Volatility deals lethal blow
The market was extremely volatile, swinging sharply either ways. After striking an all-time high on the back of a firm opening, the Sensex had slipped into the red partly tracking weak Asian markets, and partly on profit-taking after a solid surge of late. It recovered from the lower level, as buying resumed to crawl back into positive, but was not able to sustain it and slipped sharply to a low of 14,523.16.
At 12:33 IST the BSE Sensex was down 108.48 points, at 14,535.85. In early trade, the Sensex struck a new all-time high of 14,697.69, surpassing its earlier all-time high of 14,663.26 attained only on Wednesday (7 February 2007).
The market-breadth turned sharply negative after being positive in the opening session, as heavy selling emerged for small and mid-cap stocks. There were close to two losers for every gainer on BSE. For 1,693 shares declining on BSE, 854 advanced. Just 56 shares were unchanged.
The BSE clocked a turnover of Rs 2330 crore.Among the 30-Sensex pack, 20 declined while the rest advanced.
Aditya Birla Nuvo pumped up as Idea Cellular to hit the market
Aditya Birla Nuvo surged 3.5% to Rs 1442, under a reckoning that the listing of Idea Cellular will unlock value for the company.As many as 69,981 shares changed hands in the counter on BSE. The stock had spurted nearly 10% to Rs 1394.95 on 7 February 2007. The stock was range-bound for about a month before this surge.
Idea Cellular has set a Rs 65 - Rs 75 per share price-band for its IPO ,which aims to raise up to Rs 2444 crore. The IPO, which includes a green-shoe option worth not more than Rs 319 crore, will open on 12 February 2007. The public offer closes on 15 February 2007.
Adity Birla Nuvo bought additional shares worth Rs 225 crore of Ideal Cellular in a pre-IPO placement of the cellular firm. Before the placement, Adity Birla Nuvo held 35.7% stake in the mobile service provider. Idea Cellular is the sixth largest wireless operator in India with an 8.5% market share in total wireless subscribers.
Besides the telecom sector, Aditya Birla Nuvo holds large stake in some other emerging business. The company holds 74% equity stake in Birla Sun Life (one of the five leading private sector insurance players), the rest being held by Sun Life. It also holds 88% stake in Transworks BPO and 85% in Minacs, a Canadian BPO, acquired recently by Transworks. Mincas enjoys a strong clientele in the auto segment and higher non-voice revenues.
Aditya Birla Nuvo’s traditional businesses are fertilisers, rayon, textiles and carbon black.
Aditya Birla Nuvo recently completed a Rs 780 crore rights issue. The issue was in the ratio of two equity shares for every 17 held, and it was priced at Rs 793 per share. Out of the Rs 780 crore to be raised through this rights offer, the company intends to use a large part of the money to prepay/repay debt, which, in turn, will bring down its interest costs.
Aditya Birla Nuvo's consolidated net profit in the December 2006 quarter was flat at Rs 55.34 crore (Rs 55 crore). Net sales on consolidated basis for the quarter jumped 70% to Rs 2288.78 crore (Rs 1350.23 crore).
KEI Ind upbeat on land acquisition
KEI Industries surged 4.62% to Rs 106.50, after the company purchased approximately five acres for expanding the cables facility at Bhiwadi, Rajasthan.The counter clocked a total volume of 2.27 lakh shares on the BSE.The scrip has dropped 18.66% from Rs 120.80 on 22 January, to Rs 101.80 by 7 February 2007. Earlier, the scrip had surged from Rs 86.45 on 10 January, to Rs 120.80 by 22 January 2007.
At the current market price of Rs 106.5, KEI Industries trades at 12.17 times its Q3 December 2006 annualized EPS of Rs 8.75.
KEI Industries purchased approximately five acres at its existing LT / HT cable making unit at Bhiwadi, Rajasthan, for capacity expansion, as also to upgrade HT power cable manufacture up to 132 KV (up from 66 KV at the existing plant) by installing balancing equipments.
The cost of the project is estimated at around Rs 30-35 crore including the cost of land, plant and machinery. The revenue expectations from the project is approximately around Rs 150 - Rs 200 crore.
The project is expected to commence operations within the next 7 - 8 months.
These expansion programmes will help the company report higher utilisation levels, facilitate better operational controls, translate into significant savings on manufacturing and administrative overheads and most importantly, lay the foundation for taking on and executing high-value EPC projects.
KEI Industries had raised $ 36 million in November 2006 by way of FCCBs in the international market. The FCCBs will be listed on the Luxembourg Stock Exchange. From the proceeds, Rs 12.90 crore have been utilised, and the balance Rs 1.47 crore will be spent in the subsequent quarters.
KEI Industries is a manufacturer and supplier of cables. Its product range includes control cables, LT power cables, instrumentation cables, telecom cables and non-ferrous alloy wires and rods.
