Indian Stock Picks - Share Ideas , News, Fundamentals

Wockhardt Ltd, a leading drugmaker, has reported a 44 per cent fall in net profit in the third quarter ended September 2008, as it provided Rs 55 crore towards exchange rate fluctuation in its overseas borrowings.  The company reported a net profit of Rs 61 crore for the three months ended September 2008, as compared to a profit of Rs 108 crore in the same quarter last year. However, sales increased by 25 per cent to Rs 924 crore in the third quarter ended September 2008.  Wockhardt provided Rs 55.3 crore for exchange rate fluctuation on foreign currency borrowings, as Indian rupee depreciated rapidly against other currencies. The company had issued 1.1 million zero coupon foreign currency convertible bonds (FCCBs) of $1,000 each and currently has a cumulative liability of Rs 116.5 crore.  Wockhardt said it is evaluating options to raise equity funds to repay the bonds when its due for conversion in September 2009, but did not reveal further details.    The company, which accounted mar...

Wockhardt Hospitals pulls out IPO; refund in 15 days (The Hindu Business Line 8th Feb 2008)After a jittery start in late January, Wockhardt Hospitals Ltd’s IPO eventually succumbed to the volatility in the stock markets. The hospitals major on Thursday officially withdrew its IPO due to feeble response from investors. Wockhardt Hospitals’ IPO was subscribed 0.20 times, receiving 49,03,440 bids, on the day of the IPO’s closing. And “no comment” was all that Wockhardt Chairman, Mr Habil Khorakiwala, was willing to say, when queried by newspersons at a pharmaceutical conference earlier in the day. A company statement, however, said that Wockhardt Hospitals had indeed decided not to proceed with its proposed IPO of 25,087,097 equity shares constituting 24.06 per cent of the proposed post-issue paid-up equity share capital of the company. “The decision not to proceed with the IPO was made in light of continued global and domestic market volatility and poor market sentiments and the resultan...

Wockhardt cuts IPO price band to Rs 225-260 (The Hindu Business Line 31th Jan 2008)Wockhardt Hospitals has revised downwards the price band of its initial public offering of shares. The price band is now Rs 225 (at the lower end) and Rs 260 (at the upper end) per equity share, The earlier price band was Rs 280-Rs 310 per equity share, said a statement issued on behalf of the company. More

Wockhardt to raise Rs 800 cr via IPO (The Economic Times 29th Jan 2008)Multi-specialty hospital chain Wockhardt will raise Rs 800 crore through an initial public offering (IPO). The money would be used to set up 17 new hospitals by 2010 and also repay debt. The company would tap the capital market with an issue of over 2.5 crore equity shares of Rs 10 each, representing 24% of its post-issue capital. It will offer the shares in a price band of Rs 280-310. The issue will open for subscription on January 31 and close on February 5. Post public issue, the promoters will have around 71% stake in the company. More