Sunday, May 27, 2007

Important News of the Week Gone by:
[Updated at 01.30 p.m., Sunday]
21/05/2007
Twilight Litaka inks agreement with Sami Labs: Twilight Litaka Pharma has signed an agreement with Bangalore-based Sami Labs for acquiring 17 food supplement drugs. 22/05/2007
Syndicate plans second follow-on issue: Syndicate Bank is planning to hit the capital market with follow-on public offer of eight crore equity shares (face value Rs 10 each). It will use proceeds of the issue to shore up the capital for credit growth and comply with Basel II norms by March 2008.The State Bank of India, ICICI Bank (Rs 20,000 crore), HDFC Bank (Rs 4,200 crore) and Federal Bank have already announced plans to raise capital from the equity offering.The bank needs capital to support credit growth. Also, since bank has a branch in London , it will have to be meet with Basel II norms by end of this financial year (March 2008), its Chairman and Managing Director C P Swarnakar said.The board today gave its nod to start the follow-on issue process.The offer is subject to approval from the government of India (which holds 66.47 per cent stake), Reserve Bank of India and other statutory bodies.The price of the offer will be decided later, he said. 23/05/2007
Calsoft may acquire Aspire Comm: California Software (Calsoft) is set to acquire 51% stake in Aspire Communications, a hardware design services company in a cash and stock deal for an undisclosed amount, reports Our Bureau.The two companies signed a deal on Tuesday, which would would culminate into a final share purchase agreement. The process is expected to culminate by July 2007 and to add $3 million in revenue and $400,000 in net profit to the Calsoft Group in 2007-08.Calsoft MD and CEO Sam Santhosh said, This will help Calsoft augment its product engineering services. With the Hardware Design expertise that Aspire Communications brings we can now provide end-to-end solutions in the outsourced product development space.Aspire Communications CEO Mahesh K Rao said, We are excited at the opportunity of servicing the Calsoft customer base, especially the BIOS and Flash customers in US and China. Joining the Calsoft group will allow us to grow faster under a bigger umbrella. 23/05/2007
Gujarat NRE Coke Ltd: Gujarat NRE Coke Ltd has announced that India NRE Minerals Ltd, the Australian subsidiary of the Company has lodged an IPO Prospectus to raise AU$ 15 million (with a right to accept oversubscriptions of a further AU$ 10 million) and seek listing on the Australian Securities Exchange. The Company, owners of the NRE No 1 colliery in NSW, Australia owns one of the oldest operating coal mine containing a JORC resource of more than 300 million tonnes of prime hard coking coal. The IPO offers the investors the opportunity to invest alongside India's largest coke producer and participate in the fruits of development being fuelled by growth of the Indian economy. India NRE is in the process of extending the mine life by developing new access roads and drifts into the unmined areas of the mine and subject to the successful completion of a bankable feasibility study and implementation of a long wall intends to increase production from the current level of 1 million tonne to a long term production target of 4 million tonnes p.a. in about 4 years time. This would transform the company from being one of the new entrants to coking coal sector to one of the largest coking coal producers in Australia other than the industry majors.India NRE enjoys long term off take commitment from the Company as well as an ongoing management and funding support. As such the Company is well positioned to reap full benefits of the growing demand for hard coking coal as supply diminishes. The IPO consists of an offer for 30 million shares at an issue price of 50 cents each with a right to accept oversubscriptions of further 20 million shares. On listing the company would have a market capitalisation, based on the issue price, at AUS $ 240-250 million. The Company would hold more than 90% stake following the IPO. Application can only be made pursuant to the India NRE Prospectus dated May 11, 2007 and lodged with the ASIC. 24/05/2007
Accentia Technologies Ltd: Accentia Technologies Ltd has informed BSE that the Company has bagged USD 2 M order for Real Time Health Care BPO Solutions from one of the leading hospitals in USA. The Real Time Health Care BPO Solution developed by the Company is an extension to its popular offshore methodology branded as HEALTHDOX. Commenting on the above, the Company's Director & CEO, Mr. Pradeep Suseela Viswambharan stated that, the improvement that they have done for their existing HEALTHDOX model already started giving results and the Company is confident of getting more orders for the improvised new product from USA based hospitals. 24/05/2007
Shyam Star Gems Ltd: Shyam Star Gems Ltd has informed BSE that the Company has started commercial production of diamonds studded gold & silver jewellery. The manufacturing unit is situated at SEZ Sachin Surat.
