FIRST CHOICE IPO ANALYSISUNBIASED AND CUTTING-EDGE ANALYSIS. BY K.A. PRASANNA
NEW DELHI: Resisting the temptation of election-year populism, the general Budget on Thursday offered no major tax sops but slapped a surcharge on the super-rich, raised duties on mobile phones, cigarettes and imported luxury vehicles and introduced TDS on property sale above Rs 50 lakh.
Presenting UPA-II’s last full-fledged Budget ahead of net year’s general elections to net in an additional Rs 18,000 crore, finance minister P Chidambaram did a tightrope walk balancing growth needs with fiscal prudence by stepping up expenditure in social sectors and cutting subsidies.
In a Budget that pegs fiscal deficit at 4.8 per cent of GDP, defence allocation has been stepped up by 14 per cent over the revised expenditure in the current year to Rs 2,03,672 crore in the next.
Without changing the basic slabs and rates in income tax rates, Chidambaram gave a benefit of Rs 2,000 to individual tax payers with taxable income of up to Rs 5 lakh, that will benefit 1.8 crore tax payers entailing a revenue sacrifice of Rs 3,600 crore.
First-time home buyers will get an additional deduction of interest of Rs 1 lakh for home loans above Rs 25 lakh and Rs 1.50 lakh for home loans up to Rs 25 lakh. This will be over and above the current Rs 1 lakh deduction allowed for self-occupation.
The much-talked about ‘super-rich’ tax was levied as a 10 per cent surcharge on “relatively prosperous” persons with an income over Rs 1 crore.
Similarly, on domestic corporates with taxable income of Rs 10 crore, the surcharge has been raised from 5 to 10 per cent. Foreign companies will pay an increased surcharge of 5 per cent, up from 2.
The finance minister proposed that the surcharges will be in existence for just a year, while continuing the 3 per cent education cess on all tax payers.
In a bid to eliminate tax evasion through under-valuation and under-reporting in property sale, the Budget proposes a TDS of one per cent on all transfers of immovable properties for a consideration above Rs 50 lakh. Agriculture land will however be exempted from this. While Securities Transaction Tax (STT) has been marginally reduced, the minister introduced a new Commodities Transaction Tax (CTT) on non-agricultural commodities futures.
In indirect taxes, the Budget does not make any change in the peak Customs and Excise Duties or Service Tax, but it sharply raised import duty on high-end luxury cars, motorcycles and yachts from 75 per cent to 100 per cent and excise duty on SUVs from 27 to 30 per cent.
The finance minister, like most of his predecessors, did not fail to touch smokers in raising resources. Cigarettes, cigars, cigarillos and cheroots will attract an additional 18 per cent excise duty. Dining at air-conditioned restaurants will cost more as service tax has been extended such establishments which were earlier exempted if they did not serve liquor. Mobile costing above Rs 2,000 will attract a 6 per cent excise duty instead of 1 per cent currently.
Under the fresh excise duty proposals, marbles and silver manufactured from smelting zinc or lead while readymade garments, carpets and floor covering of coir and jute will become cheaper. Vocational courses in state-aided institutions and agriculture testing facilities have been exempted from service tax.
In a one-time amnesty scheme, 10 lakh service tax defaulters have been offered a voluntary compliance encouragement scheme under which penalty and interest will be waived for returning to the tax fold.
Aiming at higher growth rate for inclusive and sustainable development and revive manufacturing, Chidambaram hiked outlays for health, water and sanitation, SCs/STs and tribals and rural development.
While the direct tax proposals will bring in Rs 13,300 crore, those on indirect tax side will rake in Rs 4,700 crore.
Hoping to put behind a bad year on account of economic slowdown, Chidambaram said he has a confidence to be more ambitious in the coming year in pegging the total expenditure at Rs 16,65,297 crore and Plan expenditure of Rs 5,55,322 crore. Non-Plan expenditure is estimated at Rs 11,09,975 crore.
