Flip-flop continues; Sensex in green again
The BSE Sensex has turned extremely volatile, swinging sharply either ways. After striking an all-time high on the back of a firm opening, the Sensex had slipped into the red partly tracking weak Asian markets, and partly on profit-taking after a solid surge of late. It recovered from the lower level, as buying resumed to crawl back into positive, but was not able to sustain it and slipped sharply to a low of 14,523.16. From here, it again bounced back sharply due to bottom-fishing.
At 13:36 IST the BSE Sensex was down 41.53 points, at 14,601.60. In early trade, the Sensex struck a new all-time high of 14,697.69, surpassing its earlier all-time high of 14,663.26 attained only on Wednesday (7 February 2007).
The market-breadth turned sharply negative after being positive in the opening session, as heavy selling emerged for small-cap and mid-cap stocks. There were close to two losers for every gainer on the BSE. For 1,691 shares declining on BSE, 897 advanced. Just 66 shares were unchanged.The BSE clocked a turnover of Rs 2922 crore.
Growth forecasts spur Sasken Communication
Sasken Communication Technologies surged 1.89% to Rs 559, after the company declared that it expects the net profit to rise 50-60% in 2007-08 from cost-cutting.As many as 89,892 shares were traded on the BSE.The scrip has dropped from a high of Rs 615.40 on 9 January, to Rs 548.65 by 7 February 2007. Earlier, the scrip had surged from Rs 485.20 on 20 December to Rs 615.40 by 9 January 2007.
At the current market price of Rs 559, Sasken Communication Technologies trades 47.61 times its Q3 December 2006 annualized EPS of Rs 11.74.
Sasken Communication Technologies announced that the company expects its net profit to rise 50-60% in 2007-08 from reduction in costs. Operating profit margins will improve 2%, to 24% of revenue. The communication services firm expected a loss of about $5 - 6 million in 2006/07, amd hopes to break-even the next year.
In January 2007, Sasken Communication Technologies’ board, at a meeting held on 24 January 2007, announced a joint venture with Tata AutoComp Systems to form TACO Sasken Automotive Electronics.
The newly formed JV will design, develop and market automotive electronics products for the global market, addressing both OEMs and aftermarket. The JV will focus on automotive electronics in the areas of telematics, infotainment and occupant convenience.
Sasken is a communication software company with considerable presence in the broadband and wireless software space. Its core expertise lies in developing embedded communication software for companies across the communication value chain - network equipment manufacturers, semiconductor vendors and mobile terminal vendors.
Sasken Communication posted a net profit of Rs 8.28 crore in Q3 December 2006 compared with a net loss of Rs 1.99 crore in Q3 December 2005. Net sales rose 35.9% to Rs 88.97 crore from Rs 65.45 crore.
Punjab Tractors upbeat as queue grows longer for Actis' stake
Punjab Tractors is on a roll following reports of a growing number of companies vying for private equity firm Actis’ 29% stake in the tractor maker.The stock was up nearly 9%, to Rs 335.90. As many as 3.04 lakh shares changed hands in the counter on BSE.
A newspaper report said Escorts was interested in buying a stake in Punjab Tractors (PTL). PTL's stock spurted 8.7% to Rs 308.20 on Wednesday (7 February) to Rs 308.20, boosted by reports that Mahindra & Mahindra (M&M) had already put in a non-binding bid for Punjab Tractors.
Earlier, the stock had spurted 12.5% to Rs 279.15 on 5 February 2007. It had firmed up to Rs 283.50 the next day (6 February 2007) boosted by a report that said Tatas too were considering to buy the private equity firm's holding in the north-India based tractor unit. However, one newspaper had also quoted a Tata Motors' official as saying, 'There is no such proposal before the board, and we cannot comment on reports that are speculative.'
Reports about Actis looking to exit PTL have also been doing the rounds for a while now. Other firms, which are also said to be interested in acquiring stake in Punjab Tractors, include Sonalika group’s International Tractors and TAFE.
In 2003, Actis paid $60 million for the 29% stake in Punjab Tractors during a divestment programme. The Burman family and Actis, who jointly hold around 43% stake, successfully ousted PTL CEO Yash Mahajan from the company acting in concert. Mahajan had a frosty relationship with Actis. Both of them were also successful in having Burman nominee, PD Narang, appointed as chairman. The Burman family has about 14% stake in Punjab Tractors.
PTL, which has a dominant presence in north India, also holds 14% stake in commercial vehicles maker, Swaraj Mazda. Earlier this year, the tractor company had appointed consulting firm, Accenture, to review the firm's strategy and organisational structure.
