IFCI, Bellary Steel & Alloys, Meghmani Organics and HFCL follow.

On BSE, 2.05 crore shares were traded in the Reliance Natural Resources (RNRL) counter today. The scrip topped volumes on BSE. The share price rose 1.79% to Rs 39.70.

The Bombay High Court said on 21 June 2007, that Reliance Industries (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 cubic metres of gas per day (mmscmd) is to be earmarked for RNRL, NTPC or for RIL’s captive use for the next eight years.

As per recent reports, RNRL had sent a legal notice to the petroleum ministry against the bids invited by Reliance Industries (RIL) for sale of gas and its proposal to enter into gas sales agreements. RNRL has claimed that this violates the interim stay order of the Bombay High Court, which had restrained RIL from selling the disputed proportion 28 million standard cubic metres per day (mmscmd) committed to RNRL to a third party or from utilising the gas for its own captive use till a final settlement on the issue.

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.

RNRL’s net profit jumped to Rs 7.35 crore in the quarter ended March 2007 from Rs 1.04 crore in the quarter ended March 2006. Sales vaulted to Rs 56.33 crore, from Rs 0.41 crore.

IFCI clocked the second highest volume of 2.03 crore shares on BSE The IFCI share price rose 6.62% to Rs 59.60.

IFCI announced after trading hours on Friday, 29 June 2007, that a meeting of the board of directors of the company will be held on 6 July 2007 to consider and take on record the audited financial results of the company for the quarter ended 30 June 2007 and also to consider the proposal for inviting bids for the induction of a strategic investor.

On 27 June 2007, Reserve Bank of India allowed foreign investors to purchase shares in the company.

On 4 May 2007, IFCI had raised overseas investment ceiling in the company to 74% from 24%.

The company reported robust results on 3 May 2007. It posted net profit of Rs 668.43 crore in Q4 March 2007 as against net loss of Rs 1.11 crore in the previous quarter ended March 2006. Operating income rose 40.1% to Rs 1236.11 crore in Q4 March 2007 as against Rs 882.29 crore during Q4 March 2006.

IFCI recorded net profit of Rs 898.02 crore in the year ended March 2007 (FY 2007) as against net loss of Rs 74.10 crore in FY 2006. Operating income increased 20.91% to Rs 2070.99 crore in FY 2007 as against Rs 1875.26 crore in FY 2006. The results were announced on 3 May 2007.

Bellary Steels & Alloys clocked the third highest volume of 1.73 crore shares on BSE. The share price rose 2.92% to Rs 1.41.

Bellary Steels & Alloys reported net loss of Rs 28.04 crore in Q4 March 2007 as against net loss of Rs 23.21 crore in Q4 March 2006. Sales rose 31.39% to Rs 9.46 crore in Q4 March 2007 as against Rs 7.20 crore in Q4 March 2006.

The company reported a net loss of Rs 106.50 crore in the year ended March 2007 (FY 2007) as against net loss of Rs 81.13 crore during the previous year ended March 2006(FY 2006). Sales declined 0.30% to Rs 36.10 crore in FY 2007 as against Rs 36.21 crore in FY 2006.The results were announced on 8 May 2007.

The company announced on 28 June 2007 that the corporate debt restructuring proposal submitted by the company during June 2007, is under active consideration by 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.

The company feels that upon the restructuring of the debts, the availability of captive ore and the commissioning of the power plant, the bottomline and the cash flow of the company would improve tremendously.

Meghmani Organics clocked the fourth highest volume of 1.29 crore shares on BSE. The share price rose 9.6% to Rs 28.55.

The share price had closed at a premium of 40.2% at Rs 26.65 over its IPO price of Rs 19 on its debut on Thursday, 28 June 2007. The company had priced its IPO at the top end of the Rs 17 - Rs 19 price band. Each share has a face value of Re one.

Meghmani Organics IPO ended on 7 June 2007, with 23.94 times subscription. There were total bids for 143.63 crore shares as against the issue size of 6 crore shares. The post-issue equity of the company is Rs 25.43 crore.

The object of the IPO was to set up a new high performance pigment plant at Vatva, Ahmedabad, and a multi-purpose agro-chemicals plant at Panoli in Gujarat. The company would also use the proceeds to invest in subsidiary, Meghmani Energy, to finance the 3-megawatt captive power plant, to fund inorganic growth and diversification opportunities and working capital requirement.

Meghmani Organics reported a net profit of Rs 32.08 crore on sales of Rs 369 crore in the nine months ended December 2006.

Himachal Futuristic Communications (HFCL) clocked the fifth highest volume of 1.06 crore on BSE . The share price rose 6.58% to Rs 25.10.

Himachal Futuristic Communications reported net profit of Rs 42.41 crore in Q4 March 2007 as against net loss of Rs 938.55 crore in Q4 March 2006. Sales rose 36.72% to Rs 350.70 crore in Q4 March 2007 as against Rs 256.51 crore in Q4 March 2006.

The company reported a net profit of Rs 134.82 crore in the year ended March 2007 (FY2007) as against net loss of Rs 924.54 crore during the previous year ended March 2006 (FY 2006). Sales rose 51.22% to Rs 1142.97 crore in FY 2007 as against Rs 755.81 crore in FY 2006. The results were announced on 25 April 2007.