This is more than 29.4 per cent of the revised estimate in the current year.
“All flagship programmes have been fully and adequately funded. I dare say I have provided sufficient funds to each ministries or departments consistent with the capacity to spend the funds,” he said in his Budget speech that lasted over 100 minutes.
However, during the current year the revised estimate for total expenditure was reduced to Rs 14,30,825 crore, down from Rs 14,90,925 crore.,
The fiscal deficit for the current year has been contained at 5.2 per cent and for the coming year it is estimated at 4.8 per cent. The current year estimate is less than previously predicted 5.3 per cent.
Chidambaram expressed optimism that 2016-17 the government would bring down the fiscal deficit to 3 per cent, the revenue deficit to 1.5 per cent of GDP and effective revenue deficit to zero. Unusually, the Budget does not make any economic growth rate prediction for the current as well as next fiscal.
Presenting his eighth budget, the first after coming back to finance ministry last year, Chidambaram brought down the subsidy for 2013-14 to Rs 2,31,084 crore from Rs 2,57,654 crore.
He raised the target from disinvestment proceeds to over Rs 55,000 crore from current year’s revised estimate of about Rs 24,000 crore.
In a bid to revive manufacturing, the finance minister announced the grant of investment allowance at the rate of 15 per cent to manufacturing companies that invest more than Rs 100 crore in plant and machinery between April 2013 and March 2015. This will be over and above currently allowable depreciation.
The Budget proposes three measures to promote household savings. The income limit for Rajiv Gandhi Equity Saving Scheme for first time investors is being raised from Rs 10 lakh to Rs 12 lakh.
To wean away investments in securities like gold, instruments such as inflation indexed bonds will be introduced to protect savings from inflation.
In order to encourage infrastructure sector, Chidambaram said the government will allow certain companies to raise tax free bonds up to Rs 50,000 crore and encourage infrastructure debt fund.
The Budget has increase allocation for education to Rs 65,867 crore, on health and family welfare scheme to Rs 37,330 crore, backward region grant fund to Rs 11,500 crore, drinking water and sanitation Rs 15,260 crore and on Jawarhar Lal Nehru Urban Renewal Mission to Rs 14,873 crore.
THURSDAY, FEBRUARY 28, 2013
COGNIZANT TO PAY 100% BONUS
I T major Cognizant will be paying close to 100% bonuses to most of its staff—lower than what it paid last year. It had paid close to 150% bonus last year.
The US-based software services exporter last month posted a 20% growth in revenue for 2012 and has projected similar growth for FY 2013. The company follows calender year for closing its books.
Posted by K. A . PRASANNA at 7:15 AM No comments: Links to this post
Labels: COGNIZANT TO PAY 100% BONUS
WEDNESDAY, FEBRUARY 27, 2013
PRAGMATIC BUDGET, SHORT COVERING MAY TAKE NIFTY BEYOND 5900 LEVEL TOMORROW
Sensex and NIFTY staged a smart recovery after yesterdays’s disaster. Today’s indices gain were largely due to value buying in select infra, bank, oil&gas and auto stocks. And also partly due to short in covering index stocks. Both FIIs and DIIs remained net buyers in today’s cash market. Tomorrow is D day for stock market. A pragmatic budget that will improve the sentiments may take NIFTY beyond 5900 level. Short covering may give a push of another 50 odd points. A bad budget from the market point of view will drive the indices to new low.
NSE MOCK TRADING ON CURRENCY DERIVATIVES ON 02-03-2013
NSE will conduct mock trading on 02-03-2013 for one hour between 9 and 10 a.m.
Posted by K. A . PRASANNA at 5:26 PM No comments: Links to this post
Labels: NSE MOCK TRADING ON CURRENCY DERIVATIVES ON 02-03-2013
L&T WINS ORDERS WORTH RS 1504CR
L&T has won orders worth Rs 1504Cr, both in domestic and international markets. Segment wise orders are – Water and effluent treatment plant Rs 621Cr, Construction of Solar PV plants Rs 413Cr, Power Transmission business Rs 265Cr and Civil Construction business Rs 205Cr. The stock is up 2% and trading at Rs 1391.
