The market has snapped four-day losing streak and has bounced back sharply on the day of Samvat 2065. Pullback rally is seen in realty, metal, capital goods, power, banking and oil stocks. Midcap and small cap stocks are following the same trend.
At 6:15 pm, the Sensex rose 545 points to 9,054 and the Nifty gained 159 points to 2,684. CNX Midcap jumped 176 points to 3,436.
Reliance Industries, Bharti, SBI, L&T, Unitech, Hindalco, Suzlon Energy and Reliance Infrastructure were major gainers.
European markets are trading higher. FTSE Index rose 4.03% to 4,010. CAC and DAX gained 2.93% and 8.99% to 3,157 and 4,724, respectively.
The Dow Jones Futures surged 4.58% to 8,378 and the Nasdaq Futures gained 4.17% at 1,210.
Asian markets ended sharply higher. Hang Seng was up by 14.35%. Nikkei surged 6.41%. Straits Times and Kospi rose 4.14% and 5.57%, respectively. Shanghai jumped 2.81% and Taiwan was up 0.76%. However, Jakarta lost 4.72%.
Crude is trading around USD 64.69 to a barrel on the NYMEX.
Source: Moneycontrol.com
Tuesday, October 28, 2008
Power PSU issues only after markets stabilise
The Government will consider the follow-on public issue for thermal power major NTPC Ltd and the proposed initial public offering for state-owned hydro power firm NHPC Ltd as and when the market conditions improve.
“There’s no cash crunch now, once the market conditions are conducive they will (NTPC) go for the follow-on public issue.
“NTPC’s follow-on public offer and NHPC’s initial public offer will come when the market conditions are conducive,” Power Secretary, Mr Anil Razdan, told reporters here on the sidelines of the India Energy Congress 2008.
NHPC had earlier scheduled the launch of its proposed public float during mid-October to raise fresh equity to the tune of over Rs 1,600 crore, besides premium.
Last year, the company was forced to shelve its IPO plans as the requisite number of independent directors had not been appointed on its Board.
Funds for Expansion
Meanwhile, NTPC has said it plans to raise up to Rs 4,500 crore from domestic as well as international markets for meeting its expansion plans in the current financial year.
“We plan to raise about Rs 2,000 crore in FY09 through private placement of bonds, and, up to $500 million (about Rs 2,450 crore) through overseas loans,” NTPC Chairman and Managing Director, Mr R.S. Sharma, said at the sidelines of the same conference.
The company also plans to raise Rs 2,000 crore from the domestic market through private placement of bonds.
The company aims to increase its capacity to 31,000 MW in 2008-09, from 29,000 MW currently, Mr Sharma said. He also said the company is looking to acquire coal mines in South Africa, Mozambique and Australia.
Speaking earlier at the event, the Power Secretary said the Centre will set up a target for speedy implementation of hydro power projects.
“The target will have special focus on the North-Eastern (NE) region as it has 40 per cent of India’s total hydro potential,” Mr Razdan said. Coal Secretary, Mr H.C. Gupta, who was also present at the event, said the Coal Ministry is looking at step up domestic coal production before the end of the current Five Year Plan period (2007-2012).
The Coal Ministry’s decision is in response to the its receiving frequent requests for supply of coal for thermal power plants which has resulted in the need for upward revision of domestic coal production, Mr Gupta added, reports The Hindu Business Line.
Source: Moneycontrol.com
“There’s no cash crunch now, once the market conditions are conducive they will (NTPC) go for the follow-on public issue.
“NTPC’s follow-on public offer and NHPC’s initial public offer will come when the market conditions are conducive,” Power Secretary, Mr Anil Razdan, told reporters here on the sidelines of the India Energy Congress 2008.
NHPC had earlier scheduled the launch of its proposed public float during mid-October to raise fresh equity to the tune of over Rs 1,600 crore, besides premium.
Last year, the company was forced to shelve its IPO plans as the requisite number of independent directors had not been appointed on its Board.
Funds for Expansion
Meanwhile, NTPC has said it plans to raise up to Rs 4,500 crore from domestic as well as international markets for meeting its expansion plans in the current financial year.
“We plan to raise about Rs 2,000 crore in FY09 through private placement of bonds, and, up to $500 million (about Rs 2,450 crore) through overseas loans,” NTPC Chairman and Managing Director, Mr R.S. Sharma, said at the sidelines of the same conference.
The company also plans to raise Rs 2,000 crore from the domestic market through private placement of bonds.
The company aims to increase its capacity to 31,000 MW in 2008-09, from 29,000 MW currently, Mr Sharma said. He also said the company is looking to acquire coal mines in South Africa, Mozambique and Australia.
