Sensex trims losses; down 170 points
The market came off the lower level after it had witnessed a sharp fall, which materialised after Railway Minister, Lalu Prasad Yadav, presented his Railway Budget in Parliament, where he cut passenger fares across the board while keeping freight rates for most categories unchanged.
At 14:29 IST the Sensex was down 170 points, at 13,462. It came off the lower level after having tanked as many as 248.65 points, to 13,383.88, by 14:15 IST.The market-breath was quite weak. Against 1,619 shares declining on BSE, 886 rose. Just 61 shares were unchanged. Losers outpaced gainers by a ratio of 1.8:1.Telecom shares came under pressure in mid-afternoon trade. Reliance Communications dropped 4% to Rs 414, while Bharti Airtel shed 4.7% to Rs 720.
Plethico Pharma buoyant on board's nod to FCCB issue
Plethico Pharmaceuticals surged 7.26% to Rs 338.20, after the company’s board approved raising $ 75 million through an issue of FCCBs to part finance acquisitions.
As many as 14,420 shares were traded in the counter on BSE.
The Plethico Pharmaceuticals' scrip has been declining since early-January 2007. From Rs 389.80 on 2 January 2007, it dropped to Rs 302.80 by 21 February 2007 only to appreciate to Rs 314.20 by 23 February 2007.
At the current market price of Rs 338.20, Plethico Pharmaceuticals trades at 14.60 times its Q3 December 2006 annualized EPS of Rs 23.16.
The board of Plethico Pharmaceuticals (Plethico) approved raising $75 million through an issue of foreign currency convertible bonds to finance the acquisition of a retail pharmacy chain and/or manufacturing unit and/or OTC brand and/or marketing firms in the US.
To board also agreed to utilize the remaining portion of the IPO-proceeds (Rs 35 crore) for the same purpose.
As per reports in January 2007, Plethico Pharmaceuticals is acquiring two US firms, including a contract manufacturing player and a retail pharmacy chain. The Rs 328-crore Mumbai-based firm is expected to sign the buyout deals before April. The retail chain that Plethico plans to acquire has around 50 outlets across the US with annual sales of $45 million and a core earnings margin of 10%. The second acquisition target had a drug manufacturing plant, and an annual revenue of $20 million. Plethico will be paying around $65-70 million for the buyouts. The money will be raised through qualified institutional placement, or through convertible bonds.
Plethico Pharmaceuticals (PPL) manufactures branded formulations for domestic and non-regulated export markets. The products of PPL fall under anti-diabetic, anti-rheumatic, hepato-protective, anti-lipidemic and rejuvenating agents.
PPL is going to launch sugar free lozenges in 2007. The company has developed herbal vegetarian capsules for the first time in India for exporting to Russia.
Currently, PPL operates three strategic business units (SBUs) in the over-the-counter (OTC) segment: neutriscience (sports nutrition and supplements), confectionery and OTC drugs.
At present, PPL does not operate in regulated markets like Europe and the US. The upgradation of the Kalaria (Indore) plant will help PPL to foray into the UK generics and herbal markets, and giving thrust to existing markets in CIS, Russia and Africa.
The company is also setting up a plant in Jammu and Kashmir (J&K), which is WHO GMP compliant, at an investment of Rs 30.90 crore. PPL plans to start organic farming in J&K to support its herbal products. The company will keep Rs 28 crore for any acquisition opportunities in the OTC, domestic herbal and nutraceuticals space in India.
Plethico Pharmaceuticals is a drug maker and earns substantial revenue (around 68%) from exports, of which around 70% are realised from selling herbal products.
PPL has posted a net profit growth of 6.40% to Rs 19.73 crore (Rs 18.54 crore) for Q1 December 2006. Net sales for the quarter ended December 2006 rose 28.80% to Rs 81.26 crore from Rs 63.09 crore in the year ago quarter.
Autoline Ind extends its bad patch
Auto ancillary firm Autoline Industries was down 10% to Rs 326.90, despite having entered into an agreement with Stokota for merging both companies.The MoU was executed with the intent of merging both companies, where in Autoline will acquire 51% stake in Stokota's global operations for approximately Rs 66.8 crore in cash, and in equity.The Autoline Industries counter clocked 1.64 lakh shares, with pending sell orders of 58,115 shares at the lower limit.
