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NSE Announcements on Bhagyanagar Ind
Posted by :
MMB MessengerKarvy Investor Services Limited has submitted to the Exchange a copy of the Corrigendum to the Public Announcement (PA) issued in the newspapers on October 31, 2009 with respect to the Proposed Buyback of Equity Shares by M/s Bhagyanagar India Limited through Stock Exchange Mechanism. A copy of the Corrigendum to the Public Announcement shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcement). ...
BSE Announcements on Bhagyanagar Ind
Posted by : vikiitdFinally the buyback is going to start from tomorrow, which is why its price was stable today. More important is the item#9 from AGM that mentions that the company is looking to sell the entire Jelly filled cable business along with its GOA manufacturing unit to any interested buyers. Which leaves Bhagyanagar with Real Estate as the primary business. Look at the prime land bank the company owns in Vizag, Hyderbad, Chennai and the reason for buyback should be clear. The sale of Goa unit plus the buyback of 10% shares, plus focus on real estate sector, will boost the EPS of this company and will trigger a rerating by the time buyback is over. ...
BSE Announcements on Bhagyanagar Ind
Posted by : MMB Messenger
Bhagyanagar India Ltd has informed BSE about the following:
The Company has received approval from SEBI for commencement of Buyback & the Buyback shall commence on November 04, 2009 & close on May 18, 2010 or when the Company completes buyback to the extent of 1,00,00,000 equity shares under the offer or upon exhaustion of Rs 20.00 crores set aside for buy back whichever is earlier.
Karvy Investor Services Ltd ("Manager to the Buyback") on behalf of Bhagyanagar India Ltd ("Target Company") has issued a Corrigendum to the Public Announcement to the shareholders/ beneficial owners of the equity shares of the Target Company in connection with the buyback offer of equity shares from the open market through stock exchanges.
This Corrigendum is being issued in connection with the Offer for Buyback of the Equity Shares from the open market through Stock Exchanges ("the Buyback") by the Company as advised by Securities and Exchange Board of India vide their letter dated October 29, 2009. This corrigendum should be read in conjunction with the Public Announcement ("PA") dated October 10, 2009. The terms used but not defined in this corrigendum shall have the same meaning assigned to them in the PA.
The Equity Shareholders/Beneficial Owners of the Company may please note the following additions/amendments to the PA.:
1. Under the heading "1. The Buyback Offer and Price", the following clause has been added as clause 1.6.
"In case the company decides to continue buyback beyond the minimum size then a PA will be given in all the newspapers where the original PA has appeared at least two days in advance under intimation to Securities and Exchange Board of India".
2. At clause 5(8)(b) of the PA, i.e. Details of Equity shares purchased by the Promoters and Directors of the Promoter Company(ies), the date of Minimum price be read as December 02, 2008.
3. The date of opening of the Buyback offer mentioned under clause 2 (Proposed time table) & clause 7.5 (Process and Methodology to be adopted for the Buyback) of the PA may be read as November 04, 2009 instead of October 22, 2009....
BSE Announcements on Bhagyanagar Ind
Posted by : MMB MessengerBhagyanagar India Ltd has informed BSE that the Annual General Meeting (AGM) of the Company was held on September 29, 2009....
Buy back information
Posted by :
rajeshreshi
Bhagyanagar India Q2 profit up at Rs 3.83 crore
Bhagyanagar India Ltd has announced the Financial Results for the Quarter ended September 30, 2009.
The Net Sales / Income from Operations was at Rs 4036.86 lacs for the quarter ended September 30, 2009 as compared to Rs 5601.61 lacs for quarter ended September 30, 2008.
The Net Profit / (Loss) for the quarter ended September 30, 2009 was at Rs 383.35 lacs as compared to Rs 188.39 lacs for the quarter ended September 30, 2008.
The company has reported an EPS (Earnings Per Share) of Rs 0.51 for the quarter ended September 30, 2009 as compared to Rs 0.25 for the quarter ended September 30, 2008.
The Net Sales / Income from Operations was at Rs 7713.74 lacs for 6 months ended September 30, 2009 as compared to Rs 10572.95 lacs for 6 months ended September 30, 2008.
The Net Profit / (Loss) was at Rs 754.30 lacs for 6 months ended September 30, 2009 as compared to Rs 629.21 lacs for 6 months ended September 30, 2008.
The company has reported an EPS (Earnings Per Share) of Rs 1.01 for 6 months ended September 30, 2009 as compared to Rs 0.84 for 6 months ended September 30, 2008.
The stock closed the day at Rs.25.40, down by Rs.0.45 or 1.74%. The stock hit an intraday high of Rs.26.50 and low of Rs.25.25.
The total traded quantity was 41647 compared to 2 week average of 48192....
Bhagyanagar India Q2 profit up at Rs 3.83 crore
Posted by : rajeshreshi
Bhagyanagar India Ltd has announced the Financial Results for the Quarter ended September 30, 2009.
The Net Sales / Income from Operations was at Rs 4036.86 lacs for the quarter ended September 30, 2009 as compared to Rs 5601.61 lacs for quarter ended September 30, 2008.
