SumanSpeaks: The Information Super Highway

Good afternoon to all......Almost all my picks are doing well today, starting from Cummins India to BHEL to TISCO to SAIL to Chandra Prabu International Ltd to Selan Exploration Technology Ltd etc......Now I am recommending Shivalik Global Ltd[BSE-->532730) ....It is a textile company and the price is now way below the issue price. Buy with a price target of more than Rs.100 in one to two years. Recently there has been lot of shake up in management. Current Market Price Rs.23.90.... More news on the following mails..... Best wishes, Suman Mukherjee India. www.sumanspeaks.blogspot.com

The markets should start in the green today: Good morning to u all.......The markets are expected to open in the Green today, in tune with the global markets. There is a lot of put writing on 3100 which shows that the market has a good support at this level. For the large caps long positions could be build on the following counters: ACC, Bhel, Grasim, Gujarat Ambuja, I-Flex, and Tata Tea. They all outperformed the market last week and registered breakouts. TCS hasn't done much but it could see a volume expansion post-split and that normally leads to some price firming up during the non-delivery period. Keep an eye on HLL, which looks bullish after the Steller results....BHEL also came up with good results for the Q107, net profit jumping more than 85%. Grasim's results were also quite good. Exit both GAIL and NALCO as both look weak on the charts. One could short them. Nalco has seen a huge built up of volume which suggest some bad news is in the offing. There will be opt...

U.S. economy increases by 2.5 % in second quarter: The U.S. economy rose at an annual rate of 2.5% in the second quarter of this fiscal, the slowest pace since the end of last year, the US Commerce Department said on Friday . The rate of increase in GDP was way below Wall Street's estimates of 3 % and less than half of the blistering 5.6 % rate recorded in the first quarter. Analysts said slower consumer spending, especially on costly durable goods like new cars, was a key reason for the slower growth rate. The weaker-than-expected reading reinforced beliefs that the Federal Reserve may not need to hike interest rates further when they meet on 8th August.While investors have been spooked by any hint of higher prices, they likely set aside the GDP's inflation component because recent reports have shown a more benign trend. " The deceleration in real GDP growth in the second quarter primarily reflected downturns in personal consumption expenditure (PCE) for durable good...

Chevron reports record high profit, but disappoints investors: SAN RAMON, Calif. — Chevron said Friday its second-quarter earnings soared to a new high, but that wasn't enough to satisfy investors whose expectations have been raised by the oil industry's recent run of eye-popping profit. The company's shares tumbled 3.5%. The company said it earned $4.35 billion, or $1.97 a share, for the three months ended in June. That compared with net income of $3.68 billion, or $1.76 a share, at the same time last year. Chevron Corp. posted its best-ever quarterly profit, which rose 18 % but fell short of Wall Street estimates. Its earnings capped a round of stellar results from oil companies. Chevron lost $1.68 to $66.05. It marks the company's largest three-month profit in its 127-year history, eclipsing earnings of $4.14 billion registered in last year's final quarter after energy prices spiked in the aftermath of hurricanes Katrina and Rita. Revenue jumped 11% to $53.5 bil...

As expected and mentioned in my earlier letters, regarding the buoyancy in the steel sector returning, SAIL came up with a wonderful set of numnbers for Q1 FY-06-07. Following is the analysis of the results..... Q1 results puts winds on the SAIL, proposes to start a JV Cement Company: Steel major Steel Authority of India gained 2.4%, to Rs 71.45 after it reported 23% growth in Q1 June 2006 net profit. As many as 48.3 lakh shares changed hands in the counter on BSE. The scrip had witnessed a solid surge from mid-June 2006 to early July 2006, moving to Rs 84.40 by 5 July from a low of Rs 63.70 on 14 June. But the rally fizzled out later when the scrip slipped to a low of Rs 66 on 24 July. From that low, the stock has recovered a bit to Rs 69.75 by 27 July. Steel Authority of India (Sail) reported 23% growth in Q1 FY-06-07, net profit to Rs 1,386.41 crore (Rs 1126.48 crore). Total income (net of excise) surged to Rs 7,567.70 crore (Rs 5772.75 crore). The company said sales during the q...

