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Monday, September 14, 2009
Annual Report - Patel Engineering - 2008-2009
PATEL ENGINEERING LIMITED
ANNUAL REPORT 2008-2009
DIRECTOR'S REPORT
TO
THE MEMBERS,
The Directors are pleased to submit the Annual Report of the Company
together with the audited statement of accounts for the year ended March
31, 2009.
Financial Results:
Dividend:
For the year under review, the Directors have declared an interim Dividend
of Re. 0.80 per share on its Equity shares. In addition, the Directors have
recommended a final Dividend of Re. 0.95 per share. The total Dividend
payout for the year is Rs. 1.75 per share (previous year Rs. 1.50 per
share).
Operations & Business:
The Company continues to see a profitable growth in the financial year
2008-09.
For the year ended March 31, 2009, the Company earned a total income of
Rs.17,963.22 million, as increase of 34.56% over the previous year of
Rs.13,348.97 million. As per the Consolidated Accounts the total income was
Rs. 24,743.04 million, an increase of 32.79% over the previous year's
Rs.18,633.30 million.
The net profit of the Company for the year increased to Rs. 1,743.37
million as compared to Rs. 1,476.14 million in the previous year. As per
the Consolidated Accounts the net profit for the year was Rs. 1,804.78
million as compared to Rs. 1,519.05 million in 2007-2008.
The detailed report on the activities undertaken by the Company have been
dealt with in the Management Discussion and Analysis (MDA), forming part of
this annual report.
Unclaimed shares 1,346 unclaimed shares,relating to company's Follow on
Public issue 2006, were transferred to a separate demat account of the
Company, in compliance with Clause 5A of the Listing Agreement entered with
the Stock Exchanges and the voting rights on these shares are frozen till
the shares are claimed by the actual beneficiary.
Oil India listing on Sep 30, priced at 1050
The government on Monday fixed the issue price of the initial public offer (IPO) of state-run explorer Oil India at Rs 1,050 per
share, raising a cumulative Rs 4,982 crore.
The IPO of 11 per cent fresh equity shares would fetch Rs 4,982 crore at the higher end of the Rs 950-1,050 price band. Further, the government would sell its 10 per cent stake to state refiners at the issue price for Rs 2,205 crore.
"The company would be listed on the bourses on September 30," Oil India Chairman N M Borah told reporters here.
About 99 per cent of the issue was subscribed at the higher end of the price band, official sources said.
The IPO of OIL, which ended on September 10, got subscribed 30.81 times the shares on offer.
The state-run firm received overwhelming response from institutional investors who subscribed about 54 times of the portion reserved for them. Non-institutional and retail investors bid for 9.77 times and 1.14 times respectively of the shares on offer.
Under the twin offer for disinvestment, the Mini Ratna PSU, which produces 3.5 million tonnes of oil annually, will offer fresh equity of 2.64 crore shares or 11 per cent, while the government will put on offer 10 per cent of its stake in the company to state refiners.
via BL
Markets end weak; Sensex loses 50.11 pts
Indian equities ended on a marginally lower note tracking weak cues of the global equity markets. Consumer Durables and Realty were amongst the worst hit stocks. On the other hand, Auto, PSU and Banking stocks witnessed buying spree.Real Estate companies traded under the shadow of Housing Development & Infrastructure (HDIL) which had taxmen knocking. Most of the real estate shares retreated.
Major gainers in the sectoral indices were BSE Auto (1.04%), PSU (0.93%), Bankex (0.49%) and Oil&Gas (0.24%). On the other hand, Consumer Durables (1.06%), Realty (0.79%), Teck (0.55%) and Capital Goods (0.55%) were amongst the major losers in the sectoral indices.
BSE Midcap and Smallcap however ended on a higher note up by 0.15% and 0.46% respectively.
``The market moved in a narrow range today and closed a little lower than yesterday. The advances and declines were evenly matched,`` noted Avinash Gupta, AVP Research Equity, Bonanza Portfolio. ``The market has closed on a positive note though Nifty continues to bound in a range of 4,700 and 4,850,`` he added.
On the global front Asian stocks ended on a negative note amid concern a six-month rally had overvalued prospects for an earnings recovery in the region.
Honda Motor retreated 3% in Tokyo on concern the yen`s appreciation to a seven-month high against the dollar will reduce the value of overseas revenue.
