Shares Slump Ahead Of US Presidential Election - Nov 04, 2008

At 13:45 IST, the BSE IT index was down 6.02% at 2,701.26, underperforming the barometer index the BSE Sensex, which was down 0.38% at 10,298.34.TCS (down 9.24% at Rs 498), Wipro (down 8.80% at Rs 251.90), Satyam Computer (down 8.36% at Rs 275), and Infosys Technologies (down 6.42% at Rs 1290).

US Democratic presidential candidate Obama has strong reservations on outsourcing and has made many statements during his election speeches that he would discourage this when he comes into power. The US Presidential Election will be held later in the day today.

Obama had promised of ending tax breaks for companies that ship US jobs overseas. Meanwhile, John McCain, the US Presidential Election candidate from the Republicans, has opposed federal curbs as well as private curbs on outsourcing to countries like India.

Some reports sugest that Obama may not really follow through with drastic changes to the outsourcing policy, since many companies still find it cheaper to hire from India.

India’s apex IT body, Nasscom, chairman Ganesh Natarajan had said in a recent media interview that Obama’s government, if at all it comes to power, will focus more on creating new job opportunities for its people rather than cutting down on outsourcing. He added that certain expertise was country-specific and would not be affected despite a change in government policy. He also said the Indian IT/IT enables Services companies should try and tap new and emerging markets in Japan, China , Asia Pacific, Africa and Latin America.

The BSE IT index had outperformed the market over the past one month till 3 November 2008, declining 7.59% as compared to the Sensex’s decline of 17.47%. It had also outperformed the market in the past one quarter, falling 24.36% as compared to the Sensex’s decline of 29.47%.

Chandigarh Has Directed A Meeting Of Equity Share - Nov 04, 2008

Punjab Tractors Ltd has informed that pursuant to an order made on September 18, 2008, the Honble High Court of Punjab & Haryana at Chandigarh has directed that, a meeting of Equity Share Holders of the Company will be held on November 15, 2008, for the purpose of considering, and if thought fit, approving, with or without modification(s), the Scheme of Amalgamation between Punjab Tractors Ltd (Transferor Company / PTL) and Mahindra and Mahindra Ltd (Transferee Company / M&M) and their respective shareholders and creditors.

IVRCL Infrastructures Extends Gains On Strong Outcome - Nov 03, 2008

Meanwhile, the BSE Sensex was up 372.80 points, or 3.81%, to 10,160.86. On BSE, 4.30 lakh shares were traded in the counter. The stock had an average daily volume of 2.62 lakh shares in the past one quarter.

The stock hit a high of Rs 103.90 and a low of Rs 89.45 so far during the day. The stock has a 52-week high of Rs 575 on 7 January 2008 and a 52-week low of Rs 56.50 on 27 October 2008.

The company announced the results during trading hours on Friday, 31 October 2008, when the stock surged 6.68% to Rs 84.70. The stock has risen 26.07% from a recent low of Rs 79.40 on 29 October 2008, boosted by good quarterly performance.

The mid-cap stock had underperformed the market over the past one month till 31 October 2008, declining 63.93% as compared to the Sensex’s decline of 23.89%. It had also underperformed the market in the past one quarter, declining 71.92% as compared to the Sensex’s decline of 31.82%.

The company’s current equity is Rs 26.70 crore. Face value per share is Rs 2. The current price of Rs 100.10 discounts the company’s Q2 September 2008 annualized EPS of Rs 17.11, by a PE multiple of 5.85.

IVRCL Infrastructures & Projects’ net profit surged 62% to Rs 57.10 crore on 62.60% increase in net sales to Rs 1136.61 crore in Q2 September 2008 over Q2 September 2007.

On 7 October 2008, the company bagged an order worth Rs 499.23 crore for lift irrigation project in Andhra Pradesh.

IVRCL Infrastructures & Projects undertakes contracts to execute civil engineering works.

