Mangalore Refinery And Petrochemicals net profit rises 129.39% in the June 2008 quarter
Net profit of Mangalore Refinery And Petrochemicals rose 129.39% to Rs 845.40 crore in the quarter ended June 2008 as against Rs 368.55 crore during the previous quarter ended June 2007. Sales rose 44.10% to Rs 10662.46 crore in the quarter ended June 2008 as against Rs 7399.55 crore during the previous quarter ended June 2007.
Lakshmi Vilas Bank net profit declines 71.64% in the June 2008 quarter
J B Chemicals & Pharamaceuticals net profit rises 344.30% in the June 2008 quarter
Net profit of J B Chemicals & Pharamaceuticals rose 344.30% to Rs 13.64 crore in the quarter ended June 2008 as against Rs 3.07 crore during the previous quarter ended June 2007. Sales rose 30.88% to Rs 137.91 crore in the quarter ended June 2008 as against Rs 105.37 crore during the previous quarter ended June 2007.
Jindal Steel & Power net profit rises 60.85% in the June 2008 quarter
Net profit of Jindal Steel & Power rose 60.85% to Rs 402.30 crore in the quarter ended June 2008 as against Rs 250.11 crore during the previous quarter ended June 2007. Sales rose 54.96% to Rs 1895.31 crore in the quarter ended June 2008 as against Rs 1223.13 crore during the previous quarter ended June 2007
Sonata Software net profit rises 71.45% in the June 2008 quarter
Net profit of Sonata Software rose 71.45% to Rs 13.27 crore in the quarter ended June 2008 as against Rs 7.74 crore during the previous quarter ended June 2007. Sales rose 19.81% to Rs 55.35 crore in the quarter ended June 2008 as against Rs 46.20 crore during the previous quarter ended June 2007.
Gujarat State Petronet net profit rises 82.65% in the June 2008 quarter
Net profit of Gujarat State Petronet rose 82.65% to Rs 32.64 crore in the quarter ended June 2008 as against Rs 17.87 crore during the previous quarter ended June 2007. Sales rose 24.73% to Rs 119.49 crore in the quarter ended June 2008 as against Rs 95.80 crore during the previous quarter ended June 2007.
Indian Hotels Company net profit rises 11.89% in the June 2008 quarter
Net profit of Indian Hotels Company rose 11.89% to Rs 61.27 crore in the quarter ended June 2008 as against Rs 54.76 crore during the previous quarter ended June 2007. Sales rose 8.78% to Rs 376.91 crore in the quarter ended June 2008 as against Rs 346.50 crore during the previous quarter ended June 2007.
Andhra Bank net profit declines 44.99% in the June 2008 quarter
Net profit of Andhra Bank declined 44.99% to Rs 77.62 crore in the quarter ended June 2008 as against Rs 141.09 crore during the previous quarter ended June 2007. Total operating income rose 16.97% to Rs 1157.36 crore in the quarter ended June 2008 as against Rs 989.45 crore during the previous quarter ended June 2007
Hindustan Motors reports net loss of Rs 8.36 crore in the June 2008 quarter
Vipul net profit rises 11.13% in the June 2008 quarter
GRUH Finance net profit rises 54.37% in the June 2008 quarter
Hind Rectifiers net profit declines 10.80% in the June 2008 quarter
Emami net profit rises 12.94% in the June 2008 quarter
Net profit of Emami rose 12.94% to Rs 11.17 crore in the quarter ended June 2008 as against Rs 9.89 crore during the previous quarter ended June 2007. Sales rose 16.90% to Rs 122.79 crore in the quarter ended June 2008 as against Rs 105.04 crore during the previous quarter ended June 2007
Redington India net profit rises 26.75% in the June 2008 quarter
Net profit of Redington India rose 26.75% to Rs 15.07 crore in the quarter ended June 2008 as against Rs 11.89 crore during the previous quarter ended June 2007. Sales rose 15.03% to Rs 1490.87 crore in the quarter ended June 2008 as against Rs 1296.02 crore during the previous quarter ended June 2007.
Suven Life Sciences net profit declines 49.21% in the June 2008 quarter
SRF net profit declines 18.44% in the June 2008 quarter
Net profit of SRF declined 18.44% to Rs 45.69 crore in the quarter ended June 2008 as against Rs 56.02 crore during the previous quarter ended June 2007. Sales rose 16.31% to Rs 470.65 crore in the quarter ended June 2008 as against Rs 404.65 crore during the previous quarter ended June 2007.
M M Forgings net profit rises 25.95% in the June 2008 quarter
3i Infotech net profit rises 76.14% in the June 2008 quarter
Net profit of 3i Infotech rose 76.14% to Rs 37.73 crore in the quarter ended June 2008 as against Rs 21.42 crore during the previous quarter ended June 2007. Sales rose 15.20% to Rs 136.87 crore in the quarter ended June 2008 as against Rs 118.81 crore during the previous quarter ended June 2007.
Noida Toll Bridge Company net profit rises 11.76% in the June 2008 quarter
Net profit of Noida Toll Bridge Company rose 11.76% to Rs 7.32 crore in the quarter ended June 2008 as against Rs 6.55 crore during the previous quarter ended June 2007. Sales rose 34.98% to Rs 19.41 crore in the quarter ended June 2008 as against Rs 14.38 crore during the previous quarter ended June 2007.
India net profit declines 3.29% in the June 2008 quarter
Gujarat State Fertilizers & Chemicals net profit rises 30.93% in the June 2008 quarter
Amara Raja Batteries net profit declines 16.69% in the June 2008 quarter
Ambuja Cements net profit declines 32.51% in the June 2008 quarter
Net profit of Ambuja Cements declined 32.51% to Rs 577.02 crore in the quarter ended June 2008 as against Rs 855.01 crore during the previous quarter ended June 2007. Sales rose 8.20% to Rs 1569.77 crore in the quarter ended June 2008 as against Rs 1450.74 crore during the previous quarter ended June 2007.
Alphageo (India) net profit rises 397.55% in the June 2008 quarter
Net profit of Alphageo (India) rose 397.55% to Rs 12.19 crore in the quarter ended June 2008 as against Rs 2.45 crore during the previous quarter ended June 2007. Sales rose 118.10% to Rs 45.06 crore in the quarter ended June 2008 as against Rs 20.66 crore during the previous quarter ended June 2007.
CEAT reports net loss of Rs 10.67 crore in the June 2008 quarter
Karnataka Bank net profit declines 60.03% in the June 2008 quarter
Net profit of Karnataka Bank declined 60.03% to Rs 20.70 crore in the quarter ended June 2008 as against Rs 51.79 crore during the previous quarter ended June 2007. Total operating income rose 26.53% to Rs 457.90 crore in the quarter ended June 2008 as against Rs 361.89 crore during the previous quarter ended June 2007.
Reliance Natural Resources net profit rises 6.78% in the June 2008 quarter
Net profit of Reliance Natural Resources rose 6.78% to Rs 16.07 crore in the quarter ended June 2008 as against Rs 15.05 crore during the previous quarter ended June 2007. Sales rose 102.82% to Rs 53.97 crore in the quarter ended June 2008 as against Rs 26.61 crore during the previous quarter ended June 2007.
Nagarjuna Fertilizers & Chemicals net profit declines 1.54% in the June 2008 quarter
Net profit of Nagarjuna Fertilizers & Chemicals declined 1.54% to Rs 7.04 crore in the quarter ended June 2008 as against Rs 7.15 crore during the previous quarter ended June 2007. Sales rose 44.37% to Rs 433.55 crore in the quarter ended June 2008 as against Rs 300.30 crore during the previous quarter ended June 2007.
Dredging Corporation of India net profit declines 54.66% in the June 2008 quarter
Net profit of Dredging Corporation of India declined 54.66% to Rs 24.45 crore in the quarter ended June 2008 as against Rs 53.92 crore during the previous quarter ended June 2007. Sales rose 0.93% to Rs 196.00 crore in the quarter ended June 2008 as against Rs 194.20 crore during the previous quarter ended June 2007.
Nava Bharat Ventures net profit rises 118.92% in the June 2008 quarter
Net profit of Nava Bharat Ventures rose 118.92% to Rs 126.91 crore in the quarter ended June 2008 as against Rs 57.97 crore during the previous quarter ended June 2007. Sales rose 64.77% to Rs 290.48 crore in the quarter ended June 2008 as against Rs 176.29 crore during the previous quarter ended June 2007.
Engineers India net profit rises 32.99% in the June 2008 quarter
Net profit of Engineers India rose 32.99% to Rs 50.63 crore in the quarter ended June 2008 as against Rs 38.07 crore during the previous quarter ended June 2007. Sales rose 67.75% to Rs 252.44 crore in the quarter ended June 2008 as against Rs 150.49 crore during the previous quarter ended June 2007.
Hindustan Unilever net profit rises 13.20% in the June 2008 quarter
Net profit of Hindustan Unilever rose 13.20% to Rs 558.18 crore in the quarter ended June 2008 as against Rs 493.08 crore during the previous quarter ended June 2007. Sales rose 21.09% to Rs 4215.67 crore in the quarter ended June 2008 as against Rs 3481.40 crore during the previous quarter ended June 2007.
Varun Industries reports net profit of Rs 6.21 crore in the June 2008 quarter
IndusInd Bank net profit rises 44.48% in the June 2008 quarter
Net profit of IndusInd Bank rose 44.48% to Rs 19.10 crore in the quarter ended June 2008 as against Rs 13.22 crore during the previous quarter ended June 2007. Total operating income rose 22.31% to Rs 528.18 crore in the quarter ended June 2008 as against Rs 431.84 crore during the previous quarter ended June 2007.
Karur Vysya Bank net profit declines 36.31% in the June 2008 quarter
Net profit of Karur Vysya Bank declined 36.31% to Rs 30.54 crore in the quarter ended June 2008 as against Rs 47.95 crore during the previous quarter ended June 2007. Total operating income rose 27.91% to Rs 327.67 crore in the quarter ended June 2008 as against Rs 256.18 crore during the previous quarter ended June 2007.
Tata Power Company net profit rises 0.18% in the June 2008 quarter
Net profit of Tata Power Company rose 0.18% to Rs 190.55 crore in the quarter ended June 2008 as against Rs 190.20 crore during the previous quarter ended June 2007. Sales rose 34.05% to Rs 2026.13 crore in the quarter ended June 2008 as against Rs 1511.48 crore during the previous quarter ended June 2007
Whirlpool of India net profit rises 198.73% in the June 2008 quarter
Ipca Laboratories net profit declines 31.94% in the June 2008 quarter
Mukta Arts reports net loss of Rs 0.71 crore in the June 2008 quarter
Reliance Power reports net profit of Rs 59.71 crore in the June 2008 quarter
Reliance Power reported net profit of Rs 59.71 crore in the quarter ended June 2008. There were no sales reported in the quarter ended June 2008.
ABB net profit rises 21.42% in the June 2008 quarter
Net profit of ABB rose 21.42% to Rs 131.81 crore in the quarter ended June 2008 as against Rs 108.56 crore during the previous quarter ended June 2007. Sales rose 15.38% to Rs 1616.30 crore in the quarter ended June 2008 as against Rs 1400.88 crore during the previous quarter ended June 2007.
Godrej Consumer Products net profit declines 4.22% in the June 2008 quarter
Pratibha Industries net profit rises 93.82% in the June 2008 quarter
Net profit of Pratibha Industries rose 93.82% to Rs 11.61 crore in the quarter ended June 2008 as against Rs 5.99 crore during the previous quarter ended June 2007. Sales rose 169.67% to Rs 177.82 crore in the quarter ended June 2008 as against Rs 65.94 crore during the previous quarter ended June 2007.
