Weakness endures despite IT resistance
The market remained weak in mid-afternoon trade due to weak global markets.Select IT pivotals recovered from their lower level. HDFC Bank, too, recovered from the lower level ahead of its Q3 results tomorrow. Bhel witnessed a setback in mid-afternoon trade.
At 14:44 IST the Sensex was down 156 points at 13,409. It was off the lower level, after plunging as many as 189.01 points to a low of 13,377.32 at 13:34 IST.The market-breadth was weak. For 1,553 shares declining on BSE, 1,043 rose. Just 57 shares were unchanged. Losers outpaced gainers by a ratio of 1.48:1.The BSE clocked a turnover of Rs 2770 crore.Wipro had moved into the green. The stock rose 0.7% to Rs 585, off an early low of Rs 566.10. Satyam Computer was down 1% to Rs 463, off its early low of Rs 456.
BASF India sinks on messy results
BASF India plunged 7.26% to Rs 233, after a fall in net profit for Q3 December 2006.A strong 1.54 lakh shares were traded in the counter on BSE. The stock was trading in Rs 248 - Rs 250 price-band, but started declining, as soon as results were announced. The scrip also sunk to a low of Rs 230.25.
The stock witnessed a solid pre-results' rally; from Rs 226 on 26 December to Rs 251.25 on 9 January 2007, anticipating strong results.
BASF India posted 24.78% fall in net profit to Rs 8.83 crore for the quarter ended 30 December 2006, compared to Rs 11.74 crore for the quarter ended 31 December 2005. Total income increased to Rs 183.41 crore (Rs 181.59 crore).
BASF manufactures plastics, tanning agents, dyes, leather chemicals and auxiliaries, crop protection products, textile chemicals, dispersions and specialty chemicals. It also markets chemicals and renders technical services to various industries.
BASF is a 52.7% subsidiary of BASF AG, Germany. The performance products business of the company comprises leather and textile chemicals, dispersions and specialty chemicals. The company is the largest supplier of paper chemicals in India.
Investor fury rattles Sintex Ind after Q3 results
Sintex Industries was hammered 6.63% to Rs 212, after a mere 27% rise in net profit for Q3 December 2006.A strong 1.32 lakh shares were traded in the counter on BSE.
From Rs 217.30 on 29 December 2006, the stock rose to Rs 233.10 on 8 January 2007, anticipating robust results. On 9 January 2007, the stock slipped to Rs 227.05 on profit-booking.
Sintex Industries Q3 December 2006 net profit rose 27% at Rs 25.9 crore from Rs 20.3 crore in Q3 December 2005. Net sales increased 35% at Rs 284.6 crore (Rs 210.3 crore).
Sintex Industries, a plastic tanks and textiles manufacturer, had recently chalked out a Rs 410-crore expansion plan to be implemented over four years, starting with the current fiscal. Of this amount, Rs 180 crore will be invested in textiles and Rs 230 crore in the plastics division. The expansion in the textile division is to be funded through borrowings under the Technology Upgradation Fund (TUF) scheme, while the plastic division expansion will be funded through internal accruals.
The textiles division has an annual capacity of 21 million metres. In phase I of the expansion, this will be expanded to 24 million metres and in phase II, it will be further enhanced by 5 million metres to bring the total capacity to 29 million metres by 2008-2009.
Sintex has significant presence in men's shirting globally through joint ventures in Italy and the UK. Its expansion from 21 million metres to 24 million metres is aimed at entering the high-end women's shirting segment.
In the plastics division, the company plans to invest Rs 110 crore towards expanding its pre-fabricated structures capacity and Rs 70 crore towards increasing its electrical accessory manufacturing capacity. The remaining Rs 50 crore will be routine capital expenditure.
In addition to these investments, the company will spend Rs 110 crore to set up plants at Nagpur and Kolkata at an estimated cost of Rs 55 crore each.
The Nagpur facility is expected to be commissioned by November 2006 and the one at Kolkata by September 2007.
Sintex Industries announced in May that it will buy 74% in Zeppelin Mobile System India (ZMSI) for an undisclosed sum. ZMSI is engaged in designing and commissioning shelters of international standards. ZMSI is also engaged in designing and commissioning of sophisticated polyurethane foam-based shelters and structures for the telecom sector, mobile hospitals, refrigerated bodies and other multi-purpose shelters.
Sintex Industries has two divisions -- textiles and plastics. The textile division manufactures poplin, coats, polyester shirtings, sarees, dhoties, corduroy cloth and other fashion fabrics. The company's plastic division leveraged the presence of the largest integrated plastic processing capacities in India and a globally competitive position with its leadership position in water tanks, pre-fabricated structures, interior products and industrial products.
