Oil Prices Static On Uncertainty Over Planned Production Cut

oil-updates,- CapitalHeightOil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity due to the US Thanksgiving holiday kept traders from making big new bets on markets.

International Brent crude oil futures were trading at USD 49.00 at 0403 GMT, up 5 cents from their last close.

US West Texas Intermediate (WTI) crude futures were at USD 48.04 per barrel, up 8 cents from their last settlement.

Traders said market activity was low due to the US holiday, and there was a reluctance to take on big price directional bets due to uncertainty about a planned oil production cut, led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC is due to meet on Nov. 30 to coordinate a cut, potentially together with non-OPEC member Russia, but there is also disagreement within the producer cartel as to which member states should cut and by how much.

“The Thanksgiving Holiday today has thinned traders interest … but the OPEC result next Wednesday is the only game in town for energy traders,” said Jeffrey Halley, senior market analyst at OANDA brokerages in Singapore.

Most analysts believe some form of production cut will be agreed, but it is uncertain whether it will be enough to prop up a market that has been dogged by a fuel supply overhang for over two years, resulting in a record three years of falling investments into the sector, according to the International Energy Agency (IEA).

“We expect OPEC will reach an agreement at next week’s biannual meeting in Vienna… If OPEC does successfully reach an agreement, prices are likely to test the year high in Brent of USD 53 per barrel,” ANZ bank said in a note to clients on Thursday.

But it added that “investor positioning data and price action suggest the market remains unconvinced,” and that net long positions, which would profit from rising prices, were still at lows not seen since oil hit USD 27 per barrel earlier this year.

Beyond OPEC, traders said the strong US-dollar, which is at levels last seen in 2003 against a basket of other leading currencies, was influencing oil prices.

A strong dollar, in which oil is traded, makes fuel purchases more expensive for countries using other currencies at home, potentially crimping demand.

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Sun Pharma Gains 2%; To Acquire Biosintez in Russia

sun-pharmaSun Pharmaceuticals Industries Ltd  ended at Rs 703.25, up by Rs 13.5 or 1.96% from its previous closing of Rs 689.75 on the BSE.

The company announced that the Company (including its subsidiaries and/or associate companies), has entered into an agreement to acquire 85.1% of JSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and the CIS region.

The scrip opened at Rs 696 and has touched a high and low of Rs 704.95 and Rs 690.25 respectively. So far 3211368 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 166005.85 crore.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52 week high of Rs 898 on 23-Feb-2016 and a 52 week low of Rs 572.4 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 698.95 and Rs 660.1 respectively.

The promoters holding in the company stood at 54.97 % while Institutions and Non-Institutions held 33.34 % and 11.68 % respectively.

The stock is currently trading below its 200 DMA.

Sun Pharmaceuticals Industries Ltd
BSE 701.05 11.30 (1.64%)
NSE 701.30 11.40 (1.65%)
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Allcargo Logistics Q2 FY17 PAT at Rs 64 crore, up 7% YoY

all-cargo-q2-capitalheightAllcargo Logistics Ltd. announced its unaudited financial results for the quarter ended September 30, 2016.

The performance highlights are:
Consolidated Results – Q2 FY17

  • Consolidated Profit and Loss statement of Q2 FY17 does not include the financials of Hindustan Cargo (HCL), Air Freight / Freight Forwarding and Contract Logistics (CL), as these businesses have been transferred to our new JV – ACCI; while Q2 FY16 and Q1 FY17 include the same
  • Total revenue from operations at Rs 1,410 crore for the quarter ended September 30, 2016, as compared to Rs 1,456 crore for the corresponding previous period, a decrease of 3%, mainly on account of lowering freight rates and exclusion of HCL’s and CL’s turnover due to JV accounting 85% of revenues are from the global MTO business
  • The Gross Profit for the quarter ended September 30, 2016 was Rs 452 crore, as against Rs 459 crore for the corresponding previous  period, year on year decrease of 2%, due to lower freight rates and ACCI JV accounting Gross Profit margin for the quarter improved by 50 bps to 32%, mainly on account of higher operating efficiencies
  • EBITDA for the quarter ended September 30, 2016 was Rs 127 crore as against Rs 135 crore during the corresponding previous period, a decrease of 6%, mainly on account of a conscious decision to move away from lower ROCE business viz. trailers, leading to sale of aged assets, slowdown in project logistics business and transfer of HCL and CL business from Allcargo to ACCI
  • PAT at Rs 64 crore for the quarter ended September 30, 2016, as against Rs 60 crore for the corresponding previous period, a increase of 7%, on account of lower interest costs and depreciation
  • EPS for the quarter ended September 30, 2016 was Rs 2.56, for a face value of Rs. 2 per share
Resources and Liquidity:
  • As on September 30, 2016, the Networth was Rs 1,868 crore and the Net Debt was Rs 263 crore.
  • The capital structure of the Company remains conservative with net debt to equity ratio of 0.14 as on September 30, 2016.
  • The Return on Capital (ROCE) stands at 16%.
Business Performance:
Allcargo operates primarily in three segments, viz., Multimodal Transport Operations, Container Freight Station Operations and Project & Engineering Solutions. These are consolidated business segments.Container Freight Stations (CFS):

