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UPDATE 1-ABB says won’t match Emerson offer for Chloride

July 2, 2010 By vani Leave a Comment

ZURICH, July 1 (Reuters) – ABB (ABBN.VX) said on Thursday it would not match U.S. rival Emerson Electric’s (EMR.N) improved cash offer for British group Chloride (CHLD.L), surprising some investors who expected the Swiss group to up its bid.

On Tuesday, Emerson raised an earlier offer for Chloride by more than a third to 997 million pounds ($1.5 billion) in an attempt to trump the company’s agreed 860 million deal with ABB. The Emerson offer valued Chloride at 375 pence per share. [ID:nLDE65S092]

“While we still see considerable value in the combination of ABB and Chloride and have a high regard for the Chloride management team, we must take a disciplined approach when assessing potential acquisitions,” ABB chief executive Joe Hogan said.

Chloride said on Tuesday it believed Emerson’s offer represented a “superior proposal” and, under the terms of an agreement it signed with ABB, had formally notified the Swiss company of this view.

Chloride shares stood at 386 pence at the close of trading on Wednesday, implying investors expected an improved offer from ABB. A deal with Chloride would have allowed ABB into the $8 billion uninterruptable power supply market (UPS), an area in which it has as yet no significant presence. (Reporting by Martin de Sa’Pinto; Editing by Dan Lalor) ($1 = 0.6645 pound)

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Investor AB’s Q1 asset value up 5 pct q/q

April 15, 2010 By vani Leave a Comment

STOCKHOLM, April 14 (Reuters) – Investor AB (INVEb.ST), the holding company of Sweden’s Wallenberg family, said on Thursday the value of its assets rose 5 percent in the first quarter from the end of 2009 to 150.3 billion crowns ($21.09 billion).

Investor owns stakes in some of Sweden’s top companies, including Ericsson (ERICb.ST), SEB (SEBa.ST) and Electrolux. (ELUXb.ST) It also has investments in unlisted companies and in AstraZeneca (AZN.L) and ABB. (ABBN.VX)

Chief Executive Borje Ekholm said in a statement that Investor’s strategy was flexible, aiming at investments in listed and unlisted firms.

“We remain committed to continued disciplined execution of our strategy through the daily grind to develop our companies and seeking new investments in a disciplined way, aiming at delivering an attractive long-term return to our shareholders,” he added. ($1=7.126 Swedish crowns) (Reporting by Patrick Lannin; Editing by Greg Mahlich)

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Investment group Investor AB reports first quarter loss

April 16, 2009 By admin Leave a Comment

Stockholm – The Swedish investment company Investor AB, which has key stakes in leading Swedish blue-chip companies Wednesday reported a loss for first quarter of 2009 and predicted that the “general economy will be in disarray” for most of the year. The group reported a first quarter loss of 3.02 billion kronor (369 billion dollars), compared to a loss of 8.9 billion kronor for the corresponding business period 2008.

At the end of March the net asset value had declined 2 per cent to 109 billion kronor, compared to 115 billion kronor at the end of 2008.

This was “in line with the general market,” Chief Executive Borje Ekholm said.

Ekholm said that while signs were that economic conditions were “worsening” citing rising unemployment, there were some “encouraging signs.”

In his outlook, Ekholm said there were also “attractive opportunities” for investments.

Engineering group ABB accounted for 18 per cent of Investor’s assets. Investor also has stakes in blue-chip companies like pharmaceutical group Astra Zeneca, banking group SEB, construction and mining tools maker Atlas Copco, telecommunications equipment provider Ericsson, household appliance maker Electrolux, and aviation and military technology concern Saab.

Investor AB has close ties with Sweden’s wealthy and influential Wallenberg family.

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ABB inks frame agreement with BMW Group

April 16, 2009 By admin Leave a Comment

ABB, a leader in power and automation technologies, has signed a frame agreement with BMW Group to support the carmaker’s operations in Germany, the U.K. and the U.S.

