Sensex back in green
The market was afflicted by a bout of volatility. After striking an all-time high on back of a firm opening, the Sensex soon slipped into the red partly tracking weak Asian markets, and partly on profit-taking after a solid surge of late. However, the benchmark has again recovered from the lower level, as buying resumed.
At 11:26 IST the BSE Sensex was up 4.34 points, at 14,648.07. In early trade, the Sensex struck a new all-time high of 14,697.69, surpassing its earlier all-time high of 14,663.26 attained only on Wednesday (7 February 2007). It also touched a low of 14591.44.
The market-breadth was a shade negative after being positive in the opening session. For 1,182 shares rising on BSE, 1194 declined. Just 72 shares were unchanged.The BSE clocked a turnover of Rs 1514 crore.Among the 30-Sensex pack, 17 declined while the rest advanced.
PSU engineering major, Bhel, was the top gainer, up 2.54% to Rs 2556, on a volume of 95,856 shares. The stock had surged to a high of Rs 2572, in intra-day trade.
Hindustan Zinc singed by price-cut
Hindustan Zinc eased 1.7% to Rs 657.55, after the company said on Thursday it had cut zinc prices by 8.3%, to Rs 159,100 a tonne.However, the stock had risen after losing as much as 5% to Rs 635.20 in early-trade. A strong 60,372 shares changed hands in the counter on BSE. This is also the second price cut in February 2007.
The stock had plunged 5.5% on Monday (5 February 2007) to Rs 655.05 following a sharp setback in zinc price on LME a day back on Friday (2 February 2007). It later recovered to Rs 669.10 by 7 February 2007.
Over the past two months, the stock fell on a dip in zinc prices on LME. From Rs 969.45 on 4 December 2006, the stock is down 32.1% at the current level. On LME, zinc prices are down 27.6% in calendar 2007 so far, at $3133 per tonne (closing price on LME on 7 February).
Besides slashing zinc prices, Hindustan Zinc had also cut zinc prices. The company also lowered lead prices by 4.3% to Rs 82,100 a tonne.
Rising inventories and slowing global growth hit zinc prices on LME. Supplies of zinc and other metals have risen following record prices last year. Zinifex, the world's second- largest zinc producer, said late last month that the raw material used in producing the metal is available more than a year ago.
China, the biggest producer and user of zinc, was a net exporter of refined metal in 2006 for the first time in three years, Beijing Antaike Information Development Co said around the same time.
Back home, in January, the government cut import duty on non-ferrous metal from 7.5 - 5% in a bid to control inflation.
The Indian zinc maker reported a strong financial performance in the December 2006 quarter on the back of firm prices of the metals on a year-on-year basis. 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.
Bhel on buyers list
Power equipment maker, Bhel, gained nearly 2% to Rs 2542, on renewed buying.As many as 1.04 lakh shares changed hands in the counter on BSE.The stock had risen 2.3% to Rs 2505.80 on 29 January 2007 after the company announced a liberal 1:1 bonus issue along with strong Q3 results after trading hours on 25 January 2007. It had eased a bit to Rs 2492.75 by 7 February 2007.
The market was abuzz with rumours that Bhel will announce a bonus and a stock-split along with the Q3 results on 25 January 2007, which boosted the stock to Rs 2448.35 that day, from Rs 2315.80 on 23 January 2007.
Bhel reported 58% growth in net profit in the December 2006 quarter to Rs 667.70 crore, on 32% growth in sales to Rs 4339.70 crore.
The company also announced a liberal interim dividend of Rs 12.50 per share. The record date for interim dividend is 14 February 2007.
On 6 February, Bhel bagged a large Rs 3900 crore contract for supply and installation of main plant package to generate 1,500 Mw power in Maharashtra. The order, placed by Maharashtra State Power Generation Company (MAHAGENCO), is for a 500 Mw unit at Khaperkheda Thermal Power Station (TPS) expansion project, and two 500 Mw units at Bhusawal TPS expansion project.
As per reports, Bhel is a front-runner for acquiring beleaguered Bharat Heavy Plate and Vessels (BHPVL), an engineering, procurement and construction (EPC) company, and a subsidiary of the state-owned Bharat Yantra Nigam (BYNL).
Bhel is seen as the biggest beneficiary with 60,000 Mw of planned capacity additions over the next five years.
Bhel has also earmarked Rs 10000 crore for inorganic growth through acquisitions across the globe.Bhel has a 15 year licensing agreement, with Alstom for supercritical boilers and associated coal pulverizers. It also signed an agreement with Siemens for supercritical turbine generators.