Posted by K. A . PRASANNA at 12:01 PM No comments: Links to this post
Labels: LnT WINS ORDERS WORTH RS 1504CR
MARKET TO OPEN, TRADE IN POSITIVE TERRITORY
After yesterday’s disappointing performance, benchmark are expected stage a smart recovery today. Railway budget,global cues and stalemate in Italy gave upper hand to bears who hammered the index stocks. U S market, yesterday closed in green. Railway budget is not as bad as made out by some analysts. Today’s rally is likely to be led by Bank, I T, FMCG and oil&gas stocks.
Posted by K. A . PRASANNA at 8:45 AM 1 comment: Links to this post
Labels: MARKET TO OPEN, TRADE IN POSITIVE TERRITORY
TUESDAY, FEBRUARY 26, 2013
RAIL BUDGET DERAILS STOCK MARKET.
Railway budget for the FY 2013-14 presented by a Congress minister after a gap of 17 years has derailed the stock market. The budget concentrated more on austerity and financial discipline. Benchmark indices BSE lost 300 points and NIFTY lost 90 points. TCS, INFY, Grasim, Kotak Mahindra Bank, HUL,NTPC, J P Associates and Bharti Airtel are the only stocks that closed in green among NIFTY stocks. Markets are expecting similar kind of budget from Finance Minister. Hence most speculative positions were unwinded booking losses.
Posted by K. A . PRASANNA at 3:52 PM 3 comments: Links to this post
Labels: RAIL BUDGET DERAILS STOCK MARKET.
MONDAY, FEBRUARY 25, 2013
PF DEPOSITS TO GET MORE INTEREST
EPFO has raised the interest payable on PF deposits from 8.25% to 8.5%p.a. for the current year. This will benefit around 50 million members of the Employees Provident Fund Organisation.
Posted by K. A . PRASANNA at 8:02 PM No comments: Links to this post
Labels: PF DEPOSITS TO GET MORE INTEREST
RBS TO CUT STAFF STRENGHT IN INDIA
Royal Bank of Scotland which has 24 branches across the country employing around 1,000 staff has plans to cut its staff strength, as it winds down retail and commercial business in the country.
RBS India has a deposit base of Rs 13,039 crore and an asset book of Rs 12,534 crore as of March 2012. It has negligible non-performing assets on its books.
Posted by K. A . PRASANNA at 8:54 AM No comments: Links to this post
Labels: RBS TO CUT STAFF STRENGHT IN INDIA
STRONG OPENING, CLOSING EXPECTED
Benchmark indices are expected to open strongly. Markets across globe on Friday closed in green territory. This and the news of new banking guidelines will keep many stocks busy. We expect the Sensex to gain over 200 points by close of the day.
Posted by K. A . PRASANNA at 6:39 AM 3 comments: Links to this post
Labels: CLOSING EXPECTED, STRONG OPENING
SUNDAY, FEBRUARY 24, 2013
L&T FINANCE HOLDINGS, TATA, ADITYA BIRLA,M&M AND BAJAJ GROUP ARE LIKELY TO GET NEW BANKING LICENSE.
Some 20 odd entities are expected to apply for new banking license. As per our analysis most entities will lose out on the following grounds – 10 years sound back ground, impeccable integrity and corporate governance. Tata, M&M, BAJAJ, ADITYA Birla and L&T finance Holdings are the certain candidates to get the new banking license. And from government stable LIC and India Post are the certainties. Reliance group too may not make to the final list. NBFCs from south may find it very difficult to pass integrity and corporate governance test. None of the real estate and Broking houses will get clean chit from all regulators including, Income Tax, FEMA, ED, SEBI & Exchanges and hence chances of these entities getting a licence are very dim. SKS Micro which was hoping to apply is not eligible at all.
