The company announced the results during trading hours today, 7 May 2008.
Meanwhile, the BSE Sensex was down 31.86 points, or 0.18%, to 17,341.15.
On BSE, 31,328 lakh shares were traded in the counter. The scrip had an average daily volume of 12,764 shares in the past one quarter.
The stock hit a high of Rs 271 and a low of Rs 255 so far during the day. The stock had a 52-week high of Rs 382.70 on 4 January 2008 and a 52-week low of Rs 183.15 on 8 November 2007.
The mid-cap scrip had outperformed the market over the past one month till 6 May 2008, gaining 16.78% compared to the Sensex`s return of 10.26%. It had underperformed the market in the past one quarter, declining 4.39% compared to Sensex`s decline of 4.23%.
The company`s current equity is Rs 60.76 crore. Face value per share is Rs 10.
The current price of Rs 260 discounts its Q3 December 2007 annualised EPS of Rs 16.72, by a PE multiple of 15.55.
However, Punjab Tractors` net profit fell 16.43% to Rs 65.17 crore on 1.82% rise in total income to Rs 971.98 crore in the year ended March 2008 over the year ended March 2007.
The company is engaged in manufacturing, marketing and servicing of tractors. The products include agricultural tractors, self-propelled harvester combines, rice transplanters, forklifts, tractor drawn agricultural implements, gears, spare parts, casting and accessories.
Read More...
Summary only...
The BSE Sensex was down 29.80 points, or 0.17%, to 17,344.43
On BSE, 68.73 lakh shares were traded in the counter. The scrip had an average daily volume of 13.74 lakh shares in the past one quarter.
The stock hit a high of Rs 283.50, which is also its all time high on BSE. The stock touched a low of Rs 261 so far during the day. The stock had hit a 52-week low of Rs 128 on 9 May 2007.
The large-cap scrip had outperformed the market over the past one month till 6 May 2008, gaining 14.65% compared to the Sensex`s return of 10.26%. It also outperformed the market in the past one quarter, advancing 23.79% compared to Sensex`s decline of 4.23%.
The company`s current equity is Rs 1892.19 crore. Face value per share is Rs 10.
On 6 May 2008, Cairn India rose 1.67% to Rs 260.75 after Goldman Sachs Group Inc. raised the stock`s price estimate by 14% to Rs 325 per share.
Cairn India reported higher net loss of Rs 24.31 crore in Q1 March 2008 as compared to net loss of Rs 8.54 crore in Q1 March 2007. Total income rose 79.80% to Rs 22.66 crore in Q1 March 2008 over Q1 March 2007.
Cairn India`s principal activity is to explore, develop and produce crude oil and natural gas.
Read More...
Summary only...
Meanwhile the BSE Sensex was down 87.49 points or 0.50% to 17,285.52
India`s second largest software exporter by sales TCS was the top gainer from Sensex pack. The stock surged 3.22% to Rs 968.05 on 4.46 lakh shares.
Other Infosys Technologies (up 1.36% to Rs 1846), Wipro (up 0.30% to Rs 499.80), and Satyam Computers (up 0.20% to Rs 496.20), advanced.
The BSE IT sector outperformed the market over the past one month till 6 May 2008, gaining 18.87% compared to the Sensex`s return of 10.26%. It also outperformed the market in the past one quarter, advancing 14.93% compared to Sensex`s decline of 4.23%.
A firm dollar augurs well for IT pivotals as they derive majority of revenue from exports. The Indian rupee fell further sharply by 19 paise to Rs 41.13/14 against the American dollar as oil companies stepped up dollar buying after the global crude oil hit yet another high amid weakness in local stock.
IT pivotals had advanced steadily after India`s second largest software exporter by sales Infosys Technologies issued decent guidance for the year ending March 2009. Infosys has given guidance of a between 16.3% to 18.3% growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for the year ending March 2009 (FY 2009) over the year ending March 2008. It has given guidance of a between 19.2% to 21.1% growth in revenue to between Rs 19894 crore to Rs 20214 crore for the year ending March 2009 over the year ending March 2008
As per US GAAP, Infosys has given guidance of a 16.7% to 18.7% growth in earnings per American Depository Shares at between $2.31 to $2.35 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19% to 21% growth in revenue as per US GAAP to between $4.97 billion to $5.05 billion for the year ending March 2009 over the year ending March 2008
The company sees significant growth opportunities in the medium to long term. It, however, may face short-term challenges due to global economic uncertainties
Read More...
Summary only...
National Aluminium Company (Nalco) is exploring the possibility of setting up a greenfield aluminium smelter and captive power plant near Jharsuguda, western Orissa at an investment of more than Rs 14,000 crore. The capacity of the proposed smelter is pegged at 5 lakh tonnes per annum with a captive generation facility of 1,250 MW. The alumina required for the project is likely to be sourced from Nalco's existing refinery at Damanjodi.
