Parent’s stature, company’s own track record, relatively small equity base, attractive dividend prospects, etc., make it a sure short term bet though poor ESOP policy casts shadow for a long run.
|
OFFER AT A GLANCE |
|
|
Name |
Larsen & Toubro Infotech Ltd |
|
Public Offer |
Offer for sale of 1.75 cr shares of Rs 10 each by parent company, Larsen & Toubro |
|
Offer % on Total Equity |
10.3% |
|
Offer Price |
Between Rs 705 and Rs 710 |
|
Offer Amount |
Rs 1234 cr to Rs 1243 cr |
|
Application Quantity |
20 & Multiples of 20 |
|
Listing at |
NSE and BSE |
|
Book Running Lead Managers |
Citigroup Global, Kotak Mahindra & ICICI Securities |
|
Registrar |
Link Intime |
|
IPO SCHEDULE |
|
|
Bid/Offer Opens |
Monday, July 11, 2016 |
|
Bid/Offer Closes |
Wednesday, July 13, 2016 |
|
Finalisation of Basis of Allotment |
Monday, July 18, 2016 |
|
Refunds/Unblocking ASBA Fund |
Tuesday, July 19, 2016 |
|
Credit into Depository account |
Wednesday, July 20, 2016 |
|
Trading to commence on or before |
Thursday, July 21, 2016 |
The IPO
The present IPO is an `offer for sale’ of 175 lakh equity shares from the promoter company Larsen & Toubro Ltd through the book-building route. The IPO price band has been fixed at Rs 705-710 a share (Re 1 paid-up) which puts the value of the offer at Rs 1234-1243 cr. Investors should apply for a minimum of 20 shares and multiples of 20 thereafter. The IPO would constitute 10.3% of the post-issue paid up capital of the company. The promoter-company, which holds 94.94% of the present equity of Rs 16.98 cr, would hold 84.65% post-offer unchanged equity. Citigroup Global Markets, Kotak Mahindra Capital and ICICI Securities are acting as book running lead managers to the offer. The offer opens on July 11, 2016 and the company hopes to list its share on or before July 21, 2016.
IPO Object
The objects of the present offer are to achieve the benefits of listing the shares on the Stock Exchanges and to carry out the sale by the selling shareholder. The listing of the shares is expected to boost the company’s brand name and provide liquidity to the existing shareholders.
Lineage
The Mumbai-based Larsen & Toubro Infotech Ltd (LTIL) is the second listed subsidiary of the seven decade-old Larsen & Toubro Ltd – one of the current market high-fliers whose market cap (about Rs 1,43,000 cr) is among the top 15 listed companies in the country. Originally incorporated as L&T Information Technology Ltd in December 1996, the name of the company was changed to the present one in June 2001 reportedly to convey the company’s vision for its global brand and to draw strength from the promoter.
The “L&T” brand is one of the most well-respected brands in India which provides LTIL a competitive advantage, particularly in attracting talent and new clients; benefiting from its promoter’s global network; exploring potential business opportunities; best corporate governance practices; accessing capital; and establishing itself as a thought partner with the top management of many global corporations. LTIL has already capitalized considerably on the ability to engage with and obtain work from strategic global clients, vendors and partners of the L&T group. This has indeed differentiated the company from its competitors that are standalone companies. In other words, LTIL’s parentage, which has immensely contributed towards the company’s growth in the IT services industry, will continue to help LTIL achieve its strategic objectives.
Business Profile
LTIL is one of India’s leading global IT services and solutions companies. In 2015, NASSCOM ranked LTIL as the sixth largest Indian IT services company in terms of export revenues. Its clients comprise some of the world’s largest and well-known organizations, including 49 of the Fortune Global 500 companies. LTIL offers an extensive range of IT services to our clients in diverse industries such as banking and financial services, insurance, energy and process, consumer packaged goods, retail and pharmaceuticals, media and entertainment, hi-tech and consumer electronics and automotive and aerospace. Its range of services includes application development, maintenance and outsourcing, enterprise solutions, infrastructure management services, testing, digital solutions and platform-based solutions.