Steel leaders blast China policies: July 14, 2006 If the Chinese government continues to subsidize its steel market, it could have devastating consequences for the future of American steel companies, industry heavyweights said Thursday . They called on the U.S. government to act aggressively in ensuring that China competes fairly in the global steel market. Four steel industry groups released a report — “The China syndrome: How subsidies and government intervention created the world’s largest steel industry” — which they have presented to the U.S. trade representative, the Department of Commerce and other relevant government agencies. The report was prepared under the sponsorship of the American Iron and Steel Institute, The Steel Manufacturers Association, The Specialty Steel Industry of North America and The Committee on Pipe and Tube Imports. ”The growth of the Chinese steel industry has been at the expense of its international competitors,” the report states. The authors accused C...

Oregon Steel 2Q Profit Surges (AP) PORTLAND, Ore: Oregon Steel Mills Inc. said Friday its second-quarter profit surged 55 percent on product price increases and a lower tax rate, beating Wall Street expectations by a wide margin. Quarterly net income grew to $43.9 million, or $1.22 per share, from $28.4 million, or 80 cents per share, in the year-ago period. Sales grew to $349.6 million from $335 million last year. The results easily Wall Street's forecast for profit of 98 cents per share, though sales came in shy of analysts' $359.7 million consensus estimate, according to a poll by Thomson Financial. During the quarter, Oregon Steel boosted its average sales price per ton to $889 from $882 last year. The company also benefitted from a tax rate of 32 percent, down from 39 percent in the 2005 period. Total shipments grew to 393,200 tons from 379,600 tons, due to increased shipments of plate and coil, structural tubing, rail and seamless pipe products, partially offset by lower...

Coal price remains stable from July 14 to July 21: Shanghai. July 28, 2006. INTERFAX-CHINA - Although China has already entered the peak season for coal consumption, the coal price did not change significantly from July 14 to July 21, and prices still fell in some regions. Coal stockpiles were falling in ports, power plants and steel mills, but the price at the Qinghuangdao Port - a key indicator - did not change . In eastern China, the price of 5,000-Kcal coal for power generation was up by RMB 10/ton (USD 1.25/ton) in Jinan, Shandong after shrinking by RMB 30/ton (USD 3.75/ton) the week before. In northern China, price changes varied depending on the type of coal. The price of anthracite and coking coal dropped noticeably while coal for power generation began to rise in Shanxi Province . The price rise in Shanxi might be a consequence of the coalmine accident that took place in Lingshi City in the middle of May. In northeastern China, coal consumption did not rise as quickly as oth...

Making steel story more palatable: TISCO is doing well today after I gave a call on the morning on the steel sector. The steel sector, which enjoyed an extremely strong upturn and windfall profits in 2004, has seen steel prices fall by as much as 30% since the second half of 2005 in the Asia-Pacific region. However, after the price correction, a strong rebound is on the horizon. The price of hot-rolled steel, a benchmark product, is expected to recover to above $500 per metric ton (from below $400 per metric ton) in the second half of 2006—a very profitable level that is likely to strongly boost steelmakers' earnings in the months ahead. The Steel prices might rise in the next August. There are still huge demands of steel in Europe and Latin America. Though the Chinese production is increasing at a rate of 30 % per annum its demand is also increasing at 20% per annum. Then there are world demand followed by domestic demand. Besides the rise in Coal and Iron Ore prices will force...

Cash in on the Oil Exploration Companies: Good morning to u all.........today the markets are expected to open in the green, due to Federal Reserve's Beige Book of regional economic conditions said inflation was in check. But still all eyes are on the Fed meeting on 8 th August. Today there will be volatily in the overall market due to F & O Settlement today but the markets will close in the green--so a good day ahead for the bulls. Yesterday after ONGC posted very good numbers, the markets are expecting similar trends from the other players in the Drilling and Oil Exploration Field. Two names which comes to my mind at this stage is Alphageo and Selan Exploration and Technology Ltd. I have already recommended the latter yesterday, at Rs.50.20. Today I am also recommending the same . Energy stocks will gain due as a spike in oil prices A barrel of light crude settled at $73.94, up 19 cents, on the New York Mercantile Exchange. Oil had advanced as much as 90 cents a barrel earl...

