Sensex trades nearly flat as constituents diverge
The Sensex moved between positive and negative zone amid a mixed trend in its various constituents. Battered cement shares edged higher, and so did banking shares. But two index heavyweights, Reliance Industries and Infosys, had edged lower.
The market-breadth was almost even. Against 1,078 shares rising on BSE, 1,063 declined. Just 62 shares were unchanged.At 11:21 IST the Sensex was almost unchanged, at 13,631.79, compared to Friday’s closing of 13,632.53.
The Sensex has moved 85 points, between 13,585 and 13,670, since 10:30 IST. Earlier, the market had swung wildly when the Sensex had slipped into the red after a firm opening, only to come off the lower level.
Railway Minister Lalu Prasad Yadav unveils the Railway Budget today. Market speculates that the government may cut some passenger and freight fares to combat inflation. In the previous Railway Budget (2006-07), passenger and freight rates were left broadly unchanged.
Balrampur Chini surges despite Citicorp cutting stake
Balrampur Chini Mills rose 3.99% to Rs 58.80, despite Citicorp International Finance Corporation reducing stake in the company from 6.89% to 4.83%.Citicorp International Finance Corporation sold off 5.1 million shares of Balrampur Chini Mills.As many as 4.19 lakh shares were traded in the counter on BSE.The Balrampur Chini Mills scrip has fallen steadily since mid-May 2006. From Rs 187.50 on 8 May 2006, it dropped progressively to Rs 56.45 by 23 February 2007.
At the current market price of Rs 58.80, Balrampur Chini trades at 19.02 times its Q1 December 2006 annualized EPS of Rs 3.09.
Balrampur Chini Mills, is planning to merge group company, Indo Gulf Industries, with itself in the coming years. The company had been acquired through an open offer in August 2006. The sugar producer is expected to acquire another 6.33% of the equity share capital in Indo Gulf Industries.
As per reports in January 2007, Balrampur Chini is planning to build two green-field complexes. Each unit is expected to have a cane crushing capacity of 8,000 tcd. The company also proposes to double its borrowing limit to Rs 2,000 crore in view of its expansion and diversification plans. It plans to secure advances up to Rs 600 crore from the State Bank of India (SBI).
In January 2007, Balrampur Chini Mills had hiked the investment limit for FIIs in the company's equity share capital from 40% to 60%.
Balrampur Chini Mills is a UP-based, integrated sugar-maker and is among the largest players in the sugar industry. Its other activities include distillery, co-generation of power and bio-composite. In June 2006, the company had set up two integrated greenfield sugar complexes, one at Kumbhi and the other at Gularia in UP. Both have a cane crushing capacity of 8,000 TCD each.
Recently, Balrampur Chini Mills raised around $ 50 million through the issue of Global Depository Receipts (GDRs).Balrampur Chini Mills has posted a net profit of Rs 19.18 crore in Q1 December 2006 on net sales of Rs 39.89 crore.
Bajaj Auto Finance advances as RBI permits FII-buying
Bajaj Auto Finance advanced 2.03% to Rs 428.90, after the central bank allowed FIIs to buy shares up to 30% of the equity capital of the company.Currently, FII-holding in the company has fallen to 27%. Promoters hold 47% and the public 21% stake as of December 2006.
The Bajaj Auto Finance counter clocked merely 1,091 shares on the BSE. Calculated on a daily basis, the scrip's average weekly volume on BSE, is 34,807 shares.
The Bajaj Auto Finance scrip has rallied in the past few weeks on reports that Bajaj Auto, the flagship company of the Bajaj Group, had decided to put plans for spinning off the cash and investment assets division to the company on fast track. The report also said Bajaj Auto may consider merging these assets, which also includes the insurance business, with Bajaj Auto Finance. From Rs 363.80 on 2 February, the stock gained 15.54% to Rs 420.35 by 23 February 2007.
Bajaj Auto Finance, a Bajaj group non banking financial corporation (NBFC), is largely into retail lending. Apart from finance for two-wheelers and consumer durables, the company also finances personal computers and personal loans.
