Board Meetings and Quarterly Results on 25 july 2008

Jul 25 2008	3i Infotech Ltd	Quarterly Results
Jul 25 2008	3M India Ltd	Quarterly Results
Jul 25 2008	A.K.Capital Services Ltd	AK Capital Services Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following:1. To consider and approve the Unaudited Financial Results for the quarter ended on June 30, 2008.2. To consider and approve the annual accounts of the Company for the financial year ended March 31, 2008.3. To consider and recommend dividend for the financial year ended March 31, 2008.4. To consider and approve the notice of Annual General Meeting & decide the day, date, time and venue for the Annual General Meeting.
Jul 25 2008	ABB Ltd	ABB Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to take on record the Un-audited Financial Results for the second quarter ended June 30, 2008 (Q2).
Jul 25 2008	Albright & Wilson Chemicals India Ltd	Quarterly Results
Jul 25 2008	Alphageo (India) Ltd	Quarterly Results
Jul 25 2008	Alstom Projects India Ltd	Alstom Projects India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and approve Un-audited Financial Results for the 1st quarter ended on June 30, 2008 (Q1).
Jul 25 2008	Amara Raja Batteries Ltd	Quarterly Results
Jul 25 2008	Ambuja Cements Ltd	Ambuja Cements Ltd has informed BSE that a Meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the quarterly unaudited financial results for the 2nd quarter ended June 30, 2008 and to Consider the payment of interim dividend on equity shares.
Jul 25 2008	Amforge Industries Ltd	Quarterly Results
Jul 25 2008	Andhra Bank	Andhra Bank has informed BSE that a meeting of the Board of Directors of the Bank will be held on July 25, 2008, inter alia, to consider the Unaudited Financial Results of the Bank and the segment wise report for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Anjani Portland Cement Ltd	Quarterly Results
Jul 25 2008	Ansal Properties & Infrastructure Ltd	Ansal Properties & Infrastructure Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, to consider matter relating to issue of Debentures on preferential issue basis.
Jul 25 2008	Ashiana Agro Industries Ltd	Quarterly Results
Jul 25 2008	Ashnoor Textile Mills Ltd	Quarterly Results & Audited Results
Jul 25 2008	Asian Star Company Ltd	Quarterly Results
Jul 25 2008	Associated Stone Industries (Kotah) Ltd	Quarterly Results
Jul 25 2008	Available Finance Ltd	Quarterly Results
Jul 25 2008	Barak Valley Cements Ltd	Quarterly Results
Jul 25 2008	Bengal Tea & Fabrics Ltd	Quarterly Results
Jul 25 2008	Bervin Investments & Leasing Ltd	Quarterly Results
Jul 25 2008	Bhuwalka Steel Industries Ltd	Quarterly Results
Jul 25 2008	Blue Coast Hotels & Resorts Ltd	Quarterly ResultsBlue Coast Hotels & Resorts Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, for considering and taking on record the un-audited financial results of the Company for the quarter ended June 30, 2008.Further the Company has informed that at the said meeting the Board shall also consider issueand allotment of equity Shares on preferential basis.(As per BSE Announcement Website dated on 22/07/2008)
Jul 25 2008	CEAT Ltd	Quarterly Results
Jul 25 2008	CHL Ltd	CHL Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, :1. To consider and recommend the final Dividend for the financial year ended March 31, 2008 and to fix record date for the final dividend.2. To consider the Audited Annual Accounts of the Company for the financial year ended March 31, 2008 and fixing the date of Annual General Meeting of the Company. and3. To consider and take on record the Un-audited Financial Results of the Company for the quarter ended June 30, 2008.CHL Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, considering the approval of the draft Letter of Offer afresh in respect of proposed rights issue of the Company in the ratio of 1 equity share for every 2 equity shares held (1:2) as approved by the members of the Company vide special resolution passed in the 27th Annual General Meeting held on September 27, 2006.The price for
Jul 25 2008	Chowgule Steamships Ltd	Quarterly Results
Jul 25 2008	CMS Infotech Ltd	Quarterly Results
Jul 25 2008	Conart Engineers Ltd	Quarterly Results
Jul 25 2008	Core Emballage Ltd	Quarterly Results
Jul 25 2008	Cravatex Ltd	Quarterly Results
Jul 25 2008	Dalal Street Investments Ltd	Quarterly Results
Jul 25 2008	Deccan Cements Ltd	Quarterly Results
Jul 25 2008	Dredging Corporation of India Ltd	Quarterly ResultsDredging Corporation of India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following :1. To consider and take on record the Unaudited financial results for the quarter ended June 30, 2008.2. The Board in the said meeting would also consider the revised accounts, if any, for the year 2007-08 after the audit by C&AG, if the said Audit is completed by then and if the time is sufficient to submit the revised accounts, if any, for approval of the Board. The requisite information regarding turnover, profit etc., pursuant to Clause 20 of the Listing Agreement, if the accounts are revised and considered in the said Board Meeting would be submitted immediately after the Board Meeting.(As Per BSE Announcement Website Dated on 16/07/2008)
Jul 25 2008	Educomp Solutions Ltd	Quarterly Results
Jul 25 2008	Emami Ltd	Quarterly Results
Jul 25 2008	Emkay Global Financial Services Ltd	Quarterly Results
Jul 25 2008	Engineers India Ltd	Engineers India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and take on record the Unaudited Financial Results of the Company for the first quarter ended on June 30, 2008 (Q1).
Jul 25 2008	English Indian Clays Ltd	Quarterly ResultsRevised(As per BSE Board Meeting dated on 21/07/2008)
Jul 25 2008	Enkei Castalloy Ltd	Quarterly Results
Jul 25 2008	Everest Industries Ltd	Quarterly Results
Jul 25 2008	Fulford (India) Ltd	Quarterly Results
Jul 25 2008	G L Hotels Ltd	GL Hotels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and approve the un-audited financial results for the quarter ended June 30, 2008 subject to limited review report of Auditors thereon and to fix the Record Date for the purpose of Sub-Division of Equity Shares of the Company.
Jul 25 2008	Gateway Distriparks Ltd	Gateway Distriparks Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following:1. Approval of the un-audited financial results for the quarter ended June 30, 2008.2. Consider buy back of equity shares of the Company.
Jul 25 2008	Godrej Consumer Products Ltd	Godrej Consumer Products Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to transact the following:1. To take on record the unaudited financial results for the quarter ended June 30, 2008.2. To consider declaration of interim dividend for the financial year 2008-09.
Jul 25 2008	Grasim Industries Ltd	Grasim Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and approve unaudited financial results (provisional) for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	GRUH Finance Ltd	Quarterly Results
Jul 25 2008	Gujarat State Fertilizers & Chemicals Ltd	Quarterly Results
Jul 25 2008	Gujarat State Petronet Ltd	Gujarat State Petronet Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the Unaudited Financial Results of the Company for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Hawkins Cooker Ltd	Quarterly Results
Jul 25 2008	Hercules Hoists Ltd	Quarterly Results
Jul 25 2008	Himadri Chemicals & Industries Ltd	Quarterly Results
Jul 25 2008	Hind Rectifiers Ltd	Quarterly Results
Jul 25 2008	Hindustan Composites Ltd	Quarterly Results
Jul 25 2008	Hindustan Construction Company Ltd	Hindustan Construction Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and approve the Unaudited Financial Results of the Company for the first quarter ending June 30, 2008. (i.e. April 01, 2008 to June 30, 2008).
Jul 25 2008	Hindustan Foods Ltd	Quarterly Results
Jul 25 2008	Hindustan Motors Ltd	Quarterly Results
Jul 25 2008	Hindustan Unilever Ltd	Hindustan Unilever Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to take on record the unaudited financial results for the quarter ended June 2008 alongwith the limited review report of the auditors for the corresponding period, as also to consider payment of interim dividend, if any, for the Financial Year ending March 31, 2009.Further the Company has informed that, August 05, 2008 has been fixed as the Record Date for the purpose of payment of interim dividend, if any.
Jul 25 2008	Hindusthan National Glass & Industries Ltd	Quarterly Results
Jul 25 2008	I-Flex Solutions Ltd	i-flex Solutions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following:1. To adopt audited un-consolidated Indian GAAP Accounts for the quarter ended June 30, 2008(Q1).2. To consider allotment of shares to the eligible employees / directors who have chosen to exercise their options under Employees Stock Options Scheme(ESOP), 2002 of the Company.
Jul 25 2008	IFGL Refractories Ltd	Quarterly Results
Jul 25 2008	Indiabulls Financial Services Ltd	Indiabulls Financial Services Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the Un-audited Financial Results of the Company for the Quarter ended June 30, 2008 (Q1).
Jul 25 2008	Indiabulls Securities Ltd	Quarterly Results
Jul 25 2008	Indian Hotels Co Ltd	Indian Hotels Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the Audited Financial Results for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Indraprastha Medical Corporation Ltd	Quarterly Results
Jul 25 2008	IndusInd Bank Ltd	Indusind Bank Ltd has informed BSE that a meeting of the Board of Directors of the Bank will be held on July 25, 2008, inter alia, to consider and take on record the Unaudited Financial Results of the Bank for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Ineos ABS (India) Ltd	Quarterly Results
Jul 25 2008	Inox Leisure Ltd	Quarterly Results
Jul 25 2008	Integral Knit Company Ltd	Quarterly Results
Jul 25 2008	International Data Management Ltd	Quarterly Results
Jul 25 2008	Ion Exchange (India) Ltd	Quarterly Results
Jul 25 2008	Ipca Laboratories Ltd	Quarterly Results
Jul 25 2008	Ishan Dyes & chemicals Ltd	Quarterly Results
Jul 25 2008	J B Chemicals & Pharamaceuticals Ltd	Quarterly Results
Jul 25 2008	J L Morison (India) Ltd	Quarterly Results
Jul 25 2008	Jalgaon Re-Rolling Industries Ltd	Quarterly Results & Audited Results
Jul 25 2008	Jhunjhunwala Vanaspati Ltd	Quarterly Results
