Market gives way after firm start
Volatility dogged the market for the second day in a row, and it weakened today after a firm start. Early weakness stemmed from Congress party's poor showing as per early trends in counting of votes, which began in Punjab, Manipur and Uttarakhand today. Results of Punjab and Uttarakhand assembly elections are seen as a barometer of voters' concerns about inflation and economic reforms. However, the results will in anyway not jeopardise the Congress-led UPA Government at the Centre.
At 10:26 IST the Sensex was down 53 points, at 13,596. It came off the lower level after plunging as many as 110.85 points, to 13,538.67. Earlier, the market had started firm with the Sensex up 53.89 points, to 13,703.41.
Banking, two-wheeler and telecom shares edged lower. Cement shares extended gains for the second day in a row.The market-breath was strong. Against 1,105 shares rising on BSE, 618 declined. Just 45 shares were unchanged. Gainers outpaced losers by a ratio of 1.78:1.A report on the Indian economy, the economic survey, will be tabled in Parliament by noon today.
HOV Services gains on US acquisition
Back-office and debt collection services firm HOV Services surged 5% to Rs 294.70, after the company signed a merger pact with US-based Lason, to make it a wholly-owned subsidiary.There were outstanding buy orders for 30,521 shares at the 5% upper limit. As many as 41,759 shares changed hands in the counter on BSE.
The stock had surged nearly 5% to Rs 280.70, on Monday (26 February 2007), after the company said it was considering acquisitions. The announcement of the acquisition of Lason was made after trading hours on Monday.
With this merger, HOV Services and its global workforce of more than 11,000 employees will serve more than 50% of the Fortune 100 companies, including more than 4,000 customers in North America. The two companies, together, have an annual revenue rate of more than $200 million, HOV said in a statement on Monday.
The company's client's will benefit from having delivery capability from over 49 locations located in the US, Canada, India, China, and Mexico delivering end-to-end integrated solutions including document-centric applications workflow management, finance and accounting, electronic publishing and knowledge processing services.
As per the merger agreement, HOV's wholly-owned subsidiary in the US, will acquire 100% of the outstanding equity of Lason in a transaction valued at $148 million. HOV raised $188 million of new capital from leading global institutions, $63 million in equity and a debt facility of $125 million. Upon closing, the company will have over $85 million in equity.
HOV Services provides business process outsourcing (BPO) services in the finance and accounting business sector with operations in India and the US. The company services US-based corporate clients through three main operating business divisions: Accounts Receivable Management (ARM), Enterprise Management Tools and Services (EMTS) and Insurance and Tax Services (ITS). Its clients are companies in the healthcare, telecommunications, banking and finance and insurance industries.
In late-December 2006, HOV Services acquired 30% stake in TRAC Holdings and SAM Holdings from US-based private-equity firm HandsOn Ventures for $3.74 million.
HOV Services registered 28.91% increase in its consolidated net profit for the quarter ended 31 December 2006, to Rs 4.28 crore (Rs 3.32 crore). Net sales for the quarter rose 19% to Rs 41.66 crore (Rs 34.98 crore).
Alfa Laval India jumps as parent launches open offer
Alfa Laval India surged 8% to Rs 882, after engineering group Alfa Laval made an open offer for acquiring 25.89% stake in the Indian subsidiary for Rs 875 per share.
The offer opens on 19 April and will close on 8 May 2007.
Alfa Laval has made an open offer worth about 700 million Swedish crowns ($99.2 million) to buy most of the remaining shares in its Indian subsidiary, Alfa Laval India. The planned purchase at Rs 875 per share, will lift the parent's stake in Alfa Laval India from 64% to 90%. Alfa Laval expects the bid process to be concluded in June 2007.
A total of 3,487 shares were traded in the counter on BSE. The stock had also surged to a high of Rs 897.50 in early trade.
The Alfa Laval India stock has declined in the past few days. From Rs 835.35 on 22 February 2007, it has dropped to Rs 816.05 by 26 February 2007.
Alfa Laval India has supplied more than 200 evaporation plants in India for varied applications. The company is a leading name in evaporation technology in the India's paper industries, distilleries and pharma industries.
Alfa Laval India is a market-leader in most of its product and process solutions.
