23 October 2008

RIL Q2 net up 7% at Rs 4122 crore; Beats Street

RIL Q2 net up 7% at Rs 4122 crore

Reliance Industries posted 7.42 per cent rise in net profit of Rs 4122 crore for the quarter ended September 30, 2008 as compared to Rs 3837 crore in the same quarter previous year. Total income increased to Rs 44,938 crore in the September quarter from Rs 32,211 crore a year ago. Analysts had forecast a net profit of Rs 3920 crore. Net revenue at the company, India's most valuable with a market value of $45 billion, grew to Rs 4479 crore from Rs 3204 crore. Reliance's refining margins for the quarter were $13.4 a barrel television news channels reported, well above the benchmark Asian Dubai crack margin, which averaged about $5.8 a barrel in the period.

On Thursday, Shares of Reliance Industries slumped 7.62 per cent to close at Rs 1215.25 in a weak market.

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Reliance Ind Q2 net up 7.4% at Rs 4,122cr

Reliance Industries (RIL), the largest private oil refiner in India, has posted a 7.4 per cent rise in profit at Rs 4,122 crore in the second quarter as the price of petroleum products shot up globally in line with crude oil prices.

During the quarter, RIL’s revenue from sale of refined petroleum products was up by 54 per cent at Rs 36,393 crore when the crude oil price was hovering around $100 a barrel. The revenue from exports has surged 51 per cent at Rs 29,823 crore. The company exports products mainly to the US, Europe and West Asia after its stopped sales in the domestic market.
The company, controlled by Mukesh Ambani, has registered a 38 per cent rise in net sales at Rs 46,113 crore, partly helped by a 19.9 per cent and a 56 per cent growth in revenue from petrochemicals and oil and gas segments, respectively. The net turnover has jumped 39.7 per cent to Rs 44,787 crore.
For the business expansion, mainly for the production of gas and oil from Krishna-Godavari basin, the company spent Rs 11,401 crore in the first six months of the fiscal, RIL said in statement.
“It has been an exciting quarter at Reliance Industries. We have started production of oil from the KG basin and soon will emerge as key hydrocarbons major. At Reliance, we are at the final leg of capital expenditure in our key businesses and will see cash flows from these investments in the following quarters. Leading economies across the globe are passing through some unprecedented times. Our businesses are gearing up to meet these emerging challenges,” said Mukesh Ambani, chairman and managing director of RIL.
Beating market expectations, the company’s gross refining margin (GRM) stood at $13.4 a barrel, a premium of $7.4 a barrel over Singapore benchmark. It is well above the benchmark Asian Dubai crack margin, which averaged about $5.8 a barrel in the period.
Analysts tracking oil companies had predicted earlier that RIL, which controls around 22 per cent of India's refining capacity, too would report refining margins of less than $13 per barrel during the quarter, compared with over $15 per barrel in the June quarter. Motilal Oswal in its recent report predicted that the GRM would be around $13 a barrel.
Expenditure shot up 44.4 per cent to Rs 39,577 crore with the price rise of crude, the major raw material for RIL’s Jamnagar refinery, which contributes about 65 per cent of its revenues. The raw material cost stood at Rs 34,978 crore, up 60 per cent. The depreciation of assets and purchases of chemicals and catalysts in the quarter cost about Rs 2,401 crore.
The Jamanagar refinery has processed 8.21 million tonne of crude during the second quarter, while the company’s petrochemicals production remained flat.

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RIL's Q2 net performance may not lift sentiments

