Market opens strong tracking Asian stocks
The market opened firm, tracking firm Asian markets and data showing greater buying by foreign institutional investors (FIIs). Index heavyweights Reliance Industries and Bharti Airtel edged higher.
The market-breadth was strong. Against 1,046 shares rising on BSE, 556 declined. Just 40 shares were unchanged. Gainers outpaced losers by a ratio of 1.88:1.At 10:20 IST the Sensex was up 92 points, at 14,280. It also hit a high of 14,287.03 at 10:03 IST.
The BSE clocked a turnover of Rs 494 crore.
Reliance Industries (RIL) rose 1% to Rs 1421. As per reports, global oil major, Chevron Corporation, may assist RIL in developing an exploration block in the oil-gas rich Krishna-Godavari (KG) basin. Chevron Chief David J O’Reilly is expected to meet RIL Chairman & Managing Director Anil Ambani during the Chevron chief's Mumbai visit.
Bharti Airtel gained 1.3% to Rs 816.75. As per reports, a team of executives from Wal-Mart Stores led by Vice-Chairman Michael Duke, has arrived in Mumbai to look at retail stores and hold meetings. Wal-Mart and Bharti Enterprises already have a joint venture for wholesale.
Decent debut for Firstsource Solutions
Shares of BPO firm Firstsource Solutions were trading at Rs 85.50 on BSE, a premium of 33.5% over the IPO price of Rs 64.The stock debuted at Rs 75.10, also its low so far. The Firstsource Solutions scrip hit a high of Rs 86.70, too. As many as 9.1 lakh shares changed hands in the counter on BSE.
The IPO of Firstsource Solutions had received robust investor response. The issue was subscribed 50 times, with aggressive bidding from FIIs. The issue was priced at the upper end of the Rs 54 - Rs 64 price band.
The current price of Rs 85.50 discounts its April-December 2006 annualised EPS of Rs 2, by a PE multiple of 42.75. The company has a large equity base of Rs 416.26 crore.
Firstsource Solutions, formerly known as ICICI OneSource, is a leading provider of offshore business process outsourcing (BPO) services to clients primarily in the banking, financial services and insurance (BFSI) (53.3%), telecommunications and media (34.4%), and healthcare (6.1%) industries.
Based on the annual rankings by Nasscom, Firstsource had the fifth largest revenue among BPO service providers in India in FY-2006. It has worked with 74 clients, repeat business accounting for 87.1% of the revenue in FY-2006. Its clients include BskyB, Capital One, CompuCredit, ICICI Bank, ICICI Prudential, Lloyds TSB Plc., Uniprise, Vodafone, WAMU, HSBC and Wachovia.
Firstsource made its sixth acquisition in end-December 2006 by acquiring 100% of BPM (Business Process Management), and its subsidiaries, BPOs serving the US healthcare industry.
Lead led rally in Hindustan Zinc
Hindustan Zinc rose 2.27% to Rs 640.10, after it raised lead prices to Rs 93,100 per tonne.A total of 28,473 shares were traded on the BSE.
Hindustan Zinc had plunged sharply in the last few months. From Rs 969.45 on 4 December 2006, it slipped to Rs 625.90 by 21 February 2007. The drop came after a sharp setback in zinc price on the London Metal Exchange (LME) recently. Rising inventories and slowing global growth have hit zinc prices on LME.
At the current market price of Rs 640.10, Hindustan Zinc trades at 5.07 times its Q3 December 2006 annualized EPS of Rs 126.24
Supply of zinc and other metals has risen following record prices last year. Zinifex, the world's second- largest zinc producer, said late in January 2007 that the raw material used in producing the metal was available more than a year ago.
China, the biggest producer and user of zinc, was a net exporter of the refined metal in 2006, for the first time in three years.In January 2007, the Indian Government cut import duty on non-ferrous metals from 7.5 to 5%, in a bid to control inflation.
Hindustan Zinc was a PSU until dis-investment. In March 2002, Sterlite Industries (India) acquired 26% stake in the company for Rs 445 crore. The Sterlite group owns 64.93% stake in the company (as of December 2006).
The Indian zinc maker reported a strong financial performance in the December 2006 quarter on the back of firm prices of metals. Hindustan Zinc’s net profit rose 305.8% in the December 2006 quarter to Rs 1335 crore, on 171.3% growth in net sales to Rs 2480 crore.
