Global Markets update 29/03/2011

DJIA Down 22.7 (0.2%) NSDQ Down 12.4 (0.5%) FTSE 100 Up 3.7 (0.1%) Asian Markets as on 8.45 AM  NIKKEI Down 140 (1.47%) HANG SENG Up 6 (0.03) SGX NIFTY Down 5

CARE reaffirms the ratings to Websol Energy Systems' long/medium term facilities

Credit rating agency, CARE has reaffirmed the ‘ CARE BBB-‘ ratings assigned to Websol Energy Systems' long/medium term facilities. The agency has also reaffirmed the assigned ‘PR3’ ratings to the company’s short term facilities.

The aforesaid credit ratings are provided to long / medium term and short term banking facilities availed by the company from its bankers / financial institutions.

Recently, Websol Energy Systems has signed a Joint Venture (JV) pact with Gopika Infrastructure LLP for the development of its land situated at Plot No. 1, Block - GP, Salt Lake Electronics Complex in Kolkata. The said JV agreement will help the company in generating long term value.

Earlier in February, the company had commenced the commercial production of 30 MW with effect from February 21, 2011.

Webel-Sl Energy Systems is a leading producer of Solar Photovotaic Cells and Modules in India. It is one of the fastest growing companies within the solar photovoltaic industry in India with a 30 per cent annual growth rate.  Webel Solar has established the reputation for making highly reliable photovoltaic modules for various domestic and commercial applications.

Simbhaoli Sugars zooms on its plan to hive-off its IMFL and Power biz to the new subsidiary companies

Simbhaoli Sugars is currently trading at Rs. 45.90, up by 3.05 points or 7.12% from its previous closing of Rs. 42.85 on the BSE.

The scrip opened at Rs. 43.85 and has touched a high and low of Rs. 46.00 and Rs. 43.85 respectively. So far 36,356 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 53.80 on 11-Nov-2010 and a 52 week low of Rs. 32.50 on 25-May-2010.

Last one week high and low of the scrip stood at Rs. 46.00 and Rs. 42.00 respectively. The current market cap of the company is Rs. 116.19 crore.

The promoters holding in the company stood at 43.58 % while Institutions and Non-Institutions held 4.51 % and 51.91 % respectively. 

Simbhaoli Sugars (SSL), one of the country’s largest sugar refiners would be hiving off of its Simbhaoli Distillery mainly comprising of its potable alcohol (IMFL) business and Power Businesses to new subsidiary companies. These new companies shall be wholly owned subsidiaries of SSL and will chalk out their own growth plans.

The business of the Simbhaoli Distillery which includes Potable Alcohol Business is being carved out into a separate company. The main objective behind this exercise shall be to achieve growth in potable alcohol business by exploring new business and marketing areas for creation of new brands, their promotion and capacity enhancement. The potable alcohol business has an aggressive growth plan with a back drop of 10 to 12% year on year basis natural growth in domestic drinking alcohol segment.

Presently alcohol manufacturing is carried out in all the three units of the Company namely Simbhaoli Distillery (90 kld capacity), Brijnathpur Ethanol Division and Chilwaria Ethanol Division. The Simbhaoli Distillery business achieved a gross turnover of Rs 316.7 crore in FY10. All the three facilities of SSL have power generation capacities aggregating 64 mwh and two of the units have a capacity to export 34 mwh of surplus power to the State Grid.

The Company has also decided to transfer its existing business of power generation in to a separate entity. The total power generation capacity of the group at present is 64 mwh and is expected to increase to 115 mwh in three years time. New entity will tie up its own financing and implement the project in time bound manner.

Further, the Company is planning to create connectivity to the grid by laying down the transmission lines at its Brijnathpur power unit, with a present capacity o f 8 mwh. Bio mass/ bagasse shall be transferred to the new Company for conversion into steam and power.