Cash in on the Oil Exploration Companies: Good morning to u all.........today the markets are expected to open in the green, due to Federal Reserve's Beige Book of regional economic conditions said inflation was in check. But still all eyes are on the Fed meeting on 8 th August. Today there will be volatily in the overall market due to F & O Settlement today but the markets will close in the green--so a good day ahead for the bulls. Yesterday after ONGC posted very good numbers, the markets are expecting similar trends from the other players in the Drilling and Oil Exploration Field. Two names which comes to my mind at this stage is Alphageo and Selan Exploration and Technology Ltd. I have already recommended the latter yesterday, at Rs.50.20. Today I am also recommending the same . Energy stocks will gain due as a spike in oil prices A barrel of light crude settled at $73.94, up 19 cents, on the New York Mercantile Exchange. Oil had advanced as much as 90 cents a barrel ear...

Selan Exploration Technology Ltd: CMP – Rs.59.75,BSE Code –530075 Selan Exploration was incorporated in 1985 is involved in Onshore drilling for exploration of oil and gas. The Company started as a consulting firm and was doing seismic data acquisition work for ONGC. It was later awarded BAKROL, INDRORA and LOHAR oilfields in Gujarat for development in the year 1993. In the year 1997, the Company received Letters of Intent for two additional fields in onshore Gujarat viz KARJISAN, a gas field and OGNAJ, an oil field, from the Ministry of Petroleum and Natural Gas (MoPNG). The company has been producing crude from its oilfields in BAKROL, INDRORA and LOHAR. The company had been buying back its shares through open market purchase from the year 2002 till the year 2004, as a result of which the Equity Capital got reduced from Rs.17.51 crores to Rs.14.0 crores. This indicates the confidence of the promoters in running the business and this is showing up from the continuous good financ...

The stock to watch for today: Selan Exploration Technology Ltd, Gujarat NRE Coke and Chandra Prabhu International Ltd......FIIs and a PSU bank have taken position in Selan Exploration Technology Ltd, with lot of Mutual funds thinking of entering this counter. Firm Coal prices world-wide will give push to other two counters. Best wishes, Suman Mukherjee India.

Dear Investors, The markets are set to remain range bound with a positive bias as most of the Asian Markets are trading in the green--Nikkei and Straits Times trading in Red when the last reports poured in. Coal Prices has started to move northwards as Crude becomes expensive:Australia , S Africa struggle to expand facilities to boost output : Coal prices has started to rise as oil and natural gas become more expensive and as exporters in Australia and South Africa struggle to expand rail and port facilities to boost output. It is natural that Coal prices will rise as due to high oil prices. Coal's share of the world's energy market has climbed to 28 % from 25 % in 2000. Coal prices at $2.50 per million British thermal units, are less than half the price of natural gas, which costs more than $6 per million British Thermal units, while Oil products cost more than $13. Soaring Crude: Crude oil in New York has climbed about 25 % this year, reaching a record $78.4 a barrel o...

Buy Selan Exploration Technology Ltd ( BSE Code->530075)....With oil price raging at around $75 a barrel, there cannot be a better bet, than this Oil and Exploration company, which has done exceptionally well in the last quarter and also in FY-05-06. The company is expected to do further well in the following quarters .....more in future.... Best wishes, Suman Mukherjee India. www.sumanspeaks.blogspot.com www.bcozindia.com

Buy or Sell-Sumanspeaks Exclusive: Sell Rolta Ltd[ CMP-->152], Sell GDL Ltd( CMP-->Rs.155.45, Sell Gateway Distripark), Sell Hazoor Media{CMP-->10.50), Sell BSEL Infra(CMP-->Rs.39)and Sell DS Kulkarni( CMP-->Rs.197), Sell Aegis Logistics( CMP-->Rs.142.00. Buy Cummins India( CMP-->Rs.163.25), Buy Monnet Ispat( CMP-->Rs.155), Buy Soma Textiles (CMP-->Rs.25) and Buy Coral Finance and Housing{CMP-->Rs.16.5), Buy Morgan Ventures Ltd( CMP-->Rs.21.05),Buy Chadra Prabhu International(CMP-->Rs.7.25) and Buy Dhoot Industrial Finance ( Rs.15.65). Hold Monnet Ispat Ltd[ If u have already purchased), TISCO, TCS, ITC and Suzlon... Best wishes, Suman Mukherjee, India. www.pkblogs.com/sumanspeaks http://www.sumanspeaks.blogspot.com/

