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Saturday, January 05, 2008
Nifty January 2008 futures at discount
Turnover slips
Nifty January 2008 futures were at 6251, at discount of 23.30 points as compared to spot closing of 6274.30.
The NSE's futures & options (F&O) segment turnover was Rs 67,181.45 crore, which was lower than Rs 70,651.63 crore on Thursday, 3 January 2008.
Reliance Natural Resources January 2008 futures were at premium, at 209.50, compared to the spot closing of 208.85.
Reliance Industries January 2008 futures were at premium, at 3002.70, compared to the spot closing of 2993.
Reliance Communications January 2008 futures were at premium, at 768, compared to the spot closing of 760.65.
In the cash market, the S&P CNX Nifty gained 95.75 points or 1.55% at 6274.30. It struck all-time high of 6,300.05 in late trade today, 4 January 2008.
Reliance Power IPO Poll Update - Jan 5 2008
Are you applying for Reliance Power IPO ?
Yes ! Anil bhai's dream! 314 (69.6%)
No! Scam !! 137 (30.4%)
Votes so far: 451
Vote Now >> See the POLL on the right top of the site
NSE Burnpur Bulk Deals
04-JAN-2008,BURNPUR,Burnpur Cement Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,337268,55.89,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,287856,55.56,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,B K SHAH AND CO,BUY,365527,54.77,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,BAKLIWAL FINCOM PVT LTD,BUY,255000,56.44,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,CPR CAPITAL SERVICES LTD.,BUY,575826,53.97,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,CREDENTIAL STOCK BROKERS LIMITED,BUY,270860,54.05,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,BUY,322100,53.91,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,DINESH MUNJAL,BUY,597055,54.11,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,G CHANDRA SHEKAR RAO,BUY,250543,54.52,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,HARBUX SINGH SIDHU,BUY,1150375,54.22,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,INDUS PORTFOLIO (P) LTD.,BUY,436330,54.05,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KAKANI GAURAV,BUY,288126,53.59,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,481219,55.42,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KJB TRADING CO,BUY,333912,54.93,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KSHITIJ-PORTFOLIO-PVT.-LTD.,BUY,343424,52.01,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,MAHENDRA DHANJI CHHEDA,BUY,382337,54.21,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,NAMAN SECURITIES & FINANCE PVT LTD,BUY,459126,53.46,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,NEPTUNE FINCOT PVT LTD,BUY,424622,53.66,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,NISSAR BROTHERS,BUY,648357,54.24,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,OPG SECURITIES PVT. LTD.,BUY,241882,54.28,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,PELF FINSTOCK LTD.,BUY,342770,54.99,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,R.M. SHARE TRADING PVT LTD,BUY,676336,54.65,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,RAJNISH GARG & CO,BUY,75000,55.17,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,RUPESH KIRIT DALAL,BUY,354001,53.94,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,SANJAY BHANWARLAL JAIN,BUY,268797,53.61,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,SETU SECURITIES PVT.LTD.,BUY,339499,54.52,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,TRANSGLOBAL SECURITIES LTD.,BUY,2125590,54.86,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,VAIBHAV DOSHI,BUY,730173,53.23,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,VIJAY KUMAR SINGH,BUY,797133,54.13,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,245000,54.51,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,344488,55.90,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,361846,56.01,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,B K SHAH AND CO,SELL,371523,54.90,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,CPR CAPITAL SERVICES LTD.,SELL,575826,54.07,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,CREDENTIAL STOCK BROKERS LIMITED,SELL,270860,54.26,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,SELL,322100,55.04,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,DINESH MUNJAL,SELL,597055,54.23,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,G CHANDRA SHEKAR RAO,SELL,250543,54.37,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,HARBUX SINGH SIDHU,SELL,1150375,54.41,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,INDUS PORTFOLIO (P) LTD.,SELL,436330,54.15,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KAKANI GAURAV,SELL,288126,53.86,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,484719,55.77,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KJB TRADING CO,SELL,333912,54.97,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,KSHITIJ-PORTFOLIO-PVT.