Market sustains strength; HDFC strikes all-time high
The market witnessed a bout of volatility in early trade. The barometer index moved between positive and negative territory after striking a lifetime high in early trade.
Telecom and banks were in demand but metal shares witnessed selling pressure. Index heavyweight Reliance Industries (RIL) pared early gains.At 11:26 IST the Sensex was up 57 points, at 14,461. It had come off 14,396 at 11:01 IST. At 14,396, the Sensex had lost 7.77 points for the day.
Earlier, the benchmark index had risen as many as 63.42 points, to 14,467.19 at 10:15 IST. This high is a new lifetime high for the barometer index. The Sensex had surpassed its previous all-time high of 14,462.77, struck only on Friday (2 February 2007).
The market-breadth was strong. For 1,450 shares rising on BSE, 939 declined. Just 71 shares were unchanged.The BSE clocked a turnover of Rs 1565 crore.
Deep Ind firms up on fresh contracts
Deep Industries rose 2.16% to Rs 61.45, on receiving two contracts aggregating Rs 26.07 crore from Assam Gas and ONGC.The counter clocked 4.54 lakh shares on the BSE.At the current market price of Rs 61.45, Deep Industries trades at 7.58 times its Q3 December 2006 EPS of Rs 8.10.
Deep Industries was awarded a contract worth Rs 15.75 crore for compression of natural gas for 10 years from Assam Gas Company. Further, a second contract worth Rs 10.32 crore for compression of natural gas has also been awarded to it for two years.
In January 2007, Deep Industries purchased two work-over rigs of 30 tonne and 50 tonne. The company had also obtained a contract worth Rs 1.67 crore from ONGC for deployment of a 30 tonne work-over rig. Further, the company also made a bid for ONGC’s 14 onland marginal fields.
The state-run oil and gas exploration major had offered 18 marginal fields in Assam, Rajasthan, Andhra Pradesh and Tamil Nadu for development on a service contract basis; the winner not only entitled to ownership of oil and gas but also to a pre-fixed rate of return.
In December 2006, Yash Organochem had acquired 1.385 lakh shares of Deep Industries on 7 December 2006. Post-acquisition, Yash Organochem's shareholding in the company is up 5.11%.
Deep Industries, in November 2006, signed a contract with Government of India for coal bed methane (CBM) blocks at Singrauli (Madhya Pradesh) & Godavari Valley (Andhra Pradesh) for exploration of CBM gas.
The two blocks are in partnership with Coal Gas Mart, USA. According to the agreement, CBM block at Singrauli is estimated to contain 31 billion cubic meters (BCM) of gas and the one at Godavari Valley is estimated to contain 29.65 BCM of gas.
In the same month, the company was awarded a contract worth Rs 9.5 crore for charter hiring of a 100 tonne capacity work-over rig for two years from ONGC. Further, the company also got another contract worth Rs 7 crore from ONGC for hiring services for LG Gas compression at Kesanapalli (West) - GGS for two years.
Deep Industries is in the business of providing compression services to the natural gas industry. The company presently owns 10 compression sets and provides comprehensive compression services on contract basis, which includes operation and maintenance work.
The company primarily is in the business of providing compression services to the natural gas industry.. The company was initially incorporated as a transport company for liquids, but has gradually diverted its aim towards becoming an integrated service provider to the oil and gas industry. Deep Industries had recently acquired one 100 tonne, KB500 work-over rig to move closer to its objective.
Deep Industries has entered into a tie-up with Valerus Compression Services, US, for gas compressors and production equipments. It has also become a sales representative for the US-based company in Asia.
Presently, two of Deep’s compressors are employed with Valerus in the US. The company has also tied up with Indrillco – an Indonesian company – for technical know-how and collaboration in connection with work-over rigs.
Deep Industries posted a net profit of Rs 4.04 crore in Q3 December 2006, compared with a net profit of Rs 0.56 crore in Q3 December 2005. Net sales declined to Rs 1.83 crore from Rs 1.85 crore. While, total income rose to Rs 8.40 crore from Rs 2.33 crore due to an increase in other income from 0.48 crore in Q3 December 2005 to Rs 8.40 crore in Q3 December 2006.
