Sensex hits 14,500; RComm spurts
The market held firm in mid-afternoon trade and the Sensex struck an all-time high above 14,500. Reliance Communications and HDFC surged. Auto shares were in demand, while index heavyweight Reliance Industries (RIL) had firmed up.
At 14:36 IST the Sensex was up 87 points, at 14,489. It rose as many as 107.06 points, to 14,510.83, at 14:30 IST. This is a new all-time high for the barometer index. The benchmark index surpassed its earlier all-time high of 14,462.77 of Friday (2 February 2007).
The market-breadth was strong. For 1,539 shares rising on BSE, 1082 declined. As many as 73 shares were unchanged.The BSE clocked a turnover of Rs 3649 crore.Auto shares rose on renewed buying. Hero Honda gained 2% to Rs 732, Bajaj Auto gained 1.5% to Rs 2820, car major Maruti Udyog rose 1.6% to Rs 960 while Tata Motors gained 0.1% to Rs 911.60.
Reliance Communications surged 5.6% to Rs 518. The scrip hit a lifetime high of Rs 518.40. Bharti Airtel was up 1.9% to Rs 786, off an all-time high of Rs 797 struck earlier during the day.
Mobile service majors were buoyant since Friday, after the Telecom Regulatory Authority of India (TRAI) decided to lower port charges, allowing cellular operators to connect to BSNL and MTNL lines by up to 29%, a move which is expected to result in tariff cuts. A race for India's fourth-largest mobile firm, Hutchison Essar, is also expected to boost the valuation of telecom stocks. Suitors for Hutch also include Britain's Vodafone.
Sumeet Ind leaps on plan to develop industrial park
Yarn maker Sumeet Industries surged 4.83% to Rs 24.95, after its board decided on a joint venture to develop an industrial park in Gujarat.
The board approved a proposal for buying 200 acres of land near Kandla Port, Gujarat. This plot is adjacent to an expanse of 55 acres already owned by Sumeet Industries. The company has decided to tie-up with Vishvas Infrastructure for the industrial park.
The counter clocked 5.43 lakh shares on the BSE. There were pending buy orders for 6.63 lakh shares at the maximum price.At the current market price of Rs 24.95, Sumeet Industries trades 5.74 times its Q3 December 2006 annualized EPS of Rs 4.34.
Sumeet Industries’ board meets on 5 January 2007, Sumeet Industries had decided to enter into the infrastructure and real estate businesses. The board also approved the sale, purchase and manufacture of menthol-related products.
Sumeet Industries has planned to close its only subsidiary at Nepal due to high political and labour disturbance. In this connection, the company sold off its plant and machinery during the year, and the winding up process is currently in progress, and should be completed in the current financial year.
Sumeet Industries is into textiles and its products include polypropylene filament yarn, and grey cloth. Its plant at Surat, in Gujarat, has an installed capacity of 2,000 tpa of polypropylene multi-filament yarn in technical collaboration with Neumunstersche Maschinen Und Anlagenbau (Neumag), Germany.
Sumeet Industries posted a net profit growth of 1.70% to Rs 0.60 crore (Rs 0.59 crore) in Q3 December 2006. Net sales rose 42.1% to Rs 27.55 crore (Rs 19.39 crore).
Enormous volumes place IFCI at 52-week high
IFCI jumped 19.24% to touch a 52-week high of Rs 29.75 on a huge volume of 3.77 crore shares on BSE.The scrip was range-bound since late-January 2007. From 22 January to 2 February, the stock fluctuated between Rs 23 and Rs 25. Earlier, the stock surged from a low of Rs 11.01 on 22 December 2006, to Rs 26.51 by 19 January 2007.
At the current price of Rs 29.75, IFCI trades 3.67 times its Q3 December 2006 annualized EPS of Rs 8.10.The rally in IFCI began after it sold 7% stake in NSE out of an aggregate 12.44% it holds in India's premier stock exchange. The company raked in about $161 million from the stake sale. The company still has another 5% stock in NSE, which it has kept in the larder for rainy days.
Fortunately for IFCI, all its investments in the past were in land intensive sectors like power and steel. The land sale of Malvika Steel, at Sultanpur, will also rake in the moolah for the company.
IFCI has 21.6% stake in ICRA, a rating agency floated in 1991, and plans to sell its holding through an offer for sale.
