Market scores further gains; SBI spurts
The market firmed up further in mid-afternoon trade as State Bank of India (SBI) surged and Bharti Airtel (BAL) firmed up further.
The sentiment is firm as the Reserve Bank of India on Wednesday, 31 January 2007, upgraded its 2006/07 GDP growth forecast to 8.5 - 9.0% from 8%, along with raising the key short-term lending rate by 25 basis points.
Select side counters surged. Side counters Escorts (up 11% to Rs 135), AVT Natural Products (up 11% to Rs 131), Seasons Furnishings (up 11% to Rs 8.90), Global Vectra Helicorp (up 10.8% to Rs 266), XL Telecom (up 9.7% to Rs 154.40), ADF Foods (up 10% to Rs 43.55), Agro Dutch Industries (up 10% to Rs 30), Tips Industries (up 10% to Rs 29.55), Precision Wires (up 10% to Rs 179.85), and KEW Industries (up 9.2% to Rs 48.25) surged.
At 14:41 IST, Sensex was up 146 points at 14,236. Sensex hit a high of 14,246.07 at 14:26 IST, surpassing its high of 14,211.70 it had struck in early afternoon trade.
SBI jumped 7% to Rs 1225 soon after a report filtered in that the union cabinet has approved transfer of RBI’s stake in SBI to government. 7.9 lakk shares changed hands in the counter on BSE.
ACC buoyant on FY-2006 outcome
ACC gained 1.97% to Rs 1040.30, after reporting robust results for the quarter and year ended December 2006.As many as 2.52 lakh shares changed hands in the counter on BSE.The stock slipped sharply ahead of the results after the customs duty on all varieties of cement, except white cement, was lifted. From Rs 1115.80 on 22 January, the stock declined sharply to Rs 1020.25 by 31 January 2007.
ACC posted 106.66% surge in net profit to Rs 358.46 crore for the quarter ended December 2006, whereas the same was Rs 173.45 crore for the quarter ended December 2005. Total income rose 52.46% to Rs 1677.94 crore (Rs 1100.51 crore).
For the year ended December 2006, ACC posted a net profit of Rs 1231.84 crore compared to Rs 709.70 crore for the year ended December 2005. Total income increased to Rs 5934.96 crore (Rs 4445.68 crore).
The results for the year ended December 2006 include figures of Tarmac (India), which was merged with ACC in January 2006. The current quarter's and year ended December 2006 figures are not comparable with the corresponding quarter of the previous year and year 2005 figures. The operation of Tarmac (P) resulted in a profit of Rs 4 crore during the current year as compared to the Rs 1.23 crore loss during the corresponding period of the previous year (not included in these results).
On a consolidated basis, the group posted a profit of Rs 1239.60 crore for the year ended December 2006, whereas the same was at Rs 695.97 crore for the year to December 2005. Total income for the same period was Rs 5974.39 crore (Rs 4672.03 crore).
During the previous financial year, ACC divested the non-core refractory business from 30 September 2005 and the shareholding in Everest Industries (EIL), an erstwhile subsidiary, from 14 October 2005.Accordingly, the results for the year ended December 2006 are also not comparable with the previous year (2005).The board of directors of the company recommended a dividend at the rate of Rs 15 per share for year 2006.
ACC is expanding capacity at its Wadi plant, Karnataka, by three million tonnes a year, at Rs 1,480 crore. Apart from the new Wadi plant, ACC is gearing up to capture the boom in the cement industry by increasing capacity by 2.9 million tonnes per annum in Gagal (Himachal Pradesh), Lakheri (Rajasthan) and Bargarh (Orissa). ACC also plans to expand by 2 million tonnes per annum every year through internal accruals, if the demand-supply gap widens.Holcim, along with Gujarat Ambuja Cements (GACL), hold 35.15% stake in ACC as of December 2006.
MUL sales data fails to impress
Maruti Udyog was up merely 0.55% to Rs 941.75, on reporting January vehicular sales today.The stock clocked 77,513 shares on the BSE.The stock has been range-bound, oscillating between Rs 859 and Rs 989 since November 2006.
The company posted decent vehicular sales in January’07. It sold 62,248 vehicles in the domestic market, the highest ever in a single month. The number is higher 28.3% over that for the same month last year. The overall volumes for January 2007, inclusive of exports, are 65,341 vehicles.
The Q3 December 2006 results of the company were below market expectations. The net profit of Maruti Udyog (MUL) grew only 11% over the year ago quarter, to Rs 376.4 crore. The company’s performance was impacted by consolidation of a joint venture with parent Suzuki Motor Corp. Sales grew 12.8% at Rs 4323.04 crore over the previous year's quarter.
MUL recently announced a price hike across all its models. Managing Director, Jagdish Khattar, said the price hike will accommodate increased input costs.
There has been some shuffling in the product portfolio by the company lately. It launched Zen Estillo and also the diesel version of its B segment car “Swift” while discontinuing the production of Baleno. The diesel-run Swift is an attempt to combat the supremacy of Tata Motors in B and C segment cars.
