Economic Times Updates

Foreign inflow won't rely on P-notes: Experts
Allow inflows to enter debt and commodity markets: Experts
Midas-touch Mukesh only gainer in turbulent mkt

India's HNIs touch one lakh mark

Union Bank of India plans to add 200 branches this fiscal
L&T to hire 8,000 for Vadodra IT park
Adhunik announces steel plant in Purulia
Bharti Airtel to launch IPTV service in next two months
Indian mkts to do better than developed, emerging world: Lehman
Vijay Mallya plans London listing
TCS hires 9,000 in Q3, full-year target at 35,000
Stocks to watch: Eicher Motors, United Breweries

Gates Foundation launches $ 100 mn initiative
TCS to double staff strength in Chennai
RBI Reference rate for dollar and Euro
Ethanol-10 norm must in cars by '08

Hero Honda launches Hunk at Rs 55,000
Rural Electrification Corp pays 22.67% dividend for 2006-07
India most reformed among emerging markets
Varun Inds' issue priced at Rs 60

WNS market cap touches $1 billion
Max New York to double paid-up capital to Rs 1,500 crore
New India Insurance Company officials arrested for corruption



We thank (will be grateful to) the owners of the above articles/sites/sources/Govts www.theeconomictimes.com allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers.

Result Updates, Result Calendar

Reliance and Wipro Results on Thrusday 18.10.2007

Reliance Energy net up 34% for Sep`07 qtr

Reliance Energy on a standalone basis registered a stupendous growth of 34.17% in net profit to Rs 2,500.80 million for the quarter ended September 2007, as compared with Rs 1,863.90 million for the corresponding quarter, last year. The surge in profit is mainly attributed to increase in net margin and other income. Net margin, during the quarter rose to 13.89% from 11.77%. Other income during the quarter ended September 2007 increased 46.64% to Rs 2,581.90 million.
Net sales for the quarter rose 9.53% to Rs 15,417.30 million, as compared with Rs 14,076.30 million for the same quarter, a year ago.
Total income for the quarter rose 13.65% to Rs 17,999.2 million, as against Rs 15,837 million for the corresponding quarter, last fiscal.



Nelcast net up 22.65% in Sep`07 qtr

Nelcast registered a growth of 22.65% in net profit to Rs 62.50 million for the quarter ended September 2007, from a profit of Rs 50.96 million for the quarter ended June 2007.Net sales for the quarter rose 9% to Rs 770.58 million from Rs 706.95 million in the previous quarter.Total income for the quarter ended September 2007 rose 9.06% to Rs 775.05 million, from Rs 710.67 million for the quarter ended June 2007


Allahabad Bank net up 14.16% in Sep`07 qtr

Allahabad Bank registered a 14.16% growth in net profit to Rs 2,397.89 million for the quarter ended September 2007, as compared with Rs 2,100.31 million for the corresponding quarter last fiscal.Interest earned for the quarter rose 34.03% to Rs 15,357.08 million, as compared with Rs 11,457.53 million for the same quarter a year ago.
Total income for the quarter rose 31.27% to Rs 16,642.91 million, as against Rs 12,678.37 million, for the corresponding quarter a year ago.The earning per share (EPS) of the bank rose 14.25% to 5.37, as compared with 4.70, in the corresponding quarter a year ago.


Yes Bank net rises 2.10 times in Sep `07 qtr

Yes Bank, India`s new age private sector bank, disclosed a phenomenal jump in net profit for the quarter ended September 2007. During the quarter, the company experienced a 2.10 times rise in profits to Rs 452.80 million from Rs 214.90 million for the quarter ended September 2006.Interest earned for the quarter rose 2.37 times to Rs 3,034.50 million compared with Rs 1,278.80 million in the corresponding quarter, a year ago. Total income rose 2.28 times to Rs 3,793.80 million for the quarter ended September 2007 from Rs 1,660.10 million for the same period last year.

