Nifty can touch 5K in Aug series: Mangal Keshav
Chinese mkt to see correction ahead: UBS
Polaris Q1 net down; biz volumes shifting offshore
Friday, July 31, 2009
ONGC advances 5%
Oil and Natural Gas Corporation, ONGC touched an intraday high of Rs 1,161.90 and an intraday low of Rs 1,095. At 11:30 am, the share was quoting at Rs 1,156.10, up Rs 56.55, or 5.14%.
It was trading with volumes of 262,237 shares. Yesterday the share closed up 0.12% or Rs 1.35 at Rs 1,099.55.
It was trading with volumes of 262,237 shares. Yesterday the share closed up 0.12% or Rs 1.35 at Rs 1,099.55.
Block deals in Indiabulls Financial, stock up
Indiabulls Financial Services touched an intraday high of Rs 206.45 and an intraday low of Rs 197.80. At 12:09 pm, the share was quoting at Rs 200.15, up Rs 5.65, or 2.90%.
There were block deals of 20 lakh Indiabulls Financial shares on BSE and NSE at Rs 200.10 per share.
It was trading with volumes of 1,283,127 shares. Yesterday the share closed down 2.33% or Rs 4.65 at Rs 194.5.
There were block deals of 20 lakh Indiabulls Financial shares on BSE and NSE at Rs 200.10 per share.
It was trading with volumes of 1,283,127 shares. Yesterday the share closed down 2.33% or Rs 4.65 at Rs 194.5.
Eventual plan to take mgmt control of Great Offshore: ABG
ABG Shipyard picked-up further stake in Great Offshore yesterday which took their stake up considerably, and subsequently, has upped their open offer price too.
Commenting on the issue, D Datar, CFO of ABG Shipyard, said that their stake in Great Offshore has gone up to 8%. He said the open offer price for Great Offshore has been revised to Rs 450 per share. However, he refused to comment if Punj Lloyd was a seller in the block deal.
Datar stated that the company’s eventual plan is to take management control of Great Offshore. He added that ABG Shipyard is ready to buy from parties willing to sell Great Offshore shares at Rs 450 per share.
Commenting on the issue, D Datar, CFO of ABG Shipyard, said that their stake in Great Offshore has gone up to 8%. He said the open offer price for Great Offshore has been revised to Rs 450 per share. However, he refused to comment if Punj Lloyd was a seller in the block deal.
Datar stated that the company’s eventual plan is to take management control of Great Offshore. He added that ABG Shipyard is ready to buy from parties willing to sell Great Offshore shares at Rs 450 per share.
NHPC IPO: $1.2bn proceeds to fund 11 projects
It will be the first public sector enterprise to tap the capital markets this year. National Hydroelectric Power Corporation (NHPC) has kicked off its road shows, as it looks to raise up to Rs 6,000 crore. Katya Naidu and Vidhi Godiawala report.
For the first time in its 34-year history, NHPC has 11 projects under construction. At the same time, it is looking at a USD 1.2 billion IPO to fund it. The company wants to double its capacity over four years.
SK Garg, CMD, NHPC, said, "By 2012, we will be commissioning almost 2,300 MW. Two projects will come in the first year of the 12th Plan, which will add another 2,000 MW. By 2013, our company will be something like 9,500 MW company."
The IPO is expected to raise Rs 6,000 crore at the higher end of the price band. Of this Rs 6,000 crore, around Rs 4,000 crore will accrue to the company, Rs 2,000 crore will go to the government for its 5% stake it is divesting.
At Rs 30-36 per share, the IPO is aggressively priced. Bankers hope the uptick in market sentiment and the government's credibility will make it a good bargain.
Vallabh Bhansali, Chairman, Enam Securities, said, "It is a unique company. It is in hydro power, it is a large company, financially very good, and not leveraged like other power companies. A lot of factors have gone into valuing this company."
Falguni Nayar, MD - Institutional Equities, Kotak Mahindra Bank, said, "We are hoping for a positive response because market is improving and investor appetite is improving."
S Vishwanathan, MD, SBICAPS, said, "This issue will be a forerunner for many more issues to come."
NHPC hopes its IPO will see the same strong subscription rush seen by Adani Power's IPO earlier this week, when it was subscribed 4 times on the very first day. Experts point out that NHPC's expansion is not the only thing that hangs in the balance. This IPO could well set the pace for future divestments as well.
For the first time in its 34-year history, NHPC has 11 projects under construction. At the same time, it is looking at a USD 1.2 billion IPO to fund it. The company wants to double its capacity over four years.
SK Garg, CMD, NHPC, said, "By 2012, we will be commissioning almost 2,300 MW. Two projects will come in the first year of the 12th Plan, which will add another 2,000 MW. By 2013, our company will be something like 9,500 MW company."
The IPO is expected to raise Rs 6,000 crore at the higher end of the price band. Of this Rs 6,000 crore, around Rs 4,000 crore will accrue to the company, Rs 2,000 crore will go to the government for its 5% stake it is divesting.
At Rs 30-36 per share, the IPO is aggressively priced. Bankers hope the uptick in market sentiment and the government's credibility will make it a good bargain.
Vallabh Bhansali, Chairman, Enam Securities, said, "It is a unique company. It is in hydro power, it is a large company, financially very good, and not leveraged like other power companies. A lot of factors have gone into valuing this company."
Falguni Nayar, MD - Institutional Equities, Kotak Mahindra Bank, said, "We are hoping for a positive response because market is improving and investor appetite is improving."
S Vishwanathan, MD, SBICAPS, said, "This issue will be a forerunner for many more issues to come."
NHPC hopes its IPO will see the same strong subscription rush seen by Adani Power's IPO earlier this week, when it was subscribed 4 times on the very first day. Experts point out that NHPC's expansion is not the only thing that hangs in the balance. This IPO could well set the pace for future divestments as well.
Bullish on PSU banks, wary of realty: India Infoline
Sandeepa Arora of India Infoline said she was bullish on PSU banks that were still trading at 1-1.5 times price-to-book, but added that she was wary of the realty space
Market Round Up from Moneycontrol: More stock news. More stock advice. Top News Investors should shift to mid-tier FMCG cos: IDFC SSKI
Nikhil Vora, Managing Director, of IDFC SSKI, has advised investors to shift to mid-tier consumer companies. He expects midcap FMCGs to report higher sales growth than ITC and HUL.
With regard to United Spirits’ results, Vora said the company’s numbers were impressive and that it had addressed major concerns. He added the company’s balance sheet was strengthening and USL was no longer an expensive stock.
With regard to United Spirits’ results, Vora said the company’s numbers were impressive and that it had addressed major concerns. He added the company’s balance sheet was strengthening and USL was no longer an expensive stock.
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