Sensex within sniffing distance of an all-time high
The market held firm in morning trade and the Sensex was within striking distance of an all-time high struck only on Tuesday. Gains in index heavyweight Infosys and ICICI Bank supported the barometer BSE Sensex. Two-wheeler makers were in demand, and cement pivotals nudged higher.
At 11:16 IST the Sensex was up 67.84 points, at 14,546.03. It had struck an all-time high of 14,564.80 on Tuesday (6 February 2007).The market-breadth was strong. For 1,498 shares rising on BSE, 868 declined. Just 60 shares were unchanged. Gainers outpaced losers by a ratio of 1.72:1.The BSE clocked a turnover of Rs 1442 crore.
Two-wheeler makers edged higher. Bajaj Auto rose 2% to Rs 2882 and Hero Honda gained 1.3% to Rs 728.50. However, car makers slipped on reports of banks planning to raise interest rates by 0.5 - 1% on automobile loans. Tata Motors lost 1.2% to Rs 909, and Maruti Udyog shed 0.5% to Rs 946.80 on such doubts.
Punj Lloyd firms up on board okay to stock-split
Punj Lloyd gained 1.80% to Rs 1047, after its board of directors approved splitting each equity share of Rs 10 into five of Rs 2 each.The board also approved a preferential allotment of warrants not exceeding 80 lakh to promoters, each warrant giving the holder a right to subscribe to one equity share.The counter clocked volumes of 1.11 lakh shares on BSE.The scrip recovered from a recent low of Rs 996.55 on 10 January, to Rs 1028.60 by 6 February 2007 as buying continued.
Recently, Punj Lloyd, along with its offshore engineering arm, PT Sempec Indonesia, a wholly-owned subsidiary, secured an offshore platform project - Heera Redevelopment Project - on an engineering, procurement, construction (EPC) basis from ONGC. The Heera field is located about 80 km west of Mumbai, in the Arabian Sea. The project is scheduled to be completed within 16 months.
With this, the order backlog for the group is Rs 11,201.74 crore, representative of unexecuted orders till 30 September 2006, and all new orders received till date. The company was also awarded a letter of intent for 2,66,000 cb phase III expansion of the bulk liquid products terminals by Horizon Terminals, UAE. The value of the project is Singapore $ 49.65 million.
Punj Lloyd also set up a new engineering services outsourcing firm, Simon Carves India, as a wholly-owned subsidiary. It will initially cater to the group's engineering requirements. Gradually, the subsidiary will also compete for outsourcing contracts from other companies.
Engineering Services Outsourcing (ESO) holds tremendous potential because of robust growth across Europe, Asia and US, leading to significant development in the engineering services sector, the company said.
Reports indicate that India has the potential to garner around 25% of the global ESO pie, worth around $50 billion by 2020. Currently, the ESO market is worth around $15 billion, with India garnering a healthy 12% share, the report added.
On 11 November, Punj Lloyd bagged an EPC order worth Rs 803.7 crore for the Doha Urban Pipeline Relocations Project from Qatar Petroleum. On 7 November 2007, the company had bagged two large contracts worth Rs 1,163 crore for Indian Oil Corporation's project at Haldia, West Bengal.
Punj Lloyd, recently, completed an FCCB issue of $125 million.Punj Lloyd posted 0.70% rise in net profit to Rs 19.04 crore for Q3 December 2006, compared with the net profit of Rs 18.90 in Q3 December 2005. Net sales for the quarter jumped 55.70% to Rs 650.73 crore from Rs 417.82 crore in the year ago quarter.
ICSA India thrives on pocketing new contract
ICSA India climbed 4.95% to Rs 1176.85, after the software firm secured orders worth Rs 17.57 crore from the state utility of south Andhra Pradesh.The counter clocked 17,661 shares on the BSE.The scrip has been on an upswing since late-December 2006. From Rs 816.15 on 21 December 2006, it surged to Rs 1115.35 by 16 January 2007, only to slip to Rs 1063.95 by 24 January 2007. Here, ICSA India stock surged to Rs 1121.35 by 6 February 2007.
