Stock News

Mold-Tek Technologies members increases authorised share capital

Mold-Tek Technologies Ltd members have re-appointment Subhash Chandra Bose and P Shyam Sunder as directors of the company, liable to retire by rotation.

The board has increased authorised share capital of the company from Rs 11 crore to Rs 12 crore by creation of 10 lakh equity shares of Rs 10 each, ranking pari passu with the existing equity shares of the company and consequential amendment in memorandum of association of the company.

Shares of Mold-Tek Technologies were last traded on BSE at Rs 46.70, up by 3.66 per cent.

 

Ansal Housing members approve issue of securities

Ansal Housing & Construction Ltd members have approved borrowing power of Rs 100 crore to Rs 300 crore.

The board has issued 10 lakh warrants with the option to convert one warrant into one fully paid-up equity share to Beach Financial Services Pvt Ltd in accordance with the provisions of SEBI (DIP) Guidelines, 2000.

The board also issues Foreign Currency Convertible Bonds (FCCBs), American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) upto $ 25 Million.

Binny Ltd`s board allots 30 crore cumulative redeemable preference shares

Binny Ltd`s board of director has issued and allotted 30 crore cumulative redeemable preference shares of the Rs 5 each fully paid up towards the unsecured loan brought in by the promoters of the company.

 

Rico Auto members approve 100% dividend

Rico Auto Industries Ltd members have approved interim dividend of 100 per cent as final dividend on equity shares for the financial year 2004-05.

The members have re-appointed Kanwal Monga, Amarjit Chopra and John T Sheffler as directors of the company.

Shares of  Rico Auto were last traded on BSE at Rs 93.55, down by 2.20 per cent.

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Intraday Calls for 3rd-Oct-2005

INTRADAY TRADING CALLS

Script	Call	CMP	Target	StopLoss
HDFC	BUY	1038	1045/1070	1032
NTPC	BUY	105.85	109	103
TISCO	BUY	423	429	419
Dr.Reddy	BUY	853	870	844
VSNL	BUY	358	368	353

Note:Plz Maintain Strict StopLoss.

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Sensex ends lower

The Sensex proved flat after a choppy session of trading following the expiry of derivative contracts (on Thursday) for the month of September 2005. Taking cues from the Dow Jones industrial average (which jumped 80 points higher to 10,553) and the Nasdaq composite index ( which rose 26 points to 2,142) overnight, the BSE Sensex started off on a positive note.

Inflows from FIIs and mutual funds are coming in at a sustained pace. This has kept the liquidity strong in the markets.

The Sensex commenced 23 points higher at 8672.66 points, and moved up to touch an early high of 8683.57 points.

Sensex has a resistance of  8672 and 8717 and support at 8589 and 8609.

Fiis 133.40cr .

However, in the afternoon, the Sensex struck a low of 8527.38 points on heavy selling pressure in heavyweight counters.

The BSE Sensex then ended at 8634.48 points, down 15.69 points or 0.20% from its previous close.

The NSE Nifty ended lower by 9.8 points to 2601.40 points.

The Sensex swung in a wide range of 155 points today, indicating much volatility throughout.

Total turnover amounted to Rs 3,653 crore.

The advance-decline ratio recovered during late afternoon, but still finished at a weak 1:5. 424 stocks made headway, while 2101 stocks slipped. 26 stocks were unchanged.

The BSE Midcap and the BSE Small cap indices staged some sort of recovery in the day, in line with broader indices. At end, the BSE Midcap index moved a tad lower, by 0.3% and the BSE Small cap index declined 1.6%. Both this indices were sharply lower late afternoon following intense selling momentum.

The BSE Oil and Gas Index was down by 1.4% and the BSE FMCG index was down by 1.11%. The BSE IT Index was up by 0.2% and the BSE Tech index was up by 0.06% probably because the Nasdaq ended strong overnight.

Among Sensex stocks, 16 stocks ended higher while 14 lower.

Reliance Energy was the biggest gainer in the Sensex, up 3.5% to Rs 580.80 on volumes of 1.85 lakh shares.

Tata Power followed with a gain of 2.6% to Rs 479.20 on volumes of 2.37 lakh shares.

Dr Reddy’s ended firm by 1.72% to Rs 852.55. It announced tie-up with Denmark-based Rheoscience A/S for joint development and commercialisation of Balaglitazone. 1.84 lakh shares changed hands.

Tata Steel added 1.1% to Rs 423.20 after it announced plans to set up 2.4-million-tonne steel plant in Bangladesh. 22.76 lakh shares changed hands in the day's trading session.

Saytam Computer gained 1.18% to Rs 558.058 after the company said its subsidiary Nipuna Services which specialises in back-office work expects an 80% surge in revenue for the year 2005-2006.

