21 January 2010

Evening Reports

Nifty closes below 5100; L&T, Siemens down


MUMBAI: Sustained selling pressure across the board saw benchmarks close near lowest levels of the day. All the sectoral indices ended in the red
with capital goods and power stocks worst hit.

National Stock Exchange’s Nifty ended at 5093.60, down 128.10 points or 2.45 per cent. The broader index touched a low of 5085.45 and high of 5220.35.

Bombay Stock Exchange’s Sensex closed at 17050.67, down 423.82 points or 2.43 per cent. The 30-share index hit a low of 17025.26 and high of 17474.49.

BSE Midcap Index was down 2.34 per cent and BSE Smallcap Index slipped 2.47 per cent.

All the sectoral indices were in the red. BSE Capital Goods Index was down 5.17 per cent, BSE Power Index declined 3.52 per cent and BSE Realty Index slipped 2.88 per cent.

L&T (-6.59%), Siemens (-6.41%), Tata Power (-4.73%), BHEL (-4.51%) and Suzlon Energy (-3.83%) were amongst the top Sensex losers.

Shares of Larsen & Toubro fell following disappointing results. The company’s standalone net profit rose to Rs 758.82 crore for the quarter ended December against Rs 1520.44 crore in the same quarter a year ago. Net sales stood at Rs 8071.37 crore against Rs 8593.96 crore .

BHEL reported net profit of Rs 1072.59 crore for the quarter ended December against Rs 790.56 crore in the same quarter a year ago. Net sales grew to Rs 7100.34 crore for the quarter against Rs 6022.25 crore a year ago.

Mahindra & Mahindra, up 0.31 per cent, was the lone gainer in the 50-share index.

Market breadth on BSE was sharply negative with 2369 declines against 537 advances.

(All figures are provisional)


Sensex ends 2.4% down on L&T nos; cap goods dips 5%


The benchmark Sensex today closed down by over 400 points on the back of disappointing Q3FY10 numbers from the infrastructure major Larsen & Toubro. The company's Q3 adjusted PAT (profit after tax) was up 15.21% to Rs 696 crore and net sales were down 6% at Rs 8,071 crore, which were below the market expectations.

Wholetime Director and Chief Financial Officer YM Deosthalee said, “De-growth [in sales] is mainly due to delays seen in certain projects though there are no cancellation of orders. Some irrigation projects were delayed due to fund constraints, road projects have seen a slow pick-up and decision-making in some jobs was slow.”

L&T also saw difficulty in financial closure for some projects, he said. “We did not foresee the execution capabilities in a few orders.” However, “Growth in the fourth quarter would be much higher than in the third,” Deosthalee said.


The 30-share BSE Sensex closed at 17,050, down 423 points and the Nifty was at 5,093, down 128 points, as per provisional data.


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Q3 earnings: BHEL, Biocon, L&T, Dr Reddy's, JSW Steel, Wipro, TVS Motors

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ICICI Bank Q3 net falls 13.4%; smaller than forecast


BANGALORE: ICICI Bank, India's No.2 lender, reported a smaller-than-expected 13.4 percent drop in quarterly net profit, as demand for retail

loans helped offset the impact of a drop in treasury income.

ICICI said its October-December net profit fell to Rs 1,101 crore ($239 million) from Rs 1,272 crore a year earlier. A Reuters poll of analysts had forecast net profit of Rs 1,055 crore.

Indian banks were mostly insulated from the direct impact of the global credit crisis, but the world downturn hit the country harder than expected leading to a sharp slowdown in credit growth in the current financial year.

Demand for credit is expected to pick up in the near future, as improving business and consumer confidence brings back corporate, housing, auto and retail demand in Asia's third-largest economy.

Shares in ICICI Bank, valued at $21 billion, fell 3 percent in October-December, lagging a small gain in the sector index.


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and more @ http://economictimes.indiatimes.com/News/News-By-Company/Earnings/articlelist/75410.cms


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