Jul 25 2008	Jindal Steel & Power Ltd	Jindal Steel & Power Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and approve, the Un-auditedFinancial Results (Provisional) for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	JM Financial Limited	Quarterly Results
Jul 25 2008	Kaashyap Technologies Ltd	Kaashyap Technologies Ltd (KTL) has informed BSE that in continuation of corporate goals and objectives set towards reaching 100 million US $ revenue; the Company is looking forward to acquire two Companies engaged in providing IT staffing / consulting services in USA.At this juncture, it is worthwhile to mention that KTL has recently made 100% investment in Space Hospitals Ltd, Chennai which caters end-to-end solutions for all health care segments including Tele Medicine, partially by issue of equity shares for Rs 9 Crores by allotting equity shares of Kaashyap Technologies Ltd (KTL) to the shareholders of Space Hospitals Ltd and for the balance through cash consideration of Rs 8.5 crores. The listing of equity shares so allotted to the shareholders of Space Hospitals Ltd is in the process and will be listed soon in BSE and MSE, thereby widening the arena of operations into telemedicine.Now, the Company has informed that the Meeting of the Board of Directors of the Company will be hel
Jul 25 2008	Kajaria Ceramics Ltd	Quarterly Results
Jul 25 2008	Kar Mobiles Ltd	Quarterly Results
Jul 25 2008	Karnataka Bank Ltd	Quarterly Results
Jul 25 2008	Karuna Cables Ltd	Quarterly Results & Audited Results
Jul 25 2008	Karur Vysya Bank Ltd	Quarterly Results
Jul 25 2008	Krebs Biochemicals & Industries Ltd	Quarterly Results & Audited Results
Jul 25 2008	M M Forgings Ltd	Quarterly Results
Jul 25 2008	Machino Plastics Ltd	Quarterly Results
Jul 25 2008	Mack Trading Co Ltd	Quarterly Results
Jul 25 2008	Mangalore Chemicals & Fertilizers Ltd	Mangalore Chemicals & Fertilizers Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following:1. Unaudited financial results of the company for the first quarter ended June 30, 2008.2. Audited financial results for the year ended March 31, 2008.3. Recommendation of dividend, if any, for the year 2007-2008.
Jul 25 2008	Mangalore Refinery And Petrochemicals Ltd	Mangalore Refinery & Petrochemicals Ltd (MRPL) has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, to consider and approve Unaudited Financial results for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Micro Technologies (India) Ltd	Quarterly Results
Jul 25 2008	Mid-Day Multimedia Ltd	Quarterly Results
Jul 25 2008	Mipco Seamless Rings (Gujarat) Ltd	Quarterly Results
Jul 25 2008	Miven Machine Tools Ltd	Quarterly Results
Jul 25 2008	Modern Dairies Ltd	Quarterly Results
Jul 25 2008	Modern Steels Ltd	Quarterly Results
Jul 25 2008	MphasiS Ltd	Quarterly Results
Jul 25 2008	Mukta Arts Ltd	Quarterly Results & Audited Results
Jul 25 2008	Multiplus Holdings Ltd	Quarterly Results
Jul 25 2008	Nagarjuna Fertilizers & Chemicals Ltd	Nagarjuna Fertilizers & Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, for considering the Un-audited Financial Results for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Nava Bharat Ventures Ltd	Quarterly Results
Jul 25 2008	Nettlinx Ltd	Quarterly Results
Jul 25 2008	Noida Toll Bridge Company Ltd	Quarterly Results
Jul 25 2008	Onward Technologies Ltd	Quarterly Results
Jul 25 2008	Oriental Bank of Commerce	Oriental Bank of Commerce (OBC) has informed BSE that a meeting of the Board of Directors of the Bank will be held on July 25, 2008, to take on record the reviewed financial results of the Bank for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Ortin Laboratories Ltd	Quarterly Results
Jul 25 2008	Panyam Cements & Mineral Industries Ltd	Quarterly Results
Jul 25 2008	Paper Products Ltd	Quarterly Results
Jul 25 2008	Parekh Distributors Ltd	Quarterly Results
Jul 25 2008	Pondy Oxides & Chemicals Ltd	Pondy Oxides & Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following subjects:1. To consider and adopt the accounts for the year 2007-08.2. To declare dividend for the year 2007-08.3. To consider and approve the unaudited Financial Results of the Company for the Quarter ended June 2008.
Jul 25 2008	Pratibha Industries Ltd	Quarterly Results
Jul 25 2008	Puneet Resins Ltd	Quarterly Results
Jul 25 2008	Rajapalayam Mills Ltd	Quarterly Results
Jul 25 2008	Rajkumar Forge Ltd	Quarterly Results
Jul 25 2008	Ras Resorts & Apart Hotels Ltd	Quarterly Results
Jul 25 2008	Redington India Ltd	Quarterly Results
Jul 25 2008	Reliance Natural Resources Ltd	Reliance Natural Resources Ltd (RNRL) has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and approve the Unaudited Financial Results (Provisional) of the Company for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Reliance Power Ltd	Quarterly Results
Jul 25 2008	Responsive Industries Ltd	Responsive Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following:1. To fix the date, venue and time for the 26th Annual General Meeting of the Company for the year ended 2007-2008.2. To fix the Book Closure and record date.3. To discuss & approve the Draft Notice of the forthcoming Annual General Meeting of the Company.4. To approve the Report of the Directors, Auditors of the Company.5. To consider the appointment of Auditors in place of retiring auditors.
Jul 25 2008	Rishiroop Rubber (International) Ltd	Quarterly Results
Jul 25 2008	Robinson Worldwide Trade Ltd	Quarterly Results
Jul 25 2008	Rolcon Engineering Company Ltd	Quarterly Results
Jul 25 2008	RPG Cables Ltd	Quarterly Results
Jul 25 2008	S Kumars Online Ltd	Quarterly Results
Jul 25 2008	Salora International Ltd	Quarterly Results
Jul 25 2008	Sanguine Media Ltd	Quarterly Results
Jul 25 2008	Schrader Duncan Ltd	Quarterly Results
Jul 25 2008	Securities Capital Investments (I) Ltd	Quarterly Results & Audited Results
Jul 25 2008	Shalimar Paints Ltd	Quarterly Results
Jul 25 2008	Shivam Autotech Ltd	Shivam Autotech Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, for consideration of the following:1. To consider and take on record the Audited financial results for the financial year ended March 31, 2008.2. To recommend the dividend for the financial year 2007-08.3. To consider and take on record the Unaudited financial Results (provisional) for the first quarter ended June 30, 2008.
Jul 25 2008	Shree Pacetronix Ltd	Quarterly Results
Jul 25 2008	Sonata Software Ltd	Quarterly Results
Jul 25 2008	Specular Marketing & Financing Ltd	Quarterly Results
Jul 25 2008	SRF Ltd	Quarterly Results
Jul 25 2008	Sri Vajra Granites Ltd	Quarterly Results
Jul 25 2008	Stovec Industries Ltd	Quarterly Results
Jul 25 2008	Sudal Industries Ltd	Quarterly Results
Jul 25 2008	Suven Life Sciences Ltd	Suven Life Sciences Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and take on record the following:1. To consider and approve the Audited Annual Accounts for the year ended March 31, 2008.2. To recommend dividend for the financial year ended March 31, 2008, subject to approval of Shareholders at the ensuing AGM.3. To announce Book Closure for the purpose of AGM and distribution of Dividend.4. To consider and take on record the Un-audited Financial Results for the First Quarter ended June 30, 2008.
Jul 25 2008	Swarna Securites Ltd	Quarterly Results
Jul 25 2008	Sybly Industries Ltd	Quarterly Results
Jul 25 2008	Take Solutions Ltd	Take Solutions Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following:1. Banking operations - Opening of Dividend Account.2.Consider and approve the Un-audited Financial Results for the Quarter ended June 30, 2008 & Quarterly Monitoring Report on IPO Proceeds.
Jul 25 2008	Tata Power Company Ltd	Tata Power Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and take on record the audited financial results for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	Titan Trading and Agencies Ltd	Quarterly Results
Jul 25 2008	TTK Healthcare Ltd	TTK Healthcare Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider and approve the Unaudited Financial Results (Provisional) of the Company for the First Quarter ended June 30, 2008 & also to consider the Buy Back of Equity Shares of the Company.
Jul 25 2008	TTK Prestige Ltd	Quarterly Results
Jul 25 2008	Turbotech Engineering Ltd	Quarterly Results
Jul 25 2008	Ugar Sugar Works Ltd	Quarterly Results
Jul 25 2008	Unimers India Ltd	Quarterly Results
Jul 25 2008	Union Bank of India	Union Bank of India has informed BSE that a meeting of the Board of Directors of the Bank will be held on July 25, 2008, inter alia, to consider and take an record the unaudited financial results of the Bank for the quarter ended June 30, 2008 (Q1).
Jul 25 2008	United Breweries Ltd	Quarterly Results
Jul 25 2008	Universal Office Automation Ltd	Quarterly Results
Jul 25 2008	Varun Industries Ltd	Quarterly Results
Jul 25 2008	Vedant Hotels Ltd	Vedant Hotels Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to transact the following business:1. To consider the draft annual accounts for the year ended on March 31, 2008, the draft of the report of directors' thereon and annexures thereto.2. To consider recommendation of dividend.3. To consider Unaudited Financial Results for the quarter ended on June 30, 2008.4. To consider modifications to the Scheme of Arrangement under section 391 and 394 of the Companies Act, 1956 approved by the Board of Directors in its meeting held on April 30, 2008.5. To ratify actions taken by RTA.6. To review the progress in respect of various matters relating to operations of the Company.
Jul 25 2008	Vikas Profin Ltd	Vikas Profin Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, inter alia, to consider the following items:1. Appointment of Chairman.2. To consider and take on record the Unaudited (Provisional) Results for the quarter ending June 30, 2008.3. To appoint Mr. Vivek Garg, Mr. Mukesh Aggarwal, Mr. B B Tandon and Mr. P K Banerjee as Additional Directors of the Company.
Jul 25 2008	Vinati Organics Ltd	Vinati Organics Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 25, 2008, to take on record the Unaudited Financial Results for the Quarter ended June 30, 2008 and to consider Employee Stock Option Scheme (ESOP).
Jul 25 2008	Vipul Ltd	Quarterly Results
Jul 25 2008	VMF Soft Tech Ltd	Quarterly Results
Jul 25 2008	VTM Ltd	Quarterly Results
Jul 25 2008	Waterbase Ltd	Quarterly Results
Jul 25 2008	Welcast Steels Ltd	Quarterly Results
Jul 25 2008	Whirlpool of India Ltd	Quarterly Results
Jul 25 2008	Zen Technologies Ltd	Quarterly Results
Jul 25 2008	Zenith Birla (India) Ltd	Quarterly Results

