1.84 crore shares were traded in IKF Technologies counter on BSE today. The scrip topped volumes on BSE. The share price was flat at Rs 7.30.
On 1 August 2007, the board of IKF Technologies approved the joint venture agreement with VOIP Telesystems Inc. to give a platform for hosting the services for the calling card.
Net profit of IKF Technologies declined 65.15% to Rs 0.84 crore on decline of 60.24% in sales to Rs 8.52 crore in Q1 June 2007 over Q1 June 2006.
Ispat Industries clocked the second highest volume of 1.82 crore shares on BSE.The share price rose 1.99% to Rs 23.05.
As per recent reports, Ispat Industries is planning to invest about Rs 10,000 crore within five years to ramp up domestic production. It is also planning to expand in overseas through capacity expansion and backward integration.
Balrampur Chini Mills clocked the third highest volume of 1.08 crore shares on BSE. The share price surged 23.79% to Rs 83.25.
Agriculture Minister Sharad Pawar said today, 19 September 2007 that the government plans to give more fiscal incentives to sugar mills amid a slump in prices caused by a record harvest.
IFCI clocked the fourth highest volume of 89.72 lakh shares on BSE. The share price rose 0.5% to Rs 80.
Ten bidders have lined up for acquiring 26% strategic stake in IFCI. These include IDFC, Kotak Mahindra Bank, GE Capital, Cargill (FS), Newbridge Asia, Blackstone, French bank Natixis, and a consortium led by Japan's Shinsei Bank with Punjab National Bank and JC Flowers. Besides, a Sterlite and Morgan Stanley consortium, and a group led by Wilbur Ross with Standard Chartered Bank and HDFC and Goldman Sachs are also in the race.
IFCI will now follow a two-stage process for the selection of a strategic investor by end of January 2008. The names of the shortlisted candidates from among those responding to the expression of interest (EoI) will be announced by 25 September, 2007. In August 2007, IFCI had invited expressions of interest for the 26% stake.
IFCI is seeking a strong partner, be it an Indian entity or from overseas, which can add value to the company. The 26% stake sale is part of IFCI's aim of being a world-class term-lending institution and not converting itself into a bank.
Meanwhile, the Reserve Bank of India said on Friday, 14 September 2007, foreign funds can resume buying shares of state IFCI through the secondary market in India. The share holdings of such investors have gone below the caution limit of the paid up capital of IFCI, the central bank said in a statement.
Himachal Futuristic Communications (HFCL) clocked the fifth highest volume of 86.97 lakh shares on BSE. The share price rose 1.98% to Rs 20.60.
HFCL reported a net loss of Rs 15.63 crore in Q1 June 2007 as against net profit of Rs 17.87 crore in Q1 June 2006. Sales fell 50.5% to Rs 110.77 crore in Q1 June 2007 over Q1 June 2006.
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