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Power
Trading Corpn plans to raise Rs 40 cr thru IPO
New Delhi: Power Trading Corporation (PTC) plans
to float an initial public offering (IPO) of 25.5 per
cent of its equity, according to T.N. Thakur, chairman
and managing director, PTC. "The board has given
in-principle approval to go in for an initial public offer
(IPO) in the current financial year to raise around Rs
40 crore. We have already started the process and financial
consultants will be appointed soon," Thakur told
newspersons here on Friday. PTC is in the business of
organising power purchase from surplus regions and selling
it to deficit areas across the country. Announcing the
financial results, Thakur said that the company has recorded
a turnover of Rs 927 crore and a profit after tax (PAT)
of Rs 19.53 crore during 2002-03. During the previous
fiscal, the corporation recorded a turnover off Rs 364
crore and a PAT of Rs 7.66 crore. PTC has declared a dividend
of 7 per cent for the second year in succession.
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Selling
in major IT counters
Mumbai: Counters of major IT stock witnessed selling
on Friday as both domestic and foreign institutions joined
the fray. According to analysts, there were rumours in
the market on Friday that big ticket clients of IT companies
are pressing for renegotiation of contracts primarily
in a bid to reduce prices. Recently, there have been reports
of Infosys experiencing some pricing pressure with a couple
of its large customers. In fact, most foreign broking
houses have recently downgraded the sector citing continued
pricing pressure as one of the major factors affecting
the fortunes of Indian IT companies in the near future.
Infosys shares closed lower by 3.15 per cent at Rs 2672.40
on the BSE with a volume of 2.66 lakh shares. On the NSE,
the stock closed at Rs 2674.20, down by 3.44 per cent
with 7.58 lakh shares being traded. Satyam's shares went
down by 0.92 per cent at Rs 167.30 on the BSE with 29.88
lakh shares being traded and on the NSE, it closed lower
by 1.33 per cent at Rs 167.50 with volumes of 92.27 lakh
shares. The share price of Wipro was down by 2.15 per
cent closing at Rs 805.65 with 2.51 lakh shares being
traded on the BSE. On the NSE, the stock closed at Rs
806.15, down by 2.27 per cent with 5.11 lakh shares being
traded
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Huge
block deal in HDFC
Mumbai: The counter of HDFC was abuzz on Friday
with a huge block deal taking place. According to dealers,
the quantum of the deal was about 66 lakh shares on the
BSE. A prominent FII is rumoured to be involved in the
deal. The volumes subsequently, shot up on the counter.
However, the share price did not reflect the optimism
as selling was witnessed in the counter. Shares of HDFC
closed lower by 0.67 per cent on the BSE at Rs 368.95
with 67.72 lakh shares being traded. On the NSE, the stock
closed lower by 0.35 per cent at Rs 372.45 with 2.02 lakh
shares being traded.
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IOC
shoots up on hopes of good financial show
Kochi: Expectations of good financial performance
by Indian Oil Corporation saw the share hit a 52-week
high at Rs 368 on the Bombay Stock Exchange on Friday.
Brokers said that market talk of the company reporting
a hefty dividend (of Rs 40 per share) saw the counter
gain strength. Oil refinery stocks have been gaining momentum
in the recent past on the bourses on improved prospects
for these companies. The run-up started in the IOC counter
at around Rs 255 levels (April 30) from which point it
has gone up by almost 53 per cent. The stock ended the
day at Rs 355.85 up 7.77 per cent with around 5.09 lakh
shares traded on the BSE. On the National Stock Exchange,
the stock closed at Rs 356 up 8.06 per cent with around
13.44 lakh shares traded.
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Maruti
IPO floor price set at Rs 115 — It's a test case:
Shourie
Mumbai: Roadshows for Maruti Udyog Ltd's (MUL)
IPO got under way here on Friday with the union minister
for disinvestment, Arun Shourie, reminding the assembled
top brass of Suzuki Motor Corporation (SMC) and MUL that
the public float is a `test case'.
"Everybody will now watch what you do with the company.
It is a test case. Please remember, our honour is at stake,
in your hands, because the process of disinvestment will
be judged by the continued success of MUL and the returns
investors get," he said. According to him, the IPO
is an important step to strengthen primary markets. Its
success will set the stage for disinvestment at companies
such as Nalco and BPCL where the Government is looking
at exit routes partly similar to MUL's. At MUL, the Government
is offering to sell 7,22,43,300 equity shares of Rs 5
each at a floor price of Rs 115 per share, constituting
25 per cent of MUL's fully diluted post offer paid-up
capital. At the said price, total issue size works out
to Rs 830 crore.
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Nifty
futures end in discount to spot
Mumbai: With the farther-month August futures just
beginning to trade, the trading activity in the derivative
segment on the National Stock Exchange was subdued on
Friday. The turnover on Friday slipped to Rs 2,855 crore
on Friday as compared to Rs 4,116 crore Thursday's turnover.
(Thursday was the settlement day for May futures). The
Nifty spot closed at 1006.80 points, gaining 4.2 points;
the June futures on Nifty was the most active, as they
turned near-month on Thursday. The June futures closed
the day at 999.35, gaining 2.85 points from its previous
close of 996.50. The contract closed with a discount of
7.45 points to the spot close. Open interest, however,
declined by 2.73 per cent. The July futures closed the
day at 999.20 points, higher by 2.30 and with a discount
of 7.6 points to the spot. Open interest, however, perked
up 58.27 per cent.
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Rupee
ends weak; gilts range-bound
Mumbai: The rupee closed weaker for the third consecutive
day on Friday. It lost three paise to end the day at a
two-week low of 47.0850/1050 against the dollar. The rupee
has lost over 19 paise in the last three days. The month-end
demand from corporates for dollars continued unabated.
"There was genuine demand for the greenback from
oil companies. Also, exporters who has cancelled dollar
forward contracts were seen borrowing large amounts in
the spot market to pay back the cancelled amount to the
bank,'' said a forex dealer in a private bank.
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