What’s buzzing in these stocks right now
NTPC: The story doing the rounds is that the company has sought permission from the government to sell some of its land bank. However, the company is quite cash-rich and it is difficult to believe that it would need to raise money by selling its land. The company recently announced that for FY10 it paid a total dividend of Rs31 billion, 38% of its paid-up capital, and the highest-ever by its own standards.
Development Credit Bank: It was HDFC Bank a few weeks ago and now it's Axis Bank that is rumoured to be targeting a controlling stake in DCB. Moneylife had reported about the HDFC Bank-DCB buzz (http://www.moneylife.in/article/81/9476.html). In its June quarter, it posted a net loss of Rs29 million vs. Rs82 million q-o-q, and Rs353 million y-o-y.
Financial Technologies: There are some bonus/split rumours. The stock has taken a bad beating after SEBI rejected the plea of MCX Stock Exchange (MCX-SX) for full-fledged bourse status. Before its big fall, the stock had risen quite a bit on hopes that its tussle with SEBI could end on a positive note.
Avon Corporation: There are takeover rumours doing the rounds in this stock. This is a small-cap company with a total market-cap of just Rs330 million. Promoters hold only 14% of this company while FIIs hold 8% and the public holds 79%. FII holding in this stock has risen sharply this year. The Mumbai-based company makes weighing scales. In its June quarter its net profit was Rs52 million (Rs63 million consolidated; Rs2 million q-o-q, Rs34 million y-o-y) and its net sales were Rs220 million (Rs327 million q-o-q, Rs258 million y-o-y).
Titan Industries: Rumours are doing the round of a bumper dividend and bonus issue. Titan is trading at all-time high levels. In its June quarter, Titan earned a net profit of Rs812 million (Rs512 million q-o-q, Rs460 million y-o-y) and net sales of Rs12.5 billion (Rs13 billion q-o-q, Rs8.8 billion y-o-y). The next quarter (December) is expected to be a bumper one for this company as it will reflect festival sales (Dusserah, Diwali, Christmas). Its Q2 results are expected on 25th October.
(This article is based on secondary research. The report is for information only. None of the stock information, data and company information presented herein constitutes a recommendation or solicitation of any offer to buy or sell any securities. Investors must do their own research and due diligence before acting on any security. Some of the opinions expressed in this article are the author's own and may not necessarily represent those of Moneylife).
New Delhi: Zee Entertainment Enterprises Ltd (ZEEL) today said its chief operating officer (COO) and business head of Zee TV Nitin Vaidya has put in his papers, after a 10-year association with the media conglomerate, reports PTI.
After a successful stint of over a decade, Mr Vaidya has expressed his desire to explore new vistas, ZEEL said in a statement.
Zee will not be seeking an immediate replacement for Mr Vaidya's role and his direct reports will henceforth be reporting into ZEEL MD and CEO Punit Goenka, it added.
"Zee family will always remember Nitin for his adroit understanding of viewer's mind and penetrating insight into content and programming. The entire Zee family wishes Nitin all success in his new endeavours," Mr Goenka said.
Mr Vaidya's stint in Zee has seen him lead the company's foray into regional space and later all national channels.
During his tenure, the Zee Group launched channels like Zee Marathi, Zee Talkies and Zee Bangla.
"It's been over 10 glorious years with the Zee family which I shall always cherish. Zee gave me the opportunity to broaden my horizon and explore diversified functions. I am extremely thankful to the management who have always supported and backed my decisions," Nitin Vaidya said.
New Delhi: India's highways development project, the largest public private partnership programme in the world, is likely to attract a whopping investment of $41 billion, including FDI, from private sector, reports PTI quoting highways minister Kamal Nath.
"Over the next few years, of the total projected investment size of $70 billion (Rs3.09 lakh crore), the likely investments from private sector including FDI (foreign direct investment) will be about $41 billion (Rs1.81 lakh crore)," Mr Nath told investors from Australia here.
The road ministry has unveiled an ambitious programme to construct 35,000km of roads by March 2014 and has called for foreign investment to meet the financial requirements.
The highways ministry is keen to implement mega projects, each with a length of about 500km and a total project cost of $500 million, he said.
"With our straightforward FDI regime, these should interest international players looking for sizeable investments," Mr Nath said.
His announcements come in the wake of India raising cap on foreign institutional investors (FIIs) investment by $5 billion in government and corporate bonds each. Besides, the government allowed FIIs to invest additional $5 billion in bonds issued by companies engaged in infrastructure sector.
The government's determination to bridge the infrastructure deficit provides an immense opportunity to international financial institutions and infrastructure companies to participate in the National Highways Development Project (NHDP), he said.
Inviting Australian investors to participate in the highways sector, at a programme at Australian High Commission, Mr Nath said, "...as two large democracies... India and Australia share a special bond. I am hopeful that this bond will make rapid inroads into the roads and highways sector in India."
Major Australian players have already evinced interest in partnering with the government for infrastructure development while leading contractor and project developer Leighton Group has already announced plans of over $300 million (Rs1,500 crore) in the road sector.
Apart from this, Mr Nath last week had also said that shifting its focus from the US and other European nations, Canada has assured India to invest $3 billion in highways projects in the next five years.
The United Progressive Alliance (UPA) government has plans to build 20km of national highways a day to increase its network significantly and has launched the NHDP, the largest such programme on PPP mode.
Sixty per cent of the highways under PPP will be built on build, operate and transfer pattern.
The country, at present has about 70,000km of national highways which is only about two per cent of the total over 33 lakh km of road network.