Infy Q2 marginally above estimates
Infosys Q2 net up 30.2%, will not increase bid for Axon
Infy plays it safe
Infosys Q2 net up at Rs 1432 cr Declares 200% interim Infosys headcount rises above 1 lakh
Infosys FY09 dollar term guidance seen under pressure
The Spetember’08 quarter results of Infosys Technologies are marginally above analyst estimates. A weaker rupee against the dollar aided 11.6 per cent sequential growth in revenue while net profit rose by 10 per cent.
Infosys also reported improved operating profitability during the September quarter. Operating margin expanded by 264 basis points sequentially (QoQ) and 184 bps year-on-year to 33.1 per cent. Net margin showed a marginal drop of over 40 bps to 26.4 per cent sequentially and annually.
As hinted by a report in ET today, Infosys recorded a decline in its new client additions. These reduced to 40 in the September quarter from 49 a quarter ago and 48 a year ago. Though Infosys has given robust number for the latest ended quarter, it has cut its dollar guidance for FY’09 by over 5 per cent citing the global macroeconomic turmoil. For FY’09, it expects EPS to be $2.24, down from $2.32 earlier. Revenue is expected to be $4.72-4.81 billion, down from earlier estimation of $4.97-5.05 billion. Going by its revised guidance, Infosys now expects its revenue to grow by just over 13 per cent annually for FY’09. The stock was down 6 per cent to Rs 1,176 on BSE in the early morning trade.
--------------------------------------------
RIL gas block has 40 Tcf gas reserves
Reliance Industries' prolific D6 block in Krishna Godavari basin off the east coast contains in-place reserves of 40 Trillion cubic feet, said the firm's junior partner Niko Resources.
The company has made 20 gas and one oil discovery in the 7,645 sqkm KG-DWN-98/3 or D6 block in deep-sea of Bay of Bengal, said Edward S Sampson, Chairman of Board, President and CEO of Niko in analyst calls. These discoveries have resulted "in 40 Tcf gas in-place," he said.
Reliance is the operator of the block with 90 per cent stake, while Niko has the remaining 10 per cent. Dhirubhai-1 and 3 gas finds, the two discoveries that are being put into production in the first phase, would start pumping gas by December/January and by 2010 would almost double availability of gas in the country. The two fields would by mid-2009 produce 40 million standard cubic meters per day of gas, which would be doubled by 2010. Development plan has been submitted for nine out of the 15 satellite discoveries in the block, Sampson said. "40 additional exploration prospects are being targeted." Reliance is investing USD 5.2 billion in developing Dhirubhai-1 and 3 discoveries and would pump in an additional USD 3.5 billion to extend the peak output to 7-8 years.
The satellite fields would produce about 25 mmscmd, while another 9 mmscmd gas would be produced from the MA oil field in the same block. Reliance, last month started producing oil from the MA field and the output is expected to reach 20,000 barrels per day in one month from the current 5,500 bpd. Gas flowing along with the oil is currently being re-injected into the wells and this gas would flow together with Dhirubhai-1 and 3 gas. Peak oil output of 40,000 bpd from MA would be achieved in 6-8 quarters, he said.
Other CORP stories::::
Higher NPAs, slow biz growth troubling ICICI stock
Gold set to breach Rs 15,000 mark by Diwali
ICICI Bank facing no liquidity crisis: Chanda Kochhar
Re closes stronger at 48.12/17
Citi, Goldman see RBI easing liquidity
No unusual activity seen: SEBI
Japanese insurer files for bankruptcy
JSW to become India's largest pvt sector steel maker by Dec
Poor data inflow may delay new monthly WPI
ICICI Bank plunges 26 per cent
RIL hits 52-week low of Rs 1,480
Source:SIfy,ET,BS etc
10 October 2008
Inflation rate slips to 11.80%, RBI cuts CRR by 150bps, IIP dn to 1.3 percent
Inflation rate slips to 11.80%
Inflation falls to 11.8%
Inflation at 11.80%; down from 11.99 WoW
Inflation inched down to 11.80 per cent for the week ending September 27, compared to 11.99 per cent in the week before.
The rate was below a median forecast of 11.98 per cent in a Reuters poll of analysts.
Inflation for the week ended August 2 was revised up to 12.91 per cent from 12.44 per cent.
