Sensex cools a bit from all-time high
The market, although firm in afternoon trade, had eased from a fresh all-time high of above 14,600. Bajaj Auto rallied. Cement shares were in demand, while index heavyweight Infosys firmed up more.
At 13:33 IST the Sensex was up 116 points, at 14,594. It came off the higher level after having surged as many as 142.80 points to 14,620.99 at 13:20 IST. Today’s high of 14,620.99 is a fresh all-time high for the barometer index. The Sensex surpassed its earlier all-time high of 14,564.80, which it had struck only on Tuesday (6 February 2007).
The market got a lift from the government, which estimated GDP growth of 9.2% in the financial year ending March 2007, above RBI’s forecast range of 8.5% to 9%. In its first official growth estimate for 2006/07, the central statistics office said manufacturing output growth was estimated at 11.3%, compared with 9.1% a year ago. India last week revised upwards growth for the fiscal year 2005/06 to 9% from a previous reading of 8.4%.
The market-breadth was strong. Against 1,460 shares rising on BSE, 1,063 declined. Just 68 shares were unchanged. Gainers outpaced losers by a ratio of 1.37:1.
Bajaj Auto jumps on winning law suit in Sri Lanka
Bajaj Auto jumped 6% to Rs 2995, after a Lankan court ruled in favour of the company, in a dispute over an imitation of the Pulsar 180 model.Bajaj Auto sells about 5,000-6,000 motorcycles per month in Sri Lanka, of which 1,000 units comprise the Pulsar 180 models.The stock surged to a high of Rs 3010, a little while ago, as buying intensified.
Bajaj Auto (BAL) took quick action when the company found Sri Lanka-based importer, Ranatunga Motor, and Chinese manufacturer, Taian Chiran Machinery, selling the Ranomoto Gulsar, which BAL maintains is an imitation of Pulsar 180. Before the guilty companies could do anything, BAL promptly filed a suit in the Colombo High Court. The verdict, as already mentioned, went in favour of the Indian company.
"The importer has agreed in court that the Chinese bikes are a copy of the Pulsar 180, and we have won the case on the grounds of unfair competition,” Executive Director, BAL, Sanjiv Bajaj said.
As part of its global strategy, BAL has been registering its name, design and brands in the markets where it intends to sell the products. Additionally, the company has started deputing a team, or setting up small offices in those markets, to track such cases. The company has also alerted its distributors, who will be the first to suffer from such copies.
“We have teams or offices in Mexico, Egypt, Dubai, Bangladesh, Sri Lanka, Indonesia, Nigeria and are in the process of establishing one in Iran. Now that we have won the case in Sri Lanka, we have despatched copies of the legal order to all BAL distributors, so that they can use it as a precedent,” Bajaj added.
As many as 2.41 lakh shares changed hands in the counter on BSE.
Bajaj Auto’s total 2 & 3 wheeler sales in January 2007 rose 13% to 229,583 from 203,777 in January 2006. Exports surged 119% to 39,812 units (18,168 units). Bajaj will commence motorcycle production at its new plant at Pantnagar, Uttarakhand, on 9 April 2007. The leading bike maker also intends to ramp up to 1 million per year in FY08.
Bajaj Auto had posted 24% rise in net profit to Rs 345.19 crore for the quarter ended December 2006, compared to Rs 278.99 crore for the quarter ended December 2005. Total income increased 28.32% to Rs 2729.18 crore (Rs 2107.32 crore).
On a consolidated basis, the group posted an income attributable to consolidated group of Rs 328.35 crore for the quarter ended December 2006 compared to Rs 253.98 crore for the quarter ended December 2005. Net sales increased to Rs 2696.03 crore (Rs 2080.82 crore).
Bajaj Auto, with overall market share of 34% in motorcycles, plans to launch Pulsar 200 cc shortly. "Our main aim is to sell maximum number of over 100 cc bikes. We will launch Pulsar 200 and 220 cc soon," Sanjiv Bajaj revealed.
The company expects export sales to be over 4 lakh units in the current fiscal. It also plans to launch new three-wheeler models.
Besides bike and auto manufacturing, Bajaj Auto also holds a large portfolio of investments, which includes 4.32% stake in ICICI Bank, worth almost Rs 3,400 crore. Bajaj Allianz, the insurance subsidiary, is among the top two players in the life insurance industry, with both Bajaj Allianz and ICICI Prudential frequently replacing each other at the top. The insurance valuation per share for Bajaj Auto works out to around Rs 538 per share. This implies a total value of Rs 7,300 to the company.
