Sensex up over 100 points, hits 14,200
The market firmed up in early-afternoon trade with the Sensex surging over 100 points. At 12:21 IST the Sensex was up 104 points, at 14,195. It had risen as far as 14,203.32, a gain of 112.40 points, at at 12:19 IST. AT this level, the benchmark index surpassed its high of 14,202.05 struck at the onset of trading.
The sentiment is firm as the Reserve Bank of India on Wednesday, 31 January 2007, upgraded its 2006/07 GDP growth forecast to 8.5 - 9.0% from 8%, along with raising the key short-term lending rate by 25 basis points.
Asian markets held firm after the US Federal Reserve kept interest rates steady at 5.25%. Key benchmark indices in Hong Kong, Japan, South Korea, and Singapore and were up between 0.7 - 1.6%.The BSE clocked Rs 1767 crore in turnover.Wipro (up 2% to Rs 625) firmed up in early-afternoon trade. On Wednesday, the Wipro ADR ended 0.5% more, at $17.31.
Tata Tea firms up on healthy numbers
Tata Tea rose 1.61% to Rs 722.50, on reporting decent results for Q3 December 2006.
The counter clocked 12,982 shares on BSE.Tata Tea had slipped ahead of the results. From Rs 729.80 on 22 January, the stock declined to Rs 711.05 by 31 January 2007.
Tata Tea reported 50.90% rise in net profit during Q3 December 2006 to Rs 94.20 crore compared to Rs 62.41 crore in Q3 December 2005. Net sales for the same quarter rose 4.40% to Rs 290.77 crore (Rs 278.47 crore).
Other income jumped to Rs 71.49 crore, 185.70% more than the year ago period. The company collected Rs 63.54 from sale of investments, and the rest from other items.
Tata Tea reported a surge in consolidated net profit in the December 2006 quarter to Rs 117.19 crore (Rs 60.08 crore). Total income during the quarter went up to Rs 1119.32 crore (Rs 812.02 crore).
During the quarter, the company issued 28,10,000 equity shares at Rs 777 per share and an equal number of warrants, to Tata Sons on a preferential basis. The warrants are convertible to equity shares at fair market values, to be determined based on applicable regulations, on a date after 1 April 2007, but before 31 March 2008.
Tata Tea has also made an investment of Rs 763.39 crore in its subsidiary, Tata Tea GB, UK, to part finance a 25% stake in Energy Brands Inc, USA (EBI). This investment in the subsidiary was financed by bridge loans, the interest on which amounts to Rs 12.41 crore. These loans will be repaid from the proceeds of the preferential issue to Tata Sons, sale of investments and plantation restructuring.
Tata Tea bought the UK-based Tetley for $ 407 million in 2000 and its subsidiary, Tata Coffee, purchased US-based Eight o’Clock Coffee for $ 220 million in June 2006.
In May 2006, Tata Tea, UK, acquired Jemca, a tea company in the Czech Republic, from Alima Znackova Potravina, food processing company. The Tetley group had financed this acquisition.
Tata Tea has three national brands and three local brands under Tata Tea. Gold, premium and Agni are national brands, while, Gemini, Chakra Gold and Kanan Devan are limited to Assam. Recently, Tata Tea launched single-origin, orthodox long-leaf tea grown in Assam, Darjeeling, Nilgiri and Sri Lanka to give consumers a taste of champagne tea at a reasonable price.
Birla Corp jumps on concrete results
Birla Corporation jumped 3.75% to Rs 320.65, after its net profit jumped 452.50% for Q3 December 2006.A total of 60,128 shares were traded in the counter on BSE.The stock plunged sharply ahead of its results. From Rs 366.90 on 19 January, the stock slipped sharply to Rs 309.05 by 31 January 2007. The fall came about after customs duty on all varieties of cement, except white cement, was lifted.
Birla Corporation’s net profit jumped 452.50% to Rs 95.14 crore for Q3 December 2006, compared to Rs 17.22 crore in Q3 December 2005. Net sales for the quarter rose 45.40% to Rs 409.28 crore (Rs 281.40 crore).
Birla Corporation operates in two segments – cement and jute. Improved realisation in cement has been the key for a rise in company’s profits. The company has a decent cement capacity of 4.8 million tonnes. Its units are located at Chittorgarh, Rajasthan, Durgapur in West Bengal, Rae Bareli in Uttar Pradesh and Satna in Madhya Pradesh. It also has interests in Jute.