Under the arrangement, ABB will supply 2,100 industrial robots over five years, beginning 2010 and commission a variety of robot models for BMW, including the IRB 6640, 6620, 7600 and the new mid range robot IRB 4600; a compact, light-weight industrial robot with the longest vertical reach in its class.

The robots will be applied in parts handling, gluing and spot welding on car-body assembly lines for BMW’s 1-series, 3-series, X5-series and Mini models.

ABB claim that its industrial robots are reliable, strong, accurate and easy to maintain. Till date, the company has installed more than 160,000 robots worldwide.

The scrip of ABB closed on Monday at Rs 495, up 8% compared to previous close of Rs 459.

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Sensex touches 11,000-point mark for first time in 18 months

April 13, 2009 By admin Leave a Comment

Mumbai, Apr 13 (ANI): The Bombay Stock Exchange’s Sensex on Monday touched the 11,000-point mark for the first time in over 18 months.

The Sensex, which touched the high level of 11,000 points during the day, ended with a gain of 122.47 points at 10,926.33.

The National Stock Exchange’s Nifty rose by 24.90 points to 3,366.95.

Biggest Nifty gainers were Tata Motors (11.99 percent), Suzlon Energy (9.83 percent), Tata Steel (8 percent), ABB (7.69 percent), Sterlite Industries (7.46 percent) and State Bank of India (6.64 percent).

The BSE Midcap Index was up 2.86 percent and the BSE Smallcap Index rose 3.63 percent. (ANI)

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Indian Stock Markets close marginally higher

April 10, 2009 By admin Leave a Comment

Indian Stock Markets

Indian Stocks markets stayed in positive zone on Thursday. Markets are waiting for next trigger and are range-bound.

The benchmark indices closed the session on a flat note after remaining volatile throughout the day. The Sensex closed the day at 10,803 up 0.57% or 62 points after swinging in the range of 10,655 – 10,932. The NSE Nifty shut almost flat at 3,342 down just 0.03% or 0.9 points after trading in the range of 3,307 – 3,399. Among broader indices, BSE Midcap Index was up 1.6% or 55 points and Small Cap Index was up 1.6% or 61 points. Buying was seen in banking, realty and metal stocks.

Inflation for the week-ended March 28 has come in at 0.26% as against 0.31% a week earlier. The Index of Industrial Production for February has come in at a negative 1.2% as against negative 0.5% M-M.
On a weekly basis, Sensex up 4.4% and Nifty up 4%. And in the mid-cap space, Nifty Junior up 6.5%, CNX Midcap Index up 3.5% and BSE Small Cap Index up 9.5%.

Movers and Shakers
The Realty Index rose 104 points or 5.4% to settle at 2,041. Puravankara Projects gained 20%. Indiabulls Real, Unitech HDIL and DLF were up 2-8%.

The Metal Index surged 243 points or 3.725, to close at 6,801. JSW Steel jumped 13.5%. Tata Steel, Sesa Goa, Jindal Steel, Jindal Saw, Sterlite went up 3-7%.

In the banking sector, the index went up 2.6% or 130 points at 5,045. Stocks like ICICI Bank shot up 5.6%. SBI and PNB were up 1% each.

The BSE Capital Goods Index was up 95 points or 1.31% to 7,371. L and T, Siemens and ABB gained 1.5%-3% while BHEL and Punj Lloyd fell by almost 1% each.

In the oil and gas space Reliance Industries and Reliance Petroleum went up by 0.6% each while ONGC and Cairn India declined over 2%.

Among the Sensex pack, Jaiprakash Associates, Reliance Infrastructure and Bharti Airtel rose by 4-8%.

Among the top losers were HindLever, Mah and Mah and Wipro down 3% each.

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Investment group Investor AB reports loss for fourth quarter

January 20, 2009 By admin Leave a Comment

Stockholm – Investor AB, the investment company with key stakes in leading Swedish blue-chip companies, Tuesday reported a loss for fourth quarter 2008 in the wake of the global financial downturn.

For the fourth quarter 2008, the group reported a loss of 15.6 billion kronor (1.9 billion dollars), compared to a loss of 19.2 billion kronor for the corresponding business period 2007.