Financial Technologies leads the gainer list of ‘BSE IT’ space

Financial Technologies is currently trading at Rs. 816.00, up by 46.85 points or 6.09% from its previous closing of Rs. 769.15 on the BSE.
The scrip opened at Rs. 775.00 and has touched a high and low of Rs. 823.75 and Rs. 775.00 respectively. So far 39,267 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1652.00 on 30-Mar-2010 and a 52 week low of Rs. 689.05 on 28-Jan-2011.
Last one week high and low of the scrip stood at Rs. 823.75 and Rs. 720.00 respectively. The current market cap of the company is Rs. 3723.15 crore.
The promoters holding in the company stood at 45.39% while Institutions and Non-Institutions held 31.34% and 22.90% respectively.
Financial Technologies (India) (FTIL) is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt. The company's flagship product ODIN is used for trading in securities and commodities and accounts for 80% of market share in India.
The company has posted a net profit of Rs 78.79 crore for the quarter ended December 31, 2010 as compared to Rs 61.75 crore for the quarter ended December 31, 2009, up 27.60%.

Usha Martin jumps on raising $125 million via ECB to fund its capex needs

Usha Martin is currently trading at Rs. 61.50, up by 4.70 points or 8.27% from its previous closing of Rs. 56.80 on the BSE.
The scrip opened at Rs. 59.10 and has touched a high and low of Rs. 62.00 and Rs. 58.30 respectively. So far 38,000 shares were traded on the counter.
The BSE group 'B' stock of face value Re. 1 has touched a 52 week high of Rs. 106.95 on 07-Apr-2010 and a 52 week low of Rs. 49.30 on 08-Mar-2011.
Last one week high and low of the scrip stood at Rs. 62.00 and Rs. 52.65 respectively. The current market cap of the company is Rs. 1730.93 crore.
The promoters holding in the company stood at 38.38% while Institutions and Non-Institutions held 50.17% and 9.90% respectively.
Usha Martin has raised $125 million via external commercial borrowing [ECB] from State Bank of India as sole mandated lead arranger and book runner with DBS Bank, State Bank of India [Canada] and The Bank of Tokyo - Mitsubishi UFJ as other participating lenders.
This exercise of company is for parting finance for its capex plans of Rs 1200 crore in order to strengthen its cost competitiveness in steel business and also maintain its global leadership position in the wire and wire rope industry.
Usha Martin is engaged in the manufacturing of wire rods, bright bars, steel wires, specialty wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery. The company was incorporated as a joint venture between Usha Martin Industries and Bihar State Electronics Development Corporation, AEG Kabel, Germany (now Kabelrhydt and a member of the Alcatel group) and DEG, Germany.

Asian markets sustain sanguinity on last trading day of week with a positive start

Asian equity indices ascended this Friday morning as investors continued to pile up positions tracking buoyant leads from Wall Street overnight which went for a smart rally on the back of confident corporate earnings and signs of a stronger job market. Stock markets in Japan have bounced back from the recent downtrend as construction firms gained on optimism that demand will grow as Japan rebuilds after being grappled with a deluge of destruction. The South Korean benchmark climbed over half a percent as Won strengthened to a two-week high on speculations that global economic recovery will withstand Europe’s financial crisis.

Shanghai Composite advanced 16.56 points or 0.56% to 2,963.26, Hang Seng climbed 193.77 points or 0.85% to 23,109.05, Jakarta Composite zoomed 76.12 points or 2.14% to 3,632.35, KLSE Composite rose 4.03 points or 0.27% to 1,517.87, Nikkei 225 jumped 94.13 points or 1.00% to 9,529.14, Straits Times surged 28.20 points or 0.93% to 3,071.23, Seoul Composite increased 12.62 points or 0.62% to 2,049.40 and Taiwan Weighted added 40.39 points or 0.47% to 8,616.79.

