Sensex strikes all-time high on telecom pivotals
The market edged higher amid a bout of early volatility. Mobile service providers extended Friday’s surge, but metal shares suffered a setback. Metal producers are facing the after-effects of Friday's fall in base metal prices on the London Metal Exchange (LME).
At 10:22 IST the Sensex was up 48 points, at 14,451. It struck a high of 14,467.19 at 10:15 IST, surpassing an earlier all-time high of 14,462.77 struck on Friday (2 February 2007).
The market-breadth was strong. For 1,415 shares rising on BSE, 589 declined. Just 33 shares were unchanged. Gainers outpaced losers by a ratio of 2.4:1.The BSE clocked a turnover of Rs 683 crore.Bharti Airtel rose nearly 3% to Rs 793.50. The stock hit a life high of Rs 795.95. Reliance Communications (RCL) was up 2.3% to Rs 502. The scrip had cooled from a life high of Rs 503.90.
Metal stocks lose sheen
Metal shares suffered a setback in early trade, after base metal prices fell sharply on the London Metal Exchange on Friday.
Hindustan Zinc was down 5% to Rs 657.90, Sterlite Industries was down 5.5% to Rs 491 and Hindalco had shed 2.3% to Rs 178.80, in response to the fall in metal prices arising from fund-liquidation. Reports indicate that a hedge fund had suffered heavy losses.As many as 70,174 shares changed hands in Hindustan Zinc, 57,645 shares go transacted in Sterlite Industries and 43,630 shares were traded in Hindalco.
Benchmark copper for delivery in three months closed at $5,330, down 4.8% from Thursday's close of $5,600. In New York, copper futures closed at their cheapest levels in ten months. Rising LME copper stocks also dampened sentiment, with stocks up 127% over the last year and up nearly 5,000 tonnes this week. Copper is down more than 12% since the start of the year and around $3,000 below the peak hit in May 2006.
Zinc ended down at $3,085 versus $3,390 after falling 11.8% at one point, to $2,990 on Friday. Zinc prices have tumbled by more than 25% since the start of the year on worries about a looming surplus, China's reporting net exports of zinc in 2006 and a slowing demand in Europe and the United States.
Aluminum fell a relatively modest 1.2%, to $2,720, on Friday.
Hedge fund Red Kite, which posted strong gains in 2006, has suffered an approximately 20% loss in the first days of January, and is now trying to stall investors, who want to pull money out, The Wall Street Journal reported.
Back home, in January, the government cut import duty on non-ferrous metal from 7.5% to 5% in a bid to control inflation.
Copper and zinc makers reported a strong financial performance in the December 2006 quarter on the back of firm prices of these metals on a year-on-year basis. Hindustan Zinc’s net profit rose 305.8% in the Dec-06 quarter to Rs 1335 crore, on 171.3% growth in net sales to Rs 2480 crore.Hindalco’s net profit rose 91.5% in the Dec 2006 quarter to Rs 643.90 crore on 62.1% growth in net sales to Rs 4656.20 crore.
Kinetic Engg strengthens
Two-wheeler maker Kinetic Engineering rose 1.29% to Rs 153, on plans to issue 6 lakh convertible warrants at Rs 156 per warrant to Reliance Capital.The company will also issue 1 lakh shares at Rs 156 each to Ambit Corporate Finance.A total of 2,350 shares changed hands in the counter on BSE.
As per a report in December 2006, Kinetic group, in a bid to enhance shareholders’ value, will restructure operations of Kinetic Motor Company and Kinetic Engineering, its umbrella companies.
While Kinetic Motor will continue manufacturing mobikes, scooters and mopeds, Kinetic Engineering will exclusively focus on the emerging auto-components business, the report mentions. Currently, both companies are involved in both product lines. The paper also quotes sources close to the development saying, the companies may woo strategic investors on completion of restructuring.
As a precursor to the proposed restructuring, the group had announced transferring Kinetic Engineering’s moped assembly unit at Supa, Maharashtra, to Kinetic Motor Co. The proposal to transfer the Supa facility will be tabled before shareholders’ at a meeting to be held tomorrow.
Kinetic Engineering was incorporated as a private limited company in October 1970. It became a public limited company with effect from 1 October 1975.
In January 1972, Kinetic Engineering started producing the Luna brand of mopeds, designed and developed indigenously at its Chinchwad plant, near Pune.