Educomp Solutions net profit rises 180.90% in the June 2008 quarter
Net profit of Educomp Solutions rose 180.90% to Rs 16.77 crore in the quarter ended June 2008 as against Rs 5.97 crore during the previous quarter ended June 2007. Sales rose 152.40% to Rs 69.41 crore in the quarter ended June 2008 as against Rs 27.50 crore during the previous quarter ended June 2007
Union Bank of India net profit rises 1.42% in the June 2008 quarter
Net profit of Union Bank of India rose 1.42% to Rs 228.29 crore in the quarter ended June 2008 as against Rs 225.10 crore during the previous quarter ended June 2007. Total operating income rose 19.99% to Rs 2533.21 crore in the quarter ended June 2008 as against Rs 2111.15 crore during the previous quarter ended June 2007
Oriental Bank of Commerce net profit rises 58.44% in the June 2008 quarter
Net profit of Oriental Bank of Commerce rose 58.44% to Rs 220.52 crore in the quarter ended June 2008 as against Rs 139.18 crore during the previous quarter ended June 2007. Total operating income rose 27.35% to Rs 1953.72 crore in the quarter ended June 2008 as against Rs 1534.14 crore during the previous quarter ended June 2007.
eClerx Services net profit rises 56.05% in the June 2008 quarter
Net profit of eClerx Services rose 56.05% to Rs 15.87 crore in the quarter ended June 2008 as against Rs 10.17 crore during the previous quarter ended June 2007. Sales rose 62.37% to Rs 42.15 crore in the quarter ended June 2008 as against Rs 25.96 crore during the previous quarter ended June 2007.
Grasim Industries net profit rises 0.49% in the June 2008 quarter
Net profit of Grasim Industries rose 0.49% to Rs 514.19 crore in the quarter ended June 2008 as against Rs 511.66 crore during the previous quarter ended June 2007. Sales rose 6.44% to Rs 2592.33 crore in the quarter ended June 2008 as against Rs 2435.47 crore during the previous quarter ended June 2007.
Alstom Projects India net profit rises 4.57% in the June 2008 quarter
Net profit of Alstom Projects India rose 4.57% to Rs 18.30 crore in the quarter ended June 2008 as against Rs 17.50 crore during the previous quarter ended June 2007. Sales rose 51.06% to Rs 364.50 crore in the quarter ended June 2008 as against Rs 241.30 crore during the previous quarter ended June 2007.
Hindustan Construction Company net profit declines 11.84% in the June 2008 quarter
Net profit of Hindustan Construction Company declined 11.84% to Rs 30.84 crore in the quarter ended June 2008 as against Rs 34.98 crore during the previous quarter ended June 2007. Sales rose 18.77% to Rs 865.89 crore in the quarter ended June 2008 as against Rs 729.04 crore during the previous quarter ended June 2007
Gateway Distriparks net profit rises 17.06% in the June 2008 quarter
Net profit of Gateway Distriparks rose 17.06% to Rs 20.58 crore in the quarter ended June 2008 as against Rs 17.58 crore during the previous quarter ended June 2007. Sales rose 50.56% to Rs 47.08 crore in the quarter ended June 2008 as against Rs 31.27 crore during the previous quarter ended June 2007.
Indiabulls Securities net profit declines 15.68% in the June 2008 quarter
Net profit of Indiabulls Securities declined 15.68% to Rs 37.49 crore in the quarter ended June 2008 as against Rs 44.46 crore during the previous quarter ended June 2007. Sales rose 14.97% to Rs 121.31 crore in the quarter ended June 2008 as against Rs 105.51 crore during the previous quarter ended June 2007.
I-Flex Solutions net profit rises 58.38% in the June 2008 quarter
Net profit of I-Flex Solutions rose 58.38% to Rs 92.18 crore in the quarter ended June 2008 as against Rs 58.20 crore during the previous quarter ended June 2007. Sales rose 20.32% to Rs 462.80 crore in the quarter ended June 2008 as against Rs 384.64 crore during the previous quarter ended June 2007.
Emkay Global Financial Services net profit declines 83.61% in the June 2008 quarter
TTK Prestige net profit rises 19.16% in the June 2008 quarter
Wire & Wireless India reports net loss of Rs 19.74 crore in the June 2008 quarter
Indiabulls Financial Services net profit rises 102.84% in the June 2008 quarter
Net profit of Indiabulls Financial Services rose 102.84% to Rs 105.11 crore in the quarter ended June 2008 as against Rs 51.82 crore during the previous quarter ended June 2007. Sales rose 308.85% to Rs 464.66 crore in the quarter ended June 2008 as against Rs 113.65 crore during the previous quarter ended June 2007.
Exide Industries net profit rises 17.24% in the June 2008 quarter
Net profit of Exide Industries rose 17.24% to Rs 82.20 crore in the quarter ended June 2008 as against Rs 70.11 crore during the previous quarter ended June 2007. Sales rose 36.54% to Rs 906.53 crore in the quarter ended June 2008 as against Rs 663.92 crore during the previous quarter ended June 2007.
Source: CM
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26 July 2008
Sensex plummets 502 pts on global weakness
Sensex plummets 502 pts on global weakness
As global markets plunged on concerns over mounting credit losses, blue chip stocks, barring a select few, reeled under a sustained onslaught and ended with big losses on the Indian bourses this afternoon. So weak was the sentiment that not even some good report cards from India Inc could pull the market out of the red today. The mood was also dampened on reports that a few blasts rocked Bangaluru this afternoon.
The bulls who had taken a retreat yesterday after holding sway for five successive sessions were not to be seen anywhere near the ring today. Bank and oil stocks were among the biggest losers. Realty, capital goods, power and metal stocks had a weak outing as well. A host of stocks from auto and IT sectors too wilted under pressure. Select pharma and FMCG stocks bounced back and closed with notable gains.
As selling interest centred around large caps today, mid and small cap stocks signed off without much damage.
The Sensex, which opened with a negative gap of around 325 points at 14,451.95 and crashed to a low of 14,210.63 in late afternoon trade, ended at 14,274.94 with a stunning loss of 502.07 points or 3.4%. The Nifty settled with a loss of 121.70 points or 2.74% at 4311.85, a few points off its low of 4297.15.
Ranbaxy Laboratories (3.15%), ACC (2.45%), Hindustan Unilever (1.95%), Satyam Computer Services (1.45%), NTPC (1.15%), Grasim Industries (0.7%) and Reliance Communications (0.35%) were the Sensex stocks that managed to close on a positive note today.
ICICI Bank (down 9.6%), HDFC Bank (down 7.15%), Reliance Industries (down 6.9%) and HDFC (down 5.65%) were severely hammered today. Jaiprakash Associates, ONGC, Reliance Infrastructure and BHEL lost 4% - 4.5%. Realty stock DLF and engineering major Larsen & Toubro eased by 3.2% and 3.15% respectively.
Tata Motors, Cipla, Tata Steel and State Bank of India lost 2% - 3%. Hindalco, Ambuja Cements, Infosys Technologies, Mahindra & Mahindra, Tata Consultancy Services, ITC lost 0.5% - 1.5%. Maruti Suzuki eased by around half a per cent while Wipro and Bharti Airtel ended with minor losses.
ABB, Tata Communications, Reliance Petroleum, Sterlite Industries, Sun Pharmaceuticals, Tata Power, HCL Technologies, GAIL India, Zee Entertainment, Suzlon Energy, SAIL and Unitech closed with sharp losses. Nalco moved up by 4.65%. Punjab National Bank, BPCL, Idea Cellular and Siemens settled with sharp to moderate gains.
Mangalore Refineries & Petrochemicals soared 16.7% on buoyant quarterly results. JP Hydropower, Neyveli Lignite Corporation, United Phosphorus, Ispat Industries, Oriental Bank of Commerce, Phoenix Mills, Jai Corp, Piramal Healthcare, India Cements, HMT, Petronet LNG, Jet Airways, Glenmark Pharmaceuticals, Max India, Tata Teleservices, India Bulls Financial Services and Rolta India ended with handsome gains.
Axis Bank, Canara Bank, Karnataka Bank, Yes Bank, Kotak Bank, Federal Bank, Andhra Bank, Indian Bank and Corporation Bank were among the prominent losers among bank stocks besides the three heavyweights. Midcap stocks 3i Infotech, Ess Dee Aluminium, Honeywell Automation, United Breweries, Shree Cements, Renuka Sugars, Advanta, Sadbhav Engineering, IB Securities, KS Oils, Godfrey Philips, Balrampur Chini and Petronet LNG closed with impressive gains.
The market breadth was weak. Out of 2691 stocks traded on BSE today, 1154 stocks closed with gains. 1460 stocks posted losses and 77 stocks ended flat.
Source:Sify
As global markets plunged on concerns over mounting credit losses, blue chip stocks, barring a select few, reeled under a sustained onslaught and ended with big losses on the Indian bourses this afternoon. So weak was the sentiment that not even some good report cards from India Inc could pull the market out of the red today. The mood was also dampened on reports that a few blasts rocked Bangaluru this afternoon.
The bulls who had taken a retreat yesterday after holding sway for five successive sessions were not to be seen anywhere near the ring today. Bank and oil stocks were among the biggest losers. Realty, capital goods, power and metal stocks had a weak outing as well. A host of stocks from auto and IT sectors too wilted under pressure. Select pharma and FMCG stocks bounced back and closed with notable gains.
As selling interest centred around large caps today, mid and small cap stocks signed off without much damage.
The Sensex, which opened with a negative gap of around 325 points at 14,451.95 and crashed to a low of 14,210.63 in late afternoon trade, ended at 14,274.94 with a stunning loss of 502.07 points or 3.4%. The Nifty settled with a loss of 121.70 points or 2.74% at 4311.85, a few points off its low of 4297.15.
Ranbaxy Laboratories (3.15%), ACC (2.45%), Hindustan Unilever (1.95%), Satyam Computer Services (1.45%), NTPC (1.15%), Grasim Industries (0.7%) and Reliance Communications (0.35%) were the Sensex stocks that managed to close on a positive note today.
ICICI Bank (down 9.6%), HDFC Bank (down 7.15%), Reliance Industries (down 6.9%) and HDFC (down 5.65%) were severely hammered today. Jaiprakash Associates, ONGC, Reliance Infrastructure and BHEL lost 4% - 4.5%. Realty stock DLF and engineering major Larsen & Toubro eased by 3.2% and 3.15% respectively.
Tata Motors, Cipla, Tata Steel and State Bank of India lost 2% - 3%. Hindalco, Ambuja Cements, Infosys Technologies, Mahindra & Mahindra, Tata Consultancy Services, ITC lost 0.5% - 1.5%. Maruti Suzuki eased by around half a per cent while Wipro and Bharti Airtel ended with minor losses.
ABB, Tata Communications, Reliance Petroleum, Sterlite Industries, Sun Pharmaceuticals, Tata Power, HCL Technologies, GAIL India, Zee Entertainment, Suzlon Energy, SAIL and Unitech closed with sharp losses. Nalco moved up by 4.65%. Punjab National Bank, BPCL, Idea Cellular and Siemens settled with sharp to moderate gains.
Mangalore Refineries & Petrochemicals soared 16.7% on buoyant quarterly results. JP Hydropower, Neyveli Lignite Corporation, United Phosphorus, Ispat Industries, Oriental Bank of Commerce, Phoenix Mills, Jai Corp, Piramal Healthcare, India Cements, HMT, Petronet LNG, Jet Airways, Glenmark Pharmaceuticals, Max India, Tata Teleservices, India Bulls Financial Services and Rolta India ended with handsome gains.
Axis Bank, Canara Bank, Karnataka Bank, Yes Bank, Kotak Bank, Federal Bank, Andhra Bank, Indian Bank and Corporation Bank were among the prominent losers among bank stocks besides the three heavyweights. Midcap stocks 3i Infotech, Ess Dee Aluminium, Honeywell Automation, United Breweries, Shree Cements, Renuka Sugars, Advanta, Sadbhav Engineering, IB Securities, KS Oils, Godfrey Philips, Balrampur Chini and Petronet LNG closed with impressive gains.
The market breadth was weak. Out of 2691 stocks traded on BSE today, 1154 stocks closed with gains. 1460 stocks posted losses and 77 stocks ended flat.
Source:Sify
25 July 2008
World's top 10 consumers of oil
World's top 10 consumers of oil
Oil, or black gold, is the single most important commodity in the world today.
Scientists say that the world's oil reserves could run dry over the next 30 to 50 years, crippling the world's economy. Which means that new oil reserves will have to be found, or alternative sources of energy will have to be developed, or the consumption of oil will have to drastically reduced.
The globe uses up almost 82 million barrels of oil every day, or 30 billion barrels per year, and the consumption is constantly growing by the day, with economies like India and China growing at breakneck speed.
