Monday, October 10, 2005

iGATE Global Solutions lost ground even after the company announced a surge in Q2 September 2005 net profit


The stock was down 2.6% to Rs 269.40 on BSE in early trade. It came sharply
off the day’s high of Rs 287.95 hit in opening trade, when solid Q2 results
from IT bellwether Infosys boosted a host of IT stocks. Infosys announced Q2
results just before trading began.

iGATE had seen a solid surge ahead of the results announcement when the
stock had spurted 16.4% in just three trading sessions to Rs 272.40 on 5
October 2005 from Rs 233.95 on 30 September 2005. After the three-day surge,
the stock turned volatile and moved between a low of Rs 262 and a high of Rs
277 in three trading sessions between 6 October 2005 and 10 October 2005.

iGATE has reported a net profit of Rs 5.62 crore in Q2 September 2005 – a
growth of 85% compared to a net profit of Rs 3.04 crore in Q2 September
2004. Operating revenue rose 4.2% to Rs 155.77 crore from Rs 149.36 crore.

The company said it would spend Rs 25 crore on expanding its Bangalore
campus

iGate is now attempting to garner a larger share of high value work,
shifting away from low value sub-contracting jobs. This exercise is aimed at
shoring up margins. The company recently appointed Karl Heinz Achinger,
former board member of DaimlerChrysler Services AG, as a director on its
board.

Infosys in demand on upward revision in EPS, revenue guidance


Infosys jumped 3% to Rs 2,703 on the back of stronger than expected Q2
results, and an upward revision in both earnings and revenue guidance for FY
2006

1.3 lakh shares changed hands in the counter on BSE by the first few minutes
of trade.

The market was expecting strong Q2 results and an upward revision in
guidance from Infosys. Amid these expectations, Infosys rose 2% on Monday
(10 October 2005) to Rs 2,622.45, on the eve of the announcement. Over the
past one-and-a-half months, the stock moved strong. From a low of Rs
2,267.70 on 24 August 2005, it leaped up 16.5% to a 52-week closing high of
Rs 2,642.85 on 5 October 2005. A major order win from Dutch bank AMBN AMRO
boosted the stock in late August-early September 2005.

On a sequential basis, Infosys’ consolidated net profit rose 13.9% to Rs 606
crore from Rs 531.92 crore in Q1 June 2005. Consolidated sales rose 10.7% on
a sequential basis to Rs 2,294 crore from Rs 2,071.59 crore in Q1 June 2005.

For the second time this year, Infosys has revised upwards both earnings and
revenue guidance for FY 2006 (year ending 31 March 2006). Infosys expects an
EPS (before exceptional items) of between Rs 89 and Rs 89.40 for FY 2006, a
growth of 29.38% to 29.96%. While declaring Q1 June 2005 results, Infosys
had pegged FY 2006 EPS at between Rs 84.70 and Rs 86.00 – a growth of 23.12%
to 25.02%.

Infosys expects a revenue of between Rs 9361 crore and Rs 9383 crore for FY
2006 – a growth of 31.30% to 31.61%. At the time of announcing Q1 June 2005
results, Infosys had pegged FY 2006 revenue at between Rs 8,947 crore and Rs
9,051 crore – a growth of 25.49%-26.95%

The pricing environment is stable with an upward bias, Infosys said. The
rupee has depreciated during the quarter creating a more benign margin
environment, it said.

Infosys recruited 8,026 employees (gross addition) in Q2 September 2005
which is the highest ever addition during any quarter.

Sensex moves lower for the fourth consecutive session


The Sensex has ended in the red for the fourth straight session today
following intense selling pressure on the back of profit taking taking hold
of the bourses ahead of the September quarterly results.

There were mixed signals coming in terms of liquidity inflow. FIIs turned
huge sellers to the tune of Rs 568.50 crore on Thursday (6 October 2005) on
the day when the Sensex tanked 196 points. While mutual funds bought shares
worth a net Rs 72.77 crore as per data released by Sebi.

Also, the Dow Jones and Nasdaq ended marginally higher on Friday.

Today’s trading session was characterised by lacklusture activity as there
was a lack of proper sense of direction. There was a high degree of
volatility as well, with the Sensex oscillating in a range of 100 odd
points.

The Sensex began the week’s first trading session with a jump of 24 points
at 8516 points, led by some buying in old and new economy stocks.

It hit a high of 8564.85 points while the low of the day was 8465.90 points.

The Sensex ended at 8483.86 points, down 7.70 points from its previous
close.

