Market movement narrows; breadth turns negative
The market was range-bound in early-afternoon trade. Index heavyweight Reliance Industries (RIL) held firm and so did telecom stocks. But the market-breadth turned negative.
The Central Board of Direct Taxes (CBDT) today dismissed reports that there was a nationwide raid on stock brokers. TV channels reported that such raids were taking place across the country since early morning today.
At 12:29 IST the Sensex was up 41 points, at 14,229. It had moved just 44 points, between 14,204 and 14,248, since 11:30 IST.The benchmark Sensex had surged as many as 98.54 points to 14,287.03, by 10:03 IST. The surge was due to firm Asian markets, and data showing increase in buying by FIIs.For 1,300 shares declining on BSE, 1,116 rose. As many as 85 shares were unchanged. Losers outpaced gainers by a ratio of 1.16:1.
Jindal Saw spurts on US order
Steel pipe and strips maker Jindal Saw climbed 3.98% to Rs 499, after the firm said it had secured a $355 million order for arc-welded steel pipes from the US.As many as 1.99 lakh shares were traded on the BSE.
The Jindal Saw scrip has been rising sharply since mid-December 2006. From Rs 357.85 on 20 December 2006, it rallied to Rs 488.65 by 15 February 2007. Here, the Jindal Saw scrip slipped to Rs 479.90 by 21 February 2007.
At the current market price of Rs 499, Jindal Saw trades at 10.04 times its Q1 December 2006 annualized EPS of Rs 49.70.
Jindal Saw has $ 1.5 billion worth of orders for supplying pipes from various domestic and international clients.
Jindal Saw produces thick-walled pipes, submerged-arc welded pipes and cold-rolled steel coils. The products find application in the oil & gas infrastructure. Jindal Saw had also commissioned a new plant for ductile iron pipes in Mundra. It has erected an integrated ductile iron pipe manufacturing plant of 2 lakh metric tonne (MT) per annum capacity, along with a blast furnace of 2.50 lakh tonne per annum capacity and a coke oven plant.
Jindal Saw posted a net profit growth of 50% to Rs 60.13 crore (Rs 40.21 crore) for Q1 December 2006. Net sales for the quarter rose 46% to Rs 1192.83 crore from Rs 819.80 crore in the year ago quarter.
Nucleus Software at zenith
Nucleus Software Exports surged 10% to Rs 1141.70, also a life high, as buying in the scrip continued for the second straight day.The stock's surged is the maximum permissible for the day. As many as 44,304 shares changed hands, with pending buy orders of 14,314 shares at the maximum limit.The stock had jumped 10% on 21 February (Wednesday), to Rs 1037.95, as well.
On Wednesday, Nucleus Software Exports announced that Dubai Islamic Bank, the world's first Islamic bank had selected its flagship product FinnOne™ CAS, to be implemented across 40 branches by the end of 2007.
The FinnOne™ CAS will allow for anytime, anywhere access, ensuring ease in operations and instant information availability to the financial institution. This contract marks Nucelus Software Export's foray into the Islamic banking industry.
Nucleus Software Exports (Nucleus) has successfully consolidated its position, as a technology leader in Japan, the Middle East, Africa and South East Asian markets. With the latest initiative, it will now prove its mettle in the UAE as well. Islamic banking is one of the world's fastest-growing economic sectors, comprising close to 300 institutions with assets estimated at more than $400 billion.
Working with Nucleus, the bank will have the advantage of enhancing its operations, resulting in easy inter-operability across branches and developing efficient workflow systems for consumer financing.
The mid-sized software company’s flagship solution - FinnOne™ CAS Lending & Collections Suite was also selected by the United Bank for Africa (UBA), Nigeria, the largest financial institution in Nigeria, on 19 February 2007.
This win established Nucelus' presence in the African banking industry, this being the second order from Nigeria in less than a year. With this implementation, UBA will overhaul its entire credit & loan operations across the country. UBA, with a network of over 500 branches, emerged as the first successful corporate combination in Nigerian banking. It is the first Nigerian bank with a balance sheet in excess of the 1 Trillion-Naira mark, and is also the only African bank to have a branch in New York.
FinnOne™ is an integrated suite of applications designed to support the whole spectrum of business offerings of banks and financial institutions. FinnOne™ CAS automates and manages the complete application processing flow for retail / corporate financing as well as credit cards, allowing banks to integrate different touch-points in their supply-chain for acquisition, prospecting and pre-disbursal processing.
FinnOne™ Lending is built with the objective of providing operational and decision-making support to all the asset side business lines. The product also assists in introducing new product offerings and tailor made schemes, reducing time-to-market and automating processes, providing a distinguishing factor within the retail loan space.