So which are the world's largest users of petroleum? Read on to find out the top 10 consumers of oil. . .
1. United States
The United States of America is the single largest consumer of oil.
It uses as much as 20.73 million barrels per day!
2. China
A fast growing China is the world's second largest user of oil.
The world's most populous nation uses 6.534 million barrels per day.
3. Japan
Japan is the third largest consumer of oil.
The Asian nation consumes 5.578 million barrels per day.
4. Germany
Germany is the fourth biggest consumer of oil in the world.
It uses 2.650 million barrels per day.
5. Russia
Russia is the fifth largest consumer of oil.
It uses 2.500 million barrels per day.
6. India
India is the sixth largest consumer of oil.
It burns up 2.450 million barrels per day.
7. Canada
Canada is the world's seventh largest consumer of oil.
It uses 2.294 million barrels per day.
8. South Korea
South Korea is the world's eighth largest consumer of oil.
It uses up 2.149 million barrels of oil per day.
9. Brazil
Brazil is the ninth largest user of oil.
It guzzles 2.100 million barrels per day.
10. France
France is the world's tenth largest consumer of oil.
It devours 1.970 million barrels per day.
-----------------------------------------------------
Also Read:
Nations with highest per capita income
World's 8 biggest stock exchanges
Why Vinod Khosla is the smartest guy in Silicon Valley
From Rs 50 to a Forbes billionaire!
World's 10 most expensive watches
World's 8 most expensive mobiles
Magic: India's longest surviving brand
Source: Rediff
Oil, or black gold, is the single most important commodity in the world today.
Scientists say that the world's oil reserves could run dry over the next 30 to 50 years, crippling the world's economy. Which means that new oil reserves will have to be found, or alternative sources of energy will have to be developed, or the consumption of oil will have to drastically reduced.
The globe uses up almost 82 million barrels of oil every day, or 30 billion barrels per year, and the consumption is constantly growing by the day, with economies like India and China growing at breakneck speed.
So which are the world's largest users of petroleum? Read on to find out the top 10 consumers of oil. . .
1. United States
The United States of America is the single largest consumer of oil.
It uses as much as 20.73 million barrels per day!
2. China
A fast growing China is the world's second largest user of oil.
The world's most populous nation uses 6.534 million barrels per day.
3. Japan
Japan is the third largest consumer of oil.
The Asian nation consumes 5.578 million barrels per day.
4. Germany
Germany is the fourth biggest consumer of oil in the world.
It uses 2.650 million barrels per day.
5. Russia
Russia is the fifth largest consumer of oil.
It uses 2.500 million barrels per day.
6. India
India is the sixth largest consumer of oil.
It burns up 2.450 million barrels per day.
7. Canada
Canada is the world's seventh largest consumer of oil.
It uses 2.294 million barrels per day.
8. South Korea
South Korea is the world's eighth largest consumer of oil.
It uses up 2.149 million barrels of oil per day.
9. Brazil
Brazil is the ninth largest user of oil.
It guzzles 2.100 million barrels per day.
10. France
France is the world's tenth largest consumer of oil.
It devours 1.970 million barrels per day.
-----------------------------------------------------
Also Read:
Nations with highest per capita income
World's 8 biggest stock exchanges
Why Vinod Khosla is the smartest guy in Silicon Valley
From Rs 50 to a Forbes billionaire!
World's 10 most expensive watches
World's 8 most expensive mobiles
Magic: India's longest surviving brand
Source: Rediff
Labels:
World's top 10 consumers of oil
RIL understated profits fearing windfall tax: SP Tulsian
RIL understated profits fearing windfall tax: SP Tulsian
Reliance Industries has posted 13.2% growth in its net profit at Rs 4,110 crore for the quarter ended June 2008 as against Rs 3,630 crore in the same period of last year. Gross refining margin, or GRM stood at USD 15.70 per barrel. Petro-chemicals revenues went up by 12.7% at Rs 14,871 crore and EBIT margin improved by 10.6% from 10.4% (QoQ). Refining revenues were up by 45.9% at Rs 32,587 crore and EBIT margin declined by 9.3% versus 9.9% (QoQ).
SP Tulsian of Sptulsian.com said results of the refinery segment look disappointing. According to him, the company seems to have understated profit mainly fearing windfall profit tax on the refinery segment.
According to Jigar Shah, Senior Vice-President and Head of Research, KIM ENG Securities, there was a lot of volatility because of rising raw material prices. "That has resulted in refining margins being lower than what was expected. The way crude prices had shot up, the expectation was that GRM for the quarter would be higher on a sequential basis."
Excerpts from CNBC-TV18’s exclusive interview with SP Tulsian and Jigar Shah:
Q: Would you call it a disappointment?
Tulsian: The results from the refinery segment look disappointing. The Rs 3,040 crore EBIT is Rs 2,839 crore if compared sequentially, which means it has just increased by Rs 200 crore. Q4 had a realisation of less than Rs 40 per dollar. This quarter has seen a higher currency rate of at least Rs 42. So, even a 4% currency benefit is not factoring in profitability.
There has been a steep increase in the price of crude. The company always carries inventory of about Rs 14,000 crore. So, even if I presume 25%, it works out to about Rs 3,500 crore of crude oil, which should give an inventory gain of about Rs 200-400 crore.
Apart from that, they have seen better gross refining margins, or GRMs, of 20 cents, which should give them an extra profit of maybe Rs 60-70 crore. On the refinery segment, the company seems to have understated the profit mainly fearing windfall profit tax. It does not want to give too rosy a picture that the refinery segment has shown very good profitability. That may attract the attention of the regulator or maybe the government and tempt them to go for windfall profit tax.
Q: Would say that GRMs at 15.7% are an understatement?
Tulsian: Crude prices have risen from about USD 110 per barrel on an average for the March quarter to about USD 130 per barrel. So, there is a proportionate increase in GRMs with an increase in crude prices. If crude rises by about 20%, then GRMs must rise by 10% because they have been refining heavy crude with a high sulphur content. The refinery produces about 1 lakh tonne of sulphur residues every month. It has given them very good realization. Sulphur prices which used to rule at about Rs 2 per kg a couple of years back, is now sold at around Rs 34 per kg.
There has not been a sharp increase in the two quarters on a sequential basis. There has been an increment continually. They have a huge recovery of sulphur. It should give them an extra profit to the extent of about Rs 50-70 crore alone from waste products. If one adds all these things, a Rs 200 crore increase in EBDITA, the refinery segment seems to be understated.
Q: What have you made of the numbers? Would you say that the performance is below par or would you attribute the motive and say that perhaps there is an understatement of profit?
Shah: It is not an understatement. In both businesses, there is a lot of volatility because of rising raw materials. That has resulted in lower refining margins than what was expected. The way crude prices had shot up, expectations were that GRM for the quarter would be higher on a sequential basis.
That has not happened in a very sharp manner because the product mix could have undergone some change. The petrochemical margin fall is very much on expected lines because naphtha prices were ruling high. They would have impacted the company’s overall costing.
Going forward with further availability of gas as feedstock, the overall performance can improve. The second half should be much better, because we also have KG Basin gas coming in. My outlook for the company does not change and excluding KG Basin production, 20% kind of profit growth looks reasonable.
Q: The company should have enjoyed the benefits of a depreciating rupee, inspite of that you are seeing that refining revenues have not lived up to expectations, which is barely Rs 200 crore over the previous quarter. Doesn’t this come as a surprise?
Shah: The rupee appreciation during the April-June quarter has taken a lot of companies by surprise. A lot of export-oriented companies instead of gaining have ended up losing on foreign exchange. So, I am not surprised on that angle because clearly people had not expected such a sharp upward movement in the rupee.Operating performance seems to be okay. The profit on the refining side has been below expectations. But one quarter is not sufficient to make a judgment and whether that is going to follow in the subsequent period.
Source: Indiaearnings.com
Reliance Industries has posted 13.2% growth in its net profit at Rs 4,110 crore for the quarter ended June 2008 as against Rs 3,630 crore in the same period of last year. Gross refining margin, or GRM stood at USD 15.70 per barrel. Petro-chemicals revenues went up by 12.7% at Rs 14,871 crore and EBIT margin improved by 10.6% from 10.4% (QoQ). Refining revenues were up by 45.9% at Rs 32,587 crore and EBIT margin declined by 9.3% versus 9.9% (QoQ).
SP Tulsian of Sptulsian.com said results of the refinery segment look disappointing. According to him, the company seems to have understated profit mainly fearing windfall profit tax on the refinery segment.
According to Jigar Shah, Senior Vice-President and Head of Research, KIM ENG Securities, there was a lot of volatility because of rising raw material prices. "That has resulted in refining margins being lower than what was expected. The way crude prices had shot up, the expectation was that GRM for the quarter would be higher on a sequential basis."
Excerpts from CNBC-TV18’s exclusive interview with SP Tulsian and Jigar Shah:
Q: Would you call it a disappointment?
Tulsian: The results from the refinery segment look disappointing. The Rs 3,040 crore EBIT is Rs 2,839 crore if compared sequentially, which means it has just increased by Rs 200 crore. Q4 had a realisation of less than Rs 40 per dollar. This quarter has seen a higher currency rate of at least Rs 42. So, even a 4% currency benefit is not factoring in profitability.
There has been a steep increase in the price of crude. The company always carries inventory of about Rs 14,000 crore. So, even if I presume 25%, it works out to about Rs 3,500 crore of crude oil, which should give an inventory gain of about Rs 200-400 crore.
Apart from that, they have seen better gross refining margins, or GRMs, of 20 cents, which should give them an extra profit of maybe Rs 60-70 crore. On the refinery segment, the company seems to have understated the profit mainly fearing windfall profit tax. It does not want to give too rosy a picture that the refinery segment has shown very good profitability. That may attract the attention of the regulator or maybe the government and tempt them to go for windfall profit tax.
Q: Would say that GRMs at 15.7% are an understatement?
Tulsian: Crude prices have risen from about USD 110 per barrel on an average for the March quarter to about USD 130 per barrel. So, there is a proportionate increase in GRMs with an increase in crude prices. If crude rises by about 20%, then GRMs must rise by 10% because they have been refining heavy crude with a high sulphur content. The refinery produces about 1 lakh tonne of sulphur residues every month. It has given them very good realization. Sulphur prices which used to rule at about Rs 2 per kg a couple of years back, is now sold at around Rs 34 per kg.
There has not been a sharp increase in the two quarters on a sequential basis. There has been an increment continually. They have a huge recovery of sulphur. It should give them an extra profit to the extent of about Rs 50-70 crore alone from waste products. If one adds all these things, a Rs 200 crore increase in EBDITA, the refinery segment seems to be understated.
Q: What have you made of the numbers? Would you say that the performance is below par or would you attribute the motive and say that perhaps there is an understatement of profit?
Shah: It is not an understatement. In both businesses, there is a lot of volatility because of rising raw materials. That has resulted in lower refining margins than what was expected. The way crude prices had shot up, expectations were that GRM for the quarter would be higher on a sequential basis.
That has not happened in a very sharp manner because the product mix could have undergone some change. The petrochemical margin fall is very much on expected lines because naphtha prices were ruling high. They would have impacted the company’s overall costing.
Going forward with further availability of gas as feedstock, the overall performance can improve. The second half should be much better, because we also have KG Basin gas coming in. My outlook for the company does not change and excluding KG Basin production, 20% kind of profit growth looks reasonable.
Q: The company should have enjoyed the benefits of a depreciating rupee, inspite of that you are seeing that refining revenues have not lived up to expectations, which is barely Rs 200 crore over the previous quarter. Doesn’t this come as a surprise?
Shah: The rupee appreciation during the April-June quarter has taken a lot of companies by surprise. A lot of export-oriented companies instead of gaining have ended up losing on foreign exchange. So, I am not surprised on that angle because clearly people had not expected such a sharp upward movement in the rupee.Operating performance seems to be okay. The profit on the refining side has been below expectations. But one quarter is not sufficient to make a judgment and whether that is going to follow in the subsequent period.
Source: Indiaearnings.com
Wall St slides on weak housing data (Dow: down 283 pts)
Wall St slides on weak housing data
Wall Street went into a nosedive on Thursday as a weaker-than-expected report on the US housing market raised fresh fears about an economic recovery and ended a rush into banking stocks. Record losses reported by Ford Motor Co, forced to step up its restructuring, also contributed to the negative tone in the market.
