Hindalco Industries Ltd (HALC.BO), India's top aluminium maker, on Friday reported a smaller-than expected 31 percent fall in quarterly standalone net profit, helped by weakening raw material prices and better product mix.
Hindalco, which bought Canada's Novelis in 2007, reported net profit of 4.81 billion rupees ($100 million) in the April-June quarter, compared with 6.97 billion rupees a year earlier.
Net sales fell to 38.99 billion rupees from 46.48 billion.
A Reuters poll of nine brokerages forecast net profit of 3.09 billion rupees for the quarter, on net sales of 38.52 billion.
Last year, aluminium prices fell as the global economic slowdown hit demand for raw materials such as aluminium, used in automotive and construction industry. ($1=48.3 rupees)
Saturday, August 1, 2009
R-Comm Q1 net up 12.5% to Rs 1,636.61 cr
Reliance Communications has announced its Q1FY10 numbers. Its net profit increased 12.54% to Rs 1,636.61 crore from Rs 1,454.31 crore (QoQ).
Key Takeaways from Reliance Communications' concall:
Reliance Communications Q1 net profit increased 12.54% to Rs 1,636.61 crore from Rs 1,454.31 crore (QoQ).
Rel Comm adds 18.3 mn subscribers in last 6 months
Key Takeaways from Reliance Communications' concall:
Reliance Communications Q1 net profit increased 12.54% to Rs 1,636.61 crore from Rs 1,454.31 crore (QoQ).
Rel Comm adds 18.3 mn subscribers in last 6 months
Adani Power IPO oversubscribed 21.5 times
Adani Power IPO subscription at 21.51 times
The Initial Public Offering (IPO) of Adani Power Limited which hit the primary markets on July 28, 2009 has received overwhelming response from investors. The issue has received subscription of 21.51 times till 5:00 PM on July 31, 2009. The issue has received bids for 5351653580 equity shares against the offer of 248794681 equity shares. The issue has received bids for 213067075 equity shares at cut-off price.
The issue has received subscription of 15.02 times in NSE with bids for 3737896890 equity shares against the offer of 248794681 equity shares. The issue has received subscription of 156456950 shares at cut-off price.
In BSE, the issue has received subscription of 656.91% with bids for 1634351940 equity shares against the offer of 248794681 equity shares.
The company has come out with IPO of 301,652,031 EQUITY SHARES [including 52,857,366 Equity Shares Anchor investor portion] of Rs 10 each for cash at a price band of Rs. 90 To Rs. 100 through 100% book-building process.
The IPO closed Yesterday- July 31, 2009.
The rating agency ICRA Limited has assigned IPO Grade 3 for the issue.
The Initial Public Offering (IPO) of Adani Power Limited which hit the primary markets on July 28, 2009 has received overwhelming response from investors. The issue has received subscription of 21.51 times till 5:00 PM on July 31, 2009. The issue has received bids for 5351653580 equity shares against the offer of 248794681 equity shares. The issue has received bids for 213067075 equity shares at cut-off price.
The issue has received subscription of 15.02 times in NSE with bids for 3737896890 equity shares against the offer of 248794681 equity shares. The issue has received subscription of 156456950 shares at cut-off price.
In BSE, the issue has received subscription of 656.91% with bids for 1634351940 equity shares against the offer of 248794681 equity shares.
The company has come out with IPO of 301,652,031 EQUITY SHARES [including 52,857,366 Equity Shares Anchor investor portion] of Rs 10 each for cash at a price band of Rs. 90 To Rs. 100 through 100% book-building process.
The IPO closed Yesterday- July 31, 2009.
The rating agency ICRA Limited has assigned IPO Grade 3 for the issue.
We will be a 9,500mw company by 2013: NHPC
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.
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.
Telenor stake hike in Unitech's arm awaits govt's nod
Govt awaits interior min nod to clear Telenor deal
India's finance ministry is waiting for comments from the home ministry before deciding whether to approve an increased investment by Norway's Telenor in local telecom carrier Unitech Wireless, a minister said on Friday.
Telenor has a 49 percent stake in Unitech Wireless, the telecoms arm of Unitech Ltd, and has an agreement to lift that to 67.25 percent, which would bring its total investment to 61.2 billion rupees ($1.3 billion).
Under India's foreign investment rules, telecoms firms can sell up to a 49 percent stake to foreigners under an "automatic" route but need clearance from the Foreign Investment Promotion Board (FIPB), an arm of the finance ministry, to go above that level.
Foreign ownership in telecoms firms is capped at 74 percent.
Earlier, the FIPB had deferred its decision on Unitech Wireless' proposal to increase foreign holdings in the company to up to 74 percent, without giving any reason.
