Sensex pares gains; cement shares at receiving end
The market pared gains in morning trade. While cement shares edged lower, heavyweight Reliance Industries (RIL) held firm. Telecom shares were in demand.
Although the market-breadth was positive, it had weakened as compared to that in early trade. Against 1,137 shares rising on BSE, 1,111 declined. A total of 80 shares were unchanged.
At 11:29 IST the Sensex was up 39 points, at 14,227. It had surged as many as 98.54 points in early trade, to 14,287.03 by 10:03 IST. The surge was due to firm Asian markets, and data showing increase in buying by FIIs.The BSE clocked a turnover of Rs 1210 crore.
Cement shares drifted lower. Grasim shed 1.4% to Rs 2510, ACC lost 1.2% to Rs 995, and Gujarat Ambuja Cements shed 1.1% to Rs 129.60. Cement scrip have turned bearish as the government is keeping a watch on rise in cement prices. In late-January 2007, the central government abolished 12.5% import duty on cement in a bid to rein in domestic cement prices.
House of Pearl Fashions firms up for a change
Battered House of Pearl Fashions gained 1.15% to Rs 421, after it acquired a warehouse in the United Kingdom for 2.4 million pounds.
House of Pearl Fashion (HOPF) has acquired a warehouse facility measuring 43,000 sq ft in Milton Keynes, United Kingdom. With this buy, the total storage capacity of the company will be over 90,000 sq. ft.
The acquisition was funded through internal accruals and debt. Post acquisition, the present garment handling capacity will enhance from 2 million pieces per month to 3 million pieces.
As many as 1.87 lakh shares changed hands in the HOPF counter on BSE. The stock has so far faced rough weather since listing on the bourses. From Rs 469.40 on 15 February 2007, the stock slipped to Rs 441 by 20 February 2007. The issue was priced aggressively, and concerns of high valuation have led to heavy selling.
The stock debuted on BSE at Rs 500, a discount of 10% to the issue price on 15 February 2007. HOPF had come out with an IPO in the price band of Rs 525 - Rs 600.
House of Pearl Fashions received a decent response from investors, FIIs and HNIs being major subscribers. The issue was oversubscribed 3.91 times, as per the NSE website. Against 59.84 lakh shares on offer, bids were received for 2.33 crore shares of which 35.26 lakh bids were at the cut-off price.
Segmentwise, the qualified institutional buyers (QIB) portion was subscribed 6.34 times, non-institutional investors' category was subscribed 1.14 times, the retail investors segment 1.81 times and the employee category 0.93 times, a total oversubscription of 3.91 times. JM Morgan Stanley was the sole book running lead manager for the issue.
The main objective of the issue was to increase capacity from 20 million apparel pieces per annum to 40 million pieces per annum. The expansion is expected to be completed by 2010.
HOPF also plans to foray into retail by opening 10 pilot stores in India next year.
Promoted by the Seth family, House of Pearl Fashions (HOPF) is a ready-to-wear apparel company operating in three distinct business streams: manufacturing, marketing and distribution, and sourcing of garments. HOPF has 10 ready-to-wear apparel manufacturing facilities; six of them are in north India, one in south India, two in Bangladesh, and one in Indonesia.
The portfolio of HOPF’s products comprises knits, woven sweaters and bottoms in basic as well as complex designs. The company has marketing and distribution offices in the UK, the US and Hong Kong to oversee marketing and merchandising teams across Canada, Europe, Hong Kong, the UK and the US. It also owns warehousing and processing units in the UK and the US.
HOPF has a sourcing business in Hong Kong with offices in China, Bangladesh and India. Besides design and product development teams in the UK, the US, India and Hong Kong, the company has fabric development centers in China and India.
The five distribution companies of HOPF in the US, the UK, Canada, Hong Kong and Spain get orders from these markets. Apart from its manufacturing facilities, over 150 third-party manufacturing units in China, Bangladesh and India also execute the orders. This constitutes around 70% to the company’s revenue. The company’s brands in the US, DCC as well as Kool Hearts, constitute around 8% of the revenue.
Panoramic Universal rebounds on acquisition
Software firm Panoramic Universal rose 3.45% to Rs 170.85, after its board approved the acquisition of Vatsa Hotels for Rs 16 crore.A total of 32,678 shares were traded on the BSE.
