Fortis Healthcare is going to buy 24% stake of Parkway Holdings for $ 685.3 million. Fortis Healthcare is going to buy the stake from TPG Capital. Parkway Holdings reported FY09 revenues of S$ 979 million and profit of S$ 118 million. Parkway Holdings has operations in 6 countries including India. Thus, Fortis Healthcare has got control over Parkway Holdings without open offer. Khazanah Nasional holds 23.3% stake in Parkway Holdings
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Nikkei Stock Average 225 up 0.82 percent at 10,650.06.
KOSPI Index up 0.40 pct at 1,668.86.
Shanghai Composite Index down 0.66 pct at 3,048.93.
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Volatility is again witnessed throughout the day as the markets shed off all its gains declining 85 points from day’s high to close flat in green. All the sectoral indices that were trading in green this morning end the day mostly in red. The main draggers were the IT, Healthcare and Metal indices. The indices that saw some buying interest were Oil & Gas, FMCG and Realty indices. The Sensex closed on a flat note in green gaining 45.79 points or 0.27 percentage points and the Nifty ended the day at 5116.25 gaining 14.75 points or 0.29 percentage points. Market breadth was negative with 1,179 advances against 1,659 declines. On the European front U.K. factory production unexpectedly fell in January for the first time in five months, a sign manufacturing is struggling to shake off the recession. Also, Prime Minister Gordon Brown, commented that the U.K.’s economic recovery is still “fragile” and in its early stages.
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Pradip Overseas has said that it has fixed the price band of its crore Initial Public Offer (IPO) between Rs 100 and Rs 110 per share.
The issue size will be of 1.06 crore equity shares of Rs 10 each and the IPO opens on opens on 11 of March and will close on 15th of March.
The public issue is based on 100 % book-building process.
At the upper end of price band, the company would be able to raise up to Rs. 116.6 crore, while at the lower end the IPO is valued worth Rs. 106 crore.
As per the DRHP filed in January 2009, promoters’ holding in the company will reduce to 68.68% from 93.16% post the issue.
Anand Rathi Advisors is acting as the sole book running lead manager to the offer.
Pradip Overseas plans to use the IPO proceeds to part finance a manufacturing facility in a textile SEZ and partly fund the incremental margin money requirement for working capital.
Pradip Overseas is a textile maker with niche focus on home linen products. The company’s existing facility is located at Changodar near Ahmedabad in Gujarat.
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IDFC Mutual Fund has announced changes in investment restrictions in IDFC All Seasons Bond Fund, a fund of fund scheme.
Accordingly the fund of funds will not invest in any scheme having Net Assets less than Rs 10 crores as on the date of investment.
The fund of funds scheme shall not invest more than 60% of its Net Assets as on the date of investment in any one scheme/plan of any Mutual Fund.
The proposed changes shall be effective from 10 March 2010.
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Canara Robeco Mutual Fund has declared dividend under dividend option of Canara Robeco Dynamic Multicap scheme. The record date for dividend has been set as March 10, 2010. The quantum of dividend will be 10% i.e. Rs 1 per unit subject to availability of distributable surplus as on the record date. The scheme recorded NAV of Rs 13.49 as on March 4, 2010.
The investment objective of Canara Robeco Multicap scheme is to generate income / capital appreciation by investing in equities and equity related instruments of companies spanning the entire market capitalization spectrum.
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Japanese steel mills, BHP have agreed on a 55% rise for coking coal. With this decision, the coal suppliers like Gujarat NRE Coke will be benefitted. The company is one of the major suppliers of coking coal, which is applicable in various sectors, like steel, power, etc. With an increase in coal prices, Gujarat NRE Coke’s margins are expected to increase.
Arun Kumar Jagatramka, MD of Gujarat NRE Coke said that coking coal price hike is in line with expectations for Q1FY11. He feels that rise in settlement price is unlikely to affect spot rates. The company source coking coal from integrated mines. He does not see prices of coking coal coming down.
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UCO Bank’’s follow-on public offer of 60 million equity shares will hit market by end of April or early May, its chairman and managing director, S K Goel said.
He said that a final call would be taken by the board on the method of fund raising including Follow on Public Offer (FPO) as well as Qualified Institutional Placement (QIP) or combination of both depending on market condition.
Moreover he said that for the FPO, the government had given its approval but the bank may go for either FPO or a QIP or combination of both..
Following the lukewarm response from public offers of PSUs that hit the market recently, the alternate plans are on the bank’’s board.
UCO Bank closed at Rs.59.5, up by 2.50%.
The stock hit an intraday high of Rs.60.1 till now, as against the 52-week high of Rs.64.75.The stock hit a low of Rs.58 during the day. The stock had hit a 52-week low of Rs.22.1 on March 12, 2009.
The stock opens at Rs.58.1 at BSE. The total traded volume of the scrip on BSE till now stood at 883238.
Meanwhile today, the BSE Sensex closed up by 227.45 points, or 1.36% , at 17000.01.
The NSE Nifty closed higher by 71.10 points, or 1.42% , at 5088.1.
UCO Bank has an equity capital of Rs 549.36 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 59.5, the P/E multiple stood at 5.86583924349882 with book Value of 50.88 and P/BV at 1.17.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 63.59%, Institutional Investors- 12.66%, General Public- 19.55% and other investors- 4.20%.
Considering the current price of Rs. 59.5 at 4:01:00 PM , the stock had underperformed the market over the past one month till 03/03/2010 declined -2.62% as compared to the Sensex’’s return of 3.94% and NSE Nifty’’s 3.94 % returns.
Considering the current price of Rs. 59.5 at 4:01:00 PM , the stock had outperformed the market over the past one quarter till 03/03/2010 surged 4.2% as compared to the Sensex’’s return of -0.59% and NSE Nifty’’s -0.59 % returns.
At the EGM shareholders gave approval for a follow-on offer of six crore shares. The government on January 19 had conveyed its nod for raising equity capital by six crore shares through book building process.
UCO Bank registered around 22% rise in advances to Rs 74,300 crore while 20% growth in deposits as on December 31, 2009 to Rs 1,04,000 crore.
However, the bank’’s total business grew by about 21% at Rs 1,78,300 crore and it aims to achieve a business growth of Rs 2,02,000 crore by the end of current fiscal.
Meanwhile, the bank plans to sell non-performing assets (NPA) worth Rs 100 crore by February.
According to S K Goel, chairman and managing director of UCO Bank, the bank posted 20.70% overall business growth in the third quarter, thus taking the total business of the bank to Rs 1.78 lakh crore.
The bank’’s net interest margin in the last quarter stood at 2 per cent as against 1.76 per cent in the period ended July- September quarter of the current fiscal.
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