Lloyd Electric upbeat as RBI permits FII buying
Heat exchange coil maker, Lloyd Electric & Engineering, rose 3.02% to Rs 170.70 after the central bank allowed fresh buying by foreign funds, up to 74% of the share capital.As many as 10.72 lakh shares were traded on the BSE.
The scrip surged amid bouts of volatility to Rs 165.70 on 6 February 2007, from Rs 133.70 on 11 December 2006. Earlier, the scrip had slipped from a high of Rs 160.35 on 24 November 2006, to Rs 133.70 by 11 December 2007.
At the current market price of Rs 170.70, Lloyd Electric & Engineering (Lloyd Electric) trades at 10.56 times its Q3 December 2006 annualized EPS of Rs 16.15.
In January 2007, Lloyd Electric’s board considered forfeiting 13,300 equity shares due to non-payment of call money. Accordingly, the board has approved allotment of 40 lakh equity shares of Rs 10 each at a premium of Rs 115 per share to promoters / non-promoters against warrants issued on a preferential basis on 13 August 2005.
Post-forfeiture, the paid up equity capital of the company rose to Rs 30,99,98,600, comprising 3,09,99,860 equity shares of Rs 10 each.
Merrill Lynch Capital Markets Espana acquired 2 lakh shares of Lloyd Electric through the secondary market on 23 November 2006. Post-acquisition, the shareholding of Merrill Lynch Capital Markets Espana in the company now stands at 8.10%.
Earlier in May 2005, Lloyd Electric signed a technical design agreement with Air International, Australia, to design air-conditioner packaged units. These AC package units are to be sold to Metro Rail Corporation of India.
Further, in February 2006, Lloyd Electric increased capacity for manufacturing air-conditioners from 50,000 units to 2 lakh units.In October-2005, the company had raised $ 28.75 million through a GDR issue.
Lloyd Electric manufactures condenser coils and evaporator coils. Its products are used in window, package, automotive and split air-conditioners. The company also supplies products to many OEMs.
The company has posted a net profit growth of 71.4% to Rs 10.90 crore (Rs 6.25 crore) during Q3 December 2006. Net sales for the same quarter rose 49.10% to Rs 111.34 crore (Rs 74.69 crore).
At 13:33 IST the Sensex was up 116 points, at 14,594. It came off the higher level after having surged as many as 142.80 points to 14,620.99 at 13:20 IST. Today’s high of 14,620.99 is a fresh all-time high for the barometer index. The Sensex surpassed its earlier all-time high of 14,564.80, which it had struck only on Tuesday (6 February 2007).
The market got a lift from the government, which estimated GDP growth of 9.2% in the financial year ending March 2007, above RBI’s forecast range of 8.5% to 9%. In its first official growth estimate for 2006/07, the central statistics office said manufacturing output growth was estimated at 11.3%, compared with 9.1% a year ago. India last week revised upwards growth for the fiscal year 2005/06 to 9% from a previous reading of 8.4%.
The market-breadth was strong. Against 1,460 shares rising on BSE, 1,063 declined. Just 68 shares were unchanged. Gainers outpaced losers by a ratio of 1.37:1.
Bajaj Auto jumps on winning law suit in Sri Lanka
Bajaj Auto jumped 6% to Rs 2995, after a Lankan court ruled in favour of the company, in a dispute over an imitation of the Pulsar 180 model.Bajaj Auto sells about 5,000-6,000 motorcycles per month in Sri Lanka, of which 1,000 units comprise the Pulsar 180 models.The stock surged to a high of Rs 3010, a little while ago, as buying intensified.
Bajaj Auto (BAL) took quick action when the company found Sri Lanka-based importer, Ranatunga Motor, and Chinese manufacturer, Taian Chiran Machinery, selling the Ranomoto Gulsar, which BAL maintains is an imitation of Pulsar 180. Before the guilty companies could do anything, BAL promptly filed a suit in the Colombo High Court. The verdict, as already mentioned, went in favour of the Indian company.
"The importer has agreed in court that the Chinese bikes are a copy of the Pulsar 180, and we have won the case on the grounds of unfair competition,” Executive Director, BAL, Sanjiv Bajaj said.
As part of its global strategy, BAL has been registering its name, design and brands in the markets where it intends to sell the products. Additionally, the company has started deputing a team, or setting up small offices in those markets, to track such cases. The company has also alerted its distributors, who will be the first to suffer from such copies.
