Posts Tagged ‘telecommunications’

IDFC leads the gainers of group ‘A’ on BSE

Infrastructure Development Finance Company (IDFC) is currently trading at Rs 204.80, up by 9.15 points or 4.68% from its previous closing of Rs 195.65 on the BSE.

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The scrip opened at Rs 197.00 and has touched a high and low of Rs 205.30 and Rs. 196.00 respectively. So far 1985833 shares were traded on the counter.

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The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 201.05 on 16-Sep-2010 and a 52 week low of Rs 139.80 on 04-Nov-2009.

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Last one week high and low of the scrip stood at Rs 205.30 and Rs 191.10 respectively. The current market cap of the company is Rs 29243.72 crore.

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The Institutions holding in the company stood at 86.68% and Non institution were holding 13.32% of stake respectively.

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The other top gainers of BSE group ‘A’ were DLF up by 4.86%, Centeral Bank up by 4.58%, Aban Offshore up by 4.57%, Federal Bank up by 4.48% and Everest Kanto up by 4.38%

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The Institutions and Non-Institutions holding in the company stood at 86.68% and 13.32% respectively.

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Infrastructure Development Finance Company (IDFC) is planning to mop up about Rs 3,400 crore via issue of long-term bonds which is expected to open in the first week of October. In this regard, the company has already filed the draft papers with the market regulator Securities and Exchange Board of India (SEBI).

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According to the Draft Shelf Prospectus, the said bonds will have the face value of Rs 5,000 and some part will be utilized for infrastructure lending. This will be the first public issue under the new rule that allows tax benefits for investment in long-term infrastructure bonds.

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The company has reported a net profit of Rs 319.71 crore for the quarter ending on June 30, 2010 against Rs 243.49 crore for the quarter ending on June 30, 2009, up 31.30%.

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The company provides financial assistance to various segments such as power, roads, ports, telecommunications, information technology, urban infrastructure, healthcare, education infrastructure, food and agri-business infrastructure, healthcare and tourism.

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Reliance Comm. Leads the Decline among India Phone Stocks !

Reliance Communications Ltd. turned as a leading declines among India’s telecommunications stocks

Reliance Communications Ltd. turned as a leading declines among India’s telecommunications stocks

Reliance Communications Ltd. fell the most in nine months in Mumbai trading, leading declines among India’s telecommunications stocks, on speculation a price war may hurt earnings after the company cut its call charges.

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Reliance tumbled 11 percent to close at 268.30 rupees, the biggest decline since Jan. 7.

Larger rival Bharti Airtel Ltd. declined 10 percent to 359.35 rupees.

The two stocks were the worst performers today on the benchmark Sensitive Index, which climbed 0.6 percent.

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Sales have been slowing at Reliance and Bharti as competition from Vodafone Group Plc’s Indian unit and new entrants such as NTT DoCoMo Inc. intensifies in the world’s largest wireless market by users after China.

Revenue growth is also easing as wireless subscriptions in urban areas approach saturation level, forcing the companies to target low-spending rural customers for the bulk of their new additions.

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A “price war can impact the revenues of telecom companies by 15 to 20 percent,” said Jagannadham Thunuguntla, head of equities at SMC Capitals Ltd. in New Delhi.

Reliance has said that it will charge a uniform 0.50 rupee (1 U.S. cent) per minute for local and long-distance calls, to simplify tariffs.

The new rates will help the company gain market share for its services based on the global system for mobile communications platform.

“The cut in tariffs by Reliance will distort the revenue structure for companies in the sector,” market experts said.

“It could prompt other companies to follow with cuts” they added.

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