Eyeing global buy, REL inches ahead
Reliance Energy gained 1.10% to Rs 539.85, amid reports that it will bid for the global power assets of Globeleq, a power company having assets in Asia, Africa and Americas.
Globeleq, which recently shot to fame in India by winning the first ultramega power project at Sasan with the Lanco group, has put its global assets on the block. The company’s operations span over 13 countries and accounts for about 5,000 Mw in 13 power companies.
Valued at close to $2 billion, Globeleq now seeks to exit these operations by selling out. It has appointed Lehmann Brothers to carry out the transactions. Reliance Energy, the flagship power company of the Anil Dhirubhai Ambani Group (ADAG) which is planning to develop several power projects in India including the gas-based power project in Dadri, is eyeing these assets, and is expected to put in an indicative bid by mid-February.
Reports add that the last date for submission of the indicative bids is 16 February 2007. The second round of financial bids will be called once the potential bidders are scanned and short-listed. Globeleq’s assets have been divided into four blocks — Asia, Africa, the Americas and Egypt. Bidders have the option of bidding for one block or for all the blocks.
Globeleq is only selling its stake in these power plants, having an aggregate capacity of almost 3,000 Mw. While in most cases Globeleq has the majority stake, in some others it holds the entire stake.
Globeleq was set up by the UK government’s department for international development (DFID) as part of a strategy of “promoting the private sector in the developing world”. DFID launched Globeleq in 2002 as the power sector arm of its own CDC group.
In January 2004, it separated Globeleq as a stand-alone concern to run CDC’s power portfolio. CDC, Globeleq’s sole shareholder, has $3 billion in net assets and the investment is managed by Actis, the private equity fund manager specialising in emerging markets.
The move by Globeleq to put all its power generating assets on sale is in line with DFID’s long-term strategy.
Earlier this month, Reliance Energy (REL) bagged two big contracts of total worth over Rs 4,200 crore. In what may be the single largest engineering, procurement and construction (EPC) contract, the Haryana Power Generation Corporation asked Relience Energy to set up a 2x600 Mw coal-based power project on a turnkey basis for Rs 3763 crore. The project will be financed in a debt:equity ratio of 80:20, with 20% of the contribution coming from the state government. The project will be implemented in a schedule of 35 - 38 months.
REL has also bagged the ‘balance of plant package’ from Uttar Pradesh Rajya Vidyut Utpadan Nigam for the 2x250 Mw extension units 5 & 6 of the Parichha Thermal Power Station, Jhansi. The value of the order is Rs 395 crore. The order for the main plant, which consists of boiler turbo-generator and civil works, was earlier awarded to Bhel.
In late-2006, Reliance Energy, along with its consortium, recently signed a contract with the Ministry of Petroleum and Natural Gas (MoPNG) for exploration and production of four coal-bed methane (CBM) blocks – two in Rajasthan, one in Andhra Pradesh and one in Madhya Pradesh.
REL will be responsible for utilising the coal from the four blocks for power-generation. REL has major expansion plans in the power-generation segment. The company is planning a 4,000 Mw gas-based plant in Maharashtra. The company may bid for two ultra-mega projects, which have been launched by the Government of India, at Mundra and Sasan.
REL posted 22.10% growth in net profit to Rs 201.03 crore for Q3 December 2006, against Rs 164.64 crore in the corresponding period of the previous fiscal. Total income in the quarter rose 60% to Rs 1,820.34 crore (Rs 1,137.63 crore).
During the quarter, REL purchased the balance equity shares of BSES Kerala Power (BKPL) making it a wholly-owned subsidiary of the company. The company also acquired 100% shareholding in Reliance Aworld, Reliance Infrastructure Projects and Reliance Infrastructure Services. REL has purchased 51% shareholding in Reliance Energy Transmission. Consequently, all the companies mentioned have become REL's subsidiaries.