Alembic net up 2.8 times for Sep` 07 quarter

Vadodara-based leading drug maker, Alembic (Q, N,C,F)* today reported a rise of 51% in revenues to Rs 3,153.1 million, for the second quarter ended September 2007, compared to Rs 2,091.9 million in the corresponding quarter previous year. The company`s profit before tax was up 142% to Rs 460.6 million, from Rs 190.5 million.Domestic Formulation & API Business Domestic Formulation business of the company grew by 27% to Rs 1,941.7 million, from Rs 1,532.3 million in the corresponding quarter previous year. While domestic API business grew by 93% and stood at Rs 390.6 millio, as against Rs 202.3 million in the corresponding quarter last year.

State Bank Of Bikaner & Jaipur net down 9.21% in Sep` 07 qtr


State Bank of Bikaner & Jaipur registered a 9.21% fall in net profits to Rs 607.44 million for the quarter ended September 2007 from a profit of Rs 669.08 million for the quarter ended September 2006.Interest earned during the quarter rose 32.53% to Rs 7,591.72 million for the quarter ended September 2007 from Rs 5,728.41 million for the quarter ended September 2006.

Infotech Enterprises Q2 net climbs 39.27%

Hyderabad-based Infotech Enterprises, (Q, N,C,F)* an integrated pharmaceutical industry player, registered a substantial rise of 39.27% in net profit for the quarter ended June 2007, paced by healthy growth in sales and other income. During the quarter, net profit of the company jumped to Rs 182.3 million from Rs 130.90 million, in the same quarter last year. The company posted diluted earnings a share of Rs 3.30. Net sales for the quarter climbed 24.21% to Rs 1,031.80 million, while the total income for the quarter rose 37.37% to Rs 1,144.30 million, when compared with the corresponding quarter, a year ago.

Shasun Chemicals top line grows by 21% at Rs 131.16cr from Moneycontrol.com

Polaris Q2 consolidated net climbs 26.35% Q-o-Q (Update)

HighlightsConsolidated Results (Quarter-on-Quarter basis)In Rupee TermRevenue Rs 2,735.5 million, up 6.25% Operating profit Rs 342.7 million, up 12.29% Profit after tax Rs 182.2 million, up 26.35% In Dollar TermRevenue USD 67.48 million, up 7.59% Operating profit USD 8.45 million, up 13.73% Profit after tax USD 4.50 million, up 28.04%

Madras Aluminium net declines 34.73% in Sep`07 qtr

Madras Aluminium, reported a decline in net profit for the quarter ended September 2007. During the quarter, the company experienced a 34.73% fall in profit to Rs 287.80 million, as against Rs 441 million of the corresponding quarter, last year. Net sales for the quarter declined 11.12% to Rs 1,242.10 million, compared with Rs 1,397.60 million in the same quarter, a year ago. Total income declined 13.29% to Rs 1,244.80 million, for the quarter ended September 2007, from Rs 1,435.70 million for the same period last year


Result Calendar:
18,0ctober 2007.
ACC LTD
ALPHAGEO (I)
ASIAN CERC ASTRAL POLY
AUTOMOTIVE STA
BAJAJ AUTO FIN
BANNARI AMAN
BATLIBOI LTD
BIOCON LTD
BOMBAY CYCLE
CHOWGULE ST
DB INTL STK
DEEP INDS 18-Oct-2007 To rectify and revise Annual Accounts of the company for the year 2006-07, which was adopted in the Annual General Meeting held on 11th September, 2007. DHANDAPANI F
DHRUV ESTATE
DIAMOND CABLES
GARWARE SHIP
GARWARE WALL
GMR INFRASTR

GREAT OFFSH

HERO HONDA


HEXAWARE TECH

INDOCO REM

MEGASOFT

MERCK

OMAXE

PRAKASH IND.

RELIANCE

S K F BEARING

SONA KOYO

TANLA

TINPLATE

TRENT

UNICHEM LAB

WIPRO


We thank (will be grateful to) the owners of the above articles/sites/sources/Govts www.myiris.com allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers.