The stock has slipped sharply from Rs 420.85 on 21 February 2007, to Rs 363.20 by 23 February 2007, after the market regulator took action against companies whose stocks had rallied astronomically. Earlier, the Autoline stock had surged from Rs 250.20 on 1 February to Rs 420.85 by 21 February 2007.
Stokota is a renowned MNC with operations in Belgium, France, Poland, China, and India. Stokota has partnerships in over 16 European Union and Eastern European countries, and has over the last 40 years established its brand worldwide as a leader in providing road transport solutions. Stokota's road transportation solutions cater to the building & construction, fuel & energy, waste & cleaning, agriculture & food as well as on-site logistics industry sectors.
Stokota NV manufactures special purpose vehicles (SPV) including tippers, tipper trailers, flatbed and skeleton trailers, cement bulkers, fuel tankers, LPG tankers, bitumen tankers, chemical tankers, vacuum tanks, high pressure jetting units, road and urban sweepers, garbage handling systems and more.
Stokota is the largest manufacturer of aluminum tankers in Europe and is a leader in the market for steel and stainless steel tankers. It also commands high market acceptance in tippers, tip trailers, trailers, bulkers, sophisticated jetting units and road sweepers. It is recognized as a reliable source of road transportation solutions for reputed original equipment manufacturers (OEMs) and large fleet operators in Europe, China and South Fast Asia.
Stokota's current customers include end users of Volvo, Scania, MAN, Iveco, Renault, DAF in Europe and FAW and Deng Fong in China.
The potential investment by Autoline is to help effect a merger of Stokota MV, Stokota China and Stokota India to integrate its global strategy, and form, with itself, a conglomerate that will be a global leader in high-value, low-cost automotive components and transportation solutions.
In a board meeting held on 21 February 2007, the board approved to issue 40 lakh optionally convertible share warrants of Rs 10 each at Rs 400, including a premium of Rs 390 to promoters, promoter companies, directors and other eligible entities including strategic investors on a preferential basis.
Meanwhile, the Autoline board also approved the acquisition of remaining 49% stake in Autoline Dimensions Software, (51% existing subsidiary - the Design Engineering Services arm), and making it a fully-owned subsidiary.
On 6 February 2007, Autoline Industries had made a modest debut at Rs 261.15 on BSE on 31 January 2007, compared to the IPO price of Rs 225. It had settled at Rs 257.95 on the very first day on the bourses.
Autoline’s IPO was subscribed 17.36 times. The company had priced the IPO at the upper end of the Rs 200 - Rs 225 price band. Qualified institutional bidders (QIBs) applied for 3,04,93,900 shares compared to 18.75 lakh reserved for this segment. Among QIBs, FIIs applied for 1,74,31,425 shares, while domestic financial institutions bid for 90,28,550 and mutual funds for 40,29,775 equity shares.
Autoline Industries is a design engineering and manufacturing solutions provider focussed on sheet metal assemblies and formed tubular products, with integrated engineering, tool design and manufacturing facilities, in Pune, India.
Autoline Industries supplies complex sheet metal assemblies and sub-assemblies to Tata Motors, Bajaj Auto, Kinetic Engineering, Mahindra & Mahindra, Walker Exhaust and Fiat India. Tata Motors, which buys components for passenger cars and commercial vehicles, is Autoline's largest customer accounting for about 85% of revenues in FY 2006 (year ended 31 March 2006).
Funds raised through the IPO will be used to upgrade and expand Autoline's Chakan facility in Pune; set up another manufacturing facility at the same location; relocate and consolidate a couple of smaller units; establish a corporate office; fund acquisitions, and provide long-term working-capital resources.
Autoline has tried to diversify operations. The company is expanding the capabilities of its design-engineering unit for offshore development and manufacturing (ODM) services for foreign companies. Autoline registered a net profit of Rs 7.48 crore on sales of Rs 118.28 crore during April-November 2006.