Posted by K. A . PRASANNA at 10:38 AM No comments: Links to this post
Labels: ADITYA BIRLA, L and T FINANCE HOLDINGS, M and M AND BAJAJ GROUP ARE LIKELY TO GET NEW BANKING LICENSE., TATA
FRIDAY, FEBRUARY 22, 2013
GUIDE LINES FOR NEW BANKING LICENSES RELEASED
RBI has issued the final guidelines for licensing of new private sector banks wherein entities both from private and public sector shall be eligible to set up a bank through a wholly-owned non-operative financial holding company (NOFHC).
Among others the condition stipulated are:
1. Entities / groups should have a past record of sound credentials and integrity, should be financially sound with a successful track record of 10 years.
2. A business group, which is keen on applying for a license should have a minimum paid up equity capital of Rs 500 crore.
3.The NOFHC and the bank shall not have any exposure to the Promoter Group. The bank shall not invest in the equity / debt capital instruments of any financial entities held by the NOFHC.
4. The bank should have 25% of its branches in unbanked rural areas with population less than 10,000.
5.The new bank should also achieve priority sector lending target of 40%.
6.The business plan should be realistic and viable and should address how the bank proposes to achieve financial inclusion.
7. Should list its share within 3 years of starting operations.
8. Holding company should be registered as NBFC with RBI.
9. Last date for applying license is 01-07-2013.
Notwithstanding entities fulfilling the required conditions RBI will use its discretion, to issue the license.
Posted by K. A . PRASANNA at 8:09 PM 3 comments: Links to this post
Labels: GUIDE LINES FOR NEW BANKING LICENSES RELEASED
SAIL,NAL,MMTC AND RCF STAKE SALE ON CARDS
Government may off load some stake in SAIL, National Aluminum, Rashtriya Chemicals and Fertilizers and MMTC in this fiscal.
Posted by K. A . PRASANNA at 5:05 PM 2 comments: Links to this post
Labels: MMTC AND RCF STAKE SALE ON CARDS, NAL, SAIL
EXPECT WEAK OPENING, POSITIVE CLOSING
NIFTY lost 91 points and Sensex lost more than 300 points yesterday on global cues. Bears took advantage of the weak global markets and hammered the index heavy weights. FIIs net bought in cash market in excess of Rs 1000Cr and DIIs have net sold only to the extent of Rs 229Cr in the same segment. Except Sunpharma and Cipla, all NIFTY stocks closed in red. Metal stocks melted. Tata Steel, Sesa Goa, Jindal Steel and Hindalco lost 4% each. Bank stocks too were at the receiving end. ICICI, Axis, SBI, BOB, PNB lost considerable grounds. Bank, I T, Auto and Oil&gas stocks are expected to make a come back today by close which may help the benchmark indices to close in green.
Posted by K. A . PRASANNA at 6:45 AM No comments: Links to this post
Labels: EXPECT WEAK OPENING, POSITIVE CLOSING
WEDNESDAY, FEBRUARY 20, 2013
IRDA IMPOSES RS 50 LACS FINE ON SKS MICRO
IRDA has imposed a penalty of Rs 50 lakh on SKS Micro finance for violation of certain provisions of the insurance guidelines.
Irda says that the SKS levied a charge on members, that exceeds the premium and violates regulations.
SKS was issuing Group Life Insurance for a flat sum assured equal to the loan amount granted of certain insurance companies for insuring the outstanding loan advanced to its members.
Posted by K. A . PRASANNA at 8:54 PM No comments: Links to this post
Labels: IRDA IMPOSES FINE ON SKS
HUDCO TAX FREE BONDS – INVEST
ISSUE PERIOD
21-02-2013 / 15-03-2013
ISSUE SIZE
RS 500CR / SHELF LIMIT RS 2800CR
SERIES
S1 AND S2
INSTRUMENT
TAX FREE SECURED REDEEMABLE NON CONVERTIBLE BONDS
FACE VALUE
RS 1000
PRICE
RS 1000
MINIMUM APPLICATION
5 NCD / RS 5000
RATINGS
AA+ BY CARE AND IRRPL
LEAD MANAGERS
AXIS CAPITAL, ICICI SECURITIES, KOTAK MAHINDRA CAPITAL COMPANY AND SBI CAPITAL MARKETS.
