RBI Q3 Review :Highlights of Macroeconomic and Monetary Developments in India

RBI Q3 Review :Highlights of Macroeconomic and Monetary Developments in India
Highlights of Macroeconomic and Monetary Developments in India



The Reserve Bank of India today released the document `Macroeconomic and Monetary Developments: Third Quarter Review 2007-08` to serve as a backdrop to the Third-Quarter Review of the Annual Policy Statement for 2007-08 being announced on Jan. 29, 2008.The highlights of macroeconomic and monetary developments during 2007-08 so far are:

The Real Economy

* The Indian economy continued to exhibit robust growth during the second quarter (July-September) of 2007-08, albeit with some moderation. According to the estimates released by the Central Statistical Organisation (CSO) in August 2007, real GDP growth was 8.9 per cent during the second quarter of 2007-08 as compared with 10.2 % during the same period in 2006-07. While `agriculture and allied activities` recorded higher growth during the first half of 2007-08 over the corresponding period of the previous year, the growth of industrial and services sectors was somewhat lower than that during the first half of the previous year.* The cumulative rainfall during the South-West monsoon season 2007 (June 1 to September 30) was 5 % above normal as compared with one per cent below normal during the corresponding period of the previous year. Cumulative rainfall during the North-East monsoon (October 1, 2007 to December 31, 2007) was 32 % below normal as compared with 21 %below normal during the corresponding period of the previous year. The reported sown area of kharif crops (up to October 26, 2007) increased by 2.7 per cent, while that of rabi crops (up to January 18, 2008) was about 3.7 % lower than a year ago.* During April-November 2007, the index of industrial production (IIP) rose by 9.2 % as compared with the increase of 10.9 % recorded during the corresponding period of the previous year. The manufacturing sector registered a growth of 9.8 % during April-November 2007 as compared with 11.8 % during April-August 2006.* During April-November 2007, the infrastructure sector recorded a growth of 6.0 % as compared with 8.9 % a year ago, with all the sectors exhibiting growth rates lower than a year ago.* The services sector continued to record double-digit growth (10.5 %) in April-September 2007. Leading indicators of service sector activity for April-October 2007 show that growth rates in revenue earning freight traffic of the railways, commercial vehicles production, new cell phone connections, passengers handled by civil aviation at domestic terminals, cement and steel moderated albeit over a high base.

Fiscal

Situation

* According to the latest information on Central Government finances for 2007-08 (April-November), key deficit indicators, viz., revenue deficit and GFD, were placed lower than those in the corresponding period of the previous year, both in absolute terms and per cent of the budget estimates. Apart from the lower revenue deficit, contraction in defence capital outlay also moderated the fiscal deficit. There was a primary surplus of Rs. 73.74 billion during April-November 2007 as compared with a budgeted surplus of Rs. 80.47 billion.* Gross and net market borrowings (including 364-day Treasury Bills) of the Central Government during 2007-08 (up to January 25, 2008) were Rs.1,734.29 billion and Rs.1,030.92 billion, respectively, accounting for 91.8 % and 94.1 % of the estimated borrowings for the year.* During 2007-08 (up to January 25, 2008), the States raised market loans amounting to Rs.474.49 billion through auctions, as compared with Rs. 142.04 billion during the corresponding period of the previous year.