At the current market price of Rs 1176.85, ICSA India trades at 10.70 times its Q3 December 2006 annualized EPS of Rs 109.94.
ICSA announced in late-January 2007 that Goldman Sachs and Citigroup Venture International Growth Partnership Mauritius (CVC), are set to invest $ 52 million in the company. Post-allotment, CVC will have acquired about 14% stake with an investment of $ 30 million at a price of Rs 950 per equity share. Goldman Sachs will invest $ 22 million through FCCBs.
The funds raised will be utilised for working capital requirements, expansion and R&D and, more significantly, for overseas expansion, with a possibility of some acquisitions.
In the recent past, ICSA India has garnered orders from Easter Power Distribution Company of Andhra Pradesh (Rs 15.28 crore), and Southern Power Distribution Company of Andhra Pradesh (Rs 21.34 crore).
As of 31 January 2007, ICSA India order-book aggregates a neat Rs 1,000 crore.
Further, ICSA India proposed setting up a subsidiary in Singapore under the name ‘ICAS International Pte’.
ICSA India focuses on the power sector and its activities include monitoring and controlling the transmission & distribution (T&D) losses by designing and developing new products. It has already implemented a number of projects in monitoring and controlling power theft, as well as in data acquisition system.
The company posted a net profit growth of 268.70% to Rs 18.14 crore (Rs 4.92 crore) in Q3 December 2006. Net sales for the same quarter rose by 289.3% to Rs 94.84 crore (Rs 24.36 crore) in the previous year quarter.
Valecha Engg fades despite acquisition
Valecha Engineering was down 0.53% to Rs 274.50, even as its board announced an agreement to acquire controlling stake in Singapore-incorporated Koon Holdings.The agreement was signed at the board meeting held on Tuesday (6 February 2007).
While the champagne bottle was being uncorked, the stock, which had surged to a high of Rs 289.70 (maximum limit) in opening trade, began fading. The stock had witnessed a pre board-meet build-up of positions. It rallied a whopping 34.63% to Rs 275.95 on 6 February, from Rs 204.75 on 24 January 2007.As many as 2.56 lakh shares were traded in the counter on BSE.
Under the agreement, Koon will acquire a stake in the company and its subsidiary Valecha Infrastructure and in the company's international assets in Dubai. In return, Koon shall issue 12.40 crore fresh ordinary shares to the company, taking Valecha Engineering's holding to above 60% in Koon. In addition, the Indian company shall also be granted 2 crore warrants.
Upon completion of the transaction, Koon will own the company's international interest, about 48% shares of Valecha Infrastructure (VIL) and about 5% shares of the company, whilst the company will own about 60% of Koon's enlarged share capital.
The board also approved an issue of upto 5 lakh equity shares of Rs 10 each for the benefit of Koon Holdings at an issue price of Rs 300 (including a premium of Rs 290), aggregating Rs 15 crore, as per the above arrangements.
It also approved an a preferential issue of up to 10 lakh convertible warrants convertible warrants to promoters and other investors. The allotment of each warrant of Rs 10 will be at a premium of Rs 290, to collect Rs 30 crore.
Earlier in January 2007, Valecha Engineering bagged a contract for Aizawl - Hmuifang road in Mizoram for Rs 60 crore. The company has already signed an agreement with PWD Mizoram for the purpose.
The scope of work includes widening of the carriageway and its geometric improvement, rebuilding the pavement to structurally sound designs, slope protection works, junction and other miscellaneous features for improving safety and comfort of travel.
The project involves work on a length of 52 kilometres, which has to be executed within 30 months.
Valecha Engineering has undertaken turnkey projects for highways, bridges, canals, tunnels, dams and commercial real estate as well as for airports. The company chooses to focus on road projects.
The latest paid-up equity share capital of the company is Rs 4.50 crore.For Q3 December 2006, Valecha Engineering reported 181% spurt in net profit to Rs 5.03 crore (Rs 1.79 crore). Net sales advanced 69.10% to Rs 68.86 crore (Rs 40.73 crore).
