Andhra Pradesh Paper Mills touches the roof on International Paper's plan to acquire 53.5% stake in it

Andhra Pradesh Paper Mills is currently locked at its upper circuit limit of Rs. 236.15, up by 39.35 points or 19.99 % from its previous closing of Rs. 196.80 on the BSE.

The scrip opened at Rs. 236.15 and has touched a high and low of Rs. 236.15 and Rs. 236.15 respectively. So far 9,781 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 244.00 on 06-Sep-2010 and a 52 week low of Rs. 76.50 on 31-Mar-2010.

Last one week high and low of the scrip stood at Rs. 236.15 and Rs. 172.20 respectively. The current market cap of the company is Rs. 939.17 crore.

The promoters holding in the company stood at 53.46 % while Institutions and Non-Institutions held 21.36 % and 25.19 % respectively.

International Paper has entered into agreements with LN Bangur, and related family members and affiliates to purchase about 53.5% of the outstanding shares of Andhra Pradesh Paper Mills (APPM) for about $257 million in cash. In addition, International Paper has agreed to pay a $62 million non-compete payment to the sellers.

Pursuant to Indian securities law, International Paper will also launch a mandatory public tender offer to acquire up to an additional 21.5% of the outstanding shares of APPM for approximately $104 million in cash. International Paper anticipates acquiring up to 75% of the company’s outstanding shares through these two transactions.

APPM is one of the leading integrated paper manufacturers in India, with two mills with combined capacity of about 250,000 tonnes of uncoated freesheet paper annually. The existing and capable management team and 2,500 employees of APPM will continue to operate the business, supplemented by additional IP leadership and technical resources.

Paper stocks trade higher on the bourses

All the paper stocks are trading with a huge gain in the trade today as in a surprising deal International Paper Company, the US based paper and packaging giant, has bought 53.5% in Andhra Pradesh Paper Mills from its promoters for around Rs 1160 crore, the valuation comes well over 175% from its closing in previous session.
Andhra Pradesh Paper Mills is currently trading at Rs 236.15, up by 39.35 points or 19.99% from its previous closing of Rs 196.80 on the BSE. The scrip opened at Rs 236.15 and has touched a high and low of Rs 236.15 and Rs 236.15 respectively. So far 9781 shares were traded on the counter.
Tamil Nadu Newsprint & Papers is currently trading at Rs 136.15, up by 13.75 points or 11.23% from its previous closing of Rs 122.40 on the BSE. The scrip opened at Rs 128.00 and has touched a high and low of Rs 146.00 and Rs 128.00 respectively. So far 145904 shares were traded on the counter.

NTPC gains on synchronizing its 500 MW unit of Simhadri Super Thermal Power Project

NTPC is currently trading at Rs. 189.05, up by 1.00 points or 0.53% from its previous closing of Rs. 188.05 on the BSE.

The scrip opened at Rs. 188.00 and has touched a high and low of Rs. 189.95 and Rs. 188.00 respectively. So far 16,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 222.20 on 04-Oct-2010 and a 52 week low of Rs. 168.60 on 25-Feb-2011.

Last one week high and low of the scrip stood at Rs. 189.95 and Rs. 175.00 respectively. The current market cap of the company is Rs. 156334.01 crore.

The promoters holding in the company stood at 84.50% while Institutions and Non-Institutions held 11.78% and 3.72% respectively.

National Thermal Power Corporation (NTPC) has successfully synchronized Unit 3 (500 MW) of Simhadri Super Thermal Power Project with grid on coal firing on March 29, 2011.

Recently, NTPC 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.

The company had also 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.

PTC India Financial Services makes a sluggish debut

PTC India Financial Services debuted at Rs 28 at its issue price on the BSE
The scrip is currently trading at Rs 25.35, down by 2.65 points or 9.46% from its issue price and has touched a high and low of Rs 28.00  and Rs 24.65 respectively. So far 3870647 shares were traded on the counter.
Indian non-banking financial institution promoted by PTC India has fixed the issue price at Rs 28, at the higher end of price band of Rs 26-28 a share. The issue was subscribed 1.7 times.
It is a special purpose investment vehicle to provide total financial services to the entities in energy value chain, which inter-alia includes investing in equity and/or extending debt to power projects in generation, transmission, distribution; fuel sources, fuel related infrastructure like gas pipelines, LNG terminals, ports, equipment manufacturers and EPC contractors etc. It also provides non-fund based financial services adding value to green field and brown field projects at various stages of growth and development.

