Fortune Financial Services India Ltd ("Manager to the Buyback") on behalf of Goldiam International Ltd ("Target Company") has issued this Public Announcement ("PA") to the Shareholders / Beneficial Owners of the equity shares of the Target Company, pursuant to the provisions of Regulation 8(1) read with Regulation 15(c) of the Securities & Exchange Board of India (Buy Back of Securities) Regulations 1998, as amended and contains disclosures as specified in Schedule II to these Regulations.
The Target Company hereby announces the buy-back of its fully paid-up equity shares of the face value of Rs 10/- each ("equity shares") from the owners of equity Shares of the Company (the "Buy-back") from the Open Market through Stock Exchanges using the electronic trading facilities of the Bombay Stock Exchange Ltd ("BSE") and the National Stock Exchange of India Ltd ("NSE") ("the Stock Exchanges) pursuant to the provisions of Article 23A of the Articles of Association of the Company and in accordance with the provisions of Sections 77A, 77AA, 77B and all other applicable provisions if any, of the Companies Act, 1956 (the "Act") and the Securities & Exchange Board of India (Buy-back of Securities) Regulations, 1998 as amended (the "Buy-back Regulations") at a price not exceeding Rs 85 per equity share ("Maximum offer Price" / "Maximum Buy-back Price") payable in cash, for an aggregate amount not exceeding Rs 93,752,317 (Rupees Nine Crores Thirty Seven lakhs Fifty Two Thousand Three Hundred Seventeen only) ("Offer Size"). The Offer Size represents 5.50% of the aggregate of the Company's total paid-up equity share capital and free reserves of the Company as on March 31, 2007 (the date of the latest audited accounts).
The number of equity shares to be bought back would depend upon the average price paid for the equity shares bought back and the aggregate consideration paid for such equity shares bought back, subject to the maximum limit of Rs 5.50% of the total paid-up share capital and free reserves of the company. This is subject to further limit of 25% of the total paid up equity share capital of the Company in a financial year as stipulated in the Act. Moreover, the Board of Directors of the Company proposes to buy-back not more than 5.50% of the total paid up equity share capital of the Company i.e. 1,486,804 equity shares.
The buy-back of shares will be made at a maximum price of Rs 85/- which represents a premium of 52.34% to the closing price at BSE and 52.47% of the closing price at NSE on the date of the passing of the special resolution through Postal Ballot i.e. April 21, 2008.
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Wednesday, April 30, 2008
Indian shares rise 2pct on day after RBI review
Indian shares rose more than 2 percent on Tuesday, led higher by Reliance Industries and financials such as ICICI Bank, after the RBI held its key interest rates steady.
At 1:06 p.m., the 30-share BSE index was up 2.0 percent, or 340.03 points, at 17,355.99, with 26 components rising. The index had opened up 0.21 percent and had slipped into the red ahead of the policy review.
The 50-issue NSE index rose 1.67 percent to 5,174.80.
At 1:06 p.m., the 30-share BSE index was up 2.0 percent, or 340.03 points, at 17,355.99, with 26 components rising. The index had opened up 0.21 percent and had slipped into the red ahead of the policy review.
The 50-issue NSE index rose 1.67 percent to 5,174.80.
REL profit up 31 per cent
Helped by higher revenues from electricity sales, Anil Ambani-controlled Reliance Energy has reported a 31 per cent increase in net profit at Rs 311 crore for the fourth quarter ended March 31 2008 against Rs 289 crore posted during the corresponding period last year.
Total income of the company stood at Rs 1977 crore for the quarter as against Rs 1,890 crore reported a year ago. “We have over Rs 7850 crore worth orders right now. We expect more orders to come from the infrastructure space,” said Lalit Jalan, Director, Reliance Energy. Income from selling electricity rose 36 per cent in the year ended March 31, 2008.
Chairman Anil Ambani has widened the scope of the company's business to include roads and airports as India spends $500 billion to improve infrastructure by 2012. The company will change its name as Reliance Infrastructure Ltd from Monda.
According to analysts, the increasing investment to the infrastructure space would provide more opportunities for companies like Reliance Energy. "Over $300 billion investments are expected in the infrastructure space. This will definitely create opportunities for companies like REL," said a Mumbai-based analyst working with broking firm Edelweiss Securities.
