Stocks to watch: Wockhardt, Grasim, Unitech, DLF, Suzlon, Tata Motors, Glenmark, JSL, Rolta India
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B. Karthick
Jun 29, 2009, 12:35:51 AM6/29/09
to Kences1
Crude oil prices declined in Asian trade Monday on concerns of revival
in US economy. New York's main contract, light sweet crude for August
delivery dropped to $68.46 per barrel while Brent North Sea crude for
August delivery dipped to $68.24.
The rupee was lower against the dollar taking cues from subdued global
markets. At 9:15 am, the partially convertible rupee was at 48.14 per
dollar from its previous close of 48.10/11.
Cement prices are expected to soften by Rs 3-5 per 50 kg bag next
month due to the twin effect of excess supply and lower demand. Post
this cut, retail cement prices will come down to Rs 255 in Mumbai,
Gujarat, South India and around Rs 245 in the northern and eastern
markets. Grasim, ACC and Ambuja Cement are expected to reduce prices
on July 1.
Wockhardt and Biocon have come under the drug price regulator National
Pharmaceutical Pricing Authority (NPPA) scanner for allegedly
violating pricing norms. NPPA has initiated an investigation against
two insulin analogue brands, Wockhardt’s Glaritus and Biocon’s
Basalog, for selling the medicine without a price approval.
In another development, Wockhardt has sold its animal healthcare
business to French company Vétoquinol. The company, however, declined
to give any details on the valuation of the deal which was speculated
to be in the range of Rs 170-180 crore.
Mumbai seems to be the next destination for India’s biggest realty
companies, Unitech and DLF, to try and restart some of their projects
which were put on the backburner. Both these companies have been in
the midst of overcoming some serious liquidity problems that they were
confronted with.
A huge loss suffered through currency options and the expense incurred
in replacing faulty blades supplied to the US customers saw Tulsi
Tanti-owned Suzlon Energy slipping into the red. The company on Sunday
announced a standalone loss of Rs 183 crore for the quarter ended
March this year against a profit of Rs 482 crore for the same period
last year. Its standalone income from operations fell to Rs 2,040
crore in the same period from Rs 2,746 crore.
Havells India’s net profit rose 25 per cent to Rs 49 crore for the
quarter March 31 against Rs 39 crore in the same quarter a year ago.
Net sales moved to Rs 574 crore from Rs 548 crore in the corresponding
period a year ago.
Tata Motors posted its first annual loss in eight years and announced
more job cuts and plant closures at Jaguar and Land Rover as the
worst global recession in more than seven decades slashed demand for
the marque brands purchased by the company last year. The company
posted a consolidated loss of Rs 2,500 crore for the year ended March,
while sales slumped 37%. The last time the company had made a loss was
in 2000-01, when it experienced a similar demand slump.
The net profit of TVS Motor company remained flat at Rs 31.08 crore in
the year ended March 31, 2009 (on stand alone basis) against Rs 31.77
crore
in the previous year. Net sales increased by 14 per cent to Rs 3670.92
crore against Rs 3219.50 crore.
Glenmark Pharmaceuticals’ consolidated net profit for the financial
year ended March 2009 stood at Rs 193.47 crore, while it had a
consolidated net profit of Rs 632.11 crore in the same period ended
March 2008. Revenue increased to Rs 2,121.53 crore from Rs 19,82.06
crore. The net profit figures are not comparable due to out-licensing
revenue received in the last financial year 07-08 and one time write
offs taken in this financial year 08-09," Glenmark Pharma said in a
filing to the Bombay Stock Exchange.
JSL, country’s largest stainless steel producer, is planning to come
out with a rights issue in next two months to raise Rs 500 crore to
part fund its Orissa project.
Rolta India has repurchased $ 38.31 million foreign currency
convertible bonds due in 2012 through tender offer.
in US economy. New York's main contract, light sweet crude for August
delivery dropped to $68.46 per barrel while Brent North Sea crude for
August delivery dipped to $68.24.
The rupee was lower against the dollar taking cues from subdued global
markets. At 9:15 am, the partially convertible rupee was at 48.14 per
dollar from its previous close of 48.10/11.
Cement prices are expected to soften by Rs 3-5 per 50 kg bag next
month due to the twin effect of excess supply and lower demand. Post
this cut, retail cement prices will come down to Rs 255 in Mumbai,
Gujarat, South India and around Rs 245 in the northern and eastern
markets. Grasim, ACC and Ambuja Cement are expected to reduce prices
on July 1.
Wockhardt and Biocon have come under the drug price regulator National
Pharmaceutical Pricing Authority (NPPA) scanner for allegedly
violating pricing norms. NPPA has initiated an investigation against
two insulin analogue brands, Wockhardt’s Glaritus and Biocon’s
Basalog, for selling the medicine without a price approval.
In another development, Wockhardt has sold its animal healthcare
business to French company Vétoquinol. The company, however, declined
to give any details on the valuation of the deal which was speculated
to be in the range of Rs 170-180 crore.
Mumbai seems to be the next destination for India’s biggest realty
companies, Unitech and DLF, to try and restart some of their projects
which were put on the backburner. Both these companies have been in
the midst of overcoming some serious liquidity problems that they were
confronted with.
A huge loss suffered through currency options and the expense incurred
in replacing faulty blades supplied to the US customers saw Tulsi
Tanti-owned Suzlon Energy slipping into the red. The company on Sunday
announced a standalone loss of Rs 183 crore for the quarter ended
March this year against a profit of Rs 482 crore for the same period
last year. Its standalone income from operations fell to Rs 2,040
crore in the same period from Rs 2,746 crore.
Havells India’s net profit rose 25 per cent to Rs 49 crore for the
quarter March 31 against Rs 39 crore in the same quarter a year ago.
Net sales moved to Rs 574 crore from Rs 548 crore in the corresponding
period a year ago.
Tata Motors posted its first annual loss in eight years and announced
more job cuts and plant closures at Jaguar and Land Rover as the
worst global recession in more than seven decades slashed demand for
the marque brands purchased by the company last year. The company
posted a consolidated loss of Rs 2,500 crore for the year ended March,
while sales slumped 37%. The last time the company had made a loss was
in 2000-01, when it experienced a similar demand slump.
The net profit of TVS Motor company remained flat at Rs 31.08 crore in
the year ended March 31, 2009 (on stand alone basis) against Rs 31.77
crore
in the previous year. Net sales increased by 14 per cent to Rs 3670.92
crore against Rs 3219.50 crore.
Glenmark Pharmaceuticals’ consolidated net profit for the financial
year ended March 2009 stood at Rs 193.47 crore, while it had a
consolidated net profit of Rs 632.11 crore in the same period ended
March 2008. Revenue increased to Rs 2,121.53 crore from Rs 19,82.06
crore. The net profit figures are not comparable due to out-licensing
revenue received in the last financial year 07-08 and one time write
offs taken in this financial year 08-09," Glenmark Pharma said in a
filing to the Bombay Stock Exchange.
JSL, country’s largest stainless steel producer, is planning to come
out with a rights issue in next two months to raise Rs 500 crore to
part fund its Orissa project.
Rolta India has repurchased $ 38.31 million foreign currency
convertible bonds due in 2012 through tender offer.
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