Glodyne Technoserve recommendes bonus issue of equity share…
The board of Glodyne Technoserve has recommended bonus issue of equity shares in ratio of 1 equity share of the company of Rs 10 each for every 1 equity share of the company held by the shareholders of the company.
This was recommended at the board meeting held on 30 June 2009.
- MM Forgings Recommended Bonus Issue - Ratio of 1:1
- Valecha Engineering to Allot Bonus Issue
- Dolphin Offshore recommends bonus share 2:5 & 30% dividend…
- Shipping Corporation on good Q1 numbers and bonus issue
- Bonus Issue of GMDC [Gujarat Mineral Development Corporation Ltd]
AIG shares fall down 20% 0n 1for 20 reverse stock news…
American International Group Inc shares fall down nearly 20 percent on Wednesday following a 1-for-20 reverse stock split by the troubled insurer.
- The shares were down $4.53, or 19.5 percent, to $18.67 in early-afternoon trade on the New York Stock Exchange.
- The reverse split was approved at the AIG annual meeting on Tuesday. The shares closed at a pre-split $1.16 on Tuesday.
- Investors who had adjusted to the stock trading for “a dollar and change” might be thrown by the seemingly higher valuation and push it down, he added.
- Before the split, the shares had traded below $2 for much of the year, weighed down by the company’s nearly $100 billion in losses last year and a taxpayer bailout that left the U.S. government owning a nearly 80 percent stake in the company.
- The shares also fell sharply on Tuesday after Chief Executive Ed Liddy said at the annual meeting that he could not give any assurance that the shares would ever recover or that the U.S. government would ever relinquish its majority ownership of the company.
AIG disclosed its plans for the reverse stock split in a regulatory filing on May 21, but the news was overshadowed by an announcement that same day that Liddy planned to step down as CEO and chairman once successors were found.
- Share price fall on reverse stock split of GM….
- Mind Tree corporate restructuring (split business into 5 units)
- NHPC 1670 crore IPO by August in market….
- Max property group is planning IPO - US$ 230-300 million…
- Time Warner Cable stock split
Kabirdas motor company to raise 60cr IPO…
Chennai-based Kabirdass Motor Company, which sells Xite electric scooters, is planning to raise Rs 60 crore through an IPO. The issue will be open in 45 to 60 days, said Mr Murali Kabirdass, Managing Director.
· The fund-raising is primarily meant to set up a manufacturing facility with two-lakh-unit capacity at Sriperumbudur near Chennai. The project cost is Rs 102 crore. A Rs 20-crore loan from Union Bank and Rs 20 crore through equity funding will meet the rest of the project cost. The new facility is expected to be operational in eight to 10 months.
· The company – which makes four 250-watt scooters and one 1,500-watt scooter – has 33 dealers spread across Tamil Nadu, Karnataka and Andhra Pradesh. Kabirdass Motor plans to expand its dealership network to other States, including Kerala and Maharashtra.
· Since its inception in February 2007, the company has sold around 2,000 electric scooters, of which 90 per cent were in rural Tamil Nadu. The target buyers of its 250-watt variants are teenagers who typically travel less than 20 km a day. A driving license is not required to ride this low-power scooter.
· The company is in talks with a few European electric vehicle makers to acquire the licence to manufacture and market their products in India.
· The company is also in talks with Exide Industries and Amara Raja, which are developing batteries for electric vehicles. Indian electric vehicle makers depend on Chinese companies for batteries.
- Automaker coming with IPO 100CR after Adani power in ths fiscal..
- Hatsun Agro Stock Split on Cards
- Hatsun Agro Product Spurts on Stock Split Proposal
- NHPC Ltd plans with its IPO only after market stabilises..
- Anil Ambani-Reliance Communication and MTN Deal Called Off
JSW Group plansIPO for its Cement & Energy companies…
The JSW group may revive its initial public offering (IPO) plans for its two companies, JSW Cement and JSW Energy.
- The group is reworking on draft red herring prospectuses (DRHPs) and may hit the market in a year..
- JSW Energy is looking to raise Rs 5,000 crore from the stock market to fund its Rs 12,000 crore, 4000 mw power plant projects.”Work on DRHPs is on.
- However, Seshagiri Rao, joint managing director and group CFO, JSW Steel, said, “We don’t want to hurry, and first want to see some IPOs going through the market successfully.” He said that the sustainability has to be seen before going forward with the IPOs.
- Moreover, market dynamics are changing very fast. So, they are in plan of thinking on it.
- NHPC Ltd plans with its IPO only after market stabilises..
- HDFC Standard Life IPO Anytime Soon?