REL reported a net profit of Rs 1,085 crore for the financial year ended March 31, 2008 up 35 per cent as against Rs 801 crore posted a year ago. Total Income of Rs 7,501 crore, against Rs 6,575 crore in the previous year, with an increase of 14 per cent.
Reliance Energy has transferred all its power generation assets into a separate listed entity, Reliance Power, in which it owns 45 per cent stake. REL focuses more into the infrastructure space including road, port and railways. Reliance Energy shares were up 4.95 per cent at Rs 1426.10 at BSE on Monday.
The company will spend Rs 2000 crore to buyback shares at a maximum price of Rs 1,600. The company's aggregate revenues from energy sales during the financial year stood at Rs 4,920 crore up 36 per cent compared to Rs 3,611 crore in the previous year.
Total income of the company stood at Rs 1977 crore for the quarter as against Rs 1,890 crore reported a year ago. “We have over Rs 7850 crore worth orders right now. We expect more orders to come from the infrastructure space,” said Lalit Jalan, Director, Reliance Energy. Income from selling electricity rose 36 per cent in the year ended March 31, 2008.
Chairman Anil Ambani has widened the scope of the company's business to include roads and airports as India spends $500 billion to improve infrastructure by 2012. The company will change its name as Reliance Infrastructure Ltd from Monda.
According to analysts, the increasing investment to the infrastructure space would provide more opportunities for companies like Reliance Energy. "Over $300 billion investments are expected in the infrastructure space. This will definitely create opportunities for companies like REL," said a Mumbai-based analyst working with broking firm Edelweiss Securities.
REL reported a net profit of Rs 1,085 crore for the financial year ended March 31, 2008 up 35 per cent as against Rs 801 crore posted a year ago. Total Income of Rs 7,501 crore, against Rs 6,575 crore in the previous year, with an increase of 14 per cent.
Reliance Energy has transferred all its power generation assets into a separate listed entity, Reliance Power, in which it owns 45 per cent stake. REL focuses more into the infrastructure space including road, port and railways. Reliance Energy shares were up 4.95 per cent at Rs 1426.10 at BSE on Monday.
The company will spend Rs 2000 crore to buyback shares at a maximum price of Rs 1,600. The company's aggregate revenues from energy sales during the financial year stood at Rs 4,920 crore up 36 per cent compared to Rs 3,611 crore in the previous year.
Monday, April 28, 2008
Tokyo Stock Exchange Chooses NYSE Euronext Technology For Its Options Market
Tokyo Stock Exchange Inc. (TSE) is proud to announce the introduction of Tdex+, a new trading system based on LIFFE CONNECT® and AEMS technology and services, for its options trading market. LIFFE CONNECT®, which is already operational in Japan, is the advanced electronic trading system employed by Liffe, the NYSE Euronext subsidiary and Europe’s largest derivatives exchange based on traded value, and is rated highly by investors worldwide for its performance, functionality and global distribution. The selection of LIFFE CONNECT® and NYSE Euronext Advanced Trading Solutions follows the Tokyo Stock Exchange’s rigorous evaluation of several electronic trading systems in use at major exchanges worldwide. Tdex+ is scheduled to start in the early first half of 2009. TSE is also planning to introduce major operational and regulatory improvements, including new Market Maker functionality for the Japanese market, with the launch of Tdex+. The Market Maker functionality, a popular mechanism deployed in European and US markets, will populate buy and sell quotes across the options market, a necessity in providing sufficient liquidity to this market. Through building and maintaining a state-of-the-art trading system that attracts investors worldwide, TSE demonstrates its commitment to developing a highly liquid options market that meets Japanese law and cultural practice, to benefit both institutional and public sector users. Details of the business rules for the new system will be made public as soon as the specifications for the system are laid out. Atsushi Saito, President and CEO of the Tokyo Stock Exchange Group says, "The Japanese options trading market contains significant growth potential. We believe promoting this market will bring forth a great investment opportunity for not only the Japanese investor, but investors worldwide. We have chosen NYSE Euronext as a valued partner in developing this market. NYSE Euronext’s technical and operational expertise in various markets such as the capital and derivatives markets, within multiple localities in Europe and USA is of indispensable value to us.” "We greatly appreciate and thank the Tokyo Stock Exchange for choosing NYSE Euronext Advanced Trading Solutions,” said Duncan Niederauer, CEO, NYSE Euronext. "This agreement builds on our alliance and partnership with the TSE, and we believe the TSE can make good use of our knowledge, leadership and technology advantage in derivatives trading. Together, we will develop and introduce a superior platform that serves the interests of customers, addresses the demands for speed and capacity, and ensures that Tdex+ proves beneficial to the Japanese investor and financial marketplace.” About the Tokyo Stock Exchange Tokyo Stock Exchange, Inc. is the premier exchange for Japanese cash equities and derivative products from the perspective of investors both in Japan and abroad. In 2007, TSE recorded an average daily trading volume of 2,294 million shares, and daily average trading value of JPY 3,070.3 billion
Microsoft, Ballmer and Yahoo: A ‘nasty situation’
The heat is ratcheting up - slowly and steadily - between Microsoft and its $42bn-plus bid target, Yahoo. This week Microsoft, as the FT reported on Monday, faces a critical decision in its three-month pursuit of Yahoo after its latest attempt to bring the embattled internet company to the negotiating table looked to have failed over the weekend.
