Feeble market-breadth
As the market tanked, the market-breadth which indicates the overall health of the market, was not looking good either, as a whole host of stocks under the small-cap and mid-cap space were gripped under selling pressure. The market-breadth was quite weak. There were close to 9 losers for every single gainer on BSE. For 2,252 shares declining on BSE, only 324 rose. Just 15 shares were unchanged.
Meanwhile the Sensex has turned volatile, swinging sharply either ways. It has regained 14,300 mark to 14,301.31, still down a sharp 237.55 points by 13:21 IST. The Sensex recovered some lost ground after plunging to a low of 14,182.34 on value-buying.
The BSE Sensex began on a highly bearish note, as selling pressure spilled over into this week. The horror show started on Friday, when the benchmark Sensex tumbled close to 113 points, as a lot of stop losses were triggered due to highly leveraged positions in the derivatives market. Its high for the day is 14,529.28.
The BSE clocked a turnover of Rs 2256 crore.Among the Sensex pack, 28 declined while only 2 of them managed to survive the bloodbath.
Gail India bucks weak market
Gail India rose 0.87% to Rs 294.10 in an overall weak market, after announcing a joint venture for petrochemicals.As many as 1.01 lakh shares were traded on the BSE.
The scrip has been northbound since mid-December 2006. From a low of Rs 245.15 on 13 December 2006, it surged to Rs 292.45 by 9 February 2007. Earlier, the scrip had dropped from Rs 268.60 on 6 December 2006 to Rs 245.15 by 13 December 2006.
At the current market price of Rs 294.10, Gail India trades at 9.33 times its Q3 December 2006 annualized EPS of Rs 31.50.
Gail India announced that it had formed a joint venture, Brahmaputra Cracker and Polymer, on 8 January 2007. The company will hold 70% equity, and Numaligarh Refinery, Oil India and Government of Assam will hold 10% equity each.
Recently, Gail announced that it will defend itself against a move made by Reliance Industries and British Gas, joint venture partners in the Panna-Mukta and Tapti oil and gas fields, to take Gail India to an international arbitration panel over gas pricing issues. Gail India is the government-nominated marketer of gas from these fields. The settlement claim against Gail aggregates $ 150 million.
As per recent reports, Gail India is likely to implement city gas distribution projects in Libya and Yemen. The company could get the projects as part of the recent talks between India and the two countries, a petroleum ministry statement said. During the recent visit to Libya and Yemen, Petroleum Minister Murli Deora pushed for implementation of city gas distribution projects in the two countries similar to Gail's successful ventures in Delhi and Mumbai. Libya is likely to send a team to study city-gas projects in India. Deora, during his meeting with Shukri Ghanem, Chairman, National Oil Corporation of Libya, suggested that ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation, could participate in discovered fields in Libya in partnership with Libyan companies. A similar model was also suggested for the Oil India-Indian Oil consortium.
The Singapore-based Gail Global is all set to become Gail India’s overseas investment arm, similar to ONGC Videsh. While Gail is considering routing all its foreign investments through the Singapore-based wholly-owned subsidiary, there is also a possibility that all existing overseas assets could be transferred to Gail Global.
Gail has significant assets overseas. It has equity stakes in three gas retailing companies in Egypt. In Myanmar, it holds 10% stake in both A1 and A3 exploration and production (E&P) blocks. The company has an equity stake in China Gas and is a partner in an E&P block in Oman.
Gail Global, set up in September 2004, has not been on the forefront like ONGC's foreign arm, ONGC Videsh. The basic purpose of its creation was to save taxes. The new management is determined to transform it into a separate profit center.
In January 2007, State-owned gas utility GAIL & ONGC began work on the draft of a memorandum of understanding for a joint venture, which will lay pipeline networks for gas from the latter's fields in the Krishna-Godavari and Mahanadi basins, off the Andhra and Orissa coasts respectively. ONGC and GAIL, as the reports add, have agreed on a 50:50 joint venture to execute these projects.
The memorandum of understanding (MoU) will be formalised shortly after being vetted by the board of both companies. The MoU envisages an investment of Rs 3,000 crore through a special purpose vehicle (SPV) for laying the pipeline from Kakinada, Andhra Pradesh, to Haldia in West Bengal.
GAIL had initially sought exclusive marketing rights for fields held by ONFC before the government began auctioning acreages. The tie-up is in line with the emerging trend, where entities, which have gas, are joining forces with firms having marketing network, or expertise.
