L&T okays bonus issue, declares dividend

MUMBAI: Engineering and construction major Larsen & Toubro on Friday said it would issue one bonus share for every one equity share held by the existing shareholders.

The shareholders took a decision to this effect at the 63rd annual general meeting, L&T said in a regulatory filing to the Bombay Stock Exchange.

The stakeholders gave their final permission for bonus issue in the proportion of one equity share for every one equity share held by the existing shareholders, it said.

The company has also declared the dividend at Rs 15 per share, having a face value Rs 2 each, L&T added.

The company has fixed October 3 as record date for issuing of bonus shares, it said.

Technical Buy Call: Bata India - Rs. 167.85

Technical Buy Call: Bata India - Rs. 167.85
1st Target: Rs 192 (4-6 weeks) 2nd Target: Rs 201 (12 -14 weeks) Stoploss: Rs 156

Bata India bottomed out by posting an intra-week low of Rs 096.00 during the week ended August 5, 2005, and these levels have not been seen since. The scrip struggled a bit but finally overcame and took support on the 21-week EMA, launched into an intermediate uptrend, posted a series of progressively higher tops and bottoms and rallied to peak at an intraweek high of Rs 166 during the week ended September 23, 2005. Bata India couldn’t sustain these levels and entered a corrective phase, psoting Rs 133.50 during the week ended October 14, 2005. The scrip commenced its uptrend from here, rebounded and again launched into an intermediate uptrendand reached the peak at an intra-week high of Rs 329.25 in the week ended May 12, 2006. The next corrective phase took long time and the scrip rallied to a peak at an intra-week high of Rs 296 in the week ended January 4, 2008. Currently, Bata India seems set to move up after a correction. The mechanical indicators are supporting the move and the daily picture is looking better. An upside lies ahead.

NMDC gets nod to mine limestone

India's public sector National Mineral Development Corporation (NMDC) has got permission to mine steel-grade limestone in Himachal Pradesh, a state government official said Wednesday.
The firm will invest over Rs.5 billion for the project.
The state government has given the green light to NMDC to extract limestone in the Arki region of Solan district, S.C. Negi, principal secretary of the state government's industry department, told IANS.
This will be one of the biggest mining projects in the state with an investment of more than Rs.5 billion.The state government will get an annual royalty of Rs.110 million and NMDC will generate direct and indirect employment for more than 5,000 people.
NMDC has already reached an agreement with cement maker Gujarat Ambuja Cements Ltd (GACL) to supply limestone to its cement plant at Suli village near Darlaghat in Solan district of Himachal Pradesh.

The limestone will be transported from the quarries to the GACL plant through a 10-km-long overhead ropeway. For this, NMDC has agreed to install the necessary equipment.

The public sector minerals company is also looking for other buyers, especially steel plants, as the limestone to be extracted is also a vital raw material for making steel

Buy punjlloyd below 250 for very long term holding....

Buy punjlloyd at 225-250

Sharekhan has given 18 months target of Punj Lloyd Rs. 532.

Punj Lloyd Limited has informed the Exchange that all the resolutions contained in the Notice convening Annual General Meeting have been duly passed by shareholders in their meeting held on July 28, 2008. The resolutions approved by shareholders include inter-alia the following: 1) Declaration of dividend @Re. 0.40 per share for the year ended March 31, 2008; 2) Re-appointment of Mr. Atul Punj as executive Chairman of the Company for a period of five years. Further, the Company has submitted to the Exchange a copy of the Notice of Annual General Meeting.

IFCI may not fall below 35 again

According to few fundamentalists who track the scrip closely,Ifci may not fall below 35 again.... so the downward risk is 20% only from present price.... upward appreciation is unlimited.... risk reward ratio is in favour of investors....

Deliveries are nearly above 200 percent . Yes 200 percent. Rollover about 40%. Yesterdat it has kissed the bottom of 41.50 and did a pull back. With all the positive global cues and one day before expiry IFCI may surge to 45.20 at the opening of the market. Appears next month fire works

IFCI is naughty stock... many a time it hood winks and does a contrarian move. It has generated buy signals on some of the charts with moderate volumes. On the last day of the expiry it has all things going well for good upmove. But it is moody !!

