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31 October 2008

Sensex gains 744 pts on all-round buying; Nifty ends 189 pts up

Sensex gains 744 pts on all-round buying; Nifty ends 189 pts up

It was a bright session for stocks on the major Indian bourses today with the bulls making their presence felt right through the day. The sharp rally on Wall Street following a 50 basis point cut in bank rate announced by the US Federal Reserve triggered strong buying in front line stocks cutting across sectors this morning.
Global meltdown and stock market
Though the market lost its way for a while this afternoon due to a negative close on the Asian bourses and a weak start in European markets, frenzied buying in the final hour of trade lifted it to a buoyant close today. However, marketmen shrugged off that phase and went on a buying spree in late afternoon trade on expectations that the central bank and the government would soon take some positive steps and announce measures to increase liquidity.
Stockometer
While the 30 share BSE sensitive index Sensex ended with a gain of 743.55 points or 8.22% at 9788.06, the broader 50 stock Nifty index of the National Stock Exchange closed with a gain of 188.55 points or 6.99% at 2885.60. In intra-day trades today, the Sensex touched a high of 9870.42. The Nifty rose to 2696.30 in late afternoon trade.
Top gainers
Metal stocks bounced back after recent losses and ended with hefty gains. A sterling display by heavyweight Reliance Industries, besides lifting the benchmark indices Sensex and Nifty, contributed significantly to the sparkling rise of the Oil & Gas index as well.
Worst losers
Select bank stocks, led by private sector major ICICI Bank, rallied higher on strong buying support. Auto, information technology, power, capital goods, FMCG and pharma stocks too had a nice ride up the charts today. Realty stocks recovered after a setback in afternoon trade. Select PSU and consumer durables stocks closed on a firm note.
Thanks to sustained buying interest, a number of midcap and smallcap stocks recorded handsome gains today. The market breadth was fairly strong right through the session. Out of 2575 stocks traded on BSE, 1577 stocks closed with gains. 916 stocks posted losses and 82 stocks ended flat.
Mahindra & Mahindra (up 23.1% to Rs 372.35) was the biggest gainer in the Sensex. HDFC vaulted 17.5% to Rs 1764.55. Jaiprakash Associates recorded a big gain of 16.55%. ICICI Bank zoomed 15.5% to Rs 399.35. Sterlite Industries closed stronger by 13.85%. Index heavyweight Reliance Industries shot up by 13.8%. Hindalco surged 13.3%.
Tata Steel moved up by 12.15%. Tata Power posted a gain of 11.9%. Tata Motors moved up by over 9%. DLF, BHEL, HDFC Bank, Satyam Computer Services, Hindustan Unilever, Reliance Infrastructure, Wipro and Infosys Technologies gained 6% - 9%. Larsen & Toubro (5.55%) Bharti Airtel (5.55%), ACC (4.2%), Maruti Suzuki (4%), NTPC (4.85%) and ONGC (3.05%) also closed with handsome gains.
State Bank of India finished with a modest gain. Grasim Industries and ITC ended with small gains while Ranbaxy Laboratories (down 1.95%) and Tata Consultancy Services (down 0.9%) closed on a weak note. BPCL (down 6.55%) and Suzlon Energy (down 3.75%) closed weak on disappointing quarterly results. Unitech lost 4.35%. Hero Honda ended lower by over 3%. Sun Pharmaceuticals and SAIL also closed on a weak note.
Tata Communications gained nearly 18%. HCL Technologies ended with a gain of a little over 14%. Cairn India, Idea Cellular, Zee Entertainment, Nalco, Reliance Petroleum, Power Grid Corporation, Cipla, Ambuja Cements, Reliance Power, GAIL India and Siemens also closed on a high note today.
JSW Steel flared up by nearly 33% today. India Infoline vaulted 25.3%. United Phosphorus gained 23.8%. United Spirits, Dabur India, Tata Chemicals, India Cements, Jindal Steel, Bosch, GE Shipping, CESC, Balrampur Chini, Triveni Engineering, Aban Offshore, Divi's Laboratories, IDFC, Mercator Lines, Core Projects, Advanta, Eicher Motors, Asahi India, Punjab Tractors and Usha Martin also ended with very strong gains today.

