Sensex back to positive; PSU stocks surge
Despite a high degree of volatility and limited participation, select PSU stocks managed to advance. The BSE PSU index was up 0.53%. The Shipping Corporation of India (SCI) jumped 12.70% to Rs 201.95 on a volume of 4.63 lakh shares.
RCF (up 5.80% to Rs 46.55), Vijaya Bank (up 5.53% to Rs 52.50), Neyveli Lignite (up 6.40% to Rs 64), BEML (up 3.30% to Rs 1224), HMT (up 1.93% to Rs 82), IDBI (up 1.42% to Rs 107.50), Bhel (up 1.10% to Rs 2520) and SAIL (up 1.10% to Rs 117.60) had advanced.
The Indian government on Thursday approved the initial public offers in three state-run power firms, Finance Minister Palaniappan Chidambaram told reporters, marking a limited revival of stalled asset sales. The three are Rural Electrification Corp., Power Grid Corp., and National Hydroelectric Power Corp. India, on Thursday, approved a public offer of shares in Bharat Earth Movers, Finance Minister P Chidambaram revealed.
Attempts by the BSE Sensex to shift into the green zone have been rendered futile as fresh selling keeps emere. It has turned extremely volatile, swinging sharply either ways. After striking an all-time high on the back of a firm opening, the Sensex had slipped into the red partly tracking weak Asian markets, and partly on profit-taking after a solid surge of late. It had recovered from the lower level, as buying resumed to crawl back into positive, but was not able to sustain it and slipped sharply to a low of 14,523.16. Here, it again bounced back sharply due to bottom-fishing.
The market seems to have welcomed the FM’s sratement and has bounced back to positive, on strong buying at lower levels
At 14:49 IST the BSE Sensex was up 4.41 points, at 14,647.21. 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.
Patni Computer bucks weak trend with Q4 numbers
Patni Computer Systems rose 2.18% to Rs 435, in a weak market, after the company reported a net profit of Rs 102.22 crore for the December 2006 quarter.As many as 2.63 lakh shares were traded on the BSE.The scrip dropped to Rs 425.70 by 7 February 2007, from Rs 463.05 on 25 January 2007. Earlier, the scrip appreciated from Rs 399.65 on 11 January, to Rs 452.70 by 7 February 2007.
At the current market price of Rs 435, Patni Computer Systems trades 14.71 times its Q4 December 2006 EPS of Rs 29.56.
Patni Computer Systems (PCS) posted a net profit growth of 211% to Rs 102.22 crore in Q4 December 2006, compared with a net profit of Rs 32.87 crore in Q4 December 2005. Net sales for the quarter rose 12.10% to Rs 267.91 crore from Rs 238.96 crore.
In January 2007, PCS opened a third development center in the US.
Patni Computer is a leading Indian provider of information technology services. It offers services through industry-focussed practices, including insurance, manufacturing, financial services, and telecommunications, and through technology-focussed practices.
Its service lines include application development, application maintenance and support, packaged software implementation, infrastructure management services, product engineering services, business process outsourcing and quality assurance services.
About 20-25% of the company’s resources are invested in the product engineering services (PES) space, which contributes to about 10.6% of revenues. PCS is seriously looking at acquiring companies in the storage and consumer electronics' space.
Select PSUs rally as govt approves stake dilution
Shipping Corporation of India was the top gainer among PSUs after the centre on Thursday approved initial public offers in three state-run power firms.
This marks a limited revival of stalled asset sales. Shares of the shipping major spurted nearly 15% to Rs 206. RCF gained 7% to Rs 47.30, Neyveli Lignite Corporation surged 6% to Rs 63.80, Hindustan Organic Chemicals rose 5% to Rs 57.75 and HMT gained 2% to Rs 81.80
The government on Thursday approved initial public offers in Rural Electrification Corporation (REC), Power Grid Corporation (PGC) and National Hydroelectric Power Corporation (NHPC).
As per earlier reports, the government intends to offload small government holding in each of these three power PSUs and the proceeds of which will be put into the national investment fund (NIF). Funds from the NIF are utilised to revive sick PSUs and for other social sector schemes of the government. It reportedly intends to offload 10% stake in REC and 5% stake each in PGC and NHPC.