The Dow Jones Industrial Average sank 283.19 points (2.43 percent) to close at 11,349.28 and the Nasdaq composite shed 45.77 points (1.97 percent) to 2,280.11. The broad-market Standard & Poor's 500 index retreated 29.65 points (2.31 percent) to 1,252.54. Losses intensified as the National Association of Realtors reported US home sales fell another 2.6 percent in June to a 10-year low as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump.
The seasonally adjusted annual rate of 4.86 million units is 15.5 percent lower than in June 2007. "Right now, we don't have enough data to argue that conditions (in the housing market) have bottomed," said Joel Naroff at Naroff Economic Advisors. "And that is something that could cause equity investors to worry as the financial problems will not ease until housing has turned." Peter Kreztmer at Bank of America added, "To a market looking for evidence of a bottom in the sales pace, the report disappointingly indicated that the downtrend is continuing for now."
Crude oil futures rebounded, gaining 1.05 dollars to close at $125.49 a barrel in New York. The S&P banking index slid some 7.2 percent, leading the declines. Among key financial groups, Citigroup slumped 9.7 percent to 19.06 dollars and Bank of America shed 2.8 percent to 30.64. Among other key stocks, Ford skidded 15.5 percent to 5.11 dollars after reporting its worst quarterly loss ever at 8.7 billion dollars and new transformation efforts while warning that it does not see a US economic recovery until 2010.
Elsewhere, 3M rose 0.35 percent to 71.05 dollars as the maker of industrial and consumer products reported a rise in profit and revenue. Amazon.com rallied 11.6 percent to 78.72 dollars after surprising the market with a stronger-than-expected profit of 158 million dollars. Dow Chemical fell 3.3 percent to 33.11 dollars as its earnings came up short of expectations. Southwest Airlines fell 6.2 percent to $14.90 as traders focused on the industry's woes from high fuel costs and shrugged off a better-than-expected profit report.
Bonds rose sharply. The yield on the 10-year US Treasury bond fell to 4.016 percent from 4.148 percent Wednesday while that on the 30-year bond eased to 4.611 percent against 4.700 percent. Bond yields and prices move in opposite directions. In Europe, shares also fell sharply as weak economic reports pointed to more trouble on that side of the Atlantic. London's FTSE fell 1.61 percent and France's CAC 40 skidded 1.38 percent. The Frankfurt DAX index retreated 1.46 percent.
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Other Top stories from ET
Top 10 airports
Major direct tax reform in offing
Arctic holds 90 bn barrels of oil
Heard on the Street
Time for reforms
Rolta, Nestle in S&P 2008 Global Challengers List
Pantaloon board approves DVR bonus issue
Source:ET
Wall Street went into a nosedive on Thursday as a weaker-than-expected report on the US housing market raised fresh fears about an economic recovery and ended a rush into banking stocks. Record losses reported by Ford Motor Co, forced to step up its restructuring, also contributed to the negative tone in the market.
The Dow Jones Industrial Average sank 283.19 points (2.43 percent) to close at 11,349.28 and the Nasdaq composite shed 45.77 points (1.97 percent) to 2,280.11. The broad-market Standard & Poor's 500 index retreated 29.65 points (2.31 percent) to 1,252.54. Losses intensified as the National Association of Realtors reported US home sales fell another 2.6 percent in June to a 10-year low as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump.
The seasonally adjusted annual rate of 4.86 million units is 15.5 percent lower than in June 2007. "Right now, we don't have enough data to argue that conditions (in the housing market) have bottomed," said Joel Naroff at Naroff Economic Advisors. "And that is something that could cause equity investors to worry as the financial problems will not ease until housing has turned." Peter Kreztmer at Bank of America added, "To a market looking for evidence of a bottom in the sales pace, the report disappointingly indicated that the downtrend is continuing for now."
Crude oil futures rebounded, gaining 1.05 dollars to close at $125.49 a barrel in New York. The S&P banking index slid some 7.2 percent, leading the declines. Among key financial groups, Citigroup slumped 9.7 percent to 19.06 dollars and Bank of America shed 2.8 percent to 30.64. Among other key stocks, Ford skidded 15.5 percent to 5.11 dollars after reporting its worst quarterly loss ever at 8.7 billion dollars and new transformation efforts while warning that it does not see a US economic recovery until 2010.
Elsewhere, 3M rose 0.35 percent to 71.05 dollars as the maker of industrial and consumer products reported a rise in profit and revenue. Amazon.com rallied 11.6 percent to 78.72 dollars after surprising the market with a stronger-than-expected profit of 158 million dollars. Dow Chemical fell 3.3 percent to 33.11 dollars as its earnings came up short of expectations. Southwest Airlines fell 6.2 percent to $14.90 as traders focused on the industry's woes from high fuel costs and shrugged off a better-than-expected profit report.
Bonds rose sharply. The yield on the 10-year US Treasury bond fell to 4.016 percent from 4.148 percent Wednesday while that on the 30-year bond eased to 4.611 percent against 4.700 percent. Bond yields and prices move in opposite directions. In Europe, shares also fell sharply as weak economic reports pointed to more trouble on that side of the Atlantic. London's FTSE fell 1.61 percent and France's CAC 40 skidded 1.38 percent. The Frankfurt DAX index retreated 1.46 percent.
-------------------------------------
Other Top stories from ET
Top 10 airports
Major direct tax reform in offing
Arctic holds 90 bn barrels of oil
Heard on the Street
Time for reforms
Rolta, Nestle in S&P 2008 Global Challengers List
Pantaloon board approves DVR bonus issue
Source:ET
24 July 2008
Reliance Results inline, Bharti Results Beats street
Earnings: Reliance Industries Q1 net profit up 13% YoY
Reliance Industries' net profit rose 13.22 per cent to Rs 4,110 crore for the first quarter ended June 30, 2008 compared to Rs 3,630 crore for the corresponding quarter a year ago. Total income increased 40.75 per cent to Rs 41,805 crore against Rs 29,721 crore for the same quarter last year. On BSE today, Reliance Industries shares closed up 1.81 per cent at Rs 2306.55 on volume of 12,34,443 shares.
Inventory gains to lift RIL profit
Investors and analysts are keeping their fingers crossed as they await the quarterly results of India’s largest private sector company — Reliance Industries (RIL). Analysts expect RIL’s profit growth to vary substantially between 9 per cent and 30 per cent.
In fact, a customary Bloomberg survey revealed that analysts expect a 24 per cent profit growth over the year-ago period, while a similar exercise by Reuters came out with a much lower profit growth expectation of 14 per cent. A lot will depend on how the company has treated its inventory gains and whether it has suffered any forex losses. Although there are differing views on RIL’s Q1 profits, most agree that RIL’s refinery business will put up a good show, while the petrochemicals business will suffer.
While gross refining margins (GRMs) have remained strong globally during the quarter, margins in petrochemicals business have weakened due to high naphtha prices. Petroleum refining contributed around 64 per cent to the company’s total revenues in FY08 against 34 per cent from petrochemicals. “We are expecting RIL to post $16/bbl GRM in the June 2008 quarter. The petrochemicals margins will be lower due to high naphtha prices, but the net profit should jump 27 per cent to Rs 4,150 crore. The future outlook is positive for the company due to production from KG basin and Reliance Petroleum (RPL) to start production from Q3FY09,” said Sudeep Anand, research analyst working with Religare Securities.
The private sector refiner is expected to benefit from the rise in the prices of crude oil and petroleum products during the June 2008 quarter, allowing it to book inventory gains. “It is mainly inventory gains that are pushing up GRMs of Indian refiners. When RIL publishes Q1 results on Thursday, we believe they may choose not to account for these inventory gains because of fear that high profits could invite a tax on windfall gains,” felt an industry observer.
“We are estimating $18-$19 as GRMs for RIL. However, they could cross $20 depending on inventory gains. On the other hand, profit from petrochemicals should be lower than the previous quarter,” said a research analyst working with a Mumbai-based international investment bank. Going forward, two major projects are scheduled for commissioning over the next six months, which will drive profit growth for the company. RIL’s 70 per cent subsidiary, RPL, is set to commission its 580,000 barrels per day (bpd) refinery, while its KG basin natural gas fields are likely to commence production anytime soon. On Wednesday, RIL scrip gained 5.16 per cent to Rs 2,265 in a euphoric market, when the Sensex spurted 5.94 per cent.
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Bharti Airtel Q1 net up 34%, beats forecast
Bharti Airtel Ltd, India's top mobile operator, beat forecasts on Thursday with a 34 percent rise in quarterly profit as it rode a boom in the world's fastest growing wireless market. Bharti, about 30 percent owned by Southeast Asia's top phone firm, SingTel, said consolidated net profit rose to Rs 2,025 crores ($484 million) under US accounting rules in its fiscal first quarter ended June, from Rs 1,512 crore a year earlier.
A news agency poll of 12 brokerages had forecast a net profit of Rs 1,934 crore for Bharti, which had 69.4 million mobile subscribers at end-June, up 63 percent from a year earlier. Bharti provides mobile services on the popular GSM platform in all of India's 23 service areas and accounts for nearly a quarter of the country's total mobile users.
It added 7.4 million users between April and June. The New Delhi-based firm mainly competes with No. 2 Reliance Communications and unlisted Vodafone Essar, controlled by Britain's Vodafone Plc. Shares in Bharti, India's fourth-most valuable firm at $36.4 billion, fell 12.6 percent between April and June compared with a 14 percent drop in BSE.
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Source: ET
Results: Idea,ACC,Rolta,NMDC,crisil,Hind.Zinc,Sobha,Patni etc
Allcargo Global Logistics net profit rises 25.72% in the June 2008 quarter
Net profit of Allcargo Global Logistics rose 25.72% to Rs 21.51 crore in the quarter ended June 2008 as against Rs 17.11 crore during the previous quarter ended June 2007. Sales rose 56.49% to Rs 126.62 crore in the quarter ended June 2008 as against Rs 80.91 crore during the previous quarter ended June 2007
Idea Cellular net profit declines 12.67% in the June 2008 quarter
Net profit of Idea Cellular declined 12.67% to Rs 269.53 crore in the quarter ended June 2008 as against Rs 308.62 crore during the previous quarter ended June 2007. Sales rose 47.11% to Rs 2173.18 crore in the quarter ended June 2008 as against Rs 1477.29 crore during the previous quarter ended June 2007.
Reliance Industries net profit rises 13.22% in the June 2008 quarter
Aventis Pharma net profit rises 12.06% in the June 2008 quarter
Net profit of Aventis Pharma rose 12.06% to Rs 41.80 crore in the quarter ended June 2008 as against Rs 37.30 crore during the previous quarter ended June 2007. Sales rose 7.99% to Rs 248.60 crore in the quarter ended June 2008 as against Rs 230.20 crore during the previous quarter ended June 2007.
Ratnamani Metals & Tubes net profit rises 12.66% in the June 2008 quarter
Net profit of Ratnamani Metals & Tubes rose 12.66% to Rs 25.45 crore in the quarter ended June 2008 as against Rs 22.59 crore during the previous quarter ended June 2007. Sales rose 31.40% to Rs 249.67 crore in the quarter ended June 2008 as against Rs 190.01 crore during the previous quarter ended June 2007.
Rolta India net profit rises 3.81% in the June 2008 quarter
Net profit of Rolta India rose 3.81% to Rs 54.78 crore in the quarter ended June 2008 as against Rs 52.77 crore during the previous quarter ended June 2007. Sales rose 28.45% to Rs 219.45 crore in the quarter ended June 2008 as against Rs 170.85 crore during the previous quarter ended June 2007.
For the full year, net profit rose 44.27% to Rs 262.94 crore in the year ended June 2008 as against Rs 182.25 crore during the previous year ended June 2007. Sales rose 42.02% to Rs 850.92 crore in the year ended June 2008 as against Rs 599.14 crore during the previous year ended June 2007.