The post-issue equity capital of Autoline Industries is Rs 10.36 crore.
At 14:29 IST the Sensex was down 170 points, at 13,462. It came off the lower level after having tanked as many as 248.65 points, to 13,383.88, by 14:15 IST.The market-breath was quite weak. Against 1,619 shares declining on BSE, 886 rose. Just 61 shares were unchanged. Losers outpaced gainers by a ratio of 1.8:1.Telecom shares came under pressure in mid-afternoon trade. Reliance Communications dropped 4% to Rs 414, while Bharti Airtel shed 4.7% to Rs 720.
Plethico Pharma buoyant on board's nod to FCCB issue
Plethico Pharmaceuticals surged 7.26% to Rs 338.20, after the company’s board approved raising $ 75 million through an issue of FCCBs to part finance acquisitions.
As many as 14,420 shares were traded in the counter on BSE.
The Plethico Pharmaceuticals' scrip has been declining since early-January 2007. From Rs 389.80 on 2 January 2007, it dropped to Rs 302.80 by 21 February 2007 only to appreciate to Rs 314.20 by 23 February 2007.
At the current market price of Rs 338.20, Plethico Pharmaceuticals trades at 14.60 times its Q3 December 2006 annualized EPS of Rs 23.16.
The board of Plethico Pharmaceuticals (Plethico) approved raising $75 million through an issue of foreign currency convertible bonds to finance the acquisition of a retail pharmacy chain and/or manufacturing unit and/or OTC brand and/or marketing firms in the US.
To board also agreed to utilize the remaining portion of the IPO-proceeds (Rs 35 crore) for the same purpose.
As per reports in January 2007, Plethico Pharmaceuticals is acquiring two US firms, including a contract manufacturing player and a retail pharmacy chain. The Rs 328-crore Mumbai-based firm is expected to sign the buyout deals before April. The retail chain that Plethico plans to acquire has around 50 outlets across the US with annual sales of $45 million and a core earnings margin of 10%. The second acquisition target had a drug manufacturing plant, and an annual revenue of $20 million. Plethico will be paying around $65-70 million for the buyouts. The money will be raised through qualified institutional placement, or through convertible bonds.
Plethico Pharmaceuticals (PPL) manufactures branded formulations for domestic and non-regulated export markets. The products of PPL fall under anti-diabetic, anti-rheumatic, hepato-protective, anti-lipidemic and rejuvenating agents.
PPL is going to launch sugar free lozenges in 2007. The company has developed herbal vegetarian capsules for the first time in India for exporting to Russia.
Currently, PPL operates three strategic business units (SBUs) in the over-the-counter (OTC) segment: neutriscience (sports nutrition and supplements), confectionery and OTC drugs.
At present, PPL does not operate in regulated markets like Europe and the US. The upgradation of the Kalaria (Indore) plant will help PPL to foray into the UK generics and herbal markets, and giving thrust to existing markets in CIS, Russia and Africa.
The company is also setting up a plant in Jammu and Kashmir (J&K), which is WHO GMP compliant, at an investment of Rs 30.90 crore. PPL plans to start organic farming in J&K to support its herbal products. The company will keep Rs 28 crore for any acquisition opportunities in the OTC, domestic herbal and nutraceuticals space in India.
Plethico Pharmaceuticals is a drug maker and earns substantial revenue (around 68%) from exports, of which around 70% are realised from selling herbal products.
PPL has posted a net profit growth of 6.40% to Rs 19.73 crore (Rs 18.54 crore) for Q1 December 2006. Net sales for the quarter ended December 2006 rose 28.80% to Rs 81.26 crore from Rs 63.09 crore in the year ago quarter.
Autoline Ind extends its bad patch
Auto ancillary firm Autoline Industries was down 10% to Rs 326.90, despite having entered into an agreement with Stokota for merging both companies.The MoU was executed with the intent of merging both companies, where in Autoline will acquire 51% stake in Stokota's global operations for approximately Rs 66.8 crore in cash, and in equity.The Autoline Industries counter clocked 1.64 lakh shares, with pending sell orders of 58,115 shares at the lower limit.