RCF (up 5.80% to Rs 46.55), Vijaya Bank (up 5.53% to Rs 52.50), Neyveli Lignite (up 6.40% to Rs 64), BEML (up 3.30% to Rs 1224), HMT (up 1.93% to Rs 82), IDBI (up 1.42% to Rs 107.50), Bhel (up 1.10% to Rs 2520) and SAIL (up 1.10% to Rs 117.60) had advanced.
The Indian government on Thursday approved the initial public offers in three state-run power firms, Finance Minister Palaniappan Chidambaram told reporters, marking a limited revival of stalled asset sales. The three are Rural Electrification Corp., Power Grid Corp., and National Hydroelectric Power Corp. India, on Thursday, approved a public offer of shares in Bharat Earth Movers, Finance Minister P Chidambaram revealed.
Attempts by the BSE Sensex to shift into the green zone have been rendered futile as fresh selling keeps emere. It has turned extremely volatile, swinging sharply either ways. After striking an all-time high on the back of a firm opening, the Sensex had slipped into the red partly tracking weak Asian markets, and partly on profit-taking after a solid surge of late. It had recovered from the lower level, as buying resumed to crawl back into positive, but was not able to sustain it and slipped sharply to a low of 14,523.16. Here, it again bounced back sharply due to bottom-fishing.
The market seems to have welcomed the FM’s sratement and has bounced back to positive, on strong buying at lower levels
At 14:49 IST the BSE Sensex was up 4.41 points, at 14,647.21. 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.
Patni Computer bucks weak trend with Q4 numbers
Patni Computer Systems rose 2.18% to Rs 435, in a weak market, after the company reported a net profit of Rs 102.22 crore for the December 2006 quarter.As many as 2.63 lakh shares were traded on the BSE.The scrip dropped to Rs 425.70 by 7 February 2007, from Rs 463.05 on 25 January 2007. Earlier, the scrip appreciated from Rs 399.65 on 11 January, to Rs 452.70 by 7 February 2007.
At the current market price of Rs 435, Patni Computer Systems trades 14.71 times its Q4 December 2006 EPS of Rs 29.56.
Patni Computer Systems (PCS) posted a net profit growth of 211% to Rs 102.22 crore in Q4 December 2006, compared with a net profit of Rs 32.87 crore in Q4 December 2005. Net sales for the quarter rose 12.10% to Rs 267.91 crore from Rs 238.96 crore.
In January 2007, PCS opened a third development center in the US.
Patni Computer is a leading Indian provider of information technology services. It offers services through industry-focussed practices, including insurance, manufacturing, financial services, and telecommunications, and through technology-focussed practices.
Its service lines include application development, application maintenance and support, packaged software implementation, infrastructure management services, product engineering services, business process outsourcing and quality assurance services.
About 20-25% of the company’s resources are invested in the product engineering services (PES) space, which contributes to about 10.6% of revenues. PCS is seriously looking at acquiring companies in the storage and consumer electronics' space.
Select PSUs rally as govt approves stake dilution
Shipping Corporation of India was the top gainer among PSUs after the centre on Thursday approved initial public offers in three state-run power firms.
This marks a limited revival of stalled asset sales. Shares of the shipping major spurted nearly 15% to Rs 206. RCF gained 7% to Rs 47.30, Neyveli Lignite Corporation surged 6% to Rs 63.80, Hindustan Organic Chemicals rose 5% to Rs 57.75 and HMT gained 2% to Rs 81.80
The government on Thursday approved initial public offers in Rural Electrification Corporation (REC), Power Grid Corporation (PGC) and National Hydroelectric Power Corporation (NHPC).
As per earlier reports, the government intends to offload small government holding in each of these three power PSUs and the proceeds of which will be put into the national investment fund (NIF). Funds from the NIF are utilised to revive sick PSUs and for other social sector schemes of the government. It reportedly intends to offload 10% stake in REC and 5% stake each in PGC and NHPC.
Labels: Patni computers, PSU
posted by SY at 3:32 PM
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