Reliance Industries — India’s largest company by market capitalisation and one of the most widely held stock — is unlikely to liven up the ma
rket when it announces its second-quarter result on Thursday. RIL’s profit for the quarter is expected to grow only marginally, or even dip, compared with the year-ago period. “Reliance has come out with steady results in volatile markets. However, RIL will struggle to touch two-digit profit figure this quarter because of the slowdown in refining margins. On the other hand, improved margins in petrochemical business could result in flat growth in net profit,” said an analyst working with a leading international brokerage. The petroleum refining industry has entered a slowdown phase globally, with the gross refining margins (GRM) — the differential between prices of crude oil and refined products — coming down from the previous quarter. As a result, RIL’s petroleum refining business, which contributes nearly two-third to its revenues, is likely to record a lacklustre performance in the latest quarter. Analyst estimates put RIL’s GRMs in the $11-$13 per barrel range, weaker from $15.7 posted in June 2008 quarter and $13.7 in September 2007 quarter. This means its refining profits will be lower on a year-on-year basis. In contrast, RIL’s petrochemicals business is expected to post healthy revenues and improved margins due to stagnancy in feedstock naphtha prices. Petrochemicals represent around 30% of RIL’s revenues and profits. The smaller segment of oil and gas production is also likely to perform well due to higher petroleum prices in the September 2008 quarter compared with the previous year. Weakness in the rupee is another factor that will impact RIL’s performance. Despite being India’s largest exporter, RIL has always had more imports than exports. Particularly, a major chunk of its petrochemicals is sold domestically within India. However, since the domestic petrochemical prices are linked to their import parity prices, RIL is likely to benefit from the weak rupee. “We expect RIL’s petrochemical EBIT to rise 5% y-o-y to Rs 2,130 crore mainly driven by a weaker rupee,” mentioned a Merrill Lynch report. Brokerage houses remain divided on whether RIL will report any profit growth this quarter. Among them, Angel Broking is the most bearish on RIL, projecting a 13% fall in its Q2 profits. As against this, Motilal Oswal and Sharekhan are the most bullish, estimating around 9% increase in RIL’s bottomline. The estimates of other brokerages like Prabhudas Leeladhar, Merrill Lynch, Citi Investment Research are somewhere in between. The company is expected to post good profits in the coming quarters because of sale of oil and gas from the Krishna Godavari (KG) basin.
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Reliance Industries Q2 net up at Rs 4122 cr

RIL Q2 net up 7.4%; high oil prices push revenue by 39.5%

Source:ET,Sify,BS,BL

Inflation Cools to 11.07 percent; Other Corp Stories

Inflation rate declines to 11.07% Inflation at 11.07 per cent
The wholesale price index rose to 11.07 percent in the 12 months to Oct. 11, below the previous week's annual rise of 11.44 percent, government data showed on Thursday.

The rate was also below a median forecast
of 11.35 percent in a Reuters poll of analysts. Inflation for the week ended Aug. 16 was revised up to 12.82 percent from 12.40 percent. The annual inflation rate was 3.07 percent 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 a higher number of products and is released weekly. Meanwhile, the Finance Minister has assured that the fall in crude prices and the fall in commodity prices will be beneficial for the reducing the headline inflation. He agreed that at present the inflation rate was rather high but he is seeing moderation in the near future.
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Inflation rate declines to 11.07%
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Market to extend losses
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Source:ET,Sify, BS,BL, Deadpresident and etc

Results: RIL,Sterlite,GAIL,ACC,Grasim,PunjLloyd,Voltas,DrReddy, SesaGoa etc

Sterlite Ind Q2 net
Sterlite Industries
Industries Q2 net up at Rs 1277 cr
Thursday, 23 October , 2008, 15:47

Sterlite Industries India Ltd has announced the following unaudited results for the quarter ended September 30, 2008:

The company has posted a net profit for the period of Rs 462.93 crore for the quarter ended September 30, 2008 where as the same was at Rs 212.87 crore for the quarter ended September 30, 2007. Total Income is Rs 3940.40 crore for the quarter ended September 30, 2008 where as the same was at Rs 3696.54 crore for the quarter ended September 30, 2007.
The consolidated results are as follows

The consolidated results for the quarter ended September 30, 2008
The group has posted a net profit after tax attributable to consolidated group of Rs 1276.94 crore for the quarter ended September 30, 2008 where as the same was at Rs 1082.74 crore for the quarter ended September 30, 2007. Total Income is Rs 7205.82 crore for the quarter ended September 30, 2008 where as the same was at Rs 6890.42 crore for the quarter ended September 30, 2007.