FinnOne™ Collections manages the entire company and focusses on tracking and managing delinquent customers. This enables organisations to effectively minimise delinquencies through a series of proactive actions and tighter supervision. It is a unique platform that comes loaded with add-on modules, supporting any phase of distressed receivables lifecycle and enabling powerful recovery management.
Nucleus, with its flagship product FinnOne™, today has over 134 clients across the globe. It is a fast - growing player with a leadership position in regions spanning Asia Pacific, Europe, Middle East, Africa, and America. Nucleus also commands a leadership position in the domestic retail banking space, with a client-base comprising most leading banks of India.
Nucleus registered a net profit growth of 70.40%, to Rs 10.67 crore for Q3 December 2006 compared to Rs 6.26 crore in Q3 December 2005. Net sales during the period under consideration increased 70.30% to Rs 38.30 crore (Rs 22.49 crore).
Arvind Chemicals dazzles on record date for bonus
Arvind Chemicals hit the buyer’s circuit at 5% to Rs 73.50, after the company set 19 March as record date for its bonus issue.As many as 1,048 shares were traded on the BSE. There were pending buy orders for 2,347 shares at the maximum price.
The scrip of Arvind Chemicals had risen between late-September and early-November 2006, but slipped by late-December 2006. From a high of Rs 78.60 on 9 January 2007, Arvind Chemicals dropped to Rs 61 by 5 February 2007, only to rise again to Rs 73.80 by 13 February 2007. Here, the stock slipped once more, closing at Rs 70 by 19 February 2007.
Arvind Chemicals’ board, on 19 October 2006, recommended a 2:1 bonus issue (2 equity shares for every share held).
Arvind Chemical’s board had also preferentially allotted 3 lakh equity shares of Rs 10 each, at a premium of Rs 110 per share, to Sakal Holdings at the same meeting.
Arvind Chemicals manufactures polyurethane foam, which is extensively used in transport, automobile, packaging, electronics, garments, leather, shoes and furniture industries.
Arvind Chemicals posted a net profit of Rs 0.05 crore in Q1 December 2006 compared with a net loss of Rs 2.10 crore in Q3 December 2005. Net sales for the quarter decreased to Rs 1.92 crore from Rs 10.73 crore in the year ago quarter.
The Central Board of Direct Taxes (CBDT) today dismissed reports that there was a nationwide raid on stock brokers. TV channels reported that such raids were taking place across the country since early morning today.
At 12:29 IST the Sensex was up 41 points, at 14,229. It had moved just 44 points, between 14,204 and 14,248, since 11:30 IST.The benchmark Sensex had surged as many as 98.54 points to 14,287.03, by 10:03 IST. The surge was due to firm Asian markets, and data showing increase in buying by FIIs.For 1,300 shares declining on BSE, 1,116 rose. As many as 85 shares were unchanged. Losers outpaced gainers by a ratio of 1.16:1.
Jindal Saw spurts on US order
Steel pipe and strips maker Jindal Saw climbed 3.98% to Rs 499, after the firm said it had secured a $355 million order for arc-welded steel pipes from the US.As many as 1.99 lakh shares were traded on the BSE.
The Jindal Saw scrip has been rising sharply since mid-December 2006. From Rs 357.85 on 20 December 2006, it rallied to Rs 488.65 by 15 February 2007. Here, the Jindal Saw scrip slipped to Rs 479.90 by 21 February 2007.
At the current market price of Rs 499, Jindal Saw trades at 10.04 times its Q1 December 2006 annualized EPS of Rs 49.70.
Jindal Saw has $ 1.5 billion worth of orders for supplying pipes from various domestic and international clients.
Jindal Saw produces thick-walled pipes, submerged-arc welded pipes and cold-rolled steel coils. The products find application in the oil & gas infrastructure. Jindal Saw had also commissioned a new plant for ductile iron pipes in Mundra. It has erected an integrated ductile iron pipe manufacturing plant of 2 lakh metric tonne (MT) per annum capacity, along with a blast furnace of 2.50 lakh tonne per annum capacity and a coke oven plant.
Jindal Saw posted a net profit growth of 50% to Rs 60.13 crore (Rs 40.21 crore) for Q1 December 2006. Net sales for the quarter rose 46% to Rs 1192.83 crore from Rs 819.80 crore in the year ago quarter.
Nucleus Software at zenith
Nucleus Software Exports surged 10% to Rs 1141.70, also a life high, as buying in the scrip continued for the second straight day.The stock's surged is the maximum permissible for the day. As many as 44,304 shares changed hands, with pending buy orders of 14,314 shares at the maximum limit.The stock had jumped 10% on 21 February (Wednesday), to Rs 1037.95, as well.
