Northgate Technologies moves south

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SMS BOS < SPACE > MF, MUTUAL FUND QUERY AT 56388
COS GETTING FRESH FDI IN SECTORS WHERE FDI CAPS HAVE GONE UP: SOURCES
NEW NORMS TO CONSIDER TOTAL FOREIGN INVESTMENT NOT TOTAL INVESTMENT: SRCS
CCEA NOD NEEDED ONLY FOR INVESTMENTS OF RS.1200 CR AND ABOVE: SOURCES
GOVT TO EASE NORMS FOR FDI REQUIRING CABINET APPROVAL: SOURCES
NO PLANS TO OFFER HOME LOANS AT 8%: NW
OCTOBER UNEMPLOYMENT RATE RISES TO 10.2% VS 9.8% (MOM)
EMPLOYERS CUT PAYROLLS BY 190,000 IN OCTOBER VS ESTIMATE OF 175,000
FOREIGN FUNDS NET BUY RS.587.02 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
DOMESTIC FUNDS NET BUY RS.236.62 CR IN EQUITIES ON NOVEMBER 6 (PROVISIONAL)
KINGFISHER RAISES FUEL SURCHARGE BY RS.200 ON SECTORS MORE THAN 1000 KM
KINGFISHER RAISES FUEL SURCHARGE BY RS.100 ON SECTORS UPTO 1000 KM
JET AIRWAYS RAISES FUEL SURCHARGE BY RS.100-150 ON SECTORS UPTO 1000 KM
NET PROFIT AT $455 MN VS LOSS OF $24.6 BN (YOY)
TOTAL REVENUES AT $26.05 BN VS $898 MN (YOY)
MUTUAL FUNDS NET BUY RS.34.3 CR IN EQUITIES ON NOVEMBER 5
FOREIGN FUNDS NET BUY RS.267.6 CR ($56.8 MN) IN EQUITIES ON NOVEMBER 5
OVER 7% GROWTH ACHIEVABLE IN FY'11
TO EXPLORE STIMULUS EXIT MODE NOW; WINDING DOWN STIMULUS TO CUT DEFICIT
SENSEX UP 1.65%, NIFTY UP 1.8% FOR THE WEEK
CNX MIDCAP INDEX UP 3.9%, BSE SMALLCAP INDEX UP 1.6%
BSE PSU INDEX UP 4.77%, REALTY UP 4.4%, METAL INDEX UP 4%
INDEX GAINERS: BHARTI UP 9.4%, JP ASSOCIATES UP 8.6%, IDFC UP 7%
GETS U.S. FDA NOD FOR GENERIC ACULAR
TO RAISE UPTO $300 MN VIA FCCBS
EXTENDING 8% HOME LOAN SCHEME TILL 31ST MARCH , 2010
INDIAN RAILWAYS SHOULD RATIONALISE PASSENGER FARES UPWARD
TO RAILWAYS: STOP CROSS SUBSIDISING FARES AND FREIGHTS
IMPOSES 20% SAFEGUARD DUTY ON IMPORT OF SODA ASH
ROAD DEFICIT REMAINS THE GREATEST PROBLEM IN INFRASTRUCTURE IN INDIA

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.