Telecom and banks were in demand but metal shares witnessed selling pressure. Index heavyweight Reliance Industries (RIL) pared early gains.At 11:26 IST the Sensex was up 57 points, at 14,461. It had come off 14,396 at 11:01 IST. At 14,396, the Sensex had lost 7.77 points for the day.
Earlier, the benchmark index had risen as many as 63.42 points, to 14,467.19 at 10:15 IST. This high is a new lifetime high for the barometer index. The Sensex had surpassed its previous all-time high of 14,462.77, struck only on Friday (2 February 2007).
The market-breadth was strong. For 1,450 shares rising on BSE, 939 declined. Just 71 shares were unchanged.The BSE clocked a turnover of Rs 1565 crore.
Deep Ind firms up on fresh contracts
Deep Industries rose 2.16% to Rs 61.45, on receiving two contracts aggregating Rs 26.07 crore from Assam Gas and ONGC.The counter clocked 4.54 lakh shares on the BSE.At the current market price of Rs 61.45, Deep Industries trades at 7.58 times its Q3 December 2006 EPS of Rs 8.10.
Deep Industries was awarded a contract worth Rs 15.75 crore for compression of natural gas for 10 years from Assam Gas Company. Further, a second contract worth Rs 10.32 crore for compression of natural gas has also been awarded to it for two years.
In January 2007, Deep Industries purchased two work-over rigs of 30 tonne and 50 tonne. The company had also obtained a contract worth Rs 1.67 crore from ONGC for deployment of a 30 tonne work-over rig. Further, the company also made a bid for ONGC’s 14 onland marginal fields.
The state-run oil and gas exploration major had offered 18 marginal fields in Assam, Rajasthan, Andhra Pradesh and Tamil Nadu for development on a service contract basis; the winner not only entitled to ownership of oil and gas but also to a pre-fixed rate of return.
In December 2006, Yash Organochem had acquired 1.385 lakh shares of Deep Industries on 7 December 2006. Post-acquisition, Yash Organochem's shareholding in the company is up 5.11%.
Deep Industries, in November 2006, signed a contract with Government of India for coal bed methane (CBM) blocks at Singrauli (Madhya Pradesh) & Godavari Valley (Andhra Pradesh) for exploration of CBM gas.
The two blocks are in partnership with Coal Gas Mart, USA. According to the agreement, CBM block at Singrauli is estimated to contain 31 billion cubic meters (BCM) of gas and the one at Godavari Valley is estimated to contain 29.65 BCM of gas.
In the same month, the company was awarded a contract worth Rs 9.5 crore for charter hiring of a 100 tonne capacity work-over rig for two years from ONGC. Further, the company also got another contract worth Rs 7 crore from ONGC for hiring services for LG Gas compression at Kesanapalli (West) - GGS for two years.
Deep Industries is in the business of providing compression services to the natural gas industry. The company presently owns 10 compression sets and provides comprehensive compression services on contract basis, which includes operation and maintenance work.
The company primarily is in the business of providing compression services to the natural gas industry.. The company was initially incorporated as a transport company for liquids, but has gradually diverted its aim towards becoming an integrated service provider to the oil and gas industry. Deep Industries had recently acquired one 100 tonne, KB500 work-over rig to move closer to its objective.
Deep Industries has entered into a tie-up with Valerus Compression Services, US, for gas compressors and production equipments. It has also become a sales representative for the US-based company in Asia.
Presently, two of Deep’s compressors are employed with Valerus in the US. The company has also tied up with Indrillco – an Indonesian company – for technical know-how and collaboration in connection with work-over rigs.
Deep Industries posted a net profit of Rs 4.04 crore in Q3 December 2006, compared with a net profit of Rs 0.56 crore in Q3 December 2005. Net sales declined to Rs 1.83 crore from Rs 1.85 crore. While, total income rose to Rs 8.40 crore from Rs 2.33 crore due to an increase in other income from 0.48 crore in Q3 December 2005 to Rs 8.40 crore in Q3 December 2006.