  • This segment operations are involved in import / export cargo stuffing, de-stuffing, customs clearance and other related ancillary services to both, importers and exporters
  • The CFS facilities are located near JNPT, Chennai and Mundra ports
  • The business maintained total volumes at 69,260 TEUs for the quarter ended September 30, 2016 as against 69,296 TEUs for the corresponding previous period
  • The total revenue for the quarter ended September 30, 2016 was Rs 111 crore as against Rs 106 crore for the corresponding previous period, an increase of 5%, mainly on account of realizations from long standing container and ODC bond cargo
  • EBIT was Rs 40 crore for the quarter ended September 30, 2016, as against Rs 34 crore the corresponding previous period, a increase of 18%, mainly on account of higher operating efficiencies
  • The Return on Capital (ROCE) employed for this business stands at 35%
Allcargo Logistics Ltd
BSE 160.40 4.55 (2.92%)
NSE 160.00 4.45 (2.86%)

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Larsen & Toubro Rallies 3.4% After Q2 FY17 PAT Soars 84%

L&TLarsen & Toubro Ltd is currently trading at Rs 1374.3, up by Rs 45.1 or 3.39% from its previous closing of Rs 1329.2 on the BSE.

The company posted its net profit rose 84% to Rs 1,435 crore in the quarter ended September 2016 as against Rs 778 crore during the previous quarter ended September 2015.

Its sales rose 8.5% to Rs 24,924 crore in the quarter ended September 2016 as against Rs 22,975 crore during the previous quarter ended September 2015.

The scrip opened at Rs 1359.9 and has touched a high and low of Rs 1384.55 and Rs 1353 respectively. So far 2264505 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 123925.86 crore.

The Company continued the momentum of order intake during the second quarter ended September 2016. The consolidated order inflow at Rs 31,119 crore during the quarter registered a YoY increase of 11%.

The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 1615 on 27-Jul-2016 and a 52 week low of Rs 1016.6 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 1389 and Rs 1306.6 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 55.73 % and 42.17 % respectively.

The stock is currently trading below its 100 DMA.

Larsen & Toubro Ltd
BSE 1,374.80 45.60 (3.43%)
NSE 1,374.90 45.35 (3.41%)

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Sun Pharma to acquire Biosintez in Russia

sun-pharmaSun Pharma today announced the execution of definitive agreements by its wholly owned subsidiary, for the acquisition of 85.1% of JSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region. The equity consideration for the 85.1% stake is US$ 24 million. Sun Pharma would also assume a debt of approximately US$ 36 million as part of this transaction.

Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately US$ 52 million for 2015. It has a manufacturing facility in Penza region with capabilities to manufacture a wide variety of dosage forms including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories, APIs, etc.

According to Aalok Shanghvi, Head of Emerging Markets, Sun Pharma, “This acquisition is consistent with Sun Pharma’s philosophy to invest in strategic Emerging Markets. This transaction gives us access to local manufacturing capability across multiple dosage forms in Russia, enabling us to serve the Russia pharmaceutical market more effectively.”

“This is an important milestone for us” said Artur Valiev, Country Head – Sun Pharma, Russia. “The acquisition signifies Sun Pharma’s commitment to Russia and the Russian 2020 plan for localization.”

The transaction, expected to be completed by end of 2016, is subject to approval of the Russian Federal AntiMonopoly Service and other closing conditions.

As per IMS (MAT September 2016), the Russian pharmaceutical market recorded sales of approximately US$ 10 billion. The market recorded a growth of 7.4% in local currency terms as per IMS.

