Wednesday, August 10, 2005

Sah Petroleums gets all pumped up by bonus issue move


Sah Petroleums jumped 16.7% to Rs 40.50 after the company said its board
would consider recommending an issue of bonus shares.
The stock rose on high early volume of 18.8 lakh shares.
The market had probably got an inking of the announcement in advance, as the
stock spurted in the run up to the announcement. From a recent low of Rs
24.05 on 1 August 2005, the stock jumped 44% in just seven trading sessions
to a lifetime closing high of Rs 34.70 by 10 August 2005 on the eve of the
announcement.
Sah Petroleums said its board would meet on 22 August to consider the
recommendation of an issue of bonus shares and an increase in authorised
share capital.
The company has a current paid-up equity capital of Rs 10 crore. The face
value per share is Rs 5. Book value per share is Rs 26.40.
Sah Petroleum makes a wide range of specialty industrial lubricants, rubber
processing oils, greases, automotive lubes and various grades of other oils.
Industrial lubricants constitute around 90% of the company's total sales
volume.
The surge in prices of crude, a key raw material in the manufacture of
lubricants, hit the company’s bottomline in Q1 June 2005. It reported a
37.5% fall in net profit to Rs 1.25 crore (Rs 2 crore). Net sales rose 37.6%
to Rs 22.83 crore (Rs 16.59 crore).

Ahmednagar Forgings Ltd - Bonus Issue 2:1


Ahmednagar Forgings Ltd has informed the Exchange that the BOD's in its
meeting held on August 10, 2005, have approved the issue of bonus shares in
the ratio of 2:1 i.e. 2 bonus equity shares of Rs.10/- each for every one
existing fully paid equity share of Rs.10/- each. For this purpose, the
Board has convened an EGM of the Company on September 03, 2005 for obtaining
members' approval for the bonus issue and also for the resultant increase in
the Authorised Share Capital.

A firm opening after two lull days!


After a two-day lull, the stock market began the trading session with a bang
and recorded sharp gains of 75 points in early trades. Continuous FII buying
in the last two sessions has improved the market sentiment.

Among front-line stocks Ingersoll Rand, Escorts, MTNL, Crompton and Raymonds
are among the gainers while BPCL, Indo Gulf Fertiliser and IOC have recorded
moderate losses over their previous closes.

Sun Pharma gains on overseas initiatives


Sun Pharmaceutical Industries gained 3.3% to Rs 619.90 after the company
said

Other details regarding the acquisition were not immediately available.

16,389 shares were traded in the counter on BSE.

The stock witnessed a solid surge in the past few months in a firm market.
From a low of Rs 460.10 on 11 April 2005, the stock leaped up 41% in a few
months to a high of Rs 649.40 on 20 July 2005. Profit taking drew the scrip
down from the higher level later.

Sun Pharma turned out improved Q1 June 2005 results. The consolidated net
profit jumped 54% to Rs 136.34 crore (Rs 88.40 crore). On consolidated
basis, the company came up with a 34% increase in total operating income
(including sales and other operating income) to Rs 421.76 crore in the
quarter ended Jun 05. Higher other income, significant jump in interest
income from the deposit of FCCB receipts and reduction in tax incidence also
aided the surge in Sun Pharma’s net profit in Q1 June 2005.

Majority of the pharma companies reported leap in domestic sales in Q1 June
following the smoothening of VAT related issues, and Sun Pharma proved no
exception.

Sun Pharma has a strong presence in niche areas such as psychiatry,
neurology, cardiology, diabetology, and gastroenterology.

The company expects 20-30% revenue growth in FY 2006.

source: capitalmarket

Bharti Tele-Ventures in gains again


Bharti Tele-Ventures edged higher for the second day in a row after the
company announced a surge in cellular subscription in July 2005.

The stock was up 2.8%, in early afternoon trade, at Rs 299.25. It was the
biggest percentage gainer among the 30-Sensex constituents. 2.6 lakh shares
changed hands in the counter on BSE.