Market does not look encouraging today: The markets rose yesterday by more than 300 points on the BSE Sensex. That was just a sentiment driven and a technical pull back due to Fed Chairman's comments. FIIs were net buyers yesterday whereas the Mutual Funds are net sellers. With the High Oil prices, ruling and dollar ranging high, and Rupee becoming weak, the markets are not looking attractive at all today. Asian markets are today down, but no major change is visible as of now. Yesterday I sold some of my positions. EM Mutual Fund out flows is $ 1.9 bn in the week ended, 19 th July, 2006 . Redemptions largest in Asia and smallest in Russia. For India net out flows is $ 42.5 million for the week ended 19 July, 2006. From the derivative sides, the resutls are not encouraging and discount got less. Today the markets are expected to open in the green due to inertial from the yesterday's market dynamics but would gradually slip in the red. So the investors are asked to book profit...

Asian shares close mixed, cautious ahead of US Fed chairman's testimony : HONG KONG - Shares across the Asia-Pacific region closed mixedwith markets cautious ahead of the testimony to the US Congress tonight by USFederal Reserve chairman Ben Bernanke, dealers said. Tokyo share prices finished higher, ending a five-day losing streak, asinvestors sought bargains after the benchmark Nikkei index dropped by more than400 points yesterday, dealers said. But the gains were limited as investors awaited the release of US inflationdata for last month and Bernanke's testimony to Congress, and for a string ofearnings reports this week by US high-technology firms such as Intel Corp, AppleComputer Co Inc and Microsoft Corp, they added. Uncertainty about the effect of the conflict in the Middle East on financialand commodities markets also weighed on the market, they said. The blue-chip Nikkei 225 Stock Average closed 63.02 points or 0.4 pct higherat 14,500.26, after touching...

Steel Prices are expected to rise huge world-wide demand : Good afternoon to u all................... I am in dismay as to why the steel shares are going down when there is an impending news of price hike looming large through out the world, with Mittal Steel already hinting a price hike in August. This will be the major price hike after 2004. Indian Steel majors have already hiked their prices. Today Bhusan Steel came out with good results...more such results will boost the sentiment in the steel sector. China Control only 25 -30 % of the steel demand world-wide, so it is unnecessary to think too much about the Chinese impact. Meanwhile in a neighbouring Country called Vietnam the steel prices are surging. In India also after the monsoon the construction will take place in a big way and the demand for steel will continue to rise. Also the demand for the other metals especially Zinc will also rise, as we are in the commodity super cycle. Till is expected to continue till 2030. Beside...

Reliance Industrial Infrastructure dips on muted growth: Reliance Industrial Infrastructure slipped 5%, to Rs 418.45 after reporting lacklustre growth for the Q1 June 2006. The counter was hammered from its all-time high of Rs 943.80 on 16 May 2006, to Rs 435.40 on 10 July 2006, as selling continued. Here, it started moving higher to reach Rs 440.45 on buying support. It reported a growth of 5.20% in net profit for the Q1 FY 2005-06, to Rs 4.69 crore compared to a net profit of Rs 4.46 crore in the same period previous year. Net sales during the period declined 2.90%, to Rs 13.77 crore (Rs 14.18 crore). Reliance Industrial Infrastructure is chiefly into construction. The company can run trains on category-I routes, which are being managed by the Container Corporation of India (Concor). They include all existing and future inland container depots (ICDs) linking the Jawaharlal Nehru Port Trust, Mumbai Port Trust, National Capital Region, Pipavav Port, Mundra Port, Kandla Port, Chennai ...

