27 October 2008

Other Results

Tata Power Q2 net rises marginally
Tata Power, India's largest private power utility, has seen a marginal rise in its fiscal second quarter net profit at Rs 261.93 crore, compa
red to Rs 257.43 crore last year, although the Mumbai-based company said the two quarters weren't comparable due to a change in accounting policies. Its revenue in the same period rose 45% to Rs 1,958.9 crore due to rise in fuel prices, Tata Power said in its statement announced after the results. "Our half yearly results reiterate continued stability of the company's operations. The company has organized loans for all its key projects and that mitigates the effect of the recent global financial crisis," said MD Prasad Menon. "We continue our focus on sustainable and renewable energy spanning wind power, hydro and geothermal. Some of our recent associations and growth plans have been focussed around this effort," he added. During the quarter, Tata Power announced its partnership with the Royal Government of Bhutan to develop the 114 megawatt hydroelectric power project over Dagachhu through Druk Green Power Corp and acquired a 26% stake in the project.
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Gitanjali Gems Q2 net up 31 pc at Rs 35 cr, acquires GECL
Blue Star Q2 net at Rs 45 cr
NMDC Q2 net up 48 pc at Rs 945 cr
Videocon Industries Q4 net dips 29 pc at Rs 175.53 cr
JM Financial Q2 net falls 53 pc at Rs 20.89 cr
Other income boosts ICICI net
KEC International net dips 47%
Vakrangee Softwares net profit rises 51%
Areva net up 8% at Rs 52 crore

MRPL net dips 92 pc at Rs 24.92 cr
Godrej Industries Q2 net loss at Rs 9 cr
Tata Tea Q2 net up two-fold at Rs 217.76 cr
Blue Star net flat at Rs 45 crore
Tata Tele trims Q2 net loss to Rs 47 crore

T.V. Today Network net profit rises 41.68% in the September 2008 quarter
UTV Software Communications reports net profit of Rs 4.12 crore in the September 2008 quarter
Videocon Industries net profit declines 29.29% in the September 2008 quarter
Nitin Fire Protection Industries net profit rises 98.63% in the September 2008 quarter
Bhushan Steel net profit rises 38.26% in the September 2008 quarter
Nagarjuna Construction Company net profit rises 25.71% in the September 2008 quarter
NMDC net profit rises 47.64% in the September 2008 quarter

Indraprastha Gas net profit rises 17.11% in the September 2008 quarter
Tata Communications net profit declines 62.78% in the September 2008 quarter
K S Oils net profit rises 58.84% in the September 2008 quarter
Dewan Housing Finance Corporation net profit rises 36.57% in the September 2008 quarter

SourceET,CM etc

SBI Q2 net up 40%, but sees margins shrinking;ICICI Bank Q2 net up 1.1% at Rs 1014 cr

SBI Q2 net up 40%, but sees margins shrinking
SBI Q2 net up 40% at Rs 2260 cr

State Bank of India (SBI) on Monday reported a higher-than-expected net profit of Rs 2,259.7 crore for the quarter ended September 30, up 40.2%, from Rs 1,611.4 crore during the same quarter of the previous year. The results for the second quarter include the business of State Bank of Saurashtra which was merged with SBI in August 2008.

Shares of the bank were hit hard after the bank warned that net interest income had peaked and said that it raised provisions to Rs 911 crore from Rs 247 crore in the previous quarter because of the government's farm-loan waiver. The bank's chairman OP Bhatt said SBI's net interest margins would come down marginally, but would continue to be above 3%. The net interest margin for the second quarter was 3.2%. The bank's deposits grew by Rs 57,861 crore (67.9%) for the quarter, with the share of current and savings account growing 0.3% to 39.7%. Advances of the bank grew Rs 51,020 crore or 162.4%. In retail business, the bank's home loans grew 23.5%, auto loans by 30.48% and education loan by 43.81%. SBI Card, however, suffered a loss of Rs 27.9 crore for the quarter. The bank's capital adequacy ratio (CAR) as per Basel I norms is 12.14%, and as per Basel II norms it is 11.5%. "We are well above the prescribed norms for CAR and our capital adequacy would increase by 259 basis points once the borrower ratings of corporates are complete," Mr Bhatt said. Consolidated net profit grew 11.50% to Rs 2,458.04 crore for the second quarter against Rs 2,204.56 crore in the year-ago period, while the total income rose 26.41% to Rs 27,083.47 crore. For the six-month period ended September 30, SBI reported a consolidated net profit of Rs 4,138.06 crore against Rs 4,128 crore in the year-ago period. According to Mr Bhatt, interest rates have peaked and should soften in the coming months. "If you look at moderating inflation and (factor in) the steps taken by the Reserve Bank of India, interest rates should start showing the softening trend," he said. When asked about the SBI's likely steps on interest rates, Mr Bhatt said that the bank would rather follow the wait-and-watch policy. "Interest rates would depend on a cluster of decisions taken by the regulators," he said. Underlining the soundness of the Indian banking system, Mr Bhatt said that there are very few instances of people changing their accounts from private banks to public sector banks. "Total growth in the industry is Rs 2,40,000 crore," he said, adding that flight of capital from private to PSU banks, if at all, would not be more than 1% of the total business.
SBI to open 1,500 or more branches
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ICICI Bank Q2 net up 1.1% at Rs 1014 cr
Mumbai: ICICI Bank reported a 1.1 per cent rise in quarterly net profit, beating forecasts, as higher other income and lending rates offset investment losses and slowing credit growth.