Speaking earlier at the event, the Power Secretary said the Centre will set up a target for speedy implementation of hydro power projects.
“The target will have special focus on the North-Eastern (NE) region as it has 40 per cent of India’s total hydro potential,” Mr Razdan said. Coal Secretary, Mr H.C. Gupta, who was also present at the event, said the Coal Ministry is looking at step up domestic coal production before the end of the current Five Year Plan period (2007-2012).
The Coal Ministry’s decision is in response to the its receiving frequent requests for supply of coal for thermal power plants which has resulted in the need for upward revision of domestic coal production, Mr Gupta added, reports The Hindu Business Line.
Source: Moneycontrol.com
Syngene listing not now
The market meltdown has put paid to one more listing plan for now: that of Biocon’s custom research subsidiary, Syngene International.
“We will not list Syngene this fiscal. It would be suicidal,” Biocon’s CMD, Ms Kiran Mazumdar-Shaw, emphatically told a news conference on Thursday. Biocon had planned to tap the capital market for Syngene during this fiscal.
Syngene’s numbers, she said, caused concern last quarter but it has now bounced back with 21 per cent growth over the last quarter and nine per cent year on year. The company has a cash reserve of Rs 355 crore from the sale of its enzymes business last year, reports The Hindu Business Line.
Source: Moneycontrol.com
“We will not list Syngene this fiscal. It would be suicidal,” Biocon’s CMD, Ms Kiran Mazumdar-Shaw, emphatically told a news conference on Thursday. Biocon had planned to tap the capital market for Syngene during this fiscal.
Syngene’s numbers, she said, caused concern last quarter but it has now bounced back with 21 per cent growth over the last quarter and nine per cent year on year. The company has a cash reserve of Rs 355 crore from the sale of its enzymes business last year, reports The Hindu Business Line.
Source: Moneycontrol.com
Alkali Metals IPO subscribed fully
The IPO of Alkali Metals has received bids for 26,24,700 shares as against issue size of 25,50,000 shares and is subscribed 1.03 times, as per NSE website. The issue had opened on October 7, 2008.
The company’s public issue of 25,50,000 equity shares in the price band of Rs 90 to Rs 105 per equity share was scheduled to close on October 10, 2008 but was extended to October 15, 2008 due to adverse market conditions. The price band was also revised to 86 to Rs 103 per equity share.
The IPO had received bids for 8,63,070 shares as against issue size of 25,50,000 shares and got subscribed 0.34 times, as per NSE website, till October 10.
The company is in the business of manufacturing a range of fine chemicals, based on related chemistry.
It proposes to utilize the net proceeds of the issue to part finance its expansion plan involving setting up of an Active Pharmaceutical Ingredients (API) plant at Jawaharlal Nehru Pharma City at Parawada, located 25 kms from Visakhapatnam, with an installed capacity of 672 MTPA.
The Pharma City is being developed by Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) in joint venture with M/s.Ramky Group (the developer) through a SPV called Ramky Pharma City (India) Limited, from whom Alkali Metals has acquired 16.42 acres of land.
Source: Moneycontrol.com
The company’s public issue of 25,50,000 equity shares in the price band of Rs 90 to Rs 105 per equity share was scheduled to close on October 10, 2008 but was extended to October 15, 2008 due to adverse market conditions. The price band was also revised to 86 to Rs 103 per equity share.
The IPO had received bids for 8,63,070 shares as against issue size of 25,50,000 shares and got subscribed 0.34 times, as per NSE website, till October 10.
The company is in the business of manufacturing a range of fine chemicals, based on related chemistry.
It proposes to utilize the net proceeds of the issue to part finance its expansion plan involving setting up of an Active Pharmaceutical Ingredients (API) plant at Jawaharlal Nehru Pharma City at Parawada, located 25 kms from Visakhapatnam, with an installed capacity of 672 MTPA.
The Pharma City is being developed by Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC) in joint venture with M/s.Ramky Group (the developer) through a SPV called Ramky Pharma City (India) Limited, from whom Alkali Metals has acquired 16.42 acres of land.
Source: Moneycontrol.com
Thursday, October 2, 2008
20 Microns to list on Oct 6
20 Microns will list on the bourses with its equity shares on October 6, 2008. The isssue price has been fixed at Rs 55 per share. The public issue of 43,50,632 equity shares of Rs 10 each was subscribed 4.29 times.
The company intended to utilize the proceeds of the fresh issue in the IPO towards the current ongoing expansion plans of the manufacturing capacities at various locations, invest in the sub-micron particle sizes required by end-market and general corporate purposes.
Source: Moneycontrol.com
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