Wednesday, October 26, 2005

Bharti Tele-Ventures turns volatile


After an initial fall following the announcement of Q2 results, the stock
staged a rebound from the lower level.

The stock was down 1.5% to Rs 331.60 in early afternoon trade. It had firmed
up on the eve of the results announcement, gaining nearly 1% to Rs 340 in
mid-morning trade.

The stock recovered sharply from a low of Rs 323.65 hit soon after the
results were made known in early afternoon trade.

6.6 lakh shares changed hands in the counter on BSE.

Bharti Tele-Ventures' (BTL) consolidated net profit as per US accounting
standards jumped 43% to Rs 521 crore in Q2 September 2005 from Rs 364 crore
in Q2 September 2004. Analysts had forecast a net profit of around Rs 550
crore from the cellular services major.

Consolidated revenues as per US GAAP rose 46% to Rs 2,709 crore from Rs
1,851 crore, driven by strong subscription growth.

Lumax Industries plunged 11.7% to Rs 115 after the company reported a sharp fall in Q2 September 2005 net profit


Lumax Industries' net profit declined 91.7% in Q2 September 2005 to Rs 0.22
crore (Rs 2.65 crore). Net sales rose 38% to Rs 98.07 crore (Rs 71.03
crore).

Lumax is a leading automotive lighting solution provider, enjoying a 60%
market share. It mainly caters to the passenger car and the two-wheeler
segments.

The company is planning to ramp up export sales during the next few years.

Rolta India gained nearly 3% to Rs 159.50 after the company reported a decent growth in Q1 September 2005 net profit


Rolta India reported a 26% growth in Q1 September 2005 net profit to Rs
31.68 crore (Rs 25.12 crore). Net sales rose 20.6% to Rs 90.51 crore (Rs
75.04 crore).

On a sequential quarter on quarter basis, net profit rose 28% from Rs 24.75
crore in Q4 June 2005. Net sales declined 11.3% on a sequential basis, from
Rs 102.05 crore in Q4 June 2005

About 96% of Rolta’s revenue is derived from its CAD/ CAM/ GIS business and
the balance from its e-Solutions services and Internet businesses. It
dominates (70%) the GeoSpatial market in India and expects to remain at the
cutting-edge of GeoSpatial technologies.

Rolta is also a leading provider of Plant Design Automation (PDA) solutions
in India, with an over 80% market share, and is the preferred partner for
plant Engineering Design Services (EDS) globally to international giants
including Dow Chemical Co.

Rolta has strong business partnerships with international technology
leaders.

Rolta has entered into a strategic partnership with Stone & Webster, Inc.,
USA, one of the world's foremost engineering-construction companies, to
provide high quality cost-effective engineering, design and procurement
services, related to power, refinery and petrochemical projects, worldwide.

Ciba Specialty Chemicals jumped 10% to Rs 420 boosted by robust Q2 September 2005 results


The stock lost 2.2% on Wednesday (26 October 2005) to Rs 381.60 on the eve
of the results announcement.

Ciba Specialty Chemicals (India) (CSCI) has reported a 66.6% surge in Q2
September 2005 net profit to Rs 14 crore as against the Rs 8.40 crore
registered in Q2 September 2004. Net sales have spiraled up 13.9% to Rs
159.70 crore (Rs 140.20 crore).

Both segments, specialty effects chemicals and specialty industrial chemical
division, performed impressively.

CSCI manufactures, sells and trades in a wide range of specialty chemicals
comprising effect chemicals, industrial chemicals and other specialty
chemicals dedicated to producing high value effects for customers' products.

The company caters mainly to a broad spectrum of industries, namely,
petrochemicals, gas, lubricants, oil, automobiles, textiles, mining and
extraction, paper, water treatment, industrial and waste water management,
paints, plastics, inks, electronics material, packing, and home and personal
care consumer products.