Nagarjuna Construction Soars On New Order Win - Nov 03, 2008

The company made this announcement during trading hours today, 3 November 2008. Meanwhile, the BSE Sensex was up 406.83 points, or 4.16%, to 10,194.89.

On BSE, 2.55 lakh shares were traded in the counter. The stock had an average daily volume of 4.62 lakh shares in the past one quarter.

The stock hit a high of Rs 70.45 and a low of Rs 64.65 so far during the day. The stock has a 52-week high of Rs 372.80 on 3 January 2008 and a 52-week low of Rs 40.50 on 27 October 2008.
The mid-cap stock had underperformed the market over the past one month till 31 October 2008, declining 33.84% as compared to the Sensex’s decline of 23.89%. It had also underperformed the market in the past one quarter, declining 51.82% as compared to the Sensex’s decline of 31.82%.

The company’s current equity is Rs 45.76 crore. Face value per share is Rs 2.

The current price of Rs 66.10 discounts the company’s Q2 September 2008 annualized EPS of Rs 7.39, by a PE multiple of 8.94.

Nagarjuna Construction Company (NCC)’s net profit rose 25.7% to Rs 42.30 crore on 55.9% increase in net sales to Rs 1055.82 crore in Q2 September 2008 over Q2 September 2007.

In September 2008, the company secured four orders aggregating Rs 413 crore.

Nagarjuna Construction Company is engaged in constructing industrial and commercial buildings, roads, bridges, underground drainage and sewerage, stadiums, flyovers, multi-store and duplex apartments, farm and private houses.

Airline Take Off On Cut In ATF Prices - Nov 03, 2008

The share prices of three listed airline companies – Jet Airways, SpiceJet and Kingfisher Airlines – witnessed a sharp spurt as state-owned oil companies cut aviation turbine fuel (ATF) prices by 17% on Friday (31 October 2008), taking the total fall in the past three months to a whopping 38% from the August 2008 high. Jet Airways (15.76% at Rs 181.05), SpiceJet (up 13.72% at Rs 12.85) and Kingfisher Airlines (up 4.19% at Rs 33.60), spurted.

Moreover, the government on Friday also abolished customs duty of 5% on ATF, which will lead to a further lowering of price on 15 November 2008.

Currently, ATF accounts for 45% - 50% of an airline’s costs. The two steps together will help them pare their overall costs by 9% - 10%, and bridge almost two-thirds of the 15% gap between revenue and costs.

The new ATF prices will come into effect from 1 November 2008. According to reports, the next revision in ATF prices will happen on 15 November 2008.

The cut in ATF prices is the latest in a string of benefits that the cash-strapped oil companies have given to the airlines. Recently, they announced benefits on the Rs 2,500-crore dues that the airlines owe them, including interest-free repayment of the dues in six monthly installments till 31 March 2009.

Bal Pharma - Allotment Of Equity Shares - Nov 03, 2008

Bal Pharma Ltd has informed that the Board of Directors of the Company at its meeting held on October 27, 2008, has allotted 37,000 equity shares of face value @ Rs 10/- each, allotted at Rs 15.75/- per equity share to the eligible employees of the Company under ESOP Scheme, 2006.

ITC - Allotment Of Equity Shares - Nov 1, 2008

ITC Ltd has informed that the Company on October 23, 2008 has issued and allotted 3,40,790 Ordinary Shares of Re 1/- each, upon exercise of 34,079 Options by Optionees under the Companys Employee Stock Option Schemes.

Consequently, with effect from October 23, 2008, the Issued and Subscribed Share Capital of the Company stands increased to Rs 377,05,05,400/- divided into 377,05,05,400 Ordinary Shares of Re 1/- each.

Nagarjuna Construction Up 45% In 4 Days - Nov 1, 2008

Meanwhile, the BSE Sensex was up 800.53 points, or 8.85%, to 9,845.04. On BSE, 5.96 lakh shares were traded in the counter. The stock had an average daily volume of 4.94 lakh shares in the past one quarter.