The stock has slipped sharply from Rs 420.85 on 21 February 2007, to Rs 363.20 by 23 February 2007, after the market regulator took action against companies whose stocks had rallied astronomically. Earlier, the Autoline stock had surged from Rs 250.20 on 1 February to Rs 420.85 by 21 February 2007.
Stokota is a renowned MNC with operations in Belgium, France, Poland, China, and India. Stokota has partnerships in over 16 European Union and Eastern European countries, and has over the last 40 years established its brand worldwide as a leader in providing road transport solutions. Stokota's road transportation solutions cater to the building & construction, fuel & energy, waste & cleaning, agriculture & food as well as on-site logistics industry sectors.
Stokota NV manufactures special purpose vehicles (SPV) including tippers, tipper trailers, flatbed and skeleton trailers, cement bulkers, fuel tankers, LPG tankers, bitumen tankers, chemical tankers, vacuum tanks, high pressure jetting units, road and urban sweepers, garbage handling systems and more.
Stokota is the largest manufacturer of aluminum tankers in Europe and is a leader in the market for steel and stainless steel tankers. It also commands high market acceptance in tippers, tip trailers, trailers, bulkers, sophisticated jetting units and road sweepers. It is recognized as a reliable source of road transportation solutions for reputed original equipment manufacturers (OEMs) and large fleet operators in Europe, China and South Fast Asia.
Stokota's current customers include end users of Volvo, Scania, MAN, Iveco, Renault, DAF in Europe and FAW and Deng Fong in China.
The potential investment by Autoline is to help effect a merger of Stokota MV, Stokota China and Stokota India to integrate its global strategy, and form, with itself, a conglomerate that will be a global leader in high-value, low-cost automotive components and transportation solutions.
In a board meeting held on 21 February 2007, the board approved to issue 40 lakh optionally convertible share warrants of Rs 10 each at Rs 400, including a premium of Rs 390 to promoters, promoter companies, directors and other eligible entities including strategic investors on a preferential basis.
Meanwhile, the Autoline board also approved the acquisition of remaining 49% stake in Autoline Dimensions Software, (51% existing subsidiary - the Design Engineering Services arm), and making it a fully-owned subsidiary.
On 6 February 2007, Autoline Industries had made a modest debut at Rs 261.15 on BSE on 31 January 2007, compared to the IPO price of Rs 225. It had settled at Rs 257.95 on the very first day on the bourses.
Autoline’s IPO was subscribed 17.36 times. The company had priced the IPO at the upper end of the Rs 200 - Rs 225 price band. Qualified institutional bidders (QIBs) applied for 3,04,93,900 shares compared to 18.75 lakh reserved for this segment. Among QIBs, FIIs applied for 1,74,31,425 shares, while domestic financial institutions bid for 90,28,550 and mutual funds for 40,29,775 equity shares.
Autoline Industries is a design engineering and manufacturing solutions provider focussed on sheet metal assemblies and formed tubular products, with integrated engineering, tool design and manufacturing facilities, in Pune, India.
Autoline Industries supplies complex sheet metal assemblies and sub-assemblies to Tata Motors, Bajaj Auto, Kinetic Engineering, Mahindra & Mahindra, Walker Exhaust and Fiat India. Tata Motors, which buys components for passenger cars and commercial vehicles, is Autoline's largest customer accounting for about 85% of revenues in FY 2006 (year ended 31 March 2006).
Funds raised through the IPO will be used to upgrade and expand Autoline's Chakan facility in Pune; set up another manufacturing facility at the same location; relocate and consolidate a couple of smaller units; establish a corporate office; fund acquisitions, and provide long-term working-capital resources.
Autoline has tried to diversify operations. The company is expanding the capabilities of its design-engineering unit for offshore development and manufacturing (ODM) services for foreign companies. Autoline registered a net profit of Rs 7.48 crore on sales of Rs 118.28 crore during April-November 2006.
The post-issue equity capital of Autoline Industries is Rs 10.36 crore.
posted by SY at 3:21 PM
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