On Wednesday, Nucleus Software Exports announced that Dubai Islamic Bank, the world's first Islamic bank had selected its flagship product FinnOne™ CAS, to be implemented across 40 branches by the end of 2007.
The FinnOne™ CAS will allow for anytime, anywhere access, ensuring ease in operations and instant information availability to the financial institution. This contract marks Nucelus Software Export's foray into the Islamic banking industry.
Nucleus Software Exports (Nucleus) has successfully consolidated its position, as a technology leader in Japan, the Middle East, Africa and South East Asian markets. With the latest initiative, it will now prove its mettle in the UAE as well. Islamic banking is one of the world's fastest-growing economic sectors, comprising close to 300 institutions with assets estimated at more than $400 billion.
Working with Nucleus, the bank will have the advantage of enhancing its operations, resulting in easy inter-operability across branches and developing efficient workflow systems for consumer financing.
The mid-sized software company’s flagship solution - FinnOne™ CAS Lending & Collections Suite was also selected by the United Bank for Africa (UBA), Nigeria, the largest financial institution in Nigeria, on 19 February 2007.
This win established Nucelus' presence in the African banking industry, this being the second order from Nigeria in less than a year. With this implementation, UBA will overhaul its entire credit & loan operations across the country. UBA, with a network of over 500 branches, emerged as the first successful corporate combination in Nigerian banking. It is the first Nigerian bank with a balance sheet in excess of the 1 Trillion-Naira mark, and is also the only African bank to have a branch in New York.
FinnOne™ is an integrated suite of applications designed to support the whole spectrum of business offerings of banks and financial institutions. FinnOne™ CAS automates and manages the complete application processing flow for retail / corporate financing as well as credit cards, allowing banks to integrate different touch-points in their supply-chain for acquisition, prospecting and pre-disbursal processing.
FinnOne™ Lending is built with the objective of providing operational and decision-making support to all the asset side business lines. The product also assists in introducing new product offerings and tailor made schemes, reducing time-to-market and automating processes, providing a distinguishing factor within the retail loan space.
FinnOne™ Collections manages the entire company and focusses on tracking and managing delinquent customers. This enables organisations to effectively minimise delinquencies through a series of proactive actions and tighter supervision. It is a unique platform that comes loaded with add-on modules, supporting any phase of distressed receivables lifecycle and enabling powerful recovery management.
Nucleus, with its flagship product FinnOne™, today has over 134 clients across the globe. It is a fast - growing player with a leadership position in regions spanning Asia Pacific, Europe, Middle East, Africa, and America. Nucleus also commands a leadership position in the domestic retail banking space, with a client-base comprising most leading banks of India.
Nucleus registered a net profit growth of 70.40%, to Rs 10.67 crore for Q3 December 2006 compared to Rs 6.26 crore in Q3 December 2005. Net sales during the period under consideration increased 70.30% to Rs 38.30 crore (Rs 22.49 crore).
Arvind Chemicals dazzles on record date for bonus
Arvind Chemicals hit the buyer’s circuit at 5% to Rs 73.50, after the company set 19 March as record date for its bonus issue.As many as 1,048 shares were traded on the BSE. There were pending buy orders for 2,347 shares at the maximum price.
The scrip of Arvind Chemicals had risen between late-September and early-November 2006, but slipped by late-December 2006. From a high of Rs 78.60 on 9 January 2007, Arvind Chemicals dropped to Rs 61 by 5 February 2007, only to rise again to Rs 73.80 by 13 February 2007. Here, the stock slipped once more, closing at Rs 70 by 19 February 2007.
Arvind Chemicals’ board, on 19 October 2006, recommended a 2:1 bonus issue (2 equity shares for every share held).
Arvind Chemical’s board had also preferentially allotted 3 lakh equity shares of Rs 10 each, at a premium of Rs 110 per share, to Sakal Holdings at the same meeting.
Arvind Chemicals manufactures polyurethane foam, which is extensively used in transport, automobile, packaging, electronics, garments, leather, shoes and furniture industries.
Arvind Chemicals posted a net profit of Rs 0.05 crore in Q1 December 2006 compared with a net loss of Rs 2.10 crore in Q3 December 2005. Net sales for the quarter decreased to Rs 1.92 crore from Rs 10.73 crore in the year ago quarter.
Labels: Arvindhttp://www2.blogger.com/img/gl.align.full.gif Chemical, Jindal Saw, Nucleus Software Exports
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