The annual inflation rate was 3.36 per cent during the corresponding week of the previous year.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers more number of products and is released weekly.
-----------------------------------
RBI cuts CRR by 150bps, to inject Rs 60,000cr tomorrow
RBI cuts CRR by another 100 bps
RBI cuts CRR to 7.5%
Factoring in the deterioration in the global financial environment, the Reserve Bank of India (RBI) today announced an additional 100 basis point reduction in the cash reserve ratio (CRR), or the proportion of deposits banks set aside. The move is aimed at injecting more liquidity into the system
On Monday, RBI had announced a 50 basis point reduction in CRR. Now, the CRR will fall to 7.5 per cent of the net demand and time liabilities, against 9 per cent at present, from the fortnight starting tomorrow. With today’s move, RBI said, Rs 60,000 crore will be injected into the system, instead of Rs 20,000 crore due to the 50 basis point cut announced earlier.
“This measure was undertaken with a view to injecting liquidity into domestic financial markets so as to alleviate the pressures brought on by the deterioration in the global financial environment. In the ensuing days, the global situation has worsened further. International stock markets and money markets had been adversely affected in a significant manner. Central banks across the world have responded to these extraordinary developments by synchronised policy actions including measures for liquidity infusion,” RBI said in a statement this morning.
In a coordinated move the US Federal Reserve, Bank of England, the European Central Bank and the Chinese central bank had lowered interest rates on Wednesday in the wake of the global financial turmoil.
In India, the call rates have stayed in double-digit zone. Rates had touched a high of 17 per cent following the payment of advance tax by companies. Today, according to data on the Clearing Corporation of India website, at 11.30 AM, the weighted average call rate was 19.77 per cent, with rates in the range of 11-23 per cent.
The cut, however, failed to cheer the stock markets, with the BSE Sensex 805 points down at 10,521 at noon. According to Bloomberg data, the rupee fell to an all-time low of 49.26 against the US dollar as foreign institutional investors have been pulling out money from the Indian stock markets.
The statement said that RBI is ready to respond swiftly to meet any liquidity requirements that may arise in the context of the highly volatile external situation. “The Reserve Bank is monitoring developments closely and continuously and would respond swiftly and even preemptively to any adverse external developments impinging on domestic financial stability, price stability and inflation expectations and the continuation of the growth momentum of the Indian economy. The Reserve Bank is committed to maintaining financial stability and active and flexible liquidity management using all policy instruments is an integral part of this objective,” the press release said.
In addition, it sought to comfort the market by saying that the macroeconomic fundamentals of the Indian economy remained “strong and resilient and that India's financial system is sound, well-capitalised and well-regulated”. It added, “Money and forex markets in India have been operating in a relatively orderly manner. The current domestic market conditions are essentially a reflection of the adverse developments and extreme uncertainty in international financial markets.”
RBI had not cut CRR since June 2003, when it was lowered 25 basis points to 4.50 per cent. The 150 basis point reduction is the steepest since 2001.
---------------------------------------------
Industrial growth slumped to 1.3% from 10.9% in August
Aug infrastructure output up 2.3 pc
August IIP at 1.3% vs 10.9% a year ago
Industrial growth nosedives to 1.3%
NEW DELHI: India's industrial growth slumped to 1.3 per cent in August this year, compared to a 10.9 per cent growth in August 2007, the government announced here Friday.
The figure was well below a forecast for growth of 6.1 per cent in a Reuters poll of economists. Output growth has fallen from the double-digit levels seen early last year as tight monetary policy and a stronger rupee lowered demand in the economy. Manufacturing production rose 1.1 per cent in August from a year earlier. Industrial output rose 8.1 percent in fiscal 2007/08 (April-March), compared with 11.6 percent in 2006/07.
Other Stories:
Rupee hits record low; RBI helps recovery
Chidambaram comments on markets’ free fall
JSW Steel Q2 output up 14%
Infosys Q2 net up at Rs 1432 cr
Source: ET,Sify,BS etc
Inflation falls to 11.8%
Inflation at 11.80%; down from 11.99 WoW
Inflation inched down to 11.80 per cent for the week ending September 27, compared to 11.99 per cent in the week before.
The rate was below a median forecast of 11.98 per cent in a Reuters poll of analysts.