Price Situation

* Headline inflation firmed up in major economies during the third quarter of 2007-08, reflecting the combined impact of higher food and fuel prices as well as strong demand conditions, especially in emerging markets. The monetary policy response during the quarter, however, was mixed in view of heightened concerns about the implications of credit crunch arising out of the US sub-prime crisis on financial stability.* Global commodity prices firmed up during the third quarter of 2007-08 led by food and crude oil prices, although there was some moderation in prices of metals. International crude oil prices, represented by the West Texas Intermediate (WTI), touched a historical peak of USD 99.6 a barrel level on January 2, 2008. Although the prices eased somewhat subsequently, they continued to remain at an elevated level (USD 89.9 a barrel on January 23, 2008). International food prices firmed up further during the third quarter of 2007-08 led by wheat and oilseeds/edible oils, reflecting surging demand (both consumption demand and demand for non-food uses such as bio-fuels production) and low stocks of major crops, partly on account of weather related disturbances.* In India, headline inflation, based on movement in the wholesale price index (WPI) was 3.8% on January 12, 2008 (3.4 % at end-September 2007) as compared with 5.9% at end-March 2007 (and 6.2% a year ago). The easing in inflation from a year ago was mainly led by primary food articles and some manufactured products items.* Primary articles` inflation, y-o-y, eased to 3.9 % on January 12, 2008 from 6.2%at end-September 2007 and 9.5 % a year ago; it was 10.7 % at end-March 2007. The deceleration was mainly due to easing of food articles`` inflation. Manufactured products inflation, y-o-y, eased to 3.9 % on January 12, 2008 from 4.5 % at end-September 2007 and 6.1 % at end-March 2007; it was 5.8 % a year ago. The deceleration in manufactured products inflation, y-o-y, was mainly due to decline in the prices of non-ferrous metals, textiles and sugar. Fuel group inflation, which was negative during June-November 2007, turned positive from the beginning of December 2007 (3.7 % on January 12, 2008) partly reflecting the base effects of fuel (petrol and diesel) price cuts last year and increase in the prices of some petroleum products such as naphtha, furnace oil and aviation turbine fuel.* Inflation based on year-on-year variation in consumer price indices (CPIs) also eased during November/December 2007 (from a year ago) but continued to remain above the WPI inflation, mainly reflecting the impact of food prices and their higher weights in the CPI vis-a-vis WPI. CPI inflation measures were placed in the range of 5.1-5.9 % during November/December 2007 as compared with 5.7-7.9 % in September 2007 (and 6.7-9.5 % in March 2007).Monetary and Liquidity Conditions* Growth in broad money (M3), year-on-year (y-o-y), was 22.4 %(Rs. 6,869.25 billion) on January 4, 2008 as compared with 20.8 % (Rs. 5,265.66 billion) a year ago.* Aggregate deposits of banks, y-o-y, increased by 23.8 % (Rs.6,170.35 billion) on January 4, 2008 as compared with 21.5 % (Rs. 4,590.21 billion) a year ago.* Growth in bank credit moderated after the strong pace in the preceding three years. Non-food credit by scheduled commercial banks (SCBs) moderated to 22.2%(Rs.3,821.55 billion), y-o-y, as on January 4, 2008 from 31.9 % (Rs.4,164.18 billion) a year ago.* Reserve money expanded by 30.6 %, y-o-y, as on January 18, 2008 as compared with 20.0 % a year ago. Adjusted for the first round impact of the hike in the cash reserve ratio, reserve money growth was 21.5 % as compared with 17.5 % a year ago.* Liquidity conditions continued to be influenced by movements in capital flows and cash balances of the Governments. The Reserve Bank continued with the policy of active management of liquidity through increase in the cash reserve ratio (CRR), issuances of securities under the market stabilisation scheme (MSS) and operations under liquidity adjustment facility (LAF).Financial Markets* During the third quarter of 2007-08, international financial markets remained volatile as uncertainties about the US sub-prime mortgage market and other credit markets exposures persisted.* Indian financial markets remained generally orderly for the most part of the third quarter of 2007-08 except for some volatility in the equity market. Swings in cash balances of the Government and capital flows were the main drivers of liquidity conditions in the financial markets.* Interest rates in the overnight money markets mostly remained within the informal corridor set by reverse repo and repo rates during the third quarter of 2007-08. Interest rates in the collateralised segment of the overnight money market hardened but remained below the call rate during the quarter.* In the foreign exchange market, the Indian rupee generally appreciated during the quarter vis-a-vis all major currencies (US dollar, Euro, Pound sterling and Japanese yen).* Yields in the Government securities market remained range-bound, partly reflecting global trends in yields. Yields softened beginning in the first week of January 2008. The 10-year yield moved in a range of 7.42-8.32 % during 2007-08 (up to January 23, 2008).The External Economy* India`s balance of payments position continued to remain comfortable during the first half of 2007-08 (April-September). The merchandise trade deficit, on balance of payments basis, widened to USD 42.4 billion in April-September 2007 from USD 33.8 billion in April-September 2006. Net surplus under invisibles (services, transfers and income taken together) was higher at USD 31.7 billion in April-September 2007 (USD 23.4 billion in April-September 2006). The net invisible surplus offset a large part of the trade deficit (74.7 % during April-September 2007 as compared with 69.4 % during April-September 2006).* Despite large merchandise trade deficit, higher net invisible surplus, mainly emanating from private transfers, contained the current account deficit at USD 10.7 billion in the first half of 2007-08 (USD 10.3 billion in April-September 2006). The current account deficit was financed by capital flows which have remained large during 2007-08 so far.* During 2007-08 (up to January 11, 2008), net inflows by FIIs amounted to USD 26.8 billion (USD 2.5 billion in the corresponding period of 2006-07). Inflows under foreign direct investment (FDI) were USD 13.8 billion during April-November 2007 as against USD 10.1 billion during the corresponding period of the previous year. During the current financial year 2007-08 (April-September), inflows (net) under external commercial borrowings (ECBs) amounted to USD 10.6 billion (USD 5.7 billion during April-September 2006). The ECB approvals (including under the automatic route) amounted to USD 23.3 billion during April-December 2007 as compared with USD 15.3 billion during April-December 2006. Non-resident Indians? deposits registered net outflows of USD 433 million during April-September 2007 as against net inflows of USD 3.0 billion during April-September 2006.* According to the data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), during 2007-08 so far (April-November), merchandise exports posted a growth rate of around 22 % moderating from the growth rate of 26.2 % during April-November 2006, while growth in imports at 26.9 % was marginally lower than that of 27.4 % in April-November 2006. Non-oil imports recorded a substantial increase, while oil imports showed a sharp deceleration in growth. Overall, the merchandise trade deficit widened to USD 52.8 billion in April-November 2007 from USD 38.5 billion in April-November 2006.* India`s foreign exchange reserves were USD 284.9 billion as on Jan. 18, 2008, showing an increase of USD 85.7 billion over end-March 2007.