FII DII DATA 25/02/2011

Net Index Futures (686), Net Stock Futures (-97), Derivative Market: Total Open Interest (Rs 1,47,554 cr), Stock Futures Open Interest (Rs 34,219 cr)

Indian ADRs Update 25/03/2011

 INFOSYS Up 2.1 (3.2%), WIPRO Up 0.2 (1.5%), ICICI BANK Up 1.3 (2.8%), HDFC BANK Up 3.3 (2.1%)

Global Markets update 25/03/2011

DJIA Up 84.5 (0.7%) NSDQ Up 38.1 (1.4%) FTSE 100 Up 85 (1.5%) Asian Markets as on 8.45 AM  NIKKEI Up 94 (1%) HANG SENG Up 207 (0.9) SGX NIFTY Up 34

Domestic markets may extend the rally mood with positive start

The Indian markets despite a dull day of trade were able to garner gain of about a percent in previous session, not only the blue chips but the broader markets too participated equally in the rally. All the rate sensitive’s gained despite the inflation returning into double digit, food price index rose 10.02% on annual basis during week-ended March 12, as compared with 9.42% recorded in the previous week. Today the start is likely to be good on sanguine global cues; also the Finance Minister Pranab Mukherjee has said that it would be possible to maintain inflation at a moderate level on account of measures taken by the government. He further said the Centre and the states have to work collectively to remove supply bottlenecks, a move to tame inflation. Meanwhile, India is expected to see 5.4 per cent growth in the farm sector in the current fiscal 2010-11. In the Annual Report of the Department of Agriculture and Cooperation under Ministry of Agriculture, the department has expressed satisfaction over the growth of investment and capital formation in agriculture in the recent past. However, the PSU oil marketing companies are not likely to get any respite soon, as the international crude prices are continuing to remain at elevated levels while it has been reported that the government has no plans to raise petrol and diesel prices until the completion of elections in some states.

The US markets added strength on Thursday supported by strong corporate earnings and fall in jobless claims data indicating the labor market is healing and employers may be stepping up hiring. Most of the Asian markets have made a good start with Japanese leading the pack as construction firms gained on optimism that demand will grow as Japan rebuilds after its worst earthquake.

Back home, it turned out to be a stable day for the Indian benchmarks which sustained sanguinity for the third successive session and climbed well over half a percent point and managed to get the better of the crucial support levels. Optimistic cues from across the globe underpinned the investors’ conviction locally as they overlooked the worrisome food inflation numbers which increased for the second consecutive week ended March 12. After early weakness, the crude oil prices bounced back due to rising fears over supply disruptions as Gaddafi denied surrendering to Western forces in any circumstances and data showing US gasoline stocks fell more than expected in the week to March 18. While marketmen remained of the belief that spiraling oil prices and towering inflation numbers are going to make it difficult for an emerging market like India to log higher than expected growth regardless of scoring higher on the GDP scale. The decline in index heavyweight Reliance which shaved off around a quarter percent point was off-set by the upsurge in rate-sensitive counters. The NSE’s 50-share broadly followed index Nifty, which traded below 5,400 levels three sessions ago, ricocheted above the crucial 5,500 support level while Bombay Stock Exchange’s Sensitive Index, Sensex garnered close to one hundred fifty points and regained the psychological 18,350 mark. The broader markets too traded on healthy note and performed in tandem with their larger peers. Earlier on Dalal Street, the benchmark got off to a gap up start as leads from the global front underpinned regional sentiments. Optimistic close on Wall Street, in-line growth in New Zealand’s Q4 GDP numbers, and the marginal wilt in crude oil prices filliped investors’ mood as they overlooked the weakness in Japanese markets which fell on worries over parts shortage and production halt. The frontline indices traded in a narrow band through the day’s trade led by gains in realty and auto stocks. The fifty stock nifty slipped below the crucial 5,500 level in the early moments of second half but recovered immediately to eventually settle around the high point of the day because of sustained buying interests across the board. Finally, the BSE Sensex surged by 144.58 points or 0.79% to settle at 18,350.74 while the S&P CNX Nifty climbed 42.15 points or 0.77% to end at 5,522.40.

The US markets went for a smart rally on Thursday on the back of confident corporate earnings and signs of a stronger job market. Earnings growth has been strong across US companies and Software company Red Hat Inc., chip maker Micron Technology Inc. and Chef Boyardee maker ConAgra Foods Inc. all reported profits that beat expectations. There was good news from the jobs market too; government said fewer people applied for unemployment benefits last week.