All things done and said. Unless the current management takes some positive action quickly they will be killing a potentially very good company. Hope they act proactively in shareholders interest. And also lets give importance not only to the technicals and fundamentals but also concentrate on liquidity in the market.

Suzlon starting a shipping division

Tulsi Tanti, Chairman, Suzlon said that the company has bagged a 106.5 MW order from DLF. He informed CNBC-TV18 that the company’s order book stands at 3040 MW and is worth Rs 16,491 crore. The company has raised its pricing by 3-4%.
Suzlon is starting a shipping division in Singapore. To head the shipping company they have recruited Mr. Bansal a young twit who has ruined a very successful shipping through unpleasant ways. He has been involved in many issues and like old habits die hard this will certainly continue in this new venture. To make matters worse he has recruited more of his so called chamchas from there so he can be surrounded by his soldiers so he can do the same as what he did before with their help. I believe the company

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Walchandnagar Industries allots equity shares

Walchandnagar Industries allots 3769310 equity shares

Walchandnagar Industries Ltd has announced that the Allotment Committee of Board of Directors of the Company at its meeting held on July 29, 2008 has issued and allotted 30,00,000 (Thirty Lakhs) equity shares of Rs 2/- each (including 15,00,000 Bonus equity shares) to M/s. Rodin Holdings Inc. and 7,69,310 (Seven Lakhs Sixty Nine Thousand Three Hundred and Ten) equity shares of Rs 2/- each (including 3,84,655 Bonus Equity Shares) to M/s. Olsson Holdings Inc. by way of Conversion of Warrants.

The equity shares issued as above shall rank pari-passu with the existing equity shares of the Company.

With the above allotment of shares the total promoters' holding in the Company has gone up from 50.04% to 54.99%.

NTPC Q1 net profit at Rs 1726.5 cr

State run National Thermal Power Corp today announced a net profit of Rs 1,726.53 crore for the first quarter ended June 30, 2008, a 27.15 per cent growth over the corresponding period a year-ago.

NTPC had a net profit of Rs 2,369.93 crore in the Q1 of FY 2007-08, it said in a filing to the Bombay Stock Exchange.
The total income rose 6 per cent to Rs 10,256.70 crore in Q1 of FY'09, from Rs 9,687.84 crore in the corresponding period last fiscal.
The net sales rose 6.35 per cent to Rs 9,539.47 crore in the June quarter, from Rs 8,969.70 crore in the same period previous fiscal.

Shares of NTPC closed at Rs 178.45, down 3.44 per cent on the BSE.

HPCL Q1 net loss of Rs 888.12 crore

HPCL has decalred its Q1FY09 results. The company's net sales were up 59% to Rs 34749.32 crore from Rs 21881.7 crore.

Its has post net loss of Rs 888.12 crore versus loss of Rs 86.93 crore.

Highlights

* GRMs for Q1FY09 were at $15.23/bbl (Apr-Jun 2007 : $9.04/bbl) for Mumbai Refinery and $17.05/bbl (Apr-June 2007: $ 7.80/bbl) for Visakh Refinery.
* Received discounts from upstream companies to the tune of Rs 2357.38 cr Vs Rs 900.94 cr
* Received in principle nod from Fin Min for oil bonds worth Rs 5115 cr (Apr-June 2007 : Nil)
* Pay revision provision of Rs 162.94 cr

Ranbaxy Q2 net profit at Rs 23 cr

Ranbaxy Laboratories has declareed its results for the quarter ended June 2008 (Q2). The company's consolidated net profit excluding forex loss was at Rs 160.8 crore versus Rs 160.4 crore. The company's consolidated net profit including forex loss was at Rs 23 crore.

The company's Q2 consolidated net sales were at Rs 1,830 crore versus Rs 1,624 crore.

The company's Q2 standalone net sales were at Rs 1,216.9 crore versus Rs 1,014.6 crore. Its standalone net profit was at Rs 23.7 crore versus Rs 291 crore. The Global sales were at USD 440 million.

