Stock Sense

Stock market : Bhuwalka Steel Industries Ltd

admin — Thu, 26 Jun 2008 05:40:32 +0000

Bhuwalka Steel Industries Ltd has informed that the Board of Directors of the Company at its meeting held on June 25, 2008, inter alia, has recommended equity dividend @ 20% on 5187249 shares of Rs 10/- each for the year 2007-08.

Stock Market : Prime Focus Ltd

admin — Tue, 24 Jun 2008 06:31:43 +0000

Prime Focus Ltd has informed that the Board of Directors of the Company at its meeting held on June 23, 2008, inter alia, has approved a scheme of arrangement of merger of subsidiary Storemedia Technologies Pvt Ltd with the Company under Section 391 to Section 394 of the Companies Act, 1956, subject to members approval, High Court approval and various other permissions / approvals.
The Board of Directors of the Company has approved issuing of 100 shares for every 45 shares held by members of Storemedia Technologies Pvt Ltd. This will entail issuing 1,00,000 equity shares from Prime Focus Ltd.

Stock Market : Saraswat Co-operative Bank Ltd

admin — Fri, 20 Jun 2008 07:53:21 +0000

Saraswat Co-operative Bank Ltd is keen to buy the management of the sick Shree Suvarna and Rupee Co-op banks and effect a amalgamation once the two entities become profitable, Saraswat Bank, has said. A proposal to this effect has been given to the Reserve Bank of India a month ago. The Saraswat Bank are prepared for total management, on an irrevocable basis, of both Rupee Co-op and Suvarna banks. The Saraswat Bank said that an immediate amalgamation would involve taking over losses to the tune of Rs 780 crore and turn Saraswat Bank into a sick bank. Saraswat Bank will operate as a merged bank, but the actual merger will happen only after the two banks turn profitable.

Stock Market : Orissa Sponge Iron and Steel Ltd

admin — Thu, 12 Jun 2008 10:13:18 +0000

Orissa Sponge Iron and Steel Ltd has informed that the Board of Directors of the Company at its meeting held on May 31, 2008, inter alia, to considered the following :

1. Passed the Revenue Budget of the Company for the financial year 2008-09.

2. Considered the proposal for Iron ore Mining by a JV of TSPL & Rabisons Holdings Ltd.

3. Recommended Exchange to delist the Companys shares from Kolkata Stock Exchange.

Selling Indian Stock

admin — Wed, 11 Jun 2008 09:14:33 +0000

As FIIs have taken selling route in Indian stocks, life insurance companies are moving in to make some good pickings. However, such is not the case with the domestic mutual funds. This situation among the domestic institutional investors persists because of the comfortable cash levels and a lesser fear of redemptions enjoyed by the insurance companies as compared to the mutual funds.

In fact, in June so far, Domestic institutional investors bought Rs 2,989 crore worth of equities whereas FIIs have been net sellers for Rs 6,166 crore. Among the domestic institutional investors, Life Insurance Corporation of India has been the biggest buyer followed by ICICI Prudential Life Insurance. Domestic institutional investors have bought stocks worth $4 billion this year so far, of which the insurance companies” share has been more than 60 per cent, according to marketmen.

Indian Stock Market

admin — Tue, 10 Jun 2008 10:54:03 +0000

The market continues to trade in negative territory due to the continual selling pressure, following huge sell off in its global counterparts. Indian markets opened downbeat due to the weak global cues and is continuing the downward trend to extend the losses on the back of investors’ negative sentiment. Only pharma stock is in good turn today as it is witnessing buying while all other stocks are trading in red and main sufferers are metal, banking, reality and IT stocks. Among the Sensex pack,7 stocks are trading in green and 23 stocks are trading in red.

At 1.35PM, the BSE Sensex is trading down by 284.65 points at 114,781.45 and NSE Nifty is also down by 92.10 points at 4,408.85.

The BSE Mid Cap and Small Cap are also trading lower by 76.30 points and 75.45 points at 6,094.03 and 7,341.09.

Losers from the BSE are ONGC trading up by (6.83%) at Rs812.00 followed by HDFC Bank by (5.04%) at Rs1,119.00, HDFC by (4.86%) at Rs2,064.00, Infosys Tech by (4.57%) at 1,795.35, and TCS Ltd by (4.34%) at Rs867.20.