In 1984, along with Honda Motor Company, Japan, the company promoted Kinetic Honda Motors to manufacture scooters based on the latest technology sourced from Honda Motor Company. In 1998, it raised its stake in Kinetic Honda Motor (KHML) to 70% as per an agreement signed with Honda Motor Co, thereby making it a subsidiary.
Kinetic Engineering introduced the 73-cc Pride in 1994. At present, it produces four models -- Luna, Spark, Safari and Pride. The company produces auto components commercially. During 1996-97, KEL launched a new version of Pride -- Pride Fx, K4-100 -- a four stroke step through motorcycle and a new look Safari which has been renamed as Safari - V2.
GAIL India advances on buzz of tie-up with ONGC
GAIL India rose 1.62% to Rs 294, as ONGC has reportedly decided to ink an agreement with it for jointly undertaking pipeline projects.
State-owned gas utility GAIL & ONGC have begun work on the draft of a memorandum of understanding (MoU) for the joint venture which will lay pipeline networks for gas from the latter's fields in the Krishna-Godavari and Mahanadi basins, off the Andhra and Orissa coasts respectively. ONGC and GAIL, as the reports add, have agreed on a 50:50 joint venture to execute these projects.
The MoU will be formalised shortly after being vetted by the board of both companies. The MoU envisages an investment of Rs 3,000 crore through a special purpose vehicle (SPV) for laying the pipeline from Kakinada in Andhra Pradesh to Haldia in West Bengal.
GAIL had initially sought exclusive marketing rights it has in fields that were given to ONGC before the government began auctioning acreages. The tie-up is in line with the emerging trend where entities, which have gas, are joining forces with firms having marketing network, or expertise.
GAIL clocked 25,307 shares on BSE. The stock had also surged to a high of Rs 294.80 in early-trade.The stock witnessed a steady rally in the past few months. From Rs 245.15 on 13 December 2006, it surged to Rs 289.30 by 2 February 2007, on sustained buying.
GAIL India registered 3.50% growth in Q2 September 2006 net profit to Rs 665.46 crore, compared to Rs 643.15 crore in Q2 September 2005. Net turnover during the same period under consideration rose 14.90%, to Rs 5106.22 crore from Rs 4445.50 crore.
LPG subsidy during the quarter increased by over 53% to Rs 315 crore compared with Rs 206 crore in the corresponding previous quarter.
Gail India is India’s largest natural gas transmission company. It operates seven plants to process natural gas into LPG apart from its presence in petrochemicals, oil and gas exploration.
At 10:22 IST the Sensex was up 48 points, at 14,451. It struck a high of 14,467.19 at 10:15 IST, surpassing an earlier all-time high of 14,462.77 struck on Friday (2 February 2007).
The market-breadth was strong. For 1,415 shares rising on BSE, 589 declined. Just 33 shares were unchanged. Gainers outpaced losers by a ratio of 2.4:1.The BSE clocked a turnover of Rs 683 crore.Bharti Airtel rose nearly 3% to Rs 793.50. The stock hit a life high of Rs 795.95. Reliance Communications (RCL) was up 2.3% to Rs 502. The scrip had cooled from a life high of Rs 503.90.
Metal stocks lose sheen
Metal shares suffered a setback in early trade, after base metal prices fell sharply on the London Metal Exchange on Friday.
Hindustan Zinc was down 5% to Rs 657.90, Sterlite Industries was down 5.5% to Rs 491 and Hindalco had shed 2.3% to Rs 178.80, in response to the fall in metal prices arising from fund-liquidation. Reports indicate that a hedge fund had suffered heavy losses.As many as 70,174 shares changed hands in Hindustan Zinc, 57,645 shares go transacted in Sterlite Industries and 43,630 shares were traded in Hindalco.
Benchmark copper for delivery in three months closed at $5,330, down 4.8% from Thursday's close of $5,600. In New York, copper futures closed at their cheapest levels in ten months. Rising LME copper stocks also dampened sentiment, with stocks up 127% over the last year and up nearly 5,000 tonnes this week. Copper is down more than 12% since the start of the year and around $3,000 below the peak hit in May 2006.
Zinc ended down at $3,085 versus $3,390 after falling 11.8% at one point, to $2,990 on Friday. Zinc prices have tumbled by more than 25% since the start of the year on worries about a looming surplus, China's reporting net exports of zinc in 2006 and a slowing demand in Europe and the United States.
Aluminum fell a relatively modest 1.2%, to $2,720, on Friday.
Hedge fund Red Kite, which posted strong gains in 2006, has suffered an approximately 20% loss in the first days of January, and is now trying to stall investors, who want to pull money out, The Wall Street Journal reported.
