NTPC issue likely to hit market by March 2004
New Delhi: National Thermal Power Corporation's (NTPC) proposed initial public offering of Rs 400 crore is slated to hit the domestic market by March next. "We will be in the market by March 2004," NTPC chairman and managing director C P Jain said. The power ministry has circulated a cabinet note for NTPC's IPO, amounting to 5 per cent of its equity, to the various other ministries for their comments, sources were quoted as saying.

NTPC's domestic issue will be followed by an overseas issue for enhancing the equity by another 5 per cent. The company has recorded a turnover of Rs 19,984.58 crore and a net profit after tax of Rs 3,607.57 crore during 2002-03. For the corresponding period last year, the company recorded a turnover of Rs 18,594.18 crore and a net profit of Rs 3,539.62 crore. This translates into a 7.4-per cent rise in turnover and a 1.9-per cent rise in net profits.
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Hikal improves on placement talk
Mumbai: Hikal's counter has been gaining constantly. Even on Thursday the stock was locked in the 10 per cent upper circuit and closed at Rs 445.65 on the BSE with volumes of 12,810 shares. On the NSE, the stock closed at Rs 443.75, with volumes of 9,043 shares. The rise in the stock price is attributed to the company's plans to focus equally on the agro-chemicals and pharma business, say reports.

Currently agro-chemicals contribute most of the revenues and profits. The talk is that the revenue from pharma business will be around 50 per cent in the next two-three years. Another factor for the increased interest is that the company is planning to place around 10 per cent of the equity to various institutional investors at a price higher than the ruling market price. This is being done mainly to improve liquidity in the stock.
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SAIL improves on second quarter hopes
Mumbai: At a time when steel prices are on the rise, market players have again started accumulating the stock of Steel Authority of India (SAIL). Dealers were quoted as saying that despite the sharp rise in the stock price of the company's stocks, several institutional investors have again started entering the stock. In the last one month, the stock after touching high of Rs 61 has fallen to low of Rs 32.

The increased interest is mainly on expectation of good second quarter financial performance of the company. After the turnaround of the company in the last fiscal, the stock has been on an upward move. Talk is that the company to report a net profit of around Rs 1,000 crore for the six months period. Dealers said there is possibility of further rise in the steel price next month and this is also attracting market players to the stocks.
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Shasun preferential allotment gets shareholders' nod
Chennai: Shareholders of Shasun Chemicals and Drugs approved a preferential allotment of up to 9.40 lakh equity shares of Rs 10 each at a price of Rs 244 to the US-based GMO Emerging Markets Fund. Company officials said GMO's equity stake in the company will be about 10 per cent, and that of the promoters' would slip to approximately 42 per cent from the present level of 46 per cent. Shasun's shares trade around Rs 321 at present.

The preferential allotment agreement was reached last month, and the company stands to raise around Rs 23 crore through the offer (around 32 per cent of the shareholders' funds in March 2003). S Abhaya Kumar, joint managing director, had earlier said: "Various FIIs had been discussing (investment) with us." The GMO offer came by suddenly, he added. Earlier, Shasun was engaged in a discussion with CDC Capital to place equity, but a deal failed to materialise.
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Rupee down
Mumbai: The rupee closed at 45.87/88 on Thursday, eight paise down from Wednesday's closing levels of 45.7950/8050 against the dollar. The rupee was in the range of 45.81-45.83 range all day until the fag end when it dipped to 45.87/88 levels.

Banks came to buy turning cautious before the month-end and built long positions although there was no genuine corporate demand for the greenback, say reports. The domestic currency had opened the day at 45.82/83 and hit an intra-day high of 45.81 against the dollar.
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