The Metal index is trading down by 236.34 points at 15,153.27. Contributed by Welspan Guj Sr trading lower by (6.40%) at Rs333.20 along with Sterlite Indus by (5.11%) at Rs802.70 Sh Precoated by (3.53%) at Rs135.25, Nat Alum Co by (2.85%) at Rs496.00, and Maharashtra Sea (1.72%) at Rs302.00.

The Banking index is trading lower by 202.44 points at 6,830.88 as Canara bank is trading down by (7.64%) at Rs185.00 followed by HDFC Bank by (4.89%) at Rs1,125.80, Federal bank (4.04%) at Rs197.40, Kotak bank by (3.73%) at Rs612.50, and Bank of India by (3.50%) at Rs247.00.

From the telecommunication sector, Tata Communications is trading lower by (2.87%) at Rs460.05 along with Reliance Communications by (2.32%) at Rs541.05, Bharti Airtel is by (1.95%) at Rs766.05 and Idea Cellular Ltd by (1.72%) at Rs100.10.

In Pharma sector Ranbaxy Lab Is trading higher by (4.40%) at Rs549.00 along with Cipla Ltd by (2.20%) at Rs211.00, Sun Pharma by (1.61%) at Rs1479.60 and Dr Reddy’s Lab by (0.99%) at Rs699.50.

From the Cement sector Ambuja Cement is trading higher by (0.12%) at Rs82.00 while Grasim industry is trading down by (0.62%) at Rs2,215.00 along with ACC Ltd trading down by 0.26%) at Rs612.10.

ONGC is trading down by (6.83%) at Rs812.00. ONGC will cover Rs 38,000 crore ($8.8 billion) as revenue losses incurred by the government owned oil marketing and refining companies during the current financial year. Last year it had covered Rs 22,000 crore losses. Firther ONGC have to close its oil hunt at Bengal offshore block in which it has 85% operating stake.

Ranbaxy Lab is trading higher by (5.24%) at Rs554.00. The company is going to enter into a R&D deal with foreign company Merck. It may get USD 100 million as milestone payment from Merck.

Stock Market : HEG Ltd

admin — Mon, 09 Jun 2008 07:41:55 +0000

HEG Ltd has informed that that the Allotment Committee of Directors of the Company allotted 47,30,000 Warrants at a price of Rs 365/- each with an option of conversion of each Warrant into One Equity Share of Rs 10/- each within a period of 18 months from the date of issue and allotment to Promoters, Directors and Persons acting in concert, which includes Associates, Relatives and Friends of such Promoters and Directors and Employees of the Company, Group Companies and Associate Companies.

The aforesaid preferential issue had been approved by shareholders at their meeting held on March 03, 2008.

Stock Market : Balasore Alloys Ltd

admin — Mon, 14 Apr 2008 09:14:46 +0000

>компютримебелиsore Alloys Ltd has informed that the Audited Accounts of the Company for the fifteen months period ended March 31, 2008 will be considered by the Board of Directors within a period of 3 months from the close of the aforesaid Accounting Period.

Stock market : FICS Consultancy Services Ltd

admin — Thu, 10 Apr 2008 06:32:31 +0000

FICS Consultancy Services Ltd has informed that the Company shall publish its Audited Financial Results within a period of 3 months of the close of its accounting year ended on March 31, 2008. In view of this, the Company will not publish its Unaudited Financial Results for the last quarter within the stipulated period of one month of the closing of the accounting year.

Stock Market Announces

admin — Wed, 09 Apr 2008 06:21:20 +0000

India on April 8 announced a Duty Free Tariff Preference Scheme for imports from as many as 50 Least Developed Countries (LDCs), 34 of which are in Africa, recognising the crucial importance of market access in ensuring the development dimension of global trade.

At the two-day India Africa Forum Summit here, the Prime Minister, Dr Manmohan Singh, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would encompass 94 per cent of India’’s total tariff lines, and more particularly it would extend preferential market access on tariff lines that comprise close to 93 per cent of global exports of all LDCs, said the PM. Products of immediate interest to Africa which are covered under the scheme include cotton, cocoa, aluminium ores, copper ores, cashew nuts, cane sugar, ready-made garments, fish fillets and non-industrial diamonds. The Prime Minister said that over the last five years, India has extended lines of credit to African nations and trading groups worth $2.15 billion and this was expected to double to $5.4 billion over the next five years.