For more details visit @ http://www.rbi.org.in/scripts/AnnualPublications.aspx?head=Macroeconomic%20and%20Monetary%20Developments





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12 Indians in Forbes' Midas 100 list

12 Indians in Forbes' Midas 100 list

As many as 12 Indian-origin persons have made it to a list of 100 dealmakers with 'Midas-touch' prepared by the renowned business magazine, based on the value of the companies these people have taken public or sold in the past five years as well as the capital and involvement it took to get there.
People of Indian origin seem to have developed a habit of making it to the Forbes magazine -- this time it is for making investments in start-up companies and then selling off their stakes with handsome gains.
As many as 12 Indian-origin persons have made it to a list of 100 dealmakers with 'Midas-touch' prepared by the renowned business magazine, based on the value of the companies these people have taken public or sold in the past five years as well as the capital and involvement it took to get there.

Ram Shriram, a founding board member of Internet search giant Google, has been named at the third position in the renowned US-based business magazine's Midas 100 List.
The list has been topped by L John Doerr of Kleiner Perkins Caufield & Byers, whom Forbes has described as the "mentor and money man to founders of Google, Amazon, Intuit and Sun Microsystems."
Shriram, who currently runs venture capital firm Sherpalo and made a fortune by making early investment in Google, has moved up one position from his fourth rank last year. He has also invested in travel portal Cleartrip and Internet-based photo service provider Xoom.in, in addition to online money management firm Mint.com.
Shriram is accompanied by 11 other persons of Indian origin on the list, including Navin Chaddha (10th) -- an IIT graduate who heads India investments of Mayfield Fund, and well-known venture capitalist Vinod Khosla (70th).

