Stock Scanner - Aban Offshores Ltd.

Aban Offshore Q2 net jumps 30 fold at Rs268 cr.
Total income of Aban Offshore rose to Rs290.15 crore for the second quarter latest fiscal, against Rs187.38 crore for the same quarter previous fiscal.
Drilling and oil field services provider Aban Offshore said that it has posted a 30-fold jump in its net profit at Rs267.62 crore for the quarter ended 30 September, over the corresponding period a year ago.

The company had a net profit of Rs8.99 crore for the second quarter last fiscal, Aban Offshore said in a filing to the Bombay Stock Exchange (BSE).

Total income rose to Rs984.12 for the quarter under review, from Rs515.96 crore for the same quarter last fiscal.

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3 favorite counters where bulls thrive.

Praj Industries: The stock of the biofuel technology company has declined more than 60 per cent in the past year and it is now quoting close to its 52-week low of Rs 73. Rakesh Jhunjhunwala had increased his stake from 5.39 per cent to 6.26 per cent in the September 2008 quarter. Currently, the market value of his holding in Praj is close to Rs 95 crore, whereas the stock price has declined more than 33 per cent from Rs 125 on September 30. Praj industries, which is set to benefit from its operational presence in all major ethanol producing countries, is trading at a price-earnings ratio of 9.39x and 7.50x of its FY09 and FY10 earnings, respectively.

Nagarjuna Construction: The stock of the diversified infrastructure company, in which Jhunjhunwala holds close to 12.5 lakh shares, has declined more than 81 per cent in the past year and has come off more than 53 per cent in the past one month. Jhunjhunwala’s stake in the company is now worth close to Rs 7.5 crore. A promoter group company, AVSR Holdings, has acquired 7.82 shares from September29 to October 3, aggregating 0.34 per cent of paid-up capital. Following the purchase, the promoter holding in the company has increased to 23.63 per cent.

Punj Lloyd: The stock of this engineering and construction major, which has declined more than 34 per cent from October 1,2008, is currently trading close to its 52-week low price of Rs 183. As on June 30,2008, Jhunjhunwala was holding close to 1.66 per cent stake, which is valued at Rs 108 crore at current prices. The company recently bagged a construction contract from Qatar Petroleum worth $800 million, while the order backlog for the group stands at Rs 24,063 crore. The stock is trading at a price-earnings ratio of 1 3.95x and 1 0.4x of its FY09 and FY10 earnings, respectively.

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Stock Scanner - MAX India.

Max India promoter Analjit Singh has bought 36,500 shares in his diversified company, taking his holding up to 1.88 per cent. Liquid Investment, a promoter group company, also bought 70,000 shares, increasing its holding to 9.69 per cent. Max, originally in the specialty plastics business, is also into life insurance, healthcare and clinical research. The company recently concluded an agreement with New York Life, increasing its stake in their life insurance iv from 50 per cent to 71.4 per cent. Max New York Life Insurance is the first Indian insurer to have declared its enterprise value which was up 96 per cent to Rs 1,320 crore in FY08. This is attributed to a Rs 300 crore capital infusion, profit from new business (discounted value of future profits arising from new business written during the year) of Rs 267 crore, and minimal negative variances. The company is ramping up distribution, and it plans to open 250 offices annually and increase its agency force to 300,000 by FYi 2. The healthcare business is also performing well, having reported revenues of Rs 99.5 crore in the first quarter of FY09.

Key Negative - Q2 Net is down 31%.

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