Tamer inflation data raises hopes
The BSE Sensex, which slipped below the psychological 14,000 level in the opening session, extended its fall as selling continued and touched a low of 13,826.73. However, the benchmark index recovered a bit after the inflation figure hit the market.
India's wholesale price index (WPI) rose 6.63% in the 12 months to 10 February, lower than the previous week's annual increase of 6.73% due to a fall in some food and textile prices, data showed on Friday (23 February). Analysts forecast the figure at 6.70%. The annual inflation rate was 3.81% during the corresponding week of the previous year.
At 12:23 IST the BSE Sensex was down 157.37 points, at 13,863.94. It had opened firm, at 14,071.27, but started declining immediately after.
Market holds its brea(d)th for budget
The market-breadth was weak, as the Budget session of Parliament got under way with President APJ Abdul Kalam addressing a joint session of both the houses.Against 1,919 shares declining on BSE, 469 rose and 52 shares were unchanged. Losers outpaced gainers by a ratio of 4:1.
The market-breadth has turned weak, whenever the key indices have corrected, over the past few days. At 12:11 IST the Sensex was down 107 points, at 13,914. The barometer index had recovered from a lower level after plunging as many as 194.58 points, to a low of 13,826.73 at 11:06 IST.
The CNX Nifty Junior index comprising mid-cap shares was down 67.60 points (0.96%), at 6,976.50. It is down 7.1% from a recent peak of 7,509.75 of 7 February 2007.
The market-breadth has turned weak, whenever key indices have corrected over the past few days, indicating that market players have turned cautious ahead of Union Budget 2007-08.
Earlier, small-caps and mid-caps had rebounded strongly during mid-December 2006 to early February 2007.
Concerns that the government may raise short-term capital gains tax on sale of shares from the current 10% have gained currency. The securities transaction tax (STT) may also go up further. The STT was raised in the previous budget. The removal of 10% corporate surcharge may be offset by removal of certain open-ended exemptions.
Market men also expect the finance ministry to give a big impetus to agriculture and infrastructure in the budget.
CCS Infotech upbeat on announcing fresh set of orders
CCS Infotech surged 0.33% to Rs 9.11, in an overall weak market, after the company bagged several orders of aggregate worth Rs 1.71 crore.The counter clocked 36,857 shares on the BSE.
The scrip has been south-bound since mid-January 2007. From Rs 12.15 on 17 January 2007, it declined to Rs 9.08 by 22 February 2007. Earlier, the scrip had risen from a low of Rs 8.85 on 12 December 2006 to Rs 12.15 by 17 January 2007.
At the current market price of Rs 9.11, CCS Infotech trades at 3.13 times its Q3 December 2006 annualised EPS of Rs 2.91.
CCS Infotech bagged orders worth Rs 1.71 crore from various sectors. This includes a Rs 1.5-crore order from Neyveli Lignite Corporation, a Rs 12.5-lakh order from the Reserve Bank of India, Kerala, and a Rs 8.5-lakh order from the Brihan Mumbai Electric Supply and Transport Undertaking, Mumbai. The order are for supplying software, PCs, high-end servers, and laptops as well as their maintenance.
In January 2007, CCS Infotech bagged orders worth Rs 1.02 crore from various educational institutes to supply and maintain computers, high-end servers and laptops. This includes a Rs 45 lakh contract from Kochi University, a Rs 32 lakh project from Velammal Engineering College and another Rs 25 lakh contract from a Chennai-based engineering college.
In September 2006, CCS Infotech had issued securities by way of qualified institutional placement (QIP) of equity shares worth Rs 40 crore.
In August 2006, CCS Infotech mulling a joint venture with its distributor in South Africa. The company is keen on a joint venture, where it will own 49% stake.
Further, CCC Infotech is also hoping to raise Rs 20 crore, part of which will come from internal accruals. The amount will go towards expanding capacity at its manufacturing unit in Pondicherry. Currently, the unit has the capacity to ship out about 100 personal computers a day, which post expansion will rise to 200 PCs a day.
CCS Infotech is a manufacturer of personal computers.
CCS Infotech has posted a decline of 40.7% in its net profit to Rs 0.73 crore (Rs 1.23 crore) in Q3 December 2006. Net sales for the quarter declined 24.30% to Rs 10.36 crore from Rs 13.68 crore in the year ago quarter.
