Close to 10 per cent of the retail applications received in the initial public offering of 20 Microns were received through the Applications Supported by Block Amount (ASBA) process, said a SEBI news release.
EuroKids International Private Limited (“EIPLâ€Â) and Educomp Solutions Ltd. ( “ESLâ€Â) (BSE: Educomp) today announced that the companies have entered into a 50-50 strategic partnership. The agreement includes the purchase of existing company shares as well as an infusion of additional capital into EuroKids for future expansion. The agreement has also a provision for ESL to increase its stake in stages to 74% over a period of time.
IIFL has recommended a reduce rating on Tata Consultancy Services (TCS) with a 12 month target price of Rs 850 in its September 12, 2008 research report. “We are upgrading our EPS estimates for FY10/11 by 3-5% on account of currency depreciation. Although TCS’s valuation is close to its three-year low (13.5x vs a low of 12x), we see little rerating, given lack of business visibility and likely pricing pressure. In the near term, the stock’s performance will be affected by potential acquisition of e-serve (Citi’s BPO centre) and the price paid for it, Reduce,12-month target price of Rs 850,” IIFL’s research report.
Vetri Subramaniam of Religare Aegon Asset Management said the markets will most probably see new lows before the year-end. “We could see a further 20% shave-off in the next 2-3 months.”
Fitch Ratings has today affirmed the National Short-term rating of Radico Khaitan Limited’s (RKL) INR500m commercial paper (CP) program at ‘F1(ind)’. This program can now be used interchangeably as CP/short-term debt (STD). The CP/STD program is carved out of the fund-based working capital banking lines of the company.
LKP Shares has maintained its buy rating on Repro India with a one year target price of Rs 200 in its September 12, 2008 research report. “Repro with a healthy 19% EBIDTA is expected to record a 30% CAGR growth in net profits over FY’09-10 driven by a 28% growth in revenues and we continue to maintain a BUY with a one year price target of Rs 200,” says LKP Shares’ research report.