Engineer's India (EIL), which has been appointed the consultant, has found the project technically feasible. Jharsuguda is being chosen as the possible site for the plant as it is in the vicinity of the IB valley coal reserves. While the company has the required technology, land acquisition is expected to be trouble-free as most part of the identified patch is government land and barren. The state-owned Industrial Promotion and Investment Corporation of Orissa (Ipicol) has forwarded the company's application for water from IB River to the water resources department.
Besides, the company is weighing various options for setting up smelter plants in countries like South Africa and Iran depending upon the availability of cheap power. It has recently entered into a MoU with the Kerman Development Organisation for setting up a smelter and subsequently a gas-based power plant in Iran in a joint venture. The capacity of the proposed smelter will be 3.1 lakh tonnes which will come up in two phases.
Read More...
Summary only...
Our meeting with the management of Reliance Infrastructure Ltd. (REL Infra, earlier Reliance Energy Ltd.), on its Analyst Day reinforces our positive view on the stock. REL Infra has reorganized its holding structure to create separate SPVs for each different line of business, which we believe enables the company to unlock value in the EPC and BOT businesses over the medium term.
The company continues to focus on integrating its power distribution business with generation through Reliance Power Ltd. and transmission projects through Reliance Power Transmission Ltd. Moreover, REL infra is looking to scale up its EPC business (Rs90bn order backlog) through bidding for EPC contracts of RPL’s generation projects and other third party projects. The company has reported progress as per schedule in its five road and two metro rail BOTs. Further, Reliance Power (RPL), the power generation SPV of REL Infra, has acquired three coal mine concessions in Indonesia, with estimated reserves of 2bn tons having average GCV of 4,000-4,500Kcal with 30% moisture.
The total reserves are sufficient for 10,000MW of power capacity, including the 4,000MW Krishnapatnam UMPP and 1,200MW Shahpur thermal power plant. RPL has added another 4,000MW of projects to its portfolio, taking the total capacity under development to ~32,000MW. We continue to like REL Infra’s business model of integration across the value chain of power coupled with strong presence in EPC and BOT segments.
Read More...
Summary only...
The country's third largest steel producer, JSW Steel, has clocked a net profit rise of 11% at Rs 461 crore in the fourth quarter ending March 31, 2008 as against Rs 413 crore in Q4FY07. The quarter saw the amalgamation of the full years' result of Southern Iron and Steel Company (Siscol) with that of the quarter of JSW Steel following the approval of the amalgamation by the Bombay High Court.
Net sales of JSW for the quarter was up 68% at Rs 4,189 crore as compared to Rs 2,486 crore posted in the corresponding quarter of the previous year. Siscol reported a net turnover (included in JSW's net sales for Q4) of Rs 1,064 crore for the year. Despite a robust growth in JSW's net turnover during the quarter, price reduction in the market in an effort to ease general inflationary pressure, led to a nominal increase in the company's bottom line.
Standalone net profit of the company for the year stood at Rs 1,728 crore, up 33% as compared to Rs 1,292 crore posted in the previous year. Net sales for the same period was at Rs 11,420 crore as against Rs 8,699 crore. Due to duties levied by the government on exports to cool-off high domestic steel prices, JSW would bring down its exports by as much 10-15 per cent of total sales from 26 per cent currently or 948,000 tonne.
Read More...
Summary only...
ICICI Securities, the investment banking arm of ICICI Bank, will come out with initial public offer in due course, said CEO of the country’s largest private sector bank K V Kamath. According to him, the bank has not decided on the size of the IPO and when the market conditions are favourable, the bank will consider the IPO.
In January, the board of ICICI Securities had approved the initial public offer and private placement of shares to one or more institutional investors. Soon after the decision, ICICI Bank joint managing director and CFO Chanda Kochhar had said that the shares of ICICI Securities will be listed on the bourses in about six months.
The board had decided to offload 15% of its shares to retail or institutional investors. ICICI Securities, having an equity capital of Rs 61 crore, is a major player in retail broking and has posted revenues of Rs 527 crore during the first nine months of the current fiscal while profits were at Rs108 crore in the same period.
Read More...
Summary only...
Public sector Uco Bank posted a 177.4% rise in net profit at Rs 86 crore during the fourth quarter of the fiscal ended March 31, 2008. For the financial year 2007-08, net profit of the bank increased by 30.4% to Rs 412 crore. The bank had to provide for Rs 130 crore for depreciation of securities - mark-to-market losses - in the last few days of the fiscal. The bank achieved a total business of Rs 1.35 lakh crore, up by 20.7% from the previous financial year. Total deposits increased 23.2% to Rs 79,909 crore, while advances grew 17.2% to Rs 55,627 crore. Its non-performing assets were at 1.98%. Increase in yield on advances and return on assets, apart from robust recovery were the main drivers for growth.
The finance ministry is expected to approve the conversion of Rs 300 crore of equity into preference shares. Once this comes through, its capital will come down from 800 crore at present to Rs 500 crore. Additional capital of Rs 100 crore will be raised through a Follow on Public Offer in the third quarter of current fiscal. Meanwhile it is also planning to raise Rs 325 crore through perpetual non-cumulative preference shares by June.