NMDC net profit rises 56.82% in the June 2008 quarter
Net profit of NMDC rose 56.82% to Rs 981.31 crore in the quarter ended June 2008 as against Rs 625.77 crore during the previous quarter ended June 2007. Sales rose 54.68% to Rs 1673.15 crore in the quarter ended June 2008 as against Rs 1081.66 crore during the previous quarter ended June 2007.
Fag Bearings India net profit rises 8.97% in the June 2008 quarter
ACC net profit declines 21.52% in the June 2008 quarter
Net profit of ACC declined 21.52% to Rs 271.42 crore in the quarter ended June 2008 as against Rs 345.83 crore during the previous quarter ended June 2007. Sales declined 3.08% to Rs 1785.74 crore in the quarter ended June 2008 as against Rs 1842.53 crore during the previous quarter ended June 2007.
Zee News net profit rises 49.69% in the June 2008 quarter
NIIT reports net profit of Rs 3.16 crore in the June 2008 quarter
CRISIL net profit rises 182.28% in the June 2008 quarter
Net profit of CRISIL rose 182.28% to Rs 32.01 crore in the quarter ended June 2008 as against Rs 11.34 crore during the previous quarter ended June 2007. Sales rose 152.62% to Rs 92.46 crore in the quarter ended June 2008 as against Rs 36.60 crore during the previous quarter ended June 2007.
Hindustan Zinc net profit declines 28.45% in the June 2008 quarter
Net profit of Hindustan Zinc declined 28.45% to Rs 847.81 crore in the quarter ended June 2008 as against Rs 1185.00 crore during the previous quarter ended June 2007. Sales declined 16.57% to Rs 1643.66 crore in the quarter ended June 2008 as against Rs 1970.00 crore during the previous quarter ended June 2007
Info Edge (India) net profit rises 11.43% in the June 2008 quarter
Bajaj Electricals net profit rises 28.79% in the June 2008 quarter
Sobha Developers net profit rises 23.77% in the June 2008 quarter
Net profit of Sobha Developers rose 23.77% to Rs 50.50 crore in the quarter ended June 2008 as against Rs 40.80 crore during the previous quarter ended June 2007. Sales rose 29.55% to Rs 346.80 crore in the quarter ended June 2008 as against Rs 267.70 crore during the previous quarter ended June 2007.
Marico net profit declines 2.22% in the June 2008 quarter
United Phosphorus net profit rises 57.91% in the June 2008 quarter
Net profit of United Phosphorus rose 57.91% to Rs 46.63 crore in the quarter ended June 2008 as against Rs 29.53 crore during the previous quarter ended June 2007. Sales rose 51.68% to Rs 509.85 crore in the quarter ended June 2008 as against Rs 336.13 crore during the previous quarter ended June 2007.
Piramal Healthcare net profit rises 48.12% in the June 2008 quarter
Greenply Industries net profit declines 23.26% in the June 2008 quarter
MRF net profit declines 25.04% in the June 2008 quarter
Cummins India net profit rises 37.83% in the June 2008 quarter
Patni Computer Systems net profit declines 20.51% in the June 2008 quarter
Net profit of Patni Computer Systems declined 20.51% to Rs 95.95 crore in the quarter ended June 2008 as against Rs 120.70 crore during the previous quarter ended June 2007. Sales rose 30.87% to Rs 366.69 crore in the quarter ended June 2008 as against Rs 280.19 crore during the previous quarter ended June 2007.
Aztecsoft reports net loss of Rs 13.24 crore in the June 2008 quarter
Source: Capitalmarket.com
Inflation at 11.89% Vs 11.91%
Inflation softens a bit, touches 11.89%
24 Jul, 2008, 1330 hrs IST, ECONOMICTIMES.COM
Relatively tamed inflation at 11.89 pc gives UPA a second sigh of relief in one week.
In what may be seen as a sobering effect, inflation rate climbed to 11.89-per cent for the week ended July 12 which is less than a quarter per cent jump, week on week. The inflation has softened somewhat with prices of many essential items either declining or remaining static.
The trend for the past three weeks connotes that the rate of inflation is stabilizing a bit. The figure for the week ended July 12 is quite in line with the rate of inflation for the week ended July 5, 2008 that stood at 11.91 per cent, very marginally higher than the rate of 11.89 per cent reported a fortnight ago.
With early signs of stabilization in tandem with the marginal rationalization in the oil prices and the rupee bounce, it is expected that the Reserve Bank of India may choose to maintain status quo in the forthcoming credit policy on July 29. If at all, the industry feels that RBI may choose to increase the repo rate by 25 basis points as oppose to an increase of 50 basis points that was being anticipated a couple of weeks earlier.
Last month, the central bank had raised short-term lending rates for banks-- repo-- by 0.75 per cent in two installments, while also increasing mandatory cash deposits of banks by 0.50 per cent in two phases to suck out excess liquidity.
For the week ended July 5, the annual inflation rate for the group of 30 essential commodities had declined to 5.74 per cent from 5.98 per cent reported a week earlier. This week too, the stabilization has been reported in prices of essential commodities which include foodgrain, pulses, edible oils, vegetables, dairy products and some other commodities including kerosene, soap and safety matches.
The annual inflation has declined to 9.92 per cent in the primary articles group during the week ended July 5 compared to 10.84 per cent reported a week earlier.
The positive vibes notwithstanding, this however, would be the 22nd consecutive week that the inflation rate has been above 5.5 per cent, the central bank's target for the end of the fiscal year in March 2009.
Source:ET
Market Review: Stocks drop as traders take profits after 5-day rise
Market Review: Stocks drop as traders take profits after 5-day rise
Stocks finished a choppy session lower on Thursday as traders took profits after a 5-day winning streak. The rally, which was fueled by a combination of positive global cues, domestic politics and lower oil prices, fizzled out as European stocks turned negative and investors turned cautious ahead of inflation data due after market hours.
"The rally over the past few sessions has given index returns of about 20 per cent, so it's only natural for traders to lock in some gains. The fall in crude and the trust vote victory have given a fillip to the market, but it would be too hasty to call this a reversal," said Hitesh Agrawal, head of research at Angel Broking.
National Stock Exchange's Nifty ended at 4433.55, down 43.25 points or 0.97 per cent. It touched a high of 4,539.45 and low of 4,385.85. Bombay Stock Exchange's Sensex closed at 14,777.01, down 165.27 points or 1.11 per cent. The index fell to a low of 14,608.05 from a high of 15,130.09.
Among frontline stocks, Tata Consultancy Services (5.66%), Tata Steel (5.66%), Reliance Communications (5.06%), State Bank of India (4.46%), ACC (4.25%) and BHEL (2.88%) were badly hit. ONGC (3.25%), DLF (2.35%), Reliance Industries (1.81%), Maruti Suzuki (1.8%), Reliance Infrastructure (1.23%) and HDFC Bank (0.7%) were the gainers. Secondline stocks were comparatively less affected. BSE Mid-cap Index closed down 0.62 per cent at 5,580.90 and BSE Small-cap Index ended 0.24 per cent lower at 6,796.11. Market breadth on BSE showed 1,258 advances and 1,458 declines.
Now that the political situation has stabilized, investors will go back to examining the fundamentals, which, analysts say, are still not very favourable. The wholesale price index is forecast to have risen 12.03 per cent in the 12 months to July 12. India's inflation currently stands at 11.91 per cent, the highest in over 13 years. "The under currents have certainly taken a turn for the better.
Inflation is also starting to fall in line with expectations. With the UPA holding fort, the market is looking toward some changes in the banking and insurance sectors, amongst other economic reforms. Corporate earnings so far have not taken up aback; there have been no major downgrades," Angel's Agrawal said. "But we have the monetary policy review at the end of the month, so there is some scepticism on that front. Also, the monsoon has not really set in, which is another worry for the market," he added. Price of oil was steady below $125 a barrel on Thursday.
US light crude for September delivery has dropped $23 since it hit a record above $147 earlier this month. Stocks ended mostly higher in the East Asian region as investors cheered the fall in crude oil. Japan's Nikkei 225 rose 2.2 per cent, China's Shanghai Composite Index closed 2.55 per cent higher and the South Korean KOPSI added 2.2 per cent. Benchmarks in Hong Kong and Singapore ended flat with a negative bias. In Europe, the UK FTSE 100 was down 0.77 per cent, German DAX 30 had dropped 1.09 per cent and the French CAC 40 slid 0.88 per cent, at the time Indian markets closed.
Source:ET
Stocks finished a choppy session lower on Thursday as traders took profits after a 5-day winning streak. The rally, which was fueled by a combination of positive global cues, domestic politics and lower oil prices, fizzled out as European stocks turned negative and investors turned cautious ahead of inflation data due after market hours.
"The rally over the past few sessions has given index returns of about 20 per cent, so it's only natural for traders to lock in some gains. The fall in crude and the trust vote victory have given a fillip to the market, but it would be too hasty to call this a reversal," said Hitesh Agrawal, head of research at Angel Broking.
National Stock Exchange's Nifty ended at 4433.55, down 43.25 points or 0.97 per cent. It touched a high of 4,539.45 and low of 4,385.85. Bombay Stock Exchange's Sensex closed at 14,777.01, down 165.27 points or 1.11 per cent. The index fell to a low of 14,608.05 from a high of 15,130.09.
Among frontline stocks, Tata Consultancy Services (5.66%), Tata Steel (5.66%), Reliance Communications (5.06%), State Bank of India (4.46%), ACC (4.25%) and BHEL (2.88%) were badly hit. ONGC (3.25%), DLF (2.35%), Reliance Industries (1.81%), Maruti Suzuki (1.8%), Reliance Infrastructure (1.23%) and HDFC Bank (0.7%) were the gainers. Secondline stocks were comparatively less affected. BSE Mid-cap Index closed down 0.62 per cent at 5,580.90 and BSE Small-cap Index ended 0.24 per cent lower at 6,796.11. Market breadth on BSE showed 1,258 advances and 1,458 declines.
Now that the political situation has stabilized, investors will go back to examining the fundamentals, which, analysts say, are still not very favourable. The wholesale price index is forecast to have risen 12.03 per cent in the 12 months to July 12. India's inflation currently stands at 11.91 per cent, the highest in over 13 years. "The under currents have certainly taken a turn for the better.
Inflation is also starting to fall in line with expectations. With the UPA holding fort, the market is looking toward some changes in the banking and insurance sectors, amongst other economic reforms. Corporate earnings so far have not taken up aback; there have been no major downgrades," Angel's Agrawal said. "But we have the monetary policy review at the end of the month, so there is some scepticism on that front. Also, the monsoon has not really set in, which is another worry for the market," he added. Price of oil was steady below $125 a barrel on Thursday.
US light crude for September delivery has dropped $23 since it hit a record above $147 earlier this month. Stocks ended mostly higher in the East Asian region as investors cheered the fall in crude oil. Japan's Nikkei 225 rose 2.2 per cent, China's Shanghai Composite Index closed 2.55 per cent higher and the South Korean KOPSI added 2.2 per cent. Benchmarks in Hong Kong and Singapore ended flat with a negative bias. In Europe, the UK FTSE 100 was down 0.77 per cent, German DAX 30 had dropped 1.09 per cent and the French CAC 40 slid 0.88 per cent, at the time Indian markets closed.