Its plastic products are well known by the Sintex brand. Water storage tanks, loft tanks, industrial containers and material handling containers are some of the products manufactured in this division.
At 14:44 IST the Sensex was down 156 points at 13,409. It was off the lower level, after plunging as many as 189.01 points to a low of 13,377.32 at 13:34 IST.The market-breadth was weak. For 1,553 shares declining on BSE, 1,043 rose. Just 57 shares were unchanged. Losers outpaced gainers by a ratio of 1.48:1.The BSE clocked a turnover of Rs 2770 crore.Wipro had moved into the green. The stock rose 0.7% to Rs 585, off an early low of Rs 566.10. Satyam Computer was down 1% to Rs 463, off its early low of Rs 456.
BASF India sinks on messy results
BASF India plunged 7.26% to Rs 233, after a fall in net profit for Q3 December 2006.A strong 1.54 lakh shares were traded in the counter on BSE. The stock was trading in Rs 248 - Rs 250 price-band, but started declining, as soon as results were announced. The scrip also sunk to a low of Rs 230.25.
The stock witnessed a solid pre-results' rally; from Rs 226 on 26 December to Rs 251.25 on 9 January 2007, anticipating strong results.
BASF India posted 24.78% fall in net profit to Rs 8.83 crore for the quarter ended 30 December 2006, compared to Rs 11.74 crore for the quarter ended 31 December 2005. Total income increased to Rs 183.41 crore (Rs 181.59 crore).
BASF manufactures plastics, tanning agents, dyes, leather chemicals and auxiliaries, crop protection products, textile chemicals, dispersions and specialty chemicals. It also markets chemicals and renders technical services to various industries.
BASF is a 52.7% subsidiary of BASF AG, Germany. The performance products business of the company comprises leather and textile chemicals, dispersions and specialty chemicals. The company is the largest supplier of paper chemicals in India.
Investor fury rattles Sintex Ind after Q3 results
Sintex Industries was hammered 6.63% to Rs 212, after a mere 27% rise in net profit for Q3 December 2006.A strong 1.32 lakh shares were traded in the counter on BSE.
From Rs 217.30 on 29 December 2006, the stock rose to Rs 233.10 on 8 January 2007, anticipating robust results. On 9 January 2007, the stock slipped to Rs 227.05 on profit-booking.
Sintex Industries Q3 December 2006 net profit rose 27% at Rs 25.9 crore from Rs 20.3 crore in Q3 December 2005. Net sales increased 35% at Rs 284.6 crore (Rs 210.3 crore).
Sintex Industries, a plastic tanks and textiles manufacturer, had recently chalked out a Rs 410-crore expansion plan to be implemented over four years, starting with the current fiscal. Of this amount, Rs 180 crore will be invested in textiles and Rs 230 crore in the plastics division. The expansion in the textile division is to be funded through borrowings under the Technology Upgradation Fund (TUF) scheme, while the plastic division expansion will be funded through internal accruals.
The textiles division has an annual capacity of 21 million metres. In phase I of the expansion, this will be expanded to 24 million metres and in phase II, it will be further enhanced by 5 million metres to bring the total capacity to 29 million metres by 2008-2009.
Sintex has significant presence in men's shirting globally through joint ventures in Italy and the UK. Its expansion from 21 million metres to 24 million metres is aimed at entering the high-end women's shirting segment.
In the plastics division, the company plans to invest Rs 110 crore towards expanding its pre-fabricated structures capacity and Rs 70 crore towards increasing its electrical accessory manufacturing capacity. The remaining Rs 50 crore will be routine capital expenditure.
In addition to these investments, the company will spend Rs 110 crore to set up plants at Nagpur and Kolkata at an estimated cost of Rs 55 crore each.
The Nagpur facility is expected to be commissioned by November 2006 and the one at Kolkata by September 2007.
Sintex Industries announced in May that it will buy 74% in Zeppelin Mobile System India (ZMSI) for an undisclosed sum. ZMSI is engaged in designing and commissioning shelters of international standards. ZMSI is also engaged in designing and commissioning of sophisticated polyurethane foam-based shelters and structures for the telecom sector, mobile hospitals, refrigerated bodies and other multi-purpose shelters.
Sintex Industries has two divisions -- textiles and plastics. The textile division manufactures poplin, coats, polyester shirtings, sarees, dhoties, corduroy cloth and other fashion fabrics. The company's plastic division leveraged the presence of the largest integrated plastic processing capacities in India and a globally competitive position with its leadership position in water tanks, pre-fabricated structures, interior products and industrial products.
Its plastic products are well known by the Sintex brand. Water storage tanks, loft tanks, industrial containers and material handling containers are some of the products manufactured in this division.
posted by SY at 3:17 PM
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