The country's leading private-sector bank, which is also listed in New York, said July-September net profit was Rs 1014 crore ($203 million), up from Rs 1003 crore a year ago.

A Reuters poll of analysts had forecast a 2.3 per cent dip in net profit to Rs 980 crore for the fiscal second quarter.
Deposits are safe: ICICI Bank CEO
ICICI has borne the brunt of investor concerns about the Indian bank sector's exposure to the global financial crisis. Since the bankruptcy of Lehman Brothers last month, it has repeatedly said it was well-capitalised and deposits were safe.

Earlier, shares in State Bank of India tumbled 13 per cent to 1-½ year lows on worries about bad debt provisions even after the country's largest bank beat forecasts with a more than 40 per cent rise in net profit.
State-run SBI, which raised $4.1 billion in a rights issue in March, said July-September net profit rose to Rs 2260 crore from Rs 1610 crore a year earlier. A Reuters poll of analysts had forecast fiscal second-quarter earnings of Rs 1870 crore.

Shares in ICICI fell 15 per cent in July-September, lagging the benchmark index's 4.5 per cent drop and the sector index's 9.5 per cent rise.
At Friday's close of Rs 310, ICICI shares were down 42 per cent in October.

Other income boosts ICICI net
ICICI Bank's insurance arm records loss of Rs 466 cr in H1
Expense cut helps ICICI report flat net, beat estimates
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Source:Sify,ET

Sensex dips below 8k in Intraday; Short covering helps cut losses from nearly 1000 to 200 pts

ALErt:SEBI allows creeping acquisition beyond 55 per cent
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Short covering helps cut losses; Sensex regains 8K

In a relief to investors amid the ongoing festival of lights, Indian stock market benchmarks staged a strong come-back Monday to end off lows . Auto and FMCG stocks ended with major losses while realty closed higher.

Market began the week on a lower note in line with other global markets. Sustained selling from foreign funds and panicky retail investors saw indices breaching important support levels. But short covering by bears ahead of October F&O expiry Wednesday saw a V-shaped recovery in indices to such an extent that indices jumped over 80 per cent from day’s lows.

Bombay Stock Exchange’s Sensex closed at 8,509.56, down 191.51 points or 2.20 per cent. The index bounced back around 80 per cent from its intra-day low of 7,697.39. Earlier in the day, the benchmark breached another psychological support of 8,000. National Stock Exchange’s Nifty bounced back 271.45 points from the day’s low of 2252.75 to close at 2,524.20. The broader index touched ended 59.80 points or 2.31 per cent lower from its previous close.

There was no respite for tier II and III stocks as sustained selling saw them underpeform benchmarks. BSE Midcap Index closed 4.18 per cent lower and BSE Smallcap Index fell 5 per cent. “After Friday’s fall, market was in oversold territory and traders were loaded with short positions. They didn’t want to rollover positions in such a volatile market and hence covered shorts mainly in index pivotals ahead of F&O expiry,” said a technical analyst with a local brokerage firm.

Tata Motors (-13.95%), Mahindra & Mahindra (-13.71%), Jaiprakash Associates (-10.33%), Grasim Industries (-9.57%), Tata Power (-8.75%), State Bank of India (-8.63%) and Larsen & Toubro (-7.13%) were the major Sensex losers. Bharti Airtel (5.99%), Reliance (5.83%), Reliance Infrastructure (3.97%), Reliance Communications (3.62%) and Sterlite Industries (3.40%) were the top gainers. After being beaten down black and blue, shares of Unitech surged to settle 37.58 per cent higher. There are reports that the company has sold stake in its subsidiaries to raise capital. Suzlon Energy too opened higher but soon gave up gains to end flat at Rs 46.95. The global outlook is still bearish as recessionary fears weigh on sentiments.

US stock futures were indicating another day of correction Monday. Dow Jones futures were down 2.17 per cent, Nasdaq Stock futures were 2.12 per cent lower and S&P 500 stocks futures declined 2.66 per cent. Indian markets will remain shut Tuesday on account of Diwali, but the exchanges will conduct “Muhurat” trading between 6:15 pm and 7:15 pm. Results Announced Today Mangalore Refinery & Petrochemicals' net profit fell 92.49 per cent to Rs 24.92 crore for the quarter ended Sep 30, 2008 compared with Rs 331.74 crore for the quarter ended Sep 2007. Total income increased 43.15 per cent to Rs 13,464.88 crore in Jul-Sep quarter of 2008 against Rs 765.52 crore in the same quarter of the earlier year. The company shares ended down 7.23 per cent to Rs 33.35 on BSE.