Kirloskar Oil Engines jumps on entering into license agreement with Daihatsu Diesel Manufacturing

Kirloskar Oil Engines is currently trading at Rs. 155.00, up by 13.40 points or 9.46% from its previous closing of Rs. 141.60 on the BSE.

The scrip opened at Rs. 150.00 and has touched a high and low of Rs. 160.05 and Rs. 150.00 respectively. So far 1,045 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 261.90 on 24-Dec-2010 and a 52 week low of Rs. 130.05 on 11-Mar-2011.

Last one week high and low of the scrip stood at Rs. 160.05 and Rs. 137.00 respectively. The current market cap of the company is Rs. 2062.11 crore.

The promoters holding in the company stood at 62.37% while Institutions and Non-Institutions held 22.69% and 14.94% respectively.

Kirloskar Oil Engines has entered into a license agreement with Daihatsu Diesel Manufacturing Company of Japan for manufacturing of diesel engines in range of 610 KW to 2560 KW, to cater to the commercial marine market segment.

The effective date of this agreement is subject to the necessary approvals and permissions.

Recently, Kirloskar Oil Engines (KOEL) is eying 20 per cent year-on-year sales growth for the next two years by FY 2012-13. The company is also looking at its expansion plan and is in process of increasing its product range and volume.

KOEL manufactures the widest range of diesel engines in India. Its other product range includes irrigation pump sets, diesel generating sets and engine bearings.

FII DII DATA 30/03/2011

Net Index Futures (98), Net Stock Futures (-108), Derivative Market: Total Open Interest (Rs 1,62,045 cr), Stock Futures Open Interest (Rs 35,808 cr)

Indian ADRs Update 30/03/2011

INFOSYS Up 1.3 (1.9%), WIPRO Up 0.2 (1.5%), ICICI BANK Up 1.5 (0.7%), HDFC BANK Up 1.8 (2.9%)

Global Markets update 30/03/2011

DJIA Up 81.1 (0.7%) NSDQ Up 26.2 (1.0%) FTSE 100 Up 27.7 (0.5%) Asian Markets as on 8.45 AM  NIKKEI Up 116 (1.22%) HANG SENG Up 313 (1.36) SGX NIFTY Down 21.50

Tata Steel aims to slash steelmaking costs

Tata Steel is working on a pilot project that will enable it to use waste material in iron ore. It has devised a novel way to produce iron-ore from waste, which will cut steelmaking costs. The company is in talks with the central government for a pilot project.
The company will produce sponge iron and make use of lean materials that have higher alumina. The sponge iron produced would be used for producing steel through the electric arc furnace route and may be used in future projects of Tata Steel. Tata Steel, so far, has been producing steel using the blast furnace technology. Tata Steel signed a memorandum of understanding with the institutes for the purpose.
As part of the plan, the Jamshedpur Human Resource Development Centre in association with Veltech would be established. The proposed post graduate diploma in iron and steel making would be a self-funded three year diploma course after BSc for employment in the officer’ category. It would entail active involvement of Tata Steel such as conditional placement at the officer level. 

Usher Agro starts commercial production of its expanded Rice Milling Facilities in UP

Usher Agro has commenced commercial production of its expanded rice milling facilities at Chhata, District Mathura, UP, which has an additional installed capacity of 2,91,600 MTPA with effect from March 28, 2011. After successful completion of the expansion, the total operational and installed rice milling capacity of the company has been increased to 5, 43,600 MTPA. Out of the said total rice milling capacity, the company has capacity to process and produce 'Par Boiled Rice' up to 4,50,000 MTPA, which is one of the largest in the country.

The company is of the view that the operations of the expanded capacity will have a positive bearing on the top line and the profitability of the company.

Usher Agro is engaged in the production and sale of agricultural products. For the quarter ended September 30, 2010, the company had posted a net profit of Rs 8.14 crore on the back of revenues of Rs 114.48 crore.

CARE reaffirms ratings assigned to bank facilities of Vivimed Labs

Credit rating agency, CARE has reaffirmed BBB+ rating assigned to Rs 94.24 crore long term bank facilities of Vivimed Labs. The rating agency has also reaffirmed PR2+ rating assigned to Rs 26 crore short term bank facilities of the company.

The ratings continue to draw strength from the company’s track record in the business of active ingredients for the home and personal care industry, reputed customer base, contract research and manufacturing, specialty pharmaceuticals, adequate profitability and diversification of products/segments.