The scrip, after a rally from late-June 2006 to early-February 2007, has dropped sharply. From Rs 45 on 24 July 2006, it climbed to Rs 206.55 by 7 February 2007, only to fall sharply to Rs 165.15 by 20 February 2007.
At the current market price of Rs 170.85, Panoramic Universal trades at 16.28 times its Q3 December 2006 annualized EPS of Rs 10.49.
Panoramic Universal’s board has approved the acquisition of Vatsa Hotels and Ambitious Infrastructure. The takeover cost the company Rs 16 crore. Post-acquisition, both companies will become wholly owned subsidiaries of the company.
Panoramic Universal’s board, in January 2007, approved the acquisition of 100% shareholding in one of the group companies, Enya Technologies, for setting up various projects for expansion.
The Mumbai-based Panoramic Universal has lined up investments to enhance its hospitality business, and also plans to enter the realty sector also.
Over the next three years, Panoramic Universal is looking at realty projects totaling roughly Rs 1,000 crore. The proposed projects will be funded by FCCBs, private equity, strategic partnerships, QIPs and debt instruments.
Formerly known as IT Microsystems (India), Panoramic Universal was traditionally into the business of software. It has lately embarked on a new vision in the field of hospitality. For that purpose, Panoramic Universal had purchased land worth Rs 200 crore for residential and commercial complexes across Maharashtra, Uttaranchal, Chandigarh and West Bengal.
Panoramic Universal already owns and operates five hotels in US, one in New Zealand and three in India. It has lined up two five-star hotels - one each in Pune and Goa.
Besides real estate and hospitality, Panoramic Universal is looking at acquisition of a travel agency to become an end-to-end player in the travel & tourism industry. This division will also market other hotel properties. The travel agency will focus on holiday packages and MICE segment for long-term business and healthy margins.
The US-based wholly-owned offshore subsidiary of Panoramic Universal is planning to acquire a travel agency in the US too.
Panoramic Universal has posted a net profit growth of 36.40% to Rs 2.85 crore (Rs 2.09 crore) in Q3 December 2006. Net sales for the same quarter rose 33% to Rs 6.97 crore from Rs 5.24 crore.
SKF India jumps on healthy scorecard
Bearings maker SKF India advanced 3.50% to Rs 321, on reporting a healthy set of results for Q4 and fiscal ended December 2006.As many as 58,536 shares were traded in the counter on BSE. The results hit the market a couple of minutes before the close of trading on 21 February 2006.
The SKF India scrip rallied before the results. From a recent low of Rs 280.95 on 14 February 2007, it rose to Rs 311.30 by 21 February 2007. Earlier, the stock fell from Rs 293.15 on 2 February 2007 to Rs 280.95 by 14 February 2007.
SKF India posted a net profit growth of 209.56% to Rs 31.73 crore in Q4 December 2006 compared with a net profit of Rs 10.25 crore in Q4 December 2005. Total income for the quarter rose from Rs 256.47 crore to Rs 381.66 crore in the year ago quarter.
For the financial year ended December 2006, SKF India registered 59.13% rise in net profit to Rs 101.96 crore compared with Rs 64.07 crore in FY-2005. Total income increased to Rs 1350.83 crore from Rs 816.01 crore in the previous fiscal.
SKF India's board also has plans to set up a new plant in Uttarkhand (Uttaranchal) to manufacture bearings.
Headquartered in Gothenburg, Sweden, SKF Group is the world’s leading technology & solutions provider of bearings, seals, related products, systems and services to the automotive, electrical and industrial sectors. The group's services also include integrated mechanical and engineering services, preventive and predictive maintenance, condition monitoring as well as training.
SKF's business is organized into three divisions: industrial, automotive and service. Each division serves a global market, focusing on its specific customer segments. The group employs approximately 40,000 people worldwide, has annual sales of over $ 6 billion, and sells its products in more than 140 countries.
In India, the SKF Group began trading operations in Kolkata in 1923, and since then the operations have been consolidated into SKF India. The foreign promoters hold 53% stake in the company.
SKF also has an associate company, SKF Sealing Solutions, providing sealing solutions. The company has its business units in Mumbai, Bangalore, Gurgaon, Chennai, Kolkata and Pune. There are two manufacturing plants located in Pune and Mumbai.