Bajaj Electricals, Coromandel Fertilisers grants stock options

Jul 25 2008
Bajaj Electricals grants stock options Under ESOP The committee of Bajaj Electricals has granted 11,000 stock options to the eligible employees of the company which will vest at a price of Rs 443.25 per option over a period of 4 years from the date of grant as per ESOP scheme 2007.These options were granted at the committee meeting held on 24 July 2008.

Coromandel Fertilisers grants options Under ESOS The committee of Coromandel Fertilisers has granted 216000 options at an exercise price of Rs 119.90 to the executives under ESOS 2007. These options would vest over a period of 4 years exercisable within a period of 3 years from the date of vesting.These options were granted at the committee meeting held on 2 July 2008.

Century 21st Portfolio to acquire business of

Century 21st Portfolio to acquire business of Harvy Stock Trade Reached an in-principle understanding on 24 July 2008 Century 21st Portfolio has reached an in-principle understanding to acquire the business of Harvy Stock Trade, Hyderabad. The deal was negotiated and an in-principle understanding was reached on 24 July by both the companies.The acquisition is subject to due diligence, statutory compliances and approvals that are required. This acquisition would enable the company to penetrate into its core business of capital market activities like stock broking, commodity broking and other related activities.Harvy Stock Trade is into the business of stock broking, IPO placement and related activities for the last 5 years. It's having 8 branches at Charminar, Banjara Hills, Secunderabad and Faridabad etc with about 800 clientele. Presently the company is associated as sub broker with Angel Group, members of BSE & NSE. With this acquisition the Business of the company will expand considerably and more growth will take place in coming days.The company made this announcement during the trading hours today, 24 July 2008.

California Software Company and Bombay Polymers to allot equity shares

Jul 25 2008
Bombay Polymers to allot equity shares On preferential basis The board of Bombay Polymers has approved the allotment of 58,733 equity shares on preferential basis to Vidya N Gopal (4267 shares), Anil N Gogia (2133 shares), Shahid Jemaani (13333 shares), Abbas Bhojani (13333 shares), Ali Irani (21000 shares), Hemant Sanganeria (2667 shares) and Hemal Dave (2000 shares).This was approved at the board meeting held on 23 July 2008.

California Software Company to issue equity shares On preferential basis The board of California Software Company has approved to issue 9,66,672 equity shares to persons belonging to non- promoter category on preferential basis.This was approved at the board meeting held on 23 July 2008.

Alufluoride and Bliss GVS Pharma to announce financial results

Bliss GVS Pharma to announce financial results Board meeting on 29 July 2008 The board meeting of Bliss GVS Pharma will be held on 29 July 2008 to consider the audited financial result for the year ended 31 March 2008, the un-audited financial results for the quarter ended 30 June 2008 and to consider declaration of bonus shares.