The stock recovered from lower level on Tuesday (9 August 2005) after the
July subscription figures hit the market towards the fag end of the trading
session. The stock which was down about 0.5% till mid-afternoon trade
bounced back to positive territory on that day to settle at Rs 291.10
compared to Monday’s closing price of Rs 290.65.

Bharti Tele-Ventures (BTL) stock surged in the past few days in a firm
market. Rising subscription and strong Q1 June 2005 results provided support
to the counter. From a recent low of Rs 249.80 on 20 July 2005, the stock
jumped 17.2% in a short while to Rs 292.85 by 5 August 2005.

Last few months saw the Bharti Tele-Ventures (BTL) stock swell. From a low
of Rs 202.15 on 27 April 2005, the stock spurted to Rs 292.85 by 5 August
2005.

BTL’s addition by way of new subscriptions, of 5.33 lakh, in July 2005 was
much higher than the addition of over 4 lakh users each in May 2005 and June
2005. The company’s total subscriptions, as at end July 2005, stand at
12.789 million.

Meanwhile, BTL has decided to outsource its call centre operations to four
companies in a three-year contract estimated at $ 230 million. Nortel
Networks will provide the call routing and prioritisation technology to
these back office firms.

BTL’s consolidated net profit, as per Indian GAAP, has jumped 96.8% to Rs
470.47 crore from Rs 239.04 crore in Q1 June 2004. Consolidated total income
rose 45.8% to Rs 2,527.39 crore from Rs 1,733.15 crore

Buzz of upward revision in open offer price spurs i-flex


Buzz of upward revision in open offer price spurs i-flex

i-flex got an upward boost today as the rumour mill had it that Oracle may
upgrade its open offer price for the acquisition of 20% stake in the Indian
software solutions firm.

Amid such speculation, the i-flex stock has been charting an upward course.
The stock gained 3.5% in mid-morning trade today to Rs 1,014.45. Volumes
were decent at 1.7 lakh shares by the first two hours of trade on BSE.

It was the fourth day of uptrend in the counter.

On 3 August 2005, the stock jumped 4.5% to Rs 937.30 after the news of
Oracle taking over Citigroup’s 41% stake first hit the market after trading
hours on 2 August 2005. The stock slipped slightly to Rs 928.85 (4 August)
the next day.

Oracle Corporation will acquire a majority stake in i-flex for about $ 316
million from Citigroup. Orcale has announced a 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.

ZF Steering Gear in top gear


ZF Steering Gear jumped 4.5% to Rs 794.50 after the company set record date
for bonus issue.

1,006 shares changed hands in the counter on BSE.

Strong Q1 June 2005 results sent the stock surging in the past few days.
From a recent low of Rs 670.45 on 29 July 2005, the stock spurted to a
lifetime closing high of Rs 784.50 by 5 August 2005. It later pared gains
and slipped to Rs 760.20 by 9 August 2005.

ZF Steering Gear (India) has set record date for bonus issue as 31 August
2005. The company had announced a liberal 1:1 bonus earlier. Only those
shareholders who have shares transferred to their account on record date are
entitled to bonus issue and, therefore, the company’s announcement of record
date sent the stock surging.

For Q1 June 2005, ZF Steering Gear turned out a net profit increase to Rs
7.34 crore as compared to Rs 4.58 crore in Q1 June 2004. Net sales leaped up
55.9% to Rs 57.12 crore (Rs 36.62 crore).

ZF Steering Gear is engaged in manufacturing mechanical steering gears and
hydraulic power steering gears. The company's products are used in making
buses and medium/heavy commercial vehicles. Its clientele includes Tata
Motors, M&M, and Volvo among others.

Over the years the company has established itself as a market leader in both
mechanical steering gears and hydraulic power steering gears.

The company has decided to enhance the capacity of power steering gears to
1.5 lakh units from the current 1.2 lakh units

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