Reliance Industries was the biggest loser in the Sensex, down by 1.9% to Rs 792.95. 29.45 lakh shares changed hands.

MTNL followed with a loss of 1.8% to Rs 127.15 with volumes of 2.99 lakh shares.

HPCL declined by 1.68% to Rs 314 on volumes of 39146 shares

ONGC shed 1.2% to Rs 1060. The counter saw volumes of 2.60 lakh shares.

Reliance Capital topped the turnover charts, with a turnover of Rs 281.69 crore, followed by Reliance Industries with Rs 233.75 crore and ICICI Bank with Rs 197.75 crore.

Counters like Bharat Electronics, Lakshmi Cotspyn, Veejay Lakshmi Engineering, Rasoi, Geojit Financial, Indraprashtha Gas, Kanchan International, Sterlite Industries, Thermax, Gmm Pfaudler, Gogia Capital, TIL and Videocon International, all flared up in a range of 20% to 5% each.

Raj Tube, KIC Metallics, Ansal Buildwell, FCS Software, Priya ltd, IT Microsyestems, Modern Dairies, Waterbase and Morgan Ventures all declined in a range of 20% to 10% each.

Stocks like SBI Home Finance, Minal Engineering, Diamond Cables all slumped 5% each while IFSL plunged 10% after the market regulator banned the promoters of such companies from entering the capital markets.

Color Chips announced yesterday that it has bagged a $2.5 million animation deal from the US-based BKN International. However the stock was down 5% to Rs 19.05.

Essar Oil declined 1.4% to Rs 38.70 after reports that its 100% power subsidiary company, Vadinar Power Company (VPCL), is setting up a 77 MW power plant in Jamnagar district.

Havells India flared 3.75% to Rs 356.90 after the company’s plans to merge its 100% subsidary Crabtree with itself. After the merger, the company expects 10% addition to its topline.

Mount Everest jumped 5% to Rs 73.75 ahead of its board meet to consider raising funds, including preferential issue.

Bharat Forge jumped 5% to Rs 352 on renewed buying interest after the company last week announced a major Swedish acquisition.

Mphasis BFL rose 2.73% to Rs 250 after the company’s shareholders gave nod for the 1:1 bonus issue.

Radico Khaitan gained 1.5% to Rs 715 after it acquired Brihans brands for Rs 35 crore. It hit a high of Rs 728 earlier.

Amtek India was firm by 0.9% to Rs 92.50 ahead of its board meet today to consider ADR/GDR/ FCCB issue.

KEC International ended higher by 0.5% to Rs 247.20 after the company announced bagging a Rs 82 crore order from Power Grid Corporation of India.

Reliance Capital (RCL) received the Insurance Regulatory and Development Authority's (IRDA) final approval for the takeover of AMP Sanmar Life Insurance Company. However, the stock lost 5.25% to Rs 387.10.

Bharati Shipyard secured a contract worth $66 million from the Netherlands-based MK Shipping BV for supply of 6 multipurpose carrier vessels. The stock, however slipped 3% at Rs 348.

Britannia Industries slipped 3.73% to Rs 1275 after the company denied reports that it is considering acquisition of a company. Yesterday, the stock surged 8.5% on such rumours.

Surya Pharmaceutical lost 3.34% to Rs 138.95. The company announced completion of its FCCB issue today.

McDowell and Company ended down by 1.9% to Rs 488.45. The company is considering to offer various instruments like debentures/bonds/securities linked to equity shares including but not limited to global depository receipts (GDRs) and/or foreign currency convertible bonds and/or bonds with share warrants to raise $250 million.

NTPC ended down by 1.3% to Rs 105.85 after a consortium led by the company bagged an oil and gas exploration block in Arunachal Pradesh for extracting oil from the block and selling it in the spot markets.

Gati ended lower by 3.4% to Rs 228. The company, providing logistics solutions, is planning to invest Rs 50 crore next year in building intelligent warehouses and setting up an overseas subsidiary.

HDFC Bank completed acquisition of HDFC Securities for Rs 20 crore. The counter ended lower by 0.16% to Rs 690.90.

SPIC lost 3.2$% to Rs 32. It said that ONGC will begin due diligence for the company soon.

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Birth of Prithvi Theatre(mumbai)

The Birth of the Theatre

The late Prithviraj Kapoor launched a Hindi theatre company called Prithvi Theatres in 1944, with a production of Kalidasa's "Shakuntala". It was as actor-manager of this troupe that Prithviraj Kapoor toured India for 16 years. It was his dream to eventually construct a theatre - a dream which, at the time of his demise in 1972 was yet to become a reality.
During this time another theatrical company, Shakespeareana*, was touring India. Headed by the charismatic husband and wife team of Geoffrey and Laura Kendal, Shakespeareana performed Shakespeare and contemporary English theatre for captive Indian audiences all over the country.
Prithvi Theatres and Shakespeareana crossed paths at the Royal Opera House in Bombay. It was this meeting that would marry two acting traditions and give birth to a small and unique theatre - Prithvi.