Source:ET
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16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
15 July 2008 - Consulting Engagement Manager One of the World's Leading ERP Solution Providers
15 July 2008 - Project Manager - SAP One of the World's Leading ERP Solution Providers
15 July 2008 - Senior Consultants / Consultants - Oil & Gas One of the World's Leading ERP Solution Providers
-------------------------------------------------
Marketing/ Sales/ Advertising
23 July 2008 - Account Manager - Farming Sales One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Telecom Practice Specialist One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Regional Manager - Networking One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Corporate Account Manager One of the Top 5 US Multi-national Giants in Software Domain
18 July 2008 - Manager - Mid Market One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Account Manager - Microsoft Services One of the Top 3 Companies in the Domestic IT Market
------------------------------------------------
Finance/ Banking
18 July 2008 - Relationship Manager One of the Fortune 100 Financial Companies
18 July 2008 - Opening in Equity Research - Mid Cap One of the Leading Financial Companies
18 July 2008 - Product Manager Online Investment Division of a Global AMC
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Associate / Sr. Associate One of the Leading Fortune 100 Financial Companies
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Sr. Analyst / Asst. Manager - Transfer Pricing One of the Leading Big 4s
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
------------------------------------------------
HR
18 July 2008 - Assistant Manager -Training One of the Big 4 Consulting Orgainzations
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Sr. Executive / Assistant Manager - Training One of the Big 4 Consulting Organizations
11 July 2008 - Staffing Director World's Leading IT Organisation
11 July 2008 - Business HR Manager Software Development Company having Offices World Over
------------------------------------------------
General Management
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
11 July 2008 - VP - Analytics A Leading Company in Financial Services Domain
11 July 2008 - Head - Sourcing & Business Development Global Finance Company in the Real Estate Industry
------------------------------------------------
Technology
23 July 2008 - Account Manager - Farming Sales One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Solution Architect - Data Warehousing One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Telecom Practice Specialist One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Regional Manager - Networking One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Corporate Account Manager One of the Top 5 US Multi-national Giants in Software Domain
18 July 2008 - Manager - Mid Market One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
------------------------------------------------
Operations Management/ SCM;
Transition/ Operations (BPO/KPO); Operations (Banking)
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive - Mobile Operations Big 92.7 FM
15 July 2008 - Consulting Engagement Manager One of the World's Leading ERP Solution Providers
15 July 2008 - Project Manager - SAP One of the World's Leading ERP Solution Providers
15 July 2008 - Senior Consultants / Consultants - Oil & Gas One of the World's Leading ERP Solution Providers
------------------------------------------------
Resigter and get mba jobs, news, admission alerts @ http://www.coolavenues.com/
Full-time MBA Programmes
These are usually MBA-level two year, full time, residential programs, though some are of one-year duration as well, and these may or may not take experience as a pre-requisite for admission...
New! MBA in International Business (Batch 2009-11) at IIFT, New Delhi & Kolkata Last Date for Form Submission: September 3, 2008; Test Date: November 23, 2008
NOTICE! CAT 2008: For Admission to Indian Institutes of Management (IIMs) Last Date for Form Submission: September 5, 2008; Test Date: November 16, 2008
New! Two-Year Full-Time Residential MBA Programme at BIM, Trichy CAT Test Date: November 16, 2008 .... ... Archives
-------------------------------------------------
Part-time / Evening MBA Programmes
These programmes are usually for working professionals and executives who don't wish to give up their on-going careers to attend a full-time MBA programme...
New! 3-Years Part-Time Executive Management Programme (EMP) at MDI, Gurgaon Last Date for Form Submission: August 19, 2008; Test Date: August 24, 2008
------------------------------------------------
Executive MBA Programmes
These are short-term full-time specialized residential courses lasting for duration of few weeks to few months only...
New! One Year Residential International Programme in Management for Executives (IPMX) at IIM Lucknow Noida Campus Last Date for Form Submission: November 1, 2008
------------------------------------------------
Distance Education Programmes
These are non-residential programmes which are offered as correspondence courses that allow students the leisure of learning at their own homes / offices and at their own pace...
New! Management Programmes through Distance Learning offered by Institute of Management Technology, Ghaziabad Last Date for Submission of Admission Form: August 14, 2008; Test Date: August 17, 2008
New! Distance & Open Learning Management Programs offered by Indian Institute of Commerce & Trade (IICT), Lucknow Last Date for Submission of Admission Form: July 31, 2008
-------------------------------------------------------------------------------------------
HOT JOBS
Senior Positions
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
15 July 2008 - Consulting Engagement Manager One of the World's Leading ERP Solution Providers
15 July 2008 - Project Manager - SAP One of the World's Leading ERP Solution Providers
15 July 2008 - Senior Consultants / Consultants - Oil & Gas One of the World's Leading ERP Solution Providers
-------------------------------------------------
Marketing/ Sales/ Advertising
23 July 2008 - Account Manager - Farming Sales One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Telecom Practice Specialist One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Regional Manager - Networking One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Corporate Account Manager One of the Top 5 US Multi-national Giants in Software Domain
18 July 2008 - Manager - Mid Market One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Account Manager - Microsoft Services One of the Top 3 Companies in the Domestic IT Market
------------------------------------------------
Finance/ Banking
18 July 2008 - Relationship Manager One of the Fortune 100 Financial Companies
18 July 2008 - Opening in Equity Research - Mid Cap One of the Leading Financial Companies
18 July 2008 - Product Manager Online Investment Division of a Global AMC
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Associate / Sr. Associate One of the Leading Fortune 100 Financial Companies
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Sr. Analyst / Asst. Manager - Transfer Pricing One of the Leading Big 4s
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
------------------------------------------------
HR
18 July 2008 - Assistant Manager -Training One of the Big 4 Consulting Orgainzations
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Sr. Executive / Assistant Manager - Training One of the Big 4 Consulting Organizations
11 July 2008 - Staffing Director World's Leading IT Organisation
11 July 2008 - Business HR Manager Software Development Company having Offices World Over
------------------------------------------------
General Management
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive Manager - Financial Advisory Services (FAS) - Valuation Services Deloitte & Touche
11 July 2008 - VP - Analytics A Leading Company in Financial Services Domain
11 July 2008 - Head - Sourcing & Business Development Global Finance Company in the Real Estate Industry
------------------------------------------------
Technology
23 July 2008 - Account Manager - Farming Sales One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Solution Architect - Data Warehousing One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Telecom Practice Specialist One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Regional Manager - Networking One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Corporate Account Manager One of the Top 5 US Multi-national Giants in Software Domain
18 July 2008 - Manager - Mid Market One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Pre-sales Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Business Development Manager - Oil & Gas One of the Top 3 Companies in the Domestic IT Market
------------------------------------------------
Operations Management/ SCM;
Transition/ Operations (BPO/KPO); Operations (Banking)
18 July 2008 - Senior Program Manager One of the Top 3 Companies in Domestic IT Market
18 July 2008 - Manager - Quality One of the Top 3 Companies in Domestic IT Market
16 July 2008 - National Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP FICO Consultant One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Pre-sales Opening One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - Oracle Apps Project Manager One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP CO Consultant - Hyderabad One of the Top 3 Companies in the Domestic IT Market
16 July 2008 - SAP HR L3 Consultant One of the Top 3 Companies in the Domestic IT Market
15 July 2008 - Executive - Mobile Operations Big 92.7 FM
15 July 2008 - Consulting Engagement Manager One of the World's Leading ERP Solution Providers
15 July 2008 - Project Manager - SAP One of the World's Leading ERP Solution Providers
15 July 2008 - Senior Consultants / Consultants - Oil & Gas One of the World's Leading ERP Solution Providers
------------------------------------------------
Resigter and get mba jobs, news, admission alerts @ http://www.coolavenues.com/
A2Zscholarships.com: One-stop shop for scholarships
The one-stop shop for scholarships
No deserving student shall be bereft of education due to lack of finances. That is the aim of A2Zscholarships.com, a website set up by two enterprising young engineering students at Veermata Jeejabai Technological Institute (VJTI) in Mumbai.
The website aims to provide deserving students with information on hundreds of scholarships and grants in India and provide access to institutions offering grants through its centralised application process.
The brainchild of Mukund Chandak, who graduated this year in civil engineering and himself a recipient of the Ratan Tata scholarship, the website took nearly five years to finally come to fruition as he went about gathering information, contacting trusts and institutions and setting up the site architecture with his friend Rameez Pojee, a third year IT student. The website, that was launched on January 31 this year, has already received a tremendous response with over 12,000 registered users.
Shifra Menezes caught up with Mukund to find out more about the website, the motivation behind the launch and future plans.
How did A2ZScholarships come about?
I've been working on this idea for the last five years actually, even though it was only launched in start 2008. Initially it began with searching for scholarships for myself. In the process I found that there was no one place where students could find all the information they needed to go about applying for a scholarship. Deserving students were just not aware of what all was available to them.
So I began by making a list of all the available scholarships and then visited their offices. I visited 210 offices in all, to find out more about the grants and discuss the idea with them. Once I collected all this information, Rameez and I started working on integrating this information into a system. That's how I began working on it part-time.
Tell us how you went about setting up the website.
Just gathering the information took two years. Once we had all the information we needed, we set about designing the site infrastructure. That took about 8-9 months. When we launched on January 31, the site only provided information about various scholarships.It did not provide any interactive mechanism.
The website was received very well. We got a tremendous amount of emails, some encouraging, some inquiries, some suggestions -- people were logging on and found the information useful. Responses came from across the country.
One of the main issues was that a candidate had to apply to each scholarship individually. This was time consuming and a troublesome process. That is why we then began working on a centralised application process. For this again we had to approach each institution and we finally launched the facility on July 1, 2008 with six institutions on board. About 12-15 others have also showed interest in signing up.
How does the application process on the website work?
We have the various application forms from all these scholarship institutions. We combine the requirements of all the forms and make it one consolidated form with all the relevant fields covered -- education, percentage scores, family income, field of study etc. This is then put online. Interested students can fill up the form and the details will be stored. The institution can then search through the list of candidates based on the criteria that is most important or relevant to them -- age, sex, percentage etc. Candidates that are not eligible are not presented in the search results. So trusts can search for eligible candidates based on their particular requirements.
So far we have six trusts with us. Now when a student applies online through our site, we get the details verified, we request for hard copies of the relevant documents apart from soft copies. We have set up a verification cell in Nashik. This team of 5-6 people checks the details that students have provided such as the percentage etc. Once verification is complete, the application is forwarded to the relevant trust.
After it reaches the trust, we get regular updates on how far the application has reached and its status. If the applicant is selected for the scholarship, he or she is notified through the website itself. This ensures that the student is a return visitor. Also, when a student is awarded a grant of say Rs 10,000, the other trusts in the system are also notified.
How do you plan on taking it to the masses?
In an effort to spread the word about the website, we have initiated a method whereby every student that refers a new student to the site and results in a registration, gets a monetary incentive. This ensures that publicity through word of mouth is kept going and it keeps the traffic growing. At every college we have created a partner system where five students join us as partners. These partners publicise the website and get a commission. The system is working well right now.
For every new registered user that is referred to us by a partner, we give Rs 30. Anyone can become a partner. The students who sign up as users however are not concerned with the payment of commissions; he or she is only concerned with registering and using the website's facilities. Students can register for Rs 250 either by DD or cheque payment.
So far the experience has been fantastic. Responses have come in from all over the country, not just Mumbai. We have had 12,000 registrations since February. Now if we are able to convert these 12,000 into partners, we should be able to bring in 60,000 registrations at least.
What kind of investment did you make to set up the site?
Well, the investment has all been made by me, although, I'm really not sure how much it all adds up to considering my initial travel expenses. However, since I am a student, it does add up to quite a large sum.
How do you plan to recover those expenses?
Initially this service was free. But as costs increased, we felt the need to use the system to bring in some funds. Now to grow further, we are thinking of beginning advertising on the site. As traffic to the site grows, and it is growing quite rapidly, we would need a plan in place to be able to sustain the increased bandwidth and manpower requirements.
You've just graduated, what are your plans going forward?
Placements are completed and I have received offers from three Mumbai-based companies. I will be joining one of these companies in August. The website will however continue to function independently of my professional career.
Are you aware of students who have managed to get scholarships?
Yes we are. While the students do write in informing us about their scholarships, we are also kept in the loop by the trusts and institutions.
Any other ideas in the pipeline
Well, there are a few ideas I've been thinking about, but it's all very early now. Right now the main focus is on making this website a success.
Source: Rediff
No deserving student shall be bereft of education due to lack of finances. That is the aim of A2Zscholarships.com, a website set up by two enterprising young engineering students at Veermata Jeejabai Technological Institute (VJTI) in Mumbai.
The website aims to provide deserving students with information on hundreds of scholarships and grants in India and provide access to institutions offering grants through its centralised application process.
The brainchild of Mukund Chandak, who graduated this year in civil engineering and himself a recipient of the Ratan Tata scholarship, the website took nearly five years to finally come to fruition as he went about gathering information, contacting trusts and institutions and setting up the site architecture with his friend Rameez Pojee, a third year IT student. The website, that was launched on January 31 this year, has already received a tremendous response with over 12,000 registered users.
Shifra Menezes caught up with Mukund to find out more about the website, the motivation behind the launch and future plans.
How did A2ZScholarships come about?
