Cooling follows as HDFC Bank weakens
The Sensex cooled off from an all-time high in the afternoon. Metal shares remained weak, and cement shares were subdued. HDFC Bank had weakened. Telecom shares also held firm.
At 13:36 IST the Sensex was up 71 points, at 14,475. It had risen from 14,454 of 13:22 IST. Earlier, the Sensex rose as many as 95.45 points, to 14,499.22, at 12:29 IST, a lifetime high for the barometer index.
The market-breadth was strong. For 1,574 shares rising on BSE, 1006 declined. As many as 77 shares were unchanged.The BSE clocked a turnover of Rs 3006 crore.
Shares of private sector banks eased on profit-taking. HDFC Bank lost 1.3% to Rs 1090. ICICI Bank was up 0.2% to Rs 946.25, off the early high of Rs 955. State Bank of India was up 1% to Rs 1194, off an early high of Rs 1205. Last week, the Union Cabinet had cleared a proposal to transfer RBI’s stake in State Bank of India to the Central Government.
Rain Commodities jumps on buying coke assets of Canadian fund
Cement maker Rain Commodities jumped 9.85% to Rs 184.05, after the firm said its US-based subunit will buy the assets of a Canadian income fund.The scrip clocked 1.57 lakh shares on the BSE.The scrip was southbound since mid-January 2007. From Rs 204.90 in 16 January 2007, it slipped to Rs 167.55 by 2 February 2007. Earlier, the stock rose from Rs 170.20 on 29 December 2006, to Rs 204.90 by 16 January 2007.
Rain Commodities said its US subsidiary will buy the assets of Canada’s Great Lakes Carbon Income Fund for Canadian $437 million, giving the cement maker an indirect control over GLC Carbon USA. Rain would acquire the fund’s wholly-owned Canadian subsidiary, Carbon Canada, which has a 73.56% stake in GLC Carbon USA. Rain already owns 20.23% in GLC Carbon. GLC Carbon USA is the world's largest producer of anode and industrial grade calcined petroleum coke.
Recently, the shareholders of Rain Commodities approved a proposal to increase the limit of investment in the share capital of the company by FIIs to 49%, from the previous 24%.
Rain Commodities had, in November 2006, allotted 68 lakh equity warrants convertible into an equal number of equity shares to Focus India Brands at Rs 200 per warrant, on a preferential basis.
In November 2006, the shareholders of Rain Commodities approved raising an additional Rs 340 crore from institutions, which the company would use for retiring high-cost debt and for other corporate purposes. The company is looking to almost double the capacity of its wholly-owned subsidiary, Rain Industries, from the current 1.5 million tonnes.
Rain Industries, the subsidiary, operates two cement units in Andhra Pradesh, one at Ramapuram in Nalgonda district and the other at Boincheruvupalli in Kurnool district.
Rain Commodities had in March acquired 100% stake in Rain Commodities, US (RCUSA), a company incorporated under the laws of Delaware, US. Its main business is strategic investment in other companies, especially in the cement industry.
RCUSA has now become a wholly-owned subsidiary of the company. It will operate for calcining metallic and/or non-metallic substances, including petroleum coke and needle coke..
RCUSA also acquired AIP/GLC Holdings LLC (AIP/GLC) from American Industrial Partners Capital Fund II for approximately Canadian $ 123.2 million. As a result of the transaction, RCUSA owns approximately 20.22% of the outstanding equity of GLC Carbon USA.
Rain Commodities is a leading producer of cement in the south, which it markets under the brand name, Priya Cement.
Shringar Cinemas springs as Aurangabad multiplex goes tax free
Shringar Cinemas spurted 10% to Rs 73.45, after receiving exemption from paying entertainment tax for its FAME Multiplex, at Aurangabad.The exemption will be availed by the multiplex from 6 February 2007.Under the entertainment tax exemption policy, the multiplex will enjoy 100% exemption for the first three years, and 75% exemption of the prescribed rate for the subsequent two.
Shringar Cinemas informed that the entertainment tax paid by the FAME Multiplex between 1 December 2006 and 1 February 2007, was Rs 14.34 lakh.
The counter clocked 2.34 lakh shares on BSE, with pending buy orders of 69,861 shares on BSE.The stock saw sustained pre and post-results rally. From Rs 48.25 on 20 December 2006, it surged to Rs 66.80 by 2 February 2007. The company was recently in the news following reports of Anil Ambani buying stake in the company. However, the negotiations have slowed down due to a difference on the price offered. This caused the stock to hog the limelight in the past couple of months.