Corporate Updates

Money Control.Com

Supreme Infra to see 50-75% prem
Supreme Infra an excellent bet for long term: Experts
Dhanus Tech ends with 5.5% premium

PNs can invest in India but as FIIs: FM
Sebi move may dent FII sentiment for India: UBS
Dhanus Tech ends with 5.5% premium
Worst may be over: Ramdeo Agrawal
PNs, right move for mid-term: Uday Kotak
Correction not proportionate to rise: HSBC

Govt redrafting Broadcasting Bill, may up FDI to 74%
P-Note imbroglio benefits $, Re suffers
Bajaj Auto offers VRS to Waluj workers
Buy Sasken Communication; target of Rs 505: Citigroup

Alembic's revenues up 51% at Rs 315 crore
GAIL Q2 net profit up at Rs 572.54 crore
RNRL Q2 net profit at Rs 19.2 cr
Polaris Software Q2 consnet profit at Rs...
Yes Bank Q2 net profit at Rs 45.2 cr
Shasun Chemicals top line grows by 21% at Rs 131.16cr

India’s HNIs touch 1-lakh mark, clocks 2nd highest growth

Mumbai: Are the rich getting richer in the country? It seems so as a latest study has found that India’s High Networth Individuals (HNIs) population has touched 1,00,000 mark at the end of 2006.

Indian HNIs posted the second fastest growth of 20.5%, says the Asia-Pacific Wealth Report released by Merril Lynch and consulting firm Capgemini .

HNIs are those with net financial assets of at least $1 million, excluding their primary residence and consumables.

“Robust economic growth and strong financial markets, along with gains in income and credit expansion ... were the key drivers of growth in India’s HNI population,” DSP Merrill Lynch’s Head of Global Private Client Pradeep Dokania said.

“Indian HNIs held a combined $350 billion in financial assets at the end of 2006, 4% of total Asia Pacific HNI wealth,” the report said.Of the 100,000 HNIs in India, an estimated 858 are ultra HNIs with more than $30 million in financial assets.

In 2006, the continued expansion of India’s economy, along with India’s upbeat long term growth prospects, led to increased NRI investments into India, the report said.

“The performance of the Indian market, along with the strength of its currency, is making India more attractive to NRI investors,” Merrill Lynch’s global head of NRI markets Aseem Arora said.

DSP Merrill Lynch (DSPML) is one of India’s leading investment banking and brokerage firms and Merrill Lynch holds 90% in DSPML.

“Strong growth in HNIs’ wealth and number posed significant challenges and complexities to the financial advisory firms servicing these clients,“ Arora said.

The report has taken into account the HNI population in nine regional markets — Australia, China, Hong Kong, India, Indonesia, Japan, Singapore, South Korea and Taiwan.
Asia-Pacific had 2.6 million HNIs at the end of 2006 accounting for 27.1% of world’s HNIs population.

Among the Indian HNIs, 76% were younger than 55 years, the report revealed whereas 73% of Japanese HNIs were over that age.

“The majority of the HNIs in all markets are male, however, the proportion of male HNIs are highest in India, Australia and South Korea at more than 80%,” report said.
On the other hand females represent 43% of Taiwan’s HNI population and more than 30% in China. The wealth of Asia-Pacific HNIs grew by 10.5% to $8.4 trillion in 2006.


We thank (will be grateful to) the owners of the above articles/sites/sources/Govts www.livemint.com for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers.

Sensex.... A bloodpath....largest fall

The 10 biggest falls in Sensex history

It was bloodbath at the Indian stock markets on October 17. The Sensex plunged by 1,743 points, the largest fall in a single day ever witnessed in the history of the Indian stock markets. The Sensex hit a low of 17,307.90 points within minutes of opening on Wednesday.Trading was suspended in the market for an hour.

The markets had crashed on the wake of Securities and Exchange Board of India's (Sebi) proposal to tighten the rules for purchase of shares and bonds in Indian companies through the participatory note (PN) route.