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FII buying lifts markets
Sensex ends up 744pts; M&M zooms 23%

Post Session Commentary - Oct 31 2008
The Indian market ended the day on strong note on heavy buying interest over the ground. Drop in inflation number for the fifth successive week and firm global markets lifted the sentiments. Market rose more than 8% also on speculation that RBI may ease monetary policy following rate cuts across the world, including in the US, China and Japan this week. Bank of Japan cut rates for the first time in seven years, to 0.30% from 0.50% joining global efforts to ease the financial crisis. Today market started the session after a holiday with handsome gains tracking positive cues from global markets. Stocks continued to gain ground on continued buying across the board. However, market gave up some of initial gains during afternoon on profit booking, but further gathered momentum and continued its northward journey till end. The buying support was seen across all the sectoral indices mainly led by the Metal, Oil & Gas, Bank, Capital Goods, IT and Auto stocks. Mid Cap and Small Cap stocks were also on buyers'' radar.Among the Sensex pack 28 stocks ended in green terrain and 2 in red. The market breadth was in favour of advances as 1577 stocks closed in green while 916 stocks closed in red and 82 stocks remained unchanged.The BSE Sensex closed higher by 743.55 points at 9,788.06 and NSE Nifty ended up by 188.55 points at 2,885.60. The BSE Mid Caps and Small Caps closed with gains of 105.54 points 3,200.02 and by 90.50 points at 3,765.11. The BSE Sensex touched intraday high of 9,870.42 and intraday low of 9,361.66.Gainers from the BSE Sensex pack are M&M Ltd (23.09%), HDFC (17.48%), JP Associates (16.55%), ICICI Bank (15.50%), Sterlite Industries (14.48%), Reliance (13.81%), Reliance Communication Ltd (13.76%), Hindalco (13.26%), Tata Steel (12.14%) and Tata Power (11.86%).Only two losers from the BSE Sensex pack are Ranbaxy Lab (1.97%) and TCS Ltd (0.93%).Inflation for the week ended 18th October 2008 came in at 10.68% as against 11.07% of previous week. It stood at 3.11% in the year-ago period. Inflation declined for the fifth consecutive week along with decline in inflation rate of three commodity groups - primary articles, fuel and manufactured products.The BSE Metal index ended higher by (10.20%) or 496.73 points at 5,367.60. Major gainers are JSW Steel (32.70%), Jindal Steel (15.33%), Sterlite Industries (14.48%), Hindalco (13.26%), Tata Steel (12.84%) and Wespan Guajrat Sr (8.92%).The BSE Oil & Gas index gained (9.11%) or 517.29 points to close at 6,195.62. Major gainers are Reliance (13.81%), Aban Offshore (13.20%), Essar Oil Ltd (11.10%), Cairn India (10.85%), Reliance Petroleum (6.61%) and Reliance Natural Resources (5.83%).The Bank index closed higher by (7.21%) or 336.90 points to close at 5,011.24 as ICICI Bank (15.50%), Yes Bank (8.81%), HDFC Bank (8.25%), Bank of India (8.11%), Axis Bank (6.59%) and Canara Bank (5.09%) in positive territory.The BSE Auto index ended up by (6.39%) or 161.22 points at 2,685.62. Gainers are M&M Ltd (23.09%), Bosch Ltd (15.08%), Tata Motors (9.11%), Escorts Ltd (8.69%), Apollo Tyre (5.05%) and Cummins India (4.59%).The BSE IT index surged (5.77%) or 156.17 points at 2,861.94. Gainers are HCL Tech (13.97%), Rolta India (12.17%), NIIT Ltd (9.69%), Moser Bayer (9.12%), Oracle Fin (8.37%) and Satyam Computer (7.61%).The BSE Capital Goods index gained (5.00%) or 333.90 points to close at 7,017.61 as Usha Martin (17.62%), Walchand In (8.77%), BHEL (8.72%), Praj Industries (8.39%), Havells India (7.85%) and Jyoti Structures (6.53%) ended in negative territory.
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Up for third day
Nifty November 2008 futures above 2900
Reliance communications jumps on decent results
Sensex tanks nearly 24% in October 2008
Mkts see strong pullback; Metal, Oil, Bank indices up 7-10%
Sensex closes 9% higher; Nifty above 2900
FIIs net buyers of Rs 1,237cr in cash mkt on Friday

Source:All web sources..