GAIL India registered 3% growth in Q3 December 2006 net profit, to Rs 665.46 crore, compared to Rs 643.15 crore in Q3 December 2005. The net turnover during the same period under consideration rose 15%, to Rs 5106.22 crore from Rs 4445.50 crore.
The LPG subsidy during the quarter increased by over 53%, to Rs 315 crore compared with Rs 206 crore in the corresponding previous quarter.
Gail India is India’s largest natural gas transmission company. It operates seven plants to process natural gas into LPG, apart from its presence in petrochemicals, oil and gas exploration.
Sumeet Ind withstands market odds
Sumeet Industries surged 4.86% to Rs 25.90 in an overall weak market on announcing its expansion plans.By 13:22 IST the investor purchased 4.10 lakh shares of Sumeet Industries on the BSE.The scrip has shown strong bullish growth since early-December 2006. The scrip climbed 409.27% to Rs 24.70 by 9 February 2007, from Rs 4.85 on 1 December 2006.
At the current market price of Rs 25.90, Sumeet Industries trades at 5.96 times its Q3 December 2006 annualized EPS of Rs 4.34.
The board of Sumeet Industries will meet on 19 February 2007 to consider the expansion plans of its polyester POY spinning capacity from the existing 12,000 tonnes per annum to 56,000 tonnes per annum by setting up 10 more lines of polyester POY spinning plant, with an annual installed capacity of 44,000 tonnes. Further, the company also plans to install a continuous poly-condensation plant (C P plant) with a capacity of 56,000 tonnes per annum.
The total cost of the project stands at Rs 90 crore. The funds will be raised through 55% equity, 10% from internal accruals and 25% as term loans.
The projected sales and profit at the end of the third year after the above stated plans are Rs 390.08 crore and 41.15 crore, respectively.
In January 2007, the board approved a proposal for buying 200 acres of land near Kandla Port, Gujarat. This plot is adjacent to an expanse of 55 acres already owned by Sumeet Industries. The company has decided to tie-up with Vishvas Infrastructure for the industrial park.
Further, Sumeet Industries decided to enter into the infrastructure and real estate businesses. The board also approved the sale, purchase and manufacturing of menthol-related products.
Sumeet Industries has planned to close its only subsidiary at Nepal due to high political and labour disturbances. In this connection, the company sold off its plant and machinery during the year, and the winding up process is in progress. It will be completed in the current financial year.
Sumeet Industries is into textiles and its products include polypropylene filament yarn, and grey cloth. Its plant at Surat, in Gujarat, has an installed capacity of 2,000 tpa of polypropylene multi-filament yarn in technical collaboration with Neumunstersche Maschinen Und Anlagenbau (Neumag), Germany.
Sumeet Industries posted a net profit growth of 1.70% to Rs 0.60 crore (Rs 0.59 crore) in Q3 December 2006. Net sales for the quarter rose 42.1% to Rs 27.55 crore (Rs 19.39 crore).
Orders fail to stem the rot for Sunil Hitech Engineers
Sunil Hitech Engineers declined 6% to Rs 89.70, even as it bagged new orders to the tune of Rs 62.88 crore.As many as 37,808 shares changed hands in the counter on BSE. The Sensex was down 302 points, at 14,236.
The stock has been southward bound in the last one month. From Rs 112.50 on 10 January 2007, it declined 20.2% to the current Rs 89.70. The stock is now below its IPO price of Rs 100. The company had come out with an IPO about a year back, in Jan-February 2006.
Sunil Hitech Engineers has bagged numerous projects amounting to Rs 62.88 crore, the execution period for which is about two years. Two of the projects include structural steel works for RINL Visakapatnam worth Rs 25.32 crore, by which the company has forayed into infrastructure development for steel plants.
One of the projects is worth Rs 11.95 crore from Bhel for erection work of a boiler.
Sunil Hitech Engineers said its current order-book is a robust Rs 512.53 crore. This is nearly four times its FY 2006 (year ended 31 March 2006) sales of Rs 132.74 crore.
Sunil Hitech specializes in fabrication, erection, testing & commissioning of thermal power plants, both in the private as well as the public sectors. Its clients include heavyweights like Bharat Heavy Electricals (Bhel), Maharashtra State Power Generation Company, Rajasthan Viduyt Utpadan Nigam, National Thermal Power Corporation, Reliance Energy, Jindal Steel & Power, Madhya Pradesh State Electricity Board, Chattisgarh State Electricity Board and more.
