Market Commentary Wednesday, February 29, 2012 09:00 Hrs IST

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ONGC may be in demand as Govt clears share sale through auction

The government after market hours on Tuesday, 28 February 2012 decided to offload 5% stake in ONGC through auction route. The floor price for the auction sale is set at Rs 290 per share, a 2.3% premium to the stock's closing market price on Tuesday, 28 February 2012. The day-long auction, will take place on 1 March 2012 between 9.15 IST and 15.30 IST. The government is likely to raise Rs 12405 crore at the floor price by offering 42.77 crore shares. However, the government reserves the right to accept any subscription above floor price and can accept subscription even if it is under subscribed. The government owned 74.14% stake in ONGC as at end December 2011.

Tata Consultancy Services (TCS) bagged a contract from South Africa's Nedgroup Insurance Company (NIC) for deploying its financial services platform. No financial details of the contract were divulged.

GMR Infrastructure is reportedly in talks with private equity investors to raise roughly $200 million by selling stakes in road projects.

Orbit Corporation's board of directors discussed and considered the acquisition of Mazda Construction Company.

Orchid Chemicals & Pharmaceuticals has reportedly redeemed Foreign Currency Convertible Bonds ( FCCBs), including yield-to-maturity, aggregating to $167.64 million on the due date, 28 February 2012.

The Supreme Court rejected Essar Oil's 125% sales tax deferment benefit claim on its investment in the Vadinar refinery project in Gujarat. A tribunal has ruled against the city-based entity in a case relating to its around Rs 3,013-crore insurance claim for damages sustained by its refinery during a cyclone in 1998.

Stovec Industries board of directors has recommended the final dividend of Rs 6.85 per share for the financial year ended 31 December 2011.

Abbott India reported net profit of Rs 36.88 crore in the quarter ended December 2011. Sales reported at Rs 383.60 crore in the quarter ended December 2011. For the audited full year, net profit reported to Rs 120.39 crore in the year ended December 2011. Sales reported to Rs 1445.57 crore in the year ended December 2011.

The company changed its accounting year from year ended November 30 to year ended December 31 from the previous financial year onwards. Accordingly, the results of the current quarter are for the three month ended 31 December 2011 and the previous quarter are for three months ended 30 November 2010. Further, the result for the current year is for twelve months ended 31 December 2011 and for the previous year is for a period of 13 months from 01 December 2009 to 31 December 2010. Therefore, the results for the current quarter and full year are not comparable with those of previous quarter and full year.

Arrow Coated Products board of directors meet on 5 March 2012, to review the status of ongoing right issue which was opened for subscription on 21 February 2012 and is scheduled to be closed on 6 March 2012.

Rico Auto Industries board of directors approved the proposed divestment of the entire 50% stake of the company in Continental Rico Hydraulic Brakes India, the joint venture of the company with Continental AG, Germany, by way of sale of the entire stake to Continental Automotive Holding Netherlands BV, a Continental Group Company.

Onelife Capital Advisors postponed a board meeting scheduled today, 29 February 2012 due to non-availability of one of the independent director and the same has now been convened on 2 Match 2012. The board meeting was to consider the proposal to acquire a group company engaged in the agricultural and related business activities.

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