The market-breadth was strong. Against 1,046 shares rising on BSE, 556 declined. Just 40 shares were unchanged. Gainers outpaced losers by a ratio of 1.88:1.At 10:20 IST the Sensex was up 92 points, at 14,280. It also hit a high of 14,287.03 at 10:03 IST.
The BSE clocked a turnover of Rs 494 crore.
Reliance Industries (RIL) rose 1% to Rs 1421. As per reports, global oil major, Chevron Corporation, may assist RIL in developing an exploration block in the oil-gas rich Krishna-Godavari (KG) basin. Chevron Chief David J O’Reilly is expected to meet RIL Chairman & Managing Director Anil Ambani during the Chevron chief's Mumbai visit.
Bharti Airtel gained 1.3% to Rs 816.75. As per reports, a team of executives from Wal-Mart Stores led by Vice-Chairman Michael Duke, has arrived in Mumbai to look at retail stores and hold meetings. Wal-Mart and Bharti Enterprises already have a joint venture for wholesale.
Decent debut for Firstsource Solutions
Shares of BPO firm Firstsource Solutions were trading at Rs 85.50 on BSE, a premium of 33.5% over the IPO price of Rs 64.The stock debuted at Rs 75.10, also its low so far. The Firstsource Solutions scrip hit a high of Rs 86.70, too. As many as 9.1 lakh shares changed hands in the counter on BSE.
The IPO of Firstsource Solutions had received robust investor response. The issue was subscribed 50 times, with aggressive bidding from FIIs. The issue was priced at the upper end of the Rs 54 - Rs 64 price band.
The current price of Rs 85.50 discounts its April-December 2006 annualised EPS of Rs 2, by a PE multiple of 42.75. The company has a large equity base of Rs 416.26 crore.
Firstsource Solutions, formerly known as ICICI OneSource, is a leading provider of offshore business process outsourcing (BPO) services to clients primarily in the banking, financial services and insurance (BFSI) (53.3%), telecommunications and media (34.4%), and healthcare (6.1%) industries.
Based on the annual rankings by Nasscom, Firstsource had the fifth largest revenue among BPO service providers in India in FY-2006. It has worked with 74 clients, repeat business accounting for 87.1% of the revenue in FY-2006. Its clients include BskyB, Capital One, CompuCredit, ICICI Bank, ICICI Prudential, Lloyds TSB Plc., Uniprise, Vodafone, WAMU, HSBC and Wachovia.
Firstsource made its sixth acquisition in end-December 2006 by acquiring 100% of BPM (Business Process Management), and its subsidiaries, BPOs serving the US healthcare industry.
Lead led rally in Hindustan Zinc
Hindustan Zinc rose 2.27% to Rs 640.10, after it raised lead prices to Rs 93,100 per tonne.A total of 28,473 shares were traded on the BSE.
Hindustan Zinc had plunged sharply in the last few months. From Rs 969.45 on 4 December 2006, it slipped to Rs 625.90 by 21 February 2007. The drop came after a sharp setback in zinc price on the London Metal Exchange (LME) recently. Rising inventories and slowing global growth have hit zinc prices on LME.
At the current market price of Rs 640.10, Hindustan Zinc trades at 5.07 times its Q3 December 2006 annualized EPS of Rs 126.24
Supply of zinc and other metals has risen following record prices last year. Zinifex, the world's second- largest zinc producer, said late in January 2007 that the raw material used in producing the metal was available more than a year ago.
China, the biggest producer and user of zinc, was a net exporter of the refined metal in 2006, for the first time in three years.In January 2007, the Indian Government cut import duty on non-ferrous metals from 7.5 to 5%, in a bid to control inflation.
Hindustan Zinc was a PSU until dis-investment. In March 2002, Sterlite Industries (India) acquired 26% stake in the company for Rs 445 crore. The Sterlite group owns 64.93% stake in the company (as of December 2006).
The Indian zinc maker reported a strong financial performance in the December 2006 quarter on the back of firm prices of metals. Hindustan Zinc’s net profit rose 305.8% in the December 2006 quarter to Rs 1335 crore, on 171.3% growth in net sales to Rs 2480 crore.
Labels: Firstsource Solutions, Hindustan Zinc
posted by SY at 11:52 AM
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