The company posted a net profit growth of 47.10% to Rs 11.03 crore (Rs 7.50 crore) in Q3 December 2006. Net sales for the quarter rose 107.20% to Rs 157.42 crore (Rs 75.97 crore).
At 12:33 IST the BSE Sensex was down 108.48 points, at 14,535.85. In early trade, the Sensex struck a new all-time high of 14,697.69, surpassing its earlier all-time high of 14,663.26 attained only on Wednesday (7 February 2007).
The market-breadth turned sharply negative after being positive in the opening session, as heavy selling emerged for small and mid-cap stocks. There were close to two losers for every gainer on BSE. For 1,693 shares declining on BSE, 854 advanced. Just 56 shares were unchanged.
The BSE clocked a turnover of Rs 2330 crore.Among the 30-Sensex pack, 20 declined while the rest advanced.
Aditya Birla Nuvo pumped up as Idea Cellular to hit the market
Aditya Birla Nuvo surged 3.5% to Rs 1442, under a reckoning that the listing of Idea Cellular will unlock value for the company.As many as 69,981 shares changed hands in the counter on BSE. The stock had spurted nearly 10% to Rs 1394.95 on 7 February 2007. The stock was range-bound for about a month before this surge.
Idea Cellular has set a Rs 65 - Rs 75 per share price-band for its IPO ,which aims to raise up to Rs 2444 crore. The IPO, which includes a green-shoe option worth not more than Rs 319 crore, will open on 12 February 2007. The public offer closes on 15 February 2007.
Adity Birla Nuvo bought additional shares worth Rs 225 crore of Ideal Cellular in a pre-IPO placement of the cellular firm. Before the placement, Adity Birla Nuvo held 35.7% stake in the mobile service provider. Idea Cellular is the sixth largest wireless operator in India with an 8.5% market share in total wireless subscribers.
Besides the telecom sector, Aditya Birla Nuvo holds large stake in some other emerging business. The company holds 74% equity stake in Birla Sun Life (one of the five leading private sector insurance players), the rest being held by Sun Life. It also holds 88% stake in Transworks BPO and 85% in Minacs, a Canadian BPO, acquired recently by Transworks. Mincas enjoys a strong clientele in the auto segment and higher non-voice revenues.
Aditya Birla Nuvo’s traditional businesses are fertilisers, rayon, textiles and carbon black.
Aditya Birla Nuvo recently completed a Rs 780 crore rights issue. The issue was in the ratio of two equity shares for every 17 held, and it was priced at Rs 793 per share. Out of the Rs 780 crore to be raised through this rights offer, the company intends to use a large part of the money to prepay/repay debt, which, in turn, will bring down its interest costs.
Aditya Birla Nuvo's consolidated net profit in the December 2006 quarter was flat at Rs 55.34 crore (Rs 55 crore). Net sales on consolidated basis for the quarter jumped 70% to Rs 2288.78 crore (Rs 1350.23 crore).
KEI Ind upbeat on land acquisition
KEI Industries surged 4.62% to Rs 106.50, after the company purchased approximately five acres for expanding the cables facility at Bhiwadi, Rajasthan.The counter clocked a total volume of 2.27 lakh shares on the BSE.The scrip has dropped 18.66% from Rs 120.80 on 22 January, to Rs 101.80 by 7 February 2007. Earlier, the scrip had surged from Rs 86.45 on 10 January, to Rs 120.80 by 22 January 2007.
At the current market price of Rs 106.5, KEI Industries trades at 12.17 times its Q3 December 2006 annualized EPS of Rs 8.75.
KEI Industries purchased approximately five acres at its existing LT / HT cable making unit at Bhiwadi, Rajasthan, for capacity expansion, as also to upgrade HT power cable manufacture up to 132 KV (up from 66 KV at the existing plant) by installing balancing equipments.
The cost of the project is estimated at around Rs 30-35 crore including the cost of land, plant and machinery. The revenue expectations from the project is approximately around Rs 150 - Rs 200 crore.
The project is expected to commence operations within the next 7 - 8 months.
These expansion programmes will help the company report higher utilisation levels, facilitate better operational controls, translate into significant savings on manufacturing and administrative overheads and most importantly, lay the foundation for taking on and executing high-value EPC projects.
KEI Industries had raised $ 36 million in November 2006 by way of FCCBs in the international market. The FCCBs will be listed on the Luxembourg Stock Exchange. From the proceeds, Rs 12.90 crore have been utilised, and the balance Rs 1.47 crore will be spent in the subsequent quarters.
KEI Industries is a manufacturer and supplier of cables. Its product range includes control cables, LT power cables, instrumentation cables, telecom cables and non-ferrous alloy wires and rods.
The company posted a net profit growth of 47.10% to Rs 11.03 crore (Rs 7.50 crore) in Q3 December 2006. Net sales for the quarter rose 107.20% to Rs 157.42 crore (Rs 75.97 crore).
posted by SY at 1:36 PM
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