Bajaj Auto Finance reported a net profit of Rs 16.86 crore for Q3 December 2006, compared to a net loss of Rs 11.81 crore for Q3 December 2005. Total income for the quarter ended December 2006 jumped 77.60% to Rs 126.76 crore (Rs 71.37 crore).
Bajaj Auto Finance approved an issue of six rights shares for every 10 held in the company. The proceeds will be used for expansion and retirement of high-cost debt. The company's board has also approved an issue of 5.25 million debentures and warrants, convertible at Rs 500 per share.
Hindustan Zinc jumps on spiking prices of product metals
Hindustan Zinc was up 4.83% at Rs 649.50, after the company raised prices by 4.2% to Rs 170,600 a tonne and lead prices by 1.5% to Rs 94,500 a tonne.As many as 1.36 lakh shares were traded in the counter on BSE.
The Hindustan Zinc scrip has been declining since early-December 2006. From a recent high of Rs 969.45 on 4 December 2006, it has slipped to Rs 619.50 by 23 February 2007.At the current market price of Rs 649.50, Hindustan Zinc trades at 5.14 times its Q3 December 2006 annualized EPS of Rs 126.24.
Supply of zinc and other metals has risen following record prices last year. Zinifex, the world's second- largest zinc producer, said late in January 2007 that raw material used in producing zinc was available more than a year ago.
China, the biggest producer and user of zinc, was a net exporter of the refined metal in 2006, for the first time in three years.In January 2007, the Indian Government cut import duty on non-ferrous metals from 7.5 to 5%, to control inflation.
Hindustan Zinc was a PSU until dis-investment. In March 2002, Sterlite Industries (India) acquired 26% stake in the company for Rs 445 crore. The Sterlite group owns 64.93% stake in Hindustan Zinc (as of December 2006).
The Indian zinc maker reported a strong financial performance in the December 2006 quarter on the back of firm prices of metals. Hindustan Zinc’s net profit rose 305.8% in the December 2006 quarter to Rs 1335 crore, on 171.3% growth in net sales to Rs 2480 crore.
The market-breadth was almost even. Against 1,078 shares rising on BSE, 1,063 declined. Just 62 shares were unchanged.At 11:21 IST the Sensex was almost unchanged, at 13,631.79, compared to Friday’s closing of 13,632.53.
The Sensex has moved 85 points, between 13,585 and 13,670, since 10:30 IST. Earlier, the market had swung wildly when the Sensex had slipped into the red after a firm opening, only to come off the lower level.
Railway Minister Lalu Prasad Yadav unveils the Railway Budget today. Market speculates that the government may cut some passenger and freight fares to combat inflation. In the previous Railway Budget (2006-07), passenger and freight rates were left broadly unchanged.
Balrampur Chini surges despite Citicorp cutting stake
Balrampur Chini Mills rose 3.99% to Rs 58.80, despite Citicorp International Finance Corporation reducing stake in the company from 6.89% to 4.83%.Citicorp International Finance Corporation sold off 5.1 million shares of Balrampur Chini Mills.As many as 4.19 lakh shares were traded in the counter on BSE.The Balrampur Chini Mills scrip has fallen steadily since mid-May 2006. From Rs 187.50 on 8 May 2006, it dropped progressively to Rs 56.45 by 23 February 2007.
At the current market price of Rs 58.80, Balrampur Chini trades at 19.02 times its Q1 December 2006 annualized EPS of Rs 3.09.
Balrampur Chini Mills, is planning to merge group company, Indo Gulf Industries, with itself in the coming years. The company had been acquired through an open offer in August 2006. The sugar producer is expected to acquire another 6.33% of the equity share capital in Indo Gulf Industries.
As per reports in January 2007, Balrampur Chini is planning to build two green-field complexes. Each unit is expected to have a cane crushing capacity of 8,000 tcd. The company also proposes to double its borrowing limit to Rs 2,000 crore in view of its expansion and diversification plans. It plans to secure advances up to Rs 600 crore from the State Bank of India (SBI).