Here are the 10 biggest falls in the Indian stock market history:
May 18, 2006: The Sensex registered a fall of 826 points (6.76 per cent) to close at 11,391, it's biggest ever, following heavy selling by FIIs, retail investors and a weakness in global markets.
April 28, 1992: The Sensex registered a fall of 570 points (12.77 per cent) to close at 3,870, it's second-largest, following the coming to light of the Harshad Mehta securities scam.

May 17, 2004: Another Monday. Sensex dropped by 565 points, its third biggest fall ever, to close at 4,505. With the NDA out of power and the Left parties, part of the UPA coalition government, flexing their muscle, the Sensex witnessed its second-biggest intra-day fall of 842 points, twice attracting suspension of trading. At close, however, it regained some of its lost ground.

May 15, 2006: The market fell by 463 points to 11,822 points.
May 22, 2006: Sensex slumped by 457 points to 10,482.
May 19, 2006: Sensex slumped by 453 points to 10,939.
April 4, 2000: Sensex slumped by 361 points to 4,691.
May 12, 1992: Indian stock markets plunged 334 points to fall to 3,086.
May 14, 2004: Sensex lost 330 points to fall to 5,070.
May 6, 1992: Losing 327 points, the Sensex fell to 3,561 points.

Some related news on this day of Sensex's Largest fall:

FIIs can rollover PNs: SEBI
FM soothes crest fallen market
What are P-Notes?
Sebi clamps down on PNs
Don't get swayed by rumours: Sebi


We thank (will be grateful to) the owners of the above articles/sites/sources/Govts www.rediff.com for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers.

Sensex recovers 1,500 pts; ends down 300pts

Sensex ends down at 18,716

The proposed clampdown on participatory notes (PNs) by Sebi had its desired impact on the markets - the Sensex opened with a huge negative gap of 5.3% (1,014 points) at 18,038.

The index soon plunged to a low of 17,308 - down 9.2% (1,744 points) - following which trading was suspended for one hour - only the 3rd instance in the last three years.

The first trading halt happened on May 17, 2004 when the index crashed 16.6% (a swing of 842 points) in intra-day deals following the change in government. The second instance was on May 22, 2004 when the Sensex hit the lower circuit, and the intra-day swing was 1,316 points on account of a meltdown in global metal stocks.

The statement by Finance Minister P Chidambaram that there is no proposal to ban PNs, and overseas investors are welcome to invest in India via the FII route helped the index recover after the 1-hour trading halt.

Sebi, in a clarification, reiterated that there is no proposal to ban PNs, and FIIs can write/renew PNs with a timelimit of 18 months, which also boosted sentiment.

The Sensex recovered sharply from the day's low (17,308 points) and touched an intra-day high of 18,841 points - up 1,533 points (8.9%) from the day's low.

The Sensex finally ended with a loss of 336 points (1.8%) at 18,716.
The Nifty closed at 5,559, down 109 points.

The market breadth was fairly negative - out of 2,724 stocks traded, 1,755 declined, 923 advanced and 46 were unchanged today.


We thank (will be grateful to) the owners of the above articles/sites/sources/Govts www.rediff.com for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers.

Day's Quote/Corporate Story

Quote of the Day

" Do not believe in examples-- believe in yourself."


Corporate/Personality of the Day

Vijay Mallya

Vijay Mallya (Kannada: ವಿಜಯ ಮಲ್ಯ) (born December 18, 1955) is an Indian businessman and Rajya Sabha MP. The son of industrialist Vittal Mallya, he is the Chairman of the United Breweries Group and Kingfisher Airlines, which draws its name from United Breweries Group's flagship beer brand, kingfisher.
In 2007 Mallya was ranked as the 664th richest person in the world with a net fortune of $1.5 billion.[1] He receives substantial press coverage that focuses on his lavish parties and his yacht, the Indian Empress.

Further, Visit: http://en.wikipedia.org/wiki/Vijay_Mallya



We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers.