Wednesday, August 3, 2011
SBI Rights issue when market conditions favourable
Diwakar Gupta, CFO of SBI said the bank will go for its Rs 20,000-crore rights issue when market conditions turn favourable
Gupta also said that the lending major is engaged in continuous dialogue with the government regarding the rights issue.
On the banks financials, Gupta said, he expects provisioning of Rs 2,100 crore in the first quarter of FY12.
Source: CNBC-TV18
Gupta also said that the lending major is engaged in continuous dialogue with the government regarding the rights issue.
On the banks financials, Gupta said, he expects provisioning of Rs 2,100 crore in the first quarter of FY12.
Source: CNBC-TV18
Gold futures extended gains by more than 1.5%
Gold futures extended gains by more than 1.5% on Wednesday afternoon to hit a record high following strong overseas markets, with help from a weaker rupee at home, which made the dollar-quoted yellow metal expensive, dealers said.
The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was trading 1.70% higher at Rs. 24,211 per 10 grams, after hitting a record of Rs. 24,233. The contract had struck a peak in the previous session.
The most-active gold for October delivery on the Multi Commodity Exchange (MCX) was trading 1.70% higher at Rs. 24,211 per 10 grams, after hitting a record of Rs. 24,233. The contract had struck a peak in the previous session.
Bharti Airtel Q1 net profit down
Bharti Airtel, India’s top mobile phone carrier, on Wednesday reported a bigger-than-expected 28% fall in quarterly profit, hit by losses at its African operations and as costs of its new third-generation network in India weighed.
Shares in Bharti fell more than 4% after the results to their lowest level in more than a week.
India’s long-suffering telecoms sector is back on investors’ radar after companies including Bharti raised call prices recently -- the first such increase in at least two years -- after a vicious price war in the 15-player market had strained their finances.
With more than 850 million mobile connections, India is the world’s second-biggest mobile phone market after China and is adding subscribers at the fastest pace. The market, however, offers some of the world’s cheapest call rates as carriers have traditionally sacrificed profits to chase growth.
Bharti last year ventured into Africa at a time when growth on its home turf was slowing by acquiring most of the mobile African mobile operations of Kuwait’s Zain to become the world’s fifth-biggest mobile carrier by subscribers.
But high costs in Africa have kept the firm’s margins under pressure and it has yet to turn a profit there, although company officials have said the African business is improving.
The company’s overall Africa related net loss in the June quarter was at Rs302 crore.
Bharti, which spent $3.5 billion in an Indian state auction last year to buy 3G and broadband airwaves, is betting on a pick up in premium data services to boost margins in a market where voice calls account for more than 85% of the sector’s revenue.
“In India, the company’s efforts in the area of cost efficiencies have helped arrest the margin decline,” Bharti Airtel chairman Sunil Mittal said in a statement.
“Overall, 2011-12 promises to be an exciting year of transformation.”
New Delhi-based Bharti, nearly a third owned by Southeast Asia’s biggest phone firm, SingTel , said consolidated net profit fell to Rs1,215 crore ($274 million) for its fiscal first quarter ended June from Rs1,682 crore a year earlier, based on international accounting standards.
It was the sixth consecutive quarter of falling profits for the New Delhi-based firm that had 221.2 million mobile users at the end of June in 19 countries across Asia and Africa.
Revenue rose 39% to Rs16,975 crore. A Reuters poll of brokerages had expected net profit of Rs1,518 crore on revenue of Rs16,887 crore.
Monthly average revenue per user (ARPU), a key metric for telecom carriers, from Bharti’s Indian operations fell an annual 12% to Rs190 for the quarter. Africa ARPU saw a drop of 2% on year to $7.3.
Shares in Bharti fell more than 4% after the results to their lowest level in more than a week.
India’s long-suffering telecoms sector is back on investors’ radar after companies including Bharti raised call prices recently -- the first such increase in at least two years -- after a vicious price war in the 15-player market had strained their finances.
With more than 850 million mobile connections, India is the world’s second-biggest mobile phone market after China and is adding subscribers at the fastest pace. The market, however, offers some of the world’s cheapest call rates as carriers have traditionally sacrificed profits to chase growth.
Bharti last year ventured into Africa at a time when growth on its home turf was slowing by acquiring most of the mobile African mobile operations of Kuwait’s Zain to become the world’s fifth-biggest mobile carrier by subscribers.
But high costs in Africa have kept the firm’s margins under pressure and it has yet to turn a profit there, although company officials have said the African business is improving.
The company’s overall Africa related net loss in the June quarter was at Rs302 crore.
Bharti, which spent $3.5 billion in an Indian state auction last year to buy 3G and broadband airwaves, is betting on a pick up in premium data services to boost margins in a market where voice calls account for more than 85% of the sector’s revenue.
“In India, the company’s efforts in the area of cost efficiencies have helped arrest the margin decline,” Bharti Airtel chairman Sunil Mittal said in a statement.
“Overall, 2011-12 promises to be an exciting year of transformation.”