Back home, in January, the government cut import duty on non-ferrous metal from 7.5% to 5% in a bid to control inflation.
Copper and zinc makers reported a strong financial performance in the December 2006 quarter on the back of firm prices of these metals on a year-on-year basis. Hindustan Zinc’s net profit rose 305.8% in the Dec-06 quarter to Rs 1335 crore, on 171.3% growth in net sales to Rs 2480 crore.Hindalco’s net profit rose 91.5% in the Dec 2006 quarter to Rs 643.90 crore on 62.1% growth in net sales to Rs 4656.20 crore.
Kinetic Engg strengthens
Two-wheeler maker Kinetic Engineering rose 1.29% to Rs 153, on plans to issue 6 lakh convertible warrants at Rs 156 per warrant to Reliance Capital.The company will also issue 1 lakh shares at Rs 156 each to Ambit Corporate Finance.A total of 2,350 shares changed hands in the counter on BSE.
As per a report in December 2006, Kinetic group, in a bid to enhance shareholders’ value, will restructure operations of Kinetic Motor Company and Kinetic Engineering, its umbrella companies.
While Kinetic Motor will continue manufacturing mobikes, scooters and mopeds, Kinetic Engineering will exclusively focus on the emerging auto-components business, the report mentions. Currently, both companies are involved in both product lines. The paper also quotes sources close to the development saying, the companies may woo strategic investors on completion of restructuring.
As a precursor to the proposed restructuring, the group had announced transferring Kinetic Engineering’s moped assembly unit at Supa, Maharashtra, to Kinetic Motor Co. The proposal to transfer the Supa facility will be tabled before shareholders’ at a meeting to be held tomorrow.
Kinetic Engineering was incorporated as a private limited company in October 1970. It became a public limited company with effect from 1 October 1975.
In January 1972, Kinetic Engineering started producing the Luna brand of mopeds, designed and developed indigenously at its Chinchwad plant, near Pune.
In 1984, along with Honda Motor Company, Japan, the company promoted Kinetic Honda Motors to manufacture scooters based on the latest technology sourced from Honda Motor Company. In 1998, it raised its stake in Kinetic Honda Motor (KHML) to 70% as per an agreement signed with Honda Motor Co, thereby making it a subsidiary.
Kinetic Engineering introduced the 73-cc Pride in 1994. At present, it produces four models -- Luna, Spark, Safari and Pride. The company produces auto components commercially. During 1996-97, KEL launched a new version of Pride -- Pride Fx, K4-100 -- a four stroke step through motorcycle and a new look Safari which has been renamed as Safari - V2.
GAIL India advances on buzz of tie-up with ONGC
GAIL India rose 1.62% to Rs 294, as ONGC has reportedly decided to ink an agreement with it for jointly undertaking pipeline projects.
State-owned gas utility GAIL & ONGC have begun work on the draft of a memorandum of understanding (MoU) for the joint venture which will lay pipeline networks for gas from the latter's fields in the Krishna-Godavari and Mahanadi basins, off the Andhra and Orissa coasts respectively. ONGC and GAIL, as the reports add, have agreed on a 50:50 joint venture to execute these projects.
The MoU will be formalised shortly after being vetted by the board of both companies. The MoU envisages an investment of Rs 3,000 crore through a special purpose vehicle (SPV) for laying the pipeline from Kakinada in Andhra Pradesh to Haldia in West Bengal.
GAIL had initially sought exclusive marketing rights it has in fields that were given to ONGC before the government began auctioning acreages. The tie-up is in line with the emerging trend where entities, which have gas, are joining forces with firms having marketing network, or expertise.
GAIL clocked 25,307 shares on BSE. The stock had also surged to a high of Rs 294.80 in early-trade.The stock witnessed a steady rally in the past few months. From Rs 245.15 on 13 December 2006, it surged to Rs 289.30 by 2 February 2007, on sustained buying.
GAIL India registered 3.50% growth in Q2 September 2006 net profit to Rs 665.46 crore, compared to Rs 643.15 crore in Q2 September 2005. Net turnover during the same period under consideration rose 14.90%, to Rs 5106.22 crore from Rs 4445.50 crore.
LPG subsidy during the quarter increased by over 53% to Rs 315 crore compared with Rs 206 crore in the corresponding previous quarter.
Gail India is India’s largest natural gas transmission company. It operates seven plants to process natural gas into LPG apart from its presence in petrochemicals, oil and gas exploration.
posted by SY at 1:38 PM
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