The sentiment is firm as the Reserve Bank of India on Wednesday, 31 January 2007, upgraded its 2006/07 GDP growth forecast to 8.5 - 9.0% from 8%, along with raising the key short-term lending rate by 25 basis points.
Select side counters surged. Side counters Escorts (up 11% to Rs 135), AVT Natural Products (up 11% to Rs 131), Seasons Furnishings (up 11% to Rs 8.90), Global Vectra Helicorp (up 10.8% to Rs 266), XL Telecom (up 9.7% to Rs 154.40), ADF Foods (up 10% to Rs 43.55), Agro Dutch Industries (up 10% to Rs 30), Tips Industries (up 10% to Rs 29.55), Precision Wires (up 10% to Rs 179.85), and KEW Industries (up 9.2% to Rs 48.25) surged.
At 14:41 IST, Sensex was up 146 points at 14,236. Sensex hit a high of 14,246.07 at 14:26 IST, surpassing its high of 14,211.70 it had struck in early afternoon trade.
SBI jumped 7% to Rs 1225 soon after a report filtered in that the union cabinet has approved transfer of RBI’s stake in SBI to government. 7.9 lakk shares changed hands in the counter on BSE.
ACC buoyant on FY-2006 outcome
ACC gained 1.97% to Rs 1040.30, after reporting robust results for the quarter and year ended December 2006.As many as 2.52 lakh shares changed hands in the counter on BSE.The stock slipped sharply ahead of the results after the customs duty on all varieties of cement, except white cement, was lifted. From Rs 1115.80 on 22 January, the stock declined sharply to Rs 1020.25 by 31 January 2007.
ACC posted 106.66% surge in net profit to Rs 358.46 crore for the quarter ended December 2006, whereas the same was Rs 173.45 crore for the quarter ended December 2005. Total income rose 52.46% to Rs 1677.94 crore (Rs 1100.51 crore).
For the year ended December 2006, ACC posted a net profit of Rs 1231.84 crore compared to Rs 709.70 crore for the year ended December 2005. Total income increased to Rs 5934.96 crore (Rs 4445.68 crore).
The results for the year ended December 2006 include figures of Tarmac (India), which was merged with ACC in January 2006. The current quarter's and year ended December 2006 figures are not comparable with the corresponding quarter of the previous year and year 2005 figures. The operation of Tarmac (P) resulted in a profit of Rs 4 crore during the current year as compared to the Rs 1.23 crore loss during the corresponding period of the previous year (not included in these results).
On a consolidated basis, the group posted a profit of Rs 1239.60 crore for the year ended December 2006, whereas the same was at Rs 695.97 crore for the year to December 2005. Total income for the same period was Rs 5974.39 crore (Rs 4672.03 crore).
During the previous financial year, ACC divested the non-core refractory business from 30 September 2005 and the shareholding in Everest Industries (EIL), an erstwhile subsidiary, from 14 October 2005.Accordingly, the results for the year ended December 2006 are also not comparable with the previous year (2005).The board of directors of the company recommended a dividend at the rate of Rs 15 per share for year 2006.
ACC is expanding capacity at its Wadi plant, Karnataka, by three million tonnes a year, at Rs 1,480 crore. Apart from the new Wadi plant, ACC is gearing up to capture the boom in the cement industry by increasing capacity by 2.9 million tonnes per annum in Gagal (Himachal Pradesh), Lakheri (Rajasthan) and Bargarh (Orissa). ACC also plans to expand by 2 million tonnes per annum every year through internal accruals, if the demand-supply gap widens.Holcim, along with Gujarat Ambuja Cements (GACL), hold 35.15% stake in ACC as of December 2006.
MUL sales data fails to impress
Maruti Udyog was up merely 0.55% to Rs 941.75, on reporting January vehicular sales today.The stock clocked 77,513 shares on the BSE.The stock has been range-bound, oscillating between Rs 859 and Rs 989 since November 2006.
The company posted decent vehicular sales in January’07. It sold 62,248 vehicles in the domestic market, the highest ever in a single month. The number is higher 28.3% over that for the same month last year. The overall volumes for January 2007, inclusive of exports, are 65,341 vehicles.
The Q3 December 2006 results of the company were below market expectations. The net profit of Maruti Udyog (MUL) grew only 11% over the year ago quarter, to Rs 376.4 crore. The company’s performance was impacted by consolidation of a joint venture with parent Suzuki Motor Corp. Sales grew 12.8% at Rs 4323.04 crore over the previous year's quarter.
MUL recently announced a price hike across all its models. Managing Director, Jagdish Khattar, said the price hike will accommodate increased input costs.
There has been some shuffling in the product portfolio by the company lately. It launched Zen Estillo and also the diesel version of its B segment car “Swift” while discontinuing the production of Baleno. The diesel-run Swift is an attempt to combat the supremacy of Tata Motors in B and C segment cars.
posted by SY at 3:04 PM
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