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Nagarjuna Fertilizers & Chemicals tops volume on BSE

Tuesday, September 4, 2007

2.09 crore shares were traded in Nagarjuna Fertilizers & Chemicals counter on BSE today. The scrip topped volumes on BSE. The share price rose 5.37% to Rs 42.20.

The derivative contracts in Nagarjuna Fertilizers & Chemicals underlying are currently in the ban period on NSE as it has crossed 95% of the market-wide position limit.

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.

IFCI clocked the second highest volume of 1.98 crore shares on BSE. The share price declined 0.29% to Rs 69.90.

IFCI's board met today, 04 September 2007 and noted the initiation of the process for induction of a strategic investor. The board has stressed on a due diligence advisor to guide and advise the board.

The Delhi-based financial institution on 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.

IFCI announced on 6 August 2007 that the board of directors of the company at its meeting held on 4 August 2007, had approved inviting of expression of interest from strategic investors. The stock has surged since the beginning of last 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.

IKF Technologies clocked the third highest volume of 1.7 crore shares on BSE. The share price rose 2.43% to Rs 8.

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 crore on decline of 60.24% in sales to Rs 8.52 crore in Q1 June 2007 over Q1 June 2006.

JCT clocked the fourth highest volume of 1.34 crore shares on BSE. The share price rose 17.27% to Rs 10.73.

Net profit of JCT declined 53.87% to Rs 1.37 crore on 0.95% rise in sales to Rs 131.87 crore in Q1 June 2007 over Q1 June 2006. The results were announced on 26 July 2007.

Reliance Natural Resources (RNRL) clocked the fifth highest volume of 1.32 crore shares on BSE. The share price rose 2.39% to Rs 49.30.

The final hearing of Reliance Industries (RIL) and Reliance Natural Resources (RNRL) ended in the Bombay High Court on Thursday 23 August 2007 before Justice Anup Mohta. The judge asked counsels of both companies to give their submissions in writing in a week, following which the judgment may be pronounced.

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.

Posted by FR at 7:17 PM  


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