Alfa Laval India posted a net profit of Rs 18.01 crore for the quarter ended September 2006 compared to Rs 16.37 crore for the quarter ended September 2005. Net sales for the quarter ended September 2006 rose 8.90% to Rs 147.46 crore (Rs 135.44 crore).
At 10:26 IST the Sensex was down 53 points, at 13,596. It came off the lower level after plunging as many as 110.85 points, to 13,538.67. Earlier, the market had started firm with the Sensex up 53.89 points, to 13,703.41.
Banking, two-wheeler and telecom shares edged lower. Cement shares extended gains for the second day in a row.The market-breath was strong. Against 1,105 shares rising on BSE, 618 declined. Just 45 shares were unchanged. Gainers outpaced losers by a ratio of 1.78:1.A report on the Indian economy, the economic survey, will be tabled in Parliament by noon today.
HOV Services gains on US acquisition
Back-office and debt collection services firm HOV Services surged 5% to Rs 294.70, after the company signed a merger pact with US-based Lason, to make it a wholly-owned subsidiary.There were outstanding buy orders for 30,521 shares at the 5% upper limit. As many as 41,759 shares changed hands in the counter on BSE.
The stock had surged nearly 5% to Rs 280.70, on Monday (26 February 2007), after the company said it was considering acquisitions. The announcement of the acquisition of Lason was made after trading hours on Monday.
With this merger, HOV Services and its global workforce of more than 11,000 employees will serve more than 50% of the Fortune 100 companies, including more than 4,000 customers in North America. The two companies, together, have an annual revenue rate of more than $200 million, HOV said in a statement on Monday.
The company's client's will benefit from having delivery capability from over 49 locations located in the US, Canada, India, China, and Mexico delivering end-to-end integrated solutions including document-centric applications workflow management, finance and accounting, electronic publishing and knowledge processing services.
As per the merger agreement, HOV's wholly-owned subsidiary in the US, will acquire 100% of the outstanding equity of Lason in a transaction valued at $148 million. HOV raised $188 million of new capital from leading global institutions, $63 million in equity and a debt facility of $125 million. Upon closing, the company will have over $85 million in equity.
HOV Services provides business process outsourcing (BPO) services in the finance and accounting business sector with operations in India and the US. The company services US-based corporate clients through three main operating business divisions: Accounts Receivable Management (ARM), Enterprise Management Tools and Services (EMTS) and Insurance and Tax Services (ITS). Its clients are companies in the healthcare, telecommunications, banking and finance and insurance industries.
In late-December 2006, HOV Services acquired 30% stake in TRAC Holdings and SAM Holdings from US-based private-equity firm HandsOn Ventures for $3.74 million.
HOV Services registered 28.91% increase in its consolidated net profit for the quarter ended 31 December 2006, to Rs 4.28 crore (Rs 3.32 crore). Net sales for the quarter rose 19% to Rs 41.66 crore (Rs 34.98 crore).
Alfa Laval India jumps as parent launches open offer
Alfa Laval India surged 8% to Rs 882, after engineering group Alfa Laval made an open offer for acquiring 25.89% stake in the Indian subsidiary for Rs 875 per share.
The offer opens on 19 April and will close on 8 May 2007.
Alfa Laval has made an open offer worth about 700 million Swedish crowns ($99.2 million) to buy most of the remaining shares in its Indian subsidiary, Alfa Laval India. The planned purchase at Rs 875 per share, will lift the parent's stake in Alfa Laval India from 64% to 90%. Alfa Laval expects the bid process to be concluded in June 2007.
A total of 3,487 shares were traded in the counter on BSE. The stock had also surged to a high of Rs 897.50 in early trade.
The Alfa Laval India stock has declined in the past few days. From Rs 835.35 on 22 February 2007, it has dropped to Rs 816.05 by 26 February 2007.
Alfa Laval India has supplied more than 200 evaporation plants in India for varied applications. The company is a leading name in evaporation technology in the India's paper industries, distilleries and pharma industries.
Alfa Laval India is a market-leader in most of its product and process solutions.
Alfa Laval India posted a net profit of Rs 18.01 crore for the quarter ended September 2006 compared to Rs 16.37 crore for the quarter ended September 2005. Net sales for the quarter ended September 2006 rose 8.90% to Rs 147.46 crore (Rs 135.44 crore).
Labels: Alfa Laval, HOV Services
posted by SY at 12:21 PM
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