Prithviraj Kapoor's youngest son Shashi Kapoor, who had worked as an actor in the Prithvi Theatres, married Jennifer Kendal, daughter of Laura and Geoffrey Kendal, and the leading actress of Shakespeareana.
Both Shashi and Jennifer shared a passion for theatre, and a great respect for Prithviraj's dream for Indian theatre. After studying the situation of theatre in the country, a need was felt for a unique theatre space - a space where the intimate and compelling actor/audience relationship, not unlike that of traditional Indian folk theatre, could be rediscovered.

A few years after Prithviraj Kapoor's demise, they decided to set up a trust in his memory and buy land with the intention of building a theatre to promote the performing arts, thus the Shri Prithviraj Kapoor Memorial Trust was formed.
Shashi and Jennifer worked dedicatedly towards realising Prithviraj's dream, and on the 5th of November '78 the Prithvi Theatre was inaugurated.
Prithvi is now a focal point for thousands of theatre lovers. It was born of a love for theatre and it continues to thrive on the patronage and good wishes of its actors and its audiences.

Geoffrey Kendal accompanied by his wife Laura Lidell first came to India in the 1940's - both as actors with ENSA, the entertainment company for the British troupes. This was the beginning of a relationship with India which was to last till the end of their working years, and later.

After World War II Geoffrey Kendal formed his own theatre company- Shakespeareana. As actor-manager of this company, Geoffrey Kendal toured India and the far east extensively right upto the 1980's accompanied by Laura, and in the early years, by his two daughters Jennifer Brag and Felicity Kendal.

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Mumbai Pritvi Theater

Shri Prithviraj Kapoor and the Prithvi Theatres.
Kala desh ki seva mein - Art in the service of the nation.

Though the late Prithviraj Kapoor is best remembered for his career in cinema, a career that spanned more than 40 illustrious years, it was the theatre to which he dedicated his life. In 1927 Prithviraj left Edwards College, Peshawar, where he was studying for a degree in law, to pursue a career as an actor. He came to Bombay and joined the Imperial Studio Co. where he spent two days as an extra, and then as fate would have it was selected to play the lead in a silent film 'Cinema Girl' starring Ermelene, the screen goddess of her time.

In 1931 he joined the Grant Anderson Theatrical Company- an English actor-manager's travelling theatre group. Starting as a juvenile lead he went on to do various roles. This was his training ground and was to be the base from which he would set up his own theatre company many years later. In 1944 he established the Prithvi Theatres.

The Prithvi Theatres was a travelling theatre company of 150 dedicated actors, stagehands, cooks, writers and technicians, performing plays throughout the country. The Prithvi Theatres' maiden production was Kalidasa's classic "Shakuntala", after which socio-political plays -- "Deewar" (Wall), "Pathaan" (Pathaan), "Ghaddar" (Traitor), "Aahuthi" (Offering), "Kalaakar" (Painter), "Paisa" (Money) and "Kisaan" (Farmer), were performed all over India and became immensely popular. These plays were written specifically for Prithvi Theatres and Prithviraj played the lead in all the productions.

The Prithvi Theatres was one of the first professionals Hindi theatre groups with a permanent staff, actively developing and nurturing a modern theatre movement which slowly but surely gained momentum. At a time when the country was going through tremendous political turmoil, the Prithvi Theatres toured for 16 years, spreading the conviction Prithviraj had in the dynamic power of theatre to do good.

Prithviraj became enormously successful , and throughout his career, he remained a man courteous and humane, and sympathetic to all. He made no distinction of cast and creed, status or rank, and it was just these values that Prithviraj Kapoor brought to his work in the theatre.

Around this time Prithviraj felt the need for a theatre space which would provide amateur theatre groups with professional facilities. With this in mind he leased out a plot of land in Juhu, Bombay with the hope of some day building a theatre on it. Unfortunately though, this was not to be realised in his lifetime. He succumbed to Hodgkin's disease in 1972 leaving behind a rich cultural legacy and a vision for Indian theatre. A few years after his demise, in 1975 his son Shashi Kapoor and daughter-in-law Jennifer Kapoor decided to buy the land and set up a Trust in Shri Prithviraj Kapoor's memory with the intention of building a theatre to promote the performing arts.

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IntraDay Calls for 30-Sept-2005.

Trading calls for the Intraday:

 

Script	Call	CMP	Traget	StopLoss
Bharat Elec.	BUY	792	800	783
Guj.Amb.Cem	BUY	75.55	78	73.5
Indian Rayon	BUY	621	636	615
NIIT	BUY	308	325	302

 

Note: maintain Strict Stoploss.