"The proposal was deferred for want of comments from ministry of home affairs," Junior Finance Minister Namo Narain Meena said on Friday in a written reply to a question in the Parliament, without elaborating.
A spokesman for Unitech Wireless declined comment when asked why the company was seeking approval to increase foreign holdings to up to 74 percent, but said there was no change in Telenor's proposed stake buy of a total 67.25 percent.
The Economic Times reported on Thursday that the government was set to give security clearance to Telenor on condition that none of the staff who have worked in the company's Pakistan operations are employed in India.
Indian media reports have cited Telenor's operations in Pakistan as raising security concerns for Indian authorities.
(US$=48.17 rupees)
India's finance ministry is waiting for comments from the home ministry before deciding whether to approve an increased investment by Norway's Telenor in local telecom carrier Unitech Wireless, a minister said on Friday.
Telenor has a 49 percent stake in Unitech Wireless, the telecoms arm of Unitech Ltd, and has an agreement to lift that to 67.25 percent, which would bring its total investment to 61.2 billion rupees ($1.3 billion).
Under India's foreign investment rules, telecoms firms can sell up to a 49 percent stake to foreigners under an "automatic" route but need clearance from the Foreign Investment Promotion Board (FIPB), an arm of the finance ministry, to go above that level.
Foreign ownership in telecoms firms is capped at 74 percent.
Earlier, the FIPB had deferred its decision on Unitech Wireless' proposal to increase foreign holdings in the company to up to 74 percent, without giving any reason.
"The proposal was deferred for want of comments from ministry of home affairs," Junior Finance Minister Namo Narain Meena said on Friday in a written reply to a question in the Parliament, without elaborating.
A spokesman for Unitech Wireless declined comment when asked why the company was seeking approval to increase foreign holdings to up to 74 percent, but said there was no change in Telenor's proposed stake buy of a total 67.25 percent.
The Economic Times reported on Thursday that the government was set to give security clearance to Telenor on condition that none of the staff who have worked in the company's Pakistan operations are employed in India.
Indian media reports have cited Telenor's operations in Pakistan as raising security concerns for Indian authorities.
(US$=48.17 rupees)
Govt moves bill to up LIC's equity, dividend payout
The federal government on Friday moved a bill in parliament to raise the capital base of state-run Life Insurance Corp and enable it to pay up to 10 percent dividend to the government.
The LIC (amendment) Bill, introduced by Finance Minister Pranab Mukherjee in the lower house of parliament, proposes to raise the paid-up capital of the insurer to 1 billion rupees or more from the present 50 million rupees.
The bill also said the insurer could get sovereign guarantee for its products to the extent needed.
LIC can allocate 90 percent or more of its surplus to policy holders or keep it in a separate account, it said, adding the remaining could be paid to the government as dividend.
Earlier, junior finance minister Namo Narain Meena said the total premium income of market leader LIC grew 4.45 percent to 1.56 trillion rupees in FY09, lower than the 17.19 percent expansion seen in 2007/08.
The overall premium income of all the life insurers stood at 2.24 trillion rupees at the end of FY09, compared with 2.01 trillion rupees in the previous year, he added.
The LIC (amendment) Bill, introduced by Finance Minister Pranab Mukherjee in the lower house of parliament, proposes to raise the paid-up capital of the insurer to 1 billion rupees or more from the present 50 million rupees.
The bill also said the insurer could get sovereign guarantee for its products to the extent needed.
LIC can allocate 90 percent or more of its surplus to policy holders or keep it in a separate account, it said, adding the remaining could be paid to the government as dividend.
Earlier, junior finance minister Namo Narain Meena said the total premium income of market leader LIC grew 4.45 percent to 1.56 trillion rupees in FY09, lower than the 17.19 percent expansion seen in 2007/08.
The overall premium income of all the life insurers stood at 2.24 trillion rupees at the end of FY09, compared with 2.01 trillion rupees in the previous year, he added.
ABG Shipyard confirms 8% stake in Great Offshore
Open offer price for Great Offshore may go to Rs 500/sh
ABG Shipyard increased its stake in Great Offshore to 8% and revised open offer price to Rs 450 per share. However Bharati Shipyard had an upper hand, as it held 20% stake in Great Offshore. The price revision could be as high as Rs 500 per share from Bharati Shipyard to counter the current open offer price.
ABG Shipyard increased its stake in Great Offshore to 8% and revised open offer price to Rs 450 per share. However Bharati Shipyard had an upper hand, as it held 20% stake in Great Offshore. The price revision could be as high as Rs 500 per share from Bharati Shipyard to counter the current open offer price.
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