Hero Honda Q1 net profit at Rs 272 cr

Hero Honda Motors has declared its results for the quarter ended June 2008 (Q1). The company's net profit was at Rs 272 crore versus Rs 189.8 crore.The company's total income was at Rs 2,890 crore.

The company's Q1 net sales were up by 16.2% to Rs 2843.5 crore versus Rs 2447.9 crore. Its OPM were at 12% versus 10.76%.The company's Q1 margins were at 12% versus 10.76% on YoY basis. Tax incidence was at 22% versus 30% (post Uttaranchal plant launch in April 8th).

TV18 Q1 net loss at Rs 5.28 cr

Television Eighteen (TV18) has announced its first quarter numbers. It has reported net loss of Rs 5.28 crore for the quarter ended June 2008 as against profit of Rs 4.84 crore in same period of last year.
Income from operations increased at Rs 92.99 crore from Rs 68.15 crore YoY.

Income from news operations stood at Rs 75.33 crore versus Rs 57.92 crore and net profit from news operations at Rs 12.66 crore versus Rs 12.39 crore, YoY.

Web arm revenues also increased at Rs 13.15 crore from Rs 9.34 crore while net loss stood at Rs 7.79 crore versus loss of Rs 2.9 crore (YoY).(Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group).

HCC JV bags Rs 639 cr from Andhra govt

Hindustan Construction Company (HCC) along with its two JV partners SEW Infrastructure and Megha Engineering & Infrastructure (MEIL) bagged Rs 639.27 crore contract from Government of Andhra Pradesh, Irrigation and CAD Department. Of the contract value of Rs 639.27 crore, HCCs share is 51 per cent that is Rs 326.03 crore.

Under the coantract the JV firms will construct Barrage of around 3.5 km with Head Regulator across River Pranahita (PCLIS - Package-III) near Tummidi Hetti Village in Adilabad District of Andhra Pradesh.

The project is to be comleted in the next 48 months. The Pranahita-Chevella Lift Irrigation Scheme is a part of the Goverment initiative to provide irrigation benefits to all under-developed regions of Andhra Pradesh.

HDFC Bank Results

HDFC Bank net profit rose 44.55% to Rs 464.35 crore in Qtr ending June 2008 for the financial year 2008-2009 compared to Rs 321.23 crore in qtr ending june 2007. Total operating income rose 70.36% to Rs 3621.73 crore in Qtr ending June 2008 for the financial year 2008-2009 compared to Rs 2125.88 crore in qtr ending june 2007.

Reliance Globalcom in strategic alliance

Reliance Globalcom, part of Reliance Communications Ltd, Tuesday entered into a strategic alliance with Internap Network Services Corp, a US-based provider of end-to-end internet business solutions.

The partnership would aim at providing a broad set of content and application delivery network services to Indian businesses.

Under the alliance, Internap would set up a new point-of-presence in India which would be integrated with its global delivery infrastructure spanning in seven countries(Australia, China, Singapore, Japan, the US, the UK and Netherlands).

The point-of-presence in India would be established and managed by Reliance Globalcom.

‘Reliance Globalcom’s strategic alliance with Internap enables us to bring world-class content and application delivery network services to the underserved and emerging markets in India,’ Reliance Globalcom CEO Punit Garg said.

Jet posts $33.3 million profit

India’s largest private carrier Jet Airways has announced a net profit of Rs.1.43 billion ($33.3 million) during the first quarter of fiscal 2008-09 against Rs.308.80 million in the corresponding period last year.For the first quarter ending June 30, total income increased to Rs.28.99 billion from Rs.19.83 billion in the corresponding quarter last year.

An aviation analyst in a leading brokerage firm told IANS: ‘Due to a change in accounting policy for charging depreciation on narrow body aircraft, there is an excess of around Rs.9.15 billion.’

‘If this (depreciation) is not taken into account, then the loss posted by Jet would have been steep,’ he added.

Mercator Lines announces 1st Quarter results for FY 2008-09

On a consolidated basis, Mercator Lines Limited has achieved an operating income of Rs. 492.90 crores as compared to Rs. 269.77 crores in the corresponding period last year.

The consolidated profit from ordinary activities has increased to Rs. 106.18 crores as compared to Rs. 71.29 crores.