Glenmark Pharma rose 1.1% to Rs 301 after the company said on Wednesday its Swiss subsidiary had acquired Servycal SA, a drug marketing firm in Argentina


The stock rose 1.6% on Wednesday (26 October 2005) boosted by the
announcement.

Servycal has a portfolio focussed on oncology and it owns 17 approved
product registrations, with three more pending. Servycal is expected to earn
revenues of $4 million in the fiscal year 2005/06, Glenmark said.
Argentina's pharmaceutical market is valued at $1.6 billion and is growing
at more than 10 percent, Glenmark said.

Glenmark did not unveil the value of all cash acquisition deal. The
acquisition will be funded through internal accruals, Glenmark said in a
statement.

Glenmark Pharma’s key focus includes dermatology, gynecology, respiratory,
gastrointestinals and lifestyle diseases like diabetes and cardiology. The
drug maker's domestic business contributes to a majority of the revenues.

Last month, Glenmark Pharmaceuticals S.A [Switzerland], a wholly owned
subsidiary of the company filed for Phase I clinical trials for GRC 8200,
the coleading DPP-IV inhibitor compound, with the Medicines and Healthcare
Products Regulatory Agency [MHRA] in the U.K. The Phase I study will be
conducted by Parexel UK, a leading global CRO.

The market edged slightly lower in a volatile trading session as the barometer BSE Sensex moved between positive and negative territory


The market edged slightly lower in a volatile trading session as the
barometer BSE Sensex moved between positive and negative territory. The key
Q2 results announced today were mixed. While Grasim reported a fall in its
net profit, M&M recorded decent Q2 numbers. Tisco’s growth in net profit was
decent.

Volumes were low for the third day in a row ahead of expiry of October 2005
derivatives contracts on Thursday (27 October 2005). BSE clocked a turnover
of Rs 2,391 crore compared to Tuesday’s Rs 2,406 crore.

Last three trading sessions have seen a drop in volume, which is due to the
fall in FII activity. The daily gross FII turnover (total of gross purchases
and gross sales of the day) was between Rs 1,860 crore to Rs 1,934 crore in
two trading sessions between Monday (24 October 2005) and Tuesday (25
October 2005). The gross FII turnover stood at between Rs 2,200 crore to Rs
3,583 crore in 7 trading sessions between 13 October 2005 to 21 October
2005.

Grasim surged today after announcement of Q2 September 2005 results and
after the company said the future outlook for the company was bright.

Battered Ranbaxy recovered. Cellular services major Bharti Tele-Ventures
(BTL) rose for the second day in a row today. HDFC moved up in a volatile
trade on the back of a decent 20% growth in Q2 September 2005 net profit

Auto scrips slipped. Tata Motors came under selling pressure after the
company reported disappointing Q2 results on Tuesday and warned that profit
margins would be under pressure due to high input costs.

FMCG stocks such as Hindustan Lever (HLL) and ITC lost ground.

A host of small-cap and mid-cap stocks edged higher with select stocks
surging. Some of the side counters got a boost from decent to strong Q2
results.

Though market breadth was positive, it weakened when compared to mid-morning
trade when the breadth was strong. 1,284 stocks advanced on BSE as compared
to 1,138 stocks that declined. 62 scrips were unchanged. Gainers outpaced
losers by a ratio of 1.1:1. The advance decline ratio was at about 1.4:1 in
mid-morning trade.

The undercurrent was cautious as fears of avian flu spreading deepened on
Wednesday after China reported another outbreak in poultry.

The 30-share BSE Sensex lost 17 points to settle at 7,974.69. Sensex had
surged over 50 points at one point of time in mid-morning trade.

The S&P CNX Nifty shed 9.70 points or 0.4% to 2,408.50.

FIIs have resorted to profit taking in the past few days. The latest data
showed that FIIs sold shares worth a net Rs 232.70 crore on Tuesday – the
day when Sensex rose 71 points in volatile trade. In the month of October
2005, FIIs have sold shares worth a net Rs 2,267.50 crore (till 25 October
2005). The heavy FII selling caused a major correction on the bourses in the
past few days with the Sensex tumbling to a 1-½ month low on Monday.