Japanese benchmark index Nikkei lost 242.27 points, or 2.32%, to end at 10,202.06 while Hong Kong`s Hang Seng index sank 229.22 points, or 1.08%, to close at 20,932.20.
Meanwhile, European stocks declined on concern the six-month rally in equities have outpaced the prospects for earnings and economic growth.
Societe Generale and Deutsche Bank fell after Nomura Holdings downgraded the shares. BHP Billiton sank almost 2.5% in London as metals retreated.
Standard & Poor`s 500 Index futures expiring in December slid 0.8%.
UK`s benchmark index FTSE 100 fell 34.55 points, or 0.69%, to trade at 4,976.92.
The Sensex ended the day with a loss of 50.11 points, or 0.31% at 16,214.19 after touching a high of 16,252.18 and a low of 16,119.95. The broad-based NSE Nifty fell 20.95 points, or 0.43% at 4,808.60 after hitting a high of 4,832.25 and a low of 4,786.25.
Biggest gainers in the 30-share index were Tata Steel (2.12%), Tata Motors (1.97%), State Bank Of India(1.95%), Hindustan Unilever (1.62%), Mahindra & Mahindra (1.44%), and Jaiprakash Associates (1.21%).
On the other hand, Sterlite Industries (India) (3.55%), Hindalco Industries (2.46%), Grasim Industries (2.01%), Reliance Capital (1.94%), Reliance Communications (1.83%), and DLF (1.67%) were the biggest losers in the Sensex.
Overall market breadth was however positive. Out of the total 2,855 shares traded at BSE, 1,472 advanced, 1,310 declined while 73 remained unchanged.
Market cools a week after
A week after the Sensex gained over 550 points on sustained all-round buying, the market was range-bound during intra-day trades. After losing 80 points to yesterday's close, the market soon eased and slipped further in afternoon, as investors tracked weak Asian indices. Selling in CD, realty and teck undertakings triggered a major sell-off and the Sensex tumbled around 16100-mark to touch the day's low of 16120. However, select buying towards the close saw the Sensex pare some losses and end the session at 16214, down 50 points, while the Nifty shed 21 points to close at 4809.
The market breadth was marginally positive. Of the 2,855 stocks traded on the BSE, 1,472 stocks advanced, 1,310 stocks declined and 73 stocks ended unchanged. Among the sectoral indices BSE CD and BSE Realty shed 1%, while BSE Teck and BSE CG declined 0.55%. BSE Auto, BSE PSU and BSE Bankex were gainers and moved up marginally.
Select heavyweights declined sharply on strong selling pressure. Sterlite Industries tanked 3.55% to Rs719.45, Hindalco Industries dropped 2.46% to Rs121.10, Grasim Industries fell 2.01% to Rs2,596.95, Reliance Communications shed 1.83% to Rs292.45, DLF lost 1.67% to Rs392, ONGC declined 1.26% to Rs1161.55, Larsen & Toubro dipped 1.24% to Rs1,607.75 and ICICI Bank slumped 1.21% to Rs825.55. ITC, ACC, HDFC, Infosys Technologies and Bharti Airtel shed marginally. Among the select gainers Tata Steel advanced 2.12% to Rs479.10, Tata Motors added 1.97% at Rs561.80, State Bank of India gained 1.95% to trade at Rs1,956.15 and Hindustan Unilever was up 1.62% to Rs260.10.
Over 1.46 crore shares of Kirloskar Oil changed hands on the BSE followed by NHPC (1.40 crore shares), Ispat Industries (1.10 crore shares), IFCI (1.05 crore shares) and Suzlon Energy (0.89 crore shares).
IPO Analysis - Pipavav Shipyard
Long journey on premium cruise
Currently in a cyclical downturn, the uptrend does not seem to be on the horizon for the ship-building industry
Pipavav Shipyard is setting up a modern shipyard at a cost of Rs 2995.18 crore on the west coast of the country adjacent to Pipavav Port in Amreli district of Gujarat. Originally promoted by SKIL Infrastructure and Grevek Investments in 1997 as Pipavav Ship Dismantling and Engineering, the present name was acquired in April 2005 to reflect the change in its main business to shipbuilding and ship-repair. Punj Lloyd joined as co-promoters in September 2007. It will hold a 19.43% stake in the post-issue equity capital. The other original promoters, SKIL Infra and Grevek, will own about 18.27% and 1.85%, respectively, of the post-issue capital.
