3IINFOTECH follow up view
On Tuesday, December 8, 2009 we posted about 3IINFOTECH a stock which Quoting around Rs.92 a target of Rs.110-120 in next 8-10months is excellent return and long term growth will be good if new investor can come in.
Talks for acquisition of ICICI Bank Ltd’s controlling 27% stake in 3i Infotech Ltd have veered to a likely price range of Rs 110-120 a share, sources told NewsWire18. http://www.business-standard.
Technical View: 3IINFO has made a double bottom of Rs.75 in Oct & Nov after correcting from high of Rs.105, and Rs.106 would be strong resistance being Gap-down level formed in 15/09/2009 after 16months the possibility of closing the gap can arise.
ABG SHIP looks good at Rs 199
ABG Shipyard Ltd. -- which earlier this month exited from a bidding war to gain control of Great Offshore Ltd. -- said Wednesday it will keep its remaining shares in the offshore oilfield services company.
- ABG and unit Eleventh Land Developers Pvt. Ltd. sold about 3.07 million shares--or an 8.27% stake--of Great Offshore Dec. 2. via a secondary market transaction.
- ABG--India's largest private shipbuilder by sales--now has only 571 shares in Great Offshore.
- ABG has outstanding shipbuilding orders of 126 billion rupees, which are to be serviced until 2014.
- "Globally, ships are getting decent charter rates," Mr Datar, ABG's CFO said. "The global shipbuilding market looks robust. We have had no cancellations so far."
- The company is investing 16 billion rupees to build a new facility at Dahej in the western state of Gujarat. The facility will include a unit to build jackup oil rigs. "About 85% of the facility is complete," he said, adding that the entire facility including a new ship lift should be ready by June.
- ABG has already received a $440 million order from Essar Oilfield Services Ltd., a unit of Essar Shipping Ports & Logistics Ltd., to supply two jackup oil rigs from mid-2011.
- Mr. Datar said ABG has no plan to raise funds and will finance the expansion from its cash reserves, currently at 10 billion rupees. The company has total debt of INR26 billion to 27 billion rupees, at 10%-10.5% interest rates, he said.
http://www.moneycontrol.com/
http://online.wsj.com/article/