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Sensex All Time High.

The Sensex lost territory after reaching a new all time high of 8722.17 points in afternoon trades today. The Sensex opened lower at 8588.47 points, but soon recovered on all round buying interest and headed higher, following the sustained liquidity flow from local mutual funds and FIIs. Sensex has resistance at 8658 and 8703, has support at 8614 and 8582.

FII = Rs.42.50Cr & MF = Rs.200.21Cr  both +ve.

The Dow Jones and the Nasdaq also ended higher yesterday.

The Sensex ended at 8650.17 points, a gain of 44.14 points or 0.51%.

The NSE Nifty ended with a gain of 12.70 points, crossing the 2600-mark, at 2611.20 points.

The low for the day was 8588.47 points.

The Sensex has seen an intra-day swing of 135 odd points today amidst a high degree of volatility.

The Sensex has seen a lot of choppiness today on account of expiry of derivative contracts for the month of September 2005.

The BSE Midcap Index ended lower by 0.5% and the BSE Small Cap index was down sharply, by 1.88%.

Sectorally, the BSE PSU index was down 0.08%, the BSE Bankex was down by 0.42%, the BSE Metal index was down 0.22%, the BSE FMCG index was down 0.91% while the BSE Auto index finished higher by 0.6% and the BSE IT index rose by 1.4%.

Total turnover for the day amounted to Rs 4,236 crore, much higher than yesterday's turnover of Rs 3,685 crore.

The advance-decline ratio was weak at close to 1:5, with 418 shares closing higher and 2,152 lower. 22 shares remained unchanged . Most of the stocks that declined were small cap stocks.

Among Sensex stocks, 15 closed in the green and 15 in the red.

Cipla was the biggest gainer in the Sensex, up 5.02% to Rs 381, on volumes of 3.73 lakh shares.

BHEL followed with a gain of 4.55% to Rs 1,213, on volumes of 1.71 lakh shares.

Gujarat Ambuja Cements climbed 2.15% to Rs 75.55 on volumes of 15.94 lakh shares.

Satyam Computers added 1.6% to Rs 550.55 on volumes of 26.83 lakh shares.

HDFC was the biggest loser, down 2.75% to Rs 1,010, on volumes of 1.29 lakh shares.

Ranbaxy followed with a decline of 2.5% to Rs 496.30 on volumes of 2.34 lakh shares.

HPCL was down 1.67% to Rs 318.55 on volumes of 1.02 lakh shares.

FCS Software topped turnover, with Rs 317.26 crore, followed by Reliance Industries, with Rs 229.64 crore, and Mc Dowell, with Rs 184.88 crore.

Counters like PSL, Vardhman Industries, Jindal Saw, Hindustan Construction, Rasoi, Nahar Industries, Ferro Alloys, Fortis Financial, Akar Tools, Asian Hotels, Nanda Exim, Kanchan International and Jayant Agro were all gainers, in a range of 9% to 13%.

Gujarat Intrux, Moving Picture, Tera Software, FCS Software, Morgan Industries, Shetron, Ruchi Strips and Sarang Chemicals, were all down 10% each.

Notable block deals of the day were in Amtek Auto (1.60 lakh shares at Rs 279 per share), Federal Bank (1.51 lakh at Rs 186.30 per share), Gujarat Ambuja Cements (4.02 lakh shares at Rs 76.65 per share), ING Vysya Bank (2.50 lakh shares at Rs 186.50 per share), LIC Housing (1.50 lakh shares at Rs 202.75 per share), TVS Motors (6.90 lakh shares at Rs 91.50 per share) and Tata Teleservices (Maharashtra) (5.66 lakh shares at Rs 33.20 per share).

Cement scrips advanced further today on expectations of a hike in cement prices post monsoon. Cement prices may rise by Rs 5 per bag as per a print media report.

The rise was across the board - OCL India jumped 6% to Rs 160.05, and Gujarat Ambuja Cements (GACL) gained 2.16% to Rs 75.55.

ACC gained 2.13% to Rs 488, Birla Corporation gained 4.52% to Rs 251, India Cements gained 1.6% to Rs 109.60, and Shree Cement gained 1.06% to Rs 466.

ONGC hit a new high of Rs 1,100 in afternoon trades. Finally the counter ended at Rs 1,068.25 on huge volumes of 6.63 lakh shares. ONGC has announced that its overseas arm ONGC Videsh has been selected by PetroVietnam as the winner for Block 127 in the Phu Khanh Basin with 100% participating interest and operatorship.

Reliance Industries also hit a new high of Rs 813.50. It closed 0.94% higher at Rs 807.85. The company denied reports that it may consider a stock split earlier today.