The pressure on Microsoft to act intensified after Yahoo called the software company’s latest bluff, refusing to be drawn into takeover talks despite expiry of a three-week ultimatum on Saturday.
The continuing stalemate has forced Microsoft to confront the decision on whether to mount an outright hostile bid - something it has been threatening but until now has shied away from for fear of alienating Yahoo employees and angering shareholders who are hoping for a higher price.
Microsoft executives said last week that another option would be to abandon the unsolicited offer, though that is considered highly unlikely. Steve Ballmer, Microsoft’s CEO, had threatened to take Microsoft’s offer direct to Yahoo’s shareholders, and perhaps even to cut the price, if Yahoo didn’t agree to start talks by Saturday. He did not immediately follow through with that threat, leaving more time for Yahoo to start talks before the end of the weekend, notes the FT.
The Wall Street Journal reports on Monday that Ballmer faces opposition to the deal within his own ranks: executives at several Microsoft divisions oppose the bid on the grounds it will “divert needed resources and attention from other challenges the company faces”.
Such sentiment is only heightening as Microsoft heads into its annual budgeting season, but for Ballmer, abandoning the bid following his public saber-rattling “might damage his own credibility as well as Microsoft’s”, adds the Journal
The pressure on Microsoft to act intensified after Yahoo called the software company’s latest bluff, refusing to be drawn into takeover talks despite expiry of a three-week ultimatum on Saturday.
The continuing stalemate has forced Microsoft to confront the decision on whether to mount an outright hostile bid - something it has been threatening but until now has shied away from for fear of alienating Yahoo employees and angering shareholders who are hoping for a higher price.
Microsoft executives said last week that another option would be to abandon the unsolicited offer, though that is considered highly unlikely. Steve Ballmer, Microsoft’s CEO, had threatened to take Microsoft’s offer direct to Yahoo’s shareholders, and perhaps even to cut the price, if Yahoo didn’t agree to start talks by Saturday. He did not immediately follow through with that threat, leaving more time for Yahoo to start talks before the end of the weekend, notes the FT.
The Wall Street Journal reports on Monday that Ballmer faces opposition to the deal within his own ranks: executives at several Microsoft divisions oppose the bid on the grounds it will “divert needed resources and attention from other challenges the company faces”.
Such sentiment is only heightening as Microsoft heads into its annual budgeting season, but for Ballmer, abandoning the bid following his public saber-rattling “might damage his own credibility as well as Microsoft’s”, adds the Journal
Microsoft denies mass hack caused by software fault
BEIJING, April 28 (Xinhuanet) -- Microsoft Corp. denied the recent incident, in which more than half a million websites were hacked, was caused by vulnerabilities in its Web and SQL Server software, according to U.S. media reports Monday.
Bill Sisk, a communications manager at Microsoft's Security Response Center, said in the group's blog, "Our investigation has shown that there are no new or unknown vulnerabilities being exploited. This wave is not a result of a vulnerability in Internet Information Services or Microsoft SQL Server."
Sisk's statement is response to the speculations that attacks were related to vulnerabilities in the company's Web and SQL Server software.
Earlier last week, more than 500,000 websites, including several hosted by the United Nations and the UK government, were hacked and modified in order to download malware (malicious software) to visitors' computers, according to Finnish anti-virus maker F-Secure, which caused numerous governmental and commercial Web pages were shut down.