The Labor Department reported that the number of people seeking benefits dropped 5,000 to a seasonally adjusted 382,000 in the week ended March 19, the fourth drop in the past five weeks. The four-week average, a less volatile measure, fell to 385,250, the lowest since July 2008. However, in a disappointment the Commerce Department separately released February durable goods orders data, which showed companies trimmed their orders for long-lasting manufactured goods, signaling business investment falling for a second month.

The Dow Jones industrial average gained 84.54 points, or 0.70 percent, to close at 12,170.56. The Standard & Poor's 500 index rose by 12.12 points, or 0.93 percent, to 1,309.66, while the Nasdaq composite index closed higher by 38.12 points, or 1.41 percent, to 2,736.42.

Crude prices edged up on Thursday in a choppy trading as Middle East unrest and the Libya conflict raised concerns about supply disruption supporting the prices, while euro zone debt problems weighed on Brent prices. Though, Portugal is unlikely to ask the European Union for a financial bailout during an EU leaders' summit, but it cannot be ruled out. There were mixed economic reports, the durable goods report offset a report showing US initial jobless claims fell.

Benchmark crude for May rose 22 cents or 0.2 percent to $105.97 a barrel, after trading from $105.11 to $106.69 on the New York Mercantile Exchange. In London, Brent crude for May rose 17 cents to settle at $115.72 a barrel on the ICE.

TCS, Infosys and Engineers India to witness some action today

Shanghai Rural Commercial Bank in China selected Tata Consulting Services' (TCS) core banking solution Bancs to achieve competitive advantage by introducing new products and manage transformation.

Film content developer and aggregator, Eros International Media, is eyeing 35% growth in its bottomline for FY12 as it will focus more on profitability than its top line.

Improper evaluations by ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC) while investing in assets abroad has resulted in a losses of nearly Rs 2,300 crore, the government auditor CAG said.

Kotak Mahindra Bank launched Interbank Mobile Payment Service (IMPS) for its customers. With this facility, customers will enjoy 24x7 instant funds transfer, thereby enabling the beneficiary to avail of the credit immediately.

Infosys Technologies is planting the seeds for a long-term IT services play in the African continent.

In its maiden foray into the fertiliser sector, state-owned Engineers India will take up equity in the Rs 4,000 crore revival of the Ramagundam urea plant in Andhra Pradesh.

The Environment Ministry's expert appraisal committee has given conditional permission to Lavasa Corporation to complete pending construction work on 257 residential buildings in the 3,000-crore planned hill station township. The incomplete buildings are located in a 614 hectare area of the proposed hill town.

Steel pipe maker PSL will commission its second pipe mill of 75,000 tonne a year capacity at Sharjah in May as the company is anticipating strong demand from West Asia in the coming months.

Aegis Logistics has issued 6.3 per cent stake to private equity fund Infrastructure India Holdings Fund LLC on a preferential basis.

The Central Bank of India plans to raise Rs 2,500 crore through a rights offering at a discount to the market price as its dominant shareholder, the government, sets about infusing capital in state-run banks.

Bharti Airtel, India's top telecoms carrier, has no immediate plans for an initial public offering of its telecoms tower unit.

Bhilai Steel Plant (BSP), the flagship entity of the Steel Authority of India (SAIL), has bagged a fresh order of exporting rails to Sri Lanka.

Tanishq, the jewellery retail business of the Tata group, is planning to invest around Rs 150-200 crore in setting up around 15 showrooms in various parts of the country in the next fiscal year.

PowerGrid Corporation of India (PGCIL), the country’s largest power transmission utility, will submit a revised offer for consultancy project in Nigeria and expects to finalise a deal in the next two to three months.

Less than a year after 'Munni Badnaam Hui' song helped pushed Zandu Balm sales, Emami wants something similar for its Himani Navratna extra thanda hair oil, and it's funding the entire cost of a Bhojpuri film song that will mention the brand.

Tulip Telecom promoter firm Cedar Infonet has increased stake in the company to 33.16%.