As part of a business restructuring exercise conducted by the promoter L&T, all engineering services businesses of the parent company have been consolidated under a separate subsidiary viz L&T Technolgy Services Ltd (LTTSL). As part of this restructuring, on January 1, 2014, LTIL sold and transferred the assets and liabilities of its Product Engineering Services Business (PESB) to LTTSL. PESB was responsible for the operations of LTIL’s telecom cluster, providing IT services and solutions to clients in the telecommunication sector. Interestingly, the promoter (L&T) is also contemplating to float public LTTSL after listing LTIL.
Over the years, LTIL’s growth has been marked by significant expansion of business verticals and geographies. The company provides services globally and the percentage of its revenue from North America, Europe, Asia Pacific and the rest of the world amounted to 69%, 17%, 2% and 6% for FY16. At the end of May 31, 2016 the company had 22 delivery centres and 41 sales offices globally. The company’s clients include 49 of the Fortune Global 500 companies.
LTIL claims to have a history of high client retention and has reportedly derived a significant proportion of its revenues from `repeat business’ built on its successful execution of prior engagements. In FY 2016, 2015 and 2014, the company generated 97-98% of its revenue from continuing operations from existing clients across a range of business verticals. Further, as of March 31, 2016, the company had been engaged with over 100 clients for more than three years and with two of its largest clients for over ten years.
Financials
LTIL has consistently grown in last five years despite transferring its PES Business in 2014. Though the company’s consolidated operating margin has fluctuated between 17% and 23%, its top line has steadily increased from Rs 3192 cr in FY12 to Rs 6143 cr in FY16 at a CAGR of 17.8%. Net profit has more than doubled, from Rs 419 cr in 2012 to Rs 922 cr in 2016, at a CAGR of 21.8%. Against a relatively small equity base of less than Rs 17 cr, the company has whopping reserves of Rs 2006 cr, that too after liberally distributing Rs 2517 cr as dividend in last five years!
|
L&T INFOTECH CONSOLDATED FINANCIALS |
|||||
|
(in Cr) |
Mar-16 |
Mar-15 |
Mar-14 |
Mar-13 |
Mar-12 |
|
Operating Revenue |
5847 |
4978 |
4920 |
3851 |
3182 |
|
Other Income |
296 |
92 |
-83 |
22 |
10 |
|
Gross Income |
6143 |
5070 |
4837 |
3874 |
3192 |
|
Operating Profit |
1342 |
1105 |
1045 |
843 |
734 |
|
Oper. Margin (%) |
17.9 |
20.4 |
22.7 |
16.7 |
18.8 |
|
Interest |
10 |
10 |
31 |
21 |
34 |
|
Deprecn/Amortization |
184 |
168 |
161 |
144 |
139 |
|
Tax |
225 |
167 |
194 |
168 |
141 |
|
Net Profit |
922 |
760 |
660 |
510 |
419 |
|
Net oper. cash flow |
863 |
642 |
628 |
608 |
336 |
|
Net Worth |
2023 |
2026 |
1610 |
1339 |
1105 |
|
Equity Capital |
16.98 |
16.13 |
16.13 |
16.13 |
16.13 |
|
Reserves |
2006 |
2010 |
1594 |
1323 |
1089 |
|
Share Premium |
139 |
118 |
118 |
118 |
118 |
|
Earned Surplus |
1640 |
1419 |
1222 |
1030 |
870 |
|
Dividend % |
3265 |
2980 |
3420 |
1880 |
1580 |
|
Dividend Amt |
652 |
571 |
645 |
353 |
296 |
|
Div Pay-out % |
70.7 |
75.2 |
97.8 |
69.2 |
70.6 |
|
Net Block |
657 |
709 |
705 |
841 |
740 |
|
Borrowings |
40 |
204 |
97 |
222 |
263 |
Valuation
The IPO price band of Rs 705-710 for a Re 1 paid up share puts a market-cap of about Rs 12000 cr for LTIL which discounts the company’s latest earnings 13 times. This compares well with other IT heavy weights as well as industry composite. Further, the company has consistently paid highly attractive dividends at a relatively high pay-out ratio of more than 70%. Should the company maintain the same dividend policy post-IPO, the dividend yield alone could work out to more than 4%! Thus, considering the company’s track record and its financials, the offer price looks justified.