Vivimed Labs is engaged in the business of manufacturing ingredients for the home and personal care (H&PC) industry and Contract Research and Manufacturing Services (CRAMS). It carries on its business from 4 manufacturing facilities which are located at Bidar (Karnataka), Jeedimetla (Hyderabad), Bonthapally (Hyderabad) and Kashipur (Uttaranchal).

Karur Vysya Bank opens its 365th branch at Chennimalai

Karur Vysya Bank has opened its 365th branch at Chennimalai, situated between Erode and Coimbatore in Tamil Nadu on March 28, 2011. The bank is also in the process of opening its 366th branch at Dharapuram Road, Aravakurichi on March 30, 2011. Aravakurichi is a panchayat town in Karur district in the state of Tamil Nadu.

Earlier in this month, the bank had opened two new branches at Tamil Nadu. The first branch which is located at Salem Main Road, Vengamedu was opened on March 10, 2011 while the second branch is located at Rajapalayam Main Road, Sankarankoil was inaugurated on March 16, 2011.

The bank registered an increase in its net profit by 49.23% for the quarter ended December 31, 2010, which stood at Rs 113.22 crore against Rs 75.87 crore for the quarter ended on December 31, 2009. The Bank has posted total income of Rs 645.87 crore for quarter ended December 31, 2010 against Rs 512.11 crore for the quarter ended on December 31, 2009, up by 26.12%.

Cairn India submits bids for 2 blocks at NELP-IX

Cairn India bid for 2 out of 34 oil and gas exploration blocks on offer in the 9th round of auction under the New Exploration Licensing Policy (NELP). Out of 34 blocks, 19 blocks are totally new areas - 7 in deep sea, 2 in shallow water and 10 onland blocks. The remaining 15 - 1 in deep water, 5 in shallow water and 9 onland blocks are recycled blocks.
Cairn India submitted offers for only two blocks, one onland and one offshore. It did not bid for any two exploration blocks on offer in Rajasthan.
The Mangala oilfield in Cairn India's prolific RJ-ON-90/1 block in the Thar desert of Rajasthan is currently producing 125,000 barrels per day and the entire area, where the company has made number of oil discoveries, has the potential to produce up to 300,000 bpd (15 million tonnes a year).

Reliance Communications inks pact with handygo Technologies

handygo Technologies, the mobile value-added service provider has entered into a partnership with Reliance Communications (RCom), to offer information regarding health, education and finance, besides other areas, to rural subscribers.

The unique voice-based rural solution which is available in all regional languages along with Hindi and English by handygo provides credible and authentic information to rural subscribers.

For the latest and reliable updates, handygo has partnered with various organizations such as Care India, Aviva Life Insurance, Indian Metrological Department, Hariyali Kisan Bazaar, Network for Fish Quality Management and Sustainable Fishing, Transparency International India, India Financial Services and plethora of other organizations.

Recently, RCom’s plan to sell its 50,000 towers asset faces a set back as American Tower Corporation (ATC) is not eyeing these towers. There was an increased speculation that Reliance Communications was being wooed by players to pick up the company’s asset with US headquartered - ATC one among them.

The telecom service provider has also added 3.3 million mobile customers in February. Following the said addition, the company’s total subscriber’s base stood at 132.2 million.

Tantia Constructions bags two orders worth Rs 36 crore

Tantia Constructions has bagged two orders aggregating worth Rs 36 crore. The company has secured its first order worth Rs 26 crore from Municipal Corporation, Gwalior for providing laying, jointing, testing of RCC (S&S) IS: 458-1988 marked NP-3 mains and trunk sewer and IS: 15328 marked PVC-U sewers for household connections including excavations, refilling, restoration of roads, constructions of manhole chambers and bedding, supply of manhole covers with frames including labour and material in all respect with connections to old existing sewers within limit of Municipal Corporation in Gwalior

The company has won its second contract worth Rs 10 crore from PWD, Highway, Mizoram for execution of periodical Renewal from Km. 183/00 to 208.00 on NH-54 in the State of Mizoram.

Tantia Constructions operates as an infrastructure construction company in India. It is involved in the construction, widening, conversion, maintenance, strengthening, and beautification of roadways, road bridges, highways, and flyovers.