GAIL (India) has set a target of transmitting 118.2 mmscmd of natural gas from domestic sources and through LNG route during FY 2011-12 under the annual memorandum of understanding signed with Ministry of Petroleum & Natural Gas for performance targets for the financial year 2011-12.

Usha Martin has raised $125 million via external commercial borrowing [ECB] from State Bank of India as sole mandated lead arranger and book runner with DBS Bank, State Bank of India [Canada] and The Bank of Tokyo - Mitsubishi UFJ as other participating lenders.

BHEL has won a contract from PowerGrid Corp along with Swedish firm ABB for supplying equipment for the construction of a transmission link

Mahindra & Mahindra, country's largest utility vehicles maker, will invest more than Rs 300 crore in a new tractor plant in Andhra Pradesh.

Greycells Education flagship brand EMDI Institute of Media and Communication (EMDI) receives the 'Chanakya Awards - 2011' for 'Business Communication School of the year' from Public Relations Council of India (PRCI).

Dhunseri to commence construction work on Egypt plant

Dhunseri Petrochem and Tea will start construction of its PET Resin manufacturing unit in Egypt by June. The company has put on hold its plans to start construction because of the political instability after an uprising in that country, which put an end to the 30-year-old rule of Hosni Mubarak.
The plant will be built with an investment of about $160 million and will have the capacity of about 420,000 tonnes per annum (TPA).

NTPC plans to raise $500 mn through dollar denominated bonds

The country’s largest power producer National Thermal Power Corporation (NTPC) is looking tap foreign markets to raise as much as $500 million through dollar denominated bonds. The proceeds are to be used to fund its plan to add 5,000 mw capacity next fiscal. It is also planning to raise funds through tax-free bonds in the country.
On the hand, the company is discussing the plans with the investment bankers and will unveil the final details in the coming weeks. The company has big plans for its coal and gas based power plants and is also trying to acquire coal assets abroad.
Recenlty, it has commissioned unit 6 of 500 MW of Farakka Super Thermal Power Station. Following the commissioning, the total capacity of the company has become 33,694 MW. With the coming of unit 6, the total installed capacity of Farakka Super Thermal Power Station has become 2,100 MW. Recently, the company had started Stage-III commercial operation at Unit-VII of 500 MW of Korba Super Thermal Power Project with effect from March 21, 2011.
NTPC posted a marginal increase of 0.27% in its net profit of Rs 2371.48 crore for the quarter ended December 31, 2010 as compared to Rs 2364.98 crore for the quarter ended December 31, 2009. Its total income has increased from Rs 11961.31 crore for the quarter ended December 31, 2009 to Rs 14165.90 crore for the quarter ended December 31, 2010

ABB bags contract worth $900 million from Power grid

ABB has bagged a contract worth $900 million from Power Grid Corporation of India to build an electricity highway of more than 1,700 kilometers long in India, reflecting the unabated demand for power in emerging markets that has been a boon to the Swiss electrical-engineering giant during the economic crisis.
Besides ABB, Indian government-owned Bharat Heavy Electricals (BHEL) will also participate in the project, which uses ABB’s cutting-edge, long-distance power technology that may have been the key trigger in ABB's success to outbid rivals.
This will be world’s first 800 kV, 6,000 MW Ultra High Voltage Multi-terminal DC transmission link. The link comprises three converter terminals and a power transmission system with a built in capacity of up to 8,000 MW which is the largest HVDC transmission system ever built. In financial terms, this is the largest order finalized in T&D sector anywhere in the world and is valued at Rs 1,590 crore. The 800 kV North-East Agra UHVDC link will have a capacity to transmit up to 6,000 MW of clean hydroelectric power from the North-East Region of the country to Agra across a distance of 1,728 kilometers.
ABB reported a decline of 93.82% in net profit of Rs 6.77 crore for the quarter ended December 2010 compared to Rs 109.61 crore in the same quarter last year. Total income for the quarter increased 8.80% to Rs 2074.60 crore compared to Rs 1906.78 crore in the same quarter last year.

