Today, Patni Computer Systems, global IT and BPO service provider declared that it has secured a seven figure contract more three years to provide managed services around some of Scandinavia`s core insurance platforms.
The Codan Group is part of the insurance giant RSA group and works in Denmark, Sweden and Norway.
Frank Anderson, chief investment officer at Codan, said, ``We chose Patni (Q,N,C,F)* because of its in depth understanding of the insurance sector and applications that we use to run our business.``
Derek Kemp, President, EMEA at Patni, ``This was a highly competitive bid but we were able to demonstrate our commitment to the client, strong understanding of the insurance sector and our plans for the Scandinavian region.``
Shares of the company increased Rs 7.9 to trade at Rs 535.80. At 11.47 a.m., Wednesday, the total volume of shares traded was 94,395 at the BSE.
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Patni baggage 3 year contract from Codan Group
Bajaj Corp catalogs at 15.15% premium
Today, Shares of Bajaj Corp, one of the leading producers of hair oils, got listed at the bourses. It opened at Rs 760, a premium of 15.15% besides the issue price of Rs 660 von the National Stock Exchange.
Presently, the shares are trading superior by 17.58% at Rs 776 after touching a sky-scraping of Rs 816.95. At 9:11 a.m., A total of 1.17 million equity shares have exchanged hands.
Bajaj Corp`s eminent brands are Bajaj Almond Drops, Brahmi Amla, Amla Shikakai and Jasmine Hair Oil. It manufactures its products at two facilities in Parwanoo and Dehradun. It has a combined production capacity of 39 million litres per annum.
Prakash Steelage puts issue price at Rs 110
Prakash Steelage, occupied in the manufacturing of seamless as well as welded stainless steel Pipes, Tubes and U-tubes, has put the issue price at Rs 110 for each equity share.
The company has swabbed upbeat Rs 687.50 million via the public offer of 6.25 million equity shares. The issue, which clogged August 10, was subscribed to 4.53 times.
The retail bidder portion was subscribed 6.62 times, the non institutional bidder 10.91 times and the qualified institutional bidders’ portion 1.27 times.
The company plans to exploit the issue proceeds to move up resources for part financing its expansion plan at the it’s existing manufacturing facility at Umbergaon, Gujarat and also to meet the additional working capital requirement.
IIFL suggest to ‘Subscribe’ to SKS Microfinance IPO
IIFL has recommended investors to ‘Subscribe’ to the initial public offering of SKS Microfinance. The company has entered the capital market to offer 16,791,579 shares in the price-band of Rs 850-985 per share.
It plans to use the earnings to augment capital base to meet future capital requirements and to achieve the benefits of listing on the stock exchanges. The issue closes Monday.
“SKS Microfinance is the chief microfinance company in India with loan portfolio of ~US$1bn, 2,000+ branches spread across 19 states and 6.8 mn members. Its strengths include pan-India presence, scalable operating model, diversified product revenues and access to various sources of capital.
Lending first and foremost to poor women, the business model involves village centered group lending, thereby making sure a check on asset quality. The huge demand-supply credit gap and inability of banks to penetrate into unbanked areas have driven the growth of microfinance industry. Whereas valuations appear classy, the scalable business model, market leadership position and high earnings growth provide comfort. Recommend Subscribe,” the report said.
On the valuations front, the report added that the company is “valued at a FY10 P/B of 3.6x at the lower price band and 4.2x on the upper price band post strength. This is considerably higher as compared to average P/B for NBFCs at 2-2.5x, PSU banks (1-2x) and private banks (2.5-4x). International MFI companies have though traded at higher multiples due to their longer operating history and higher returns ratio. RoE for SKSMF at 21.7% (end FY10) is mostly in line with domestic NBFCs and banks.”
HDFC Securities: SKS Microfinance IPO can give listing profits
HDFC Securities is of the view that the initial public offering of SKS Microfinance is exclusive but still can give listing profits.
“SKSML has issued shares in the past 15 months to private equity investors @ Rs.300 per share. The current issue is priced a bit on the expensive side. Its smaller peer SE Investments has also risen 200% over the past 4-5 months aided by Bonus and split announcements. On a relative basis with its peer, SKSML does not seem too luxurious.
On the other hand, compared to Banks and Finance companies, it seems luxurious based on P/E, dividend yield and P/BV basis. On a post issue basis, however the P/BV could come downhill, mainly due to the premium collected in the issue. Given its size, the present institutional investors, the recent growth and prospects going forward and the fancy towards the sector, the issue could still give some listing gains,” the report said.
SKS Microfinance has entered the capital market to offer 16,791,579 shares in the price-band of Rs 850-985 per share.
It plans to use the earnings to augment capital base to meet future capital requirements and to realize the benefits of listing on the stock exchanges. The issue closes Monday.
Aster Silicates lists at 8.51% premium on NSE
Today, equity shares of Aster Silicates got listed at the bourses. The Shares of the company got listed at Rs 128.05, a premium of 8.51% as against the issue price of Rs 118 a share on NSE.
At present, the shares of the company are trading at Rs 129.80, 10% higher than its issue price on the NSE. A total of 4.18 mn equity shares have exchanged hands. At 9:20 am, the scrip has touched a high of Rs 131.10 and a low of Rs 123.40.
The Ahmedabad-based firm will use the profits for growing its manufacturing amenities at Baruch, in Gujarat. Saffron Capital Advisors is the book running lead manager for the issue. Aster Silicates has been concerned in producing food grade sodium silicate for the last 14 years, which is used by the toothpaste, salt, cosmetics, pesticides tyre and rubber industries.
CIL shares to be divested by Sept-Oct
Union Minister of State for Coal, Sriprakash Jaiswal today said, “10 % shares of Coal India Limited will be disinvested by September-October this year.”
Jaiswal told reporters here that 1% of the shares would be allocated for CIL employees.
Parabolic Drugs drops 3.93% after even listing
Today, equity shares of Parabolic Drugs got listed at the bourses. The shares of the company got listed at par with issue price of Rs 75 on the NSE.
At present, the shares of the company are trading lower by 3.93% at Rs 72.05. It has touched a high of Rs 75.95 and a low of Rs 68.50. At 9:15 am, a total of 2.30 mn equity shares were traded.
Parabolic Drugs is engaged in the manufacturing of active pharmaceutical ingredients (APIs) and providing contract research and manufacturing services (CRAMS).
Hindustan Copper initiates discussions for FPO management
On Monday, State-run Hindustan Copper (HCL) commenced discussions with merchant banks for managing its follow-on public offer (FPO), which is cautiously scheduled for September–October.
Nine investment banks have put in bids for managing the FPO of the miner including domestic players such as SBI Capital Markets, ICICI Securities, IDBI Capital Market and IDFC Capital and two foreign banks DSP Merill Lynch and UBS Securities in a consortium with SMC Capitals.
HCL has also started the process for assigning the legal advisors. The Cabinet Committee on Economic Affairs prior to this month approved a 10% divestment in the company along with a fresh issue of 10% equity.
Post-disinvestment, the public float would be 18.45% whereas the government’s holding would be 81.55%.
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