From a lifetime closing of 8,799.96 on 4 October 2005, the Sensex has lost
316.10 points or 3.7% in four trading sessions.

The NSE Nifty ended the day at 2566.85 points with a loss of 7.2 points
compared to its previous close.

The BSE Midcap index ended lower by 0.69% while the BSE Small Cap index was
down by 0.96%.

The BSE PSU index lost 1.24% while the BSE Bankex was down by 0.31%. The BSE
Metal index was down 1.6%, the BSE Healthcare index was down by 1.2%, the
BSE Consumer Durable Index was down by 1.1%, the BSE Auto index was down by
0.52%.

The BSE IT index was up 1.49%, the BSE Tech index was up 1.3% on expectation
of strong quarterly results and the BSE FMCG index was up 0.74%.

Total turnover amounted to Rs 2,417 crore which is much lower than that of
Friday amounting to Rs 3,603.55 crore. It is the lowest turnover in past
more than one month.

The advance-decline ratio weakened in the last session and closed negative
at 1:3.5. 569 shares advanced and 1904 declined. 44 shares remained
unchanged.

Among Sensex stocks, 21 stocks declined while 9 climbed up.

Ranbaxy Laboratories was the biggest loser, down 5.25% to Rs 498. 5.16 lakh
shares changed hands on the counter.

Hindalco declined 3% to Rs 142.65, on volumes of 9.59 lakh shares.

Grasim lost 2.2% to Rs 1,287 on volumes of 28,827 shares.

Dr Reddys was the biggest gainer, up 2.65% to Rs 970. 1.22 lakh shares
changed hands on the counter today. It received USFDA approval for
glimepiride tablets in multiple strengths. It also received tentative
approval for pravastatin sodium tablets in multiple strengths to treat
cholesterol.

Infosys added 1.95% to Rs 2,619. All IT heavweights stayed firm on
expectations of strong quarterly results.

Satyam Computers rose 1.55% to Rs 592. 21.49 lakh shares changed hands.

Wipro advanced 1.5% to Rs 394 on volumes of 3.12 lakh shares.

Among the turnover toppers, BHEL topped the list with a turnover of Rs
159.44 crore, followed by SBI with Rs 149.05 crore, and Reliance Industries
with Rs 129.66 crore

Counters like Softpro Sysytems, Ferro Alloys, Khaitan Chemicals, Engineers
India, Aztec Software, Rane Madras, Dynamic Industries, Siyaram Silk, Moving
Picture, SWIL, and ITL Industries all headed higher by more than 5% each.

Chemfab Alkalies, Facor Alloys, Kwality Dairy, IFSL, CS Software, Elpro
International were losers, down more than 5% each.

Gujarat Industries Power Company ended 0.8% lower to Rs 86.50 after the
company said, its committee of directors will meet on 11 October 2005 to fix
the price band for its forthcoming second public issue

Apar Industries added 0.4% to Rs 223 after it said that its board will meet
on 11 October 2005 to consider and approve allotment of 34.45 lakh 5.40%
cumulative compulsorily convertible preference shares of Rs 185/- each to
Shinny Ltd, Mauritius on private placement basis.

Diamond Cables lost 5% to Rs 48.90 despite winning an order worth Rs 1.50
crore for supply of Single Core Insulated Conductors for the RLMS Project of
BESCOM from ABB Ltd.

State Bank of India (SBI) declined 1.7% to Rs 900.70 after it had entered
into an agreement to acquire 76% of Kenya's Giro Commercial Bank as part of
a broader plan to expand overseas.

Jet Airways declined 3% to Rs 1200 after it denied print media rumours that
the Jet management is in negotiations with Lucknow based Air Sahara to take
a controlling stake in the airline.

Marico Industries added 2.7% to Rs 295 after it informed BSE that Marico
Bangladesh Ltd (MBL), its subsidiary, acquired the toilet soap brand
"Aromatic" from Aromatic Cosmetics Ltd (ACL) for an undisclosed
consideration.

Ion Exchange advanced 2.8% to Rs 120 after it won a Rs 90 crore order from
Chennai Petroleum Corporation for sea water desalination.

Geodesic Information Systems was up 2.8% to Rs 260 after the company said
its board has decided to acquire strategic stake in Clangula IT AB, Sweden,
to the extent of 76% of its equity capital.

Gangotri Textiles jumped 5% to Rs 211.05 after its members approved an issue
of 1:1 bonus shares, and stock split in the ratio of one share of Rs 10/-
each into two shares of Rs 5/- each.

