Sensex strikes new all-time high
The BSE Sensex advanced sharply from the day’s low of 14,479.58, as buying resumed for index pivotals, striking a fresh all-time high of 14,533.94. At 10:14 IST the BSE Sensex was up 13.01 points, at 14,528.91.
The total turnover on BSE amounted to Rs 1554 crore, boosted by three huge block deals of 23.14 lakh shares each in TCS, at an average Rs 1299.26 per share in opening trade. The counter was the top-traded on BSE with a turnover of Rs 902.80 crore. The stock was down marginally by 0.01% to Rs 1304.95.
The market-breadth was positive. For 1,338 shares advancing on BSE, 535 declined. Just 48 scrips remained unchanged.Among the 30-Sensex pack, 20 advanced while the rest declined.
Reliance Communications (RCL) was the top loser, down 4.10% to Rs 494, on a volume of 7.23 lakh shares. As per reports, the company is battling Britain's Vodafone Group and other domestic firms in its bid to buy rival Hutchison Essar. RCL raised $1 billion through a convertible bond issue.
Sintex Ind extends gain on cost-cutting measures
Sintex Industries gained 1% to Rs 222 on NSE, after the company said on Monday it expects annual savings of Rs 14.40 crore from a new 18.9-Megawatt captive power plant.
As many as 4,247 shares changed hands in the counter on NSE. The stock rose 5.3% on Monday to Rs 219.60 ahead of the announcement, which hit the market after trading hours.The scrip has moved between Rs 205 - Rs 234 since mid-December 2006.
The captive power plant set up for Rs 45 crore will serve both its plastics and textile division, the company said in a statement on Monday.Sintex Industries had recently chalked out a Rs 410-crore expansion plan, which was to be implemented over four years, starting with the current fiscal. The company had planned to invest Rs 180 crore and Rs 230 crore in the in textile and plastics division, respectively.
The expansion in the textile division will be funded through borrowings under the Technology Upgradation Fund (TUF) scheme, while the ramping up of the plastic division will be funded through internal accruals.
Sintex has significant presence in men's shirting globally through joint ventures in Italy and the UK. Its expansion from 21 million metres to 24 million metres is aimed at entering the high-end women's shirting segment.
Sintex Industries announced in May that it will buy 74% in Zeppelin Mobile System India (ZMSI) for an undisclosed sum. ZMSI is engaged in designing and commissioning shelters of international standards. ZMSI also designs and commissions sophisticated polyurethane foam-based shelters, and structures for the telecom sector, mobile-hospitals, refrigerated bodies and other multi-purpose shelters.
Sintex Industries posted a 25% increase in profit-after-tax at Rs 25.46 crore (Rs 20.36 crore) for the quarter ended 31 December 2006. Net sales during the same period rose 30.67% to Rs 274.75 crore (Rs 210.26 crore).
Punjab Tractors elated on buzz of Tatas in queue for Actis' stake
Punjab Tractors gained 3.4% to Rs 288.90, amid reports that several auto cos were interested in bidding for private equity firm Actis’ 29% stake in the firm.
According to the report, Tatas also were considering to buy the private equity firm's holding in the north-India based tractor unit.As many as 62,913 shares changed hands in the counter on BSE.
Actis had given financial services firm, Citi, the mandate to call bids from potential buyers for its stake in Punjab Tractors (PTL). Other players who have evinced interest for Actis' stake include Mahindra & Mahindra, TAFE and Sonalika Tractors, reports suggest
Reports about Actis looking to exit PTL have also been doing the rounds for a while now. Yet, after remaining in a range, it was only on Monday, 5 February 2007, when the Punjab Tractors scrip spurted. It surged 12.5% that day to Rs 279.15. The stock moved between Rs 220 - Rs 254 from 20 November 2006 to 2 February 2007.
Another large shareholder, the Burman family, which runs consumer products maker Dabur India, is also considering selling its 14% stake in Punjab Tractors.