At 11:16 IST the Sensex was up 67.84 points, at 14,546.03. It had struck an all-time high of 14,564.80 on Tuesday (6 February 2007).The market-breadth was strong. For 1,498 shares rising on BSE, 868 declined. Just 60 shares were unchanged. Gainers outpaced losers by a ratio of 1.72:1.The BSE clocked a turnover of Rs 1442 crore.
Two-wheeler makers edged higher. Bajaj Auto rose 2% to Rs 2882 and Hero Honda gained 1.3% to Rs 728.50. However, car makers slipped on reports of banks planning to raise interest rates by 0.5 - 1% on automobile loans. Tata Motors lost 1.2% to Rs 909, and Maruti Udyog shed 0.5% to Rs 946.80 on such doubts.
Punj Lloyd firms up on board okay to stock-split
Punj Lloyd gained 1.80% to Rs 1047, after its board of directors approved splitting each equity share of Rs 10 into five of Rs 2 each.The board also approved a preferential allotment of warrants not exceeding 80 lakh to promoters, each warrant giving the holder a right to subscribe to one equity share.The counter clocked volumes of 1.11 lakh shares on BSE.The scrip recovered from a recent low of Rs 996.55 on 10 January, to Rs 1028.60 by 6 February 2007 as buying continued.
Recently, Punj Lloyd, along with its offshore engineering arm, PT Sempec Indonesia, a wholly-owned subsidiary, secured an offshore platform project - Heera Redevelopment Project - on an engineering, procurement, construction (EPC) basis from ONGC. The Heera field is located about 80 km west of Mumbai, in the Arabian Sea. The project is scheduled to be completed within 16 months.
With this, the order backlog for the group is Rs 11,201.74 crore, representative of unexecuted orders till 30 September 2006, and all new orders received till date. The company was also awarded a letter of intent for 2,66,000 cb phase III expansion of the bulk liquid products terminals by Horizon Terminals, UAE. The value of the project is Singapore $ 49.65 million.
Punj Lloyd also set up a new engineering services outsourcing firm, Simon Carves India, as a wholly-owned subsidiary. It will initially cater to the group's engineering requirements. Gradually, the subsidiary will also compete for outsourcing contracts from other companies.
Engineering Services Outsourcing (ESO) holds tremendous potential because of robust growth across Europe, Asia and US, leading to significant development in the engineering services sector, the company said.
Reports indicate that India has the potential to garner around 25% of the global ESO pie, worth around $50 billion by 2020. Currently, the ESO market is worth around $15 billion, with India garnering a healthy 12% share, the report added.
On 11 November, Punj Lloyd bagged an EPC order worth Rs 803.7 crore for the Doha Urban Pipeline Relocations Project from Qatar Petroleum. On 7 November 2007, the company had bagged two large contracts worth Rs 1,163 crore for Indian Oil Corporation's project at Haldia, West Bengal.
Punj Lloyd, recently, completed an FCCB issue of $125 million.Punj Lloyd posted 0.70% rise in net profit to Rs 19.04 crore for Q3 December 2006, compared with the net profit of Rs 18.90 in Q3 December 2005. Net sales for the quarter jumped 55.70% to Rs 650.73 crore from Rs 417.82 crore in the year ago quarter.
ICSA India thrives on pocketing new contract
ICSA India climbed 4.95% to Rs 1176.85, after the software firm secured orders worth Rs 17.57 crore from the state utility of south Andhra Pradesh.The counter clocked 17,661 shares on the BSE.The scrip has been on an upswing since late-December 2006. From Rs 816.15 on 21 December 2006, it surged to Rs 1115.35 by 16 January 2007, only to slip to Rs 1063.95 by 24 January 2007. Here, ICSA India stock surged to Rs 1121.35 by 6 February 2007.
At the current market price of Rs 1176.85, ICSA India trades at 10.70 times its Q3 December 2006 annualized EPS of Rs 109.94.