Security researchers said those websites were hacked by SQL injection attacks.
All it takes for a user's computer to become infected is a visit to a compromised site. While viewing that site, the injected Javascript loads a file named 1,js. The file is located on a malicious server, which then attempts to execute eight different exploits targeting Microsoft applications.
Sisk urged Web site developers to follow Microsoft's guidelines to protect their domains from SQL injection attacks.
A solution to this problem is to use of Firefox instead of Internet Explorer. Firefox features an add-on called "noscript," which doesn’t allow Javascript exploits to run automatically when a hacked site is visited.
Bill Sisk, a communications manager at Microsoft's Security Response Center, said in the group's blog, "Our investigation has shown that there are no new or unknown vulnerabilities being exploited. This wave is not a result of a vulnerability in Internet Information Services or Microsoft SQL Server."
Sisk's statement is response to the speculations that attacks were related to vulnerabilities in the company's Web and SQL Server software.
Earlier last week, more than 500,000 websites, including several hosted by the United Nations and the UK government, were hacked and modified in order to download malware (malicious software) to visitors' computers, according to Finnish anti-virus maker F-Secure, which caused numerous governmental and commercial Web pages were shut down.
Security researchers said those websites were hacked by SQL injection attacks.
All it takes for a user's computer to become infected is a visit to a compromised site. While viewing that site, the injected Javascript loads a file named 1,js. The file is located on a malicious server, which then attempts to execute eight different exploits targeting Microsoft applications.
Sisk urged Web site developers to follow Microsoft's guidelines to protect their domains from SQL injection attacks.
A solution to this problem is to use of Firefox instead of Internet Explorer. Firefox features an add-on called "noscript," which doesn’t allow Javascript exploits to run automatically when a hacked site is visited.
Microsoft deadline for Yahoo expires
The deadline that Microsoft gave Yahoo to respond to its $44.6bn (£22.4bn) takeover offer has expired.
Microsoft chief executive Steve Ballmer gave Yahoo an ultimatum to accept the billion bid last night but now he has to decide whether to walk away or begin the company's first hostile takeover battle.
Experts believe Microsoft may now seek to gain ground by trying to get supportive voices onto Yahoo's board.
If Microsoft presses ahead with the deal it must consider if it should hold firm on the price or offer a better deal to win over shareholders.
The company has spent billions creating a web search engine and technology to sell ads, and buying Internet companies such as AQuantive.
Acquiring Yahoo would give Microsoft the number two spot in the $41 billion online ad market.
Losses at Redmond, Washington-based Microsoft's Internet business widened to $228 million last quarter, and sales rose to $843 million, at the low end of company forecasts.
Microsoft chief executive Steve Ballmer gave Yahoo an ultimatum to accept the billion bid last night but now he has to decide whether to walk away or begin the company's first hostile takeover battle.
Experts believe Microsoft may now seek to gain ground by trying to get supportive voices onto Yahoo's board.
If Microsoft presses ahead with the deal it must consider if it should hold firm on the price or offer a better deal to win over shareholders.
The company has spent billions creating a web search engine and technology to sell ads, and buying Internet companies such as AQuantive.
Acquiring Yahoo would give Microsoft the number two spot in the $41 billion online ad market.
Losses at Redmond, Washington-based Microsoft's Internet business widened to $228 million last quarter, and sales rose to $843 million, at the low end of company forecasts.
Google Silences Doubters With 30% Growth
Investors who had driven Google (Nasdaq:GOOG) stock down recently on fears that growth at the internet behemoth would slow got a pleasant surprise last week when the company announced a 30% increase in earnings for the quarter. The quarter showed that the company is still growing at a fast pace and that fears were overdone.
Don't Worry, Google's Fine
After trading closed on Wednesday, April 16, Google reported a 30% rise in first quarter earnings to $1.31 billion ($4.12 per share) from $1 billion ($3.18 per share) in the first quarter of 2007. If not for charges associated with giving stock to employees, Google reported that it would have earned $4.84 per share, which beat the consensus analyst estimates of $4.52 per share by a large margin. (To learn more, see The Controversy Over Option Expensing and The "True" Cost Of Stock Options.)
Growth was healthy on the top line as well. Google reported revenue of $5.19 billion for the first quarter, up 42% from $3.66 billion a year earlier. Taking out the commissions paid to Google's advertising partners, revenues stood around $3.7 billion, beating analyst views by about $100 million. Overall, the quarter was great, showing that the company is still growing by leaps and bounds.
