It’s been a roller coaster ride for the shares of Satyam Computer Services, now known as Mahindra Satyam, over the past month ahead of the company’s release of its first financial statements in two years.
The stock of the beleaguered-but-recovering software company has traded in a band between 79 rupees ($1.75) and 113.80 rupees on the Bombay Stock Exchange in the month since Aug. 27 and has surged 17.2% in last month. In comparison, the 30-stock benchmark Sensex advanced 10.2% in the same period.
The company couldn’t declare results for the past two fiscal years after its founder, B. Ramalinga Raju, confessed in January 2009 that the firm’s balance sheets were a sham, and that he had been overstating the profits of the Bombay and New York-listed firm for years to the tune of more than $1 billion.
On Wednesday, the company will disclose results for the fiscal years ended March 31, 2009 and March 31, 2010. The company is also in the process of restating its accounts for the past six to seven years, providing the first accurate look at the firm’s performance in years.
The firm’s American depository receipts took a pummeling on Friday, ending 24% down, after the Hyderabad-based company—once India’s fourth largest software exporter—said last week that it plans to de-list from the New York Stock Exchange as it expects to miss the Oct. 15 deadline to file financial statements with U.S. regulators.
On Monday Satyam closed down 3.7% at 96.45 rupees ($2.14) on BSE, while the benchmark Sensex ended 0.4% higher.
“Generally the market should be a bit wary as not too much is known about the performance,” said a Mumbai-based analyst, who asked not to be named.
Citigroup expects Satyam to post net profit of 6.18 billion rupees ($136.9 million), or 5.30 rupees ($0.12) a share, on revenue of 52.14 billion rupees for the 2010 fiscal year ended March 31, with earnings before interest, tax, depreciation & amortization, or Ebitda, margins at 13%.
The bank expects this fiscal year net profit at 9.15 billion rupees or 7.80 rupees a share, on revenue of 59.11 billion rupees, with Ebitda margins not more than 19%.
Market players expect stock to be range bound till the results are declared.
The recent run-up in the shares of the company is due to “over optimism” and expectations of a double-digit margin performance, said another analyst.
“I don’t see any fundamental trigger for the stock to go up from these levels,” he added.
The company will also report results for this year’s April-June and July-September quarters on or before Nov. 15.
Monday, September 27, 2010
Michael Douglas’ ‘Wall Street 2′ tops weekend box-office with $19m
Washington, Sep 27 (ANI): Michael Douglas’ return as the formerly “greed is good”-hyping Gekko in ‘Wall Street: Money Never Sleeps’ topped the weekend box office with an estimated 19 million dollars.
And the film is the cancer-stricken actor’s first No. 1 opener since 2001’s ‘Don’t Say a Word.
However, the film is co-star Shia LaBeouf’s sixth No. 1 movie since just 2007.
However, the 100 million dollar, 3-D-priced ‘Legend of the Guardians’ got off to a non-flying second-place start, with 16.3 million dollars.
Ben Affleck’s ‘The Town’- last weekend’s No. 1-got bumped to third with 16 million dollars, reports E! Online.
Rounding up the top five were ‘Easy A’ and ‘You Again’ with 10.7 million and 8.3 million dollars respectively.
Here’s a complete look at the weekend’s top-grossing films, per Friday-Sunday estimates compiled by Exhibitor Relations:
1. Wall Street: Money Never Sleeps, 19 million dollars
2. Legend of the Guardians: The Owls of Ga’Hoole, 16.3 million dollars
3. The Town, 16 million dollars
4. Easy A, 10.7 million dollars
5. You Again, 8.3 million dollars
6. Devil, 6.5 million dollars
7. Resident Evil: Afterlife, 4.9 million dollars
8. Alpha and Omega, 4.7 million dollars
9. Takers, 1.7 million dollars
10. Inception, 1.2 million dollars (ANI)
And the film is the cancer-stricken actor’s first No. 1 opener since 2001’s ‘Don’t Say a Word.