- JSW Energy IPO of JSW Group will wait for better market conditions
- Godrej IPO on hold…
- L&T Enjoys New Orders worth Rs. 1687 Crore
GEE recommendes second bonus issue 1:4 after jan 1:5 Issue…
At the time of announcing results, the board of directors of the company recommended a 1:4 bonus. This is the second bonus issue from GEE in 2009. The company had issued a 1:5 bonus in January 2009. On BSE, 18,030 shares were traded in the counter. The stock had an average daily volume of 5,654 shares in the past one quarter.
- The stock hit a high of Rs 73.50 and a low of Rs 70.20 so far during the day. The stock hit a 52-week high of Rs 79 on 5 June 2009 and a 52-week low of Rs 25 on 28 October 2008.
- The small-cap stock had underperformed the market over the past one month till 29 June 2009, rising 0.29% as compared to the Sensex’s return of 1.10%. It had outperformed the market in the past one quarter, jumping 118.07% as compared to the Sensex’s return of 47.14%.
- The company’s current equity is Rs 3.78 crore. Face value per share is Rs 2.
- The current price of Rs 71 discounts the company’s Q3 December 2008 annualized EPS of Rs 0.54, by a PE multiple of 131.48.
- GEE’s total income rose 65.51% to Rs 122.05 crore in the year ended March 2009 over the year ended March 2008.
- The company is engaged in manufacturing welding rods and welding wires. Its product include mild steel, low hydrogen, cast iron, non-ferrous, cutting and chamfering, hard facing, high tensile, stainless steel, filler wires, tubular and provides maintenance services.
- Indiaco Ventures record dates for 5 for 1 stocksplit & 1:1 bonus issue
- KGN Industries - Stock Split news….
- VST Tiller Tractor announces Stock split…
- Good Luck Steel Tubes fix date for 5:1 stock split -stock market high
- Austral coke shines after stock split news…
VST Tiller Tractor announces Stock split…
BSE Sensex was up 105.04 points, or 0.71%, 14,869.68 today. This is the second bonus issue from VST Tiller Tractors (the company is engaged in the manufacture of power tillers, tractors and diesel engines). The company had issued a 1:2 bonus in October 1998.
- VST Tiller Trcators On BSE, 69,472 shares were traded in the counter. The stock had an average daily volume of 12,862 shares in the past one quarter.
- The stock hit a high of Rs 284.40 so far during the day, which is the 52-week high for the counter. The stock hit a 52-week low of Rs 88 on 27 October 2008.
- The small-cap stock had outperformed the market over the past one month till 26 June 2009, gaining 41.48% as compared to the Sensex’s return of 8.65%. It had also outperformed the market in the past one quarter, jumping 112.08% as compared to the Sensex’s return of 47.60%.
- The company’s current equity is Rs 5.76 crore. Face value per share is Rs 10.
- The current price of Rs 281.05 discounts the company’s Q4 March 2009 annualized EPS of Rs 73.13, by a PE multiple of 3.84
- VST Tiller Tractors’ net profit surged 108.1% to Rs 10.53 crore on 40.3% rise in net sales to Rs 81.51 crore in Q4 March 2009 over Q4 March 2008.
- GEE recommendes second bonus issue 1:4 after jan 1:5 Issue…
- Hatsun Agro Product Spurts on Stock Split Proposal
- Austral coke shines after stock split news…
- Aro Granite Bonus Issue Approved
- KGN Industries - Stock Split news….
Dena Bank - 10% Upside in 3 months
Investment rationale
Branch distribution in rich belts helps CASA accumulation
For FY09, CASA for the bank stood at 36%. This is still one of the best in the small PSU banking universe. The major reason for such a consistently high CASA ratio is that majority of its branches are located in the western region especially in Gujarat and Maharashtra with a tally of 480 and 242 branches, respectively. Out of 1184 branches in FY09, these branches are CASA rich by nature.
Value buy even after recent run up
Let us consider a stress case scenario where all the GNPA for the bank turns bad. Assuming the GNPA to be at 2.6% for FY10E and 2.2% for FY11E at Rs 890 crore and Rs 953 crore, respectively, the adjusted net worth of the bank stands at Rs 2521 crore for FY11E, resulting in ABV of Rs 65 per share after considering a dilution in FY10E. We believe the stock can command 0.9x ABV (stress case) of Rs 65. We value the stock at Rs 58.5 per share.
Business momentum to stay steady, recapitalization expected in FY10E
The total business for the bank crossed Rs 72000 crore for FY09. The bank expects total business of around Rs 125,000 crore, by FY12E owing to its branch expansion plans and by enhancing efficiencies in its existing network. However, we feel the economic slowdown will delay the plans by a couple of years. We expect the total business to cross Rs 100000 crore in FY11E. We have considered recapitalization of Rs 500 crore from the GoI, which currently
owns 51% in the bank. This will lead to future balance sheet growth in FY10E.