Sunil Hitech Engineers reported 18% growth in net profit in the December 2006 quarter to Rs 1.64 crore (Rs 1.39 crore). Net sales for the quarter declined 1.1% to Rs 35.85 crore (Rs 36.26 crore).
Meanwhile the Sensex has turned volatile, swinging sharply either ways. It has regained 14,300 mark to 14,301.31, still down a sharp 237.55 points by 13:21 IST. The Sensex recovered some lost ground after plunging to a low of 14,182.34 on value-buying.
The BSE Sensex began on a highly bearish note, as selling pressure spilled over into this week. The horror show started on Friday, when the benchmark Sensex tumbled close to 113 points, as a lot of stop losses were triggered due to highly leveraged positions in the derivatives market. Its high for the day is 14,529.28.
The BSE clocked a turnover of Rs 2256 crore.Among the Sensex pack, 28 declined while only 2 of them managed to survive the bloodbath.
Gail India bucks weak market
Gail India rose 0.87% to Rs 294.10 in an overall weak market, after announcing a joint venture for petrochemicals.As many as 1.01 lakh shares were traded on the BSE.
The scrip has been northbound since mid-December 2006. From a low of Rs 245.15 on 13 December 2006, it surged to Rs 292.45 by 9 February 2007. Earlier, the scrip had dropped from Rs 268.60 on 6 December 2006 to Rs 245.15 by 13 December 2006.
At the current market price of Rs 294.10, Gail India trades at 9.33 times its Q3 December 2006 annualized EPS of Rs 31.50.
Gail India announced that it had formed a joint venture, Brahmaputra Cracker and Polymer, on 8 January 2007. The company will hold 70% equity, and Numaligarh Refinery, Oil India and Government of Assam will hold 10% equity each.
Recently, Gail announced that it will defend itself against a move made by Reliance Industries and British Gas, joint venture partners in the Panna-Mukta and Tapti oil and gas fields, to take Gail India to an international arbitration panel over gas pricing issues. Gail India is the government-nominated marketer of gas from these fields. The settlement claim against Gail aggregates $ 150 million.
As per recent reports, Gail India is likely to implement city gas distribution projects in Libya and Yemen. The company could get the projects as part of the recent talks between India and the two countries, a petroleum ministry statement said. During the recent visit to Libya and Yemen, Petroleum Minister Murli Deora pushed for implementation of city gas distribution projects in the two countries similar to Gail's successful ventures in Delhi and Mumbai. Libya is likely to send a team to study city-gas projects in India. Deora, during his meeting with Shukri Ghanem, Chairman, National Oil Corporation of Libya, suggested that ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation, could participate in discovered fields in Libya in partnership with Libyan companies. A similar model was also suggested for the Oil India-Indian Oil consortium.
The Singapore-based Gail Global is all set to become Gail India’s overseas investment arm, similar to ONGC Videsh. While Gail is considering routing all its foreign investments through the Singapore-based wholly-owned subsidiary, there is also a possibility that all existing overseas assets could be transferred to Gail Global.
Gail has significant assets overseas. It has equity stakes in three gas retailing companies in Egypt. In Myanmar, it holds 10% stake in both A1 and A3 exploration and production (E&P) blocks. The company has an equity stake in China Gas and is a partner in an E&P block in Oman.
Gail Global, set up in September 2004, has not been on the forefront like ONGC's foreign arm, ONGC Videsh. The basic purpose of its creation was to save taxes. The new management is determined to transform it into a separate profit center.
In January 2007, State-owned gas utility GAIL & ONGC began work on the draft of a memorandum of understanding for a joint venture, which will lay pipeline networks for gas from the latter's fields in the Krishna-Godavari and Mahanadi basins, off the Andhra and Orissa coasts respectively. ONGC and GAIL, as the reports add, have agreed on a 50:50 joint venture to execute these projects.
The memorandum of understanding (MoU) will be formalised shortly after being vetted by the board of both companies. The MoU envisages an investment of Rs 3,000 crore through a special purpose vehicle (SPV) for laying the pipeline from Kakinada, Andhra Pradesh, to Haldia in West Bengal.
GAIL had initially sought exclusive marketing rights for fields held by ONFC before the government began auctioning acreages. The tie-up is in line with the emerging trend, where entities, which have gas, are joining forces with firms having marketing network, or expertise.
GAIL India registered 3% growth in Q3 December 2006 net profit, to Rs 665.46 crore, compared to Rs 643.15 crore in Q3 December 2005. The net turnover during the same period under consideration rose 15%, to Rs 5106.22 crore from Rs 4445.50 crore.