REGISTRAR
KARVY
Posted by K. A . PRASANNA at 5:54 PM No comments: Links to this post
Labels: HUDCO TAX FREE BONDS – INVEST
V-MART TANKS ON LISTING
V-Mart IPO shares were listed in the exchanges As against the issue price of Rs 210, the stock closed at Rs 203 and there were no buyers at that price.
Posted by K. A . PRASANNA at 5:37 PM No comments: Links to this post
Labels: V-MART TANKS ON LISTING
RIGHTS ISSUE : BAJAJ FINANCE LIMITED – APPLY
ISSUE CLOSES ON
22-02-2013
ISSUE SIZE
67,60,117 EQUITY SHARES OF RS 10 FV
PREMIUM
RS 1090
RIGHTS BASIS
3:9
RECORD DATE
25-01-2013
BRLM
JM FINANCIAL
REGISTRAR
KARVY
Posted by K. A . PRASANNA at 7:50 AM No comments: Links to this post
Labels: RIGHTS ISSUE : BAJAJ FINANCE LIMITED -APPLY
TUESDAY, FEBRUARY 19, 2013
IPO LISTING NEWS : V- MART TO LIST ON 20-02-2013
V-Mart IPO shares will be listed in the exchanges tomorrow. The IPO in the price band of Rs 195-215, closed for subscription on 05-02-2013. The IPO carries grade 3 awarded by CARE. The issue failed to get one time subscription in retail category. We expect the stock to settle down around Rs 120 -130, in the short term.
Posted by K. A . PRASANNA at 8:08 PM No comments: Links to this post
Labels: IPO LISTING NEWS : V- MART TO LIST ON 20-02-2013
RIL TO START 4G SERVICES SOON
Telecom Commission has permitted broad band wireless access (BWA) spectrum holders to offer voice services after paying Rs 1658Cr for pan India operations fees. RIL will benefit from this move since it holds pan India BWA spectrum.
Posted by K. A . PRASANNA at 8:15 AM No comments: Links to this post
Labels: RIL TO START 4G SERVICES SOON
NEW BANK FINAL GUIDE LINES BY MARCH
RBI has indicated that guidelines for new banks will be issued before March 2013.
Some 3 – 4 group may get licenses in the first instance.
Posted by K. A . PRASANNA at 8:07 AM No comments: Links to this post
Labels: NEW BANK FINAL GUIDE LINES BY MARCH
FRIDAY, FEBRUARY 15, 2013
GENERAL MOTORS PROFIT AT $4.90BN
General Motors has reported a net profit of $4.90bn for the year 2012. This is inspite of losses from European operations. Net income rose to $900m in the quarter, up from $500m in the same period last year.
Posted by K. A . PRASANNA at 6:21 AM No comments: Links to this post
Labels: GENERAL MOTORS PROFIT AT $4.90BN
THURSDAY, FEBRUARY 14, 2013
TCS IS NUMBER ONE IN MARKET CAP, AGAIN.
In today’s trade TCS surged to Rs 1448, up by Rs 12. With that the market cap of the company stood at Rs 2.83 lac Cr. as against RIL’s Rs 2.76 lac Cr. RIL lost Rs 23 to close at Rs 856.
Posted by K. A . PRASANNA at 8:01 PM No comments: Links to this post
Labels: AGAIN., TCS IS NUMBER ONE IN MARKET CAP
BUFFETT HAS HEINZ FOR DINNER
Warren Buffett is to buy food giant Heinz in a deal worth $28bn, largest ever in the food industry.
Berkshire Hathaway and private equity firm 3G will take over the food company, famous for its ketchup and baked beans. The outstanding debt will be rolled over with the existing bankers.