Alufluoride to announce financial results Board meeting on 31 July 2008 The board meeting of Alufluoride will be held on 31 July 2008 to take record on the unaudited quarterly financial results (provisional) of the company for the period ended 30 June 32008 and to consider annual accounts for the year ended 31 March 2008 and to recommend dividend for the year 2007-08.

CRISIL declares, ACC recommends, Hanung Toys & Textiles to consider interim dividend

Jul 25 2008

CRISIL declares interim dividend Of Rs 10 per share The board of CRISIL has declared interim dividend at the rate of Rs 10 per share.This was declared at the board meeting held on 24 July 2008.

Hanung Toys & Textiles to consider dividend Board meeting on 04 August 2008 The board meeting of Hanung Toys & Textiles will be held on 04 August 2008 to consider the audited financial results for the year ended 31 March 2008 and to recommend dividend for the financial year 2007-08.

ACC recommends interim dividend Of Rs 10 per share The board of ACC has recommended interim dividend at the rate of Rs 10 per share.This was recommended at the board meeting held on 24 July 2008.

Bharti Airtel and Allcargo Global Logistics allots equity shares

July 25 2008
Bharti Airtel allots equity shares Under ESOP The committee of Bharti Airtel has allotted 38,400 equity shares to the employees upon exercise of stock options pursuant to ESOP scheme 2005 of the company.With the allotment of the above shares the equity base of the company stand increased from present level of 1,898,020,804 equity shares to 1,898,059,204 equity shares of Rs 10 each.These shares were allotted at the committee meeting held on 23 July 2008.

Allcargo Global Logistics allots equity shares Under ESOP The committee of Allcargo Global Logistics has issued and allotted 648 equity shares of Rs 10 each fully paid up of the company to its employees in exercise of options granted to them under Allcargo ESOP 2006.With the aforesaid allotment of equity shares, the paid up share capital of the company has increased from Rs 223,625,290 divided into 22,362,529 equity shares of Rs 10 each fully paid up to Rs 223,631,770 dividend into 22,363,177 equity shares of Rs 10 each fully paid up.These shares were allotted at the committee meeting on 24 July 2008.

ndia to keep controls on sugar industry - govt

NEW DELHI (Reuters) - Junior food and farm minister Akhilesh Prasad Singh on Friday said the government had no immediate plans to remove its controls on the sugar industry.

"There is no proposal to de-control the industry now," he told reporters in Hindi.

Currently sugar mills are forced to sell 10 percent of their output at cheap rates to the government for subsidised sales to the poor. Authorities also decide how much sugar can be sold in the open market, so they can keep prices stable.

V Swaminathan ( Expert ) Advice on Crompton Greaves and Petronet LNG.

V Swaminathan, Director of Upstart Capital is positive on Crompton Greaves and Petronet LNG.
Here is how he views the stocks on board:

On Crompton Greaves:
Crompton posted a very decent set of numbers. Its sales went up by 26%. The operating profit was up by 37.5%. All segments of the business seemed to be firing. Their power systems business and their consumer products business has seen a margin expansion. Power system comprises two-third of their business. The company has only seen a slight dip in the industrial systems business. The order flow expected over the next few years is high. Crompton is sitting on a good wicket.

On Voltas:
Voltas has an average set of numbers. Though Voltas’s topline is up, the operating numbers are almost flattish. They are up by about 6%. The Profit After Tax (PAT) numbers are up and inline with the sales numbers. The segment results show variations; the projects business is showing a dip in margins, whereas the unitary cooling segment is showing an uptick. Overall, there is a slight downward pressure on the margins but on the other side there is an increase in the order book and that is a good sign for any capital goods business.

On Petronet LNG:
Petronet this time was a miss. They didn’t do as much of spot cargo business as they usually do, Though the sales were up marginally by about 6%, the PAT witnessed a small dip QoQ basis. That’s about a 10% drop.

But going forward Petronet’s expansion is coming through within this year. The increased regasified volumes this year should keep their results on track for the entire year. So I am quite okay with Petronet, though this quarter was a miss

Rajat Bose (Expert ) Advice on Nagararjuna Fertilizers, ONGC.

Rajat Bose of rajatkbose.com is bullish on Nagararjuna Fertilizers. However, he is negative on ONGC.
Here is how he views the stocks on board:
On ONGC:
ONGC would face resistance at around Rs 1040-1050 levels. Unless or until it decisively clears that level, I wouldn’t be bet on that stock. Whenever ONGC has a spurt on a particular day, the following day has never been very good. There may have been cases where ONGC has moved up for the 3 sessions in a row. But it generally doesn’t. I would closely watch the levels of Rs1040 or Rs 1050 on the upside and at the same time look at Rs 970 on the downside. Unless that breaks , ONGC might try to move up.

On Nagarjuna Fertilizers:
Nagarjuna Fertilizers is doing very well. If one has to take a fresh position below Rs 36.75. If the momentum continues it can take it up to about Rs 41.50. So Rs 41.50 would be the next target. After that it may hit Rs 43 but Rs 43 is very strong resistance in my opinion where one will see a lot of supply coming in.

On RNRL:
RNRL has advanced so much in two days, that you cant take a long position. But that was the reason I did a buy call on RNRL. Unless RNRL falls below Rs 94 it can still try to move up and go to Rs 104 or even Rs 108. The crucial level for RNRL would be Rs 114 to about Rs 120. So if the momentum continues we might see it going to Rs 119 or Rs 123 .

Oil rises above $126, extends recovery from 7-wk low

Jul 25 2008 11:28AM By Annika Breidthardt

SINGAPORE (Reuters) - Oil rose above $126 a barrel on Friday, extending a rebound a day earlier that helped stem a nearly two-week dive as buyers crept back into the market before the weekend, superceding lingering demand worries.

Concerns that high prices and a weaker U.S. economy will undermine demand have driven oil down more than $20 from a record peak above $147 a barrel set earlier this month, but technical trading and a short-covering bounce helped buoy prices on Thursday.

U.S. light crude for September delivery rose 66 cents to $126.15 a barrel by 0526 GMT after gaining $1.05 a barrel a day ago, recovering from a seven-week low.

London Brent crude rose 52 cents to $126.96 a barrel."We're definitely going to see some short-covering today after falling 15 percent in just over a week and as we approach the weekend," said Jonathan Kornafel, director, Asia, Hudson Capital Energy."Having said that, we can still head lower after some of the panic buying ahead of the weekend," he added.

U.S. stock markets fell by 2 percent or more a day ago after news of another drop in U.S. home sales, adding to the gloom surrounding the outlook for the world's top oil user.

"Since the source of much of the selling of the past 1-½ weeks has been the heightened attention to demand deterioration, we look for this market to place greater emphasis on sharp stock market sell-offs than curency movements going forward," said Jim Ritterbusch, president of Ritterbusch & Associates.

He added he expected crude could drop as low as $117 within about a week.

Some analysts say the price drop in oil and other commodity markets since mid-July has been driven by some traders unwinding short-dollar/long-oil positions, which has also helped lift the U.S. currency to a one-month high against the yen.

Bearish stock data on Thursday coupled with mild weather forecasts drove natural gas prices down 5 percent, in turn weighing on oil, traders said.

Tropical Storm Dolly, which was the Atlantic season's second hurricane, was scratched off the market's focus as it moved moved inland across South Texas, having barely put a dent in crude oil, natural gas and fuel output.

Even after the recent price fall, oil is up almost 30 percent in 2008 and is up six-fold from 2002 due to demand from growing economies such as China.

The U.S. Senate will vote on Friday on a Democratic bill that seeks to curb excessive speculation in the energy markets. But Republicans said they had the votes to block passage.

Dtocks To watch Mastek and IPCA Laboratories Ltd.