|
HOW L&T INFOTECH COMPARES WITH MAJOR SOFTWARE DEVELOPERS |
|||||||||
|
COMPANY NAME |
MCAP |
EQ |
RES |
REVEN |
P/E |
P/BV |
OPM |
YLD |
PRICE |
|
|
(Rs Cr) |
(x) |
(%) |
|
|||||
|
TCS |
477,921 |
197 |
65,164 |
108,646 |
19.7 |
7.3 |
28.2 |
1.8 |
2,426 |
|
Infosys |
266,158 |
1,148 |
60,635 |
62,441 |
19.7 |
4.3 |
25.0 |
2.1 |
1,159 |
|
Wipro |
138,842 |
494 |
46,114 |
51,691 |
15.6 |
3.0 |
21.7 |
1.1 |
562 |
|
HCL Tech |
101,796 |
282 |
27,012 |
36,737 |
14.0 |
3.7 |
23.1 |
4.2 |
722 |
|
Oracle |
30,035 |
42 |
3,633 |
4,093 |
25.8 |
8.2 |
41.1 |
2.8 |
3,539 |
|
MPhasis |
11,934 |
210 |
6,083 |
6,092 |
17.8 |
1.9 |
14.6 |
2.8 |
568 |
|
Mindtree |
10,981 |
168 |
2,228 |
4,690 |
18.2 |
4.6 |
17.7 |
2.4 |
654 |
|
IT-SOFTWARE COMPOSITE (51 nos) |
18.7 |
4.6 |
24.1 |
2.0 |
|
||||
|
MARKET COMPO (2837 nos) |
|
|
|
|
29.6 |
2.6 |
14.5 |
1.4 |
|
|
L&T Infotech |
12059 |
17 |
2006 |
6143 |
13.1 |
6.0 |
17.9 |
4.6 |
710 |
|
|
11974 |
17 |
2006 |
6143 |
13.0 |
5.9 |
17.9 |
4.6 |
705 |
LTIL’s parent L&T is commanding a respectable P/E of over 28x while the Sensex P/E is only around 23x. Nevertheless, as compared to multinational Capital Goods players like ABB, Siemens and Alstom, L&T’s current discounting is relatively low. In fact, relatively a smaller player like Thermax seems to enjoy a higher discounting than L&T in the stock market which reflects poorly on the `professional management’ of L&T.
|
HOW LARSEN & TOUBRO COMPARES WITH PEERS |
|||||||
|
COMPANY NAME |
MCAP |
EQ |
P/E |
P/BV |
P/R |
P/NB |
PRICE |
|
|
(Rs cr) |
(x) |
|
||||
|
Larsen & Toubro |
144,760 |
186 |
28.4 |
3.3 |
1.4 |
2.4 |
1,554 |
|
Siemens |
45,484 |
71 |
67.0 |
8.9 |
4.1 |
32.9 |
1,277 |
|
BHEL |
34,279 |
490 |
– |
1.0 |
1.3 |
4.7 |
140 |
|
ABB India |
25,867 |
42 |
81.7 |
8.6 |
3.1 |
19.3 |
1,221 |
|
Thermax |
10,639 |
24 |
38.4 |
4.5 |
1.9 |
7.2 |
893 |
|
Alstom T&D |
9,191 |
51 |
118.5 |
6.9 |
2.5 |
12.8 |
359 |
|
Cap Goods Compo(67) |
|
|
82.3 |
3.3 |
1.6 |
3.7 |
|
|
MKT COMPO (2869) |
|
|
29.7 |
2.6 |
1.9 |
3.7 |
|
Coming to performance of the group’s last public float, L&T Finance Holdings, which went public in July 2011, has fetched only a modest 54% capital gain in five long years. This scrip is currently discounted about 16 times its earnings while peers like Bajaj Finserv is commanding a P/E of 20. In other words, though the so called professionally managed L&T group enjoys adequate market sentiment, it does not command the discounting that some of the business family-controlled peers do.