IFCI was the first development financial institution in the country, established in 1948 to cater to the financial needs of the industrial sector. As its cheaper line of credit began to dry up, the institution had to resort to expensive funding aggravating the situation.
IFCI had the rare distinction of posting a loss of Rs 3,230 crore on a turnover of Rs 1,109 crore in the year 2003-04. Losses dipped to Rs 324 crore in 2004-05 and further to Rs 74 crore in 2005-06.
In the June 2006 quarter this fiscal, IFCI posted a loss of Rs 15.60 crore but turned the corner in September 2006 with a profit of Rs 116 crore. But this was largely technical, as it has not been paying interest on its borrowings.
While in the December 2006 quarter, IFCI has posted a net profit of Rs 129.37 crore compared with a net loss of Rs 17.37 crore in Q3 December 2005. Operating income during the same quarter rose to Rs 367.54 crore from Rs 279.91 crore in the year ago quarter.
Federal-Mogul Goetze India eases
Federal-Mogul Goetze India shed 3.73%, to Rs 360, despite ABN Amro Bank acquiring an additional 2.53% stake, taking its holding in the company to 5.18%.The stock has been thinly traded on BSE with a volume of just 3,692 shares since morning.The scrip hit its near-term bottom of Rs 332.75 on 20 November 2006. Since then, it has appreciated to the current levels.
Federal-Mogul Goetze (India) is yet to come out with December 2006 quarter results. The company in its September quarter had reported a bottom line growth of 84.4% at Rs 12.32 crore over the corresponding previous year quarter. The sales for the same quarter stood at Rs 163.85 crore, up 19.1% over the year ago quarter.
Federal-Mogul Geotze (India) is involved in the manufacture of auto components like pistons, piston rings, sintered parts and cylinder liners covering a wide range of applications including two/three-wheelers, cars, SUVs, tractors, light commercial vehicles, heavy commercial vehicles, stationary engines and high output locomotive diesel engines. The company has its production facilities at Bangalore, Patiala and Bhiwadi.
In January 2007, Federal-Mogul Geotze (India) announced revising the size of its rights issue from the earlier announced Rs 100 crore to Rs 115 crore. Information on the company’s plans for utilization of these funds is not available.
At 14:36 IST the Sensex was up 87 points, at 14,489. It rose as many as 107.06 points, to 14,510.83, at 14:30 IST. This is a new all-time high for the barometer index. The benchmark index surpassed its earlier all-time high of 14,462.77 of Friday (2 February 2007).
The market-breadth was strong. For 1,539 shares rising on BSE, 1082 declined. As many as 73 shares were unchanged.The BSE clocked a turnover of Rs 3649 crore.Auto shares rose on renewed buying. Hero Honda gained 2% to Rs 732, Bajaj Auto gained 1.5% to Rs 2820, car major Maruti Udyog rose 1.6% to Rs 960 while Tata Motors gained 0.1% to Rs 911.60.
Reliance Communications surged 5.6% to Rs 518. The scrip hit a lifetime high of Rs 518.40. Bharti Airtel was up 1.9% to Rs 786, off an all-time high of Rs 797 struck earlier during the day.
Mobile service majors were buoyant since Friday, after the Telecom Regulatory Authority of India (TRAI) decided to lower port charges, allowing cellular operators to connect to BSNL and MTNL lines by up to 29%, a move which is expected to result in tariff cuts. A race for India's fourth-largest mobile firm, Hutchison Essar, is also expected to boost the valuation of telecom stocks. Suitors for Hutch also include Britain's Vodafone.
Sumeet Ind leaps on plan to develop industrial park
Yarn maker Sumeet Industries surged 4.83% to Rs 24.95, after its board decided on a joint venture to develop an industrial park in Gujarat.
The board approved a proposal for buying 200 acres of land near Kandla Port, Gujarat. This plot is adjacent to an expanse of 55 acres already owned by Sumeet Industries. The company has decided to tie-up with Vishvas Infrastructure for the industrial park.
The counter clocked 5.43 lakh shares on the BSE. There were pending buy orders for 6.63 lakh shares at the maximum price.At the current market price of Rs 24.95, Sumeet Industries trades 5.74 times its Q3 December 2006 annualized EPS of Rs 4.34.