The deal will marry one of the best-known brands in the food industry with one of the US’s most famous businessmen.
Posted by K. A . PRASANNA at 7:43 PM No comments: Links to this post
Labels: BUFFETT HAS HEINZ FOR DINNER
OPTO CIRCUITS DOWN 10%, ON POOR NUMBERS
OPTO Circuits has lost more than 50% in the last one month. Today it came out with the Dec quarter results which was below market expectations. The stock lost 10% and closed at Rs 62. The market cap of the company has come down below Rs 1500Cr. Just a year ago the market cap was in excess of Rs 6000Cr . Apart from its poor numbers it follows cumbersome method to declare its results. It has 9 subsidiaries doing the similar business. One does not understand the logic behind having so many subsidiaries.
Posted by K. A . PRASANNA at 7:30 PM 1 comment: Links to this post
Labels: ON POOR NUMBERS, OPTO CIRCUITS DOWN 10%
MARKETS IGNORES EASING INFLATION NUMBERS, SBI PERFORMANCE
Benchmark indices NIFTY lost 36 points ignoring the easing inflation data and improved performance by country’s largest bank – SBI, under trying circumstances. Axis, RIL,Bharti, Siemens, WIPRO,BPCL, Powergrid, Maruti and Tata Motors shares lost between 3-5%. SBI, L&T,IDFC,Relinfra and Ranbaxy lost 2% each. Markets gave thumps down to SBI numbers. Under difficult circumstances SBI has performed very well. SBI is the main lender for KFA. Lenders have decided to recall the loans given to KFA. Loans made to KFA has already been treated by banks as NPA. This factor has overshadowed the otherwise good numbers produced by SBI for Dec quarter. The stock is expected to recover in the coming days. FIIs have net bought to the extent of Rs 321Cr in cash market and DIIs have net sold for Rs 249Cr in the same segment. Coal India, Asian Paints, HDFC Bank, HUL, GAIL and Tata Steel were the main gainers among NIFTY stocks. Siemens and WIPRO which were removed from NIFTY were at the receiving end. Siemens closed at Rs 572, down 5%, a new 52 week low.
Posted by K. A . PRASANNA at 7:20 PM No comments: Links to this post
Labels: MARKETS IGNORES EASING INFLATION NUMBERS, SBI PERFORMANCE
WIPRO, SIEMENS OUT OF NIFTY
WIPRO and Siemens will make way for Indusind Bank and NMDC from 01-04-2013 in the 50 -share NIFTY index.
Posted by K. A . PRASANNA at 7:36 AM No comments: Links to this post
Labels: SIEMENS OUT OF NIFTY, wipro
WEDNESDAY, FEBRUARY 13, 2013
END OF THE ROAD FOR SAHARA
Securities and Exchange Board of India today advised the banks to freeze accounts and seize properties of two Sahara group firms-Sahara India Real Estate Corporation and Sahara Housing Investment Corporation since these entities have failed to comply with SC order. SC had directed these companies to deposit the first installment of Rs10,000 crore by the first week of January 2013 and the remaining by the first week of February 2013.
Posted by K. A . PRASANNA at 9:34 PM No comments: Links to this post
SAI SILKS IPO BOMBS
SAI silks IPO has received bids for 1.10 crore shares against an offer of 1.27 crore scrips, translating into 87 per cent subscription till 1700 hrs today, as per data available on the National Stock Exchange. Institutional investors including banks, mutual funds and insurance companies have not shown any interest to the offer. Today was the last day for subscription.
Posted by K. A . PRASANNA at 8:46 PM No comments: Links to this post
Labels: SAI SILKS IPO BOMBS
MCX SHEDS 7%
MCX stock lost 7% and closed at Rs 1190. The newly started exchange for equities is yet to pick up the volume. It appears punters have off loaded the speculative positions.