However, one newspaper quoted a Tata Motors' official as saying, "There is no such proposal before the board, and we cannot comment on reports that are speculative."
Punjab Tractors also holds a 14% stake in commercial vehicles maker Swaraj Mazda. Actis had acquired its stake from the Punjab government in mid-2003.In 2003, Actis paid $60 million for 29% stake in Punjab Tractors during a divestment programme.
The Burman family and Actis, who jointly hold around 43% stake, acting in concert successfully ousted PTL CEO Yash Mahajan from the company. Mahajan had a frosty relationship with Actis. They were also successful in getting Burman nominee PD Narang appointed as Chairman.
PTL, which has a dominant presence in North India, also holds 14% stake in commercial vehicles maker Swaraj Mazda. Earlier this year, the tractor company had appointed consulting firm, Accenture, to review the firm's strategy and organisational structure.
PTL’s net profit (adjusted for extra-ordinary items) declined 0.5% in the December 2006 quarter to Rs 20.70 crore. Net sales during the same period rose 2.3% to Rs 263.40 crore over the year ago period.
JSW Steel climbs as CER project gets UN-body clearance
JSW Steel rose 3.02% to Rs 468.45, after the company got a go-head to utilise the waste gases to generate power for internal consumption.As many as 35,801 shares were traded on the BSE.The scrip has been bullish since mid-December 2006. From Rs 312.90 on 12 December 2006, it surged 45.33% amid some depreciation en-route to Rs 454.75 by 5 February 2007. Earlier, the scrip had slipped from Rs 344.55 on 27 October 2006 to Rs 312.90 by 12 December 2006.
At the current market price of Rs 468.45, JSW Steel trades at 5.89 times its April - December 2006 annualized EPS of Rs 79.40.
JSW Steel has received clearance for using its gaseous waste to generate power. The proposal was approved by an executive body of the Clean Development Mechanism, United Nations Framework Convention of Climate Change. With this clearance, the company will utilise the waste gases emitted by JSW Steel’s Karnataka plant (7,500 tonnes per day) for generating power, which will be consumed for running its own operations. The project thus contemplates reduction of emission from both the steel and power plants.
Thus, over a period of 10 years, the plant can potentially reduce carbon emissions to the tune of 7.67 million CERs. Each CER stands for 1 tonne equivalent of carbon dioxide reduced, which can be traded globally.
At the current market price of Euro 15.5 per CER, the company stands to gain Euro 109 million over a 10-year period as carbon credit earnings. The company is expected to save on an average 0.77 million CERs per annum, which can be sold in the open market.
The company is now awaiting verification procedure to be completed by the authorities to check if emissions are as per the project design document approved by the executive body.
Recently, JSW Steel had registered crude steel production at 2.58 lakh tones in January 2007, a growth of 25% over January 2006 production. The HR plate production (0.17 lakh tonnes) showed a growth of 144% and the HR coil production (2.33 lakh tonnes) jumped 20%.
The strong growth in production is attributed to capacity enhancement carried out by the company during FY 2006-07. The production in the pellet plant and galvanising facilities in January 2007 was lower compared to January 2006.
Further, JSW Steel is expanding the capacity of its Bellary plant in Karnataka to 10 million tonnes per annum by 2010 from 3.6 million tonnes at present. For this, the company has earmarked Rs 5,000 crore. The Karnataka government has agreed to allot 4,000 acres to the company for expansion of the project.
The JSW group, part of the US $ 4 billion O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diverse interests in mining, carbon steel, power, industrial gases and port facilities. The company primarily manufactures flat products such as H R coils, C R coils, galvanised products and auto grade / white goods grade CRCA steel.
Incorporated in 1994, JSW Steel has grown into a $ 1.6 billion company in little over a decade. The company has the largest galvanizing production capacity in the country, and is also the largest exporter of galvanized products with presence in over 74 countries across five continents.
The company has posted a net profit growth of 160% to Rs 362.15 crore in Q3 December 2006 compared with Rs 139.20 crore in Q3 December 2005. Net sales during the same period rose 51% to Rs 2301.50 crore from Rs 1522.45 crore in the year ago period.