The markets are completely short: There are more short seller then long buyers in the markets and this might continue for some more time. The markets are expected to be range bound today, with no major development taking place in the middle east and also Crude is still above the threshold limit of $70 / barrel. The Asian markets are also mixed with Nikkei plummenting heavily. FIIs are still pulling out money and the Rupee is sliding.....Crude Futures are trading ominously at --> $75.43 / barrel as the middle-east crisis continues. Yesterday as expected the markets got support at 3000 on the nifty and for the Sensex it has good support at 10,000. The markets are expected to remain range bound in the 3200 to 3000 range for Nifty and for the Sensex it is 9800 to 11500 for some more days before some fresh triggers come. Yesterday Dow remained flat after some encouraging results coming frm the coffers of Fed. Nifty has added 4.9 % in open interest. Nifty July futres are trading at 2...

Recommended picks shines as Sensex Tanks: My recommended picks gained even when the sensex tanked by more than 380 points. I had recommended: Chandra Prabhu International Ltd -->gained by 9% to Rs.7.75[Coal, Synthetic rubber, bio-technology, bio-diesel and other chemicals] ahead of results and Australian deal. Morgan Ventures Ltd--> Gained by 2.75 % to Rs.24.25 [Wind power, Forging factory sales and real estate purchases, i.e. investment in lands, whose value has more than tripled due to real estate boom] Coral Finance & Housing Ltd ---->Gained 2.97% to Rs.17.35 [Ayurvedic Hospital, Real estate play and finance. Number of real estate projects going up in and around Bombay] Even Monnet Ispat Ltd fell by a mere 2.52 % to Rs.172, even in such a huge fall of the Sensex. Soma Textiles and Industries Ltd remained flat at around Rs.26.55, indicating that it has huge support around Rs.26--Rs.27 range. This is a great stock to be accumulated at this price as the company h...

The markets are still range bound due too much uncertainty prevailing. The stocks to watch Considering the result season and international factors: 1. Geometric Software--->will get positve effect if the results are good 2. Hindustan Zinc--->Will get a boost, from bullish sentiment, prevailing in the LME. 3. Chandra Prabhu International Ltd---set to come up with results soon. Australian deal to set rolling within a short time. Today it is already up more than 8%. 4. India Cements Ltd-->Coming up with results 5. Morgan Ventures Ltd-->It's wind power, Sale of Forging factory, real estate investment is bullish indicator. 6. Coral India Finance and Housing Ltd.--->Keep adding on all declines 7. Monnet Ispat Ltd---> Set to rise, due to bulish sentiment prevelant in the steel sector. The steel prices are expected to rise in the August, 2006. Monnet Ispat is a Jindal Group company, having an EPS of more than Rs.33, 60 MW of installed power of the 150 MW total power capac...

The markets are expected to remain subdued today, with high oil prices and tension in the Middle-east. Till now most of the indices in the Asian markets are down. But what are news we get today: 1. Huge selling is continuing in the Large caps stocks in a row. 2. FIIs are net sellers of Rs.1318 Cr in F & O on Friday 3. FIIs are net seller of Rs.426 Cr( Prov) on Friday 4. Mid-cap stocks as expected are showing great upward movements, with good mid-cap IT stocks on fire, like Geometric Software, Sonata Software, Polaris Etc. Do not get long on Polaris as 150 % rise in open interest took place within some days. It will be better if one goes on short on all the IT counters. 5. Some of the mid-cap big boys like GHCL, India Cements, Geometric Software is expected to come up with results today. 6. Trading volume in the mid cap IT stocks has surged, keep close all negative speculations. 7.Nifty add 4.7% in the open Interest and Nifty futures is trading at a discount of 31.95 % 8. Looking at...

Crude oil: Current Price--->$78.52 / barrel 52-week Range-->$78.15--$79.86/ barrel One Year Forecast--->$110/ barrel Best wishes, Suman Mukherjee India. http://sumanspeaks.blogspot.com/

SA steel prices set to rise again in August: Africa's leading steel producer, Mittal Steel South Africa, has released details of yet another set of price increases from August 1, following hot on the heels of the average 5,4% flat-steel increase effective July 1.The July increase was the first broad-based price rise announced by the group since October 2004, with Mittal having cut prices twice in 2005.Mittal Steel South Africa introduced an average flat-steel price increase of 5,4% as from July 1, affecting 85% of its sales.Towards the end of June, domestic steel users received notification of another general adjustment for orders confirmed for delivery from August 1 onwards.The notice indicated that hot-rolled coil prices would rise by 9% and plate by 12%, while the average increase across its flat-products range would come it at around 8%.The average long-product increase for steel to be delivered on August 1 would be six percent. But Mittal cautioned that the previous domestic ...