On completion of the construction of a shipyard, Pipavav Shipyard will have the capability to construct and repair a wide range of vessels up to 4,00,000 dead weight tonnage (DWT) including very large crude carriers (VLCCs) and large naval and coast-guard Vessels.
Pipavav Shipyard comprises two sites: a special economic zone (SEZ) unit located on about 95 hectares and an export-oriented unit (EoU) on about 103.92 hectares aggregating nearly 198.92 hectares. A block-making unit and part of the fabrication facility comprises the SEZ unit located in a SEZ owned by E Complex, a wholly owned subsidiary of the company. The shipyard site consisting of the dry dock is part of the EoU, which is 4.5 km from the SEZ unit. An internal road constructed by Pipavav Shipyard links the block-assembly area and the dock site.
Two Goliath cranes, with lifting capacity of 600 tonnes, will service the dry dock, with 662 metres of length and 65 metres. Currently, it is the largest dry dock in India and can accommodate two-and-a-half Panamax vessel or one VLCC or four small vessels at a time for construction.
A major part of construction of the shipyard is complete, barring installation of two Goliath cranes. Construction of the first of the two Goliath cranes will be completed end September 2009 and the second by October 2009. Work on the shipyard will be over by October 2009. Having completed the construction and installation of equipment at modular fabrication and other allied facilities, Pipavav Shipyard has commenced commercial operations with the building of modules of ships from 1 April 2009. The company is targeting to deliver the first Panamax vessel on April 2010 with subsequent deliveries expected to occur at intervals ranging from one to three months thereafter.
Due to the changed market composition, Pipavav Shipyard decided to put up a dedicated facility to cater to offshore business including development of an offshore yard, dredging in the sea face in front of offshore yard for load-out, construction of workshops, building of internal roads and installation of equipment. Construction of the exclusive offshore yard will complete in all respect by March 2010. Through the offshore yard, the company aims to offer products and services such as offshore platforms, rigs, jackets and vessels (excluding sub-sea pipelines) for oil and gas companies.
As it does not have prior experience in shipbuilding, Pipavav Shipyard has executed cooperation agreements with various companies that have substantial experience in this business. For instance, it has tied up with KOMAC, a Korean ship designing and consulting firm, to provide ship designs, drawings, plans and documents; procurement support for supply of non-Indian-sourced shipbuilding materials, shipboard machineries and equipment; production management services related to the start-up and initial operation of Pipavav Shipyard; and technical support services for the construction of the Panamax bulk carriers. It has entered into agreements with PILS Company of South Korea, a procurement and logistics firm, to assist it with the procurement of certain component parts for production, and has executed a technical assistance agreement with SembCorp, a company operating shipyards and offshore construction and fabrication facilities in Singapore. For building offshore supply vessels(OSVs), the company has roped in Jurong Shipyard of Singapore as technical collaborator.
Pipavav Shipyard proposes to utilise the proceeds of the issue to fund the construction of facilities for shipbuilding, ship repair and offshore yard (Rs 179.27 crore), as margin for working capital (Rs 244.04 crore), and for general corporate purpose.
Strengths
Has firm orders from Golden Ocean (of Bermuda) and AVGI (of Greece) for construction of 10 Panamax bulk carriers of 74,500 DWT each. The aggregate value of the orders is Rs 1788 crore (or US$ 373.52 million), with the delivery starting April 2010 and ending by May 2012. Has also received notification of award of contract for construction of 12 OSVs from ONGC. The order value is Rs 535 crore. Thus, the order book excluding the contract under renegotiation (eight Panamax vessels) and arbitration (four Panamax vessels) stood at Rs 2323 crore. Renegotiating with clients Golden Ocean and AVGI to construct two and six Panamax vessels, respectively. The client will get an option to take delivery or terminate the contract by paying option fee.
Punj Lloyd, as a co-promoter, to conduct all its offshore business (excluding construction and fabrication of sub-sea pipeline) in India through the company or as a consortium partner with the company. This will facilitate pre-quality and successful bagging of orders in niche offshore product segments.
Employs modular process of shipbuilding, enabling it to simultaneously fabricate various parts of ship. Moreover, the longest dry dock and huge Goliath cranes give an edge in launching the vessel by drastically cutting down the dry-docking time of a vessel. Has installed high capacity machines such as a 1,600-tonne steel plate press that will facilitate processing thicker steel plates used in submarines. Has access to skilled manpower at globally competitive cost. Modern shipbuilding facility backed by skilled manpower will facilitate quality offerings at globally competitive prices.