ICSA announced in late-January 2007 that Goldman Sachs and Citigroup Venture International Growth Partnership Mauritius (CVC), are set to invest $ 52 million in the company. Post-allotment, CVC will have acquired about 14% stake with an investment of $ 30 million at a price of Rs 950 per equity share. Goldman Sachs will invest $ 22 million through FCCBs.
The funds raised will be utilised for working capital requirements, expansion and R&D and, more significantly, for overseas expansion, with a possibility of some acquisitions.
In the recent past, ICSA India has garnered orders from Easter Power Distribution Company of Andhra Pradesh (Rs 15.28 crore), and Southern Power Distribution Company of Andhra Pradesh (Rs 21.34 crore).
As of 31 January 2007, ICSA India order-book aggregates a neat Rs 1,000 crore.
Further, ICSA India proposed setting up a subsidiary in Singapore under the name ‘ICAS International Pte’.
ICSA India focuses on the power sector and its activities include monitoring and controlling the transmission & distribution (T&D) losses by designing and developing new products. It has already implemented a number of projects in monitoring and controlling power theft, as well as in data acquisition system.
The company posted a net profit growth of 268.70% to Rs 18.14 crore (Rs 4.92 crore) in Q3 December 2006. Net sales for the same quarter rose by 289.3% to Rs 94.84 crore (Rs 24.36 crore) in the previous year quarter.
Valecha Engg fades despite acquisition
Valecha Engineering was down 0.53% to Rs 274.50, even as its board announced an agreement to acquire controlling stake in Singapore-incorporated Koon Holdings.The agreement was signed at the board meeting held on Tuesday (6 February 2007).
While the champagne bottle was being uncorked, the stock, which had surged to a high of Rs 289.70 (maximum limit) in opening trade, began fading. The stock had witnessed a pre board-meet build-up of positions. It rallied a whopping 34.63% to Rs 275.95 on 6 February, from Rs 204.75 on 24 January 2007.As many as 2.56 lakh shares were traded in the counter on BSE.
Under the agreement, Koon will acquire a stake in the company and its subsidiary Valecha Infrastructure and in the company's international assets in Dubai. In return, Koon shall issue 12.40 crore fresh ordinary shares to the company, taking Valecha Engineering's holding to above 60% in Koon. In addition, the Indian company shall also be granted 2 crore warrants.
Upon completion of the transaction, Koon will own the company's international interest, about 48% shares of Valecha Infrastructure (VIL) and about 5% shares of the company, whilst the company will own about 60% of Koon's enlarged share capital.
The board also approved an issue of upto 5 lakh equity shares of Rs 10 each for the benefit of Koon Holdings at an issue price of Rs 300 (including a premium of Rs 290), aggregating Rs 15 crore, as per the above arrangements.
It also approved an a preferential issue of up to 10 lakh convertible warrants convertible warrants to promoters and other investors. The allotment of each warrant of Rs 10 will be at a premium of Rs 290, to collect Rs 30 crore.
Earlier in January 2007, Valecha Engineering bagged a contract for Aizawl - Hmuifang road in Mizoram for Rs 60 crore. The company has already signed an agreement with PWD Mizoram for the purpose.
The scope of work includes widening of the carriageway and its geometric improvement, rebuilding the pavement to structurally sound designs, slope protection works, junction and other miscellaneous features for improving safety and comfort of travel.
The project involves work on a length of 52 kilometres, which has to be executed within 30 months.
Valecha Engineering has undertaken turnkey projects for highways, bridges, canals, tunnels, dams and commercial real estate as well as for airports. The company chooses to focus on road projects.
The latest paid-up equity share capital of the company is Rs 4.50 crore.For Q3 December 2006, Valecha Engineering reported 181% spurt in net profit to Rs 5.03 crore (Rs 1.79 crore). Net sales advanced 69.10% to Rs 68.86 crore (Rs 40.73 crore).
Labels: ICSA india, punj loyd, Valecha Engg
posted by SY at 1:43 PM
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