.33% respectively.
At the time of September 2006 quarter results, the company said that the merger of Ambuja Cement Eastern (ACEL) with Gujarat Ambuja (GACL) will be completed by end-November 2006.
The company, along with ACEL, planned a total capital outlay of Rs 950 crore to augment cement capacity by setting up a clinker unit of 2.3 million tonnes in Chhattisgarh. It is also setting up three power plants of 81 Mw, altogether.
HDFC Bank drops on quashing bonus rumours
HDFC Bank dropped nearly 2% to Rs 1008, after the company scotched rumours of a bonus issue.
As many as 63,072 shares changed hands in the counter on BSE. After a surge in late-December 2006, the stock has been losing ground. From Rs 1079 on 28 December, it had retreated to Rs 1027.85 by 8 January 2007. Earlier, it had risen 7.3% to Rs 1079 on 28 December from Rs 1005.55 on 22 December 2006.
Earlier, after a rally in early-November 2006, the stock drifted lower and moved between Rs 1006 and Rs 1120. It had surged 15% in a short while to a lifetime closing high of Rs 1144.75 on 16 November 2006 from Rs 994.85 on 7 November 2006.
In late-December 2006, HDFC Bank raised the benchmark prime lending rate (BPLR) by a steep 150 basis points. The bank also increased its deposit rates by 50-75 basis points, following a similar increase in June 2006. But only a small proportion of HDFC Bank's loans are linked to the PLR. This is because most of the bank's retail and corporate lending is done at fixed rates, and is not directly linked to the BPLR.
In November 2006, HDFC Bank received RBI approval for setting up new branches and offsite ATMs. HDFC Bank was earlier barred from opening new branches and demat accounts after being found guilty of flouting 'Know Your Customer' norms in an IPO scam that came to light in 2005.
HDFC Bank reported 32% growth in net profit for Q2 September 2006 to Rs 262.94 crore. Net interest income rose 38% to Rs 845.60 crore (Rs 612.30 crore). HDFC unveils Q3 results on 11 January 2007.
At 12:32 IST the Sensex was up 46.29 points, at 13,698.44. It had surged to a high of 13,748.42, the low being 13,650.96.The market-breadth was strong. For 1,725 shares rising on BSE, 786 declined. A total of 59 shares were unchanged.The BSE clocked Rs 2273 crore in turnover.Among the 30-Sensex pack, 21 advanced while the rest declined.
Cairn India roiled on debut
Cairn India was trading at Rs 137 on BSE in early trade, a discount of 14.3% over the IPO price of Rs 160.After debuting at Rs 140, the scrip attained a high of Rs 155 and a low of Rs 135.20. As many as 4.7 lakh shares changed hands in the counter on BSE.
The company had priced the IPO at the lower end of the Rs 160 - Rs 190 price-band.
The company’s post-issue equity is a massive Rs 1765.31 crore, face value per share being Rs 10. The post-issue holding of Cairn Energy is 67.6%.The post-issue, FII-holding in the company is 13.04%.NSE has also added the stock to the futures & options (F&O) segment with a lot size of 1,250.
Cairn India's IPO, in December 2006, managed to scrape through. The IPO was embroiled in controversy just before the float with Oil and Natural Gas Corporation, Cairn's partner in Rajasthan, dragging the company to the market regulator, Securities and Exchange Board of India, complaining that its subsidiary, Mangalore Refinery and Petrochemicals (MRPL) did not bear the sole responsibility for ensuring midstream development (pipeline for the transport of crude oil).
MRPL is the government nominee for the offtake of crude oil from Rajasthan. Cairn India expects to resolve its row with MRPL in the next few months.
Cairn India (CIL) was incorporated on 21 August 2006 to consolidate Cairn Energy’s business and interests in India. In the first six months to June 2006, CIL’s gross production from existing oil assets Ravva, Lakshmi and Gauri was 87,500 barrels of oil equivalent per day (boepd). Of this, CIL had a working interest in 24,000 boepd. (22.5% working interest in Ravva field in Andhra Pradesh and 40% in Lakshmi and Gauri fields in Gujarat).
The company intends to utilize a major portion of the IPO proceeds to develop the Rajasthan block and for additional drilling in Ravva and Cambay (Gujarat) blocks.
Gujarat Ambuja Cements gets going
Gujarat Ambuja Cements rose 1.68% to Rs 138.95, after a huge block deal was struck in the counter.A deal for 2.25 crore shares was executed in the counter at Rs 136.65 per share, in opening trade. The deal constituted around 1.48% of the company's equity share capital of Rs 272.02 crore (face value Rs 2 per share).The counter clocked a cumulative volume of 2.26 crore shares.The details such as buyers and sellers were not immediately known.
The stock had steadily rallied in the past on the back of firm cement prices. From Rs 130.35 on 12 December 2006, it advanced to Rs 144.95 by 3 January 2007, as buying continued. Here, it witnessed profit-booking and declined to Rs 136.65 by 8 January 2007.
Gujarat Ambuja Cements plans to increase capacity from 16 million mt currently to 21.5 million mt by December 2008, through a combination of greenfield expansions and blending of fly ash across seven locations. Increase in the ash content will account for 25% of capacity expansion.
Gujarat Ambuja Cements reported 225% increase in net profit at Rs 244.66 crore (Rs 75.28 crore) for Q2 September 2006. Net income jumped 52%; from Rs 647.28 crore to Rs 984.14 crore.The total foreign holding in the company is 41.65%, while that of promoters and public is 23.95% and 13.33% respectively.
At the time of September 2006 quarter results, the company said that the merger of Ambuja Cement Eastern (ACEL) with Gujarat Ambuja (GACL) will be completed by end-November 2006.
The company, along with ACEL, planned a total capital outlay of Rs 950 crore to augment cement capacity by setting up a clinker unit of 2.3 million tonnes in Chhattisgarh. It is also setting up three power plants of 81 Mw, altogether.
HDFC Bank drops on quashing bonus rumours
HDFC Bank dropped nearly 2% to Rs 1008, after the company scotched rumours of a bonus issue.
As many as 63,072 shares changed hands in the counter on BSE. After a surge in late-December 2006, the stock has been losing ground. From Rs 1079 on 28 December, it had retreated to Rs 1027.85 by 8 January 2007. Earlier, it had risen 7.3% to Rs 1079 on 28 December from Rs 1005.55 on 22 December 2006.
Earlier, after a rally in early-November 2006, the stock drifted lower and moved between Rs 1006 and Rs 1120. It had surged 15% in a short while to a lifetime closing high of Rs 1144.75 on 16 November 2006 from Rs 994.85 on 7 November 2006.
In late-December 2006, HDFC Bank raised the benchmark prime lending rate (BPLR) by a steep 150 basis points. The bank also increased its deposit rates by 50-75 basis points, following a similar increase in June 2006. But only a small proportion of HDFC Bank's loans are linked to the PLR. This is because most of the bank's retail and corporate lending is done at fixed rates, and is not directly linked to the BPLR.
In November 2006, HDFC Bank received RBI approval for setting up new branches and offsite ATMs. HDFC Bank was earlier barred from opening new branches and demat accounts after being found guilty of flouting 'Know Your Customer' norms in an IPO scam that came to light in 2005.
HDFC Bank reported 32% growth in net profit for Q2 September 2006 to Rs 262.94 crore. Net interest income rose 38% to Rs 845.60 crore (Rs 612.30 crore). HDFC unveils Q3 results on 11 January 2007.
posted by SY at 12:57 PM
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