Wednesday, August 03, 2005

Mahindra and Mahindra jumped 3.5% to Rs 701.90 on the back of surge in tractor sales in July 2005.

The stock rose sharply in the past few days on the back of strong Q1 June 2005 resutls. It gained sharply from Rs 599.95 on 21 July 2005 to close at Rs 677.75 by 2 August 2005.
Mahindra and Mahindra, on Tuesday, said its tractor sales jumped 60.7% in the month of July 2005, as compared to the same month a year ago. Total tractor sales stood at 5384 units in July 2005, as compared to 3350 units in the month of July 2004. The cumulative sales during April-July 2005 rose 37% to 26584 units from 19398 units in the same period last year.
Mahindra and Mahindra reported a 39% growth in Q1 ended 30 June 2005 net profit to Rs 145 crore from Rs 104 crore in Q1 June 2004. Net sales leaped up 27% to Rs 1,812 crore.
Recently, M&M shareholders sanctioned the proposal to hike FII limit to 49% from 35%.

Provogue down by 4% on the news of director’s arrest

Provogue lost 4% to Rs 196.55 after Mumbai police on Tuesday arrested Salil Chaturvedi, a director of the company in connection with a narcotics case.
Earlier during the day, the stock plunged to hit a low of Rs 187 in opening trade. It recovered from lower level later.
From its close of Rs 245.55 on 7 July, 2005 when it got listed, the stock continuously slipped to close at Rs 204.6 on 2 August 2005.
Chaturvedi was arrested arrested under the Narcotic Drugs and Psychotropic Substances (NDPS) Act and will be produced in court today. It may be recalled that the police had interrogated Chaturvedi, last month, following the arrest of the manager of Provogue Lounge, Vishal Meghnani, on drug charges earlier in July.
Provogue operates in two core segments: designing and manufacturing and selling of branded ready-made garments and accessories under the brand, Provogue, which has been positioned as a fashion label in the Indian domestic market. Provogue derives half of its sales and profits from branded retailing.
Provogue came out with an IPO in mid June 2005 to finance the expansion of the company's retail stores and its garment manufacturing and design capabilities.
The company earned a net profit of Rs 7.21 crore on sales of Rs 115.02 crore in FY 2005 (year ended 31 March 2005).

i-flex soars as Oracle acquires control

I-flex jumped 7% to Rs 959 after Oracle acquired Citigroup's majority stake in the company.
98,999 shares changed hands in the counter on BSE by the first few minutes of trade.
The stock jumped 8.2% on Tuesday (2 August 2005) ahead of the announcement to Rs Rs 896.15. The announcement hit the market after trading hours on Tuesday.
Oracle Corporation will acquire a majority stake in i-flex for about $ 316 million from Citigroup. Orcale will make an open public offer to buy another 20% stake in i-flex at Rs 882.62 per share as required under Sebi takeover regulations.
The current i-flex management team will continue to run the company. Oracle president, Charles Phillips, will join the i-flex board. I-flex stock will continue to trade on BSE and NSE.


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