Government-run Union Bank of India (UBI) which is aiming to expand its overseas business is likely to get regulatory approval in the next six months. It is planning to set up a subsidiary in the United Kingdom and a branch in Australia and Belgium. However, the bank has already got approval from RBI for setting up operation in these countries. It plans to open a branch in Antwerp, Belgium and Sydney, Australia. The bank also plans to open a subsidiary in UK, which can cater to customers in the European region. Presently, the bank has representative offices in Sydney and London. Apart from this, the bank has a full-fledged branch in Hong Kong. The branch carries out normal commercial banking operations like acceptance of deposits, trade finance, external commercial borrowing (ECBs) and syndicated loans.

Government-run Union Bank of India (UBI) which is aiming to expand its overseas business is likely to get regulatory approval in the next six months. It is planning to set up a subsidiary in the United Kingdom and a branch in Australia and Belgium.
However, the bank has already got approval from RBI for setting up operation in these countries. It plans to open a branch in Antwerp, Belgium and Sydney, Australia. The bank also plans to open a subsidiary in UK, which can cater to customers in the European region.
Presently, the bank has representative offices in Sydney and London. Apart from this, the bank has a full-fledged branch in Hong Kong. The branch carries out normal commercial banking operations like acceptance of deposits, trade finance, external commercial borrowing (ECBs) and syndicated loans.

Mahindra Satyam sets up NMS for Nimsoft

Mahindra Satyam has set up the Nimsoft Monitoring Solution (NMS) on its Unified Service Management Platform (USMP) - a managed services platform developed to optimize client infrastructure performance and service levels for Nimsoft. The company leverages the multi-tenancy and online reporting capabilities of NMS to provide mid-market and on-demand/managed hosting clients with cost-effective, enterprise-class monitoring services.
NMS combines a highly-scalable cloud monitoring platform with customizable portals to help USMP meet the scalability, complexity and service performance requirements of its clients’ enterprise IT service demands. With its combination of comprehensive coverage, ease of use, and scalability, NMS enables organizations to leverage existing and emerging technologies and services, with unprecedented agility and ROI.
Mahindra Satyam is leading information, communications and technology (ICT) company providing top-class business consulting, information technology and communication services. It is part of the $7.1 billion Mahindra Group, a global industrial federation of companies and one of the top 10 business houses based in India.

NMDC likely to acquire the US coal mine for building steel plants

NMDC, the state-owned miner is looking to acquire a coal mine in the US for building steel plants in Chhattisgarh and Karnataka. It is reported that the company is in talks with the promoters of midsized coking coal mines in Pittsburg and Alabama to do due diligence part.

The company is keen to secure coal for its captive needs as it gets ready to build a steel plant in Chhattisgarh and another in Karnataka through a joint venture with Russia's Severstal. For the Karnataka plant, NMDC had inked a pact with Russia's leading steel maker OJSC Severstal in December last year to jointly set up a steel plant with an initial capacity of 2 million tons per annum, expandable to 5 million tons per annum later at an estimated cost of Rs 25,000 crore.

The Chhattisgarh plant, which is the first steel venture of the company with 3 million tons per annum capacity, being constructed at a cost of Rs 15,500 crore, is expected to be operational by 2014, while the constructions work of the proposed 2 million tons per annum steel plant in Karnataka is expected to begin in 2012.

The company is also in talks with Tata Steel to ink an equal joint venture for setting up a 2 million tons per annum steel plant at Bastar in Chhattisgarh.

Godrej Consumer Products commences commercial production at Guwahati Factory

Godrej Consumer Products has commenced commercial production of personal care products at its factory at Plot no. 52, Brahmaputra Industrial Park, Dol Gobinda Mandir Road, Village Sila, Guwahati on March 23, 2011.
Recently, Sara Lee Corporation has terminated Godrej Household Product’s (GHPL), a 100% subsidiary of Godrej Consumer Products license for Kiwi (shoe care) and Kiwi Kleen brands in India and Sri Lanka with effect from April 3, 2011. Consequently, Sara Lee will pay a consideration of Rs 177 crore to Godrej Household Product.
Also in an effort to battle mounting raw material costs, personal care products maker - Godrej Consumer Products (GCPL) is planning to hike soap prices by 4-5% starting in month of April.
On consolidated basis, the group has posted a net profit of Rs 118.82 crore for the December 2010 quarter as compared to Rs 85.12 crore for the December 2009 quarter, up 39.59%.