Shringar Cinemas posted a net profit of Rs 3.64 crore in the December 2006 quarter, compared to a net loss of Rs 1.99 crore in the December 2005 quarter. Total revenue rose 101.3% to Rs 15.42 crore (Rs 7.66 crore).
Shringar Cinemas is a distributor and exhibitor of films. The company owns a chain of multiplexes under the FAME brand. It owns 36 operational screens.
Recently, Shringar's Fame Multiplex at Pimpri, Pune, was exempted from paying entertainment tax. This multiplex will enjoy 100% exemption for the first three years, and 75% for the subsequent two.
In early-December 2006, Shringar commenced operations at FAME, Aurangabad, with three screens and an aggregate of 1,043 seats.
Strong going for Indiabulls Financial on restructuring masterplan
Indiabulls Financial Services surged 5.82% to Rs 444.50, after it said it will demerge its stock-broking arm, Indiabulls Securities.
The board of directors considered the proposal for the demerger of Indiabulls Securities and plans to list the demerged entity, Indiabulls Financial. The company expects that the restructuring initiatives will unlock significant value, as also streamline operations and the ownership structure.
Additionally, it has also proposed the amalgamation of the entire business and undertaking of Indiabulls Credit Services with the company. The board also considered the proposal for acquisition of equity shares of Indiabulls Housing Finance (IHFL) held by certain minority investors. The board also delegated authority to negotiate and finalise the terms and conditions on which Indiabulls Financial Services shall acquire the equity shares of IHFL.
As part of the restructuring, Indiabulls Financial Services will also merge Indiabulls Credit Services with itself, and buy Farallon Capital's 33% stake in Indiabulls Housing Finance. Indiabulls Financial Services currently owns 53% in Indiabulls Credit Services, and the rest is held by Farallon Capital and Lakshmi Mittal. The US-based hedge fund and steel tycoon Laxmi Mittal will be offered shares in Indiabulls Financial Services after a swap ratio is fixed.
Following this exercise, Mittal's stake in Indiabulls Financial Services, which is currently at about 2%, is likely to increase to about 8%. Reports say that the company is buying Farallon Capital's stake in Indiabulls Housing Finance at 20% premium to the original purchase price (Rs 112 per share).
Post the latest recast, Indiabulls Financial Services will become a pure financial services firm, sans the broking business allowing it to enter into the banking sector. The Reserve Bank of India (RBI) does not allow a company with a stock-brokerage to double up as a bank.
As many as 25.89 lakh shares changed hands in the counter on BSE.
The stock witnessed a solid surge before and after declaring its December 2006 quarter results. From Rs 264.30 on 10 January, it surged to Rs 420.05 by 2 February 2007, on strong buying. It may be recalled that the stock had witnessed a sharp fall on 2 January 2007, when trading for the scrip began post the demerger of its real estate arm into Indiabulls Real Estate (IREL), a separate company. From Rs 659.65 on 29 December 2006, the stock tumbled to Rs 305.25 on 2 January 2007. It had drifted to a low of Rs 264.30 by 10 January 2007.
Indiabulls Financial Services’ consolidated net profit for the quarter ended 31 December 2006, grew 55.9% to Rs 117.6 crore compared with Rs 71.6 crore in the corresponding period last fiscal. Total consolidated revenues rose 103.5% in the same quarter to Rs 334.53 crore from Rs 164.37 crore a year ago.
For April-December 2006, the consolidated profit-after-tax soared by 63.9% to Rs 283.47 crore against Rs 172.98 crore in the year ago period. On total revenues, the company witnessed nearly 98% growth at Rs 825.62 crore versus Rs 417.67 crore recorded in 2005.
Following the demerger of the real estate arm, Indiabulls Financial Services (IFSL) has two key businesses – brokerage and consumer finance.
Indiabulls Financial Services, recently, allotted about 1.1 crore equity shares to promoters upon conversion of warrants with a total value of Rs 81.18 crore. The shares were allotted at Rs 82 each. Consequent to the above allotment, the paid-up equity share capital of the company increased from Rs 33.73 crore to Rs 35.93 crore.
