ICICI Bk to raise $500-600 via ICICI Hldgs stake sale

ICICI Holdings is looking at raising USD 500-600 million through a 5% private placement

ICICI Holdings comprises life insurance business (74% stake is valued at USD 6 billion), general insurance business (74% stake is valued at USD 3 billion) and MF business (51% stake is valued at USD 1 billion)

Novartis India Q4 net profit at Rs 23.87cr

Novartis India has announced its fourth quarter results of FY07. The company has reported net profit of Rs 23.87 crore (Rs 238.7 million) compared to Rs 20 crore (Rs 200 million) in Q4 FY06 and net sales of Rs 124 crore (Rs 1.24 billion) versus Rs 105 crore (Rs 1.05 billion).

For FY07, it has posted net profit of Rs 88.5 crore (Rs 885 million) as against Rs 108 crore (Rs 1.08 billion) and net sales of Rs 542 crore (Rs 5.42 billion) versus Rs 526 crore (Rs 5.26 billion) in FY06.

Hero Honda Q4 margins take a hit; net dips 27% to Rs 195cr

Hero Honda Motors has come out with Q4FY07 results. The company has posted sluggish growth in fourth quarter results. It has reported net profit of Rs 195 crore (Rs 1.95 billion) in fourth quarter of FY07 as against Rs 267.2 crore (Rs 2.67 billion) in same period of FY06 and net sales of Rs 2639 crore (Rs 26.39 billion) versus Rs 2255.9 crore (Rs 22.55 billion), a growth of 17%.

For FY07, net sales has increased by 13.6% to Rs 9899.9 crore (Rs 98.99 billion) compared to Rs 8713.98 crore (Rs 87.13 billion) and net profit declined by 11.6% to Rs 857.8 crore (Rs 8.57 billion) from Rs 971.3 crore (Rs 9.71 billion).

Margins (Lifetime Low):

FY07: 11.8%
FY06: 15.7%
FY05: 15.7%
FY04: 16.8%

SBI Q4 net profit up 75% at Rs 1493.2 cr

Stata Bank of India has announced its Q4FY07 and annual results. Its Q4 net profit was up 75% at Rs 1493.2 crore (Rs 14.93 billion) versus Rs 853.3 crore (Rs 8.53 billion) in Q4 of last fiscal. The banks FY07 net profit stood at Rs 4541.3 crore (Rs 45.41 billion) versus Rs 4406 crore (Rs 44.06 billion) in FY06, up 3%.

Binani Cement IPO price fixed at Rs 75/share

Binani Cement Limited (the “Company”), a subsidiary of Binani Industries Ltd., (BIL), has fixed the Offer price at Rs 75 for its Initial Public Offering (“IPO”) of 20,500,000 Equity Shares of Rs. 10 each (“Equity Shares”) for cash, through an Offer for Sale by JP Morgan Special Situations (Mauritius) Limited (“Selling Shareholder”).

Global Markets

Though the Global Markets went down but later it gained some momentum and most of the markets ended in Green.


Nikkei 225 - 17553.72 down by 183.24

KOSPI - 1603.56 up by 3.88

Taiwan - 8031.54 down by 65.32

FTSE - 6565.70 up by 41.60

CAC - 6050.63 up by 37.87

Nasdaq - 2562.22 up by 28.48

Dow Jones - 13326.22 up by 111.09

Indian Mkts went down by 1% this week

The Sensex closed up 24.93 points, at 13796.16 and the Nifty up 9.85 points, at 4076.65.

About 1,236 shares have advanced, 1,255 shares declined and 81 shares remained unchanged.

Statistics of the Indian Market

BSE Sensex - 13796.16 up by 24.93

S&P CNX Nifty - 4076.65 up by 9.85

BSE Midcap - 5851.27 up by 35.15

BSE 100 - 7039.72 up by 17.53

CNX Midcap - 5295.10 up by 17.05

S&P CNX 500 - 3378.40 up by 9.15

BSE Smallcap - 6984.40 up by 32.91

LIC's current stake in Maruti Udyog Private Limited is up at 14.8%

The state owned Life Insurance Corporation of India (LIC) the Largest player in the Insurance sector has increased its stake from 10.3% to 14.8% in Maruti Udyog Ltd

LIC is looking at investing up to Rs 10,000-11,000 crore in equity markets this year. They have already invested about Rs 2,000 crore in the current financial year. LIC, which was already holding about 10.3% stake in Maruti, was allotted 1.3 crore Maruti shares at Rs 800 per share, thereby taking its stake to 14.8%.