“We have teams or offices in Mexico, Egypt, Dubai, Bangladesh, Sri Lanka, Indonesia, Nigeria and are in the process of establishing one in Iran. Now that we have won the case in Sri Lanka, we have despatched copies of the legal order to all BAL distributors, so that they can use it as a precedent,” Bajaj added.
As many as 2.41 lakh shares changed hands in the counter on BSE.
Bajaj Auto’s total 2 & 3 wheeler sales in January 2007 rose 13% to 229,583 from 203,777 in January 2006. Exports surged 119% to 39,812 units (18,168 units). Bajaj will commence motorcycle production at its new plant at Pantnagar, Uttarakhand, on 9 April 2007. The leading bike maker also intends to ramp up to 1 million per year in FY08.
Bajaj Auto had posted 24% rise in net profit to Rs 345.19 crore for the quarter ended December 2006, compared to Rs 278.99 crore for the quarter ended December 2005. Total income increased 28.32% to Rs 2729.18 crore (Rs 2107.32 crore).
On a consolidated basis, the group posted an income attributable to consolidated group of Rs 328.35 crore for the quarter ended December 2006 compared to Rs 253.98 crore for the quarter ended December 2005. Net sales increased to Rs 2696.03 crore (Rs 2080.82 crore).
Bajaj Auto, with overall market share of 34% in motorcycles, plans to launch Pulsar 200 cc shortly. "Our main aim is to sell maximum number of over 100 cc bikes. We will launch Pulsar 200 and 220 cc soon," Sanjiv Bajaj revealed.
The company expects export sales to be over 4 lakh units in the current fiscal. It also plans to launch new three-wheeler models.
Besides bike and auto manufacturing, Bajaj Auto also holds a large portfolio of investments, which includes 4.32% stake in ICICI Bank, worth almost Rs 3,400 crore. Bajaj Allianz, the insurance subsidiary, is among the top two players in the life insurance industry, with both Bajaj Allianz and ICICI Prudential frequently replacing each other at the top. The insurance valuation per share for Bajaj Auto works out to around Rs 538 per share. This implies a total value of Rs 7,300 to the company.
Lloyd Electric upbeat as RBI permits FII buying
Heat exchange coil maker, Lloyd Electric & Engineering, rose 3.02% to Rs 170.70 after the central bank allowed fresh buying by foreign funds, up to 74% of the share capital.As many as 10.72 lakh shares were traded on the BSE.
The scrip surged amid bouts of volatility to Rs 165.70 on 6 February 2007, from Rs 133.70 on 11 December 2006. Earlier, the scrip had slipped from a high of Rs 160.35 on 24 November 2006, to Rs 133.70 by 11 December 2007.
At the current market price of Rs 170.70, Lloyd Electric & Engineering (Lloyd Electric) trades at 10.56 times its Q3 December 2006 annualized EPS of Rs 16.15.
In January 2007, Lloyd Electric’s board considered forfeiting 13,300 equity shares due to non-payment of call money. Accordingly, the board has approved allotment of 40 lakh equity shares of Rs 10 each at a premium of Rs 115 per share to promoters / non-promoters against warrants issued on a preferential basis on 13 August 2005.
Post-forfeiture, the paid up equity capital of the company rose to Rs 30,99,98,600, comprising 3,09,99,860 equity shares of Rs 10 each.
Merrill Lynch Capital Markets Espana acquired 2 lakh shares of Lloyd Electric through the secondary market on 23 November 2006. Post-acquisition, the shareholding of Merrill Lynch Capital Markets Espana in the company now stands at 8.10%.
Earlier in May 2005, Lloyd Electric signed a technical design agreement with Air International, Australia, to design air-conditioner packaged units. These AC package units are to be sold to Metro Rail Corporation of India.
Further, in February 2006, Lloyd Electric increased capacity for manufacturing air-conditioners from 50,000 units to 2 lakh units.In October-2005, the company had raised $ 28.75 million through a GDR issue.
Lloyd Electric manufactures condenser coils and evaporator coils. Its products are used in window, package, automotive and split air-conditioners. The company also supplies products to many OEMs.
The company has posted a net profit growth of 71.4% to Rs 10.90 crore (Rs 6.25 crore) during Q3 December 2006. Net sales for the same quarter rose 49.10% to Rs 111.34 crore (Rs 74.69 crore).
Labels: Bajaj Auto, Lloyd Electric
posted by SY at 2:22 PM
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