Harendra Kumar of Centrum Broking is positive on Mastek and IPCA Laboratories Ltd.
Here is how he views the stocks on board:

On Mastek:
The company has met 15 out of its 17 guidances. It has a robust order book of around Rs 450 crore and its Return On Equity (ROEs) are very compelling. The stock is available at around 4.5-times forward earnings. There is a bit of comfort in its ROE valuation outlook. It’s a small midcap pick. It should deliver good returns over the period.

On IPCA Laboratories:
IPCA is trading at around 6.5-times forward earnings and historically it has traded around 10-times. It is going into new geographies where margins are higher and it is setting up a new plant there. Return On Equity (ROEs) are going to move up, if it even moves back to its historical PE multiple, things are going to look good.

Stocks to watch: Mastek, RNRL,, IPCA Laboratories, ONGC, Nagarjuna Fertilizers, Petronet LNG, Voltas, Crompton Greaves

Recommonded stocks Mastek, RNRL, IPCA Laboratories, ONGC, Nagarjuna Fertilizers, Petronet LNG, Voltas, Crompton Greaves
The 5-day winning streak has finally snapped. The profit booking negated a strong start and the indices closed in the red. Nifty closed at 4,433 was down 43 points, while the Sensex shut shop at 14,777 and was down 165 points.

Harendra Kumar of Centrum Broking is positive on Mastek and IPCA Laboratories Ltd.
Here is how he views the stocks on board:

On Mastek:
The company has met 15 out of its 17 guidances. It has a robust order book of around Rs 450 crore and its Return On Equity (ROEs) are very compelling. The stock is available at around 4.5-times forward earnings. There is a bit of comfort in its ROE valuation outlook. It’s a small midcap pick. It should deliver good returns over the period.

On IPCA Laboratories:
IPCA is trading at around 6.5-times forward earnings and historically it has traded around 10-times. It is going into new geographies where margins are higher and it is setting up a new plant there. Return On Equity (ROEs) are going to move up, if it even moves back to its historical PE multiple, things are going to look good.

The domestic pharmaceutical space is a little more resilient to the overall macroeconomic environment. That gives us a comfort factor. These companies ( Pharma companies) have depicted a consistent growth over a longer period of time and that protects us on the downside and gives us reasonable optimism over the upside.

Rajat Bose of rajatkbose.com is bullish on Nagararjuna Fertilizers. However, he is negative on ONGC.
Here is how he views the stocks on board:
On ONGC:
ONGC would face resistance at around Rs 1040-1050 levels. Unless or until it decisively clears that level, I wouldn’t be bet on that stock. Whenever ONGC has a spurt on a particular day, the following day has never been very good. There may have been cases where ONGC has moved up for the 3 sessions in a row. But it generally doesn’t. I would closely watch the levels of Rs1040 or Rs 1050 on the upside and at the same time look at Rs 970 on the downside. Unless that breaks , ONGC might try to move up.

On Nagarjuna Fertilizers:
Nagarjuna Fertilizers is doing very well. If one has to take a fresh position below Rs 36.75. If the momentum continues it can take it up to about Rs 41.50. So Rs 41.50 would be the next target. After that it may hit Rs 43 but Rs 43 is very strong resistance in my opinion where one will see a lot of supply coming in.

On RNRL:
RNRL has advanced so much in two days, that you cant take a long position. But that was the reason I did a buy call on RNRL. Unless RNRL falls below Rs 94 it can still try to move up and go to Rs 104 or even Rs 108. The crucial level for RNRL would be Rs 114 to about Rs 120. So if the momentum continues we might see it going to Rs 119 or Rs 123 .

V Swaminathan, Director of Upstart Capital is positive on Crompton Greaves and Petronet LNG.
Here is how he views the stocks on board:

On Crompton Greaves:
Crompton posted a very decent set of numbers. Its sales went up by 26%. The operating profit was up by 37.5%. All segments of the business seemed to be firing. Their power systems business and their consumer products business has seen a margin expansion. Power system comprises two-third of their business. The company has only seen a slight dip in the industrial systems business. The order flow expected over the next few years is high. Crompton is sitting on a good wicket.

On Voltas:
Voltas has an average set of numbers. Though Voltas’s topline is up, the operating numbers are almost flattish. They are up by about 6%. The Profit After Tax (PAT) numbers are up and inline with the sales numbers. The segment results show variations; the projects business is showing a dip in margins, whereas the unitary cooling segment is showing an uptick. Overall, there is a slight downward pressure on the margins but on the other side there is an increase in the order book and that is a good sign for any capital goods business.

On Petronet LNG:
Petronet this time was a miss. They didn’t do as much of spot cargo business as they usually do, Though the sales were up marginally by about 6%, the PAT witnessed a small dip QoQ basis. That’s about a 10% drop.

But going forward Petronet’s expansion is coming through within this year. The increased regasified volumes this year should keep their results on track for the entire year. So I am quite okay with Petronet, though this quarter was a miss

SBI, BoS merger approved Cabinet gets into reform mode

Nupur Acharya and Ashwin Mohan, CNBC-TV18
The Cabinet today paved the way for the merger of State Bank of Saurashtra with the parent State Bank of India. In time this will create SBI as a formidable force among banks.After winning the trust vote and its former ally - the Left out of the way, the UPA government is now focusing on fast tracking the reform process. It's taken the first tiny steps with the Cabinet approving the merger of State Bank of India and State bank of Saurashtra.

Parliamentary Affairs Minister Priyaranjan Dasmunsi, said, "In the August of last year, SBI decided to merge the smallest among its seven associate banks - State Bank of Saurashtra with itself. It had faced opposition from the unions backed by Left parties. But now the way has been cleared for the merger."To facilitate the merger, the government will have to repeal the State Bank of Saurashtra Act, of 1950 and amend the SBI Subsidiary Act, 1959. The next step will be to introduce the SBI Subsidiary Bank Amendment Bill, 2008.

But this is just the start. SBI has six more associate banks, which it plans to merge with itself. State Bank of Travancore, State Bank of Indore, State Bank of Hyderabad, State Bank of Bikaner & Jaipur, State Bank of Mysore and State Bank of Patiala. Which together had posted a net profit of Rs 2,277 crore.When the merger goes through SBI will be taking over a very small associate - as on March 31, 2008, State Bank of Saurashtra had revenues of Rs 1,765 crore, net profit of Rs 52 crore and a capital adequacy of 12.71 per cent. It has total 460 branches.

SBI, which has a total balance sheet side of over Rs 5 lakh crore, if SBI is succesful in merging all seven associates, then its balance sheet size is likely to go above Rs 8 lakh crore.However, the All India State Bank Officers Federation is also ready to protest the merger tooth and nail. The Federation will meet in Patna on Juy 31 to decide the future course of action.

ICICI, HDFC Bank, HDFC top losers Today Bankex dn 4.5%

25-07-2008 ICICI Bank, HDFC Bank, HDFC, and Zee Entertainment are top losers while Wipro, Satyam, Hindalco, Nalco and SAIL gainers.Biggest losers amongst frontliners were ACC, Ambuja Cements, Bharti Airtel, BHEL, DLF, HDFC, HDFC Bank, ICICI Bank, SBI, Reliance Industries and Tata Steel. However, TCS and ITC gained.

Markets are witnessing heavy selling pressure on the back of huge sell off in banking, realty, oil & gas, capital goods and power stocks. Downtrend in Asian markets, which are down1-2%, also fueled to negative sentiments. Market breadth is negative; about 1210 shares have advanced while 1713 shares declined. Nearly 228 shares are unchanged.The Sensex was down 436 points at 14,340 and Nifty down 100 points at 4,334, at 11:02 am. BSE Midcap was down 0.84% and Small Cap down 0.4%.

Markets @ 9:58 am : Mkts crash on weak global cues; Bankex dn 4.5%
Markets reacted very badly to weak global cues and opened sharply lower in early trade. US mkts crashed nearly 300 points after weak home sales data and fall in corporate profits. Selling pressure is seen in infrastructure, financial, cement, oil and metal stocks. It seemed that inflation numbers, which announced yesterday evening, already factored in markets. It was at 11.89% for the week ended July 12 as against 11.91% in earlier week.