State Bank
of India, on standalone basis, posted a net profit of Rs 2259.72 crore for the quarter ended Sep 30, 2008 against Rs 1611.42 crore in the same quarter of 2007. Interest earned stood at Rs 15566.50 crore against Rs 11616.28 crore previous year. Interest expended was Rs 10111.15 crore against Rs 7853.36 crore same quarter last year. The company shares ended down 8.63 per cent to Rs 1,056.60 on BSE.
ICICI Bank posted a net profit of Rs 1,014.21 crore for the quarter ended on Sep 30, 2008 against Rs 1,002.60 crore for the quarter ended on Sep 2007. Interest earned increased to Rs 7,834.98 crore in Jul-Sep quarter of 2008 compared with Rs 7,516.47 crore in the same quarter of previous year. Interest expended stood at Rs 5,687.36 crore in the September quarter of 2008 from Rs 5730.47 crore in the earlier year. The company shares ended up 2.03 per cent to Rs 316.30 on BSE. Areva T&D India has posted a net profit after tax of Rs 52.31 crore for the quarter ended Sep 30, 2008, up by 8.89 per cent against Rs 48.05 crore for the quarter ended Sept 2007. Total income increased 34.15 per cent to Rs 586.62 crore in Jul-Sep quarter of 2008 compared with Rs 437.30 crore in the same quarter of previous year. On Monday, the company shares ended up 2.76 per cent to Rs 160.15 on BSE. Bombay Dyeing & Manufacturing Company posted net loss to Rs 103.97 crore for the quarter ended Sep 30, 2008 against the net profit of Rs 18.77 crore for the quarter ended Sep 2007. Total income increased to Rs 255.52 crore in the Jul-Sep quarter of 2008 against Rs 173.75 crore in the same quarter of previous year. On Monday, the company shares ended down 8.94 per cent to Rs 149.20 on BSE.

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Samvat 2064 ends on a volatile note
Sensex recovers after testing 8K

Source:ET,BS,BL,Sify

Happy Diwali 2008

WISH YOU A VERY HAPPY DIWALI

TO HAVE GOOD HEALTH AND WEALTH AND

GOOD RETURNS IN EQUITY MARKET

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May you all attain full inner illumination! May the supreme light of lights enlighten your understanding! May you all attain the inexhaustible spiritual wealth of the Self! May you all prosper gloriously on the material as well as spiritual planes!

Diwali Wishes

May this light of happiness, light up your life.May this diwali be the most sparkling and lightening.The sights and sounds filling up your heart with joy and happiness.
Wishing you and your family a very Happy Diwali

With Love & Cheers

Srisai & Team

30 stocks at 8700 pts; Stock analysis from ET

30 stocks @8.7K
Jaiprakash Associates
Last traded price: 6052-week high (Rs): 510% loss from 52-week high: 88

All 30 stks with Return details:30 stocks @8.7K
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Tips to tide over the financial crisis
If you feel the entire family’s savings have gone, remember the original purpose was for joint increment.
Cut in promoter wealth Millstone Effect Bank's report card
Global Financial Crisis Meltdown Effect: US Markets
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Living in interesting times27 Oct, 2008, 0610 hrs IST, Karan Sehgal
The softening in short-term interest rates should continue for some more time, as it may lead to lower interest rates in future and fuel investment growth once again.

Just the right mix 27 Oct, 2008, 0603 hrs IST, Santanu Mishra
New business from overseas and an optimal blend of technology & people will drive Allied Digital’s earnings, going ahead.

On a treasure hunt 27 Oct, 2008, 0551 hrs IST, Kiran Kabtta
Alembic offers an attractive investment opportunity as it is restructuring its operations to unlock the hidden value in its business.

The Domino Effect 27 Oct, 2008, 0547 hrs IST, Kiran Kabtta
The prices of many commodities have returned to their ’05 levels. Such a huge decline in commodity prices, and that too, over a short period, raises questions about their future direction.
Bull's Eye: Views on stocks 27 Oct, 2008, 0541 hrs IST

Have Money? Go Buy 27 Oct, 2008, 0534 hrs IST, Krishna Kant
Just as the last leg of the bull run was not justified by India Inc’s inherent earning potential, the recent capitulation appears to be equally irrational. Krishna Kant tells you why...

Small Wonders 27 Oct, 2008, 0529 hrs IST, Krishna Kant
ETIG is back with the 2008 edition of India’s 100 Fastest Growing Small Companies...

Softening interest rates to fuel investment growth 27 Oct, 2008, 0515 hrs IST, Karan Sehgal
The RBI took a U-turn in its policy of containing inflation, as liquidity almost dried up in the money market.

2008: Crisis year Survive crisis I Tide over the financial crisis
Banking not a bad investment 20 Oct, 2008, 0606 hrs IST, Karan Sehgal
Going by FII actions, it seems that banking is not that bad an investment, the IT sector has not peaked out and pharma is the best defensive bet.

Share buybacks in Asia trump bonds 20 Oct, 2008, 0602 hrs IST
Though bonds offer greater discounts than shares, Asian companies are quickly buying back shares hit by the global financial meltdown, instead of repurchasing debt.


Source:ET