Few stocks, that were suspended due to non compliance with the clauses of the listing agreement with effect from Tuesday 04 October 2005, were frozen at the lower circuit filter - Diamond Cables Golden Carpets, Kaiser Press, Master Trust, NK Industries, Polar Pharma India, Punjab Wool Combers, Wisec Global all slumped 5% each as there were no buyers on such counters. Saptarishi Agro Industries was down 1%. Vadilal Enterprises was down 10%.

IFSL plunged 10% to Rs 24.35 and Minal Engineering lost 5% to Rs 258.20 after Sebi banned the promoters of the companies from trading in their own shares suspecting manipulation in the stock prices.

SBI Home Finance was down 5% for the second day, after the stock exchanges suspended trading in the scrip from 5 October 2005.

Hindustan Construction jumped 10.35% to Rs 1101 after the company’s board announced a sub-division of each equity share of Rs 10 of the company into 10 equity shares of Re 1 each.

L&T advanced 4.8% to Rs 1543.80 on renewed buying on the back of strong order flow and healthy order book position of Rs 17,800 crore at the end of Q1 June 2005.

Indian Rayon and Industries added 1.8% to Rs 621.10. The company acquired 371.8 million equity shares of Idea Cellular, representing 16.45% of the latter’s paid-up equity, for a total price of US$ 150 million, from Cingular Wireless, USA.

Gail (India) was up 1.55% to Rs 262 after drew up plans to acquire a mid-sized upstream company as a backward integration move. Gail has also plans to participate in the multi-billion dollar transnational gas pipeline project in Europe.

CESC was down 1% to Rs 224.15. The company has completed an overseas offering of Global Depositary Shares (GDS) for an amount of US$ 40 million at a price of US$ 5.0473 per GDS comprising 1 equity share of Rs 10 at a price of Rs 222.

Ramco Systems ended lower by 1.02% to Rs 456.90. It announced bagging an order from Mohan Clothing Company, known for the Blackberrys brand in the men's apparel industry.

Greenply Industries lost 2.9% to Rs 78. The company is setting up its fourth manufacturing greenfield facility at a cost of Rs 80 crore at the Pantnagar Industrial Estate in Udhamsingh Nagar district, Uttaranchal.

GR Cables slumped 6% to Rs 13.95 even after winning a Rs 51-lakh order for its new range of power cables and electrical accessories for housing projects from different customers.

Kotak Mahindra Bank was down 0.3% to Rs 203.55. The banks’ board of directors approved a proposal to issue up to 1.50 crore equity shares either in the domestic or international market. The proposed issue shall constitute around 5% of the current paid-up capital of the bank.

Dr Reddys Laboratories climbed up 3.25% to Rs 838 after it entered into a co-development and commercialization agreement with Denmark based Rheoscience A/S.

Natco Pharma ended lower by 2% to Rs 125.75. The company allotted 72,561 equity shares of Rs 10 each at a conversion price of Rs 121 per share to Jermyn Capital Partner Plc.

Rana Sugars jumped 5.62% to Rs 32.90 ahead of its board meet on 05 October 2005 to consider a GDR issue.

Helios & Matheson Information Technology edged higher by 1.66% to Rs 416 after the company said it proposes to invest Rs 75 crore for expansion in the state of Tamil Nadu.

Bajaj Auto was firm by 1.44% to Rs 1670 on reports that the company targets to sell more than 2 lakh two-wheeler and three-wheeler vehicles in the month of September 2005.

Amtek Auto was up 1.7% to Rs 279 after it informed BSE that the board of directors of the company at its meeting held yesterday has converted FCCBs of US$ 9 millions into 18,73,944 equity shares of the company of Rs 2 each at a premium of Rs 207.83.

Noida Toll Bridge ended 1.4% higher to Rs 33 after the company informed BSE that the board of directors at its meeting held yesterday decided to proceed with the formalities regarding the rights issue.

JB Chemicals & Pharmaceuticals firmed up 0.6% to Rs 91.50 after the company announced that it has received final approval from the office of Generic Drugs, Food and Drug Administration (US FDA), to manufacture and market Fluconazole tablets in the US market.

A block deal of 10,000 shares was executed on Gujarat Gas counter at Rs 1070 per share.

Escorts hit a high of Rs 114 after the company on Wednesday sold its equity stake in Escorts Heart Institute and Research Centre to the Ranbaxy controlled Fortis Healthcare for Rs 585 crore. It closed down 4% to Rs 103.35.

Britannia Industries jumped 8.21% to Rs 1,310.50 after hitting a high of Rs 1453.30. The stock spurted on the back of block deals of about 2.75 lakh shares on BSE and NSE at a price of Rs 1,280 – a 5.6% premium to Wednesday’s (28 September) closing price of Rs 1,211.10.