|
HOW L&T FINANCE COMPARES WITH ITS PEERS |
||||||
|
COMPANY NAME |
MCAP |
EQ |
P/E |
P/BV |
P/R |
Price |
|
|
(Rs Cr) |
(x) |
(Rs) |
|||
|
Bajaj Finserv |
36,784 |
80 |
19.7 |
2.8 |
3.9 |
2,311 |
|
L&T Finance Holdings |
13,755 |
1,753 |
16.1 |
1.9 |
1.9 |
78 |
|
Godrej Industries |
13,566 |
34 |
61.9 |
3.9 |
1.2 |
404 |
|
Adani Enterprises |
9,304 |
110 |
8.5 |
0.7 |
0.2 |
85 |
|
HOLDING VENTURES (13) |
|
|
41.6 |
1.6 |
1.1 |
|
|
MARKET COMPO (2861) |
|
|
28.6 |
2.6 |
1.8 |
|
Concerns
Even while terming itself as a professionally managed conglomerate the L&T group has a lack luster record in grooming professionals from within the organization. For instance, the two-decade old LTIL’s top three executives have been with the company for less than a year. While the Chief Executive Officer-cum-Managing Director and Chief Financial Officer joined the company in August 2015, the Chief Operating Officer has been with the company only since February this year. What’s more, as of the date of the Red Herring Prospectus, none of the Key Management Personnel holds any share in the Company.
It’s ironical that while family-owned companies offer liberal ESOPS to its employees in these days, a professionally run 100% publicly-held company does not have its senior employees as equity stakeholders. Still worse, some employees have already raised queries about the company’s ESOP policy and couple of them have reportedly gone to court for addressing this issue. It is indeed pathetic that in a professionally run company, a non-executive chairman could be allotted shares worth more than Rs 60 cr (at the IPO value) while no working senior executive of the company has any equity stake. Perhaps this explains how the L&T group is being run.
Lead Manager’s Track
The Rs 1200-odd cr IPO of LTIL is handled by three investment bankers who have a mixed track record. In last 16 years Citigroup Global associated with 13 IPOs of which six are currently trading above the offer price. Overall, Citigroup-associated IPOs raised Rs 48140 cr whose current market value is only Rs 43603 cr, capital loss being Rs 4537 cr (9.4%). While LTIL’s stable-mate L&T Finance Holdings has fetched the maximum return of 54% in 5 long years, NMDC, which brought its IPO in March 2010, has handed out the worst performance.
|
CITIGROUP GLOBAL ASSOCIATED IPOS SINCE 2010 |
|||||||
|
ISSUER NAME |
IPO |
IPO |
CURNT |
IPO |
CURNT |
GAIN/ |
% |
|
(AMT IN CR) |
DATE |
PRICE |
PRICE |
VALUE |
VALUE |
LOSS |
|
|
Mahanagar Gas |
21-Jun-16 |
421 |
519.90 |
1040 |
1284 |
244 |
23.5 |
|
Dr. Lal Pathlabs |
8-Dec-15 |