The total turnover on BSE amounted to Rs 1554 crore, boosted by three huge block deals of 23.14 lakh shares each in TCS, at an average Rs 1299.26 per share in opening trade. The counter was the top-traded on BSE with a turnover of Rs 902.80 crore. The stock was down marginally by 0.01% to Rs 1304.95.
The market-breadth was positive. For 1,338 shares advancing on BSE, 535 declined. Just 48 scrips remained unchanged.Among the 30-Sensex pack, 20 advanced while the rest declined.
Reliance Communications (RCL) was the top loser, down 4.10% to Rs 494, on a volume of 7.23 lakh shares. As per reports, the company is battling Britain's Vodafone Group and other domestic firms in its bid to buy rival Hutchison Essar. RCL raised $1 billion through a convertible bond issue.
Sintex Ind extends gain on cost-cutting measures
Sintex Industries gained 1% to Rs 222 on NSE, after the company said on Monday it expects annual savings of Rs 14.40 crore from a new 18.9-Megawatt captive power plant.
As many as 4,247 shares changed hands in the counter on NSE. The stock rose 5.3% on Monday to Rs 219.60 ahead of the announcement, which hit the market after trading hours.The scrip has moved between Rs 205 - Rs 234 since mid-December 2006.
The captive power plant set up for Rs 45 crore will serve both its plastics and textile division, the company said in a statement on Monday.Sintex Industries had recently chalked out a Rs 410-crore expansion plan, which was to be implemented over four years, starting with the current fiscal. The company had planned to invest Rs 180 crore and Rs 230 crore in the in textile and plastics division, respectively.
The expansion in the textile division will be funded through borrowings under the Technology Upgradation Fund (TUF) scheme, while the ramping up of the plastic division will be funded through internal accruals.
Sintex has significant presence in men's shirting globally through joint ventures in Italy and the UK. Its expansion from 21 million metres to 24 million metres is aimed at entering the high-end women's shirting segment.
Sintex Industries announced in May that it will buy 74% in Zeppelin Mobile System India (ZMSI) for an undisclosed sum. ZMSI is engaged in designing and commissioning shelters of international standards. ZMSI also designs and commissions sophisticated polyurethane foam-based shelters, and structures for the telecom sector, mobile-hospitals, refrigerated bodies and other multi-purpose shelters.
Sintex Industries posted a 25% increase in profit-after-tax at Rs 25.46 crore (Rs 20.36 crore) for the quarter ended 31 December 2006. Net sales during the same period rose 30.67% to Rs 274.75 crore (Rs 210.26 crore).
Punjab Tractors elated on buzz of Tatas in queue for Actis' stake
Punjab Tractors gained 3.4% to Rs 288.90, amid reports that several auto cos were interested in bidding for private equity firm Actis’ 29% stake in the firm.
According to the report, Tatas also were considering to buy the private equity firm's holding in the north-India based tractor unit.As many as 62,913 shares changed hands in the counter on BSE.
Actis had given financial services firm, Citi, the mandate to call bids from potential buyers for its stake in Punjab Tractors (PTL). Other players who have evinced interest for Actis' stake include Mahindra & Mahindra, TAFE and Sonalika Tractors, reports suggest
Reports about Actis looking to exit PTL have also been doing the rounds for a while now. Yet, after remaining in a range, it was only on Monday, 5 February 2007, when the Punjab Tractors scrip spurted. It surged 12.5% that day to Rs 279.15. The stock moved between Rs 220 - Rs 254 from 20 November 2006 to 2 February 2007.
Another large shareholder, the Burman family, which runs consumer products maker Dabur India, is also considering selling its 14% stake in Punjab Tractors.
However, one newspaper quoted a Tata Motors' official as saying, "There is no such proposal before the board, and we cannot comment on reports that are speculative."