PSL advanced 1% to Rs 269 ahead of its board meet on 10 October 2005 to
consider raising long term funds

Yes Bank declined by 2.25% to Rs 67.55. Its board today approved the
proposal for increase of aggregate FII / NRI shareholding limit from 24% /
10% to 49% / 24% of the paid up share capital of the bank. Also the quaterly
results are due from the bank today.

IVRCL Infrastructures & Projects slipped 1% to Rs 787. It has informed BSE
that National Highways Authority of India (NHAI) awarded two packages (TN-6
& TN-7) of NH-7 of 53 kilometers and 48.51 kilometers for Rs 470 crore and
Rs 380 crore respectively.

Hero Honda added 2% to Rs 746.50 on renewed buying after it reported a 22%
jump for the month of September 2005 to 2.66 lakh units compared to 2.17
lakh units in September 2004. On a month on month basis, sales rose 8.1%
from 2.46 lakh units in August 2005.

Aztec Software jumped 7.9% to Rs 157.50 after it reported robust results.
For Q2 September 2005, Aztec’s net profit jumped 133.7% to Rs 9 crore from
Rs 3.85 crore in Q2 September 2004. Revenue jumped 136% to Rs 48.01 crore
from Rs 20.31 crore

Bharti Tele-Ventures edged higher by 2% to Rs 350 on the back of robust new
subscription additions in September 2005.

Sintex Industries managed to recover from the lower level of Rs 128.65 after
the company turned out strong Q2 September 2005 results. It reported a
119.5% growth in Q2 September 2005 net profit to Rs 16.31 crore compared to
Rs 7.43 crore in Q2 September 2004. Net sales have risen 35.4% to Rs 178.41
crore (Rs 131.72 crore).

Indiabulls Financial Services added 1.1% to Rs 185.85 after it reported a
net profit of Rs 19.24 crore for Q2 September 2005 compared to Rs 3.42 crore
in Q2 September 2004. Gross income jumped to Rs 54.53 crore from Rs 7.43
crore. The stock came off sharply from the high of Rs 209 hit earlier.

source:capitalmarket

Sensex dips below 8500 level, volume declines


The Sensex closed lower for the fourth straight session on the back of
intense selling pressure, as profit taking has taken centrestage ahead of
the September quarterly results. There were mixed signals coming in terms of
liquidity inflow. FIIs turned huge sellers to the tune of Rs 568.50 crore on
Thursday (6 October 2005) on the day when the Sensex tanked 196 points,
while mutual funds bought shares worth a net Rs 72.77 crore as per data
released by Sebi.

Also the Dow Jones and Nasdaq ended marginally higher on Friday.

Today’s trading session was characterised by laclusture activity as there
was a lack of a sense of direction. Also, there was a high degree of
volatility, with the Sensex oscillating in a range of 100 odd points.

The Sensex began the week’s first trading session with a jump of 24 points
at 8516, led by some buying in old and new economy stocks.

It hit a high of 8564.85 points while the low of the day was 8465.90 points

The Sensex finally ended the day to close at 8477.28 points (provisional),
down 14.28 points from its previous close.

The BSE Midcap index slipped 0.20% and the BSE Small Cap index dipped 0.45%.

The BSE PSU index fell 0.96%. In contrast, the BSE Bankex rose 0.30%.

Total turnover amounted to Rs 2,417 crore, much lower than that recorded on
Friday (Rs 3,603.55 crore). It is the lowest turnover recorded in the past
more than one month.

The advance decline ratio weakened in the dying hours of the session, and
finished in the negative, at 1:3.5. 569 shares moved up and 1,904 shares
declined. 44 shares were unchanged.

Among Sensex stocks, 21 fell and only 9 were in the black.

Ranbaxy Laboratories (down 5.25% to Rs 498) was the biggest loser.

Hindalco dropped 3% to Rs 142.65.

Grasim lost 2.2% to Rs 1,287.

Dr Reddys (up 2.65% to Rs 970) was the most notable gainer.

Infosys added on 1.95% to Rs 2619. All IT heavweights proved firm following
expectations of strong quarterly results.

Satyam Computers moved higher by 1.55% to Rs 592.

Wipro advanced 1.5% to Rs 394.

Among turnover toppers, BHEL notched up Rs 159.44 crore, followed by SBI (Rs
149.05 crore) and Reliance Industries (Rs 129.66 crore).

Counters like Softpro Sysytems, Ferro Alloys, Khaitan Chemicals, Engineers
India, Aztec Software, Rane Madras, Dynamic Industries, Siyaram Silk, Moving
picture, SWIL, ITL Industries, all headed higher by more than 5% each.

