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RNRL top volumes on BSE

Monday, July 30, 2007

1.78 crore shares were traded in Reliance Natural Resources (RNRL) counter on BSE today. The scrip topped volumes on BSE. The share price rose 4.42% to Rs 42.55.

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.

Harig Crankshafts clocked the second highest volume of 1.13 crore on BSE. The share price rose 5% to Rs 2.31.

IKF Technologies clocked the third highest volume of 1.03 crore shares on BSE. The share price rose 6.52% to Rs 8.

IKF Technologies announced on 27 June 2007 it had entered into a joint venture agreement with Salampuria Agrotech for undertaking bio fuel activity in the state of Jharkhand. The Indian Council of Agricultural Research (ICAR) has extended co-operation and it will provide necessary technical know-how to the company for Jatropha cultivation in different parts of North Eastern Himalayan Region.

The company’s board in a meeting held on 25 June 2007 did not recommend bonus issue. On 12 June 2007, the company had announced that the board would consider bonus issue on 25 June 2007.

IKF Technologies' net profit declined 85.60% to Rs 0.18 crore in Q4 March 2007 over Q4 March 2006. Sales declined 70.25% to Rs 4.90 crore in Q4 March 2007 over Q4 March 2006. The results were announced on 25 June 2007.

IFCI clocked the fourth highest volume of 97.43 lakh shares on BSE. The share price rose 1.08% to Rs 56.15.

On 9 July 2007, IFCI announced that the board of directors of the company at its meeting held on 06 July 2007 had approved `in principle' a proposal for inviting expression of interest from strategic investors in accordance with long-term vision and business objectives of the company. 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 reported a net profit of Rs 246.86 crore in Q1 June 2007 over Q1 June 2006. Operating income rose 96.6% to Rs 506.35 crore in Q1 June 2007 over Q1 June 2006. The results were announced on 6 July 2007.

Suryachakra Power Corporation clocked the fifth highest volume of 86.26 lakh shares on BSE. The share price declined 2.55% to Rs 21 today, 30 July 2007. The scrip had made its debut on bourses on Monday, 23 July 2007.

The Suryachakra IPO ended on 29 June 2007 with 2.18 times subscription. The issue received total bids for 7.42 crore shares compared to total issue size of 3.40 crore shares. The company had fixed IPO price at the top end of the Rs 17 - 20 price band.

On consolidated basis, Suryachakra Power Corporation had reported a net profit of Rs 1.36 crore on sales of Rs 92.82 crore in the year ended March 2007.

Posted by FR at 6:47 PM  


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