A Click Here, A Dollar There
The stock rose more than 18% on the news, after concerns over Google's future growth have led the shares down for months. In early November of last year, the stock had traded above $740, and recently was trading around 40% lower than that level. Concerns started to grow when advertising "clicks" started to decrease, and investors started to wonder if Google was a little more closely tied to the economy than previously thought. Paid advertising clicks increased 20% for this quarter, however, largely dampening those fears. Baidu.com(Nasdaq:BIDU), Google's main competitor in China also rose more than 8% on the news.
Google has a stranglehold on the search industry, and text advertising. Its weakness has been display advertising, an area of the company that it is growing. Display ads are competitor Yahoo's (Nasdaq:YHOO) specialty. Yahoo is in the middle of a bid by Microsoft (Nasdaq:MSFT), which would be the biggest threat to Google right now. The combined entity would be a more formidable competitor to Google, rather than the two separate entities that have been struggling to keep up. Google has been working out a deal to cross advertising with Yahoo. Tests have been run recently, and seem to be a way to stifle the merger. Even though a combined Yahoo-Microsoft poses a somewhat greater threat to Google, I don't think it would change much. Google will still lead the search market.
The search giant is still growing strong and I think the stock looks attractive - even with the recent rise in price. The shares are now trading just over 20 times forward earnings estimates, which is not even accurate. The number will come down as many analysts will be revising their forecasts for Google upward. With this in mind, I feel the company is trading very cheap compared with its growth rate.
The Bottom Line
Google topped the expectations of Wall Street analysts and reported a great quarter with 30% growth. This shows that much of the recent concerns about the company's business were overblown. Even with the rise in the shares, Google is at a very attractive price considering its growth rate.
Don't Worry, Google's Fine
After trading closed on Wednesday, April 16, Google reported a 30% rise in first quarter earnings to $1.31 billion ($4.12 per share) from $1 billion ($3.18 per share) in the first quarter of 2007. If not for charges associated with giving stock to employees, Google reported that it would have earned $4.84 per share, which beat the consensus analyst estimates of $4.52 per share by a large margin. (To learn more, see The Controversy Over Option Expensing and The "True" Cost Of Stock Options.)
Growth was healthy on the top line as well. Google reported revenue of $5.19 billion for the first quarter, up 42% from $3.66 billion a year earlier. Taking out the commissions paid to Google's advertising partners, revenues stood around $3.7 billion, beating analyst views by about $100 million. Overall, the quarter was great, showing that the company is still growing by leaps and bounds.
A Click Here, A Dollar There
The stock rose more than 18% on the news, after concerns over Google's future growth have led the shares down for months. In early November of last year, the stock had traded above $740, and recently was trading around 40% lower than that level. Concerns started to grow when advertising "clicks" started to decrease, and investors started to wonder if Google was a little more closely tied to the economy than previously thought. Paid advertising clicks increased 20% for this quarter, however, largely dampening those fears. Baidu.com(Nasdaq:BIDU), Google's main competitor in China also rose more than 8% on the news.
Google has a stranglehold on the search industry, and text advertising. Its weakness has been display advertising, an area of the company that it is growing. Display ads are competitor Yahoo's (Nasdaq:YHOO) specialty. Yahoo is in the middle of a bid by Microsoft (Nasdaq:MSFT), which would be the biggest threat to Google right now. The combined entity would be a more formidable competitor to Google, rather than the two separate entities that have been struggling to keep up. Google has been working out a deal to cross advertising with Yahoo. Tests have been run recently, and seem to be a way to stifle the merger. Even though a combined Yahoo-Microsoft poses a somewhat greater threat to Google, I don't think it would change much. Google will still lead the search market.
The search giant is still growing strong and I think the stock looks attractive - even with the recent rise in price. The shares are now trading just over 20 times forward earnings estimates, which is not even accurate. The number will come down as many analysts will be revising their forecasts for Google upward. With this in mind, I feel the company is trading very cheap compared with its growth rate.
The Bottom Line
Google topped the expectations of Wall Street analysts and reported a great quarter with 30% growth. This shows that much of the recent concerns about the company's business were overblown. Even with the rise in the shares, Google is at a very attractive price considering its growth rate.
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