India's wholesale price index (WPI) rose 6.63% in the 12 months to 10 February, lower than the previous week's annual increase of 6.73% due to a fall in some food and textile prices, data showed on Friday (23 February). Analysts forecast the figure at 6.70%. The annual inflation rate was 3.81% during the corresponding week of the previous year.
At 12:23 IST the BSE Sensex was down 157.37 points, at 13,863.94. It had opened firm, at 14,071.27, but started declining immediately after.
Market holds its brea(d)th for budget
The market-breadth was weak, as the Budget session of Parliament got under way with President APJ Abdul Kalam addressing a joint session of both the houses.Against 1,919 shares declining on BSE, 469 rose and 52 shares were unchanged. Losers outpaced gainers by a ratio of 4:1.
The market-breadth has turned weak, whenever the key indices have corrected, over the past few days. At 12:11 IST the Sensex was down 107 points, at 13,914. The barometer index had recovered from a lower level after plunging as many as 194.58 points, to a low of 13,826.73 at 11:06 IST.
The CNX Nifty Junior index comprising mid-cap shares was down 67.60 points (0.96%), at 6,976.50. It is down 7.1% from a recent peak of 7,509.75 of 7 February 2007.
The market-breadth has turned weak, whenever key indices have corrected over the past few days, indicating that market players have turned cautious ahead of Union Budget 2007-08.
Earlier, small-caps and mid-caps had rebounded strongly during mid-December 2006 to early February 2007.
Concerns that the government may raise short-term capital gains tax on sale of shares from the current 10% have gained currency. The securities transaction tax (STT) may also go up further. The STT was raised in the previous budget. The removal of 10% corporate surcharge may be offset by removal of certain open-ended exemptions.
Market men also expect the finance ministry to give a big impetus to agriculture and infrastructure in the budget.
CCS Infotech upbeat on announcing fresh set of orders
CCS Infotech surged 0.33% to Rs 9.11, in an overall weak market, after the company bagged several orders of aggregate worth Rs 1.71 crore.The counter clocked 36,857 shares on the BSE.
The scrip has been south-bound since mid-January 2007. From Rs 12.15 on 17 January 2007, it declined to Rs 9.08 by 22 February 2007. Earlier, the scrip had risen from a low of Rs 8.85 on 12 December 2006 to Rs 12.15 by 17 January 2007.
At the current market price of Rs 9.11, CCS Infotech trades at 3.13 times its Q3 December 2006 annualised EPS of Rs 2.91.
CCS Infotech bagged orders worth Rs 1.71 crore from various sectors. This includes a Rs 1.5-crore order from Neyveli Lignite Corporation, a Rs 12.5-lakh order from the Reserve Bank of India, Kerala, and a Rs 8.5-lakh order from the Brihan Mumbai Electric Supply and Transport Undertaking, Mumbai. The order are for supplying software, PCs, high-end servers, and laptops as well as their maintenance.
In January 2007, CCS Infotech bagged orders worth Rs 1.02 crore from various educational institutes to supply and maintain computers, high-end servers and laptops. This includes a Rs 45 lakh contract from Kochi University, a Rs 32 lakh project from Velammal Engineering College and another Rs 25 lakh contract from a Chennai-based engineering college.
In September 2006, CCS Infotech had issued securities by way of qualified institutional placement (QIP) of equity shares worth Rs 40 crore.
In August 2006, CCS Infotech mulling a joint venture with its distributor in South Africa. The company is keen on a joint venture, where it will own 49% stake.
Further, CCC Infotech is also hoping to raise Rs 20 crore, part of which will come from internal accruals. The amount will go towards expanding capacity at its manufacturing unit in Pondicherry. Currently, the unit has the capacity to ship out about 100 personal computers a day, which post expansion will rise to 200 PCs a day.
CCS Infotech is a manufacturer of personal computers.
CCS Infotech has posted a decline of 40.7% in its net profit to Rs 0.73 crore (Rs 1.23 crore) in Q3 December 2006. Net sales for the quarter declined 24.30% to Rs 10.36 crore from Rs 13.68 crore in the year ago quarter.
posted by SY at 1:44 PM
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