Category Archives: Gujarat

Indian Market Closes Marginally Lower; Metal Stocks Shine

Indian Stock Market closed marginally lower after hovering in negative territory for the trading session. European markets closed marginally higher compared to previous closing. BSE Sensex was down by 22 points at 19453 during the closing bell.

USD gained further ground compared to Indian currency. USD-INR was trading at 54.85. Euro was also trading strong at 72.81. Euro is near its all time high compared to Indian currency.

Among major gainers in today’s session were metal stocks. Hindalco gained 2.35% to close at Rs 132. Jindal Steel gained 2.2%. Tata Steel was also higher by 1.77% at Rs 431.

Major losers included Ambuja Cements, Sun Pharma, BPCL and Jaiprakash Associates.

Among major companies, Reliance, ONGC, ITC and Coal India closed flat. TCS gained Rs 19.4 to close the day at Rs 1252.

The banking amendment bill received final approval in the parliament today. BJP has retained similar number of seats in Gujarat. Congress won 36 seats in Himachal Pradesh.

Brooks Labs Earns More Than 30% On Listing

Brooks Laboratories Ltd, a pharmaceutical contract research and manufacturing services firm, got listed at Rs 110 a share as compared to its issue price of Rs 100.

At 09:58 a. m., the company’s shares trimmed the majority of its early gains and were ruling 14% up at Rs 114.

The stock price also touched an intraday high of Rs 131.10, transforming more than 30% gain in trade today.

Mr. Atul Ramchal, CMD, Brooks Labs stated that the company anticipates its top-line to go up by 35-40% during the existing fiscal year on account of superior exports.

He added that the company’s management is optimistic on recording PAT of Rs 20 cr during the subsisting financial year.

Brooks Laboratories caters to antibiotic, antituberculosis therapeutic sections.

The company said that it will utilize the proceeds for establishing a novel manufacturing division at JB SEZ Pvt Ltd, Panoli, Gujarat for a variety of pharmaceuticals formulations.

Peugeot To Set Up New Plant In Gujarat with Rs 4,000 Cr Investment

Making its re-entry in the Indian market, French automobile giant PSA Peugeot Citroen (PPC) entered into a memorandum of understanding (MoU) with the Gujarat administration with the aim to establish a unified manufacturing plant with a total investment of Rs 4,000 crore at Sanand.

Gujarat Principal Secretary Maheswar Sahu and PSA Peugeot Vice-President (Emerging Market and India) Fredic Fabre inked the MoU in the company of Chief Minister Narendra Modi.

As per an official report, “The fully integrated facility of PPC, the first one in India, will be set up on 584 acres with an investment of Rs 4,000 crore. It will have an initial capacity of 1,65,000 units annually and is expected to be commissioned by end of 2013.”

PPC Board Chairman Philippe Varin said that the state of Gujarat provides a practical biz atmosphere, admirable infrastructure and is purely well placed to fulfill the requirements of passenger car markets crosswise the country.

“We view India as one of the most important and dynamic markets in the world, with forecasts of it becoming the third largest automotive market by 2020,” Mr. Varin added.

The French car manufacturer was present in India via a JV with Premier Automobiles Ltd (PAL) nearly a decade ago.

The joint venture was later wound up and the company, PAL Peugeot Ltd (PPL), stopped operations.

With the novel contract, Peugeot will be a neighbor of Ford and Tata’s Nano facilities in Sanand, a forthcoming auto center some 40 kms from here.

The firm had been in search of land for its India foray for the last few months in the state of Tamil Nadu, Andhra Pradesh and Gujarat.

Alstom Projects Short Term Buy Call

Technical analyst Shrikant Chouhan of Kotak Securities has maintained ‘buy’ rating Alstom Projects Limited stock with short-term targets of Rs 600 and 610.

The analyst added that the interested investors can sell the stock with a stop loss of Rs 560.

Today, the stock of the company opened at Rs 581.70 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 874.85 and a low of Rs 510 on BSE.

Current EPS & P/E ratio stood at 25.19 and 22.98 respectively.

Alstom Projects India Ltd has pocketed three major deals valued at more than Rs 270 crore to set up hydroelectric projects in India.

The primary agreement has been inked with Shiga Energy Pvt Ltd for the 97 MW Tashiding hydroelectric project in West Sikkim region on the Rathang Chu river.

The second agreement has been inked with NSL Tidong Power Generation Pvt Ltd.

The third order has been inked with Haridwar Infrastructure Pvt Ltd.

All instruments will be fabricated at Alstom’s Vadodara plant in the state of Gujarat, one of the company’s biggest hydro equipment manufacturing centers internationally.

Alstom projects that the country has an economically exploitable and viable hydro prospective of around 84,000 MW.