Results: Bharti,Rcom,PNB,Tatamotors,HPCL

Bharti Airtel Q2 net rises 27% on record subscriber additions

Just about meeting Street forecasts, India’s largest wireless operator Bharti Airtel on Friday announced a 27% jump in net profit to Rs 2, 046 crore despite a forex loss of Rs 586 crore for the quarter ended September 2008, against Rs 1,613 crore in the year-ago period. A record addition of over 8 million subscribers during the period (the highest by any telco in any quarter), expansion of network to remote areas and lower tariffs saw the company’s revenues surge 42% to Rs 9,020 crore.

This improved the company’s market share in the fiercely-competitive wireless subscriber space to 24.6% as on September 30, compared to 23.4% in the year-ago period. Bharti also accounted for 28.5% of the country’s wireless subscriber additions during this period. EBITDA climbed 37% to Rs 3,699 crore. However, there are several blips in Bharti’s performance. The company’s EBITDA margin, which is an indicator of its profitability, fell to 41% compared with 42.8% in the year-ago quarter. Besides, if considered on a sequential (quarter-on-quarter) basis, Bharti’s performance is anything but impressive: Net profit for Q2 was up by a mere 1% against Q1FY09, while revenues grew 6.3%. The margins for the mobile business declined to 30.2% compared to 30.7% in the quarter ended June. Average revenue per user (ARPU), too, fell 4% (q-o-q) to Rs 335 from Rs 350 in March-June quarter. On a year-on-year basis, ARPU shrank 8%. Additionally, the minutes of usage fell to 526 minutes per customer when compared to 534 minutes during the previous quarter in the same year. Some analysts termed Bharti’s performance as being ‘below expectations.’ Bharti Airtel shares closed at Rs 649, up 5.5 % from Thursday’s close of Rs 615.05 on BSE................More @ the Topic Link.

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Kotak Bank's Q2 profit down 33% on higher provisioning 31 Oct, 2008, 1648 hrs IST, Priya Kansara Pandya
Kotak Mahindra Bank witnessed weak financial performance in the second quarter, especially on the profitability front due to higher provisioning.

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HPCL reports a net loss of Rs 3,218.92 cr 31 Oct, 2008, 1655 hrs IST
Hindustan Petroleum Corporation Ltd has posted net loss of Rs 3,218.92 crore for the quarter ended Sep 30, 2008 against net profit of Rs 853.03 crore for the quarter ended Sep 2007.

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Ranbaxy Labs incurs a net loss of Rs 352.93 cr in Jul-Sep quarter 31 Oct, 2008, 1754 hrs IST
Ranbaxy Laboratories has posted a net loss to Rs 352.93 crore for the quarter ended Sep 30, 2008 against the net profit of Rs 168.16 crore for the quarter ended Sep 2007.

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IVRCL Q2 net profit up 63% on higher sales, other income 31 Oct, 2008, 1848 hrs IST
Increase in other income component, along with higher sales, helped IVRCL Infrastructures and Projects Ltd post 63 per cent jump net profit for the second quarter.

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RCOM net up 17% to Rs 1,531 crore; GSM network expansion in December 1 Nov, 2008, 0029 hrs IST
Reliance Communications (RCOM) has posted a 17.3% growth in net profit in the July-September quarter, beating estimates, due to higher number of customers.

Reliance Communications (RCOM) has posted a 17.3% growth in net profit in the July-September quarter, beating estimates, due to higher number of customers. Its consolidated net profit grew to Rs 1,531 crore in the second quarter of the current year as over 5.2 million users signed up for services during the period. The Anil Dhirubhai Ambani Group (ADAG) company saw 23.3% rise in revenue to Rs 5,645 crore. Of this, Rs 4,119 crore (65%) came from wireless business, which includes both GSM and CDMA services. Its global business, comprising national and international long distance voice, video and data services, contributed Rs 1,526 crore or 24% to total revenues. “The GSM rollout (in remaining 14 circles) is on schedule and despite the liquidity crunch in the financial markets, the funding requirement is fully in place,” RCOM chairman Anil Ambani said at the earnings conference call after the results. The RCOM stock gained 13.7% to close at Rs 220 on BSE on Friday.

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Orchid reports loss of Rs 41 crore1 Nov, 2008, 0032 hrs IST
Orchid Chemicals and Pharmaceuticals has reported a loss of Rs 40.7 crore for the quarter ended September 30, 2008, compared to a net profit of Rs 63.27 crore during the corresponding quarter of the previous fiscal.