Inflation for the week ended August 2 was revised up to 12.91 per cent from 12.44 per cent.
The annual inflation rate was 3.36 per cent during the corresponding week of the previous year.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers more number of products and is released weekly.
-----------------------------------
RBI cuts CRR by 150bps, to inject Rs 60,000cr tomorrow
RBI cuts CRR by another 100 bps
RBI cuts CRR to 7.5%
Factoring in the deterioration in the global financial environment, the Reserve Bank of India (RBI) today announced an additional 100 basis point reduction in the cash reserve ratio (CRR), or the proportion of deposits banks set aside. The move is aimed at injecting more liquidity into the system
On Monday, RBI had announced a 50 basis point reduction in CRR. Now, the CRR will fall to 7.5 per cent of the net demand and time liabilities, against 9 per cent at present, from the fortnight starting tomorrow. With today’s move, RBI said, Rs 60,000 crore will be injected into the system, instead of Rs 20,000 crore due to the 50 basis point cut announced earlier.
“This measure was undertaken with a view to injecting liquidity into domestic financial markets so as to alleviate the pressures brought on by the deterioration in the global financial environment. In the ensuing days, the global situation has worsened further. International stock markets and money markets had been adversely affected in a significant manner. Central banks across the world have responded to these extraordinary developments by synchronised policy actions including measures for liquidity infusion,” RBI said in a statement this morning.
In a coordinated move the US Federal Reserve, Bank of England, the European Central Bank and the Chinese central bank had lowered interest rates on Wednesday in the wake of the global financial turmoil.
In India, the call rates have stayed in double-digit zone. Rates had touched a high of 17 per cent following the payment of advance tax by companies. Today, according to data on the Clearing Corporation of India website, at 11.30 AM, the weighted average call rate was 19.77 per cent, with rates in the range of 11-23 per cent.
The cut, however, failed to cheer the stock markets, with the BSE Sensex 805 points down at 10,521 at noon. According to Bloomberg data, the rupee fell to an all-time low of 49.26 against the US dollar as foreign institutional investors have been pulling out money from the Indian stock markets.
The statement said that RBI is ready to respond swiftly to meet any liquidity requirements that may arise in the context of the highly volatile external situation. “The Reserve Bank is monitoring developments closely and continuously and would respond swiftly and even preemptively to any adverse external developments impinging on domestic financial stability, price stability and inflation expectations and the continuation of the growth momentum of the Indian economy. The Reserve Bank is committed to maintaining financial stability and active and flexible liquidity management using all policy instruments is an integral part of this objective,” the press release said.
In addition, it sought to comfort the market by saying that the macroeconomic fundamentals of the Indian economy remained “strong and resilient and that India's financial system is sound, well-capitalised and well-regulated”. It added, “Money and forex markets in India have been operating in a relatively orderly manner. The current domestic market conditions are essentially a reflection of the adverse developments and extreme uncertainty in international financial markets.”
RBI had not cut CRR since June 2003, when it was lowered 25 basis points to 4.50 per cent. The 150 basis point reduction is the steepest since 2001.
---------------------------------------------
Industrial growth slumped to 1.3% from 10.9% in August
Aug infrastructure output up 2.3 pc
August IIP at 1.3% vs 10.9% a year ago
Industrial growth nosedives to 1.3%
NEW DELHI: India's industrial growth slumped to 1.3 per cent in August this year, compared to a 10.9 per cent growth in August 2007, the government announced here Friday.
The figure was well below a forecast for growth of 6.1 per cent in a Reuters poll of economists. Output growth has fallen from the double-digit levels seen early last year as tight monetary policy and a stronger rupee lowered demand in the economy. Manufacturing production rose 1.1 per cent in August from a year earlier. Industrial output rose 8.1 percent in fiscal 2007/08 (April-March), compared with 11.6 percent in 2006/07.
Other Stories:
Rupee hits record low; RBI helps recovery
Chidambaram comments on markets’ free fall
JSW Steel Q2 output up 14%
Infosys Q2 net up at Rs 1432 cr
Source: ET,Sify,BS etc
Sensex ends 801 pts down on weak global mkts and declining IIP growth
Sensex ends 801 pts down on weak global markets and declining growth
Market retreats on dismal IIP growth at 1.3%
Inflation eases but no respite for markets; Sensex down 7%
Stock futures point to sharply lower Wall Street open
Investors, taking cues from bleeding global markets, pressed the panic button at the opening bell on the major Indian bourses this morning. As stock prices went tumbling down, the Sensex crashed by around 9.5% to 10,239.76 within the first few minutes.