I've been working on this idea for the last five years actually, even though it was only launched in start 2008. Initially it began with searching for scholarships for myself. In the process I found that there was no one place where students could find all the information they needed to go about applying for a scholarship. Deserving students were just not aware of what all was available to them.
So I began by making a list of all the available scholarships and then visited their offices. I visited 210 offices in all, to find out more about the grants and discuss the idea with them. Once I collected all this information, Rameez and I started working on integrating this information into a system. That's how I began working on it part-time.
Tell us how you went about setting up the website.
Just gathering the information took two years. Once we had all the information we needed, we set about designing the site infrastructure. That took about 8-9 months. When we launched on January 31, the site only provided information about various scholarships.It did not provide any interactive mechanism.
The website was received very well. We got a tremendous amount of emails, some encouraging, some inquiries, some suggestions -- people were logging on and found the information useful. Responses came from across the country.
One of the main issues was that a candidate had to apply to each scholarship individually. This was time consuming and a troublesome process. That is why we then began working on a centralised application process. For this again we had to approach each institution and we finally launched the facility on July 1, 2008 with six institutions on board. About 12-15 others have also showed interest in signing up.
How does the application process on the website work?
We have the various application forms from all these scholarship institutions. We combine the requirements of all the forms and make it one consolidated form with all the relevant fields covered -- education, percentage scores, family income, field of study etc. This is then put online. Interested students can fill up the form and the details will be stored. The institution can then search through the list of candidates based on the criteria that is most important or relevant to them -- age, sex, percentage etc. Candidates that are not eligible are not presented in the search results. So trusts can search for eligible candidates based on their particular requirements.
So far we have six trusts with us. Now when a student applies online through our site, we get the details verified, we request for hard copies of the relevant documents apart from soft copies. We have set up a verification cell in Nashik. This team of 5-6 people checks the details that students have provided such as the percentage etc. Once verification is complete, the application is forwarded to the relevant trust.
After it reaches the trust, we get regular updates on how far the application has reached and its status. If the applicant is selected for the scholarship, he or she is notified through the website itself. This ensures that the student is a return visitor. Also, when a student is awarded a grant of say Rs 10,000, the other trusts in the system are also notified.
How do you plan on taking it to the masses?
In an effort to spread the word about the website, we have initiated a method whereby every student that refers a new student to the site and results in a registration, gets a monetary incentive. This ensures that publicity through word of mouth is kept going and it keeps the traffic growing. At every college we have created a partner system where five students join us as partners. These partners publicise the website and get a commission. The system is working well right now.
For every new registered user that is referred to us by a partner, we give Rs 30. Anyone can become a partner. The students who sign up as users however are not concerned with the payment of commissions; he or she is only concerned with registering and using the website's facilities. Students can register for Rs 250 either by DD or cheque payment.
So far the experience has been fantastic. Responses have come in from all over the country, not just Mumbai. We have had 12,000 registrations since February. Now if we are able to convert these 12,000 into partners, we should be able to bring in 60,000 registrations at least.
What kind of investment did you make to set up the site?
Well, the investment has all been made by me, although, I'm really not sure how much it all adds up to considering my initial travel expenses. However, since I am a student, it does add up to quite a large sum.
How do you plan to recover those expenses?
Initially this service was free. But as costs increased, we felt the need to use the system to bring in some funds. Now to grow further, we are thinking of beginning advertising on the site. As traffic to the site grows, and it is growing quite rapidly, we would need a plan in place to be able to sustain the increased bandwidth and manpower requirements.
You've just graduated, what are your plans going forward?
Placements are completed and I have received offers from three Mumbai-based companies. I will be joining one of these companies in August. The website will however continue to function independently of my professional career.
Are you aware of students who have managed to get scholarships?
Yes we are. While the students do write in informing us about their scholarships, we are also kept in the loop by the trusts and institutions.
Any other ideas in the pipeline
Well, there are a few ideas I've been thinking about, but it's all very early now. Right now the main focus is on making this website a success.
Source: Rediff
India Inc bets big on nuclear power :Rediff
India Inc bets big on nuclear power
Indian companies led by Anil Ambani's Reliance [Get Quote] Power (RPower), Nuclear Power Corporation of India (NPCIL) and Bharat Heavy Electricals [Get Quote] (BHEL) plan to invest over Rs 100,000 crore in the next five years to expand their presence in the nuclear energy sector after the country signs the nuclear agreement with the US, paving the way for import of fuel and transfer of technology.
Engineering major Larsen and Toubro (L&T) is also foraying into the nuclear energy sector, with plans to manufacture nuclear reactors. The BHEL stock rose by 11 per cent to Rs 1,772, Reliance Power surged 19 per cent to Rs 170.95, while the L&T scrip went up by 7 per cent to Rs 2,766.65 on the Bombay Stock Exchange on Wednesday, whose benchmark index, the Sensex, shot up by 838 points on Wednesday.
Reliance Power has planned an initial investment over Rs 20,000 crore to foray into nuclear power generation. The company is already implementing 28,000 mw of thermal power projects.
"There are plans to start with 1,000-1,500-mw capacity initially with one or two reactors and then expand it to higher capacities in the long run,'' V K Chaturvedi, former NPCIL chairman and managing director and nuclear energy consultant for Reliance Power, said.
Reliance Power has already started negotiations with leading international companies in the field for joint ventures and strategic alliances in nuclear power generation, technology and equipment, he said. The country's nuclear power manager, NPCIL, hopes to double its capacity to generate an additional 10,000 mw with an investment of over Rs 80,000 crore by 2012.
"The availability of fuel will help our existing reactors to increase the capacity utilisation (plant load factor) from around 50 per cent currently to about 90 per cent, almost double the current production, Sudhinder Thakur, executive director, NPCIL, said.
At present, India has 17 nuclear power plants with a total installed capacity of 4,120 mw in operation. BHEL, India's biggest power equipment maker, plans to triple spending on nuclear components to Rs 1,500 crore in two years once overseas companies are allowed to supply technology, Bloomberg News reported, citing K Ravi Kumar, the managing director of the company.
Reliance Power's Chaturvedi said the company has already started negotiations with leading international companies to foray into nuclear power generation. However, he pointed out that the plans depended on the government opening up the sector for private players.
NPCIL has plans to set up 10,000 mw of new capacity during the 11th Five-Year Plan of 2007-12. Six additional units, with a capacity of 3,160 mw, are under various stages of construction.
These include expansion of the Rawatbhata station in Rajasthan (2X220 mw), Kaiga in Karnataka (220 mw) and Kudankulam in Tamil Nadu (2 X1,000 mw).
NPCIL and the government have an understanding with the Russian government to increase capacity of the Kudankulam project (Kudankulam 3-6). Further, the government has sanctioned to set up a 1,000-mw reactor in Jaithalpur, Maharashtra.
BHEL too has drwan up big plans to enter the nuclear energy sector. "If the nuclear deal comes through, we are quite confident that there will be a lot of orders in this area and we don't want to be left out,'' BHEL Chairman and Managing Director K Ravi Kumar said in an interview.
BHEL plans to spend Rs 1,500 crore in two years building plants to supply components for reactors of 1,600 mw, Kumar said yesterday. Without the accord, BHEL will invest Rs 500 crore to build steam turbine generators and other components for 700-mw plants designed in India, he said.
BHEL will set up a 50-50 venture with state-run NPCIL that will supply components for nuclear plants with a capacity to generate 700 mw, 1,000 mw and 1,600 mw of power, Kumar said. The company will also seek overseas partners to provide technology for these plants, he said, declining to name the companies. "We will invest depending on the volume,'' he added.
"The orders could be divided and companies such as Areva, Siemens and ABB will be involved,'' said Taina Erajuuri at Glitnir Asset Management in Helsinki, which manages $158 million in Indian assets, including BHEL. "The government may prefer some local companies as well, like BHEL and L&T.''
"The existing sites can accommodate about eight reactors and another five could come up on new sites, which will be developed in the future," said an NPCIL official. NPCIL's strategy is to set up power plants in coastal areas as large equipment for reactors can be shipped into country easily.
A site selection committee of the Department of Atomic Energy (DAE) has already recommended four sites for the new nuclear projects in the coastal areas of Saurashtra in Gujarat, Andhra Pradesh, Orissa and West Bengal. The officials said NPCIL is in touch with international players for equipment supply and civil construction of the new plants.
"It is too early to talk about it and everything depends on how soon the government is able to go through the deal so that we can source the fuel," said an official.
-------------------------------
Vinod Khosla, smartest guy in Silicon Valley!
Source: Rediff
Indian companies led by Anil Ambani's Reliance [Get Quote] Power (RPower), Nuclear Power Corporation of India (NPCIL) and Bharat Heavy Electricals [Get Quote] (BHEL) plan to invest over Rs 100,000 crore in the next five years to expand their presence in the nuclear energy sector after the country signs the nuclear agreement with the US, paving the way for import of fuel and transfer of technology.
Engineering major Larsen and Toubro (L&T) is also foraying into the nuclear energy sector, with plans to manufacture nuclear reactors. The BHEL stock rose by 11 per cent to Rs 1,772, Reliance Power surged 19 per cent to Rs 170.95, while the L&T scrip went up by 7 per cent to Rs 2,766.65 on the Bombay Stock Exchange on Wednesday, whose benchmark index, the Sensex, shot up by 838 points on Wednesday.
Reliance Power has planned an initial investment over Rs 20,000 crore to foray into nuclear power generation. The company is already implementing 28,000 mw of thermal power projects.
"There are plans to start with 1,000-1,500-mw capacity initially with one or two reactors and then expand it to higher capacities in the long run,'' V K Chaturvedi, former NPCIL chairman and managing director and nuclear energy consultant for Reliance Power, said.
Reliance Power has already started negotiations with leading international companies in the field for joint ventures and strategic alliances in nuclear power generation, technology and equipment, he said. The country's nuclear power manager, NPCIL, hopes to double its capacity to generate an additional 10,000 mw with an investment of over Rs 80,000 crore by 2012.
"The availability of fuel will help our existing reactors to increase the capacity utilisation (plant load factor) from around 50 per cent currently to about 90 per cent, almost double the current production, Sudhinder Thakur, executive director, NPCIL, said.
At present, India has 17 nuclear power plants with a total installed capacity of 4,120 mw in operation. BHEL, India's biggest power equipment maker, plans to triple spending on nuclear components to Rs 1,500 crore in two years once overseas companies are allowed to supply technology, Bloomberg News reported, citing K Ravi Kumar, the managing director of the company.
Reliance Power's Chaturvedi said the company has already started negotiations with leading international companies to foray into nuclear power generation. However, he pointed out that the plans depended on the government opening up the sector for private players.
NPCIL has plans to set up 10,000 mw of new capacity during the 11th Five-Year Plan of 2007-12. Six additional units, with a capacity of 3,160 mw, are under various stages of construction.
These include expansion of the Rawatbhata station in Rajasthan (2X220 mw), Kaiga in Karnataka (220 mw) and Kudankulam in Tamil Nadu (2 X1,000 mw).
NPCIL and the government have an understanding with the Russian government to increase capacity of the Kudankulam project (Kudankulam 3-6). Further, the government has sanctioned to set up a 1,000-mw reactor in Jaithalpur, Maharashtra.
BHEL too has drwan up big plans to enter the nuclear energy sector. "If the nuclear deal comes through, we are quite confident that there will be a lot of orders in this area and we don't want to be left out,'' BHEL Chairman and Managing Director K Ravi Kumar said in an interview.
BHEL plans to spend Rs 1,500 crore in two years building plants to supply components for reactors of 1,600 mw, Kumar said yesterday. Without the accord, BHEL will invest Rs 500 crore to build steam turbine generators and other components for 700-mw plants designed in India, he said.
BHEL will set up a 50-50 venture with state-run NPCIL that will supply components for nuclear plants with a capacity to generate 700 mw, 1,000 mw and 1,600 mw of power, Kumar said. The company will also seek overseas partners to provide technology for these plants, he said, declining to name the companies. "We will invest depending on the volume,'' he added.
"The orders could be divided and companies such as Areva, Siemens and ABB will be involved,'' said Taina Erajuuri at Glitnir Asset Management in Helsinki, which manages $158 million in Indian assets, including BHEL. "The government may prefer some local companies as well, like BHEL and L&T.''