Also in the news:
Sujana Universal board okays $20 mn GDRs: Sujana Universal Industries Ltd. is increasing its authorised share capital from Rs.115 cr. to Rs.155 cr. by issue of equity shares/ compulsorily convertible warrants by way of preferential allotment to the extent of Rs.9 cr. to the promoters and non-promoters and issue of equity shares by way of GDRs etc. to the extent of $20 mn. The company's infrastructure division has made rapid strides bagging construction and development contracts to the tune of Rs.200 cr. and over Rs.300 cr. worth of contracts are under negotiation. The company is investing around Rs.40 cr. towards equipment and machinery. Rana Sugars allocated Liquor Quota: Rana Sugars Ltd., has been allocated Country Liquor Quota of 4813707 PL by the Punjab Excise Department. The quota allotted is equivalent to about 10.70 lakh Cases of Country liquor of 50 degree. This will be supplied before March 31, 2008 and will bring revenue of about of Rs.25 cr. The Punjab Govt. has also allotted L-13 licenses in 14 districts. The quota is to be supplied to numerous retail country liquor vends numbering about 4000 spread over the entire State. In addition to this, 1401936 PL of the Country Liquor as been allocated by the Punjab Govt. to be sold in the open market. Shiva Cement restructures, ties-up with ACC: As a part of debt restructuring, Shiva Cements has allotted IDBI 36.21 lakh shares on March 30, 2007. It has also proposed to allot 2.2 cr. equity shares to a clutch of six non-promoters. These entities hold a total quantity of 4.5 cr. convertible warrants, issued on preferential basis on February 7, 2007. These conversions, effective from last month,enhanced the paid-up equity of Shiva Cements to 10,52,63,972 shares of the face value of Rs.2 each aggregating toRs.21.05 cr.
Note: I might be out for some days in this week and hence no updates might be provided in this blog for those mentioned days. Don't sell the stocks in a hurry, the markets will remain rangebound for the rest of this month with lot of action taking place in Mid and Small Cap space.
It will be worth noting that, Premier Explosives had a meteoric rise in 2005, when it rallied from a mere Rs 30 to Rs 211 in seven months time frame. But the, entire gains were wiped out in the next 12 months and the stock was back at Rs 31 in June 2006. The Scrip seems to be again on sitting on a "launch pad" for that type of historic rally again; as lot of postives are going to be factored in in the next few months. The stock this time could surpass the previous high of Rs.211, hence add on all declines. The new company secretary is expected take charges from the first week of June, 2007, according to sources close to me, after which the things could change dramatically, for the company. Besides, the company's overseas division is going to start commercial production within 2-3 months. It is expected to be another Sujana Metal Products Ltd(Recommended at Rs.17 and Rs.22 in 2005) in the making.....The company already has an EPS of more than Rs.4, at this price, please look at the EPS of other defence related companies like BHEL, BEL, Bharat Electronics, Sika Interplants Systems Ltd, Hindustan Construction Company Ltd (HCC), Rolta Ltd and compare its present price with them.........The new research report on the company has already been placed at:[http://www.bcozindia.com/SumanMukherjee.asp]........
The Talking Technicals:
1.Paramount Communication (CMP-->Rs.30.85) is consolidating after reaching Rs.33.5, a couple of weeks back. It is currently near its medium term support of Rs 29 and is range bound. Hold the stock with a stop at Rs 26. A bounce from above Rs. 35, can take the stock price higher to Rs 45 or Rs 50. A rally beyond Rs 50 is needed to make the long-term outlook positive again. On the charts the stock has made some positive developments, though very minuscle.....
2. Southern Online Bio Technologies Ltd is looking great on daily charts with MA--cross-overs. Even Candle Stick patterns and MACD are looking promising at the moment. The stock is still in the higly oversold territory and could shoot at any time. Hence, add the stock at the current price and wait for the historical moment to come.
3. Sanjivani Parenterals Ltd (Rs.35.5) is doing great from its recommended price of Rs.33, some days back. MA-Cross-overs look promising and does not indicate false signals. RSI looks very positive, so is Stochastics, MACD & Bollinger bands. The stock is on an intermediate uptrend. Hold or add the stock at the CMP for price of above Rs.50 in the short to medium-term-perspective.