In contrast to sustained selling by FIIs, local mutual funds have resorted
to heavy purchases in the past few days when the market witnessed major
correction. On Tuesday, local mutual funds bought shares worth a net Rs
285.54 crore. The net inflow of mutual funds in equities in October 2005 has
reached Rs 2,186.74 crore (till 25 October 2005). In the month of September
2005, local funds pumped in Rs 3,233 crore.

The Q2 results announced so far has been a mixed bag

Grasim surged 3.8% today Rs 1,155.90. 1.5 lakh shares changed hands in the
counter on BSE. Grasim’s consolidated net profit fell 6.6% in Q2 September
2005 to Rs 201 crore (Rs 210 crore). Consolidated sales rose to Rs 2330
crore from Rs 2230 crore

Grasim's strong fundamentals, its unrelenting focus on operational
excellence, cost optimization, effective financial management, continuous
restructuring of business processes, together with the expected improvement
in the cement sector, augur well for the company. The prospects for Grasim
continue to be bright, the company said in a statement regarding the future
business outlook. Grasim said it would invest $ 350 million over a period of
seven years in a viscose staple fibre plant and plantations.

Tata Steel dropped 1% to Rs 346.50 after the company reported Q2 September
2005 results at the fag end of the trading session which were in line with
market expectation. 19.6 lakh shares changed hands in the counter on BSE.
Tisco’s net profit rose 12.4% to Rs 1,045.42 crore (Rs 929.58 crore). Total
income (net of excise) rose 4.9% to Rs 3983.89 crore from Rs 3795.40 crore.

Tata Motors shed 4.4% to Rs 497.30 on disappointing Q2 September 2005
results and after the company warned that profit margins will remain under
pressure due to high input costs. 8.7 lakh shares changed hands in the
counter on BSE. Tata Motors, on Tuesday, reported a 9.4% growth in Q2
September 2005 net profit to Rs 338 crore (Rs 309 crore). Revenue rose 15.3%
to Rs 4,781 crore. The results are not comparable as the Q2 September 2005
results include the results of Tata Finance Ltd (TFL), Telco Dadajee
Dhackjee Ltd (TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL)
which were merged with Tata Motors.

Maruti Udyog lost 2% to Rs 546, Bajaj Auto shed 1.9% to Rs 1,762.15, and
Hero Honda shed 1.3% to Rs 704.85.

Tata Power lost 3.4% to Rs 399.80, Reliance Energy shed 1.9% to Rs 520.10
and NTPC shed 2.7% to Rs 96.30.

HLL lost 1.2% to Rs 165.25 and ITC shed 1.4% to Rs 116.50.

Battered Ranbaxy recovered. The stock gained 3.6% to Rs 356.90. The stock
rose on high volume of 15.6 lakh shares on BSE. The stock had received a
battering in the past few days after it reported a sharp fall in Q3
September 2005 net profit.

Cipla gained 1.9% to Rs 374.10 whereas Dr Reddy’s Labs dropped 2.6% to Rs
821.90

Cellular services major Bharti Tele-Ventures (BTL) edged higher for the
second day in a row on expectation of strong Q2 results. The stock gained
2.5% to Rs 337.95.

HDFC gained 1.8% to Rs 930. HDFC’s net profit rose 20% in Q2 September 2005
to Rs 298.98 crore (Rs 248.13 crore). Income from operations rose 24.3% to
Rs 1045.20 crore compared to Rs 840.26 crore. HDFC today said it would team
up with US private equity firm WL Ross to set up a fund aimed at corporate
restructuring in India.

Reliance Industries (RIL) was volatile as the stock moved between positive
and negative territory. The stock shed 0.5% to Rs 763.60. 15.5 lakh shares
changed hands in the counter on BSE. RIL announces Q2 results tomorrow. RIL
is expected to report strong Q2 September 2005 results mainly on the back of
record refining margins.

