India’s financial capital, Mumbai will get a new airport soon. The Mumbai airport handles the highest air traffic in India and is always crowded during peak hours like mornings and late evenings. The Union cabinet has approved the construction of a new airport in Mumbai. The civil aviation minister said that the new Mumbai Airport will cost Rs 10,000 crores. Tenders for the Mumbai airport project will be awarded next year.
In a remarkable coincidence, the NIFTY and the DOW JONES hit all time highs today in the midst of a strong global bull run. Markets opened gap up today and were range bound with a downward bias for most part of the day. Suddenly, in the last 1 hour of trading, there was a sudden spike (the 2.30 effect?). Markets are likely to open gap up again tomorrow. Looks like this is a good time for investing in the stock market, globally. However, there are concerns that the market would not be able to absorb the huge new offerings in the primary market.
TVS Electronics, hit upper circuit today after it announced that it sold off its contract manufacturing services business. TVS Electronics sold its contract manufacturing services (CMS) business which is in Karnataka for a sale consideration of over Rs 41 crores to Finland’s Incap Corp. Reports suggest that Rs. 41 crores is an excellent price for selling the contract manufacturing services (CMS) business unit.
The newly listed scrip, McDowell Holdings has hit the 20% upper circuit again today. McDowell Holdings listed on NSE yesterday. McDowell Holdings hit the upper circuit yesterday morning and it remained frozen all day. The same thing took place today. McDowell Holdings hit the upper freeze in the opening bell and has remained locked in the upper circuit till now. The paid up capital of McDowell Holdings is only Rs 12.14 crore and hence the liquidity is very low in this counter.
There are rumours that Vijay Mallya, founder of Kingfisher airlines, is planning to takeover Air Deccan (Deccan Aviation). Because of these rumours, Deccan Aviation spurted 14% in mid day trading to Rs. 150. If kingfisher airlines is merged with Air Deccan (Deccan Aviation), it would argur well for the shareholders of both airlines.
Nelcast Limited is all set to tap the capital markets with an IPO, next week. Nelcast Limited IPO will open for subscription on June 04 2007 and close for subscription on June 08 2007. Nelcast Limited is India’s largest producer of SG Iron Castings and a leading producer of Grey Iron Castings. Nelcast Limited has set the price band for the IPO between Rs. 195 and Rs. 219. The shares of Nelcast Limited will be listed both on the NSE and the BSE. The lead managers for the Nelcast Limited IPO are Karvy Investor Services limited and UTI Securities Ltd. For updates on the subscription / oversubscription ratio of Nelcast Limited IPO and to know the allotment status, refund details and listing date of Nelcast Limited, do check this blog regularly. The registrar for the Nelcast IPO is Bigshare Servies pvt Limited.
Nelcast Limited IPO Prospectus
For more information, read the IPO prospectus of the Nelcast Limited IPO.
Patel Engineering has informed the stock exchanges that it has won a new order worth Rs. 518 crores from the National Highways Authority of India (NHAI). Rumours about Patel Engineering winning a huge order hit the market on monday itself. Hence the Patel Engineering shares moved up smartly for the past 2 days. It reached its peak this afternoon and then went into correction mode. Those who bought Patel Engineering shares on monday and sold them this afternoon (as soon as the announcement was made) would be laughing their way to the bank.
Oriental Trimex, a leading producer of tiles and granites in India, has informed the stock exchanges that it has acquired exclusive rights for mining decorative stones at a village called Potteru in Malkangiri district in the state of Orissa. Following this announcement the shares of Oriental Trimex witnessed good buying interest from all classes of investors.
ABB has informed the stock exchanges that the board of directors of ABB have fixed July 06, 2007 as the record date for splitting the face value of the ABB shares from 1 share of face value Rs. 10 each to 5 shares of face value Rs. 2 each. ABB has informed the stock exchanges that the board of directors have decided to go for a stock split in order to make the ABB shares affordable for small investors.
Sources say that an agent of a leading brokerage house is recommending Patel Engineering to clients because of expectations of a price surge on rumours of Patel Engineering bagging a huge new order. I’m not sure how far these rumours can be beleived but as the old wall street adage goes, buy on rumours, sell on news! There is a good buying interest building up in the Patel Engineering counter for the past few days. Patel Engineering is certainly in my radar now.