Pt.Vilayat Khan - Innovative maestro of the Sitar:
Pt. Vilayat Hussain Khan, the sitar maestro, was born in Gowripur, India, on, 28 August, 1928; He married twice (two sons, two daughters) and passed away in Bombay (now Mumbai) on 13 March 2004. Ustad (Maestro or Pandit) Vilayat Khan was one of the greatest figures in north Indian classical music of the past 60 years. The adoption of vocal style into his sitar playing, the so-called "Gayaki-ang", is what made him a pioneer and role model among sitar players. This style pushed sitar technique to even higher levels, since it demands extensive use of the lateral deflection of the string by pulling it sideways[Called 'Meed" and "Gamak" in technical terms].
He was a born fighter, a rebel of sorts and carefully moved up the value chain through hard work and 100% devotion towards his work and profession. Once in an Interview in Doordarshan he mentioned that he used to practice a single "Tan" at least 1000 times to attain near perfection, in his initial years.
Not only did Vilayat Khan avoid the intonation problems inherent in this but he also used it to enormous expressive effect by playing whole phrases after the string was plucked and before the sound faded away. He further modified the sitar by reducing the number of strings, confining the instrument to its true treble register and leaving the very low register to the surbahar, a kind of bass sitar also much played in his family.
He also adopted a variable tuning of the drone strings, according to the main notes of the raga, giving the music new tonal perspectives. His age at death was given as 76, though a slight mystery surrounded his date of birth, some putting it as much as four years earlier.
The widely accepted date of birth was 28 August 1928, in Gauripur, part of what is now Bangladesh. A part of Gauripur is still in India, in the Upper Assam (Dhubri -District to be precise), where find the language is a mixture of Assamese and Bangla dialects. An element of haziness also surrounded his early training. He was a typical Muslim hereditary musician of the kind who have dominated north Indian classical music since the great Tansen, the leading court musician at the court of the Mughal emperor Akbar in the late 16th century. In common with many Indian musicians, Vilayat Khan traced his lineage back to Tansen.
His father, Inayat Khan, and grandfather Imdad Khan were distinguished string players, and the family tradition stretched back for five generations before him, and is continuing with his sons, Shujaat Khan and Hidayat Khan, and also with his brother and nephews.
Training from his father was curtailed by his untimely death when Vilayat was only 10 years old. Exactly from whom he learnt thereafter has remained controversial but it is certain that his mother and her side of the family played a crucial role and helped develop the vocalist in him. Among those who did teach him or may well have done so were his mother, Bashiran Begum, her father Bande Hussain Khan and her brother Zinda Hussain Khan, all of them vocalists, and his father's brother Wahid Khan and his senior student D.T. Joshi, representing the string tradition. The connection between Vilayat Khan's sitar playing and vocal music was made abundantly clear by his habit of singing the compositions he was playing and even explaining the connections to the audience. He would also acknowledge some of the famous vocalists of his era, notably Ustad Faiyaz Khan. When he was interviewed, in an evening at the Nehru Centre, London, in 1997, he underplayed his part in the creation of the "Gayaki Ang", suggesting that it had been part of Indian music all along. On the other hand, he did draw attention to another inspired feature of his style: his distinctive way of finding unusual and expressive patterns in the raga.
Musicians trained in the Indian manner will be familiar with the exercises based on all the available note combinations and Vilayat Khan was able to prove his point by flawlessly reciting the 24 combinations of the first four notes of the scale. Not only did he emphasise that he knew all the others too but he also pointed out that such a discipline was the very basis of improvisation.
Khan's development was prodigious. He started giving concerts when he was six and recorded two years later. His concert début in Bombay in 1944 was dramatically successful and immediately established him as a master of the sitar and he was the dominant force right up to his death. At another famous concert, also in Bombay, loudspeakers had to be installed outside for the thousands unable to get seats in the auditorium.
As in life, so in death, Vilayat Khan attracted huge crowds. Leading musicians and the general public flocked to the hospital before his body was taken to Calcutta [now Kolkata] to be laid to rest next to his father. [Edited version from the Internet]
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