2.79 crore shares were traded in IFCI counter on BSE today. The scrip topped volumes on BSE. The share price rose 7.43% to Rs 70.10.
The Delhi-based financial institution on 14 August 2007 invited expression of interest (EoI) from domestic and foreign investors to buy a 26% stake. The deadline for submitting EoI is 14 September 2007. It will follow a two-stage process for the selection of a strategic investor by end January 2008.
IFCI announced on 6 August 2007 that the board of directors of the company at its meeting held on 4 August 2007, has approved inviting of expression of interest from strategic investors. The stock has surged since the beginning of last month on the back of reports that Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays are interested in buying 26% in the financial services firm.
Reserve Bank of India said on 7 August 2007 that foreign funds can no longer invest in state-run IFCI without the bank's permission, as these investments had reached the 22% limit.
Bellary Steels & Alloys clocked the second highest volume of 2.16 crore on BSE. The share price hit 5% upper circuit of Rs 4.46.
Bellary Steels & Alloys reported a net loss of Rs 28.23 crore in Q1 June 2007 as against net loss of Rs 24.58 crore in Q1 June 2006. Sales rose 2.45% to Rs 9.63 crore in in Q1 June 2007 over Q1 June 2006.
On 28 June 2007, the company said the corporate debt restructuring proposal submitted in June 2007 is under the active consideration of the Industrial Development Bank of India, the lead financial institution for the company. The proposal is expected to be completed and in place within the next three months. After the restructuring of debts availability of captive ore and commissioning of the power plant, the bottom line and the cash flow would improve tremendously.
Nagarjuna Fertilizers & Chemicals clocked the third highest volume of 1.75 crore shares on BSE. The share price declined 0.74% to Rs 40.05.
The derivative contracts in Nagarjuna Fertilizers & Chemicals underlying are currently in the ban period on NSE as it has crossed 95% of the market-wide position limit.
Net profit of Nagarjuna Fertilizers & Chemicals declined 7.02% to Rs 7.15 crore on 2.18% rise in sales to Rs 300.30 crore in sales in Q1 June 2007 over Q1 June 2006. The results were announced on 27 July 2007.
Ispat Industries clocked the fourth highest volume of 1.5 crore shares on BSE. The shares price rose 2.83% to Rs 20.
As per recent reports, company is planning to invest about Rs 10,000 crore within five years to ramp up domestic production. It is also planning to expand in overseas through capacity expansion and backward integration.
Ispat Industries reported net profit of Rs 8.37 crore in Q1 June 2007 as against net loss of Rs 111.49 crore in Q1 June 2006. Sales rose 8.48% to Rs 1813.34 crore in Q1 June 2007 over Q1 June 2006. The results were announced on 24 July 2007.
Tata Teleservices (Maharashtra) clocked the fifth highest volume of 1.38 crore shares on BSE. The share price rose 1.25% to Rs 32.30.
Tata Teleservices (Maharashtra) reported a net loss of Rs 28.43 crore in Q1 June 2007 as against net loss of Rs 112.59 in Q1 June 2006. Sales rose 21.47% to Rs 393.34 crore in Q1 June 2007 over Q1 June 2006. The results were announced on 30 July 2007
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