At 9:58 am, the Sensex was down 346 points at 14,430 and Nifty down 95 points at 4,337. CNX Midcap fell 1.61% at 5,495 and BSE Small Cap down 0.7% at 6,748. However, Nifty July Futures was trading at 19 points premium.

Biggest losers amongst frontliners were ACC, Ambuja Cements, Bharti Airtel, BHEL, DLF, HDFC, HDFC Bank, ICICI Bank, SBI, Reliance Industries and Tata Steel. However, TCS and ITC gained.

Asian markets were trading lower. Shanghai, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted fell 1-2.5%.

It was a triple whammy on Wall Street. Crude trended slightly higher, major earnings reports sparked a fresh wave of concern about corporate profits and home sales hit a 10-year low. The sell off abruptly snapped the two-week rally that pushed the Dow up more than 600 points, or 6%. Dow closed 283 points lower while Nasdaq ends down 44 points, partly because of negative news on housing. US housing sales were down 2.6% in June.

Market cues:

• Inflation at 11.89% Vs 11.91%; market estimated 11.99%
• RIL Q1 net profit up 13.2% at Rs 4,110 cr, in-line with estimates
• FIIs net buy $405.5 mn in equity on July 23
• MFs net buy Rs 334.5 cr in equity on July 23
• NSE F&O Open Interest up Rs 620 cr at Rs 81,223 cr

F&O cues:

• Futures Open Interest down by Rs 428 cr and Options Open Interest up by Rs 1,048 cr
• Nifty July Futures shed 13 lakh shares in Open Interest
• Nifty Aug Futures add 11 lakh shares in Open Interest
• Nifty July, August at 10-pt premium each
• Nifty Open Interest PCR at 1.48 Vs 1.45
• Nifty Puts add 15 lakh shares in Open Interest
• Nifty Calls add 3 lakh shares in Open Interest
• Nifty 4400 Put adds 4 lakh shares in Open Interest
• Nifty 4300 Put adds 3.7 lakh shares in Open Interest
• Nifty 4600 Call adds 2.3 lakh shares in Open Interest
• Stock Futures add 96 lakh shares in Open Interest

Gold down for the third consecutive day

Indian gold market remains into red territory for the third consecutive day. The market remains down by Rs 29 per 10 gm at Rs 12615 in the early session Thursday on weak crude oil price. Crude oil at New York Mercantile Exchange traded below $125 per barrel and drag down the gold futures as it remains less lucrative as hedge tool against oil led inflation. Crude oil remains down after a report reveals the low consumption of oil in US and Japan.

The Gold Aug contract in the last session managed to close above the trend line support although in the early session Thursday it traded below the trend line support and is expected to test lower range of Rs 12480 at least. Higher open interest and volume with negative candle is likely to keep the market down. The market lost around Rs 800 in this week so far.

Source

Multi Bagger: Recommendation : Axis Bank Recommended Price Rs. 697.60

Axis Bank, Axis Bank Recommendation, Axis Bank Recommended Price, Axis Bank TechNicals, Axis Bank company profile, Axis Bank Financial, Axis Bank profit, Axis Bank results, Axis Bank q1 results, Axis Bank share, Axis Bank share price, Axis BankValuation:
PN Vijay, Portfolio Manager Report Dated: July 22, 2008
Axis Bank: Company Profile:
Axis Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The largest and one of the best known Financial Institutions of the country, UTI has promoted Axis Bank. The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of branches and it has one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is one of the most technology driven banks in the country.

Financial Position:
For the first quarter of the FY’09 (ending 30th June, 2008), Axis Bank reported a stellar set of numbers with the net income growing up by 81.9% at Rs 1435.2 crore and the net profit registered a growth of 89% yoy to Rs 330 crore (including depreciation on bank’s investment portfolio of Rs 225.2 crore) compared with Q1FY08.

Past Multi Baggers Recommendations
Stock Reco Price Peak after reco %Gain
Balasore Alloys 6 78 1203
Reliance Infra 330 3202 870
TRF 240 2100 775
Opto Circuits 119 581 390
Usha Martin 32 154 380
Genus Power 246 1050 328
IDFC 55 235 327
Indo Tech Trans 200 808 304
Hind Zinc 288 1119 289
Thermax 255 968 280

This is excellent growth by any standards and we expect this momentum to continue in the next few years. Its NII (Net Interest Income) grew by 93% yoy in the current quarter to Rs 810, due to credit growth and improvement in NIMs (Net Interest Margins). On a sequential basis there has been a decline in the NIMs mainly on account of rising cost of funds and lower proportion of demand deposits in Q1 as compared to the last quarter. Asset growth has been strong across all the broad segments including retail, corporate and SMEs. Retail assets have grown by 52% yoy to Rs 14,638 crore, which constitutes 59% of the housing loan. The total net advances grew by 48% yoy to Rs 61,160 crore. The demand deposits constitute 40% of total deposits. The fee income during the quarter has grown by 80% to Rs 484 crore, particularly in the capital markets and corporate banking. Trading income has also grown during the quarter amounting to Rs 52.78 crore. Total investments have grown by 34% yoy r ising to Rs 35,718 crore. Axis Bank has witnessed a sharp increase in NPAs (Non performing Assets) as the net NPAs% has grown from 0.36 in Q4FY08 to 0.47 in Q1FY09.

Investment Positives:

1.Rapid growth in the bank’s core business.
2.In the current quarterly report Axis Bank has shown great strength with increase in NIIs, net advances and fee income.
3.A dominant player in handling debt issues.
4.Axis bank has a wide network. It has added another 42 branches and extension counters and 140 ATMs during the quarter making the total to 713 branches and 2,904 ATMs. It has increased its coverage covering 433 centers.
5.Progressive globalization and achieving international standards.
6.Axis Bank adopts Misys tech to support growth in derivatives and boost risk management.

Concerns:
NPAs are growing. But its level of NPAs is below 1 %.Also among the new private banks Axis has the least exposure to the retail segment and this cushions against the bad debts.

Risk associated with the financial sector due to increase in the rate of interest. This is a real threat but the results for this quarter are still excellent considering that we saw the worst interest rate scenario in the last few months. Going forward we expect interest rate to soften.

Valuation:
Axis Bank has shown a strong growth in income and profits during a period which has been tough for all financials. The Bank is expected to have an EPS of around Rs 40 per share for FY09. At CMP of Rs 697.60, it trades at a P/E of over 15.75, which is very attractive. The PEG ratio ( PE/growth in NP) comes to a mere 0.18 which shows good scope for appreciation. The stock has corrected appreciably from the high of Rs 1150 earlier this year. We recommend stock as an excellent investment in the beaten down financial space with a target price of Rs 900.

Stocks that benefit from nuke deal

By Archi Damania, CNBC-TV18
Stock Market affected by nuclear deal: If the nuclear deal goes ahead, companies like L&T, BHEL, NTPC, Areva T&D, Alstom Projects, Rolta, HCC, ABB, Crompton Greaves, Siemens stand to gain. Left sources say that the Left has taken a decision to withdraw its support to the UPA. It will issue a formal statement on withdrawal of support shortly. The Left will approach the President tomorrow.

L&T
L&T has done engineering, procurement and construction projects for nuke power plants. It is currently working on the 2,000 MW Kudankulam nuclear project. The company will get into mainstream nuclear projects if the deal goes through. L&T’s talks with Toshibha failed. It entered into a recent tie-up with Mitsubishi for super critical boilers. The Mitsubishi technology would be used for Nuclear Power Corp. L&T may leverage its relationship with Mitsubishi for its other nuclear business.