Ispat Industries plunged 6% to Rs 14.85 after the company reported a net
loss of Rs 232.83 crore for Q2 September 2005 as compared to a net profit of
Rs 77.47 crore in Q2 September 2004. Total income (net of excise) declined
20.5% to Rs 1206.90 crore from Rs 1518.81 crore in Q2 September 2004.

ONGC gained 0.2% to Rs 932.50. ONGC reported 22.2% growth in Q2 September
2005 net profit to Rs 4138.25 crore (Rs 3383.87 crore). Total income (net of
excise) rose 10% to Rs 13543.31 crore (Rs 12289.29 crore). ONGC’s results
hit the market at the fag end of the trading session.

Indiabulls Financial Services plunged after the company said the Income Tax
department had visited 3 out of 129 offices of Indiabulls Securities under a
survey for the purpose of third party verifications. Indiabulls Securities
is subsidiary of Indiabulls Financial Services. The stock lost 12.4% to Rs
153.60. The scrip declined on heavy volume of 47.99 lakh shares.

M&M witnessed a bout of volatility after the announcement of Q2 results in
afternoon trade. The scrip ended flat at Rs 361.10. It moved between a low
of Rs 358 and a high of Rs 366.85. M&M reported 27% growth Q2 September 2005
net profit to Rs 157.20 crore (Rs 122.91 crore). M&M’s total income (net of
excise) rose 22% to Rs 1,944.24 crore (Rs 1,591.74 crore).

Phoenix Lamps jumped 20% to Rs 88.60 boosted by robust Q2 September 2005
results. Phoenix Lamps’ net profit has jumped 104% in Q2 September 2005 to
Rs 5.61 crore (Rs 2.75 crore). Net sales has risen 33% to Rs 61.25 crore (Rs
45.99 crore).

Tata Chemicals gained 1.2% to Rs 181.50 boosted by strong Q2 results. Tata
Chemicals’ net profit rose 44% in Q2 September 2005 to Rs 125.86 crore (Rs
87.19 crore). Top line growth led top line growth. Net sales rose 36.6% to
Rs 996.53 crore (Rs 729.02 crore).

Zuari Industries jumped 12.4% to Rs 112 on the back of robust Q2 results.
Zuari Industries’ net profit jumped 86% in Q2 September 2005 to Rs 33.70
crore (Rs 18.10 crore). Net sales rose 56% to Rs 644.25 crore (Rs 412.36
crore).

Aimco Pesticides jumped 5% to Rs 24.30 – the maximum permissible level of
the day after Excel Crop Care said it has decided to subscribe to 23 lakh
equity shares on preferential basis at a price of Rs 24.50 per share.

Micro Inks gained 2.5% to Rs 643 after Huber Group, the world's
fifth-largest printing ink maker, agreed to acquire up to 59.06% stake in
the company at Rs 675 per share from promoters – the Bilakhia family.

Paper Products jumped 9% to Rs 248.50 on the back of a decent growth in Q3
September 2005 net profit. Paper Products (PPL)’s net profit rose 28.7% in
Q3 September 2005 to Rs 6.58 crore (Rs 5.11 crore). Net sales rose 14.5% to
Rs 104.19 crore (Rs 90.97 crore).

Century Enka lost 3.4% to Rs 218.90 hit by dismal Q2 September 2005 results.
Century Enka’s net profit declined 24% in Q2 September 2005 to Rs 12.19
crore (Rs 16.06 crore). Net sales declined nearly 9% to Rs 242.39 crore (Rs
266.32 crore).
source:capitalmarket

Tata Motors skids


Tata Motors came under selling pressure following disappointing Q2 September
2005 results and after the company warned that margins would remain under
pressure due to high raw material costs.

The stock was down 4.1% on BSE in late trading to Rs 498.60. 7.6 lakh shares
changed hands in the counter on BSE.

On Tuesday (25 September 2005), the stock advanced after its Q2 results hit
the market in late trading. The scrip gained 0.5% on Tuesday to Rs 520.20.