Stockometer
Infosys Technologies reported a near 10% jump (quarter on quarter) in its net profit but the company's sales fell short of market expectations and the stock went down by over 17% to Rs 1040. Other IT majors and a host of old economy blue chips, including index heavyweights, too nosedived on selling pressure. Infosys Technologies, however, bounced back smartly - it even enjoyed a spell in the positive territory this afternoon - and significantly trimmed down its losses.
Top gainers
Just as it appeared that the Sensex would hit the 10% lower circuit and force a stoppage of trade, the Reserve Bank announced a surprise 150 basis point cut in Cash Reserve Ratio. The Sensex then staged a strong recovery and rose to a high of 10,904.13. The Nifty, which had plunged to 3198.95 in early trade, rallied to around 3400.
Worst losers
However, the recovery proved short-lived as dismal industrial production figures triggered another strong round of selling across the board. Thereafter, despite a couple of modest recoveries from lower levels, the benchmark indices Sensex and Nifty ended the session with huge losses today.
Scrip Scan
While the Sensex ended the day at 10,527.85 with a loss of 800.51 points or 7.07%, the Nifty settled at 3279.95 with a loss of 233.70 points or 6.65%.
Experts' Talk
Ranbaxy Laboratories (4.75%) and State Bank of India (2.3%) were the only gainers from the Sensex today. From the Nifty pack, except Ranbaxy and State Bank of India, the others ended in the negative zone.
Reliance Communications lost a little over 21%. ICICI Bank, despite regaining some lost ground, closed lower by as much as 19.7% today. Reliance Infrastructure lost 19.2%. Jaiprakash Associates eased by 16.25%. Tata Steel lost nearly 15%. Hindalco went down by 11.15%.
HDFC, DLF, BHEL and Larsen & Toubro lost 8% - 9%. Reliance Industries posted a loss of 7.4%. Hindustan Unilever, Wipro, Sterlite Industries, Grasim Industries, Bharti Airtel, Satyam Computer Services, NTPC, HDFC Bank, ACC, Mahindra & Mahindra, ONGC, Tata Motors, Tata Power, Tata Consultancy Services, Tata Motors, Maruti Suzuki and ITC also ended with sharp losses.
Suzlon Energy lost 17.65% today. Unitech (down 12.15%), Cairn India (down 11.9%) and Ambuja Cements (down 11.6%) also suffered heavy losses. Reliance Power, Tata Communications, HCL Technologies, Siemens, ABB, Zee Entertainment, SAIL, Cipla, Punjab National Bank, GAIL India, Sun Pharmaceuticals and Reliance Petroleum lost 5% - 9%.
Realty stocks Orbit Corporation, India Bulls Real Estate, HDIL, Mahindra Lifespace, Penland, Anant Raj Industries, Akruti City and Omaxe declined sharply.
Metal stocks Welspun Gujarat, Gujarat NRE Coke, Jindal Saw, Ispat Industries, Sesa Goa, Jindal Steel, Hindustan Zinc, Jai Corp and NMDC suffered sharp losses.
Among capital goods stocks, Elecon Engineering, Jyoti Structure, Punjab Lloyd, Usha Martin, Areva, Walchandnagar Industries, Alstom Projects, Reliance Industrial Infrastructure, Everest Kanto Cylinder, Crompton Greaves, Havells India, Gammon India, BEML, Bharat Bijli, AIA Engineering and Lakshmi Machine Works went down sharply.
Midcap and smallcap stocks were battered once again. Mirroring the sell-off, the Midcap and smallcap indices lost 8.34% and 7.31% respectively.
Tips to book profits in stock markets! Click here
The market breadth was very weak. Out of a total of 2619 stocks traded on BSE today, only 382 stocks closed on a positive note. 2189 stocks posted losses and 48 stocks ended flat.