The company has achieved this performance in spite of charging off mark to market foreign exchange loss of Rs. 13.92 crores for the quarter as against a gain of Rs. 21.87 crores in the corresponding period previous year.

The company has also written off dry docking expenses of Rs. 28.38 crores in this quarter as compared to Rs. 2.99 crores in the previous corresponding period.

All the scheduled dry docks for the current financial year have been concluded in this quarter itself and the entire dry docking expenses has been charged off to the profit and loss account.

During the quarter under review, the company acquired one 2006 built VLCC of 2,99,235 DWT, one 2008 built Dredger of 4500 Cu.M., and its subsidiary, Mercator Lines (Singapore) Limited (MLS) acquired one 1997 built Panamax vessel of 69,186 DWT.

Subsequent to quarter end; MLS acquired one more 1997 built Panamax vessel of 69,221 DWT.

The coal mining operations in Indonesia have started and currently the first consignment is under loading

Bank of India Results - Announces Qtr Ending June 2008-2009 results

Bank of India net profit rose 78.28% to Rs 561.95 crore in Qtr ending June 2008 for the financial year 2008-2009 compared to Rs 315.20 crore in qtr ending june 2007. Total operating income rose 30.11% to Rs 3548.32 crore in Qtr ending June 2008 for the financial year 2008-2009 compared to Rs 2727.26 crore in qtr ending june 2007.

NuTek India Limited IPO

NuTek India Limited is a Telecom infrastructure service provider offering Infrastructure rollout solutions for both mobile and fixed telecommunication networks. NuTek India offer services to Telecommunication Equipment Manufacturers, Telecom operators as well as third party infrastructure leasing companies in installing and maintaining Telecom Network Equipment & Infrastructure. NuTek India Limited, in the process of creating a total solution undertake initial feasibility studies, prepare strategies, and undertake engineering, electronics, construction, installation, integration and maintenance of network components for its customers. Company is also registered with Department of Telecommunication as Infrastructure Provider - Category I.

NuTek India undertake turnkey projects, provide management expertise to its clients for infrastructure creation and installation for telecom sites which includes Passive Infrastructure like Towers, Telecom Shelters, Backup Power - DG sets and Battery Banks, Electrical Infrastructure and Earthing Stations etc. and active infrastructure like Base Transceiver Station (BTS), microwave, optic fibre, Base Station Controller (BSC), Mobile Switching Centres (MSC), IN (Intelligent networks), VAS (Value added services) equipments, transmission equipment such as STM’s and Microwaves to the most advanced World Interoperability for Microwave Access (WIMAX) equipment and future ready 3G Nodes. Company also provide's technical support services in the High End Telecom segments such as Radio Frequency and Transmission Planning, Network Tuning & Optimization and Quality of Service (QoS) to our clients. This activity is undertaken through our engineers and technical staff deputed on client sites/offices. Some of its major clients are Nokia Siemens Networks Pvt. Ltd, Ericsson India Pvt. Ltd, Motorola India Pvt. Ltd, Tata Teleservices Ltd, Bharti Airtel Ltd, Idea Cellular Ltd, Vodafone Essar Ltd. (Hutch), Videsh Sanchar Nigan Limited etc.

Apollo Tyres plans to invest Rs 2,000 crore

Apollo Tyres plans to invest Rs 2,000 crore in the next three years to increase its production capacity both in the country and abroad.

The firm, which plans a greenfield facility in Hungary, is also setting up a plant in Chennai, while increasing the capacity at its Vadodara plant.

"We will invest Rs 2,000 crore in next three years including Euro 200 million for our upcoming plant in Hungary," Apollo Tyres Chief of India Operations Satish Sharma told PTI.

He said the company would invest around Rs 1,350 crore in setting up the facility in Hungary for which it had bought about 45 hectares of land earlier this year.

The Hungary plant would be the company's hub to service its passenger car radial tyre buyers in Europe, North America as well as other countries.

The company also plans to augment capacity of passenger car tyre production at its Vadodara unit from the existing 10,000 tyres a day to 15,000 tyres a day by the mid-2009.