Universal Stainless Raises & Alloy Products: Universal Stainless & Alloy Products Inc. on Thursday raised prices for all tool steel plate products by 4 % in a move to offset increased costs for electricity and manufacturing supplies. The steelmaker, which sells to forgers and manufacturers, said the price increases are effective for shipments starting July 24. The move follows a price increase announced in early June for the company's premium-melted steels and air-melted steel products. Other steelmakers have recently announced price increases as the cost of raw materials such as iron ore and coal continue to rise. Steel prices fell in 2005 after demand from China slumped. Universal Stainless closed up 36 cents at $27.05 in Wednesday trading on the Nasdaq. This is good for shares of Indian Steel Companies, which are expected to rise any time from now.[From Internet] Best wishes, Suman Mukherjee India. http://sumanspeaks.blogspot.com/ www.bcozindia.com

June retail sales unexpectedly fall 0.1%: 14 th July, 2006. WASHINGTON — Consumers continued to curtail spending last month as rising gasoline prices dampened purchases of other goods, a fresh indication of a cooling economy. The cutback unexpectedly pushed retail sales into negative territory in June; they dipped 0.1% after edging up by the same amount in May, the Commerce Department reported Friday. Excluding gasoline sales, June retail sales fell 0.2%. The latest figure was an another indication that gasoline prices "are beginning to bite and are beginning to squeeze consumers pretty hard," said Nariman Behravesh, an economist with Global Insight in Lexington, Mass. The decline surprised economists, who had predicted an increase of 0.4% for June retail sales. Still, the $363.8 billion estimated to have been rung up in June marked a 5.9% increase from the same month in 2005. Economic unease has only deepened since June. In recent days, surging oil prices and interest rate...

Infosys Technologies to issue bonus shares in 1:1 ratio: 15th July, 2006. Infosys Technologies at its board meeting held on July 15, 2006 has transacted the allotment 27,68,43,176 equity shares of Rs 5 each aggregating Rs 138,42,15,880 issued by capitalization of general reserves and distributed as fully paid-up bonus shares in the ratio of 1 equity shares for every 1 equity share held to those shareholders whose name appear on the register of members / register of beneficiaries as on July 14, 2006. The share price on the last Friday, plummeted to Rs.1650 after the said bonus issue. The volume was also very low at 262385. Hold the shares with a long term perspective keeping a strct stop of around Rs.1300. Best wishes, Suman Mukherjee India. http://finance.groups.yahoo.com/group/SumanSpeaks/ www.bcozindia.com

Gujarat Alkalies, Net Profit for Q1 FY 2006-07, at Rs 42.57 crore:Dismal Performance: 15th July, 2006. Gujarat Alkalies & Chemicals Ltd posted unaudited results for the quarter ended June 30, 2006. It posted a net profit of Rs 42.57 crore for the quarter ended June 30, 2006 (Q1 FY 06-07) as compared to Rs 63.21 crore in the same period last year. Total Income (net of excise) has increased to Rs 247.43 crore for Q1 FY 06-07 from Rs 247.08 crore in Q1 FY 05-06--the net income remained flat. The current market price of the shares of the company is Rs.155.25. Exit the shares immediately on moday. It might slide further.[With inputs from the Internet]. Suman Mukherjee India. http://sumanspeaks.blogspot.com/ www.bcozindia.com

Four Soft to set up technology centre in Pune: 15th July, 2006. Four Soft and the world’s largest transportation and Logistics software product company announced its plans to establish a technology centre in Pune. The technology centre is likely to start functioning from August 01, 2006 onwards. The technology centre is going to focus on the company’s key products using latest J2EE tech technologies. The company is venturing into a multi- site software development, the integration and delivery of which will be done from Hyderabad. Keeping in line with their expansion plans, they are planning to hire 200-300 professionals by the end of this year. Recently, the company has added more space in their training centre in Hyderabad. The stock looks undervalued considering the long term prospects of the software sector and in the field in which it operates. The Current Market Price of the shares of the company--->Rs.45.65. Buy with a Stop Loss of Rs.42 for a target of Rs.65 and Rs.82. Bes...