Sensex sheds another 800pts, down over 50% from peak
Source:Sify,ET,BS etc
Market retreats on dismal IIP growth at 1.3%
Inflation eases but no respite for markets; Sensex down 7%
Stock futures point to sharply lower Wall Street open
Investors, taking cues from bleeding global markets, pressed the panic button at the opening bell on the major Indian bourses this morning. As stock prices went tumbling down, the Sensex crashed by around 9.5% to 10,239.76 within the first few minutes.
Stockometer
Infosys Technologies reported a near 10% jump (quarter on quarter) in its net profit but the company's sales fell short of market expectations and the stock went down by over 17% to Rs 1040. Other IT majors and a host of old economy blue chips, including index heavyweights, too nosedived on selling pressure. Infosys Technologies, however, bounced back smartly - it even enjoyed a spell in the positive territory this afternoon - and significantly trimmed down its losses.
Top gainers
Just as it appeared that the Sensex would hit the 10% lower circuit and force a stoppage of trade, the Reserve Bank announced a surprise 150 basis point cut in Cash Reserve Ratio. The Sensex then staged a strong recovery and rose to a high of 10,904.13. The Nifty, which had plunged to 3198.95 in early trade, rallied to around 3400.
Worst losers
However, the recovery proved short-lived as dismal industrial production figures triggered another strong round of selling across the board. Thereafter, despite a couple of modest recoveries from lower levels, the benchmark indices Sensex and Nifty ended the session with huge losses today.
Scrip Scan
While the Sensex ended the day at 10,527.85 with a loss of 800.51 points or 7.07%, the Nifty settled at 3279.95 with a loss of 233.70 points or 6.65%.
Experts' Talk
Ranbaxy Laboratories (4.75%) and State Bank of India (2.3%) were the only gainers from the Sensex today. From the Nifty pack, except Ranbaxy and State Bank of India, the others ended in the negative zone.
Reliance Communications lost a little over 21%. ICICI Bank, despite regaining some lost ground, closed lower by as much as 19.7% today. Reliance Infrastructure lost 19.2%. Jaiprakash Associates eased by 16.25%. Tata Steel lost nearly 15%. Hindalco went down by 11.15%.
HDFC, DLF, BHEL and Larsen & Toubro lost 8% - 9%. Reliance Industries posted a loss of 7.4%. Hindustan Unilever, Wipro, Sterlite Industries, Grasim Industries, Bharti Airtel, Satyam Computer Services, NTPC, HDFC Bank, ACC, Mahindra & Mahindra, ONGC, Tata Motors, Tata Power, Tata Consultancy Services, Tata Motors, Maruti Suzuki and ITC also ended with sharp losses.
Suzlon Energy lost 17.65% today. Unitech (down 12.15%), Cairn India (down 11.9%) and Ambuja Cements (down 11.6%) also suffered heavy losses. Reliance Power, Tata Communications, HCL Technologies, Siemens, ABB, Zee Entertainment, SAIL, Cipla, Punjab National Bank, GAIL India, Sun Pharmaceuticals and Reliance Petroleum lost 5% - 9%.
Realty stocks Orbit Corporation, India Bulls Real Estate, HDIL, Mahindra Lifespace, Penland, Anant Raj Industries, Akruti City and Omaxe declined sharply.
Metal stocks Welspun Gujarat, Gujarat NRE Coke, Jindal Saw, Ispat Industries, Sesa Goa, Jindal Steel, Hindustan Zinc, Jai Corp and NMDC suffered sharp losses.
Among capital goods stocks, Elecon Engineering, Jyoti Structure, Punjab Lloyd, Usha Martin, Areva, Walchandnagar Industries, Alstom Projects, Reliance Industrial Infrastructure, Everest Kanto Cylinder, Crompton Greaves, Havells India, Gammon India, BEML, Bharat Bijli, AIA Engineering and Lakshmi Machine Works went down sharply.
Midcap and smallcap stocks were battered once again. Mirroring the sell-off, the Midcap and smallcap indices lost 8.34% and 7.31% respectively.
Tips to book profits in stock markets! Click here
The market breadth was very weak. Out of a total of 2619 stocks traded on BSE today, only 382 stocks closed on a positive note. 2189 stocks posted losses and 48 stocks ended flat.
Sensex sheds another 800pts, down over 50% from peak
Source:Sify,ET,BS etc
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