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RIL Q2 net up 7.4%; high oil prices push revenue by 39.5%
Voltas Q2 net profit up 16%
BOC India Q3 net at Rs 21.87 cr
Punj Lloyd Q2 net up by 61%
Hindustan Oil Q2 net up 72%

Gail India Q2 net up 79%
Apollo Tyres Q2 net down 73%
ACC reports flat Q3 net
Grasim Ind Q2 net slips by 16% at Rs 419.50 cr
BSEL Infra Realty Q2 net dips
Dr Reddy’s Lab Q2 net down 27.20%

Exide Q2 net up 25 pc to Rs 78 cr
Reliance Industries Q2 net up at Rs 4122 cr
ACC reports flat Q3 net
Sterlite Industries Q2 net up at Rs 1277 cr
Dr Reddys Laboratories Q2 net up at Rs 87 cr

Bajaj Auto Q2 net up at Rs 185 cr
Patni Computer Q3 net up 80%
City Union Bank Q2 net up 40% at Rs 38 cr
Zee News PAT up 108% at Rs 11.47 cr

GAIL Q2 net profit at Rs 1,023.45 cr
RIL Q2 net profit up 7.4% at Rs 4122 cr
Punj Lloyd Q2 cons net profit up at Rs 144.12 cr
Hotel Leela Q2 net profit at Rs 24.1 cr
Gujarat Alkalies Q2 standalone net profit at Rs 83.8


Sterlite Industries Q2 net profit at Rs 1277 cr
Voltas Q2 net profit at Rs 62 cr
HCL Infosystems Q1 cons net profit at Rs 66 cr
HOEC Q2 standalone net profit at Rs 12.86 cr
ACC Q3 consolidated net profit at Rs 259.98 cr

Dr Reddys Labs Q2 net profit at Rs 121 cr
Cummins Q2 net profit up at Rs 93.9 cr
Grasim Q2 standalone net profit at Rs 419 cr
Apollo Tyres Q2 net profit at Rs 7.79 cr
Infotech Q2 PAT at Rs 34 cr

KEC Intl Q2 net profit at Rs 17.8 cr
Monnet Ispat Q2 net profit at Rs 62 cr
Vijaya Bank Q2 net profit at Rs 79.9 cr
Tanla Solutions Q2 net profit at Rs 70.5 cr
City Union Bank Q2 PAT at Rs 37.65 cr

ACC net profit declines 0.05% in the September 2008 quarter
Sterlite Industries (India) net profit rises 117.47% in the September 2008 quarter
Dena Bank Q2 net profit at Rs 102.8 cr
Gateway Distriparks Q2 net profit at Rs 26.2 cr
Mangalore Chem Q2 net profit at Rs 25.2 cr
Phoenix Mills Q2 net profit at Rs 38.6 cr
Gati Q2 net profit at Rs 42 lakh

Sesa Goa Q2 cons PAT up 262% at Rs 336.6 cr
Core Projects Q2 net profit at Rs 29.64 cr
Patni Q3 cons net profit at Rs 200.19 cr
3i Infotech Sept qtr net profit at Rs 55.8 cr
Pidilite Ind Q2 net profit at Rs 33.16 cr

Jindal Drilling Sept qtr net profit at Rs 6.5cr
KPR Mill Q2 net profit at Rs 5.41 cr
Aarti Industries net profit rises 369.78% in the September 2008 quarter
Kolte Patil Developers net profit rises 78.34% in the September 2008 quarter
Cords Cable Industries net profit rises 12.75% in the September 2008 quarter

Bharat Bijlee net profit declines 23.72% in the September 2008 quarter
BOC India net profit rises 208.90% in the September 2008 quarter
Gujarat Alkalies & Chemicals net profit rises 0.79% in the September 2008 quarter
Hindustan Oil Exploration Company net profit rises 72.39% in the September 2008 quarter
Unichem Laboratories net profit rises 64.88% in the September 2008 quarter

Sadbhav Engineering net profit declines 9.01% in the September 2008 quarter
K E C International net profit declines 47.48% in the September 2008 quarter
Monnet Ispat & Energy net profit rises 68.60% in the September 2008 quarter
Rajesh Exports net profit declines 51.18% in the September 2008 quarter
Praj Industries net profit rises 11.41% in the September 2008 quarter
Selan Explorations Technology net profit rises 578.30% in the September 2008 quarter

Exide Industries net profit rises 25.06% in the September 2008 quarter
Indowind Energy net profit rises 11.26% in the September 2008 quarter
Sesa Goa net profit rises 272.68% in the September 2008 quarter
Hercules Hoists net profit rises 55.86% in the September 2008 quarter


Source:ET,CM,IE,BS, BL etc...................