Visaka Industries shoots, on stunning Q1 show: Visaka Industries rose 1.45%, to Rs 105.10 on brilliant Q1 June 2006 results. A total of 36,334 shares were traded on the BSE. The stock is on recovery path after getting battered in the recent market meltdown. The stock, after finding support level at Rs 73.65 on 8 June, had rallied to close at Rs 103.60 on 13 July 2006 as the market recovered from a bearish phase. Visaka Industries has registered a net profit jump of 135%, to Rs 9.19 crore in Q1 June 2006 compared with Rs 3.90 crore in Q1 June 2005. Net sales during the same period under consideration increased to Rs 115.58 crore from Rs 77.92 crore. In mid May, the board had recommended a 2.29:1 ratio as the share exchange ratio for the amalgamation of the company with Shakti Roofing. Thus, for every 2.29 equity shares of Shakti Roofing of Rs 10 each, one equity share of Visaka Industries of Rs 10 each would be given. Visaka Industries had decided in April to go in for a placement of 3...

The Graph of Sensex as on the last Friday, 2006. Courtsey: www.bseindia.com

The Weeks Weak Performance: Sensex gains 169 points: The markets moved higher on alternate bouts of buying and selling. Due to some weak world-wide clue, the markets remained subdued on the last friday. But Asian markets dictated the trend on the domestic bourses for most of the week. On Wednesday, a strong Q1 result by IT major Infosys Technologies Ltd helped the market forget the impact of bomb blasts in Mumbai's local trains. For the week ended Friday (14 July), the BSE Sensex settled 169 points (1.6%) up , to record 10,678.22. The S&P CNX Nifty rose 47.5 points (1.5%), to settle at 3,123.35. Trading for the week began on a firm note. The Sensex jumped 175 points on Monday (10 July) on the back of a recovery in Asian markets, fall in crude oil price from a record high and a short-covering in the derivatives segment after Friday (7 July)’s sharp 258-point fall. Short-covering was witnessed in derivatives after a denial by the Prime Minister’s Office (PMO), after trading hours...

Shanthi Gears basks in glory of Q1 results : Shanthi Gears shot up 1.67%, to Rs 67 on strong Q1 June 2006 results. A total of 59,127 shares were traded on the BSE. The stock has remained range-bound since the last two weeks after making a smart recovery from the blues of a recent market meltdown. The stock rallied from the recent low of Rs 55.05 on 8 June to Rs 68.30 on 27 June as the market recovered. Here, the stock remained range bound, fluctuating between Rs 63 – 66, till it closed at Rs 65.90 on 13 July 2006. Shanthi Gears has registered a net profit rise of 35% to Rs 7.56 crore in Q1 June 2006 compared to Rs 5.59 crore in Q1 June 2005. Net sales during the period increased to Rs 40.44 crore from Rs 33.69 crore. Last year, the Coimbatore-based industrial gear manufacturer raised $15 million through a FCCB issue to fund its investment plans. It also entered into a memorandum of agreement with General Electric Company through its GE Transportation - Aircraft Engines Business Compo...

Mexico OKs request to close copper mine: - Mexican labour authorities approved Grupo Mexico SA's request to close the La Caridad copper mine and cancel the collective contract after a three-month strike, a company official said Friday. Juan Rebolledo, vice president for international affairs for Grupo Mexico, said the labor arbitration board approved the closure of the mine in northwestern Sonora state, and that the company can now cancel the contract which involves at least 1,200 unionized workers. About 700 nonunion staff and 800 contract workers also will be affected, although the company can later reopen the mine with other workers once the facilities are restored to its control, Rebolledo said. Union workers at La Caridad went on strike March 24 and have refused to negotiate unless the government recognizes Napoleon Gomez Urrutia as the leader of the 250,000-member National Mining and Metal Workers Union. The government has so far rejected union notifications ratifying Gome...