Punjab Tractors also holds a 14% stake in commercial vehicles maker Swaraj Mazda. Actis had acquired its stake from the Punjab government in mid-2003.In 2003, Actis paid $60 million for 29% stake in Punjab Tractors during a divestment programme.
The Burman family and Actis, who jointly hold around 43% stake, acting in concert successfully ousted PTL CEO Yash Mahajan from the company. Mahajan had a frosty relationship with Actis. They were also successful in getting Burman nominee PD Narang appointed as Chairman.
PTL, which has a dominant presence in North India, also holds 14% stake in commercial vehicles maker Swaraj Mazda. Earlier this year, the tractor company had appointed consulting firm, Accenture, to review the firm's strategy and organisational structure.
PTL’s net profit (adjusted for extra-ordinary items) declined 0.5% in the December 2006 quarter to Rs 20.70 crore. Net sales during the same period rose 2.3% to Rs 263.40 crore over the year ago period.
JSW Steel climbs as CER project gets UN-body clearance
JSW Steel rose 3.02% to Rs 468.45, after the company got a go-head to utilise the waste gases to generate power for internal consumption.As many as 35,801 shares were traded on the BSE.The scrip has been bullish since mid-December 2006. From Rs 312.90 on 12 December 2006, it surged 45.33% amid some depreciation en-route to Rs 454.75 by 5 February 2007. Earlier, the scrip had slipped from Rs 344.55 on 27 October 2006 to Rs 312.90 by 12 December 2006.
At the current market price of Rs 468.45, JSW Steel trades at 5.89 times its April - December 2006 annualized EPS of Rs 79.40.
JSW Steel has received clearance for using its gaseous waste to generate power. The proposal was approved by an executive body of the Clean Development Mechanism, United Nations Framework Convention of Climate Change. With this clearance, the company will utilise the waste gases emitted by JSW Steel’s Karnataka plant (7,500 tonnes per day) for generating power, which will be consumed for running its own operations. The project thus contemplates reduction of emission from both the steel and power plants.
Thus, over a period of 10 years, the plant can potentially reduce carbon emissions to the tune of 7.67 million CERs. Each CER stands for 1 tonne equivalent of carbon dioxide reduced, which can be traded globally.
At the current market price of Euro 15.5 per CER, the company stands to gain Euro 109 million over a 10-year period as carbon credit earnings. The company is expected to save on an average 0.77 million CERs per annum, which can be sold in the open market.
The company is now awaiting verification procedure to be completed by the authorities to check if emissions are as per the project design document approved by the executive body.
Recently, JSW Steel had registered crude steel production at 2.58 lakh tones in January 2007, a growth of 25% over January 2006 production. The HR plate production (0.17 lakh tonnes) showed a growth of 144% and the HR coil production (2.33 lakh tonnes) jumped 20%.
The strong growth in production is attributed to capacity enhancement carried out by the company during FY 2006-07. The production in the pellet plant and galvanising facilities in January 2007 was lower compared to January 2006.
Further, JSW Steel is expanding the capacity of its Bellary plant in Karnataka to 10 million tonnes per annum by 2010 from 3.6 million tonnes at present. For this, the company has earmarked Rs 5,000 crore. The Karnataka government has agreed to allot 4,000 acres to the company for expansion of the project.
The JSW group, part of the US $ 4 billion O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diverse interests in mining, carbon steel, power, industrial gases and port facilities. The company primarily manufactures flat products such as H R coils, C R coils, galvanised products and auto grade / white goods grade CRCA steel.
Incorporated in 1994, JSW Steel has grown into a $ 1.6 billion company in little over a decade. The company has the largest galvanizing production capacity in the country, and is also the largest exporter of galvanized products with presence in over 74 countries across five continents.
The company has posted a net profit growth of 160% to Rs 362.15 crore in Q3 December 2006 compared with Rs 139.20 crore in Q3 December 2005. Net sales during the same period rose 51% to Rs 2301.50 crore from Rs 1522.45 crore in the year ago period.
Labels: stock market news
posted by SY at 12:25 PM
0 Comments:
Post a Comment
<< Home