However, the film is co-star Shia LaBeouf’s sixth No. 1 movie since just 2007.
However, the 100 million dollar, 3-D-priced ‘Legend of the Guardians’ got off to a non-flying second-place start, with 16.3 million dollars.
Ben Affleck’s ‘The Town’- last weekend’s No. 1-got bumped to third with 16 million dollars, reports E! Online.
Rounding up the top five were ‘Easy A’ and ‘You Again’ with 10.7 million and 8.3 million dollars respectively.
Here’s a complete look at the weekend’s top-grossing films, per Friday-Sunday estimates compiled by Exhibitor Relations:
1. Wall Street: Money Never Sleeps, 19 million dollars
2. Legend of the Guardians: The Owls of Ga’Hoole, 16.3 million dollars
3. The Town, 16 million dollars
4. Easy A, 10.7 million dollars
5. You Again, 8.3 million dollars
6. Devil, 6.5 million dollars
7. Resident Evil: Afterlife, 4.9 million dollars
8. Alpha and Omega, 4.7 million dollars
9. Takers, 1.7 million dollars
10. Inception, 1.2 million dollars (ANI)
Google Doodle: 12th birthday cake for search engine
Google has marked its 12th anniversary with a 'doodle' painting of a cake by 89-year-old Los Angeles artist Wayne Thiebaud.
Users visiting the search engine's home page are greeted with a picture of a cake whose candle represents the 'L' in the Google logo.
The California-based company was first incorporated as a privately held corporation on 27 September 1998.
Thiebaud's work, reproduced by permission of VAGA, Visual Artists and Galleries Association, includes many cakes, most painted in the 1950s and 1960s.
He is associated with the Pop art movement because of his interest in objects of mass culture, although his work is earlier than the likes of Andy Warhol.
It is a more straightforward 'doodle' than the recent ball game animation that distracted millions of internet users.
Before that, Google marked the 25th anniversary of the discovery of the "buckyball", a spherical dome of exotic molecules of carbon, with a special moving design.
The animated logo replaced the logo's middle O letter with an orange ball. It then formed into the "buckyball", which is a form of carbon composed of 60 atoms.
By scrolling their mouse across the logo, users could twist and turn the ball, which has replaced the search engine's usual logo on its home page.
The new interactive doodles follow one produced in May to celebrate the 30th birthday of Pac-Man.
That design, which went public on Friday, May 21, 2010, was the first doodle to be fully interactive. The Pac-Man character could be moved by using the arrow keys on the user's keyboard.
Google Doodles have become newsworthy in their own right after the technology firm started using the customised versions of its logo to mark what it considered significant occasions.
The first of them was used in August 1998 when Sergey Brin and Larry Page, the firm's founders, designed one for the Burning Man Festival.
In October 1999, it produced a Halloween doodle: the first after the firm switched to a new logo.
The first "Christmas card" doodle was presented in 1999, on Christmas Day, featuring a snowman and flakes drifting onto the name.
Mother's and Father's Day doodles appeared in May and June 2000 respectively before the firm started noting more esoteric and, let's face it, interesting occasions.
On October 7, 2009, it did "Google" as a bar code to recognise the anniversary of its invention in 1948 by Bernard Silver, which some saw as a significant shift away from human language and towards machine language.
On Saturday, June 5, 2010, a hologram replaced the logo to honour Dennis Gabor, the inventor of holograms.
Most recently the firm marked the 71st anniversary of the Judy Garland film The Wizard of Oz with a doodle of Dorothy, the Cowardly Lion, the Tin Man and the Scarecrow walking down the Yellow Brick Road towards a landscape with "Google" on it. Perhaps it's a metaphor.
Mary Shelley, the British author of Frankenstein, had the 213th anniversary of her birth celebrated by a spooky Google Doodle late last month.
Users visiting the search engine's home page are greeted with a picture of a cake whose candle represents the 'L' in the Google logo.
The California-based company was first incorporated as a privately held corporation on 27 September 1998.