Birla Corporation caters to high growth markets of the north, east and central India. Recently, Birla Corporation raised its combined capacity at its two units in West Bengal to 1.6 million tonnes.
Promoters hold 62% stake in Birla Corporation as of December 2006.
The sentiment is firm as the Reserve Bank of India on Wednesday, 31 January 2007, upgraded its 2006/07 GDP growth forecast to 8.5 - 9.0% from 8%, along with raising the key short-term lending rate by 25 basis points.
Asian markets held firm after the US Federal Reserve kept interest rates steady at 5.25%. Key benchmark indices in Hong Kong, Japan, South Korea, and Singapore and were up between 0.7 - 1.6%.The BSE clocked Rs 1767 crore in turnover.Wipro (up 2% to Rs 625) firmed up in early-afternoon trade. On Wednesday, the Wipro ADR ended 0.5% more, at $17.31.
Tata Tea firms up on healthy numbers
Tata Tea rose 1.61% to Rs 722.50, on reporting decent results for Q3 December 2006.
The counter clocked 12,982 shares on BSE.Tata Tea had slipped ahead of the results. From Rs 729.80 on 22 January, the stock declined to Rs 711.05 by 31 January 2007.
Tata Tea reported 50.90% rise in net profit during Q3 December 2006 to Rs 94.20 crore compared to Rs 62.41 crore in Q3 December 2005. Net sales for the same quarter rose 4.40% to Rs 290.77 crore (Rs 278.47 crore).
Other income jumped to Rs 71.49 crore, 185.70% more than the year ago period. The company collected Rs 63.54 from sale of investments, and the rest from other items.
Tata Tea reported a surge in consolidated net profit in the December 2006 quarter to Rs 117.19 crore (Rs 60.08 crore). Total income during the quarter went up to Rs 1119.32 crore (Rs 812.02 crore).
During the quarter, the company issued 28,10,000 equity shares at Rs 777 per share and an equal number of warrants, to Tata Sons on a preferential basis. The warrants are convertible to equity shares at fair market values, to be determined based on applicable regulations, on a date after 1 April 2007, but before 31 March 2008.
Tata Tea has also made an investment of Rs 763.39 crore in its subsidiary, Tata Tea GB, UK, to part finance a 25% stake in Energy Brands Inc, USA (EBI). This investment in the subsidiary was financed by bridge loans, the interest on which amounts to Rs 12.41 crore. These loans will be repaid from the proceeds of the preferential issue to Tata Sons, sale of investments and plantation restructuring.
Tata Tea bought the UK-based Tetley for $ 407 million in 2000 and its subsidiary, Tata Coffee, purchased US-based Eight o’Clock Coffee for $ 220 million in June 2006.
In May 2006, Tata Tea, UK, acquired Jemca, a tea company in the Czech Republic, from Alima Znackova Potravina, food processing company. The Tetley group had financed this acquisition.
Tata Tea has three national brands and three local brands under Tata Tea. Gold, premium and Agni are national brands, while, Gemini, Chakra Gold and Kanan Devan are limited to Assam. Recently, Tata Tea launched single-origin, orthodox long-leaf tea grown in Assam, Darjeeling, Nilgiri and Sri Lanka to give consumers a taste of champagne tea at a reasonable price.
Birla Corp jumps on concrete results
Birla Corporation jumped 3.75% to Rs 320.65, after its net profit jumped 452.50% for Q3 December 2006.A total of 60,128 shares were traded in the counter on BSE.The stock plunged sharply ahead of its results. From Rs 366.90 on 19 January, the stock slipped sharply to Rs 309.05 by 31 January 2007. The fall came about after customs duty on all varieties of cement, except white cement, was lifted.
Birla Corporation’s net profit jumped 452.50% to Rs 95.14 crore for Q3 December 2006, compared to Rs 17.22 crore in Q3 December 2005. Net sales for the quarter rose 45.40% to Rs 409.28 crore (Rs 281.40 crore).
Birla Corporation operates in two segments – cement and jute. Improved realisation in cement has been the key for a rise in company’s profits. The company has a decent cement capacity of 4.8 million tonnes. Its units are located at Chittorgarh, Rajasthan, Durgapur in West Bengal, Rae Bareli in Uttar Pradesh and Satna in Madhya Pradesh. It also has interests in Jute.
Birla Corporation caters to high growth markets of the north, east and central India. Recently, Birla Corporation raised its combined capacity at its two units in West Bengal to 1.6 million tonnes.
Promoters hold 62% stake in Birla Corporation as of December 2006.
posted by SY at 1:41 PM
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