Sumeet Industries’ board meets on 5 January 2007, Sumeet Industries had decided to enter into the infrastructure and real estate businesses. The board also approved the sale, purchase and manufacture of menthol-related products.
Sumeet Industries has planned to close its only subsidiary at Nepal due to high political and labour disturbance. In this connection, the company sold off its plant and machinery during the year, and the winding up process is currently in progress, and should be completed in the current financial year.
Sumeet Industries is into textiles and its products include polypropylene filament yarn, and grey cloth. Its plant at Surat, in Gujarat, has an installed capacity of 2,000 tpa of polypropylene multi-filament yarn in technical collaboration with Neumunstersche Maschinen Und Anlagenbau (Neumag), Germany.
Sumeet Industries posted a net profit growth of 1.70% to Rs 0.60 crore (Rs 0.59 crore) in Q3 December 2006. Net sales rose 42.1% to Rs 27.55 crore (Rs 19.39 crore).
Enormous volumes place IFCI at 52-week high
IFCI jumped 19.24% to touch a 52-week high of Rs 29.75 on a huge volume of 3.77 crore shares on BSE.The scrip was range-bound since late-January 2007. From 22 January to 2 February, the stock fluctuated between Rs 23 and Rs 25. Earlier, the stock surged from a low of Rs 11.01 on 22 December 2006, to Rs 26.51 by 19 January 2007.
At the current price of Rs 29.75, IFCI trades 3.67 times its Q3 December 2006 annualized EPS of Rs 8.10.The rally in IFCI began after it sold 7% stake in NSE out of an aggregate 12.44% it holds in India's premier stock exchange. The company raked in about $161 million from the stake sale. The company still has another 5% stock in NSE, which it has kept in the larder for rainy days.
Fortunately for IFCI, all its investments in the past were in land intensive sectors like power and steel. The land sale of Malvika Steel, at Sultanpur, will also rake in the moolah for the company.
IFCI has 21.6% stake in ICRA, a rating agency floated in 1991, and plans to sell its holding through an offer for sale.
IFCI was the first development financial institution in the country, established in 1948 to cater to the financial needs of the industrial sector. As its cheaper line of credit began to dry up, the institution had to resort to expensive funding aggravating the situation.
IFCI had the rare distinction of posting a loss of Rs 3,230 crore on a turnover of Rs 1,109 crore in the year 2003-04. Losses dipped to Rs 324 crore in 2004-05 and further to Rs 74 crore in 2005-06.
In the June 2006 quarter this fiscal, IFCI posted a loss of Rs 15.60 crore but turned the corner in September 2006 with a profit of Rs 116 crore. But this was largely technical, as it has not been paying interest on its borrowings.
While in the December 2006 quarter, IFCI has posted a net profit of Rs 129.37 crore compared with a net loss of Rs 17.37 crore in Q3 December 2005. Operating income during the same quarter rose to Rs 367.54 crore from Rs 279.91 crore in the year ago quarter.
Federal-Mogul Goetze India eases
Federal-Mogul Goetze India shed 3.73%, to Rs 360, despite ABN Amro Bank acquiring an additional 2.53% stake, taking its holding in the company to 5.18%.The stock has been thinly traded on BSE with a volume of just 3,692 shares since morning.The scrip hit its near-term bottom of Rs 332.75 on 20 November 2006. Since then, it has appreciated to the current levels.
Federal-Mogul Goetze (India) is yet to come out with December 2006 quarter results. The company in its September quarter had reported a bottom line growth of 84.4% at Rs 12.32 crore over the corresponding previous year quarter. The sales for the same quarter stood at Rs 163.85 crore, up 19.1% over the year ago quarter.
Federal-Mogul Geotze (India) is involved in the manufacture of auto components like pistons, piston rings, sintered parts and cylinder liners covering a wide range of applications including two/three-wheelers, cars, SUVs, tractors, light commercial vehicles, heavy commercial vehicles, stationary engines and high output locomotive diesel engines. The company has its production facilities at Bangalore, Patiala and Bhiwadi.
In January 2007, Federal-Mogul Geotze (India) announced revising the size of its rights issue from the earlier announced Rs 100 crore to Rs 115 crore. Information on the company’s plans for utilization of these funds is not available.
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posted by SY at 3:39 PM
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