Tax benefits under SEZ and EOU as modular fabrication unit is located in a SEZ and the shipyard in an EOU. However, the notification issued by the Union government in March 2009 stipulated capping total benefits accruing to shipyards located in SEZs from the subsidy plus any other benefits and incentives from the Central government at 30% instead of the earlier policy of shipyards getting 30% subsidy in addition to any other available benefits and incentives.
Weaknesses
The global shipbuilding industry has been going through a cyclical downturn since the second half of calendar year (CY) 2008. After a boom in order intake, there have been hardly any major new orders for commercial vessels in the past year. Few orders were booked at very low prices by public-sector yards in China. Instead, the sector is witnessing order cancellations and rescheduling of delivery dates. The slump in orders are due to soft freight rates and fall in prices and rise in availability of second-hand vessels. According to statistics released by the Japan Ship Exporters' Association (JSEA), backlogs held by the Japanese builders dwindled to 60.16 million gross registered tonnage (GRT) end July 2009 from 70.94 million GRT in September 2008. While the long-term prospects of the shipbuilding industry is good, no one is ready to hazard a guess on the bounce-back, which depends on pick-up in freight rates and scrapping of older vessels. . If the market does not pick up till 2011, then the situation could worsen as most of the current order backlog of the existing yards will get over by then, and competition will intensify for new orders, further affecting realisation.
Two major players such as South Korea and Japan, with reputation for quality, might shift their focus to hitherto ignored niche OSVs due to the downturn in the shipbuilding industry. As a result, competition is set to intensify for the Indian shipbuilding industry primarily comprising small players.
Currently, major firm orders are for building commercial ships and not naval and coast-guard vessels. However, small inroads have been made in OSVs by bagging an order for 12 OSVs from ONGC. Commercial shipbuilding is cyclical and it is currently going through a rough patch, with no major orders in the last 12 months. Cancellation of orders or deferment of delivery has become common. Being not an exception to the general trend in the industry, is currently involved in arbitration with one of its clients, Setaf, which had singed contract for four Panamax vessels. The arbitration is over whether the client has the right to cancel the order. Similarly, also renegotiating with Ocean Green and AVGI for a total of eight Panamax vessels. Naval contracts are less cyclical to commercial shipbuilding.
Lacks experience and prequalification for large ticket orders, especially in the offshore market.
Foreign direct investment (FDI) in any company in the defence sector is capped at 26% of the equity capital and requires prior approval of the Foreign Investment Promotion Board. Pre issue aggregate foreign investment stands at 28.62%. Post issue it will come down to 24.96%. May be required to comply with the FDI guidelines to qualify for naval contracts. Failure could affect prospects in the lucrative naval and coast-guard orders.
Currently does not have in-house capability to make basic design for shipbuilding. It bought basic design from KOMAC for Panamax vessels and does the process design engineering in-house.
Current firm order book after considering the delivery schedule of vessels will result in only 56% capacity utilization of the fabrication and dry dock. Thus, optimum utilisation depends on bagging fresh orders, especially orders with shorter delivery schedule.
Any spurt in material/steel cost will affect profitability as prices of orders are fixed.
Shipbuilding orders taken after 14 August 2007 are not eligible for the shipbuilding subsidy of 30%. This has put Indian ship builders at a cost disadvantage as major shipbuilding nations across the world are providing incentives to their shipbuilding industry. Though the order book of 22 Panamax vessels (including orders renegotiated and in arbitration) is eligible for shipbuilding subsidy, replacement orders (fresh order in place of cancelled order) are not eligible for subsidy.
After changing its business from ship dismantling to ship building in 2002-03, has gone through the corporate debt restructuring (CDR) for loans taken to finance construction of ship-dismantling facility. As it has paid the lenders, currently not subject to the CDR scheme. However, rescheduled part of its long-term debts (principal) including loan from HUDCO and IL&FS amounted to Rs 77.46 crore end March 2009 .
Poor corporate governance track record of promoters and directors is a concern. Trading in Horizon Infrastructure, in which promoters and directors Nikhil Gandhi, Bhavesh Gandhi are also directors, has been suspended by the NSE due to non-compliance with the technical and procedural requirements of the listing agreement with the NSE. Following satisfactory redressal, the NSE ended the suspension. Trading was allowed from 25 January 2008. However, Sebi is currently conducting a preliminary investigation into the price movement and transaction post lifting of suspension. Moreover, there are criminal and legal proceedings against certain directors, promoters and promoter group entities.