550 |
841.35 |
638 |
976 |
338 |
53 |
|
Interglobe Aviation |
27-Oct-15 |
765 |
1009.60 |
3025 |
3993 |
967 |
32 |
|
Coffee Day |
14-Oct-15 |
328 |
259.35 |
1150 |
909 |
-241 |
-20.9 |
|
UFO Moviez |
28-Apr-15 |
625 |
569.75 |
600 |
547 |
-53 |
-8.8 |
|
Just Dial |
20-May-13 |
530 |
615.10 |
927 |
1076 |
149 |
16.1 |
|
Multi Commodity |
22-Feb-12 |
1032 |
1009.50 |
663 |
649 |
-14 |
-2.2 |
|
L&T Finance |
27-Jul-11 |
52 |
80.25 |
1236 |
1908 |
672 |
54.3 |
|
Tata Steel |
19-Jan-11 |
610 |
327.35 |
3477 |
1866 |
-1611 |
-46.3 |
|
Coal India |
18-Oct-10 |
245 |
310.10 |
15475 |
19587 |
4112 |
26.6 |
|
SKS Microfin |
28-Jul-10 |
985 |
734.80 |
1654 |
1234 |
-420 |
-25.4 |
|
NMDC |
10-Mar-10 |
300 |
94.35 |
9967 |
3135 |
-6833 |
-68.6 |
|
NTPC |
3-Feb-10 |
201 |
156.20 |
8287 |
6440 |
-1847 |
-22.3 |
|
13 |
CITIGROUP COMPOSITE |
48140 |
43603 |
-4537 |
-9.4 |
||
Kotak Mahindra Capital has handled 35 IPOs between 2010 and 2016 of which 19 are currently trading above their offer prices. However, in terms of appreciation, Kotak-associated IPOs could collectively fetch only less than 2%. In other words, the investment banker helped to raise Rs 66,927 cr whose current market value is Rs 67980 cr, capital gain being Rs 1,053 cr (1.6%).
While Jubilant Foodworks , Gujarat Pipavav Port, Bajaj Corp and Ujjivan Financial have fared commendably well, Tecpro Systems (-99%), Jaypee Infra (-91%), Vascon Engineers(-80%), Nitesh Estates (-70%), NMDC (-69%) and Adlabs Entertainment (-55%) have inflicted huge capital losses. Nevertheless, of the four 4 IPOs of 2016, three are currently trading above the offer price.
|
KOTAK MAHINDRA ASSOCIATED IPOS SINCE 2010 |
|||||||
|
ISSUER NAME |
IPO |
IPO |
CURNT |
IPO |
CURNT |
GAIN/ |
% |
|
(AMT IN CR) |
DATE |
PRICE |
PRICE |
VALUE |
VALUE |
LOSS |
|
|
Mahanagar Gas |
21-Jun-16 |
421 |
519.90 |
1040 |
1284 |
244 |
23.5 |
|
Parag Milk Foods |
4-May-16 |
215 |
276.50 |
1179 |
1516 |
337 |
28.6 |
|
Ujjivan Financial |
28-Apr-16 |
210 |
398.00 |
883 |
1673 |
790 |
89.5 |
|
Healthcare Global |
16-Mar-16 |
218 |
182.30 |
650 |
543 |
-106 |
-16.4 |
|
Dr. Lal Pathlabs |
8-Dec-15 |
550 |
841.35 |
638 |
976 |
338 |
53 |
|
S.H. Kellkar |
28-Oct-15 |
180 |
212.10 |
508 |
599 |
91 |
17.8 |
|
Interglobe Aviation |
27-Oct-15 |
765 |
1009.60 |
3025 |
3993 |
967 |
32 |
|
Coffee Day |
14-Oct-15 |
328 |
259.35 |
1150 |
909 |
-241 |
-20.9 |
|
Sadbhav Infra |
31-Aug-15 |
103 |
98.50 |
492 |
470 |
-21 |
-4.4 |
|
Power Mech Proj |
7-Aug-15 |
640 |
547.25 |
273 |
234 |
-40 |
-14.5 |
|
Manpasand Bever |
24-Jun-15 |
320 |
566.20 |
400 |
708 |