New Delhi-based Bharti, nearly a third owned by Southeast Asia’s biggest phone firm, SingTel , said consolidated net profit fell to Rs1,215 crore ($274 million) for its fiscal first quarter ended June from Rs1,682 crore a year earlier, based on international accounting standards.
It was the sixth consecutive quarter of falling profits for the New Delhi-based firm that had 221.2 million mobile users at the end of June in 19 countries across Asia and Africa.
Revenue rose 39% to Rs16,975 crore. A Reuters poll of brokerages had expected net profit of Rs1,518 crore on revenue of Rs16,887 crore.
Monthly average revenue per user (ARPU), a key metric for telecom carriers, from Bharti’s Indian operations fell an annual 12% to Rs190 for the quarter. Africa ARPU saw a drop of 2% on year to $7.3.
3i Infotech hits 52 Week Low
3i infotech hits 52 Week Low 37.80 today.
It started its downword journey after announcement of final dividend of 15% on July 7th.
It started its downword journey after announcement of final dividend of 15% on July 7th.
Tilaknagar Ind raises based on news update
Tilaknagar Industries Ltd has informed BSE that the Government of Maharashtra vide its letter dated D.O. No. HPC-1008/C.R.123/Ind-8 has decided to confer the status of "Mega Project" to the new manufacturing facilities which, inter-alia, includes 50 KLPD molasses based distillation plant and 100KLPD grain based distillation plant alongwith captive power plant under Package Scheme of Incentives (PSI) 2007.
This will enable the Company to enjoy following benefits:
- Subsidy to the extent of 100% of eligible investment with a period of seven year by way of set off /credit for Tax liability under Maharashtra Value Added Tax Act 2002 and Central Sales Tax Act 1956.
- Electricity duty exemption for the period of 7 years
- 100% exemption from payment of stamp duty
The aforesaid benefits shall be subject to the conditions contained in the aforesaid letter of Government of Maharashtra.
At 11:20 Tilaknagar Ind was at 46.20 (6.45% up)
This will enable the Company to enjoy following benefits:
- Subsidy to the extent of 100% of eligible investment with a period of seven year by way of set off /credit for Tax liability under Maharashtra Value Added Tax Act 2002 and Central Sales Tax Act 1956.
- Electricity duty exemption for the period of 7 years
- 100% exemption from payment of stamp duty
The aforesaid benefits shall be subject to the conditions contained in the aforesaid letter of Government of Maharashtra.
At 11:20 Tilaknagar Ind was at 46.20 (6.45% up)
Inventure Growth to list shares on August 4
Inventure Growth & Securities Ltd IPO shares will list on Thursday, August 04, 2011. Inventure raised capital through IPO of Rs. 81.90 crore from Jul 20, 2011 to Jul 22, 2011. Inventure’s IPO received good response from retail and non institutional investors and managed to oversubscribe subscribed 4.58 times. Company fixed the price for its IPO share on upper end of its price range at Rs 117 per share.
Inventure Securities IPO Listing Information:
Listing Date: Thursday, August 04, 2011
BSE Scrip Code: 533506
NSE Symbol: INVENTURE
Listing In: B Group of Securities
Sector:
ISIN: INE878H01016
Issue Price: Rs. 117.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share
Inventure Securities IPO Listing Information:
Listing Date: Thursday, August 04, 2011
BSE Scrip Code: 533506
NSE Symbol: INVENTURE
Listing In: B Group of Securities
Sector:
ISIN: INE878H01016
Issue Price: Rs. 117.00 Per Equity Share
Face Value: Rs. 10.00 Per Equity Share
Weak global cues drag Sensex below 18K; tech, banks dip
The benchmark Sensex fell below the psychologically important 18,000-mark while the Nifty tanked below the 5400 level, which was on expected lines. The sell-off was due after heavy fall across the globe on the back of economic worries in the US despite Barack Obama signed debt deal.
The 30-share BSE Sensex was trading at 17,896, down 214 points and the 50-share NSE Nifty fell 66 points to 5390.
Heavyweights like Reliance Industries, Bharti, L&T, TCS, SBI, BHEL and ICICI Bank were down between 1% and 2%.
However, ONGC gained over 1% as it seemed that government may not go for follow-on public route due to prevailing weak market conditions.
GAIL and BPCL were other gainers.
Midcaps like SpiceJet, Jet Airways, Peninsula Land, Shriram City and Allcargo Global were up 2.5-5%. However, KGN Inds, Jubiland Food, Pantaloon Retail, IVRCL and TTK Prestige lost 4-5%.
Credits: money control
The 30-share BSE Sensex was trading at 17,896, down 214 points and the 50-share NSE Nifty fell 66 points to 5390.
Heavyweights like Reliance Industries, Bharti, L&T, TCS, SBI, BHEL and ICICI Bank were down between 1% and 2%.
However, ONGC gained over 1% as it seemed that government may not go for follow-on public route due to prevailing weak market conditions.
GAIL and BPCL were other gainers.
Midcaps like SpiceJet, Jet Airways, Peninsula Land, Shriram City and Allcargo Global were up 2.5-5%. However, KGN Inds, Jubiland Food, Pantaloon Retail, IVRCL and TTK Prestige lost 4-5%.
Credits: money control
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