Unitech soars on selling 300 housing units of mid-income housing project

Unitech is currently trading at Rs 38.45, up by 1.50 points or 4.06% from its previous closing of Rs 36.95 on the BSE.

The scrip opened at Rs 37.50 and has touched a high and low of Rs 38.70 and Rs 37.25 respectively. So far 22,00,562 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 98.45 on 07-Oct-2010 and a 52 week low of Rs 30.70 on 25-Feb-2011.

Last one week high and low of the scrip stood at Rs 38.70 and Rs 35.90 respectively. The current market cap of the company is Rs 9876.54 crore.

The promoters holding in the company stood at 48.57% while Institutions and Non-Institutions held 36.28% and 15.15% respectively.

The country’s largest realty firm Unitech has sold over 300 units worth Rs 200 crore in its Unitech South Park project in Gurgaon launched last week. The company has received over 300 bookings, garnering almost Rs 200 crore in its mid-income housing project.

Realty firm had announced in February that it plans to make available 10 million sq ft (msf) of area in the next few months with an estimated construction cost of Rs 1,500 to 2,000 crore. In February last week, Unitech had also launched a township project in Rewari in Haryana with an estimated construction cost of Rs 55 crore.

The company has reported a net profit of Rs 111.36 crore for the quarter ended December 31, 2010 down by 36.73% as compared to Rs 176.01 crore for the quarter ended December 31, 2009. Its net sales / income from operations has decreased by 14.80% to Rs 659.79 crore for the quarter ended December 31, 2010 from Rs 774.46 crore for the quarter ended December 31, 2009.

Unitech is a real estate development company with over three decades of experience; today it has a market capitalization of nearly USD 6 billion. Unitech is engaged into development of residential, commercial/Information Technology (IT) parks, Retail, Amusement parks, Hotels and Special Economic Zones. It has also forayed into wireless telecommunication business. In this 60% stake amounting to Rs 6,120 crore has been brought by Norway-based Telenor, the world's seventh largest telecom operator with a subscriber base of about 159 million

Pipavav Shipyard in green on receiving Foreign Investment Promotion Board’s approval

Pipavav Shipyard is currently trading at Rs. 79.55, up by 1.15 points or 1.47% from its previous closing of Rs. 78.40 on the BSE.

The scrip opened at Rs. 79.40 and has touched a high and low of Rs. 80.50 and Rs. 79.05 respectively. So far 2,85,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 119.95 on 30-Aug-2010 and a 52 week low of Rs. 61.60 on 29-Mar-2010.

Last one week high and low of the scrip stood at Rs. 83.60 and Rs. 77.90 respectively. The current market cap of the company is Rs. 5303.08 crore.

The promoters holding in the company stood at 45.00% while Institutions and Non-Institutions held 20.50% and 34.51% respectively.

Pipavav Shipyard has received clearance from Foreign Investment Promotion Board (FIPB), Ministry of Finance and Government of India which permits foreign direct equity investment. The company has also obtained all statutory clearances required for warship building for defence sector.

All statutory clearances required for warship building for defence sector is been obtained by the company. With this clearance the company will be able to bid for all the future warship projects like frigates, destroyers, aircraft carriers, LPDs, submarine, corvettes etc., of Indian Navy.

Recently, Ovira Logistics has acquired 5.11 crore shares or about 7.7% stake in Pipavav Shipyard at Rs 80.83 a share under bulk deal on Monday. Infrastructure Leasing and Financial Services, IL&FS Financial Services and IL&FS Employee Welfare Trust sold the shares.

Pipavav Shipyard’s principal activity is to set up shipyard project. It is the sole sponsor of training at two Industrial Training Institutes (ITIs) situated at Rajula and Mahuva, Gujarat, in the vicinity of the company's shipyard.