Shares of Indiabulls Real Estate (IREL) are expected to be listed on the bourses this month. A share of IREL was allotted for every share held in Indiabulls Financial Services.
At 13:36 IST the Sensex was up 71 points, at 14,475. It had risen from 14,454 of 13:22 IST. Earlier, the Sensex rose as many as 95.45 points, to 14,499.22, at 12:29 IST, a lifetime high for the barometer index.
The market-breadth was strong. For 1,574 shares rising on BSE, 1006 declined. As many as 77 shares were unchanged.The BSE clocked a turnover of Rs 3006 crore.
Shares of private sector banks eased on profit-taking. HDFC Bank lost 1.3% to Rs 1090. ICICI Bank was up 0.2% to Rs 946.25, off the early high of Rs 955. State Bank of India was up 1% to Rs 1194, off an early high of Rs 1205. Last week, the Union Cabinet had cleared a proposal to transfer RBI’s stake in State Bank of India to the Central Government.
Rain Commodities jumps on buying coke assets of Canadian fund
Cement maker Rain Commodities jumped 9.85% to Rs 184.05, after the firm said its US-based subunit will buy the assets of a Canadian income fund.The scrip clocked 1.57 lakh shares on the BSE.The scrip was southbound since mid-January 2007. From Rs 204.90 in 16 January 2007, it slipped to Rs 167.55 by 2 February 2007. Earlier, the stock rose from Rs 170.20 on 29 December 2006, to Rs 204.90 by 16 January 2007.
Rain Commodities said its US subsidiary will buy the assets of Canada’s Great Lakes Carbon Income Fund for Canadian $437 million, giving the cement maker an indirect control over GLC Carbon USA. Rain would acquire the fund’s wholly-owned Canadian subsidiary, Carbon Canada, which has a 73.56% stake in GLC Carbon USA. Rain already owns 20.23% in GLC Carbon. GLC Carbon USA is the world's largest producer of anode and industrial grade calcined petroleum coke.
Recently, the shareholders of Rain Commodities approved a proposal to increase the limit of investment in the share capital of the company by FIIs to 49%, from the previous 24%.
Rain Commodities had, in November 2006, allotted 68 lakh equity warrants convertible into an equal number of equity shares to Focus India Brands at Rs 200 per warrant, on a preferential basis.
In November 2006, the shareholders of Rain Commodities approved raising an additional Rs 340 crore from institutions, which the company would use for retiring high-cost debt and for other corporate purposes. The company is looking to almost double the capacity of its wholly-owned subsidiary, Rain Industries, from the current 1.5 million tonnes.
Rain Industries, the subsidiary, operates two cement units in Andhra Pradesh, one at Ramapuram in Nalgonda district and the other at Boincheruvupalli in Kurnool district.
Rain Commodities had in March acquired 100% stake in Rain Commodities, US (RCUSA), a company incorporated under the laws of Delaware, US. Its main business is strategic investment in other companies, especially in the cement industry.
RCUSA has now become a wholly-owned subsidiary of the company. It will operate for calcining metallic and/or non-metallic substances, including petroleum coke and needle coke..
RCUSA also acquired AIP/GLC Holdings LLC (AIP/GLC) from American Industrial Partners Capital Fund II for approximately Canadian $ 123.2 million. As a result of the transaction, RCUSA owns approximately 20.22% of the outstanding equity of GLC Carbon USA.
Rain Commodities is a leading producer of cement in the south, which it markets under the brand name, Priya Cement.
Shringar Cinemas springs as Aurangabad multiplex goes tax free
Shringar Cinemas spurted 10% to Rs 73.45, after receiving exemption from paying entertainment tax for its FAME Multiplex, at Aurangabad.The exemption will be availed by the multiplex from 6 February 2007.Under the entertainment tax exemption policy, the multiplex will enjoy 100% exemption for the first three years, and 75% exemption of the prescribed rate for the subsequent two.
Shringar Cinemas informed that the entertainment tax paid by the FAME Multiplex between 1 December 2006 and 1 February 2007, was Rs 14.34 lakh.
The counter clocked 2.34 lakh shares on BSE, with pending buy orders of 69,861 shares on BSE.The stock saw sustained pre and post-results rally. From Rs 48.25 on 20 December 2006, it surged to Rs 66.80 by 2 February 2007. The company was recently in the news following reports of Anil Ambani buying stake in the company. However, the negotiations have slowed down due to a difference on the price offered. This caused the stock to hog the limelight in the past couple of months.