Although the market-breadth was positive, it had weakened as compared to that in early trade. Against 1,137 shares rising on BSE, 1,111 declined. A total of 80 shares were unchanged.
At 11:29 IST the Sensex was up 39 points, at 14,227. It had surged as many as 98.54 points in early trade, to 14,287.03 by 10:03 IST. The surge was due to firm Asian markets, and data showing increase in buying by FIIs.The BSE clocked a turnover of Rs 1210 crore.
Cement shares drifted lower. Grasim shed 1.4% to Rs 2510, ACC lost 1.2% to Rs 995, and Gujarat Ambuja Cements shed 1.1% to Rs 129.60. Cement scrip have turned bearish as the government is keeping a watch on rise in cement prices. In late-January 2007, the central government abolished 12.5% import duty on cement in a bid to rein in domestic cement prices.
House of Pearl Fashions firms up for a change
Battered House of Pearl Fashions gained 1.15% to Rs 421, after it acquired a warehouse in the United Kingdom for 2.4 million pounds.
House of Pearl Fashion (HOPF) has acquired a warehouse facility measuring 43,000 sq ft in Milton Keynes, United Kingdom. With this buy, the total storage capacity of the company will be over 90,000 sq. ft.
The acquisition was funded through internal accruals and debt. Post acquisition, the present garment handling capacity will enhance from 2 million pieces per month to 3 million pieces.
As many as 1.87 lakh shares changed hands in the HOPF counter on BSE. The stock has so far faced rough weather since listing on the bourses. From Rs 469.40 on 15 February 2007, the stock slipped to Rs 441 by 20 February 2007. The issue was priced aggressively, and concerns of high valuation have led to heavy selling.
The stock debuted on BSE at Rs 500, a discount of 10% to the issue price on 15 February 2007. HOPF had come out with an IPO in the price band of Rs 525 - Rs 600.
House of Pearl Fashions received a decent response from investors, FIIs and HNIs being major subscribers. The issue was oversubscribed 3.91 times, as per the NSE website. Against 59.84 lakh shares on offer, bids were received for 2.33 crore shares of which 35.26 lakh bids were at the cut-off price.
Segmentwise, the qualified institutional buyers (QIB) portion was subscribed 6.34 times, non-institutional investors' category was subscribed 1.14 times, the retail investors segment 1.81 times and the employee category 0.93 times, a total oversubscription of 3.91 times. JM Morgan Stanley was the sole book running lead manager for the issue.
The main objective of the issue was to increase capacity from 20 million apparel pieces per annum to 40 million pieces per annum. The expansion is expected to be completed by 2010.
HOPF also plans to foray into retail by opening 10 pilot stores in India next year.
Promoted by the Seth family, House of Pearl Fashions (HOPF) is a ready-to-wear apparel company operating in three distinct business streams: manufacturing, marketing and distribution, and sourcing of garments. HOPF has 10 ready-to-wear apparel manufacturing facilities; six of them are in north India, one in south India, two in Bangladesh, and one in Indonesia.
The portfolio of HOPF’s products comprises knits, woven sweaters and bottoms in basic as well as complex designs. The company has marketing and distribution offices in the UK, the US and Hong Kong to oversee marketing and merchandising teams across Canada, Europe, Hong Kong, the UK and the US. It also owns warehousing and processing units in the UK and the US.
HOPF has a sourcing business in Hong Kong with offices in China, Bangladesh and India. Besides design and product development teams in the UK, the US, India and Hong Kong, the company has fabric development centers in China and India.
The five distribution companies of HOPF in the US, the UK, Canada, Hong Kong and Spain get orders from these markets. Apart from its manufacturing facilities, over 150 third-party manufacturing units in China, Bangladesh and India also execute the orders. This constitutes around 70% to the company’s revenue. The company’s brands in the US, DCC as well as Kool Hearts, constitute around 8% of the revenue.
Panoramic Universal rebounds on acquisition
Software firm Panoramic Universal rose 3.45% to Rs 170.85, after its board approved the acquisition of Vatsa Hotels for Rs 16 crore.A total of 32,678 shares were traded on the BSE.