PTL’s net profit (adjusted for extra-ordinary items) declined 0.5% in the December 2006 quarter to Rs 20.70 crore. Net sales during the same period rose 2.3% to Rs 263.40 crore over the year ago period.
Punjab Tractors also holds a 14% stake in commercial vehicles maker Swaraj Mazda.
At 13:36 IST the BSE Sensex was down 41.53 points, at 14,601.60. In early trade, the Sensex struck a new all-time high of 14,697.69, surpassing its earlier all-time high of 14,663.26 attained only on Wednesday (7 February 2007).
The market-breadth turned sharply negative after being positive in the opening session, as heavy selling emerged for small-cap and mid-cap stocks. There were close to two losers for every gainer on the BSE. For 1,691 shares declining on BSE, 897 advanced. Just 66 shares were unchanged.The BSE clocked a turnover of Rs 2922 crore.
Growth forecasts spur Sasken Communication
Sasken Communication Technologies surged 1.89% to Rs 559, after the company declared that it expects the net profit to rise 50-60% in 2007-08 from cost-cutting.As many as 89,892 shares were traded on the BSE.The scrip has dropped from a high of Rs 615.40 on 9 January, to Rs 548.65 by 7 February 2007. Earlier, the scrip had surged from Rs 485.20 on 20 December to Rs 615.40 by 9 January 2007.
At the current market price of Rs 559, Sasken Communication Technologies trades 47.61 times its Q3 December 2006 annualized EPS of Rs 11.74.
Sasken Communication Technologies announced that the company expects its net profit to rise 50-60% in 2007-08 from reduction in costs. Operating profit margins will improve 2%, to 24% of revenue. The communication services firm expected a loss of about $5 - 6 million in 2006/07, amd hopes to break-even the next year.
In January 2007, Sasken Communication Technologies’ board, at a meeting held on 24 January 2007, announced a joint venture with Tata AutoComp Systems to form TACO Sasken Automotive Electronics.
The newly formed JV will design, develop and market automotive electronics products for the global market, addressing both OEMs and aftermarket. The JV will focus on automotive electronics in the areas of telematics, infotainment and occupant convenience.
Sasken is a communication software company with considerable presence in the broadband and wireless software space. Its core expertise lies in developing embedded communication software for companies across the communication value chain - network equipment manufacturers, semiconductor vendors and mobile terminal vendors.
Sasken Communication posted a net profit of Rs 8.28 crore in Q3 December 2006 compared with a net loss of Rs 1.99 crore in Q3 December 2005. Net sales rose 35.9% to Rs 88.97 crore from Rs 65.45 crore.
Punjab Tractors upbeat as queue grows longer for Actis' stake
Punjab Tractors is on a roll following reports of a growing number of companies vying for private equity firm Actis’ 29% stake in the tractor maker.The stock was up nearly 9%, to Rs 335.90. As many as 3.04 lakh shares changed hands in the counter on BSE.
A newspaper report said Escorts was interested in buying a stake in Punjab Tractors (PTL). PTL's stock spurted 8.7% to Rs 308.20 on Wednesday (7 February) to Rs 308.20, boosted by reports that Mahindra & Mahindra (M&M) had already put in a non-binding bid for Punjab Tractors.
Earlier, the stock had spurted 12.5% to Rs 279.15 on 5 February 2007. It had firmed up to Rs 283.50 the next day (6 February 2007) boosted by a report that said Tatas too were considering to buy the private equity firm's holding in the north-India based tractor unit. However, one newspaper had also quoted a Tata Motors' official as saying, 'There is no such proposal before the board, and we cannot comment on reports that are speculative.'
Reports about Actis looking to exit PTL have also been doing the rounds for a while now. Other firms, which are also said to be interested in acquiring stake in Punjab Tractors, include Sonalika group’s International Tractors and TAFE.
In 2003, Actis paid $60 million for the 29% stake in Punjab Tractors during a divestment programme. The Burman family and Actis, who jointly hold around 43% stake, successfully ousted PTL CEO Yash Mahajan from the company acting in concert. Mahajan had a frosty relationship with Actis. Both of them were also successful in having Burman nominee, PD Narang, appointed as chairman. The Burman family has about 14% stake in Punjab Tractors.
PTL, which has a dominant presence in north India, also holds 14% stake in commercial vehicles maker, Swaraj Mazda. Earlier this year, the tractor company had appointed consulting firm, Accenture, to review the firm's strategy and organisational structure.
PTL’s net profit (adjusted for extra-ordinary items) declined 0.5% in the December 2006 quarter to Rs 20.70 crore. Net sales during the same period rose 2.3% to Rs 263.40 crore over the year ago period.
Punjab Tractors also holds a 14% stake in commercial vehicles maker Swaraj Mazda.
posted by SY at 2:25 PM
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