Sun Pharmaceuticals Industries Ltd
BSE 694.45 4.70 (0.68%)
NSE 692.00 2.10 (0.30%)

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L&T Q2 profit up 84%, holds FY17 revenue & order inflow guidance

L&T

Engineering and construction major Larsen & Toubro (L&T) said profit in July-September quarter grew by 84.3 percent year-on-year to Rs 1,434.6 crore. Divestment gain, other income and lower finance cost boosted bottom line.

Revenue during the quarter increased 8.2 percent to Rs 25,011 crore compared with Rs 23,123 crore in same period last year, driven by infrastructure, power, hydrocarbon and financial services businesses

“The consolidated order inflow at Rs 31,119 crore during the quarter registered a 11 percent increase year-on-year, including international orders of Rs 7,386 crore,” L&T said in its filing.

On a cumulative basis, order inflow for the half-year ended September 2016 stood at Rs 60,821 crore. Major orders were secured by its infrastructure and hydrocarbon segments.

With this, consolidated order book of the group stood at Rs 2.51 lakh crore, higher by 4 percent on year-on-year basis. International order book constituted 29 percent of the total order boook, the company said.

L&T has maintained its order inflow guidance of 15 percent and revenue growth forecast of 12-15 percent for the current financial year 2016-17.

EBITDA (earnings before interest, tax, depreciation and amortisation) grew by 7.9 percent to Rs 2,298 crore and margin was unchanged 9.2 percent on yearly basis.

L&T reported an exceptional gain of Rs 402.43 crore in the quarter ended September 2016 against Rs 45.7 crore in corresponding quarter of last fiscal, driven by divestment in general insurance business.

Other income during the quarter jumped 49.6 percent to Rs 481.3 crore while finance cost declined 19.8 percent to Rs 351.7 crore compared with year-ago period.

The company said infrastructure segment, which contributed 45 percent to total business, achieved revenue growth of 6 percent year-on-year at Rs 11,332 crore with 6 percent increase in order book at Rs 1.86 lakh crore at the end of September 2016. However, EBITDA margin from the segment dropped sharply by 220 basis points to 7.1 percent during the quarter.

Power business registered a whopping 30 percent growth at Rs 1,745 crore but margin contracted 200 basis points at 3 percent in Q2. Segment’s orderbook stood at Rs 17,168 crore at the end of September 2016.

“Infrastructure segment margin was impacted due to extended stay and delayed approvals while power segment margin was lower due to job mix and stages of execution during the quarter,” L&T said.

Revenue from its heavy engineering segment grew by 24 percent year-on-year to Rs 755 crore with solid improvement in margin at 14.6 percent on the back of execution progress against operating loss of 12.6 percent in corresponding quarter of the previous year.

Hydrocarbon business showed a 33 percent year-on-year jump at Rs 2,494 crore, which included 52 percent revenue from international business. Order book of the segment registered a 39 percent growth at Rs 20,146 crore in Q2.

EBITDA margin of hydrocarbon segment during the quarter improved significantly to 7.1 percent compared with 1.4 percent in year-ago period.

Electrical & automation revenue fell 4 percent year-on-year to Rs 1,142 crore with orderbook declining 4 percent at Rs 3,032 crore but margin improved 90 basis points in Q2.

IT & technology services segment registered a 9 percent year-on-year growth in revenue at Rs 2,440 crore with margin expansion of 110 basis points and financial services business showed a 13 percent growth at Rs 2,140 crore with 60 basis points improvement in margin.

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Axis Bank to raise upto Rs 1,800 crore via debentures

axis-bank -CapitalHeightAxis Bank said it proposes to raise funds by issuing unsecured redeemable non-convertible subordinated debentures (Basel- III compliant Tier II debentures) (Series – 25) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 1,800 crore.

The board of directors of the bank will consider the proposal to issue and allot the above securities through circular resolution.

Axis Bank Ltd is currently trading at Rs 467.65, up by Rs 1.8 or 0.39% from its previous closing of Rs 465.85 on the BSE.

The scrip opened at Rs 469.9 and has touched a high and low of Rs 471 and Rs 465.25 respectively. So far 1444359 (NSE+BSE) shares were traded on the counter. The current market cap of the bank is Rs 111,376.83 crore.

The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 638 on 07-Sep-2016 and a 52 week low of Rs 366.65 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs 503.45 and Rs 463.5 respectively.

The promoters holding in the company stood at 28.89 % while Institutions and Non-Institutions held 58.14 % and 8.78 % respectively.