Posted by K. A . PRASANNA at 6:10 PM 2 comments: Links to this post
KFA DRAGS U B GROUP AND SOME PSU BANK STOCKS
KFA tanked 5% to close at Rs 10.55, as lenders decided to recall the advances. It also dragged the other U B group stocks. U B holdings lost 10%, closed at Rs 70. United Breweries lost 9% to close at Rs 642. United Spirits lost 5% and ended the day at Rs 1862. Some PSU bank stocks who have substantial exposure to KFA too lost some shine. SBI lost Rs 45 and BOB, PNB both lost Rs 10 each.
Posted by K. A . PRASANNA at 5:59 PM No comments: Links to this post
Labels: bob sbi and pnb, kfa drags ub group stocks
TATA STEEL CONSOLIDATED LOSS WIDENS
Tata Steel, on consolidated basis has posted disappointed numbers. The company posted a net loss of Rs 763Cr for the quarter ended December 31, 2012 as compared to net loss of Rs 602 Cr for the quarter ended December 31, 2011. Total Income has decreased from Rs. 33356 Cr for the quarter ended December 31, 2011 to Rs. 32163 Cr for the quarter ended December 31, 2012.
On stand alone basis the Company has posted a net profit of Rs 1046 Cr for the quarter ended December 31, 2012 as compared to Rs 1421 Cr for the quarter ended December 31, 2011. Total Income has increased from Rs 8579 Cr for the quarter ended December 31, 2011 to Rs. 9406 Cr for the quarter ended December 31, 2012.
Posted by K. A . PRASANNA at 5:45 PM No comments: Links to this post
Labels: TATA STEEL CONSOLIDATED LOSS WIDENS
COAL INDIA POSTS IMPROVED PERFORMANCE
Coal India has posted a net profit of Rs 1697Cr for the quarter ended December 31, 2012 as compared to Rs 1219Cr for the quarter ended December 31, 2011.
Company’s consolidated net profit after taxes, minority interest and share of profit of associate stood at Rs 4395Cr for the quarter ended December 31, 2012 as compared to Rs 4038Cr for the quarter ended December 31, 2011. Total Income has increased from Rs 17227Cr for the quarter ended December 31, 2011 to Rs 19685Cr for the quarter ended December 31, 2012. The stock closed at Rs 348, today, in the exchanges.
Posted by K. A . PRASANNA at 5:34 PM No comments: Links to this post
Labels: COAL INDIA POSTS IMPROVED PERFORMANCE
KFA TANKS 5% ON LOAN RECALL
KFA shares in the exchanges has hit the lower circuits. Lenders to the troubled airlines have decided to recall the loan amounting to Rs 7500Cr. The stock is locked at Rs 10.55 with no buyers.
Posted by K. A . PRASANNA at 9:25 AM No comments: Links to this post
FORTIS HEALTHCARE Q3 STAND ALONE DISAPPOINTS
Fortis Healthcare has reported another dismal numbers for Dec quarter. Its stand alone revenue stood at Rs 89.22Cr as against Rs 86.76cr in the previous quarter. Net profit after tax at Rs 3.60Cr as against Rs 9.37 Cr in the Sept quarter. On consolidated basis revenue and net profit has risen because of one time exceptional gain of Rs 973.83Cr, gain due to stake sale in Religare Health Trust. Fortis stock closed at Rs 101, yesterday. The company has not declared dividend since it went public in 2007. The current market price of the share is still below the IPO price.
Posted by K. A . PRASANNA at 8:53 AM No comments: Links to this post
SAI SILKS IPO CLOSES TODAY – AVOID
SAI SILKS IPO, in the price band of Rs 70-75 closes today. The share are worth not more than Rs 20. Avoid subscription.