308 |
76.9 |
|
Adlabs Entertain |
10-Mar-15 |
180 |
81.15 |
366 |
165 |
-201 |
-54.9 |
|
Ortel Comm |
3-Mar-15 |
181 |
183.00 |
175 |
177 |
2 |
1.1 |
|
Bharti Infratel |
11-Dec-12 |
220 |
349.80 |
4156 |
6608 |
2452 |
59 |
|
Speciality Restaur |
16-May-12 |
150 |
98.85 |
176 |
116 |
-60 |
-34.1 |
|
Future Consumer |
25-Apr-11 |
10 |
22.85 |
750 |
1714 |
964 |
128.5 |
|
Muthoot Finance |
18-Apr-11 |
175 |
288.50 |
901 |
1486 |
585 |
64.9 |
|
Tata Steel |
19-Jan-11 |
610 |
327.35 |
3477 |
1866 |
-1611 |
-46.3 |
|
Coal India |
18-Oct-10 |
245 |
310.10 |
15475 |
19587 |
4112 |
26.6 |
|
Prestige Estates |
12-Oct-10 |
183 |
183.65 |
1200 |
1204 |
4 |
0.4 |
|
Oberoi Realty |
6-Oct-10 |
260 |
279.10 |
1029 |
1104 |
76 |
7.3 |
|
Tecpro Systems |
23-Sep-10 |
355 |
4.53 |
268 |
3 |
-265 |
-98.7 |
|
Eros International |
17-Sep-10 |
175 |
210.00 |
350 |
420 |
70 |
20 |
|
Gujarat Pipavav Port |
23-Aug-10 |
46 |
162.20 |
554 |
1953 |
1399 |
252.6 |
|
Bajaj Corp |
2-Aug-10 |
132 |
390.25 |
297 |
878 |
581 |
195.6 |
|
SKS Microfinance |
28-Jul-10 |
985 |
734.80 |
1654 |
1234 |
-420 |
-25.4 |
|
Hindustan Media |
5-Jul-10 |
166 |
271.50 |
270 |
442 |
172 |
63.6 |
|
Jaypee Infra |
29-Apr-10 |
102 |
8.93 |
2274 |
199 |
-2075 |
-91.2 |
|
Nitesh Estates |
23-Apr-10 |
54 |
13.49 |
405 |
101 |
-304 |
-75 |
|
NMDC |
10-Mar-10 |
300 |
94.35 |
9967 |
3135 |
-6833 |
-68.5 |
|
Rural Electrificat |
19-Feb-10 |
203 |
179.55 |
3486 |
3083 |
-403 |
-11.6 |
|
Hathway Cable |
9-Feb-10 |
48 |
33.45 |
666 |
464 |
-202 |
-30.3 |
|
NTPC |
3-Feb-10 |
201 |
156.20 |
8287 |
6440 |
-1847 |
-22.3 |
|
Vascon Engineers |
27-Jan-10 |
165 |
33.30 |
178 |
36 |
-142 |
-79.8 |
|
Jubilant Foodworks |
18-Jan-10 |
145 |
1173.80 |
329 |
2661 |
2332 |
709.5 |
|
35 |
KOTAK MAHIND COMPOSITE |
66927 |
67980 |
1053 |
1.6 |
||
ICICI Securities has handled twenty nine IPOs since 2010. These issuers collectively mopped up Rs 43,947 cr whose current market value is about Rs 50,334 cr – a gain of Rs 6,387 cr, yielding a modest return of 14.5%. While Power Grid (Rs 6,322 cr), Bharti Infratel (Rs 2,452 cr),Equitas Holdings and Future Consumer (Rs 964 cr) have gained significantly in terms of amount, Wonderla Holidays (223%), Ujjivan Financial (90%) and Manpasand Beverages (77%) have appreciated handsomely in terms of percentage.
On the other hand Jaypee Infra (-2075 cr) and NTPC (-1847 cr) lost the most in terms of amount of loss. Shree Ganesh Jewel (97%), Parabolic Drugs (95%), Jaypee Infra (91%) A2Z Infra (90%), Commercial Engineer (88%) and Nitesh Estate (75%) have been big losers in terms of percentage.