For full-year 2008, the loss was 36.7 billion kronor compared to a loss of 400 million kronor for full-year 2007, the group said.

At the end of December the net asset value had declined 23 per cent to 115 billion kronor, compared to 155 billion kronor at the end of
2007.

Chief Executive Borje Ekholm said 2008 was “exceptional,” noting that “we experienced stock market declines of a magnitude not seen since the 1930s.”

In his outlook, Ekholm said it was prudent “to plan for a more severe downturn.”

Although Investor outperformed the Stockholm stock market, shedding 18 per cent compared to the stock market’s 39 per cent drop, “relative performance can never pay for breakfast,” Ekholm said.

The board suggested that the dividend should be lowered from 4.75 to 4 kronor per share.

Engineering group ABB accounted for 18 per cent of Investor’s assets. Investor also has stakes in blue-chip companies like pharmeutical group Astra Zeneca, banking group SEB, construction and mining tools maker Atlas Copco, telecommunications equipment provider Ericsson, household appliance maker Electrolux, and aviation and military technology concern Saab.

The sale of heavy-vehicle maker Scania to Volkswagen was completed during the third quarter, and generated a profit of 3.3 billion kronor.

Investor AB has close ties with Sweden’s wealthy and influential Wallenberg family. (dpa)

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Any Positive Event Will Boost Stock Mkt Outlook, Says Vishwas Agarwal

January 20, 2009 By admin Leave a Comment

Indian equities opened the day sluggishly following negative global signals.

Among the prominent losers this morning, realty, banking, metal and oil & gas stocks topped the list with sharp losses.

Auto, power, PSU, information technology, telecom, pharma and FMCG stocks were also down.

Mirroring heavy selling action, all the sectoral indices were trading in the red zone with heavy losses.

Asian stocks also declined, led by commodity producers and banks, after Royal Bank of Scotland Group’s prediction of the biggest loss in UK business history increased fear that the worldwide recession is intensifying.

BSE Midcap and Smallcap index lost 1.31% and 0.56% respectively.

The 30-share index, BSE Sensex, today (Tuesday, January 20), opened at 9,159 after making a loss of 169.81 points, as against its last closure in which it closed with a gain of 5.98 points.

At 10:15 a.m., Sensex lost 219.46 points at 9,110.11 after hitting a high of 9,159.76 and a low of 9,075.68. In the meantime, the broad based Nifty stood at 2,775.05, down 71.15 points.

Overall market breadth was sharply negative. On BSE, 617 stocks posted sharp losses, 161 advanced while 13 stocks remained unchanged.

There were no gainers at the BSE Sensex.

The major losers in the Sensex were Bharti Airtel, Mahindra & Mahindra, HDFC Bank, HDFC, DLF, Reliance Communications, ICICI Bank, Maruti Suzuki, ONGC, Tata Steel, Reliance Industries, State Bank of India, Sterlite Industries, Larsen & Toubro, Reliance Infrastructure, Tata Power, Hindalco, Sun Pharmaceuticals, Jaiprakash Associates, Grasim Industries, Ambuja Cements, Zee Entertainment, SAIL, Cairn India, Power Grid Corporation, Idea Cellular, Nalco, ABB, GAIL India, Reliance Capital, Tata Communications, HCL Technologies, Reliance, BPCL, Hero Honda, Ranbaxy, Infosys Technologies, Reliance Power and Grasim Industries.

Stock market analyst, Vishwas Agarwal stated that BSE 9,350 and Nifty 2,826 levels are very important to carry on comfy trading market.

He said that in intraday, these levels may breach in today’s trading session, but the stock market above these levels will provide chance in index based frontline stocks with nominal stop loss.

Mr. Agarwal said, “As there is restricted downside, upside chances are higher due to price erosion in same settlement sharply.”

As per Agarwal, any positive event will boost market sentiments.

Barrack Obama will take oath in as the new President of the United States of America today and may perhaps bring some positive sentiment to global equities. Obama takes charge when the world is in a huge economic crisis and addressing this financial crisis will be his top priority.

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