Tata Motors reported a 9.4% growth in Q2 September 2005 net profit to Rs 338
crore (Rs 309 crore). Revenue rose 15.3% to Rs 4,781 crore. The results are
not comparable as the Q2 September 2005 results include the results of Tata
Finance Ltd (TFL), Telco Dadajee Dhackjee Ltd (TDDL) and Suryodaya Capital
and Finance (Bombay) Ltd (SCFL) which were merged with Tata Motors.

Tata Motors' sales of passenger and utility vehicles declined by 5 percent
in Q2 September 2005, but sales of commercial vehicles grew 14 percent, and
exports more than doubled.

Paper Products in demand on decent Q3 outcome


Paper Products jumped 7.5% to Rs 245 on the back of a decent growth in Q3
September 2005 net profit.

1,499 shares changed hands in the counter on BSE.

The stock had staged a rebound from lower level in the past two days ahead
of the results announcement. From a low of Rs 216.80 on 20 October 2005, the
stock rose 5.1% in two trading sessions to Rs 227.90 on 25 October 2005.

Paper Products (PPL)’s net profit rose 28.7% in Q3 September 2005 to Rs 6.58
crore (Rs 5.11 crore). Net sales rose 14.5% to Rs 104.19 crore (Rs 90.97
crore).

PPL manufactures consumer packaging products with its presence conspicuous
in the premium–end segment of the packaging industry. Huhtamaki Oyi, Finland
has a 59% stake in the equity capital of the company. PPL has recently been
more attuned to innovation and value addition through its programme of NASP
(New Application, Structures and Products).

HLL, Nestle, Eveready, GSK, Cadbury, P&G, Perfetti, Coca-Cola among others
figure among the many clients of PPL. The company's top 10 clients take up
80% of sales. HLL, proves dominant here, accounting for 25% of sales.

PPL has taken a decision to invest Rs 65 crore over a 2-year period in
setting up a production facility in North India.

Sensex recovers from lower level


The market recovered from lower in mid-afternoon trade in what was a
lacklustre trading session. The undercurrent was cautions as fears of avian
flu spreading deepened on Wednesday after China reported another outbreak in
poultry.

Grasim surged after announcement of Q2 September 2005 results and after the
company said the future outlook for the company was bright.

Tata Motors and NTPC weakened further even as Bharti Tele-Ventures firmed
up. Dr Reddy’s Laboratories weakened.

Select side counters held firm. Stocks like Zuari Industries, Archies
Greetings, Austin Engineering, Phoenix Lamps, Thiru Arooran Sugars, Amar
Remedies, Emami, Simplex Casting, Hikal, Hind Rectifiers, Ashapura, RPG Life
Sciences, Camlin, Asian Electronics, Manugraph Industries, Stone India,
International Hometex, Borosil Glass Works, Gokaldas Exports, BOC India,
Geometric Software, Avaya GlobalConnect, Paper Products, Jay Bharat Maruti,
McDowell edged higher.

At 14:35 IST, Sensex was up 7 points at 7,998 – off the day’s low of
7,951.05.

Grasim jumped 3.7% to Rs 1,155. 1.2 lakh shares changed hands in the counter
on BSE. Grasim's strong fundamentals, its unrelenting focus on operational
excellence, cost optimization, effective financial management, continuous
restructuring of business processes, together with the expected improvement
in the cement sector, augur well for the company. The prospects for Grasim
continue to be bright, the company said in a statement regarding the future
business outlook.

Grasim’s consolidated net profit fell 6.6% in Q2 September 2005 to Rs 201
crore (Rs 210 crore). Consolidated sales rose to Rs 2330 crore from Rs 2230
crore

Cellular services major Bharti Tele-Ventures (BTL) edged higher for the
second day in a row on expectation of strong Q2 results. The stock gained 2%
to Rs 336.35.

Battered Ranbaxy recovered. The stock gained 3.6% to Rs 357. The stock rose
on high volume of 12.8 lakh shares on BSE. The stock had received a
battering in the past few days after it reported a sharp fall in Q3
September 2005 net profit.