In January 2007, Balrampur Chini Mills had hiked the investment limit for FIIs in the company's equity share capital from 40% to 60%.
Balrampur Chini Mills is a UP-based, integrated sugar-maker and is among the largest players in the sugar industry. Its other activities include distillery, co-generation of power and bio-composite. In June 2006, the company had set up two integrated greenfield sugar complexes, one at Kumbhi and the other at Gularia in UP. Both have a cane crushing capacity of 8,000 TCD each.
Recently, Balrampur Chini Mills raised around $ 50 million through the issue of Global Depository Receipts (GDRs).Balrampur Chini Mills has posted a net profit of Rs 19.18 crore in Q1 December 2006 on net sales of Rs 39.89 crore.
Bajaj Auto Finance advances as RBI permits FII-buying
Bajaj Auto Finance advanced 2.03% to Rs 428.90, after the central bank allowed FIIs to buy shares up to 30% of the equity capital of the company.Currently, FII-holding in the company has fallen to 27%. Promoters hold 47% and the public 21% stake as of December 2006.
The Bajaj Auto Finance counter clocked merely 1,091 shares on the BSE. Calculated on a daily basis, the scrip's average weekly volume on BSE, is 34,807 shares.
The Bajaj Auto Finance scrip has rallied in the past few weeks on reports that Bajaj Auto, the flagship company of the Bajaj Group, had decided to put plans for spinning off the cash and investment assets division to the company on fast track. The report also said Bajaj Auto may consider merging these assets, which also includes the insurance business, with Bajaj Auto Finance. From Rs 363.80 on 2 February, the stock gained 15.54% to Rs 420.35 by 23 February 2007.
Bajaj Auto Finance, a Bajaj group non banking financial corporation (NBFC), is largely into retail lending. Apart from finance for two-wheelers and consumer durables, the company also finances personal computers and personal loans.
Bajaj Auto Finance reported a net profit of Rs 16.86 crore for Q3 December 2006, compared to a net loss of Rs 11.81 crore for Q3 December 2005. Total income for the quarter ended December 2006 jumped 77.60% to Rs 126.76 crore (Rs 71.37 crore).
Bajaj Auto Finance approved an issue of six rights shares for every 10 held in the company. The proceeds will be used for expansion and retirement of high-cost debt. The company's board has also approved an issue of 5.25 million debentures and warrants, convertible at Rs 500 per share.
Hindustan Zinc jumps on spiking prices of product metals
Hindustan Zinc was up 4.83% at Rs 649.50, after the company raised prices by 4.2% to Rs 170,600 a tonne and lead prices by 1.5% to Rs 94,500 a tonne.As many as 1.36 lakh shares were traded in the counter on BSE.
The Hindustan Zinc scrip has been declining since early-December 2006. From a recent high of Rs 969.45 on 4 December 2006, it has slipped to Rs 619.50 by 23 February 2007.At the current market price of Rs 649.50, Hindustan Zinc trades at 5.14 times its Q3 December 2006 annualized EPS of Rs 126.24.
Supply of zinc and other metals has risen following record prices last year. Zinifex, the world's second- largest zinc producer, said late in January 2007 that raw material used in producing zinc was available more than a year ago.
China, the biggest producer and user of zinc, was a net exporter of the refined metal in 2006, for the first time in three years.In January 2007, the Indian Government cut import duty on non-ferrous metals from 7.5 to 5%, to control inflation.
Hindustan Zinc was a PSU until dis-investment. In March 2002, Sterlite Industries (India) acquired 26% stake in the company for Rs 445 crore. The Sterlite group owns 64.93% stake in Hindustan Zinc (as of December 2006).
The Indian zinc maker reported a strong financial performance in the December 2006 quarter on the back of firm prices of metals. Hindustan Zinc’s net profit rose 305.8% in the December 2006 quarter to Rs 1335 crore, on 171.3% growth in net sales to Rs 2480 crore.
Labels: Bajaj Auto Finance, Balrampur Chini, Hindustan Zinc
posted by SY at 12:42 PM
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