BHEL
BHEL supplies up to 500 MW of equipment to Nuclear Power Corp. It is looking for a tie up manufacturing equipment of up to 700 MW & 1500 MW. The company has been in talks with Alstom, GE Energy, Russia's LMZ and Siemens. It has an existing tie-up with Siemens for nuclear technology.

NTPC
The company is in talks with Nuclear Power Corporation of India. It is looking at setting up 2000 MW nuclear plant. He is In talks with GE Energy for technology and fuel. NTPC is looking at the project to be operational by 2012-2013.

Areva T&D
Areva T&D is looking at a plant for uranium mining and recycling. The plant would be set up after nod from Nuclear Power Corp.

Alstom Projects
The company already makes nuclear reactors and rotors. Its parent company is a world leader in conventional nuclear projects. It makes turbines for nuclear power stations. It supplies steam turbines to over 30% of nuke power stations globally.

Rolta
The Rolta-Stone and Webster joint venture competent provides reactor-building technology. It will leverage on its partner's core competency. Stone & Webster's parent has 20% in Westinghouse Electric, a nuclear reactor maker.

Gammon has undertaken turnkey construction for nuclear projects.

HCC
HCC has constructed four of seven nuclear power projects in India. It is an EPC contractor for nuclear projects.

ABB
ABB makes components for power projects. Its parent company’s exposure includes new
nuclear power plants, systems and components. The parent company’s exposure includes fuel services, waste management and decommissioning.

Crompton Greaves
Crompton Greaves works with Nuclear Power Corporation of India. It has completed a switchyard for nuclear project.

Walchandnagar Industries makes critical equipment for India's nuclear power facilities.

Siemens has a marginal exposure through its parent company.

Reliance Energy plans to invest additional Rs 12,000 crore in nuclear power capacity. It plans to install 2000 MW of nuclear power capacity.

Tata Power has tied up with some major nuclear equipment suppliers like Areva. It already has a relationship with Toshiba; it will leverage on it.

SBI seeks RBI nod to MTM 25% of govt bonds 2008-07-09

State Bank of India is seeking RBI nod to mark-to-market only 25% of Rs 9996 crore of government bonds. SBI can sell only 25% of government given bonds in Q1. It may sell balance 75% of bonds in tranches in subsequent quarters. SBI is hoping to hear from RBI this week on extent of MTM.

After ICICI Bank, the State Bank of India (SBI) has also had exposure to bond portfolios that could be marked down severely for the company’s balance sheet and impact their profitability. It’s come out in the open now and the management is giving a clarification.

SP Tulsian of sptulsian.com said, "This was expected because this is very usual - whenever you see the interest rates hardening, banks always carry government securities in their portfolio on which the yield drops and in that event they have to provide for the mark-to market (MTM) losses either held on the MTM basis or Yield-To-Maturity (YTM) basis. So this was expected, but only the quantum was deferring. So probably now SBI is trying to take help from the Reserve Bank of India (RBI) by deferring this provision maybe in 3-4 tranches with one tranche of 25% getting booked in Q1. So this was nothing unusual, this was very much expected, this was referring the quantum of the government bonds held by the SBI and the losses on that account."

CNBC-TV18 Disclaimer
This information is source-based and has not been provided to the stock exchanges
Source :

iGATE seeing some project cutbacks, cancellations 2008-07-09

Phaneesh Murthy, CEO of iGATE said that his company has seen some project cutbacks and cancellations. Since the budgeting season in US is drawing near, he estimates that this may not be a positive year; he has seen weariness in the tech budget allocations in the US. The actual budget spent in 2008 will be lower than what was budgeted, Murthy added. The offshoring share may become larger even if budget doesn't, he said. According to Murthy, the volume growth is likely to be affected more than pricing.

Excerpts from CNBC-TV18’s exclusive interview with Phaneesh Murthy:

Q: How is it looking from the US now? What are you hearing at the trenches - things are okay or this latest leg down from the financial services sector there again is raising some worries?
A: I think I do have some worries, the most conservative estimates in the financial sectors charges about USD 480-500 billion and we haven’t seen all of those factored into all of the companies statements yet. So there is some problems. The bigger concern is that we are going into a budgeting season in the next 2-3 months for 2009 Calendar Year in the US and whenever you do budgeting in a bad time, there is hardly any money kept for discretionary projects. So my concern is that it could actually turn out to be not so positive as a year because the first couple of quarters normally the January, February and March quarter (JFM quarter) we normally get a release of funds and projects. My concern is that when you are doing budgeting in this environment, that release won’t happen and if things do turn around, my sense is that the earliest will be Calendar Q3 next year, which is about 12 months from now. But things are not looking good on the ground also.

We, in the last three months have seen evidences of cut-backs on discretionary projects; we have seen cancellations on some projects, we have also seen generally more weariness in budget releases. So we have seen some of these things. It is a kind of a mixed bag but overall I would say it is slightly negative.

Q: That is extremely interesting-on two counts there, what is it that you expect to see by way of budget spends this year because most estimated it to be flat or marginally negative. Do you think budgets will be extremely lower than what they were in 2007 and secondly for lot of tech companies we spoke in the first half of the year, they said that the second half is going to be stronger. Do you think that it is going to play out like that?
A: I think the budget actual spend in 2008 will be lower than the budgeted in 2008 and will be lower than 2007 and that is because all of that money is not yet being spent; people are being little cautious and people are being a little weary. I think unless the environment improves and I don’t see any signs of environment improving. In fact if at all I see signs particularly in the financial services sectors that things are getting a little worse and if that environment is getting a little worse, I would argue that going into the second half of the year we will not see those releases of those projects that we were hoping for.

Q: Just to scratch that point a bit further the guidance from a large number of the companies or big companies have been very back ended. Do you think that is at risk given your prognosis of what might happen in the second half of this fiscal?
A: I think it is going to be a little dependent on which companies are working with which customers; people who are working with Bear (Stearns), saw their business probably disappear overnight. After that, the JP Morgan Chase integration. If one looks at companies like Washington Mutual, Countrywide etc - there are lot of companies which either merge with other entities or which have just gone away and in that scenario what happens is that you do face a challenge.

So I think some companies may end up meeting some of its guidance numbers and some won’t because of what is happening with their customers rather than the broader markets. Because I am also hoping that the trends becomes more positive as the environment becomes a little more difficult. In the first 2-3 quarters of the environment becoming negative there is an indecision and once that indecision starts moving to actual action, I am also hoping that the offshoring stuff becomes little larger even if the budget stuff doesn’t become larger.

Q: Where will the pain show up if indeed it is going to be difficult? Do you think volume growth will get affected or prices will get affected?
A: I think that volume growth is more likely to get affected than pricing. We are not seeing as much of pricing pressure and impact on the market. Everybody understands what is happening with the dollar, even if people do not know fully of what is happening with the rupee, everybody understands that the dollar is going through a very bad phase - so there is sympathy on the pricing front. Everybody knows that salaries and momentum is still fairly high in the Indian employment market, so there is sympathy on that side. So I think there is less pressure on the pricing side as of now and I think there will be more of a pressure on the volume side.

Q: For lot of larger companies they might be able to tied over this period because they have seen it before. Would you worry about some of the midcap IT companies that either have high dependence on one client or have a very lumpy earnings performance?
A: I think if at all the only reason to worry about the mid-size companies is their client-concentration. So if they are heavily exposed to a client who is going to go under, something like that could be probably the biggest worry. But otherwise I don’t see more dramatic variations between large and small; it is customer specific and that is the way the market is evolving. If you had the fortune to work with a customer who is doing well, then that is a great news and if you have a misfortune of working with a customer who is going under, then it is a bad news for you.

