Posts in category All News
Ganesha Ecosphere Limited – Annual General Meeting Updates (26-08-2015)
Ganesha Ecosphere Limited has submitted to the Exchange a copy of notice of Annual General Meeting of the members of the Company to be held on September 19, 2015.......
LIC buys addl 2.19% stake in Andhra Bank in 4 yrs to Aug 2015 (26-08-2015)
State-run Andhra Bank today said LIC has acquired an additional 2.19 per cent stake in the bank through open market operations during 2011 to 2015.
After the acquisition, LIC’s total stake in Andhra Bank now stands at 11.48 per cent, the bank said in a filing to the BSE.
The equity share capital/total voting capital of Andhra Bank before the said acquisition of shares by LIC was at Rs 559.58 crore and it increased to Rs 602.84 crore after the acquisition, it added.
The additional stake by LIC took place during June 22, 2011 till August 24, 2015, the filing said.
Andhra Bank shares closed 2.68 per cent lower at Rs 63.45 apiece on the BSE today.
IPO Navkar Corp IPO over-subscribed (26-08-2015)
The Rs 600-crore initial public offering (IPO) of logistics firm Navkar Corporation was over-subscribed by 2.75 times today, the last day of subscription.
The IPO received bids for 7.85 crore shares as compared to 2.86 crore equity scrips on offer, translating into a subscription of 2.75 times, according to data available with the National Stock Exchange (NSE) till 1600 hours.
The bidding for the IPO, which started on August 24, would conclude today. The price band for the issue has been fixed at Rs 147-155 per share.
Retail portion got a subscription of 60 per cent, while Qualified Institutional Buyers (QIBs) and non-institutional investors categories were subscribed by 19 per cent and two per cent, respectively, till yesterday.
The company had allotted 1.16 crore equity shares to 15 anchor investors – Morgan Stanley, Nomura, HDFC MF, SBI MF, Reliance MF, Franklin, IDFC, Sundaram MF, L&T MF, Kotak MF, Prime India, Amundi, Ashbunon India, Abudhabi Investment Authority.
Maharashtra-based Navkar Corp plans to mobilise up to Rs 510 crore by issuing fresh equity shares and rake in up to Rs 90 crore through sale of existing shares.
The funds would be used for capacity enhancement of the Somathane container freight station (CFS), development of the non-notified areas of CFSs and establishment of a logistics park at Valsad in Gujarat.
The issue is being managed by Axis Capital, SBI Capital Markets and Edelweiss Financial Services.
NYSE invokes Rule 48 for market open in anticipation of volatility (26-08-2015)
NYSE invoked Rule 48 in an effort to speed up and smooth trading at the market open when exceptionally high volatility is expected.
Wall Street opens higher on strong data (26-08-2015)
The Dow Jones industrial average rose 393.31 points, or 2.51%
Gujarat flares up under Patidar ire, Army steps in (26-08-2015)
Gujarat home minister's residence was torched and five people got killed in different areas of the state
Nitin Spinner – textile yarn story (26-08-2015)
Went through AR 15 -my big worry was that OCF has plummeted from Rs 86 Cr in FY 14 to Rs. 40 Cr. odd in FY 15 primarily on the back of increasing debtors, inventory. On top of it, there is a Rs. 196 Cr. loan taken to build out capacity.
Normally a company that takes such a huge loan ought to be more prudent on debtor management and not let cash flows slip - I hope it was a "Snapshot" issue and will wait to see BS in sept.
When I look at cash flows to debt ratio, it looks quite worrisome - I can only hope it's a temporary issue and the mgmt is cognizant of the same.
Yet another thing I observed was how soon the law of diminishing returns catches up in a commodity business - more and more capital goes in and lesser and lesser profit comes out.
I am invested in it as a cigar butt and watching it closely.
Ambika Cotton Mills (26-08-2015)
Calculating FCF for textile business is merely optical illusion.
This industry requires huge capex and you never know a single capex can eat up 3 years of FCF.
Waterbase – Can it be Next Avanti Feeds? (26-08-2015)
Waterbase Limited announces merger ratio for merger of Pinnae Foods Limited
- No cash outflow for the merger
- 4 shares of Waterbase Limited will be given for 17 shares of Pinnae Feeds Limited
- Pinnae Feeds Limited has an installed capacity of 75000 MTPA at Nellore
- Capacity of Waterbase Limited will triple from 35000 MTPA to 110000 MTPA
- Expected completion of merger by Q1FY17
- KPMG is the advisor for the transaction
The paid-up capital of Pinnae Feeds Limited is Rs. 10 crores and with this merger ratio, the equity capital of Waterbase Limited will increase by 2352941 shares or Rs. 2.35 crores... Debt as per CARE rating is Rs. 77.20 crores... These are my assumptions as per data available on internet...
Negative:
- Debt will increase, but Waterbase has almost 30 crores cash... So, shouldn't be high I feel...
Note: Have vested interest... So, take my assumptions with a pinch of salt...
Sebi proposes exemption from open offer in forfeiture of shares (26-08-2015)
Sebi today proposed exemption from making an open offer for entities whose shareholding in a listed company increases due to forfeiture of shares.