The LPG subsidy during the quarter increased by over 53%, to Rs 315 crore compared with Rs 206 crore in the corresponding previous quarter.
Gail India is India’s largest natural gas transmission company. It operates seven plants to process natural gas into LPG, apart from its presence in petrochemicals, oil and gas exploration.
Sumeet Ind withstands market odds
Sumeet Industries surged 4.86% to Rs 25.90 in an overall weak market on announcing its expansion plans.By 13:22 IST the investor purchased 4.10 lakh shares of Sumeet Industries on the BSE.The scrip has shown strong bullish growth since early-December 2006. The scrip climbed 409.27% to Rs 24.70 by 9 February 2007, from Rs 4.85 on 1 December 2006.
At the current market price of Rs 25.90, Sumeet Industries trades at 5.96 times its Q3 December 2006 annualized EPS of Rs 4.34.
The board of Sumeet Industries will meet on 19 February 2007 to consider the expansion plans of its polyester POY spinning capacity from the existing 12,000 tonnes per annum to 56,000 tonnes per annum by setting up 10 more lines of polyester POY spinning plant, with an annual installed capacity of 44,000 tonnes. Further, the company also plans to install a continuous poly-condensation plant (C P plant) with a capacity of 56,000 tonnes per annum.
The total cost of the project stands at Rs 90 crore. The funds will be raised through 55% equity, 10% from internal accruals and 25% as term loans.
The projected sales and profit at the end of the third year after the above stated plans are Rs 390.08 crore and 41.15 crore, respectively.
In January 2007, the board approved a proposal for buying 200 acres of land near Kandla Port, Gujarat. This plot is adjacent to an expanse of 55 acres already owned by Sumeet Industries. The company has decided to tie-up with Vishvas Infrastructure for the industrial park.
Further, Sumeet Industries decided to enter into the infrastructure and real estate businesses. The board also approved the sale, purchase and manufacturing of menthol-related products.
Sumeet Industries has planned to close its only subsidiary at Nepal due to high political and labour disturbances. In this connection, the company sold off its plant and machinery during the year, and the winding up process is in progress. It will be completed in the current financial year.
Sumeet Industries is into textiles and its products include polypropylene filament yarn, and grey cloth. Its plant at Surat, in Gujarat, has an installed capacity of 2,000 tpa of polypropylene multi-filament yarn in technical collaboration with Neumunstersche Maschinen Und Anlagenbau (Neumag), Germany.
Sumeet Industries posted a net profit growth of 1.70% to Rs 0.60 crore (Rs 0.59 crore) in Q3 December 2006. Net sales for the quarter rose 42.1% to Rs 27.55 crore (Rs 19.39 crore).
Orders fail to stem the rot for Sunil Hitech Engineers
Sunil Hitech Engineers declined 6% to Rs 89.70, even as it bagged new orders to the tune of Rs 62.88 crore.As many as 37,808 shares changed hands in the counter on BSE. The Sensex was down 302 points, at 14,236.
The stock has been southward bound in the last one month. From Rs 112.50 on 10 January 2007, it declined 20.2% to the current Rs 89.70. The stock is now below its IPO price of Rs 100. The company had come out with an IPO about a year back, in Jan-February 2006.
Sunil Hitech Engineers has bagged numerous projects amounting to Rs 62.88 crore, the execution period for which is about two years. Two of the projects include structural steel works for RINL Visakapatnam worth Rs 25.32 crore, by which the company has forayed into infrastructure development for steel plants.
One of the projects is worth Rs 11.95 crore from Bhel for erection work of a boiler.
Sunil Hitech Engineers said its current order-book is a robust Rs 512.53 crore. This is nearly four times its FY 2006 (year ended 31 March 2006) sales of Rs 132.74 crore.
Sunil Hitech specializes in fabrication, erection, testing & commissioning of thermal power plants, both in the private as well as the public sectors. Its clients include heavyweights like Bharat Heavy Electricals (Bhel), Maharashtra State Power Generation Company, Rajasthan Viduyt Utpadan Nigam, National Thermal Power Corporation, Reliance Energy, Jindal Steel & Power, Madhya Pradesh State Electricity Board, Chattisgarh State Electricity Board and more.
Sunil Hitech Engineers reported 18% growth in net profit in the December 2006 quarter to Rs 1.64 crore (Rs 1.39 crore). Net sales for the quarter declined 1.1% to Rs 35.85 crore (Rs 36.26 crore).
posted by SY at 2:28 PM
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