Each GDR is equivalent to one domestic share and thepricing was done at roughly 5
Each GDR is equivalent to one domestic share and thepricing was done at roughly 5.4 percent discount to Monday'sclose. Traders said the stock fell at the start on equity dilutionconcern, but the pricing was favourable after the stock hadjumped about 150 percent from its March low [ID:nBOM191793] By 11:41 a.m. 6 steelmaker said itraised $500 million in an issue of global depositary receipts(GDRs) at $7.644 each. Tata Steel (TISC.BO) bucked the trend and rebounded afterinitially falling as the world's No. Outsourcer Infosys Technologies (INFY.BO), engineering andconstruction firm Larsen & Toubro (LART.BO) and leading lendersState Bank of India (SBI.BO) and ICICI Bank (ICBK.BO) wereamong the main losers as investors locked in profits. * Investors take profits on 13.4 pct rally over past 5 days * Fall temporary, investors should buy dips - analysts * Infosys, L&T, State Bank, ICICI fall * Tata Steel initially drops after GDR issue, but recovers (Updates to mid-morning) MUMBAI, July 21 (Reuters) - Indian shares fell 0.8 percenton Tuesday, as resistance emerged after the market rallied 13.4percent over the past five sessions. The firm had net profit of 92.1 million riyals in ($24.6million) in the three months to June 30, down from 534.7 millionriyals a year earlier, Kingdom Holding said in a statementposted on the Saudi bourse's website.(Reporting by Asma Alsharif and Ulf Laessing; editing by AmranAbocar).
RIYADH, July 21 (Reuters) - Saudi Prince Alwaleed binTalal's Kingdom Holding 4280.SE on Tuesday postedan82.8-percent drop in second quarter net profit. JFE Holdings (5411.T),Japan's second-biggest steelmaker, gained 5.8 percent to 3,080yen. (Reporting by Ritsuko Shimizu and Nathan Layne; Editing by BenTan) China Japan. Shares of Nippon Steel were up 4.2 percent in lateafternoon trade, outperforming a 2.5 percent gain in thebenchmark Nikkei average .N225.
The associationrepresents around 85 percent of the world's total steelproducers. [ID:nLK121993] The drop was at a slower pace than in June, althoughanalysts said most of the new production was in China forre-stocking efforts and not indicative of a strong recovery. Data released by the World Steel Association on Mondayshowed that global crude steel output fell 16 percentyear-on-year to 99.8 million tonnes in June. [ID:nT59738] Nippon Steel also said its crude steel output would likelyjump 40 percent in July-September from the previous quarter toover 6.5 million tonnes, bringing production to nearly 80percent of levels a year earlier. For a graphic on Japan's steel output, click:here Nippon Steel, the world's second-largest steelmaker andJapan's biggest, said last week that it would resume operationsat a factory in southern Japan to meet recovering demand fromautomakers and other clients.
The Japan output data, which marked the second consecutivemonth-on-month gain, comes as the latest sign the industry isslowly recovering from its worst downturn since World War 2. Steelfirms have been forced to run factories at low capacity levels,shelve investment plans and cut staff. Steelmakers worldwide have taken a beating this year as theglobal economic slowdown sliced into demand and prices. Output from Nippon Steel Corp (5401.T) and other Japanesesteelmakers was 6.89 million tonnes in June, down 33.6 percentfrom the same month a year earlier, but up 6.3 percent fromMay, the Japan Iron and Steel Federation said on Tuesday. * Output down 33.6 pct yr/yr, up 6.3 pct mth/mth China | Japan * Marks 9th straight yr/yr fall, 2nd straight mth/mth gain * Nippon Steel shares up 4.2 pct, JFE up 5.8 pct (Updates with background, details) TOKYO, July 21 (Reuters) - Japan's crude steel outputdropped by a third in June from a year earlier to mark theninth straight month of falls, but it picked up slightly fromMay in a sign the industry is gradually recovering. Premier Farnell plc21 July 2009Notice of ResultsPremier Farnell plc will be announcing its results for the second quarter andhalf year ended 2 August 2009 of the financial year ending 31 January 2010 onThursday, 3 September 2009.For further enquiries:Suzanne YuleFinancial DynamicsTel: +44 (0) 20 7296 7221END.