Shringar Cinemas posted a net profit of Rs 3.64 crore in the December 2006 quarter, compared to a net loss of Rs 1.99 crore in the December 2005 quarter. Total revenue rose 101.3% to Rs 15.42 crore (Rs 7.66 crore).
Shringar Cinemas is a distributor and exhibitor of films. The company owns a chain of multiplexes under the FAME brand. It owns 36 operational screens.
Recently, Shringar's Fame Multiplex at Pimpri, Pune, was exempted from paying entertainment tax. This multiplex will enjoy 100% exemption for the first three years, and 75% for the subsequent two.
In early-December 2006, Shringar commenced operations at FAME, Aurangabad, with three screens and an aggregate of 1,043 seats.
Strong going for Indiabulls Financial on restructuring masterplan
Indiabulls Financial Services surged 5.82% to Rs 444.50, after it said it will demerge its stock-broking arm, Indiabulls Securities.
The board of directors considered the proposal for the demerger of Indiabulls Securities and plans to list the demerged entity, Indiabulls Financial. The company expects that the restructuring initiatives will unlock significant value, as also streamline operations and the ownership structure.
Additionally, it has also proposed the amalgamation of the entire business and undertaking of Indiabulls Credit Services with the company. The board also considered the proposal for acquisition of equity shares of Indiabulls Housing Finance (IHFL) held by certain minority investors. The board also delegated authority to negotiate and finalise the terms and conditions on which Indiabulls Financial Services shall acquire the equity shares of IHFL.
As part of the restructuring, Indiabulls Financial Services will also merge Indiabulls Credit Services with itself, and buy Farallon Capital's 33% stake in Indiabulls Housing Finance. Indiabulls Financial Services currently owns 53% in Indiabulls Credit Services, and the rest is held by Farallon Capital and Lakshmi Mittal. The US-based hedge fund and steel tycoon Laxmi Mittal will be offered shares in Indiabulls Financial Services after a swap ratio is fixed.
Following this exercise, Mittal's stake in Indiabulls Financial Services, which is currently at about 2%, is likely to increase to about 8%. Reports say that the company is buying Farallon Capital's stake in Indiabulls Housing Finance at 20% premium to the original purchase price (Rs 112 per share).
Post the latest recast, Indiabulls Financial Services will become a pure financial services firm, sans the broking business allowing it to enter into the banking sector. The Reserve Bank of India (RBI) does not allow a company with a stock-brokerage to double up as a bank.
As many as 25.89 lakh shares changed hands in the counter on BSE.
The stock witnessed a solid surge before and after declaring its December 2006 quarter results. From Rs 264.30 on 10 January, it surged to Rs 420.05 by 2 February 2007, on strong buying. It may be recalled that the stock had witnessed a sharp fall on 2 January 2007, when trading for the scrip began post the demerger of its real estate arm into Indiabulls Real Estate (IREL), a separate company. From Rs 659.65 on 29 December 2006, the stock tumbled to Rs 305.25 on 2 January 2007. It had drifted to a low of Rs 264.30 by 10 January 2007.
Indiabulls Financial Services’ consolidated net profit for the quarter ended 31 December 2006, grew 55.9% to Rs 117.6 crore compared with Rs 71.6 crore in the corresponding period last fiscal. Total consolidated revenues rose 103.5% in the same quarter to Rs 334.53 crore from Rs 164.37 crore a year ago.
For April-December 2006, the consolidated profit-after-tax soared by 63.9% to Rs 283.47 crore against Rs 172.98 crore in the year ago period. On total revenues, the company witnessed nearly 98% growth at Rs 825.62 crore versus Rs 417.67 crore recorded in 2005.
Following the demerger of the real estate arm, Indiabulls Financial Services (IFSL) has two key businesses – brokerage and consumer finance.
Indiabulls Financial Services, recently, allotted about 1.1 crore equity shares to promoters upon conversion of warrants with a total value of Rs 81.18 crore. The shares were allotted at Rs 82 each. Consequent to the above allotment, the paid-up equity share capital of the company increased from Rs 33.73 crore to Rs 35.93 crore.
Shares of Indiabulls Real Estate (IREL) are expected to be listed on the bourses this month. A share of IREL was allotted for every share held in Indiabulls Financial Services.
posted by SY at 2:24 PM
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