SREI Infrastructure eying 30 percent growth in profit

Driven by the growth momentum in the infrastructure sector, SREI Infrastructure Finance is looking to clock up to 30 per cent growth both in profit as well as disbursement in FY12.
From the estimated Rs 204 crore in FY11, SREI Infra expects the profit after tax to be around Rs 265 crore in FY12. Similarly compared to the estimated Rs 11,700 crore in FY11 the total disbursement is expected at around Rs 15,210 crore in FY12.
In the coming fiscal, company is expecting to get 35-40 new projects and would be looking at financing projects related to water, solid waste management and urban utility development areas. However, several hurdles like the 2G scam is likely to put a break on the growth momentum and the sector might not achieve the estimated double digit growth.
Recently, SREI Infrastructure Finance has been classified by the Reserve Bank of India (RBI) as Infrastructure Finance Company (IFC) within the overall classification of Non Banking Finance Company (NBFC).
At present, the company’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e -Village. It has a pan-India presence with a network of 73 offices and has also replicated its business model overseas with three offices in Russia.

CSS Technergy enrolls more than 2.5 lakh residents under the UID-Aadhaar program across 4 states

CSS Technergy has successfully enrolled more than 2.5 lakh residents under the UID-Aadhaar program across 4 states. Further, the company informed that the resources required for the project are being ramped up on continuous basis, due to which the number of enrollments are likely to go up substantially.
CSTL has been successfully implementing e-governance projects since 1994 and has executed projects in several states of India.
CSS Technergy  was appointed as Enrolment Agency (EA) for UID Aadhar Project by State Bank of India for 22 Districts spread across Andhra Pradesh, Bengal, Bihar and Orissa states.
CSS Technergy (CSSTL) provides business support processes, engineering and Information Technology service functions for various functional and technical domains. It provides competitive advantage to businesses using technology and quality assurance practices and help the customers remain competitive and focus on their core business areas.

Aptech to foray into Africa, Russia and Eastern Europe

Aptech, the software education services provider, is planning to expand in Africa, Russia and Eastern Europe. It plans to start IT courses in French and Spanish in 2-3 years and has been short-listed for India’s unique identification program’s IT training contract.
Indian IT training companies like Aptech and NIIT Technologies have been seeing higher demand globally for their services led by cheaper English medium courses by skilled professionals. Aptech teaches in Chinese as it has a JV in China. Its Chinese JV, which filed for an initial public offering in 2009, is still considering listing in the New York.
The company’s next targets include Portuguese, Vietnamese, Russian, French and Spanish. The firm, which is already present in Brazil and 40 other countries, also has plans to foray further into Latin America.

Uflex trades in green on its plan to set up a polyester films project in USA

Uflex is currently trading at Rs. 144.40, up by 1.00 points or 0.70 % from its previous closing of Rs. 143.40 on the BSE.
The scrip opened at Rs. 144.70 and has touched a high and low of Rs. 146.40 and Rs. 143.10 respectively. So far 100631 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 325.00 on 26-Oct-2010 and a 52 week low of Rs. 91.60 on 29-Mar-2010.
Last one week high and low of the scrip stood at Rs. 148.50 and Rs. 128.55 respectively. The current market cap of the company is Rs. 1032.91 crore.
The promoters holding in the company stood at 43.55 % while Institutions and Non-Institutions held 6.23 % and 42.65 % respectively.
Uflex has decided to set up a polyester films project in USA through its wholly owned subsidiary. In this regard, the company will invest about $80-85 million.
Earlier in January this year, the company had received its board’s approval for its proposal for setting up a new plant for manufacturing of 30,000 MTs of polyester film at Poland through its wholly owned subsidiary - Flex Middle East FZE - Dubai (UAE).
Uflex manufactures flexible packaging solutions. Earlier known as Flex Industries, currently it is the largest flexible packaging company in India. Being one of the leading companies in Asia pacific region; UFLEX has capacity of 25000 TPA.

CARE assigns ratings to the various bank facilities of Sabero Organics Gujarat

Credit rating agency, CARE has assigned ‘CARE BBB+’ ratings to Sabero Organics Gujarat (SOGL) long-term bank facilities for Rs 100.57 crore. The agency has also assigned ‘PR3+’ ratings to SOGL’s short-term bank facilities for Rs 173.75 crore.
Further, the agency has also assigned ‘CARE BBB+/PR3+’ ratings to SOGL’s long-term/short-term bank facilities for Rs 62.75 crore.
The ratings are further strengthened by modest financial position with moderate leverage and debt servicing indicators and healthy profitability margins.
Sabero Organics is an established player in the agrochemical industry which manufactures and sells a variety of specialty chemicals and crop protection products. It has a diversified product portfolio for insecticides, herbicides, fungicides and specialty chemicals.