Part of the equity shares held by the promoters, SKIL and Grevek Investments and Finance, and pledged with certain lenders prior to the filing of the red herring prospectus, has been temporarily released so as to comply with the requirement of Sebi, with specific understanding between promoters, company and lenders. These will be re-pledged on 31 October 2009 in favour of lenders unless the promoters have repaid all amounts due and outstanding.
Foreign institutional investors, who will hold 24.96% of the post-issue equity, are not bound by the lock-in period and are free to sell most of their stake post listing. This may affect the share price of the company on listing.
Valuation
Since the shipyard is still under construction and commercial operation commenced only on 1 April 2009, cost related to the project has been treated as project development expense pending capitalisation in the fiscal ended March 2009. Hence, the profit and loss account is not representative of the operations.
The order book at Rs 2323 crore (excluding orders under renegotiation and arbitration) is relatively small compared with domestic peers who boast of strong order books, with a diversified mix. Pipavav Shipyard's order book including contract under renegotiation but excluding under arbitration was about Rs 3769.9 crore. The order book of Bharati Shipyard was Rs 5065.5 crore with pending execution at over Rs 3106.49 crore end June 2009 and that of ABG Shipyard was at Rs 12474 crore end May 2009.
Post-IPO, the market cap of Pipavav Shipyard will stand at Rs 3994.79 crore (at the upper price band) and Rs 3661.89 (at the lower price band) compared with ABG Shipyard's current market cap of Rs 1283.18 crore and that of Bharati Shipyard's Rs 559.12 crore. The enterprise value to order book excluding contracts under renegotiation and arbitration at offer price of Rs 55-60 is 2.1-2.2. In comparison, the enterprise value to order book of ABG Shipyard stands at 0.2.
Pipavav Shipyard, with the largest and a modern shipbuilding facility in India, will be ideally placed to capitalise on the uptrend in the shipbuilding industry as and when it comes. However, as of now, it looks like the uptrend in the shipbuilding industry will take a long time to come.
Post Session Commentary - Sep 14 2009
Breaking the past few days of rally session, the domestic market today took a sharp turn to close in red terrain on intense profit booking. However, market cut off losses towards closing on some buying in key stocks. Intense selling dragged the domestic bourses lower on the first trading day of the week. Weak cues from the markets all over the world weighed on the sentiments as European stocks are trading with huge losses and Asian markets closed in red. Depressing US index futures also took huge beating on the domestic bourses. Benchmark indices were in narrow range today on continuous bouts of buying and selling. Buying in PSU stocks along with Bank and Oil & Gas and Auto stocks restricted the losses to some extent. The BSE Sensex ended below 16,250 level and NSE Nifty closed around 4,800 mark.
The market tumbled since initial bell as the majority of Asian stocks were in negative terrain. Besides, the US stock markets snapped its six-day winning streak and closed lower on Friday, due to sharp drop in oil prices and profit-taking that offset an improvement in consumer confidence. There was moderate selling pressure across the broader level and session end choppy. Further, Indian benchmark indices continued to remain in pressure on sustained selling over the counters. After a range bound trading, market managed to minimize the losses during last trading hours though remained on negative zone. On the sectoral front, Consumer Durable, Realty, Teck and Capital Goods stocks witnessed most of the selling from these baskets. However, Auto, PSU, Bank and Oil & Gas stocks contributed to the buying attitude during the trading. BSE Midcap and Smallcap stocks also followed the same trend.
Among the Sensex pack 16 stocks ended in red territory and 14 in green territory. The market breadth indicating the overall health of the market remained positive as 1472 stocks closed in green while 10310 stocks closed in red and 73 stocks remained unchanged in BSE.
The BSE Sensex closed lower by 50.11 points at 16,214.19 and NSE Nifty ended down by 20.95 points at 4,808.60. BSE Mid Caps and Small Caps closed with gains of 8.77 and 32.39 points at 5,930.38 and 7,133.36 respectively. The BSE Sensex touched intraday high of 16,252.18 and intraday low of 16,119.95.
Losers from the BSE Sensex pack are Sterlite Industries (3.55%), Hindalco (2.46%), Grasim Industries (2.01%), RCom (1.83%), DLF Ltd (1.67%), ONGC Ltd (1.26%), L&T Ltd (1.24%), ICICI Bank (1.21%), ITC Ltd (1.10%), ACC Ltd (0.82%), HDFC (0.72%), Infosys Tech (0.68%) and Bharti Airtel (0.58%).