Chemfab Alkalies, Facor Alloys, Kwality Dairy, IFSL, CS Software, and Elpro
International were losers, down more than 5% each

source: capitalmarket

Sintex Industries shrugs off lows on impressive Q2 outcome


Sintex Industries managed to leave its lower levels behind after the company
turned out strong Q2 September 2005 results.

The stock was trading at Rs 133.40 – down 4.1% compared to Friday’s closing
of Rs 139.17 (price adjusted for a 5-for-1 stock split). Nevertheless, the
stock recovered from a low of Rs 128.65 that it had hit just ahead of the
results announcement. 2.2 lakh shares changed hands in the counter on BSE.

The stock is in the no-delivery period on the bourses for five trading
sessions between 10 October 2005 to 17 October 2005 for the purpose of stock
split.

Since the middle of September 2005, the scrip had seen volatile trends as a
host of small-cap and mid-cap stocks witnessed volatility during the last
few days due to alternate bouts of buying and selling.

Sintex Industries has reported a 119.5% growth in Q2 September 2005 net
profit to Rs 16.31 crore compared to Rs 7.43 crore in Q2 September 2004. Net
sales have risen 35.4% to Rs 178.41 crore (Rs 131.72 crore).

Sintex has two divisions - plastics and textiles

IVRCL Infrastructures builds on large order win


IVRCL Infrastructures & Projects recovered from lower level after the
company said it had bagged two national highway project orders valued at Rs
850 crore.

The stock edged up 0.5% in mid-afternoon trade to Rs 798.90. 84,552 shares
changed hands in the counter on BSE.

The stock experienced intense volatility since early September 2005 in line
with the general trend in small- and mid-cap stocks. It moved between a low
of Rs 776.50 and a high of Rs 837 since 2 September 2005. The stock had done
well in the early July 2005 to early September 2005 period.

IVRCL has seen its order backlog burgeoning over the past one year. The
company had an order backlog of Rs 4,000 crore as at end June 2005. The
orders are mainly from the water supply and irrigation segments, and from
the roads, power, and industrial structures sectors.

IVRCL has a strong skill base in water projects,but is a relatively new
player in the other construction businesses. Recently, IVRCL acquired
Hindustan Dorr Oliver Limited (HDOL) for Rs 68.30 crore. HDOL specializes in
manufacturing process equipments and owns waste separation technology.

In the past two years, IVRCL has been booking orders with escalation
clauses, which will insulate the operating margins from a surge in costs,
analysts feel.

Indiabulls Financial Services rose nearly 5% to Rs 192.80 after it reported a surge in Q2 September 2005 net profit


The stock rose on high volume of 15.9 lakh shares on BSE.

The stock jumped 6.4% on Friday (7 October 2005) - a day ahead of the
results announcement to Rs 183.95. A day back, 6 October 2005, a major block
deal was executed in the stock whereby Small Cap World Fun Inc. bought 20
lakh shares at Rs 181 from LNM India Internet Venture Fund.

Earlier, the stock came sharply off the higher level since mid-September
2005 in volatile trade. From a recent high of Rs 232.90 on 15 September
2005, the stock plunged to 172.80 on 6 September 2005.

Indiabulls Financial Services reported a net profit of Rs 19.24 crore for Q2
September 2005 compared to Rs 3.42 crore in Q2 September 2004. Gross income
jumped to Rs 54.53 crore from Rs 7.43 crore.

Marico jumped 4.4% to Rs 300 after the company said it has acquired a toilet soap brand in Bangladesh


12,177 shares were traded in the counter on BSE by early afternoon trade.

The stock had kept within a range right from early August 2005, between a
low of Rs 270 and high of Rs 293.50 since 4 August 2005. Earlier, the stock
had proved firm during the period late June 2005 to early August 2005.

Marico Bangladesh (MBL) - the Bangladesh-based wholly owned subsidiary of
the company - has acquired the toilet soap brand, Aromatic, from Aromatic
Cosmetics Ltd (ACL) for an undisclosed consideration.

The soap brand, Aromatic, had an aggregate turnover of about Taka 300
million in Bangladesh with a market share of around 5%. Aromatic's brand
equity owes its strength to the quality of the soap and its positioning
based on the "halal" concept, which has a strong recall amongst consumers, a
Marico statement said.

Earlier this year, MBL had acquired another soap brand, Camelia, to signal
its entry into the toilet soaps market in Bangladesh. The acquisition of
Aromatic will now enable MBL to strengthen its presence in the soaps
category that is estimated at about Taka 6,000 million.