- Bank of Baroda- Satyam Scam…
- Indian Bank - Possible Upward Move in Coming Days
- GTC Industries - Excellent Bet with Virtually No Downward Risk
- PSU banking stocks down on Union Budget 2008
- Good Stock pick @1550- BHEL
Adani Power ltd(APL) to hit market with IPO in July…
Adani Power Ltd (APL) is likely to hit the capital market in the third week of July to collect over Rs 2,000 crore, depending on the price band, to part-fund its projects.
- APL proposes to offer 33.77 crore shares, out of a total of 228 crore, with a face value of Rs 10 a share, the price band (premium) for which is yet to be fixed. DSP Merrill Lynch is the global coordinator and book running lead manager while Karvy Computershare is the registrar. The company’s shares are to be listed on the BSE and the NSE.
- APL synchronised the first unit of 330 MW at the imported coal-fired plant in Mundra, Kutch, on May 23. Earlier, a UK-based private equity fund had bought 8 per cent equity in APL, whose promoters have invested around Rs 3,500 crore in the project and tied up debt of nearly Rs 22,670 crore. The company, which started commercial power production last month, supplies electricity to the grid.
- With the economic recession making the market volatile and reducing the demand for electricity, APL had to scale down its ambitious power production plans from 9,900 MW last year to 6,600 MW. This brought down the Adani’s proposed investments from Rs 43,139 crore to Rs 28,710 crore.
- APL’s Rs 5,630-crore IPO to part-fund the projected target of 9,900 MW, planned for October-November 2008, was postponed due to the volatility in the market. APL, a subsidiary of Adani Enterprises Ltd, had planned four coal-based power generation stations for generating 9,900 MW.
- These included Mundra (4,620 MW) and Dahej (1,980 MW) both in Gujarat, Tiroda (1,980 MW) in Maharashtra and Kawai (1,320 MW) in Rajasthan, involving an investment of Rs 43,139 crore at the current rate of Rs 4.35 crore a MW.
- Adani Power filed with SEBI for IPO - Adani Group..
- NHPC Ltd plans with its IPO only after market stabilises..
- Mundra Port and SEZ Bounces today by 20% After Supreme Court’s Result
- Adani Power to raise USD 1 billion via IPO
- Kiri Dyes and Chemicals IPO subscribed 46% by end of third day
Mahindra Holidays & Resorts IPO subscribed 100% on final day…
The initial public offer of Mahindra Holidays & Resorts, through which it is expecting to raise up to Rs 301 crore, got fully subscribed on the final day of offer on Friday. It was subscribed 20% on day one, 40% on day two & 100% on final day.
- The IPO of the hotel chain arm of the Mahindra & Mahindra Group received bids for over 1.39 crore equity shares within the first hour of trade, representing 1.51 times the shares on offer, latest data available on the stock exchanges show.
- The company had come out with an IPO of 92.65 lakh shares. The price band for the issue has been fixed between Rs 275 and Rs 325. The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.
- The company plans to utilise the issue proceeds in business expansion, which includes setting up of new projects.
- Marketmen believe the response from investors would signal whether the country’s IPO market is heading for recovery or not as it would give a clear picture of the investment appetite in the current scenario.
- Yesterday, the IPO received bids from the institutional investors, which include Qualified Institutional Buyers (QIBs) and Foreign Institutional Investors (FIIs) and non-institutional investors, comprising corporates and individuals, with their portion getting over subscribed.
However, retail investors showed resilience and preferred to stay away from investment till yesterday.
- Mahindra Holidays IPO subscribed 40% second day of issue…
- Mahindra Holidays & Resort IPo subscribed 20%..
- Aishwarya Telecom IPO subscription details
- Titagarh Wagons IPO Subscription Details at the end of Third Day
- Gammon Infra IPO Subscription Details
Mahindra Holidays IPO subscribed 40% second day of issue…
- Mahindra Holidays & Resorts initial public offer (IPO) got subscribed 40 per cent on the second day of its issue on Wednesday with most of the bids coming in from institutional investors.
- The issue received bids for 37.21 lakh shares, representing 0.40 times of the shares on offer, as per data available with the National Stock Exchange.
- The price band for the issue has been fixed between Rs 275 and Rs 325 per equity share.
- Qualified institutional buyers, which include foreign institutional investors (FIIs) and mutual funds, subscribed 63 per cent of the 55.59 lakh shares reserved for them, the NSE data shows.
- The issue received 1.85 lakh bids (0.06 times) from the retail institutional investors, for which the company has reserved 27.79 lakh shares.
- The company has come out with an IPO of over 92.65 lakh shares and the issue would close on June 26.
- Mahindra Holidays & Resort IPo subscribed 20%..
- Mahindra Holidays & Resorts IPO subscribed 100% on final day…
- Titagarh Wagons IPO Subscription Details at the end of Third Day
- Aishwarya Telecom IPO subscription details
- Kiri Dyes and Chem IPO subscribed 1.43 times, Fixes Issue Price at Rs 150