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Punjab National Bank net up 31%, cuts PLR1 Nov, 2008, 0213 hrs IST
Punjab National Bank (PNB) reported a 31.3% increase in net profit to Rs 707.1 crore for the quarter ended September 30 from Rs 538.5 crore in the corresponding quarter last fiscal.

Punjab National Bank (PNB) reported a 31.3% increase in net profit to Rs 707.1 crore for the quarter ended September 30 from Rs 538.5 crore in the corresponding quarter last fiscal. The total income rose to Rs 5,313.2 crore for the quarter under review compared to Rs 3,931 crore in the same period of the previous fiscal. For the six months ended September 30, PNB reported a net profit of Rs 1,219.5, up 27% from Rs 963.6 crore in corresponding period last fiscal.

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IOB Q2 net rises 12% 1 Nov, 2008, 0212 hrs IST
Indian Overseas Bank (IOB) has reported a 12.3% year-on-year increase in net profit to Rs 359 crore for the second quarter of 2007-08 compared with Rs 320 crore a year back.

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Reliance Capital net up 15% 1 Nov, 2008, 0211 hrs IST
Reliance Capital has reported a 15% rise in consolidated net profit, even as its standalone results, which incorporate consumer finance and proprietary investment performance.

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Syndicate Bank net up 15% 1 Nov, 2008, 0210 hrs IST
Syndicate Bank’s net profit grew by 15% to Rs 262 crore for the quarter ended September 30. The lender had a net profit of Rs 227.6 crore for the quarter ended September 30, 2007.
Andhra Bank posts 7% rise in Q2 profit 1 Nov, 2008, 0210 hrs IST
Andhra Bank has reported a modest 7% rise net profit due to higher provisioning and absence of treasury gains.

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Tata Motors net dips 34% as sales go on slow track 1 Nov, 2008, 0052 hrs IST
Auto major Tata Motors on Friday reported a 34% decline in second quarter profit as steep interest rates dented the demand for trucks and higher input costs hit margins.

Hindalco net up12%, but outlook is cloudy 1 Nov, 2008, 0048 hrs IST
Hindalco Industries beat a weak metals market and Street expectations to post a 12% rise in its second quarter net profit on the back of higher volumes and a weak rupee.

Strides Arcolab posts profit of Rs 105 crore 1 Nov, 2008, 0034 hrs IST
Pharma firm Strides Arcolab on Friday said its net profit stood Rs 105.3 crore for the quarter ended September 30,

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J&K Bank Q2 net up 8 pc at Rs 116 cr 31 Oct, 2008, 1058 hrs IST
Jammu & Kashmir Bank today said its net profit grew by 7.53 per cent to Rs 115.92 crore for the July-September quarter from the corresponding period a year ago.

NALCO Q2 net up marginally to Rs 444 cr 31 Oct, 2008, 1056 hrs IST
National Aluminium Company on Friday said its net profit grew marginally by 1.08 per cent to Rs 444.46 crore for the second quarter ended September 30.

Suzlon Energy Q2 dips 95% at Rs 17 cr 31 Oct, 2008, 1053 hrs IST
Wind turbine manufacturer Suzlon Energy today said its net profit declined by 95.22 per cent to Rs 16.98 crore for the second quarter ended September 30, over the corresponding period a year ago.

Airtel Q2 net up 26.8 per cent 31 Oct, 2008, 1020 hrs IST
Bharti Airtel Ltd, India's top mobile operator, said quarterly profit rose 26.8 percent, lagging market forecasts.

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IVRCL Q2 net profit up 63% on higher sales, other income

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DLF Q2 cons net profit down 4.12% at Rs 1935.35 cr

IOC Q2 net loss at Rs 7047.1 cr

Kingfisher Airlines Q2 net loss at Rs 483.3 cr

ING Vysya Bank Q2 standalone net profit at Rs 46.97 cr

GVK Power Q2 cons net profit up at Rs 30.47 cr

HDIL Q2 stand net profit at Rs 265.68 cr

Power Grid Q2 net profit at Rs 396.43 cr

Kotak Mahindra Bank Q2 net profit at Rs 161 cr

UCO Bank Q2 net profit at Rs 244 cr