ThinkSoft Global Shares Solutions are locked at 20% lower circuit at Rs397.10 on the back of huge volumes. The scrip opened at Rs499 it touched an intra-day high of Rs499 and a low of Rs397 and recorded volumes of over 1.5mn shares on NSE.

 

The stock debuted at Rs100 a discount of 20% over the IPO of Rs125 per share. From there on, it has shot up over 300% in just 5 months.ThinkSoft Solutions has come a long way after commencing trade on the Indian exchanges. The stock debuted at Rs100 a discount of 20% over the IPO of Rs125 per share.

 From there on, it has shot up over 300% in just 5 months. ThinkSoft Global Services is a financial software testing company. The company plans to set up a Rs160mn facility at the Madras Export Processing Zone in Chennai. The proposed 400-seat facility, to be funded with the IPO proceeds, would involve Rs137mn for infrastructure development and Rs 1.66mn for equipment.

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Personal care products major Colgate Palmolive today announced that it will merge its subsidiary Professional Oral Care Products Pvt Ltd with itself from April one.

The board gave its approval for the merger today, the company said in its filing to the Bombay Stock Exchange.

Colgate Palmolive, which held a 75 per cent stake in Professional Oral, last week bought the remaining 25 per cent in the Goa-based firm for Rs 2.4 crore from public shareholders. The oral care products manufactured by it include toothpastes, toothpowder, toothbrushes and whitening products, while personal care products comprise body wash, liquid hand wash, and those for skin and hair care.

”The entire equity share capital of Professional Oral is held by the company. Therefore, upon the scheme becoming effective, the entire equity share capital of Professional Oral will stand cancelled and there will be no issue and allotment of shares pursuant to the scheme,” the filing added.

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Indian shares snapped a two-day falling streak to close 0.8 percent higher on Saturday buoyed by overnight gains on Wall Street, but BSE investors remained cautious about European debt and the global recovery.

The Bombay Stock Exchange benchmark Sensex resumed higher by 142 points and touched an intraday high of 15,951.07 points before ending at 15,915.65, a net rise of 124.72 points or 0.79 per cent from its last close, when it crashed by 434 points on global cues.

Significantly, all the sectoral indices ended in the green, with the worst hit sectors in the past two sessions– realty, metals, oil & gas and IT counters– leading the rally.

The National Stock Exchange’s 50-share Nifty also shot up by 38.60 points or 0.82 per cent to finish at 4,757.25 from its previous close, after opening over 42 points.

US stocks rose yesterday on speculation that the European Union may propose a solution for Greece’s budget deficit. The Dow Jones Industrial Average closed flat after rising 163 points intraday due to last hour profit booking, while Nasdaq gained 0.74 per cent andthe S&P 500 0.29 per cent.

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Punj Lloyd Group, the diversified engineering,procurement & construction conglomerate, today announced its financial results forthe first half (H1) and second quarter of FY2010

H1 FY2010 Results (All in comparison with H1 FY2009)

• • Revenues at Rs. 5,844 crores as compared to Rs. 5,611 crores
• • EBIDTA remains flat at Rs. 521 crores
• • PAT at Rs. 180 crores as compared to Rs. 256 crores
• • EPS at Rs.5.78 for H1 FY2010
• • Healthy order backlog at Rs. 26,808 crore as on September 30, 2009

The Group has large order backlog from infrastructure projects amounting to Rs. 98,481 million in Libya, however no revenues and margins for these projects have been booked in the period under review. The management is hopeful that revenues and margin bookings on these projects will start from Q3 of FY 2010. The Group continues to address challenges with regard to the performance of its wholly owned subsidiary, Simon Carves Limited UK, which is executing a bio ethanol project in UK. There are cost overruns owing to delays in completion of the project and poor productivity from sub-contractors in the UK. Simon Carves during the Q2 ofFY 2010 has incurred a loss of Rs. 1040 million on this project.

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Reliance Industries Ltd. fell to a six-week low in Mumbai and partner Hardy Oil & Gas Plc, a U.K. explorer focused on Asia, had its biggest decline in London trading after an Indian well showed “poor” reservoir sands

Reliance Industries (RIL), the field’s operator, holds 90% in KG D9. RIL’s stock was seen under pressure after the news came out and was down about 4% on the National Stock Exchange at 14.35.

It was estimated the prospective resources at Block D9 at 10.8 trillion cubic feet of gas and 143 million barrels of oil, almost equal to the reserves in the KG-D6 block, which is  India’s largest field.

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