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Nagarjuna Fertilizers & Chemicals tops volume on BSE

This article was posted on Aug 14, 2007 and is filed under Press Releases

IKF Technologies, IFCI, Reliance Natural Resources and Omnitech InfoSolutions follow.

1.93 crore shares were traded in Nagarjuna Fertilizers & Chemicals counter on BSE today. The scrip topped volumes on BSE. The share price rose 6.47% to Rs 28.80.

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.

IKF Technologies clocked the second highest volume of 1.57 crore shares on BSE. The share price was flat at Rs 7.05.

On 1 August 2007, the board of IKF Technologies approved the joint venture agreement with VOIP Telesystems Inc. to give a platform for hosting the services for the calling card.

Net profit of IKF Technologies declined 65.15% to Rs 0.84 on decline of 60.24% in sales to Rs 8.52 crore in Q1 June 2007 over Q1 June 2006.

IFCI clocked the third highest volume of 1.24 crore shares on BSE. The share price declined 0.83% to Rs 65.50.

The Delhi-based financial institution today, 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.

The state-run lender is seeking a strong partner, be it an Indian entity or from overseas, which can add value to the company.

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 this 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.

Reliance Natural Resources (RNRL) clocked the fourth highest volume of 1.03 crore shares on BSE. The share price rose 0.32% to Rs 47.70.

The Bombay High Court’s final verdict on the allocation of gas from Reliance Industries’ (RIL) Krishna-Godavari block which was adjourned till 18 July 2007 was adjourned again by eight weeks. The court, however, said the government can go ahead with the process of fixing of gas price as per the contract for the field, without any prejudice to either party.

Reliance Industries (RIL) had challenged Justice A M Khanvilkar’s interim order restraining it from selling 40 million standard cubic metres of gas per day to be produced in Krishna Godavari gas field, which RNRL says has been committed to it for its power plants.

The Bombay High Court said on 21 June 2007 that RIL cannot sell the gas to be produced from one of its prime blocks in the Krishna-Godavari basin to any third party other than Anil Ambani’s RNRL and NTPC. In an interim order on a petition filed by RNRL, the high court said that the 81.6 million standard cubic metres per day (mscmd) of gas is to be earmarked for RNRL, NTPC or for RIL’s captive use for the next eight years.

On 4 May 2007, an interim order was passed by Justice A M Khanwilkar, preventing RIL from selling off the quantity of gas from its Andhra offshore field committed to younger brother Anil Ambani’s entities including RNRL as part of 2005 demerger pact between the two brothers Mukesh and Anil.

Debutante Omnitech InfoSolutions clocked the fifth highest volume of 89.97 lakh shares on BSE. The stock ended at Rs 164.55 on BSE, a premium of 56.71% over the IPO price of Rs 105.

The company had fixed the issue price at the top end of the Rs 90-Rs 105 price band. Omnitech InfoSolutions IPO ended on 25 July 2007 with 61.84 times subscription.

The company plans to deploy the IPO proceeds to fund acquisitions and strategic investments, set up overseas offices for business expansion and enhance existing facilities.

Omnitech’s net profit rose 57.37% to Rs 11.85 crore on a 43.53% increase in sales to Rs 77.64 crore in the year ended March 2007 over the year ended March 2006.

Source:-http://www.capitalmarket.com

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