-LTD.,SELL,343424,51.77,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,MAHENDRA DHANJI CHHEDA,SELL,382337,54.29,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,NAMAN SECURITIES & FINANCE PVT LTD,SELL,463122,53.50,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,NEPTUNE FINCOT PVT LTD,SELL,424622,54.03,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,NISSAR BROTHERS,SELL,648357,54.35,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,OPG SECURITIES PVT. LTD.,SELL,241882,54.31,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,PELF FINSTOCK LTD.,SELL,342770,55.28,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,R.M. SHARE TRADING PVT LTD,SELL,676336,54.78,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,RAJNISH GARG & CO,SELL,254799,55.58,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,RUPESH KIRIT DALAL,SELL,354001,54.02,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,SANJAY BHANWARLAL JAIN,SELL,268797,53.75,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,SETU SECURITIES PVT.LTD.,SELL,400495,55.32,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,TRANSGLOBAL SECURITIES LTD.,SELL,2142590,54.90,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,VAIBHAV DOSHI,SELL,730173,53.51,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,VIJAY KUMAR SINGH,SELL,797133,53.85,-
04-JAN-2008,BURNPUR,Burnpur Cement Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,245000,53.71,-
Burnpur BSE Bulk Deals - Jan 4 2008
4/1/2008 532931 BURNPUR JMP SECURITIES PVT. LTD. B 707861 54.54
4/1/2008 532931 BURNPUR B K SHAH AND CO B 297052 53.09
4/1/2008 532931 BURNPUR LATIN MANHARLAL SEC PVT LTD B 751543 54.37
4/1/2008 532931 BURNPUR AMIT M GALA B 262644 52.97
4/1/2008 532931 BURNPUR H.J.SECURITIES PVT.LTD. B 266514 52.79
4/1/2008 532931 BURNPUR BHANDARI RAKHI KALPESH B 230000 52.11
4/1/2008 532931 BURNPUR JMP SECURITIES PVT. LTD. S 974561 53.63
4/1/2008 532931 BURNPUR B K SHAH AND CO S 300054 52.97
4/1/2008 532931 BURNPUR LATIN MANHARLAL SEC PVT LTD S 1129043 52.62
4/1/2008 532931 BURNPUR AMIT M GALA S 262644 53.47
4/1/2008 532931 BURNPUR H.J.SECURITIES PVT.LTD. S 277014 53.13
4/1/2008 532931 BURNPUR BHANDARI RAKHI KALPESH S 230000 52.13
Top Stories for week
Crude oil crosses US$100
Crude oil futures backed off after crossing the US$100 per barrel mark in anticipation of a decline in job creation in the United States, stoking concerns that demand for fuel would fall in the world's biggest energy consumer. Earlier, crude oil surpassed the three-digit mark on nagging concerns about global supply following a latest militant strike on Nigerian oil facilities, a weakening dollar and drop in US crude inventories for a seventh consecutive week. Crude oil for February delivery fell as much as 0.7%, to US$98.50 in electronic trading on the New York Mercantile Exchange. It traded at US$98.72 at 9:52 a.m. in London, on Friday. Yesterday, the contract set a record US$100.09 before closing down 44 cents at US$99.18 a barrel. Oil prices are up 77% from a year ago level. Crude oil prices jumped 58% last year, the biggest annual gain this decade amid rising demand from countries such as China and India, thinning supplies in the US, a weakening dollar and geopolitical risks. Oil prices have nearly tripled since 2003.
Major consuming nations have no intention of releasing strategic fuel stocks to curb a five-year rally in crude. Despite oil prices hitting US$100, the White House said it would not open up the nation's emergency crude oil reserves to bring down prices. The International Energy Agency (IEA), adviser to the world's top industrialised countries, echoed the White House in saying there was no need to release emergency crude. Two OPEC members expressed the cartel's inability in softening prices. OPEC kept its production targets unchanged at its last meeting Dec. 5, spurning calls by the US to pump more oil. The group next meets on Feb. 1. Commodities such as gold and platinum also hit record highs partly due to the struggling dollar, which makes dollar-denominated assets relatively cheap in non-US currencies. The dollar slid after a key index of the US manufacturing sector last month tumbled to its lowest since April 2003, raising expectations of more rate cuts from the Fed. The dollar's 11% fall last year against the euro helped boost oil prices because it made commodities cheaper for buyers outside the US.
Reliance Power IPO
After overcoming a few legal and regulatory impediments along the way the Reliance-Anil Dhirubhai Ambani Group (ADAG) finally launched the multi-billion dollar mega IPO of Reliance Power Ltd. Earlier, SEBI had cleared the Reliance Power IPO with a few riders. The capital market regulator had asked the promoters to lock-in the entire 20% of their contribution to the IPO for five years. The SEBI directive came while disposing off the case that it was hearing following an order of the Bombay High Court on a Public Interest Litigation (PIL). Reliance Power has fixed the price band of Rs405-450 per share.