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Stocks Press Release Archive

Sep 29, 2005

Proposed suspension not to be carried out- DCMFINSERV

The Exchange had decided to suspend the trading in the equity shares of DCM Financial Services Limited w.e.f. September 30, 2005 (i.e. w.e.f. closing hours of trading on September 29, 2005) on account of non-compliance of provisions of the listing agreement. Following satisfactory response with respect to issues relating to non-compliance with the provisions of the listing agreement, the Exchange has decided not to proceed with the proposed suspension in trading of the securities of the above company.


Press reports regarding M/s. Britannia Industries Ltd.

The media had reports that Britannia Industries Limited might go in for acquisition of another company.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Britannia Industries Limited has vide its letter inter-alia stated, "We are not considering acquisition of any company".


The Exchange has successfully completed its 1408th Normal Settlement

The Exchange has successfully completed its 1408th Normal Settlement (Rolling T+2 following SEBI directive) since inception i.e., Settlement Number N – 2005185 on September 29, 2005. The settlement statistics are as follows:

Particulars	Values
	N – 2005185
Total traded quantity (lakhs)	3710.65
Total traded value (Rs. In Crores)	6725.62
Total value of the settlement (Securities) (Rs. In Crores)	1563.31
Total value of the settlement (Funds) (Rs. In Crores)	392.81
Shortages for the settlement	0.31%
% of Delivery ( No. of shares deliverable / No. of shares traded )	24.58%

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India Corporate News

BHEL members declare 80% dividend

Bharat Heavy Electricals Ltd (BHEL) members have declared final dividend at the rate of 80 per cent on the paid up share capital of the company of Rs 244.76 crore.

Shares of BHEL were last traded on BSE at Rs 1222.65, up by 5.37 per cent.

 

Wipro allots equity shares under ESOP

Wipro Ltd`s board of directors has resolved to issue and allot 171600 equity shares of Rs 2 each pursuant to exercise of the stock options by the eligible employees.

Shares of Wipro were last traded on BSE at Rs 374.15, up by 0.51 per cent.

Soma Textiles board to consider Rs 105 crore UFCD issue

Soma Textiles & Industries Ltd has convened a meeting of the board of directors of the company on October 05, 2005, to consider the draft prospectus in connection with Public issue of unsecured fully convertible debentures aggregating to Rs 105 crore.

The board will also consider the appointment of lead manager, co-manager, advisors, bankers to the issue, brokers, underwriters, contingent underwriters and legal advisors to the issue. The board will also consider appointing register and trustee to the Issue.

The board will discuss upon the credit ratings assigned by the Credit Rating Agencyies to the proposed unsecured fully convertible debentures to be offered to the public.

The board will review the financial assistance agreed to be provided to the company by the banks and financial institutions, if any, against the proposed issue of unsecured fully convertible debenture

BHEL members declare 80% dividend

Bharat Heavy Electricals Ltd (BHEL) members have declared final dividend at the rate of 80 per cent on the paid up share capital of the company of Rs 244.76 crore.

Shares of BHEL were last traded on BSE at Rs 1222.65, up by 5.37 per cent.

 

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Bulls In Charge

Sensex again ended up in Green with the heavy counters Reliance,ongc ,HLL,

NTPC  taking the market to all time high of 8613.85, sensex closed at 8610

up 85 points.

Sensex undertone is bullish ,resistance for sensex is 8658 and support at

8591 and 8524.

 

In engineering sector there was a positive momentum, counters like

Crompton Greaves 680/- 8.5%, L&T 1481/-  3%, had a Bull rally.

 

In Oil and Gas sector there was a good buying in HPCL,BPCL,

ONGC and reliance.

 

Major Sensex Gainers:

 

1>Reliance

2>ONGC

3>HPCL

4>BPCL

5>NTPC

 

Trading calls for the Intraday:

 

Script

Call

CMP

Target

StopLoss

Andhra Bank             BUY             107             113              103

BPCL                       BUY              417             430              412

HPCL                       BUY              323             332              319

 

 

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Sugar and Ethanol(Case Study).

A SUGAR INDUSTRY PERSPECTIVE & ETHANOL PRODUCTION


India is the largest producer of sugar in the world. In terms of sugarcane production, India and Brazil are almost equally placed. In Brazil, out of the total cane available for crushing, 45% goes for sugar production and 55% for the production of ethanol directly from sugarcane juice. This gives the sugar industry in Brazil an additional flexibility to adjust its sugar production keeping in view the sugar price in the international market as nearly 40% of the sugar output is exported.

The annual projected growth rate in the area under sugarcane at 1.5% per annum has doubled during the last five years. This is because it is considered to be an assured cash crop with good returns to the farmers vis-a-vis other competing crops.