The stock is currently trading below its 100 DMA.

Axis Bank Ltd
BSE 461.00 [4.85] ([1.04]%)
NSE 462.40 [3.30] ([0.71]%)
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Sobha Q2 FY17 net profit at Rs 38 crore

sobha-q2-capitalheightSobha Ltd posted its n profit for the second quarter in FY 2016-17 was flat by 1% at Rs 38 crore on a consolidated basis as compared with Rs 38.8 crore during the same period last year.

The company’s revenues was higher by 8% at Rs 541 crore against Rs 500 crore during the same period last year. Its EPS (basic) stood at Rs 3.97 (last year Rs 3.96).

The total income of the company increased to Rs 552 crore in the second quarter of 2016-17 from Rs 509.6 crore in the corresponding period of the previous fiscal.

Stock Commentary:
Sobha Ltd is currently trading at Rs 228.1, down by Rs 9.6 or 4.04% from its previous closing of Rs 237.7 on the BSE.

The scrip opened at Rs 234.05 and has touched a high and low of Rs 234.05 and Rs 226.5 respectively. So far 26755(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 2330.89 crore.

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 346 on 26-Jul-2016 and a 52 week low of Rs 227.7 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 246 and Rs 230 respectively.

The promoters holding in the company stood at 60.24 % while Institutions and Non-Institutions held 35.52 % and 4.25 % respectively.

The stock is currently trading below its 200 DMA.

Sobha Ltd
BSE 227.95 [9.75] ([4.10]%)
NSE 227.90 [9.85] ([4.14]%)

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Reliance Infrastructure bags EPC order for Rs 3,675 crore

reliance-infrastructureReliance Infrastructure Limited (RInfra) EPC Division has won a prestigious EPC order for Rs 3,675 crore (Rs 2,302 crore plus USD 205 million) from NLC India Limited (formerly known as Neyveli Lignite Corporation Limited) for setting up two nos. of Lignite based CFBC
Thermal Power Projects
of capacity 250 MW each, in Barsingsar and Bithnok of Bikaner District, Rajasthan, India.

The contract entails complete Engineering, Procurement and Construction (EPC) on turnkey basis of 2 Nos of 1 X 250 MW Power Plant based on Circulating Fluidized Bed Combustion (CFBC) technology. The project is to be commissioned in 40 months, and will include Boiler, Turbine & Generator and Balance of Plant. RInfra won the bid amidst stiff competition against leading EPC players. Expression of Interest (EOI) for Qualification Requirement (QR) through International Competitive Bidding (ICB) on EPC basis was floated, and leading companies including RInfra, BHEL, Lanco, SEPCO I, SEPCO III and BGR Energy participated in the bid. RInfra bid was the lowest amongst shortlisted bidders.

With a clear focus to position itself in India’s growing infrastructure sector, and a plethora of projects in the offing including metro rails, nuclear power plants, air quality control, marine, inland, railways, ports, dredging, and mega infrastructure projects, RInfra is targeting EPC opportunities worth Rs. 2 lakh crore planned by Government of India. It is aggressively bidding for over Rs. 1 lakh crore of projects in this financial year to increase the EPC order book to over Rs 30,000 crore by FY18.

Speaking on the occasion, Arun Gupta, CEO RInfra EPC said, “This is a prestigious project for us and will add up to our existing credentials of executing big scale, complex projects in record time and at competitive cost. With our experience of having executed different types of power projects, from supercritical coal fired to advanced class gas turbine to renewable energy, this contract will augment our capability and add Neyveli Lignite Corporation a Navratna PSU in our existing illustrious client list. This project has been won by us at the right time to further leverage our unparalleled comprehension of critical technology, expertise in engineering and time bound execution in the EPC space.”

RInfra EPC division has earlier executed large scale projects worth Rs.33,000 crore ($ 5 Billion) including the ultra mega power project (UMPP) of 3,960 MW at Sasan, Madhya Pradesh. RInfra EPC is known for their unmatched capability in executing challenging projects, through a right mix of innovation, technology and robust processes to manage cost, time and delivering world – class quality.

With its expertise and proven track record of executing challenging projects ahead of schedule, RInfra EPC division has also signed MOUs and joint ventures with leading global companies, in order to augment its capabilities to participate in mega transformative projects in the EPC space.