Marico currently enjoys market leadership in the coconut oil category in
Bangladesh through its brand Parachute. A strong distribution network that
reaches about 290,000 outlets supports this.

Marico operates in the consumer product, skin care services and ayurvedics
segments in India.

Marico has done well over the past few years when the FMCG industry was
facing bad times. For Q1 June 2005, Marico’s consolidated net profit jumped
22% to Rs 20.77 crore (Rs 16.99 crore). Sales rose 12% to Rs 272.85 crore
(Rs 243.94 crore).

Bharti Tele-Ventures in demand


Bharti Tele-Ventures edged higher for the second day in a row on the back of
robust new subscription additions in September 2005.

The scrip of Bharti Tele-Ventures (BTL) made headway by 1.3% to Rs 347.95 in
mid-morning trade today. 1.06 lakh shares were exchanged in the counter on
BSE.

The stock added on 1.3% on Friday (7 October 2005) to Rs 343.30 on the back
of robust September subscription figures, which were made known towards the
end of trading on Friday.

Earlier, in mid-September 2005, the stock witnessed a sharp surge when it
jumped 5.7% in single trading session on 16 September 2005 to a lifetime
closing high of Rs 362.80. It had cooled off later.

BTL added 6,54,205 mobile users in September 2005, taking its total wireless
user base to 14.067 million. The number is the highest ever monthly addition
reported by BTL. BTL had added 6,24,209 new subscribers in August 2005.

Besides lower prepaid vouchers, network expansion across smaller towns and
cities remains a key driver for mobile net addition momentum of BTL. BTL is
looking to deepen coverage from 2800 (as at end Q1 June 2005) to 4000 towns
and cities by 2006.

The strong subscription in the second quarter September 2005 has triggered
expectation of strong Q2 results from the cellular services major.

BTL’s consolidated net profit, as per Indian GAAP, zipped up 96.8% to Rs
470.47 crore in Q1 June 2005 from Rs 239.04 crore in Q1 June 2004.
Consolidated total income soared 45.8% to Rs 2,527.39 crore from Rs 1,733.15
crore.

The company 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 prioritization technology to
these back office firms.

Infosys Technologies bounced back today ahead of the announcement of Q2 September 2005 results


The software major announces its Q2 results tomorrow.

The stock was up 1.6% to Rs 2,611. 1.2 lakh shares changed hands in the
counter on BSE.

From a 52-week closing high of Rs 2,642.85 on 5 October 2005, the stock lost
2.7% in the past two trading sessions to Rs 2,569.40 when a major correction
gripped the bourses.

Over the past one-and-a-half months, the stock moved strong. From a low of
Rs 2,267.70 on 24 August 2005, the scrip leaped up 16.5% to a 52-week
closing high of Rs 2,642.85 on 5 October 2005. A major order win from Dutch
bank AMBN AMRO boosted the stock in late August-early September 2005.

Market men expect Infosys to turn out strong results (for Q2 September 2005)
this time round. There's optimism also that Infosys will revise upwards its
earnings guidance for the full year FY 2006.

A between 6.2% to 12.7% sequential growth is expected in Infosys’ Q2
consolidated September 2005 net profit, to between Rs 564.90 crore and Rs
598.30 crore (as per a survey of three brokerages). The three brokerages
think that the company will record a between 9.4% and 10.3% sequential
growth in consolidated revenue, to between Rs 2,265.30 crore and Rs 2,284.80
crore.

"While we expect lower utilisation as a fresh batch of trainees will join
during the quarter, we believe the rupee depreciation and control over
selling and general and administrative expenses will bring about a 50-plus
basis points expansion in EBIT margins for Infosys," one report estimated.

Aztec Software gains on solid Q2 results


Aztec Software rose nearly 4% to Rs 151.55 after it reported a surge in Q2
September 2005 net profit.

1.7 lakh shares changed hands in the counter on BSE by early trade.

The stock held firm in an otherwise weak market last week ahead of the
results announcement. From a recent low of Rs 130.95 on 30 September 2005,
the stock jumped 11.4% in a short while to Rs 145.95 on 7 October 2005.

For Q2 September 2005, Aztec’s net profit jumped 133.7% to Rs 9 crore from
Rs 3.85 crore in Q2 September 2004. Revenue jumped 136% to Rs 48.01 crore
from Rs 20.31 crore.

Aztec delivers services in five key technology areas of data
management/business intelligence, integration engineering, mobile
applications, secure identity management, and Web services. Within these
technology areas, the company provides services like software product
engineering, application development and integration, migration & porting,
testing and quality assurance, maintenance & technical support, and
professional services.

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