India is currently passing through a glut situation with closing stocks at the end of the year of over 100 lakh tons since 1999-2000. Correspondingly, molasses production has also increased. The table below gives the production of molasses, alcohol utilization by the alcohol-based chemical industry, potable sector and the surplus at the end of each year. It is therefore evident that along with sugarcane production, phenomenal growth is also taking place in the production of molasses, the basic raw material for the production of ethanol from sugarcane. Of course, there are also other agro routes available to produce ethanol.

According to MPNG, 5% ethanol blends on an all-India basis would require 500 million liters. The current availability of molasses and alcohol would be adequate to meet this requirement after fully meeting the requirement of the chemical industry and potable sectors.

AVAILABILITY

In the absence of a well knit policy in the past for purchasing and blending ethanol, not many distilleries have been producing ethanol. Only three distilleries attached to sugar mills had war years’ experience, and were able to gear themselves up to supply ethanol immediately. Now, about 11 factories in Uttar Pradesh will be adding facilities to produce about 75 million liters of anhydrous alcohol by end-September; 7 units in Tamil Nadu (production capacity of 62.5 million liters of anhydrous alcohol); 8 in Karnataka (anhydrous alcohol production capacity of 66.5 million liters); and 4 units in Andhra Pradesh (capacity of over 40 million liters). Similar steps have also be taken up by the cooperative sector units in Maharashtra, Punjab and UP. By the end of the year it is estimated that about 300 million liters capacity would have been created for the production of anhydrous alcohol.

As capacities are built up, the oil sector should also be able to generate that much demand for ethanol to guard against any idling capacity. The Petroleum Ministry may therefore like to look into this matter and ensure that the oil sector speeds up the creation of requisite facilities for blending ethanol with petrol. So far generation of demand for ethanol has been very low and it takes considerable time for IOC’s units to finalize purchase of ethanol against offers made by distilleries in response to their tenders.

In the Indian Sugar Mill Association, this matter was recently examined and it was concluded that instead of taking up the scheme on a state-wise basis, it would be appropriate to take it up in metropolitan and other cities where environmental pollution is a major concern. The blending should be taken up to 10% and introduced selectively to make a better impact on the environment, as no changes in the engine or carburetor are required, and other countries are already carrying this out successfully.

COST
There is considerable scope for further reduction in the cost of production of both sugarcane and sugar in India with liberalization of controls on the sugar industry. Consolidation of land holdings and corporate farming on the raw material side and expansion of capacity on the unit size are important developments and would lead to substantial improvements in productivity, thereby rendering India a cost-effective producer of sugar in the world.

The area under sugarcane is presently less than 2% of total cultivable area in the country and about 3% of the irrigated area. There is considerable scope for increasing the area under sugarcane considering the fact that it is more profitable compared to other crops. The Planning Commission has visualized a conservative increase in area under sugarcane by 6 lakh hectares during the 10th Plan period, but considering past trends, the area under cane is likely to exceed 5 million hectares (see table).

During the 10th Plan period, the annual incremental growth in consumption has been estimated at 9 lakh tons per annum. For the first time the Indian Government has fixed a target of 15 lakh tons per annum for export for this period. However, the production target was fixed at 21.3 million tons keeping in view the large carry forward stocks at the beginning of the period and to correct the demand-supply distortions presently caused. These targets are achievable looking at the performance of the industry in the past with a production of 18.5 million tons achieved in 2000-01.

CONCLUSION

In conclusion, the sugar industry will not be lacking in meeting the requirement of ethanol. In a market economy, there would be a considerable shift from the gur and khandsari sectors which are inefficient producers with poor quality. In the current scenario of glut in sugar production, it may be advisable to divert such additional cane for the production of alcohol after meeting the sweetener requirement. The additional availability of alcohol on the assumption that the entire cane is utilized for the production of sweeteners will be about 200 million liters over and above that indicated in the table. Alternatively, if additional cane available is utilized for the production of alcohol to bring in a balance in the demand and supply of sugar, the alcohoI production at the end of the 10th Plan would be around 1,485 million liters.
Such a flexibility has become very relevant in the current scenario of economy liberalization and more particularly as a means to correct the aberrations in sugar production.

 

Alcohol Production
(in million liters)
Alcohol Year	Molasses Prod.	Production of Alcohol	Industrial Use	Potable Use	Other Uses	Surplus Availability
1998-99	7.00	1411.8	534.4	5840	55.2	238.2
1999-00	8.02	1654.0	518.9	622.7	576	455.8
2000-01	8.33	1685.9	529.3	635.1	588	462.7
2001-02	8.77	1775.2	5398	647.8	59.9	527.7
2002-03	9.23	1869.7	550.5	660.7	61.0	597.5
2003-04	9.73	1969.2	578.0	693.7	70.0	627.5
2004-05	10.24	2074.5	606.9	728.3	73.5	665.8
2005-06	10.79	2187.0	619.0	746.5	77.2	742.3
2006-07	11.36	2300.4	631.4	765.2	81.0	822.8

The task force on the sugar industry for the Tenth Five Year Plan has suggested the evolution of a national policy on alternative fuels, which would include the use of ethanol-blended gasoline.