New lows for Sensex,Nifty; Nifty below 3000 first Since July 2006

Market fails to hold; Nifty ends below 3000
Sensex tumbles below 10K
Markets tumble; Sensex ends below 9,800pts

Equities failed to sustain the recovery midway through on Thursday’s trade after SEBI asked foreign funds to cover their short sales and ended with huge losses Thursday.

The rebound was set off by short covering and supported by a sharp drop in inflation. However, the mounting negative sentiments across the global markets, meltdown in commodities and proved too strong to ignore. Indices opened with a sharp cut of over 5 per cent, in line with fall in global markets. The fall was led by metal scrips which were under pressure due to steep correction in international commodities prices. But bargain buying at lower levels helped recover partial losses. India’s annual inflation rate eased to 11.07 per cent in the week to Oct 11 from 11.44 per cent a week earlier. But the real trigger came after Finance Minister P Chidambaram said SEBI had directed foreign institutional investors to reverse their short sales. “SEBI has told them (FIIs) that it disapproves of lending to offshore entities, and asked them to reverse those transactions. I am told that those transactions are likely to be reversed over the next few days,” the minister said. This led to a strong recovery in the markets and the indices, which were down more than 3 per cent, soon made it to positive territory. But the euphoria didn’t last long and all the gains were wiped off.

Bombay Stock Exchange’s Sensex closed at 9,771.70, down 398.20 points or 3.92 per cent from Wednesday’s close. It touched a low of 9,681.28 and high of 10,260.55 intraday. National Stock Exchange’s Nifty ended at 2,951 down 3.98 per cent or 122 points. The index touched a high of 3,085.10 and a low of 2,917.15.

Second rung stocks were not spared either. BSE Midcap Index closed 3.2 per cent lower and BSE Smallcap Index declined 3.55 per cent.

“There is no word on restoring of short positions by the SEBI, except for their disapproval. If it indeed imposes a ban on short-selling by FIIs, there would be some sort of short covering. Our market is under pressure because there is selling all over the world. Eventually, a particular stock or the market as a whole would be evaluated on its fundamentals,” said Manish Sonthalia, vice president, equity research at Motilal Oswal. Rahul Sanghvi, Institutional Sales, Kantilal Chaganlal Securities, said, “FIIs can sell anything they have to but should avoid stock borrowing and lending practice outside the Indian jurisdiction. The fight between bulls and bears must be within the boxing ring. Investor confidence needs to be propped up and SEBI should publish more elaborate data on P-notes lending and borrowing activity.” India’s oil major, Reliance Industries posted 7.42 per cent rise in net profit of Rs 4,122 crore for the quarter ended Sep 30, 2008 compared to Rs 3837 crore in the same quarter previous year, beating analyst forecasts, helped by stronger than expected refining margins. Total income increased to Rs 44,938 crore in the September quarter from Rs 32,211 crore a year ago. The company’s refining margins for the quarter were $13.4 a barrel television news channels reported, well above the benchmark Asian Dubai crack margin, which averaged about $5.8 a barrel in the period. Shares of Reliance Industries slumped 7.62 per cent to close at Rs 1215.25 in a weak market. Grasim Industries (4.74%), BHEL (2.74%), ONGC (1.94%), Larsen & Toubro (2.43%) HDFC Bank (2.23%) and TCS (0.2%) ended higher. Tata Steel (-14.85%) suffered the sharpest cut. Losses in Tata Motors (-14.57%), Hindalco Industries (-13.10%), Ranbaxy Laboratories (-10.94%) and Mahindra & Mahindra (-9.77%) pulled down the indices. The four-day slide in metals gathered pace on recession fears. Copper and aluminium tumbled to their lowest in almost three years on Wednesday. Gloomy demand prospects and gains in the dollar to a two-year high have knocked commodities, many of which have collapsed since hitting record highs earlier this year, which in turn, dragged down the entire metal pack. BSE Metal Index closed 11.08 per cent lower. Market breadth on BSE was extremely weak, with 1908 declines and 622 advances.

Source:ET,SIfy. ,BS