Govt may levy additional cess: Subir Raha 2008-07-09 11

ubir Raha Ex Chairman of ONGC said that the Ministry of Finance is the biggest beneficiary of windfall gains due to the high oil prices. He feels that the government could levy an additional cess. He said that the cess on ONGC is a specific tax, which is currently at Rs 2,500 per tonne.
The windfall tax should act as a stabilisation fund for subsidies, Raha said. He also feels that the government has taken steps that allegedly violate NELP agreements

Raha said there was no provision of profit sharing under any non-NELP (new exploration licensing policy) regimes. The NELP regime has profit, petroleum and production sharing agreements.
Excerpts from CNBC-TV18’s exclusive interview Subir Raha

Q: Do you think it may happen after all, because there is some talk or demand from certain political parties about this? Do you think there is a possibility that such a thing might actually be pushed through?
A: It would be difficult to predict what the government would do, especially when the basic structure of the government is likely to change in the next week or so. So one can’t predict that. Windfall gains by definition; is profit that comes from unfrozen situations.

Say the budget for buying crude is at USD 80/bbl and crude actually goes at USD 120/bbl, the producer would make much more money than what he budgeted, that would be a windfall gain situation. If we take that issue then it’s not only the crude producers but even the finance ministry has been the biggest beneficiary of this windfall gain out of the recent rise of crude prices over the last 2-3 years. If someone is making an incremental profit or super profits under the existing policy of the government. I don’t think you can call that, a windfall gain. Export oriented unit is the clear policy by the government of India to export. Whether the government wants to encourage leather goods exports or petroleum exports is for the government to decide. So there is an essential difference on what a windfall gain is and what an incremental profitability is by using an existing policy of the government.

Q: So you are saying that by the way of law or policy, it is not possible that the windfall tax goes through and just explain the benefit of the viewers. What is the current profitability and production ratio sharing between the government and the private companies because even that seems quite well in favour of the government?
A: On production sharing, there are a number of different regimes in India. The contracts that were signed in the 80s and 90s were different kind of contracts, where the government gave equity in certain oil and gas fields. The exploration blocks or production blocks are on a one time signature bonus payment.
This is quite different from the NELP regime. The contracts were signed before the NELP. For each round of those contracts, the regimes were different. In none of these contracts was there a provision for profit sharing with the government except for corporate income tax. The license holders pay royalty and cess.

Q: Have you given some thought to how this will actually be made to work in practical terms if they decide in a principal that they want to levy some kind of a cess on the private companies? Do you think it will be an ad hoc number? Would it be a percentage of the losses of oil companies, which will be put on these private companies? Have you worked on what the possible formula for extracting that cess if indeed they were to implement it would be?
A: There would be many voices of scaling the cat. The cess, which is not levied on ONGC, is a specific tax that has gone up over the years from Rs 300 to Rs 2,500 per ton. The private producers today, under the earlier rouse actually, had made a one-time payment to the government and they don’t make any further payments. So the profit literally goes to them and those contracts are not as water tight as the NELP contracts are.

What we have seen is that the government has actually taken steps, which allegedly violates the sanctity of the NELP contracts itself. So there should be no issue of the government deciding to put a cess whether by way of incremental income tax or any other means that could be done. Those contracts will provide for these. It’s an

Q: Are you worried about Oil and Natural Gas Corporation Ltd (ONGC)? People were positively surprised with the kind of subsidy burden they had to bear. It was far lower than what was estimated. If the calls get more shrilled for getting a bit more money out of these downstream companies, do you think it is ONGC that might have to bear the brunt of it?
A: That is something the ONGC management has to argue out with the government. We are looking at the subsidies and cross subsidization on very ad-hog basis. If we are going to reckon incremental revenue by windfall tax just for an argument; then this windfall tax should go as an income to a stabilization fund and the stabilization fund should be used to provide the subsidy to the actual consumer who needs the subsidy.

If we do not balance income and expenditure like we used to do in the OCC (Oil Coordination Committee) days when it was administered pricing officially and legally, windfall tax would be levied even if it has it goes into the concentrated fund of India and that would be the end of it. Then it would continue with the same game of charging fertilizer subsidy and oil subsidy on different company budgets.
So ideally we should have a structure. We have proposed these issues and have discussed that there has to be certain streams, which should come into a stabilization fund and the subsidies should flow out of the stabilization fund with the government several times the last three-four years. That would be a maintainable structure. Otherwise they charge a windfall tax and get some revenue that goes into some other budgetary item, which no one ever knows; the government cannot keep doing this.

Q: What are the pedals of changing the policy for a sector like oil midstream to extract some money from private companies? Do you think this kind of midstream policy changes might come back to haunt the government at a later stage,?
A: There is no policy change. We are talking about specific contracts. There are two groups of contracts, one is Pre-NELP (New Exploration Licensing Policy), which was signed before 2000 and the other NELP contracts. The Pre-NELP contracts have different versions and different editions, but those contracts are just commercial arguments and they could be used for government to charge internal revenue. Those equities were given out for prices, which could have been or should have been much higher. NELP is where the government committed internationally on a stable fiscal regime and that has been marketed on seven rounds of NELP and three rounds of CBM (coal bed methane).

If the government promises a stable regime and then tampers the regime when people have come in and taken a contract, it is not fair. We need to make a clear distinction between government intervention on Pre-NELP contracts and government intervention on NELP contracts.

First Winner Ind sees FY09 revenues at Rs 250 cr

2008-07-08 20:05:25 Source : Bazaar/CNBC-TV18

First Winner Industries (FWIL), engaged in the manufacture of grey fabrics and in supplying textile fabrics to various wholesalers, apparel and garment manufacturers, listed at Rs 110 on the NSE against the issue price of Rs 125 at a dicscount of 12%.

Rinku Patodia, MD of First Winner Industries, sees FY09 revenues at Rs 250 crore and profit at Rs 20 crore, EPS at Rs 12.25. He sees FY10 EPS at Rs 20. The current net profit margin is at 8% and it is seen within 8-10% range.

Excerpts from CNBC-TV18's exclusive interview with Rinku Patodia:

Q: How much do you expect on the sales as well as on the profit front in FY09?

A: Sales is Rs 250 crore and profit around Rs 20 crore.

Q: How much is the Earnings Per Share (EPS) in Rs 20 crore of profit?

A: EPS is around Rs 12.25.

Q: How much part does wholesale comprise in this Rs 20 crore net profit and how much do apparel and garments constitute?

A: The margin of apparel will be coming around in 2010 because our project will begin in March 2009, so the profits from apparel will be coming in 2010.

Q: Do you have any EPS target as well with this Rs 20 crore target?

A: The EPS is around Rs 12.25 and it will be coming in 2009 and in 2010 the EPS will be around Rs 20.

Q: How did this huge jump take place in the revenues and profits between FY09-FY10?

A: The new project will start in March 2009, so the financial year’s profit will be coming in March 2010

Q: We have even heard that you are getting fabric on lower rates. What impact will it have on your margins and do you expect that your margins will go up or will improve?

A: Right now we are operating our profit margin at around 8% and going forward, I think that the level will be maintained around between 8-10%

Godrej Ind shoots up smartly 2008-07-08

Source : moneycontrol.com

At 12:53 pm, Godrej Ind was quoting at Rs 153.75, up Rs 7.15, or 4.88%. It has touched an intraday high of Rs 158.85 and an intraday low of Rs 140.

It was trading with volumes of 398,281 shares Yesterday the share closed up at Rs 146.60.

Share Price Movement During The Last 12 Months
Period	Price	Latest Price	Gain/Loss (Rs.)	% Gain/Loss
3-Days	129.25	153.75	24.50	18.96
5-Days	123.85	153.75	29.90	24.14
7-Days	133.00	153.75	20.75	15.60
15-Days	164.00	153.75	-10.25	-6.25
1-Month	218.85	153.75	-65.10	-29.75
3-Month	243.75	153.75	-90.00	-36.92
6-Month	465.85	153.75	-312.10	-67.00
9-Month	160.70	153.75	-6.95	-4.32
1-Year	209.85	153.75	-56.10	-26.73

Currently -69.52% below the 52-week high of 504.50

Currently 29.69% above the 52-week low of 118.55