To enable large participation by retail investors, Reliance Power will offer a discount of about 5% to the retail investors. Reliance Power has also fixed convenient payment terms for all categories of investors. While QIBs are required to pay 10% on the application, the HNIs and retail investors will have the option to pay Rs115 on the application, i.e. only about 25% of the issue price. The balance amount will be payable on allotment. The IPO is scheduled to open on January 15, and will close on January 18.
Reliance Power, through this IPO proposes to raise about Rs105-115bn - the largest IPO in the history of the Indian capital markets. Reliance Power proposes to issue 260mn shares of Rs10 each, including a promoters’ contribution of 32mn shares which will be allotted at the IPO price to the promoters. The balance 228mn shares would constitute the net issue to the public. The IPO will constitute 11.5% and the Net Issue will constitute 10.1% of the post-issue paid-up capital of Reliance Power.
Reliance Power is currently engaged in the construction and development of various gas and coal based thermal power projects and hydro power projects in various parts of the country, of over 28,000 MW capacity - the largest development pipeline in the country. The issue proceeds are proposed to be utilised for funding subsidiaries to part-finance the construction and development costs of the various projects under development and for general corporate purposes.
Revathi Equipment
Coimbatore-based mining equipment manufacturer, Revathi Equipment Ltd, is looking to diversify its revenue base. The company, which has so far been dependent on Coal India for business, is trying to tap other clients, too.
It is in the process of forging an international tie-up for manufacture and supply of exploratory drills. In the works is a five-year international marketing and distribution tie-up with Bucyrus that could give it an order for seven machines.
Meanwhile, Revathi has ventured into the concrete equipment business, including batching plants, transit mixers and concrete pumps, and has picked up substantial stakes in companies like Monarch Catalysts and Potential Service Consultants.
Abhishek Dalmia, chairman, Revathi Equipments told DNA Money, “We expect the division to post revenues of Rs 30 crore by FY08 and Rs 150 crore by FY10, from a mere Rs 2 crore in FY07.”
The concrete equipment market is currently worth around Rs 800 crore, which the company expects to expand to Rs 1,500 crore by FY10.
The construction equipment business can outgrow the mining equipment business in times to come, said Dalmia, adding, the former is a high-volume, low-margin play, whereas the latter involved low-volume but relatively better margin.
“The whole idea for all these measures is to reduce dependency on a single business and a single client,” said Dalmia.
After acquiring a 40% stake in Bangalore-based PSC, the management has drawn up a bigger plan for Revathi. It is PSC’s operations to other metros, including Mumbai, Pune and Chennai and bringing in a dedicated chief operations officer to manage and grow the business.
In FY07, the domestic drills business contributed Rs 70 crore to Revathi’s revenue, while exports stood at Rs 8 crore.
Revathi was established in 1977 as a joint venture between Drill Pvt Ltd and Chicago Pneumatic Tools Co Ltd. The current promoters, Utkal Investments, bought out a 40% stake of Atlas Copco in 2002, thereby increasing their stake to 60% in Revathi Equipment.
Via DNA Money
Blue Star, Ruchi Soya, Simplex Infra, Kalyani Steel, Pyramid Saimira
Blue Star
CMP: Rs 535
Target price: Rs 593
Kotak Securities has a ‘buy’ rating on the central air-conditioning systems major Blue Star, as it feels it will report handsome earnings growth over the next two years (CAGR of 78% between FY07 and FY09). The company being in a position to offer the best requirement for central as well as commercial refrigeration equipment enabling it to maintain a leading market position in this segment, remains one of the key reasons for its bullishness.
The brokerage also feels that the stock is a play on structural themes like IT/ITeS and retail. However, the brokerage warns that appreciation in the rupee and slowdown in IT/ITeS services remain key concerns. Kotak calculates that at the current price, BSL is trading at 25.1x and 19.3 times FY08 and FY09 earnings, respectively, and on a forward EV/EBITDA basis, the stock is trading 12.6 times.
Ruchi Soya
CMP: Rs 144
Target price: Rs 193
KR Choksey Securities has reiterated its ‘strong buy’ recommendation on Ruchi Soya Industries (RSIL) and revised upwards its estimates and target price. “We strongly believe RSIL is grossly undervalued considering the various growth drivers of its existing business and new ventures,” the brokerage said in a note to its clients. It says that its belief in the growth prospects of the company is substantiated by the fact that the management of RSIL is increasing its stake in the company by way of a preferential allotment.
It estimates that India has one of the lowest per capita consumption of oil in the world, but rising income levels, emanating from general economic growth, is leading to an increase in consumption which should augur well for the company. Taking into consideration the consistently high growth in branded revenues, sustainable revenue
visibility and improvement in profitability, the brokerage believes RSIL deserves the valuation of an FMCG company.