NLC’s thermal power stations are South Asia’s first lignite fired and India’s first pithead based power station. NLC, from the lignite extracted from its mines, operates five thermal power stations with an aggregate capacity of 3,240 MW in the states of Tamil Nadu and Rajasthan.

Bithnok Thermal Power Project (250MW) with the linked lignite mine of 2.25 MTPA capacity at Bithnok in the State of Rajasthan is being set up by NLC for which Power Purchase Agreement has been signed with Rajasthan DISCOMs.

Barsingsar Thermal Power Station Extension (250MW) with linked Hadla Lignite Mine (1.9 MTPA), Rajasthan is an extension of the existing power plant at Barsingsar. Both the projects are set for commissioning during 2020.

Reliance Infrastructure Ltd
BSE 450.10 [6.45] ([1.41]%)
NSE 449.85 [6.70] ([1.47]%)

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Reliance Infrastructure bags EPC order for Rs 3,675 crore

Reliance Infrastructure LimitedReliance Infrastructure Limited (RInfra) EPC Division has won a prestigious EPC order for Rs 3,675 crore (Rs 2,302 crore plus USD 205 million) from NLC India Limited (formerly known as Neyveli Lignite Corporation Limited) for setting up two nos. of Lignite based CFBC
Thermal Power Projects
of capacity 250 MW each, in Barsingsar and Bithnok of Bikaner District, Rajasthan, India.

The contract entails complete Engineering, Procurement and Construction (EPC) on turnkey basis of 2 Nos of 1 X 250 MW Power Plant based on Circulating Fluidized Bed Combustion (CFBC) technology. The project is to be commissioned in 40 months, and will include Boiler, Turbine & Generator and Balance of Plant. RInfra won the bid amidst stiff competition against leading EPC players. Expression of Interest (EOI) for Qualification Requirement (QR) through International Competitive Bidding (ICB) on EPC basis was floated, and leading companies including RInfra, BHEL, Lanco, SEPCO I, SEPCO III and BGR Energy participated in the bid. RInfra bid was the lowest amongst shortlisted bidders.

With a clear focus to position itself in India’s growing infrastructure sector, and a plethora of projects in the offing including metro rails, nuclear power plants, air quality control, marine, inland, railways, ports, dredging, and mega infrastructure projects, RInfra is targeting EPC opportunities worth Rs. 2 lakh crore planned by Government of India. It is aggressively bidding for over Rs. 1 lakh crore of projects in this financial year to increase the EPC order book to over Rs 30,000 crore by FY18.

Speaking on the occasion, Arun Gupta, CEO RInfra EPC said, “This is a prestigious project for us and will add up to our existing credentials of executing big scale, complex projects in record time and at competitive cost. With our experience of having executed different types of power projects, from supercritical coal fired to advanced class gas turbine to renewable energy, this contract will augment our capability and add Neyveli Lignite Corporation a Navratna PSU in our existing illustrious client list. This project has been won by us at the right time to further leverage our unparalleled comprehension of critical technology, expertise in engineering and time bound execution in the EPC space.”

RInfra EPC division has earlier executed large scale projects worth Rs.33,000 crore ($ 5 Billion) including the ultra mega power project (UMPP) of 3,960 MW at Sasan, Madhya Pradesh. RInfra EPC is known for their unmatched capability in executing challenging projects, through a right mix of innovation, technology and robust processes to manage cost, time and delivering world – class quality.

With its expertise and proven track record of executing challenging projects ahead of schedule, RInfra EPC division has also signed MOUs and joint ventures with leading global companies, in order to augment its capabilities to participate in mega transformative projects in the EPC space.

NLC’s thermal power stations are South Asia’s first lignite fired and India’s first pithead based power station. NLC, from the lignite extracted from its mines, operates five thermal power stations with an aggregate capacity of 3,240 MW in the states of Tamil Nadu and Rajasthan.

Bithnok Thermal Power Project (250MW) with the linked lignite mine of 2.25 MTPA capacity at Bithnok in the State of Rajasthan is being set up by NLC for which Power Purchase Agreement has been signed with Rajasthan DISCOMs.

Barsingsar Thermal Power Station Extension (250MW) with linked Hadla Lignite Mine (1.9 MTPA), Rajasthan is an extension of the existing power plant at Barsingsar. Both the projects are set for commissioning during 2020.

Reliance Infrastructure Ltd
BSE 451.50 [5.05] ([1.11]%)
NSE 450.50 [6.05] ([1.33]%)

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