4.2 crore shares were traded in Nagarjuna Fertilizers & Chemicals (NFCL) counter on BSE today. The scrip topped volumes on BSE. The share price surged 17.97% to Rs 32.50 on speculation of promoters divesting their stake to Reliance Industries. However, NFCL denied the rumours.
Net profit of Nagarjuna Fertilizers & Chemicals declined 7.02% to Rs 7.15 crore on 2.18% rise in sales to Rs 300.30 crore in sales in Q1 June 2007 over Q1 June 2006. The results were announced on 27 July 2007.
Bellary Steels & Alloys clocked the second highest volume of 1.96 crore shares on BSE. The share price rose 5% to Rs 6.33.
Bellary Steels & Alloys reported net loss of Rs 28.04 crore in Q4 March 2007 as against net loss of Rs 23.21 crore in Q4 March 2006. Sales rose 31.39% to Rs 9.46 crore in Q4 March 2007 over Q4 March 2006.
On 28 June 2007, the company said the corporate debt restructuring proposal submitted in June 2007 is under the active consideration of the Industrial Development Bank of India, the lead financial institution for the company. The proposal is expected to be completed and in place within the next three months. After the restructuring of debts availability of captive ore and commissioning of the power plant, the bottom line and the cash flow would improve tremendously.
IFCI clocked the third highest volume of 1.91 crore shares on BSE. The share price declined 1.27% to Rs 62.20.
The Delhi-based financial institution on 14 August 2007 invited expression of interest (EoI) from domestic and foreign investors to buy a 26% stake. The deadline for submitting EoI is 14 September 2007. It will follow a two-stage process for the selection of a strategic investor by end January 2008.
The state-run lender is seeking a strong partner, be it an Indian entity or from overseas, which can add value to the company.
IFCI announced on 6 August 2007 that the board of directors of the company at its meeting held on 4 August 2007, has approved inviting of expression of interest from strategic investors. The stock has surged since the beginning of this month on the back of reports that Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays are interested in buying 26% in the financial services firm.
Reserve Bank of India said on 7 August 2007 that foreign funds can no longer invest in state-run IFCI without the bank's permission, as these investments had reached the 22% limit.
Harig Crankshafts clocked the fourth highest volume of 1.58 crore shares on BSE. The share price rose 5% to Rs 2.96.
Reliance Natural Resources (RNRL) clocked the fifth highest volume of 1.39 crore shares on BSE. The share price declined 1.29% to Rs 45.75.
The Bombay High Court's final verdict on the allocation of gas from Reliance Industries' (RIL) Krishna-Godavari block which was adjourned till 18 July 2007 was adjourned again by eight weeks. The court, however, said the government can go ahead with the process of fixing of gas price as per the contract for the field, without any prejudice to either party.
Reliance Industries (RIL) had challenged Justice A M Khanvilkar's interim order restraining it from selling 40 million standard cubic metres of gas per day to be produced in Krishna Godavari gas field, which RNRL says has been committed to it for its power plants.
The Bombay High Court said on 21 June 2007 that RIL cannot sell the gas to be produced from one of its prime blocks in the Krishna-Godavari basin to any third party other than Anil Ambani's RNRL and NTPC. In an interim order on a petition filed by RNRL, the high court said that the 81.6 million standard cubic metres per day (mscmd) of gas is to be earmarked for RNRL, NTPC or for RIL's captive use for the next eight years.
On 4 May 2007, an interim order was passed by Justice A M Khanwilkar, preventing RIL from selling off the quantity of gas from its Andhra offshore field committed to younger brother Anil Ambani's entities including RNRL as part of 2005 demerger pact between the two brothers Mukesh and Anil.
No comments:
Post a Comment