Cipla gained 1.8% to Rs 374 whereas Dr Reddy’s Labs dropped 1% to Rs 834.75.

Tata Motors shed 3.7% to Rs 500.60 on disappointing Q2 September 2005
results and after the company warned that profit margins will be under
pressure due to high input costs. 6 lakh shares changed hands in the counter
on BSE. Tata Motors, on Tuesday, reported a 9.4% growth in Q2 September 2005
net profit to Rs 338 crore (Rs 309 crore). Revenue rose 15.3% to Rs 4,781
crore. The results are not comparable as the Q2 September 2005 results
include the results of Tata Finance Ltd (TFL), Telco Dadajee Dhackjee Ltd
(TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL) which were
merged with Tata Motors.

Bajaj Auto shed 1.8% to Rs 1,764, Maruti Udyog lost 1.3% to Rs 550 and Hero
Honda shed 1.3% to Rs 705.

Tata Power lost 3.4% to Rs 399.70 and NTPC shed 2% to Rs 96.90.

Ispat Industries plunged 7% to Rs 14.65 after the company reported a net
loss of Rs 232.83 crore for Q2 September 2005 as compared to a net profit of
Rs 77.47 crore in Q2 September 2004. Total income (net of excise) declined
20.5% to Rs 1206.90 crore from Rs 1518.81 crore in Q2 September 2004.

source:capitalmarket

Sensex slips into the red, falls below 8,000


The Sensex slipped into the red in afternoon trade. The undercurrent turned
cautions as fears of avian flu spreading deepened on Wednesday after China
reported another outbreak in poultry while India said it was testing blood
samples from 10 dead migratory birds.

Ranbaxy held firm. Sell-off was witnessed in Tata Power. Auto shares
slipped. FMCG major Hindustan Lever, ITC and NTPC weakened. State Bank of
India slipped into the red in volatile trade. Reliance Industries and
Infosys came off the higher level.

Though the market breadth was positive it weakened when compared to early
afternoon trade.

At 13:29 IST, Sensex was down 25 points at 7,965. Sensex came off the day’s
high of 8,047.86.

Tata Power lost 2.6% to Rs 403.15 and Reliance Energy shed 1.2% to Rs
523.55. NTPC shed 1.1% to Rs 97.90.

M&M was range bound after it reported 27% growth Q2 September 2005 net
profit to Rs 157.20 crore (Rs 122.91 crore). The stock was up 0.6% to Rs
363.30. M&M’s total income (net of excise) rose 22% to Rs 1,944.24 crore (Rs
1,591.74 crore).

Tata Motors shed 2.3% to Rs 508. 4.06 lakh shares changed hands in the
counter on BSE. Tata Motors, on Tuesday, reported a 9.4% growth in Q2
September 2005 net profit to Rs 338 crore (Rs 309 crore). Revenue rose 15.3%
to Rs 4,781 crore. The results are not comparable as the Q2 September 2005
results include the results of Tata Finance Ltd (TFL), Telco Dadajee
Dhackjee Ltd (TDDL) and Suryodaya Capital and Finance (Bombay) Ltd (SCFL)
which were merged with Tata Motors.

Bajaj Auto lost 1.6% to Rs 1,767, Maruti Udyog shed 0.8% to Rs 552.10 and
Hero Honda shed 0.5% to Rs 711.

ITC lost 1.6% to Rs 116.25. 10.3 lakh shares changed hands in the counter on
BSE. FCMG major Hindustan Lever shed 0.9% to Rs 165.85.

Battered Ranbaxy recovered. The stock gained 3.5% to Rs 356. The stock rose
on high volume of 11.6 lakh shares on BSE. The stock had received a
battering in the past few days after it reported a sharp fall in Q3
September 2005 net profit.