Simplex Infra
CMP: Rs 692
Target price: Rs 754
Ambit Capital has a ‘buy’ rating on Simplex Infra on the basis that the company’s two recent equity issues would lead to an increased net worth and reduced financial leverage. “The risk of high debt-to-equity would now take a back seat, as it would come down from 2.5 times in FY07 to 0.7 times in FY08E.
The reduction in financial leverage would lead to a reduction in the extremely high interest payments and thus increasing earnings for the company on a net level,” the brokerage feels. Considering the robust order book position (of Rs 8,100 crore), improved debt-to-equity levels and improved working capital position, Ambit has remodeled its numbers for FY08E and FY09E, with an increase of 10.8% and 22.8% in net earnings for two years.
Kalyani Steels
CMP: Rs 499
Target price: Rs 771
Prime Broking says ‘it’s a no-brainer’ to figure out that the Pune-based company is a strong ‘buy’, based on the company’s expected growth in its core business and highly attractive valuations. The brokerage estimates that the company plans to expand its capacity at Hospet by 75% to 0.3m metric tonnes in FY08 at an outlay of Rs 300 crore, implying a 28% volume CAGR(compounded annual growth rate).
It says that KSL directly and through its 100% subsidiaries has substantial investments in group companies — Bharat Forge, Bharat Utilities and Hikal. At current market prices, the value of the KSL’s investment portfolio works out to Rs 633 per share, which is around 20% higher than the company’s current stock price. “Applying a holding discount of 30%, we have arrived at an investment value of Rs 443 per share,” the brokerage said.
Pyramid Saimira
CMP: Rs Rs 484
Target price: Rs 630
India Infoline says that investors should ‘buy’ the stock on declines as it could be a good long-term bet. The brokerage says that the com-pany, engaged in distribution and exhibition of films, plans to enter into movie making business with plans to make 40 movies in five lan-guages by FY09.
“We expect the subsidiaries of PSTL, Pyramid Saimira Production and Singapore-based Pyramid Saimira Entertainment to witness huge growth in coming quarters,” India Infoline said. The company’s capex plans also include development of 200 malls and 175 multiplex with around 2,000 screens by FY10. Recently, PSTL acquired Texas-based FunAsia an existing theatre and radio network in Chicago and Houston
Friday, January 04, 2008
Reliance Power IPO Part Payment Details
Part Payment Details
a) Only Retail Individual Bidders and Non-Institutional Bidders are eligible for this method. QIBs cannot submit a Bid under this Payment Method.
b) While bidding, the Bidder shall make a payment of Rs. 115.0 per Equity Share, irrespective of the Bid Price. Investors should note that the total Bid Amount will be used to determine whether a Bid is in the Retail Individual category, Non-Institutional category or not, and not the amount payable on submission of Bid-Cum-Application Form.
c) Under Payment Method-1, of the Rs. 115.0 paid while bidding, Rs. 2.5 would be adjusted towards face value of the Equity Shares and Rs. 112.5 shall be towards share premium of the Equity Shares applied for.
d) At the time of allotment:
1. If the amount paid by the Bidder is equal to or higher than the total amount payable (being the Issue Price multiplied by the number of shares allotted, net of Retail Discount) by the Bidder on the Equity Shares allotted to the Bidder, we reserve the right to adjust the excess amount towards the Balance Amount Payable and issue fully paid Equity Shares only. The excess amount, if any, after adjusting the Balance Amount Payable shall be refunded to the Bidder (i.e., Refund = Total amount paid on bidding minus the total amount payable on the shares allotted).
2. If the amount paid by the Bidder is less than the total amount payable by the Bidder (being the Issue Price multiplied by the number of shares allotted, net of Retail Discount) on the Equity Shares allotted to the Bidder, we reserve the right to adjust the excess of the amount received from the Bidder over the Amount Payable on Submission of Bid-cum-Application Form towards the Balance Amount Payable and issue a Call Notice for the balance.
3. The notice of the Balance Amount Payable will also be published in two widely circulated newspapers (one each in English and Hindi) and a regional newspaper along with the statutory advertisement for the Basis for Allotment.
e) Equity Shares in respect of which the Balance Amount Payable remains unpaid may be forfeited, at any time after the Due Date for Balance Amount Payable.
Reliance Power IPO Allotment, Listing
Reliance Power allotment is likely to be completed in the last week of January 2008
Reliance Power is likely to be listed by the first week of February 2008
Karvy is the registrar for the issue
Here is the Red Herring Document ( 4 MB) - Right Click and SAVE
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