Thiebaud's work, reproduced by permission of VAGA, Visual Artists and Galleries Association, includes many cakes, most painted in the 1950s and 1960s.
He is associated with the Pop art movement because of his interest in objects of mass culture, although his work is earlier than the likes of Andy Warhol.
It is a more straightforward 'doodle' than the recent ball game animation that distracted millions of internet users.
Before that, Google marked the 25th anniversary of the discovery of the "buckyball", a spherical dome of exotic molecules of carbon, with a special moving design.
The animated logo replaced the logo's middle O letter with an orange ball. It then formed into the "buckyball", which is a form of carbon composed of 60 atoms.
By scrolling their mouse across the logo, users could twist and turn the ball, which has replaced the search engine's usual logo on its home page.
The new interactive doodles follow one produced in May to celebrate the 30th birthday of Pac-Man.
That design, which went public on Friday, May 21, 2010, was the first doodle to be fully interactive. The Pac-Man character could be moved by using the arrow keys on the user's keyboard.
Google Doodles have become newsworthy in their own right after the technology firm started using the customised versions of its logo to mark what it considered significant occasions.
The first of them was used in August 1998 when Sergey Brin and Larry Page, the firm's founders, designed one for the Burning Man Festival.
In October 1999, it produced a Halloween doodle: the first after the firm switched to a new logo.
The first "Christmas card" doodle was presented in 1999, on Christmas Day, featuring a snowman and flakes drifting onto the name.
Mother's and Father's Day doodles appeared in May and June 2000 respectively before the firm started noting more esoteric and, let's face it, interesting occasions.
On October 7, 2009, it did "Google" as a bar code to recognise the anniversary of its invention in 1948 by Bernard Silver, which some saw as a significant shift away from human language and towards machine language.
On Saturday, June 5, 2010, a hologram replaced the logo to honour Dennis Gabor, the inventor of holograms.
Most recently the firm marked the 71st anniversary of the Judy Garland film The Wizard of Oz with a doodle of Dorothy, the Cowardly Lion, the Tin Man and the Scarecrow walking down the Yellow Brick Road towards a landscape with "Google" on it. Perhaps it's a metaphor.
Mary Shelley, the British author of Frankenstein, had the 213th anniversary of her birth celebrated by a spooky Google Doodle late last month.
Tata Steel, JSW May Raise Prices 4% on Increasing Farm Demand, RBS Says
Tata Steel Ltd., Steel Authority of India Ltd. and JSW Steel ltd., the nation’s top producers, may raise prices by as much as 4 percent next month because of lower imports from China and a surge in rural demand, RBS Equities (India) Ltd. said.
Prices, which rose an average 4 percent in September, are likely to gain for the second consecutive month, said Rahul Jain, an analyst at RBS in Mumbai. The bulk of demand may come from farmers who are expected to spend more during the festival season after a robust monsoon, said Nikhil Agarwal, an analyst at Kim Eng Securities India Ltd. in New Delhi.
An above-average monsoon, the main source of irrigation for the nation’s 235 million farmers, is expected to produce a record crop this year, boosting agricultural incomes and sales of homes, tractors and motorcycles. China’s move to restrict power supplies to mills will likely diminish exports to India, lifting demand for Indian-made steel.
“Indian steelmakers lost out to imports in the first five months of this fiscal year,” said Jain, who has a “buy” rating on shares of Tata Steel and Steel Authority and a “hold” rating for JSW. “In China, there are efforts to lower output, which may lead to a drop in shipments to India.”
Tata Steel shares rose 1 percent to 629.95 rupees on Sept. 24, while Steel Authority gained 0.8 percent to 205.95 rupees. JSW Steel advanced 1.5 percent to 1,275.80 rupees.
Diwali Demand
India’s steel demand, which grew 7.6 percent last fiscal year, is forecast to grow 10 percent in the year ending March 31, helped by demand for automobiles and spending on roads and ports, G.K. Basak, executive secretary of steel ministry’s joint plant committee, said on Sept. 6. Sales of cars, motorcycles and houses start increasing from September and peak on the day of Diwali, the festival of lights, usually in November.
