Nelcast ends on a dull note

Nelcast ended at Rs 206.25 on BSE-- a discount of 5.93% over the IPO price of Rs 219 per share.

The scrip had opened at Rs 252.05. It had touched a high of Rs 284.70 and a low of Rs 203.10 so far during the day.

On BSE, 60.95 lakh shares of the scrip changed hands.

At the current price of Rs 206.25, the stock trades at a PE multiple of 18.13, based on its FY 2007 EPS of Rs 11.37.

The Nelcast IPO ended on 8 June 2007, with 7.36 times subscription. The issue received bids for 3.20 crore shares compared to the issue size of 43.50 lakh shares. The IPO was priced at the top end of the Rs 195 – Rs 219 price band.

The number of bids in the qualified institutional buyers (QIBs) category were 2.44 crore. Foreign institutional investors (FIIs) bid for 1.67 crore shares, domestic financial institutions for 35.24 lakh shares and mutual funds for 40 95 lakh shares.

Non-institutional investors bid for 6.04 lakh shares. Retail investors bid for 69.91 lakh shares, from which 63.95 lakh shares were bid at the cut-off price and 5.95 lakh shares were price bids.

Nelcast mainly caters to commercial vehicle and tractor industries. The product range includes around 200 items in SG (spheroidal graphite) iron castings and grey iron castings.

The company plans to deploy the IPO proceeds for expansion and modernisation of its units in Andhra Pradesh and Tamil Nadu, to reach a production capacity of 1,50,000 tonnes per annum by the year ending March 2009 (FY 2009).

Nelcast's clientele include Tata Motors, Ashok Leyland, Eicher Motors, Tata Cummins, Mahindra and Mahindra, TAFE, International Tractors and New Holland India. It exports to the US, Europe and Australian markets, where it caters to Arvin Meritor, Volvo, SIGMA and Dobbie Dico Meter.

On a consolidated basis, Nelcast reported a net profit of Rs 19.78 crore on sales of Rs 305.76 crore in FY 2007.

Suryachakra Power Corporation IPO subscribed 0.79 times on day 3

On third day of Suryachakra Power Corporation IPO the issue was 0.79 times subscribed with total bids for 2.68 crore shares from total issue size of 3.40 crore shares.

The total bids in the Qualified Institutional Buyers (QIBs) category was 2.54 crore shares. In this category, the Foreign Institutional Investors bid for 1.91 crore shares. There were no bids by Domestic Financial Institutions and Mutual Funds in the issue.

There were no bids by Non Institutional Investors. The Retail investors bid for 13.42 lakh shares, of which 11.67 lakh shares were bid at cut off price and 1.75 lakh shares were bid at price.

The Employees bid for 51,300 shares.

Bharat Earth Movers FPO subscribed 1.02 times on day 1

On the first day of Bharat Earth Movers FPO, the issue was 1.02 times subscribed. It received total bids for 49.83 lakh shares from the total issue size of 49 lakh shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 49.34 lakh shares. In this category, the Domestic Financial Institutions bid for 22.05 lakh shares and Mutual Funds bid for 27.29 lakh shares. There were no bids by the Foreign Institutional Investors in the issue.

The Non Institutional Investors bid for 550 shares. The Retail investors bid for 48,790 shares, of which 43,560 shares were bid at cut off price and 5230 shares were bid at price.

The FPO has a price band of Rs 1020 - 1090 per share and will close on 3 July 2007.

The issue would constitute 11.77% of the fully diluted post issue paid-up capital of BEML.

At the top end of the price band of Rs 1090, PE multiple works out to 22.15, based on its year ended March 2007 EPS of 49.20 on post FPO equity of Rs 41.65 crore.

BEML's net profit rose 8.58% to Rs 93.51 crore in the Q4 March 2007 (Rs 86.12 crore). Sales moved up 16.60% to Rs 938.42 crore in the Q4 March 2007 (Rs 804.80 crore).

The net profit summed 9.63% to Rs 204.93 crore in the year ended March 2007 (Rs 186.93 crore). Sales scaled up 17.69% to Rs 2423.87 crore in FY 2007 (Rs 2059.54 crore).

BEML is the second largest manufacturer of earthmoving equipments in Asia, and commands 70% market share in domestic industry. The ministry of defence is BEML’s largest customer. The company’s other customers are Indian Railways, Delhi Metro Rail Corporation and other metro rail transit agencies.

HDIL IPO opens on 28 June 2007

Price band Rs 430 - 500 a share

Housing Development and Infrastructure (HDIL) will enter the capital market with a public issue of 2.97 crore equity shares on 28 June 2007. The IPO would be decided through 100% book building route.

The issue, having price band between Rs 430 - 500 per share, will close on 3 July 2007. The issue has minimum lot size of 14 shares.

Housing Development and Infrastructure is a real estate development company in India, with significant operations in the Mumbai metropolitan region.

HDIL focuses on real estate development, including construction and development of residential projects and, more recently, commercial and retail projects, slum rehabilitation and development, including clearing slum land and rehousing slum dwellers, and land development, including development of infrastructure on land which the company then sells to other property developers.

HDIL has an integrated in-house development team which covers all aspects of property development from project identification and inception through construction to completion and sale.

HDIL has around 45.5 million square feet (sq. ft.) under construction and an additional 66.6 million sq. ft. in various stages of planning. Much of this developable area has come from the firm's slum rehabilitation activities, under which a builder gets to build additional space in return for the free housing given to slum dwellers.

The firm has undertaken nearly 40% of the slum rehabilitation projects in Mumbai city.

HDIL's land bank of 2,500 acres spread across Mumbai, Kochi and Hyderabad has been valued at Rs 21,500 crore. The valuation was done by real estate consulting firms Knight Frank India and Cushman Wakefield India.

HDIL has development rights to nearly one million sq. ft in Mumbai's Bandra Kurla complex, in lieu of the slum clearance work it undertook in the area. HDIL had sold part of this space to Gujarat's Adani Group in May 2006 at Rs 2,250 crore, making this India's biggest land deal.

HDIL plans to enter the hospitality space through a joint venture for a seven-star hotel on Mumbai's Juhu beach.

Currently, 50.7% of HDIL's business comes from infrastructure development business, while the residential complexes segment contributes 18.4% and commercial business 5.9%, with 4% coming from the retail segment. Slum re-development activities account for the rest.

Allied Digital Services IPO opens on 2 July 2007

Allied Digital Services had set a price band of Rs 170-190 per share for its forthcoming initial public offer. The issue will open on 2 July 2007 and close on 5 July 2007.

The issue made up of 45.22 lakh equity shares of Rs 10 each for cash at a price to be decided through the 100% book-building process for listing on both Bombay Stock Exchange and National Stock Exchange.

The company has reserved 2 lakh equity shares for the employees of the company.

The company plans to use the funds for expansion, and acquisitions.

Allied Digital had reported a net profit of Rs 22.93 crore on revenue of Rs 156 crore in the year ended March 2007. The company's order book stands at Rs.107.81 crore as on 12 June 2007 of which Rs 54.70 crore belongs to services segment and Rs 53.11 crore to solutions segment.

Allied Digital operates in diversified segments both in Solutions viz. IT solutions, Networking and Communication solutions, Integrated solutions and Software solutions and in Services viz. IT Infrastructure Management Services, T-BPO and Remote Management Services to its customers pan India.