Eyeing global buy, REL inches ahead
Reliance Energy gained 1.10% to Rs 539.85, amid reports that it will bid for the global power assets of Globeleq, a power company having assets in Asia, Africa and Americas.
Globeleq, which recently shot to fame in India by winning the first ultramega power project at Sasan with the Lanco group, has put its global assets on the block. The company’s operations span over 13 countries and accounts for about 5,000 Mw in 13 power companies.
Valued at close to $2 billion, Globeleq now seeks to exit these operations by selling out. It has appointed Lehmann Brothers to carry out the transactions. Reliance Energy, the flagship power company of the Anil Dhirubhai Ambani Group (ADAG) which is planning to develop several power projects in India including the gas-based power project in Dadri, is eyeing these assets, and is expected to put in an indicative bid by mid-February.
Reports add that the last date for submission of the indicative bids is 16 February 2007. The second round of financial bids will be called once the potential bidders are scanned and short-listed. Globeleq’s assets have been divided into four blocks — Asia, Africa, the Americas and Egypt. Bidders have the option of bidding for one block or for all the blocks.
Globeleq is only selling its stake in these power plants, having an aggregate capacity of almost 3,000 Mw. While in most cases Globeleq has the majority stake, in some others it holds the entire stake.
Globeleq was set up by the UK government’s department for international development (DFID) as part of a strategy of “promoting the private sector in the developing world”. DFID launched Globeleq in 2002 as the power sector arm of its own CDC group.
In January 2004, it separated Globeleq as a stand-alone concern to run CDC’s power portfolio. CDC, Globeleq’s sole shareholder, has $3 billion in net assets and the investment is managed by Actis, the private equity fund manager specialising in emerging markets.
The move by Globeleq to put all its power generating assets on sale is in line with DFID’s long-term strategy.
Earlier this month, Reliance Energy (REL) bagged two big contracts of total worth over Rs 4,200 crore. In what may be the single largest engineering, procurement and construction (EPC) contract, the Haryana Power Generation Corporation asked Relience Energy to set up a 2x600 Mw coal-based power project on a turnkey basis for Rs 3763 crore. The project will be financed in a debt:equity ratio of 80:20, with 20% of the contribution coming from the state government. The project will be implemented in a schedule of 35 - 38 months.
REL has also bagged the ‘balance of plant package’ from Uttar Pradesh Rajya Vidyut Utpadan Nigam for the 2x250 Mw extension units 5 & 6 of the Parichha Thermal Power Station, Jhansi. The value of the order is Rs 395 crore. The order for the main plant, which consists of boiler turbo-generator and civil works, was earlier awarded to Bhel.
In late-2006, Reliance Energy, along with its consortium, recently signed a contract with the Ministry of Petroleum and Natural Gas (MoPNG) for exploration and production of four coal-bed methane (CBM) blocks – two in Rajasthan, one in Andhra Pradesh and one in Madhya Pradesh.
REL will be responsible for utilising the coal from the four blocks for power-generation. REL has major expansion plans in the power-generation segment. The company is planning a 4,000 Mw gas-based plant in Maharashtra. The company may bid for two ultra-mega projects, which have been launched by the Government of India, at Mundra and Sasan.
REL posted 22.10% growth in net profit to Rs 201.03 crore for Q3 December 2006, against Rs 164.64 crore in the corresponding period of the previous fiscal. Total income in the quarter rose 60% to Rs 1,820.34 crore (Rs 1,137.63 crore).
During the quarter, REL purchased the balance equity shares of BSES Kerala Power (BKPL) making it a wholly-owned subsidiary of the company. The company also acquired 100% shareholding in Reliance Aworld, Reliance Infrastructure Projects and Reliance Infrastructure Services. REL has purchased 51% shareholding in Reliance Energy Transmission. Consequently, all the companies mentioned have become REL's subsidiaries.
posted by SY at 1:41 PM
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