The stock hit a high of Rs 66.50 and a low of Rs 58 so far during the day. The stock has a 52-week high of Rs 372.80 on 3 January 2008 and a 52-week low of Rs 40.50 on 27 October 2008.

The stock has risen 45.2% from a recent low of Rs 43.30 on 24 October 2008, boosted by good quarterly performance. The company announced the results during trading hours on Monday, 27 October 2008, when the stock surged 12.59% to Rs 48.75.

The mid-cap stock had underperformed the market over the past one month till 29 October 2008, declining 40.32% as compared to the Sensex’s decline of 28.19%. It had also underperformed the market in the past one quarter, declining 56.65% as compared to the Sensex’s decline of 34.42%.

The company’s current equity is Rs 45.76 crore. Face value per share is Rs 2. The current price of Rs 62.90 discounts the company’s Q2 September 2008 annualized EPS of Rs 7.39, by a PE multiple of 8.51.

Nagarjuna Construction Company (NCC)’s net profit rose 25.7% to Rs 42.30 crore on 55.9% increase in net sales to Rs 1055.82 crore in Q2 September 2008 over Q2 September 2007.

Nagarjuna Construction Company is engaged in constructing industrial and commercial buildings, roads, bridges, underground drainage and sewerage, stadiums, flyovers, multi-store and duplex apartments, farm and private houses.

JSW Steel Leads Gainers In 'A' Group - Nov 1, 2008

JSW Steel galloped 32.70% to Rs 304.75. The scrip topped gainers in BSE's 'A' group. On 24 October 2008, the company reported a 40.57% fall in net profit to Rs 317.45 crore on 58.50% increase in net sales to Rs 4269.21 crore in Q2 September 2008 over Q2 September 2007.

India Infoline soared 25.28% to Rs 56.75. It was the second biggest gainer in 'A' group.

United Phosphorus spurted 23.76% to Rs 105.20. It was the third biggest gainer in 'A' group. The company, on 20 October 2008, reported turnaround results, with a net profit of Rs 68.80 crore in Q2 September 2008 as compared to net loss of Rs 4.25 crore in Q2 September 2007.

Net sales rose 79.9% to Rs 627.98 crore in Q2 September 2008 over Q2 September 2007.

Mahindra & Mahindra (M&M) surged 23.09% to Rs 372.35. It was the fourth biggest gainer in 'A' group. At the time of announcing Q2 Septembr 2008 results on Wednesday, 29 October 2008, M&M said there is a healthy demand for its products despite fears of a global recession.

Net profit fell 20.7% to Rs 226.78 crore on 11.6% increase in total income to Rs 3137.96 crore in Q2 September 2008 over Q2 September 2007.

United Spirits moved up 19.44% to Rs 887.50. It was the fifth biggest gainer in 'A' group. As per recent reports, the foreign liquor firm Diageo Plc. may sign a pact with the firm to take advantage of the large distribution and distillery network of the company.

FIIs Pull Out Rs 15347.30 Crore In October 2008 - Nov 1, 2008

Foreign institutional investors (FIIs) sold shares worth a net Rs 1074.90 crore on Wednesday, 29 October 2008, as against their outflow of Rs 1010.90 crore on Monday, 27 October 2008.

FII outflow of Rs 1074.90 crore on 29 October 2008 was a result of gross purchases Rs 2685.90 crore and gross sales Rs 3760.80 crore. The BSE Sensex gained 36.43 points or 0.4% to 9.044.51 on that day.

FII outflow in October 2008 totaled Rs 15,347.30 crore (till 29 October 2008). FII outflow reached Rs 52,139 crore in calendar 2008, so far, till 29 October 2008.

There are a total of 1541 foreign funds registered with the Securities & Exchange Board of India (Sebi).