Gainers from the BSE Sensex pack are Tata Steel (2.12%), Tata Motors (1.97%), SBI (1.95%), HUL (1.62%), M&M Ltd (1.44%), JP Associates (1.21%), Wipro Ltd (0.95%), Maruti Suzuki (0.56%) and Reliance Infra (0.32%).
On the global markets front, the Asian markets that opened before the Indian market, ended mostly lower. Japanese stocks plunged on concerns that the strengthened yen could put a knock in exporters'' earnings. Hang Seng, Nikkei 225, Singapore''s Straits Times Index and Seoul Composite closed down by 229.22, 242.27, 41.29 and 16.79 points at 20,932.20, 10,202.06, 2,639.74 and 1,634.91 respectively. However, Shanghai Composite gained 36.95 points at 3,026.74.
European markets, which opened after the Indian market, are trading in red. Shares are pulling back from 11-month highs, with banks and commodity stocks leading the fallers. In Paris the CAC 40 is lower by 48.42 points at 3,686.47, in Frankfurt DAX index is trading up by 75.07 points at 5,548.95 and in London FTSE 100 is trading higher 45.66 points at 4,965.81.
The BSE Consumer Durables index tumbled (1.06%) or 35.66 points at 3,338.58, as Rajesh Export (5.35%), Gitnajali GE (1.88%), Videocon Ind (1.46%), Titan Ind (0.34%) and Blue Star L (0.30%) closed in negative terrain.
The BSE Realty index closed down by (0.79%) or 33.34 points at 4,213.44. Losers are Housing Dev (3.57%), Orbit Co (2.50%), Unitech Ltd (2.22%), Sobha Dev (1.86%) and Anant Raj (1.82%).
The BSE Teck index ended lower by (0.55%) or 17.37 points 3,134.93. Losers are Deccan Chr (4.75%), UTV Software (4.11%), Tanla (2.42%), Zee News (1.84%). and Tata Tele (1.81%).
The BSE Capital Goods index dropped by (0.55%) or 72.96 points at 13,198.59. Losers are Jyoti Struct (3.15%), Praj Industries (1.71%), Thermax Ltd (1.62%), L&T Ltd (1.60%) and Alstom Proje (1.53%).
The BSE Auto index gained (1.04%) or 62.46 points 6,092.85 as Bharat Forge (6.93%), Cummins Indi (3.28%), Apollo Tyre (2.57%), Amtek Auto (1.99%) and Tata Motors (1.97%) ended in green.
The BSE PSU index closed up by (0.93%) or 80.05 points at 8,655.40. Main gainers are MMTC Ltd (6.62%), Indian Overseas Bank (5.55%), Bank of India (4.99%), Chennai Petr (3.43%) and IOC Ltd (3.17%).
Vertex Spinning Limited ended lower by 4.98%. It announced the company''s newest offering, the NARDHANA VERTEX INTEGRATED TEXTILES PARK at a high profile meet with the Nasik Industries and Manufacturers'' Association or NIMA, and the Association of Real Estate Consultants or AREC in Nasik.
Abhishek Inds ended up by 2.45%. The company in a first of its kind agreement, Abhishek Industries Ltd (AIL), the flagship company of the Trident Group has procured Direct License of Time Inc lifestyle publication, Southern Living and has obtained its brand rights for three years for its bath products comprising towel, mat and robe.
Oracle Financial Services Software gained 0.66%. The company announces new release of Oracled FLEXCUBE Universal Banking. New release will help the financial institutions to achieve the greater efficiency and ability, lower costs and streamline business processes.
Suven Life Sciences Ltd (Suven) went up by 4.99%. The company announced that the US Patent Office has issued two Patents: US 7,507,835 and US 7,388,024 corresponding to two New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid until 2022 & 2024 respectively.
Godrej Industries Ltd gained 2.22% on reports the company''''s unit Godrej Properties will launch an initial public offering in the next three months.
Kirloskar Oil Engines Ltd increased by 1.53% after 1.42 crore shares, or 7.31% equity, changed hands in a block deal on the BSE at Rs. 113 per share.
Punj Lloyd Ltd gained 1.05% after the company got an order worth Rs. 550 crore from Mangalore Refinery & Petrochemicals for construction related works.
Indian Oil Corporation Ltd rose 3.17% after the company''''s board approved issuing bonus shares in the ratio of 1:1.
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