Posted by K. A . PRASANNA at 8:08 AM 2 comments: Links to this post
Labels: SAI SILKS IPO CLOSES TODAY – AVOID
SKS MICRO COLLECTS PREMIUM ILLEGALLY – IRDA
SKS Micro Finance does it again. SKS has collected double premium, without informing the clients, than what the actual premium is. As per IRDA it is illegal. IRDA has been inspecting the books of SKS for the last one yer for alleged malpractices in distribution of insurance products. The investigation is still on. IRDA is likely to conclude the investigation and issue its order shortly. First Choice IPO has been mentioning from day one that SKS Micro lacks corporate governance. It is proved correct time and again. In the name of helping the poor, the promoters and who manage the affairs of the company are helping themselves. It is no wonder that in recent times the original promoters are off loading their stake in open market.
Posted by K. A . PRASANNA at 8:03 AM No comments: Links to this post
Labels: irda slaps sks micro
TUESDAY, FEBRUARY 12, 2013
LENDERS RECALL RS 7500CR KFA LOAN
Lenders to problem ridden airline – KFA have decided to recall the advances made to the company amounting to Rs 7500Cr. KFA management has failed to convince the lenders about capital infusion, settlement withe employees and clearances from DGCA.
Posted by K. A . PRASANNA at 9:21 PM No comments: Links to this post
Labels: LENDERS RECALL KFA LOANS
OIL&GAS, BANK STOCKS HELP THE INDICES TO CLOSE IN GREEN
RIL, ONGC and Coal India from oil &gas segment and BOB, SBI, ICICI ,PNB, HDFC from the banking segment helped the benchmark indices to close in green. Barring last Wednesday NIFTY closed in green in 8 trading sessions out of 9. Metals, FMCG and Cement stocks closed in red. IIP and inflation numbers for Jan 2013 had negative impact on the markets. FIIs continues to be bullish on India and have net bought to the extent of Rs 604Cr in cash market. DIIs have net sold for Rs 412Cr.
Posted by K. A . PRASANNA at 6:24 PM No comments: Links to this post
Labels: BANK STOCKS HELP THE INDICES TO CLOSE IN GREEN, OILand GAS
SAI SILKS IPO GETS 60% SUBSCRIPTION TILL DAY 2
Sai Silks IPO has received 57% subscription till today. The issue in the price band of Rs 70-75 closes for subscription tomorrow. Avoid subscription.
Posted by K. A . PRASANNA at 6:09 PM No comments: Links to this post
Labels: sai silks subscription status
IPO LISTING NEWS : V- MART
V-Mart IPO shares will be listed in the exchanges next week. The IPO in the price band of Rs 195-215, closed for subscription on 05-02-2013. The IPO carries grade 3 awarded by CARE. The issue failed to get one time subscription in retail category. We expect the stock to settle down around Rs 120 -130, in the short term.
Posted by K. A . PRASANNA at 5:07 PM No comments: Links to this post
Labels: IPO LISTING NEWS : V- MART
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COGNIZANT TO PAY 100% BONUS
PRAGMATIC BUDGET, SHORT COVERING MAY TAKE NIFTY BE…
NSE MOCK TRADING ON CURRENCY DERIVATIVES ON 02-03…
L&T WINS ORDERS WORTH RS 1504CR
MARKET TO OPEN, TRADE IN POSITIVE TERRITORY
RAIL BUDGET DERAILS STOCK MARKET.
PF DEPOSITS TO GET MORE INTEREST
RBS TO CUT STAFF STRENGHT IN INDIA
STRONG OPENING, CLOSING EXPECTED
L&T FINANCE HOLDINGS, TATA, ADITYA BIRLA,M&M AND B…
GUIDE LINES FOR NEW BANKING LICENSES RELEASED
SAIL,NAL,MMTC AND RCF STAKE SALE ON CARDS
EXPECT WEAK OPENING, POSITIVE CLOSING
IRDA IMPOSES RS 50 LACS FINE ON SKS MICRO
HUDCO TAX FREE BONDS – INVEST
V-MART TANKS ON LISTING
RIGHTS ISSUE : BAJAJ FINANCE LIMITED – APPLY
IPO LISTING NEWS : V- MART TO LIST ON 20-02-2013
RIL TO START 4G SERVICES SOON
