Northgate Technologies moves south

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FOREIGN FUNDS NET SELL RS.463.89 CR IN EQUITIES ON NOVEMBER 20 (PROV)
MUTUAL FUNDS NET SELL RS.176.7 CR IN EQUITIES ON NOVEMBER 19
DII'S NET BUY RS.18.46 CR IN EQUITIES ON NOVEMBER 20 (PROV)
TO ENTER INTO CUSTOMIZED MOTOR CYCLE BIZ VIA PRO-BIKING SHOWROOMS
TO EXPAND PANTNAGAR CAPACITY TO 70,000 UNITS IN NEXT FEW MONTHS
AKER IS A NORWEGIAN SERVICE PROVIDER CO FOR OIL AND GAS OPERATIONS
AKER SOLUTIONS TO PROVIDE SUPPORT SERVICES IN KG BASIN
AKER BAGGED SUB SEA PRODUCTION ORDER FROM RIL IN 2006 ALSO
RELIANCE IND PLACES RS.115 CR ORDER WITH NORWAY'S AKER SOLUTIONS
PORTING CHARGES TO BECOME APPLICABLE FROM DECEMBER 31, 2009
MNP ALLOWS USERS TO CHANGE OPERATORS WHILE RETAINING MOBILE NOS
USERS TO PAY MAX OF RS.19 TO CHANGE OPERATOR WHILE RETAINING OLD NUMBER
TRAI COMES OUT WITH NUMBER PORTABILITY CHARGES
PUNJAB NATIONAL BANK PLANS TO RAISE RS 700 CR BY SELLING BONDS
TATA TELE-QUIPPO OFFERING BETTER SERVICING DEAL FOR TOWERS: SOURCES
GTL BID 10-15% HIGHER THAN TATA-QUIPPO: SOURCES
DEAL VALUED AT AROUND RS.6000 CR : SOURCES
MAY JOIN RACE FOR SHELL'S EUROPEAN REFINERIES: SOURCES
SENSEX, NIFTY UP 1% EACH FOR THE WEEK
CNX MIDCAP INDEX UP 1%, BSE SMALLCAP INDEX UP 1.6%
METAL INDEX UP 3.7%, AUTO INDEX UP 2.3%, FMCG UP 1.5%
INDEX GAINERS: SUZLON UP 9.3%, TATA STEEL UP 6.3%, SAIL UP 5.3%
APPROACHED SHELL FOR BUYOUTS BEFORE ESSAR'S EXCLUSIVE TALKS BEGUN
ESSAR-SHELL IN EXCLUSIVE NEGOTIATIONS TILL NOV 30 TO BUY 3 SHELL REFINERIES
RIL SPOKESPERSON: 'WE ARE REVIEWING A NUMBER OF GLOBAL OPPORTUNITIES'
RIL SPOKESPERSON TO NDTV: 'REVIEWS CANNOT ASSURE TRANSACTIONS'
JSW ENERGY ALSO IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
CESC, SREI INFRA IN RACE FOR ANDREW YULE'S DPSC STAKE: NW
GAMMON INFRA BAGS NHAI PROJECT WORTH RS.850 CRORES
NET PROFIT AT RS.48.2 CR VS RS.12 CR; SALES UP 55% AT RS.849 CR (YOY)

Updated: 07/03/2008 | 12:00 AM IST

Software

Friday, March 07, 2008 (New Delhi)

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The company made this announcement after trading hours on Wednesday, 5 March 2008.

Meanwhile, BSE Sensex was down 599.66 points or 3.63% to 15,942.42, on weak global cues. Concerns on the political front also weighed on the market after the Communist Party of India-Marxists (CPM) on Thursday, 6 March 2008, renewed its threat on the United Progressive Alliance (UPA) government saying that the ruling coalition's future depended on how it took the call on pursuing the Indo-US nuclear deal.

On BSE, 307 shares were traded in the counter. The scrip had an average daily volume of 24,376 shares in the past one quarter.

The stock hit a high of Rs 446.90 and a low of Rs 420.10 far during the day. The stock had a 52-week high of Rs 791 on 5 July 2007 and a 52-week low of Rs 397.65 on 22 January 2008.

The mid-cap scrip had underperformed the market over the past one month till 5 March 2008, declining 12.65% compared to the Sensex’s fall of 11.37%. It had also underperformed the market in the past one quarter, declining 23.95% compared to Sensex’s decline of 16.44%.

The company’s current equity is Rs 34.85 crore. Face value per share is Rs 10.

The strategic alliance with Tencent will enable Globe7 to access more than 200 million active Internet users or approximately 15% of the existing global Internet users.

Globe7 HK is a 100% step down subsidiary of Northgate Technologies. It is a leading Internet media company and owns web 2.0 portals such as Globe7.com, ziddu.com and egglad.com. Ziddu.com and Globe7.com are among world's top 1000 web portals as per alexa.com

QQ.com is owned by Tencent Holdings, a Hong Kong stock exchange listed company with market cap of $11.2 billion and more than $500 million annual turnover.

Northgate Technologies reported a net loss of Rs 5.34 crore in Q3 December 2007 as compared to the net profit of Rs 21.44 in Q2 September 2007. Net sales declined 77.71% to Rs 5.87 crore in Q3 December 2007 over Q2 September 2007.

The company provides information technology enabled services. The group operates in three segments viz. information technology services, telecommunications and online advertising.