Grasim witnessed a bout of volatility after its Q2 results hit the market.
The stock was up 0.6% to Rs 1,120.50. 72,303 shares changed hands in the
counter on BSE. Grasim’s consolidated net profit fell 6.6% in Q2 September
2005 to Rs 201 crore (Rs 210 crore). Consolidated sales rose to Rs 2330
crore from Rs 2230 crore.

Phoenix Lamps spurted 8% to Rs 79.80 on the back of robust Q2 September 2005 results


Phoenix Lamps (PLL)’ net profit has jumped 104% in Q2 September 2005 to Rs
5.61 crore (Rs 2.75 crore). Net sales has risen 33% to Rs 61.25 crore (Rs
45.99 crore).

PLL exports halogen automotive lamps and compact fluorescent lamps, under
the brand name Halonix. The company has established its markets in the
European Union, Japan, South Korea, Brazil, Australia, South Africa, Middle
East, South-East Asia, North and South American, with about 50% of the total
revenue coming from exports. It is also engaged in private labeling for
several world-renowned lighting companies.

Micro Inks gains on acquisition of control by Huber Group


Micro Inks jumped nearly 4% to Rs 652 after Huber Group, the world's
fifth-largest printing ink maker, agreed to acquire up to 59.06% stake in
the company at Rs 675 per share from promoters – the Bilakhia family.

53,211 shares changed hands in the counter on BSE by early afternoon trade.

Following the acquisition of controlling stake, the Huber Group has
announced an open offer to acquire additional 20% stake (49.74 lakh shares)
of Micro Inks at Rs 675 per share.

Mirco Inks is the largest ink manufacturing company in India, commanding a
30% market share. In March 2004, the company changed its name from Hindustan
Inks & Resins to Micro Inks, which is the name of its 100% subsidiary in the
US. This move was made in a bid to improve recall amongst international
customers as a unified brand.

The main user industries for printing inks are the packaging, printing and
publishing sectors.

Indiabulls tanks


Indiabulls Financial Services plunged 9% to Rs 159.15 after the company said
the Income Tax department had visited 3 out of 129 offices of Indiabulls
Securities under a survey for the purpose of third party verifications.

Indiabulls Securities is subsidiary of Indiabulls Financial Services.

The stock, however, came off the lower level after it had declined as much
as 19.6% to hit a low of Rs 141 soon after the announcement which hit the
market in early trade today. Volumes in the stock were a huge 34.3 lakh
shares on BSE.

The Income Tax survey was related to collection of transactions and
verification details of clients of Indiabulls Securities who had dealt in
penny stocks. Most of such client accounts had been already shut down by
Indiabulls Securities as a part of its internal due diligence and compliance
process, the company said.

Indiabulls Financial Services said the purpose of the visit of Income Tax
department was not related to any inspection on account of any companies of
Indiabulls group and was limited to client details of Indiabulls Securities.
Indiabulls group has paid about Rs 36 crore in income tax for the first six
months of the current financial year, the company said

Amico Pesticides surges on acquisition of 25% stake by Excel Crop Care


Aimco Pesticides jumped 5% to Rs 24.30 – the maximum permissible level of
the day after Excel Crop Care said it has decided to subscribe to 23 lakh
equity shares on preferential basis at a price of Rs 24.50 per share.

2,737 shares changed hands in the counter on BSE.

Excel Crop Care gained 1.6% to Rs 205.30. 1,183 shares changed hands in the
counter on BSE.

Ahead of the announcement, Aimco Pesticides shares had staged a rebound from
lower level. From a low of Rs 21 on 21 October 2005, the stock rose 10.2% in
two trading sessions to Rs 23.15 on 25 October 2005.

Shares of Excel Crop Care lost 0.5% on Tuesday (25 October 2005) to Rs
201.90 ahead of the announcement.

Following the acquisition of 23 lakh shares of Amico Pesticides (APL), Excel
will hold 24.9% of the post preferential issue paid up share capital of APL
and it will acquire control management of APL, Excel said.

Excel will also make an open offer to acquire 18.5 lakh shares of APL.

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