The Net Profit / (Loss) for the quarter ended September 30, 2009 was at Rs 383.35 lacs as compared to Rs 188.39 lacs for the quarter ended September 30, 2008.
The company has reported an EPS (Earnings Per Share) of Rs 0.51 for the quarter ended September 30, 2009 as compared to Rs 0.25 for the quarter ended September 30, 2008.
The Net Sales / Income from Operations was at Rs 7713.74 lacs for 6 months ended September 30, 2009 as compared to Rs 10572.95 lacs for 6 months ended September 30, 2008.
The Net Profit / (Loss) was at Rs 754.30 lacs for 6 months ended September 30, 2009 as compared to Rs 629.21 lacs for 6 months ended September 30, 2008.
The company has reported an EPS (Earnings Per Share) of Rs 1.01 for 6 months ended September 30, 2009 as compared to Rs 0.84 for 6 months ended September 30, 2008.
The stock closed the day at Rs.25.40, down by Rs.0.45 or 1.74%. The stock hit an intraday high of Rs.26.50 and low of Rs.25.25.
The total traded quantity was 41647 compared to 2 week average of 48192....
Buy back information
Posted by : vikiitd
received the following reply to my e-mail query from the compant secretary
Dear Sir,
With reference to the e-mail, we wish to clarify that the approval we received from SEBI and which is displayed on the website pertains to the approval that the Promoter Group has received U/r 4 of the Takeover Code to exempt the Promoter Group from the incidental acquisition beyond the prescribed limits post buyback
The approval from SEBI that is mentioned in the UFR is the approval post Public Announcement that the Company has to receive to start the Buyback from a particular date
...
Buy back information
Posted by : vikiitd
Don`t worry the buyback has been approved. I haave the pdf of the complete SEBI order approving the buyback. Only thing is that it is copy protected so i cannot do copy paste here. The link is 3w (dot)sebi(dot)gov(dot)in/cmorder/bhagyanagar.pdf. I will type in the gist here. Recently the promoter holding has gone up by 5% and the buyback is huge 10%. If we consider that the promoters are able to buy back entire 10% then it triggers the takeover code according to which they will have to make additional open offer to existing shareholders for which they had sought exemption. SEBI has granted that exemption and Here is what SEBI has to say:
The panel observed that even after buyback of 1,00,00,000 shares, public shareholding will be 30.99% which is much above the stipulated 25%. Further the buyback will enhance overall shareholders value. The max buyback price of 40 is higher than the book value of 29.36 and min price of 18.96 calculated by takeover reg. Considering all the aspects the panel found that the proposal is in favour of public shareholders and recommended exemption to the acquirers ..... please go thr the document link given above for more details
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As per land bank in Fab city Bhagyanagar Ind should be at 150/-
Posted by : GuestAs per some blogs by Mumbai Bulls (onlineequitycalls) the value of bhagyanager Ind as per its landbank in main hyderabad city should be 150/- and hence the proposed buyback by the promoters at rs 40/- which is very cheap as per current valuation...
Bhagyanagar Ind net profit/EPS doubles
Posted by : vikiitd
Net Profit 3.8 Crores as compared to 1.8 Crores
EPS 0.51 compared to 0.25
Promoter Shareholding 59.75% compared to 54.95%
Net sales did go down 25% but it was a quarter in recession so its ok, i guess.
After the proposed buyback the EPS will further improve and the stock should trade in the 40 plus band instead of the current 20 plus band. This is a golden opportunity in every manner. ...
Buy back information
Posted by :
munafa16As part of their results notification, the company has stated they are still awaiting SEBI clearance for their buyback...
BSE Announcements on Bhagyanagar Ind
Posted by : MMB MessengerBhagyanagar India Ltd has informed BSE about the Financial Results for the Quarter ended September 30, 2009....
Buy back information
Posted by : vikiitd
I did some study on this and looks like the company has still not started placing its buy orders. As per regulations you have to place buy orders atleast once per week. Since the buyback started just yesterday, expect the announcements from next week. Also note that the last day for buyback is May 18. That is around 175 trading days. Best case if the company buys back 1 Crore shares, it needs to buy around 55,000 shares daily. Average traded qty on the exchanges is around 30K per xchange. So the mathematics is pretty simple, it will have to buy back all the shares supplied on both the exchanges daily. Things can`t get any better. But recently my bad luck has been at an all time high so i won`t be surprised if something goes wrong out of the blue as a totally exceptional case. Anyways let`s hope for the best. That`s what the market is all about.
Cheers,
Vikas
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Buy back information
Posted by : vikiitdInfo related to start of Buyback was posted on BSE in the notices section on the day of start of buyback check notices for 21 & 22 on BSE...
ready to shoot up
Posted by : vikiitdFriend if it will move to 30 in one day (which it can by ckt limit) then 35 on 2nd day and 40 on 3rd day, promoters cannot complete their buyback for 10 million shares after third day. In general the market is also playing a spoil sport. But i believe that the stock will definitely cross 30 few days into the buyback. i don`t see why it should not. but be patient. Don`t expect daily 20% upper circuits. 30 is a very reasonable expectation here. I have bought a few thousand shares and will sell above 30 only....