|
ICICI SECURITIES ASSOCIATED IPOS SINCE 2010 |
|||||||
|
ISSUER NAME |
IPO |
IPO |
CURNT |
IPO |
CURNT |
GAIN/ |
% |
|
(AMT IN CR) |
DATE |
PRICE |
PRICE |
VALUE |
VALUE |
LOSS |
|
|
Ujjivan Financial |
28-Apr-16 |
210 |
398.00 |
883 |
1673 |
790.04 |
89.5 |
|
Thyrocare Tech |
27-Apr-16 |
446 |
563.95 |
479 |
606 |
126.73 |
26.4 |
|
Equitas Holdings |
5-Apr-16 |
110 |
183.95 |
2177 |
3640 |
1463.33 |
67.2 |
|
Quick Heal Tech |
8-Feb-16 |
321 |
268.30 |
451 |
377 |
-74.08 |
-16.4 |
|
Teamlease Services |
2-Feb-16 |
850 |
1076.80 |
424 |
537 |
113.05 |
26.7 |
|
Sadbhav Infrastructure |
31-Aug-15 |
103 |
98.50 |
492 |
470 |
-21.48 |
-4.4 |
|
Manpasand Beverage |
24-Jun-15 |
320 |
566.20 |
400 |
708 |
307.75 |
76.9 |
|
PNC Infratech |
8-May-15 |
378 |
566.70 |
488 |
732 |
243.83 |
49.9 |
|
VRL Logistics |
15-Apr-15 |
205 |
313.55 |
468 |
716 |
247.75 |
53.0 |
|
Shemaroo Entertain |
16-Sep-14 |
170 |
313.00 |
120 |
221 |
100.94 |
84.1 |
|
Wonderla Holidays |
21-Apr-14 |
125 |
403.15 |
181 |
585 |
403.32 |
222.5 |
|
Bharti Infratel |
11-Dec-12 |
220 |
349.80 |
4156 |
6608 |
2451.92 |
59.0 |
|
Power Finance Corp |
10-May-11 |
203 |
177.40 |
4660 |
4072 |
-587.66 |
-12.6 |
|
Future Consumer Ent |
25-Apr-11 |
10 |
22.85 |
750 |
1714 |
963.75 |
128.5 |
|
Muthoot Finance |
18-Apr-11 |
175 |
288.50 |
901 |
1486 |
584.53 |
64.9 |
|
PTC India Financial |
16-Mar-11 |
28 |
38.75 |
439 |
607 |
168.45 |
38.4 |
|
Punjab & Sind Bank |
13-Dec-10 |
120 |
47.70 |
480 |
191 |
-289.2 |
-60.3 |
|
A2Z Infra Engineering |
8-Dec-10 |
400 |
41.50 |
776 |
81 |
-695.77 |
-89.6 |
|
Shipping Corporation |
30-Nov-10 |
140 |
67.60 |
1186 |
573 |
-613.16 |
-51.7 |
|
Claris Lifesciences |
24-Nov-10 |
228 |
213.90 |
288 |
270 |
-17.81 |
-6.2 |
|
Power Grid Corporat |
9-Nov-10 |
90 |
165.10 |
7576 |
13898 |
6321.68 |
83.4 |
|
Commercial Engineer |
30-Sep-10 |
127 |
15.85 |
172 |
22 |
-150.9 |
-87.5 |
|
Engineers India |
27-Jul-10 |
290 |
209.45 |
977 |
706 |
-271.4 |
-27.8 |
|
Parabolic Drugs |
14-Jun-10 |
75 |
4.00 |
200 |
11 |
-189.33 |
-94.7 |
|
Jaypee Infra |
29-Apr-10 |
102 |
8.93 |
2274 |
199 |
-2074.84 |
-91.2 |
|
Nitesh Estates |
23-Apr-10 |
54 |
13.49 |
405 |
101 |
-303.83 |
-75.0 |
|
Shree Ganesh Jewel |
19-Mar-10 |
260 |
7.05 |
371 |
10 |
-360.96 |
-97.3 |
|
Rural Electrificat |
19-Feb-10 |
203 |
179.55 |
3486 |
3083 |
-402.71 |
-11.6 |
|
NTPC |
3-Feb-10 |
201 |
156.20 |
8287 |
6440 |
-1846.98 |
-22.3 |
|
29 |
ICICI SEC COMPOSITE |
43947 |
50334 |
6387 |
14.5 |
||