Until such a policy is evolved, sugar factories and distilleries should be encouraged to produce ethanol from the surplus alcohol available with them, a report of the task force says. For this, it suggests providing loans from the Sugar Development Fund at 6 per cent per annum for up to 60 per cent of the project cost.

The ministry of petroleum and natural gas and the oil companies, in consultation with the department of food and public distribution, the All-India Distilleries Association and the apex bodies of the sugar industry, can set a reasonable price for ethanol produced by distilleries for the purpose of blending with gasoline.

There is a need to compare ethanol prices with other oxygenates-cum-octane boosters such as MTBE, and not with gasoline, the report states. As an oxygenate, ethanol contains oxygen, which naturally reduces its calorific value but improves the combustion efficiency and significantly reduces air pollution.

Considering the environment-friendly characteristics of ethanol-blended gasoline as an automobile fuel, the pricing of ethanol needs to be viewed not only in terms of a financial cost-benefit analysis, but also in terms of an economic cost-benefit analysis, the report adds.

In Brazil 20-24 per cent of ethanol is blended in gasoline. In the US, 10 per cent of ethanol, produced mainly from maize, is blended with gasoline.

There has been a steady increase in the production of alcohol in India, with the estimated production rising from 887.2 million litres in 1992-93 to nearly 1,654 million litres in 1999-2000. Surplus alcohol leads to depressed prices for both alcohol and molasses.

According to the task force, the projected alcohol production in the country will increase from 1869.7 million litres in 2002-03 to 2,300.4 million litres in 2006-07. Thus the surplus alcohol available in the country is expected to go up from 527.7 million litres in 2002-03 to 822.8 million litres in 2006-07.

Utilization of molasses for the production of ethanol in India will not only provide value-addition to the byproduct, it can also ensure better price stability and price realization of molasses for the sugar mills. This will improve the viability of the sugar mills, which will in turn benefit cane growers.

With gasoline demand expected to increase from 7.9 million tones in 2001-02 to 11.6 million tones in 2006-07, the requirement of ethanol at 5 per cent blending is expected to rise from 465 million liters to 682 million liters.

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Raj Kapoor Legend of Indian Cinema.

"A lot of work of every artist, of anyone in any creative profession, is somewhat autobiographical ...... Something of his experience is always attached to it, it remains there and one brings it out in one form or another. That is how it is."

Rajji, as he was always addressed, was the eldest son of Prithviraj and Rama Kapoor. He was born on 14 December 1924 in Peshawar, an army cantonment town in the North West Frontier Province of British India, now in Pakistan.

His basic education was spread over different places as Papaji (Prithviraj) was then on the move. He studied in Peshawar, then did part of his schooling in Calcutta and eventually failed to get a form to appear for the Matric exam in Bombay's Antonia D'souza High School. His nemisis at studies was the cumpolsory second language, Latin. He achieved the unprecedented distinction of winning the All India Elocution Competion for three successive years but failed in Latin and that was the end of his academic career. When Papaji asked him as to why he wished to leave school and not try again he replied, "Sir, If I graduate what happens? If you want to become a lawyer you go to a law college; if you want to be a doctor you go to a medical school; and if you want to be a film-maker, where do you go?" Papaji had no answer. It was ordained.

The next 5 years he devoted to learning the different arts of film making in all departments as an assistant. In 1944 he joined Papaji's Prithvi Theatres and was responsible for all that happened backstage, right from the lighting of the sets and sound effects and music to art direction in their first stage play 'Shakuntala". In the next play "Deewar" he acted in a small role of the servant boy, and then in the famous Prithvi Theatre epic, "Pathan" as Bahadur Khan that he was noticed as an actor and stardom awaited his entry.

He did his first film as a hero in Kedar Sharma's "Neel Kamal". There followed a number of small films like "Jail Yatra', "Amar Prem", "Dil Ki Rani", "Chittor Vijay" but these were of little consequence, as his heart and mind were set on a different path he had chosen for himself.

His own production, RK Films took shape in 1947 with his first directorial venture, "Aag". Though not a great success it established his obsession as an intense film-maker. A year later his second film "Barsaat", also produced, directed and acted in by him, made headlines as a box office super hit and became the springboard of an outstanding career.

After Barsaat he made the most universally accepted socio-musical and romantic film with a very topical and strong message to world cinema about film standards in India, comprising the first ever father son combination, "Awara".

Salute to Legend of Indian Film Industry.

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