The scrip, after a rally from late-June 2006 to early-February 2007, has dropped sharply. From Rs 45 on 24 July 2006, it climbed to Rs 206.55 by 7 February 2007, only to fall sharply to Rs 165.15 by 20 February 2007.
At the current market price of Rs 170.85, Panoramic Universal trades at 16.28 times its Q3 December 2006 annualized EPS of Rs 10.49.
Panoramic Universal’s board has approved the acquisition of Vatsa Hotels and Ambitious Infrastructure. The takeover cost the company Rs 16 crore. Post-acquisition, both companies will become wholly owned subsidiaries of the company.
Panoramic Universal’s board, in January 2007, approved the acquisition of 100% shareholding in one of the group companies, Enya Technologies, for setting up various projects for expansion.
The Mumbai-based Panoramic Universal has lined up investments to enhance its hospitality business, and also plans to enter the realty sector also.
Over the next three years, Panoramic Universal is looking at realty projects totaling roughly Rs 1,000 crore. The proposed projects will be funded by FCCBs, private equity, strategic partnerships, QIPs and debt instruments.
Formerly known as IT Microsystems (India), Panoramic Universal was traditionally into the business of software. It has lately embarked on a new vision in the field of hospitality. For that purpose, Panoramic Universal had purchased land worth Rs 200 crore for residential and commercial complexes across Maharashtra, Uttaranchal, Chandigarh and West Bengal.
Panoramic Universal already owns and operates five hotels in US, one in New Zealand and three in India. It has lined up two five-star hotels - one each in Pune and Goa.
Besides real estate and hospitality, Panoramic Universal is looking at acquisition of a travel agency to become an end-to-end player in the travel & tourism industry. This division will also market other hotel properties. The travel agency will focus on holiday packages and MICE segment for long-term business and healthy margins.
The US-based wholly-owned offshore subsidiary of Panoramic Universal is planning to acquire a travel agency in the US too.
Panoramic Universal has posted a net profit growth of 36.40% to Rs 2.85 crore (Rs 2.09 crore) in Q3 December 2006. Net sales for the same quarter rose 33% to Rs 6.97 crore from Rs 5.24 crore.
SKF India jumps on healthy scorecard
Bearings maker SKF India advanced 3.50% to Rs 321, on reporting a healthy set of results for Q4 and fiscal ended December 2006.As many as 58,536 shares were traded in the counter on BSE. The results hit the market a couple of minutes before the close of trading on 21 February 2006.
The SKF India scrip rallied before the results. From a recent low of Rs 280.95 on 14 February 2007, it rose to Rs 311.30 by 21 February 2007. Earlier, the stock fell from Rs 293.15 on 2 February 2007 to Rs 280.95 by 14 February 2007.
SKF India posted a net profit growth of 209.56% to Rs 31.73 crore in Q4 December 2006 compared with a net profit of Rs 10.25 crore in Q4 December 2005. Total income for the quarter rose from Rs 256.47 crore to Rs 381.66 crore in the year ago quarter.
For the financial year ended December 2006, SKF India registered 59.13% rise in net profit to Rs 101.96 crore compared with Rs 64.07 crore in FY-2005. Total income increased to Rs 1350.83 crore from Rs 816.01 crore in the previous fiscal.
SKF India's board also has plans to set up a new plant in Uttarkhand (Uttaranchal) to manufacture bearings.
Headquartered in Gothenburg, Sweden, SKF Group is the world’s leading technology & solutions provider of bearings, seals, related products, systems and services to the automotive, electrical and industrial sectors. The group's services also include integrated mechanical and engineering services, preventive and predictive maintenance, condition monitoring as well as training.
SKF's business is organized into three divisions: industrial, automotive and service. Each division serves a global market, focusing on its specific customer segments. The group employs approximately 40,000 people worldwide, has annual sales of over $ 6 billion, and sells its products in more than 140 countries.
In India, the SKF Group began trading operations in Kolkata in 1923, and since then the operations have been consolidated into SKF India. The foreign promoters hold 53% stake in the company.
SKF also has an associate company, SKF Sealing Solutions, providing sealing solutions. The company has its business units in Mumbai, Bangalore, Gurgaon, Chennai, Kolkata and Pune. There are two manufacturing plants located in Pune and Mumbai.
Labels: House of Pearl Fashions, Panoramic Universal, SKF India
posted by SY at 11:55 AM
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