At 11:26 IST the BSE Sensex was up 4.34 points, at 14,648.07. In early trade, the Sensex struck a new all-time high of 14,697.69, surpassing its earlier all-time high of 14,663.26 attained only on Wednesday (7 February 2007). It also touched a low of 14591.44.
The market-breadth was a shade negative after being positive in the opening session. For 1,182 shares rising on BSE, 1194 declined. Just 72 shares were unchanged.The BSE clocked a turnover of Rs 1514 crore.Among the 30-Sensex pack, 17 declined while the rest advanced.
PSU engineering major, Bhel, was the top gainer, up 2.54% to Rs 2556, on a volume of 95,856 shares. The stock had surged to a high of Rs 2572, in intra-day trade.
Hindustan Zinc singed by price-cut
Hindustan Zinc eased 1.7% to Rs 657.55, after the company said on Thursday it had cut zinc prices by 8.3%, to Rs 159,100 a tonne.However, the stock had risen after losing as much as 5% to Rs 635.20 in early-trade. A strong 60,372 shares changed hands in the counter on BSE. This is also the second price cut in February 2007.
The stock had plunged 5.5% on Monday (5 February 2007) to Rs 655.05 following a sharp setback in zinc price on LME a day back on Friday (2 February 2007). It later recovered to Rs 669.10 by 7 February 2007.
Over the past two months, the stock fell on a dip in zinc prices on LME. From Rs 969.45 on 4 December 2006, the stock is down 32.1% at the current level. On LME, zinc prices are down 27.6% in calendar 2007 so far, at $3133 per tonne (closing price on LME on 7 February).
Besides slashing zinc prices, Hindustan Zinc had also cut zinc prices. The company also lowered lead prices by 4.3% to Rs 82,100 a tonne.
Rising inventories and slowing global growth hit zinc prices on LME. Supplies of zinc and other metals have risen following record prices last year. Zinifex, the world's second- largest zinc producer, said late last month that the raw material used in producing the metal is available more than a year ago.
China, the biggest producer and user of zinc, was a net exporter of refined metal in 2006 for the first time in three years, Beijing Antaike Information Development Co said around the same time.
Back home, in January, the government cut import duty on non-ferrous metal from 7.5 - 5% in a bid to control inflation.
The Indian zinc maker reported a strong financial performance in the December 2006 quarter on the back of firm prices of the metals on a year-on-year basis. 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.
Bhel on buyers list
Power equipment maker, Bhel, gained nearly 2% to Rs 2542, on renewed buying.As many as 1.04 lakh shares changed hands in the counter on BSE.The stock had risen 2.3% to Rs 2505.80 on 29 January 2007 after the company announced a liberal 1:1 bonus issue along with strong Q3 results after trading hours on 25 January 2007. It had eased a bit to Rs 2492.75 by 7 February 2007.
The market was abuzz with rumours that Bhel will announce a bonus and a stock-split along with the Q3 results on 25 January 2007, which boosted the stock to Rs 2448.35 that day, from Rs 2315.80 on 23 January 2007.
Bhel reported 58% growth in net profit in the December 2006 quarter to Rs 667.70 crore, on 32% growth in sales to Rs 4339.70 crore.
The company also announced a liberal interim dividend of Rs 12.50 per share. The record date for interim dividend is 14 February 2007.
On 6 February, Bhel bagged a large Rs 3900 crore contract for supply and installation of main plant package to generate 1,500 Mw power in Maharashtra. The order, placed by Maharashtra State Power Generation Company (MAHAGENCO), is for a 500 Mw unit at Khaperkheda Thermal Power Station (TPS) expansion project, and two 500 Mw units at Bhusawal TPS expansion project.
As per reports, Bhel is a front-runner for acquiring beleaguered Bharat Heavy Plate and Vessels (BHPVL), an engineering, procurement and construction (EPC) company, and a subsidiary of the state-owned Bharat Yantra Nigam (BYNL).
Bhel is seen as the biggest beneficiary with 60,000 Mw of planned capacity additions over the next five years.
Bhel has also earmarked Rs 10000 crore for inorganic growth through acquisitions across the globe.Bhel has a 15 year licensing agreement, with Alstom for supercritical boilers and associated coal pulverizers. It also signed an agreement with Siemens for supercritical turbine generators.
posted by SY at 12:21 PM
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