The bank has a capital adequacy ratio of 10.09%, which has made itself Basel -II compliant during the year. As per Basel-II, the capital adequacy was 11.02%. The bank is looking for a 22% and 20% growth in deposits and advances in the current year.
Read More...
Summary only...
In what may turn out to be the largest ever acquisition by an Indian company, the country’s biggest private telecom player Bharti Airtel said it was in talks to acquire South Africa’s MTN. This is the first time that both companies have officially confirmed that they have entered into discussions for a possible stake sale. The board of MTN, South Africa’s largest telcom, is learnt to have met on Monday to discuss the potential buyout from Bharti.
MTN has operations in 21 countries in Africa and the Middle East like Nigeria, Republic of Congo, Rwanda, South Africa, Uganda, Zambia, Iran, Afghanistan, Ghana, Sudan, Syria, Yemen and other countries. The Indian model of low tariffs and high volumes can easily be replicated in the nations where demand for cellular services is high and volumes are related to tariffs. MTN has more than 68 million customers, which is just about a little larger than the customer base of Bharti Airtel. MTN has a market cap of more than more than $35 billion, while Bharti is valued about $45 billion. Discussions between Bharti Airtel and MTN Group of South Africa are still at an early stage, and exploratory in nature that may or may not lead to any transaction. Accordingly, investors are advised to exercise caution when dealing in the company’s securities until a further announcement is made.
Read More...
Summary only...
SBI posted a net profit of Rs 1,883 crore in the fourth quarter as against Rs 1,493 crore in the corresponding period last year, showing a growth of 26.1%. Its operating profit grew to Rs 4,373 crore as against Rs 3,969 crore, posting a growth of 10.2%. Total interest income was at Rs 13,577 crore as against Rs 10,518 crore showing a growth of 29.1% and non-interest income at Rs 2,817 crore as against Rs 2,668 crore showing a growth of 5.6%. The net interest income was at Rs 4,801 crore as against Rs 4,547 crore showing a growth of 5.6 per cent. The bank had booked no loss on account of exposure of derivatives in the Indian market. But for overseas exposure, the bank had taken a hit of $20 million. SBI had made a provision of $10 million in this regard.
For the whole year ended 2007-08, State Bank of India posted 48.2% growth in net profit at Rs 6,729 crore in 2007-08 as against Rs 4,541 crore in 2006-07 and 31.1% in operating profit at Rs 13,107 crore as against Rs 10,000 crore. Total interest income was at Rs 48,950 crore as against Rs 37,242 crore showing a growth of 31.4%, non-interest income at Rs 8,695 crore as against Rs 6,765 crore, a growth of 28.5% while net interest income stood at Rs 17,021 crore, a growth of 13.1%. The provisions during the year amounted to Rs 2,668 crore (Rs 2,410 crore), a growth of 10.7%.
Total business growth during the year under review amounted to Rs 181,000 crore. The deposit growth was Rs 101,885 crore, a 23.4% growth to touch Rs 537,406 crore and advances were up by Rs 79,949 crore or a growth of 23.4% to touch to Rs 422,181 crore. The market share in deposits increased from 14.8% to 15.4%, driven by low-cost deposits where market share increased from 13.9% to 17.4%. Mid-corporate advances grew by 24.4%, SME advances by 26.3%, agriculture advances by 24.6%, home loans by 18.7% and international advances on year-to-year basis by 50.4%. The total NPAs amounted to Rs 12,837 crore. The gross NPA ratio was 3.04% (2.92%) and net NPA ratio 1.78% (1.56%).
Read More...
Summary only...
Power Company PTC India Ltd has reported over three-fold increase in profit after tax to Rs 19.2 crore for the quarter ended March 31, 2008 compared to Rs 5.8 crore in the corresponding period a year ago. The company has reported a 39% increase in profit after tax for whole fiscal at Rs 48.7 crore against Rs 35.1 crore in the previous fiscal. However total income of the company during the quarter under review dipped 6.5% to Rs 566.0 crore from Rs 605.4 crore in the corresponding period of 2006-07. PTC's income for 2007-08 stood at Rs 3,949.0 crore, registering a growth of 4.31 per cent over the last fiscal.
The company has made its foray into wind energy generation by commissioning its first 6mw wind farm project in Maharashtra. During the January-March quarter, PTC raised Rs 1,200 crore through the QIP route and would use the proceeds for enhancing capital adequacy, capitalisation of PTC Financial Services and investment in fuel intermediation. During the quarter, PTC signed two MoUs for sale of power aggregating to 325 MW.
Read More...
Summary only...
The board of Spice Mobiles has recommended to increase the authorised share capital of the company from Rs 30 crore to Rs 51 crore.
The board has approved the rights issue of 37319000 equity shares of face value of Rs 3 each in the ratio of 1:2.
The board has approved preferential issue of 37319000 equity shares to any select group of persons including strategic investors on private placement basis.
This was approved at the board meeting held on 30 April 2008.
Read More...
Summary only...