"The existing sites can accommodate about eight reactors and another five could come up on new sites, which will be developed in the future," said an NPCIL official. NPCIL's strategy is to set up power plants in coastal areas as large equipment for reactors can be shipped into country easily.
A site selection committee of the Department of Atomic Energy (DAE) has already recommended four sites for the new nuclear projects in the coastal areas of Saurashtra in Gujarat, Andhra Pradesh, Orissa and West Bengal. The officials said NPCIL is in touch with international players for equipment supply and civil construction of the new plants.
"It is too early to talk about it and everything depends on how soon the government is able to go through the deal so that we can source the fuel," said an official.
-------------------------------
Vinod Khosla, smartest guy in Silicon Valley!
Source: Rediff
23 July 2008
Results: Sesagoa, Zee,Crompton greaves etc
Sesa Goa net profit rises 442.42% in the June 2008 quarter
Net profit of Sesa Goa rose 442.42% to Rs 644.72 crore in the quarter ended June 2008 as against Rs 118.86 crore during the previous quarter ended June 2007. Sales rose 175.59% to Rs 1251.68 crore in the quarter ended June 2008 as against Rs 454.18 crore during the previous quarter ended June 2007.
Zee Entertainment Enterprises net profit rises 104.19% in the June 2008 quarter
Net profit of Zee Entertainment Enterprises rose 104.19% to Rs 130.97 crore in the quarter ended June 2008 as against Rs 64.14 crore during the previous quarter ended June 2007. Sales rose 48.52% to Rs 333.32 crore in the quarter ended June 2008 as against Rs 224.43 crore during the previous quarter ended June 2007
Crompton Greaves net profit rises 29.29% in the June 2008 quarter
Net profit of Crompton Greaves rose 29.29% to Rs 88.90 crore in the quarter ended June 2008 as against Rs 68.76 crore during the previous quarter ended June 2007. Sales rose 20.85% to Rs 1082.86 crore in the quarter ended June 2008 as against Rs 896.07 crore during the previous quarter ended June 2007.
Pidilite Industries net profit declines 5.31% in the June 2008 quarter
Mahindra & Mahindra Financial Services net profit rises 24.81% in the June 2008 quarter
SEL Manufacturing Company net profit rises 215.32% in the June 2008 quarter
Infotech Enterprises net profit rises 99.26% in the June 2008 quarter
Kalyani Steels net profit declines 25.44% in the June 2008 quarter
Sterling Tools net profit rises 286.05% in the June 2008 quarter
Mastek net profit rises 205.23% in the June 2008 quarter
J Kumar Infraprojects reports net profit of Rs 7.58 crore in the June 2008 quarter
Sterlite Technologies net profit declines 30.93% in the June 2008 quarter
Lakshmi Machine Works net profit declines 3.09% in the June 2008 quarter
MMTC net profit rises 38.09% in the June 2008 quarter
Aries Agro reports net loss of Rs 0.90 crore in the June 2008 quarter
Source: CM
Net profit of Sesa Goa rose 442.42% to Rs 644.72 crore in the quarter ended June 2008 as against Rs 118.86 crore during the previous quarter ended June 2007. Sales rose 175.59% to Rs 1251.68 crore in the quarter ended June 2008 as against Rs 454.18 crore during the previous quarter ended June 2007.
Zee Entertainment Enterprises net profit rises 104.19% in the June 2008 quarter
Net profit of Zee Entertainment Enterprises rose 104.19% to Rs 130.97 crore in the quarter ended June 2008 as against Rs 64.14 crore during the previous quarter ended June 2007. Sales rose 48.52% to Rs 333.32 crore in the quarter ended June 2008 as against Rs 224.43 crore during the previous quarter ended June 2007
Crompton Greaves net profit rises 29.29% in the June 2008 quarter
Net profit of Crompton Greaves rose 29.29% to Rs 88.90 crore in the quarter ended June 2008 as against Rs 68.76 crore during the previous quarter ended June 2007. Sales rose 20.85% to Rs 1082.86 crore in the quarter ended June 2008 as against Rs 896.07 crore during the previous quarter ended June 2007.
Pidilite Industries net profit declines 5.31% in the June 2008 quarter
Mahindra & Mahindra Financial Services net profit rises 24.81% in the June 2008 quarter
SEL Manufacturing Company net profit rises 215.32% in the June 2008 quarter
Infotech Enterprises net profit rises 99.26% in the June 2008 quarter
Kalyani Steels net profit declines 25.44% in the June 2008 quarter
Sterling Tools net profit rises 286.05% in the June 2008 quarter
Mastek net profit rises 205.23% in the June 2008 quarter
J Kumar Infraprojects reports net profit of Rs 7.58 crore in the June 2008 quarter
Sterlite Technologies net profit declines 30.93% in the June 2008 quarter
Lakshmi Machine Works net profit declines 3.09% in the June 2008 quarter
MMTC net profit rises 38.09% in the June 2008 quarter
Aries Agro reports net loss of Rs 0.90 crore in the June 2008 quarter
Source: CM
Labels:
Crompton greaves etc,
Results: Sesagoa,
Zee
Market cheers UPA win: Sensex settles 838 points up
Market cheers UPA win: Sensex settles 5.94 % up
FIIs turn bullish; invest Rs 1,306.56 cr in equities
The government emerging victorious in the confidence motion gave bulls the much needed trigger to trample bears on Wednesday. Buoyant global cues following crude oil's further fall added to the upbeat mood. The confidence vote win in parliament meant that the government could revive stalled economic reforms. It also meant that the country could now go ahead and sign the civilian nuclear deal with the US which has the potential to significantly boost India's nuclear energy production. The euphoria was witnessed across the board. Power and capital goods cashed on to the prospects of the Indo-US nuclear deal while investors fancied banking stocks on expectations of more mergers and restructuring in the sector.
Crucial legislations in insurance and banking sectors and bills for setting up of a pension regulatory body and one for unorganised sector had been pending following opposition from the Left parties that had the government's hands tied down. But the sustainability of the current rally remains a question for many. Analysts cautioned that macro-economic issues, such as soaring inflation and growth slowdown, are likely to peg back sentiment. "It is too early to call it a secular bottom yet. Bear market rallies of such nature are typical. But that does not mean the rally will die in a day or two. In any case, the market was in an oversold territory which is why over the last few it has seen sustained buying.
So this can take it to north of 15,500 quite comfortably. However, gains are likely to be limited as economic worries still persist," said an analyst with a local brokerage. Further, the Reserve Bank of India's monetary policy review is due on July 29. After two surprise rate increases in June, many expect the central bank could either raise its key lending rate again. This could again dampen sentiment.
Bombay Stock Exchange's Sensex settled 5.94 per cent or 838.08 points higher at 14,942.28, just 58 points away from the 15000 mark. It soared to a high of 14,979.90 from a low of 14,568.22. National Stock Exchange's Nifty ended at 4476.80, up 5.58 per cent or 236 points higher. The broader index touched a high of 4491.55 and low of 4246.70 during the day. Secondline stocks also gathered momentum.
BSE Midcap Index gained 5.05 per cent to close at 5,615.94 and BSE Smallcap Index ended 4.23 per cent up at 6,812.64. Reliance Communications (12.12%), ICICI Bank (12.04%), HDFC (11.29%), State Bank of India (11.17%) and BHEL (10.86%) fronted the Sensex rally. Financial stocks were the star performers in Wednesday's trade with index heavyweights ICICI Bank (11.64%), HDFC (10.92%), State Bank of India (10.45%) and HDFC Bank (9.57%) stealing the show.
Other gainers in the 30-share index comprised Reliance Communications (12.2%), BHEL (10.92%), Reliance Infrastructure (10.36%) and DLF (9.12%). Cipla (-2.21%) and Hindustan Unilever (-0.65%) were the only frontline stocks that disappointed. Market breadth was impressive with 2270 advances outnumbering 436 declines on BSE, while on NSE, there were 1176 gainers and 111 losers. Meanwhile, oil continued its retreat on Wednesday, with US crude oil futures down $2.51 at $125.94 a barrel as fears that Hurricane Dolly would hit Gulf of Mexico crude supply faded. The drop in oil prices, which is now down more than $20 after hitting a record above $147, eased recent concerns over inflation and rising costs for companies.
ADAG cos among top traded counters
Oil prices fall past $126 a barrel
Higher FDI in insurance likely soon
Rupee too cheers UPA trust vote victory
Markets greet govt win with relief, stocks hit a month high
Sensex surges 838 pts as bulls go on rampage
Kamat Hotels to expand ecotels
Era Infra bags NATRIP contract
Infotech Enterprises Q1 net up
Sesa Goa Q1 net up at Rs 633 cr
Source:ET,sify
FIIs turn bullish; invest Rs 1,306.56 cr in equities
The government emerging victorious in the confidence motion gave bulls the much needed trigger to trample bears on Wednesday. Buoyant global cues following crude oil's further fall added to the upbeat mood. The confidence vote win in parliament meant that the government could revive stalled economic reforms. It also meant that the country could now go ahead and sign the civilian nuclear deal with the US which has the potential to significantly boost India's nuclear energy production. The euphoria was witnessed across the board. Power and capital goods cashed on to the prospects of the Indo-US nuclear deal while investors fancied banking stocks on expectations of more mergers and restructuring in the sector.
Crucial legislations in insurance and banking sectors and bills for setting up of a pension regulatory body and one for unorganised sector had been pending following opposition from the Left parties that had the government's hands tied down. But the sustainability of the current rally remains a question for many. Analysts cautioned that macro-economic issues, such as soaring inflation and growth slowdown, are likely to peg back sentiment. "It is too early to call it a secular bottom yet. Bear market rallies of such nature are typical. But that does not mean the rally will die in a day or two. In any case, the market was in an oversold territory which is why over the last few it has seen sustained buying.
So this can take it to north of 15,500 quite comfortably. However, gains are likely to be limited as economic worries still persist," said an analyst with a local brokerage. Further, the Reserve Bank of India's monetary policy review is due on July 29. After two surprise rate increases in June, many expect the central bank could either raise its key lending rate again. This could again dampen sentiment.
Bombay Stock Exchange's Sensex settled 5.94 per cent or 838.08 points higher at 14,942.28, just 58 points away from the 15000 mark. It soared to a high of 14,979.90 from a low of 14,568.22. National Stock Exchange's Nifty ended at 4476.80, up 5.58 per cent or 236 points higher. The broader index touched a high of 4491.55 and low of 4246.70 during the day. Secondline stocks also gathered momentum.
BSE Midcap Index gained 5.05 per cent to close at 5,615.94 and BSE Smallcap Index ended 4.23 per cent up at 6,812.64. Reliance Communications (12.12%), ICICI Bank (12.04%), HDFC (11.29%), State Bank of India (11.17%) and BHEL (10.86%) fronted the Sensex rally. Financial stocks were the star performers in Wednesday's trade with index heavyweights ICICI Bank (11.64%), HDFC (10.92%), State Bank of India (10.45%) and HDFC Bank (9.57%) stealing the show.
Other gainers in the 30-share index comprised Reliance Communications (12.2%), BHEL (10.92%), Reliance Infrastructure (10.36%) and DLF (9.12%). Cipla (-2.21%) and Hindustan Unilever (-0.65%) were the only frontline stocks that disappointed. Market breadth was impressive with 2270 advances outnumbering 436 declines on BSE, while on NSE, there were 1176 gainers and 111 losers. Meanwhile, oil continued its retreat on Wednesday, with US crude oil futures down $2.51 at $125.94 a barrel as fears that Hurricane Dolly would hit Gulf of Mexico crude supply faded. The drop in oil prices, which is now down more than $20 after hitting a record above $147, eased recent concerns over inflation and rising costs for companies.
ADAG cos among top traded counters
Oil prices fall past $126 a barrel
Higher FDI in insurance likely soon
Rupee too cheers UPA trust vote victory
Markets greet govt win with relief, stocks hit a month high
Sensex surges 838 pts as bulls go on rampage
Kamat Hotels to expand ecotels
Era Infra bags NATRIP contract
Infotech Enterprises Q1 net up
Sesa Goa Q1 net up at Rs 633 cr
Source:ET,sify
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