“Higher international prices and estimated demand in India leaves room for some price increase in October,” JSW Marketing Director Jayant Acharya said on Sept. 23.
Benchmark world hot rolled coil prices rose 3.6 percent this month, according to Steel Business Briefing.
The monsoon this month in India has been 122 percent of the 50-year average as of Sept. 14, in contrast with last year when rains were the least since 1972. The nation may have a record corn crop in excess of 20 million metric tons in the year through June 2011, according to Adani Enterprises Ltd., the country’s biggest non-state trader of farm goods. The wheat harvest may be a record 82 million tons.
Construction companies, which stopped work in northern and western India due to excessive rains, will restart, adding to the demand, Kim Eng’s Agarwal said. India’s passenger-car sales jumped 33 percent from a year ago to a record in August.
The rise in demand since September has led to a drop in inventory levels of steelmakers, RBS’s Jain said.
Steel Authority’s inventory fell 11.3 percent to 496,127 tons as of Sept. 22 from 559,061 tons on Aug. 15, while deliveries rose 66.2 percent. JSW also expects a 100,000-ton drop in inventory by Sept. 30 from the June 30 level, Chief Financial Officer Rajeev Pai said on Sept. 23.
Prices, which rose an average 4 percent in September, are likely to gain for the second consecutive month, said Rahul Jain, an analyst at RBS in Mumbai. The bulk of demand may come from farmers who are expected to spend more during the festival season after a robust monsoon, said Nikhil Agarwal, an analyst at Kim Eng Securities India Ltd. in New Delhi.
An above-average monsoon, the main source of irrigation for the nation’s 235 million farmers, is expected to produce a record crop this year, boosting agricultural incomes and sales of homes, tractors and motorcycles. China’s move to restrict power supplies to mills will likely diminish exports to India, lifting demand for Indian-made steel.
“Indian steelmakers lost out to imports in the first five months of this fiscal year,” said Jain, who has a “buy” rating on shares of Tata Steel and Steel Authority and a “hold” rating for JSW. “In China, there are efforts to lower output, which may lead to a drop in shipments to India.”
Tata Steel shares rose 1 percent to 629.95 rupees on Sept. 24, while Steel Authority gained 0.8 percent to 205.95 rupees. JSW Steel advanced 1.5 percent to 1,275.80 rupees.
Diwali Demand
India’s steel demand, which grew 7.6 percent last fiscal year, is forecast to grow 10 percent in the year ending March 31, helped by demand for automobiles and spending on roads and ports, G.K. Basak, executive secretary of steel ministry’s joint plant committee, said on Sept. 6. Sales of cars, motorcycles and houses start increasing from September and peak on the day of Diwali, the festival of lights, usually in November.
“Higher international prices and estimated demand in India leaves room for some price increase in October,” JSW Marketing Director Jayant Acharya said on Sept. 23.
Benchmark world hot rolled coil prices rose 3.6 percent this month, according to Steel Business Briefing.
The monsoon this month in India has been 122 percent of the 50-year average as of Sept. 14, in contrast with last year when rains were the least since 1972. The nation may have a record corn crop in excess of 20 million metric tons in the year through June 2011, according to Adani Enterprises Ltd., the country’s biggest non-state trader of farm goods. The wheat harvest may be a record 82 million tons.
Construction companies, which stopped work in northern and western India due to excessive rains, will restart, adding to the demand, Kim Eng’s Agarwal said. India’s passenger-car sales jumped 33 percent from a year ago to a record in August.
The rise in demand since September has led to a drop in inventory levels of steelmakers, RBS’s Jain said.
Steel Authority’s inventory fell 11.3 percent to 496,127 tons as of Sept. 22 from 559,061 tons on Aug. 15, while deliveries rose 66.2 percent. JSW also expects a 100,000-ton drop in inventory by Sept. 30 from the June 30 level, Chief Financial Officer Rajeev Pai said on Sept. 23.
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