Chaddha, ranked 58th in the previous year's list, has successfully managed deals like IL&FS Investsmart and India Infoline [Get Quote] in financial services space and Provogue in fashion.
Others on the list are Aneel Bhusri (16th), Parag Saxena (31st), Arjun Gupta (51st), Rob L Soni (58th), Deepak Kamra (69th), Raman Khanna (74th), Ravi Adusumalli (77th), Shirish Sathaye (82nd) and Rob S Chandra (96th).
Bhusri was formerly vice chairman at business software firm PeopleSoft and sold off stakes in start-ups like Data Domain, OutlookSoft and Polyserve.

Software engineer Arjun Gupta worked as a consultant at global giant McKinsey and founded TeleSoft Partners in 1996. According to Forbes, his major deals include Salesforce.com, Sierra Design Automation.
Vedanta Capital's Parag Saxena has invested in sectors ranging from wireless to biotech and has successfully raised $1.4 billion fund -- New Silk Route.

The report further added that Delhi-born technology investor Deepak Kamra of Canaan Partners has tapped into telecom and software markets with successful IPOs Acme Packet and SuccessFactors. Having led Canaan Partner's foray into India, Kamra also bought stake in matrimony Web site BharatMatrimony in 2006.

Other Rediff stories:

Sania becomes Asia's top ranked player
ISB among Top 20 B-schools globally
Why a rate cut is essential
RBI likely to hold interest rates
10 stocks to make young investors crorepatis
Mutual funds are the best way to reduce your risks



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Sensex ends 209 pts down

Sensex ends 209 pts down
India's Sensex Index Drops 1.1 Percent
Sensex ends down over 200pts, Bajaj


NSE 5274.10 -109.25
BSE 18152.78 -208.88



Weak global markets triggered a massive sell-off on the major Indian bourses this morning and till a little past noon, stocks cutting across sectors struggled for support. Barring a few large cap stocks and some midcap and smallcap stocks, which had moved up on selective buying interest, equities found the going quite tough till that time.

However, as the mood turned slightly positive, a number of stocks rebounded strongly in afternoon trade. And, as recovery gained momentum, the Sensex, which had crashed down by over 900 points to 17,443.29 earlier in the day, rallied to 18,213.21 in late afternoon trade. It finally ended the day at 18,152.78 with a loss of 208.88 points or 1.14%.

The Nifty, which dropped down to a low of 5071 this morning, ended the day at 5274.10, down by a little over 2% or 109.25 points from its previous closing mark.
Auto and bank stocks were among the star performers this afternoon. Expectations of a cut in interest rates buoyed up values of stocks from these two sectors. Reflecting the demand for bank and auto stocks, the Bankex advanced by 1.24% and the Auto index moved up by 1.72%.
A few power stocks, led by Reliance Energy, also staged a smart rally. Even oil, metal and capital goods stocks, which had gone down sharply in morning trade, found buyers at lower levels and regained a significant portion of lost ground this afternoon.

Information technology and realty stocks remained weak due to lack of support. Mirroring their weakness, the BSE IT and Realty indices ended lower by 3.69% and 4.54% respectively. Mid and smallcap stocks cut down their losses significantly. While the Midcap index closed 0.43% down, the Smallcap barometer ended with a loss of 1.13%.

Bajaj Auto, which raced ahead smartly in afternoon trade, gained as much as 8.65% today. Maruti Suzuki notched up a handsome gain of 4.4%. Mahindra & Mahindra gained 1.8% while Tata Motors, which remained relatively subdued, ended with a marginal gain of 0.35%.
Reliance Energy powered its way up sharply and ended with an impressive gain of 3.35%. Housing finance major HDFC, among the first to bounce back, closed with a gain of 2.55%. ACC (1.4%), ICICI Bank (1.15%) and Cipla (0.75%) also ended on a high note. Hindalco moved up by around a quarter per cent and Hindustan Unilever ended with very small gain.

Realty stock DLF closed 5.55% down. Telecom stocks Bharti Airtel (down 4.9%) and Reliance Communications (down 3.3%) and IT majors Wipro (down 5.35%), Infosys Technologies (down 4.9%), Tata Consultancy Services (down 3.1%) and Satyam Computer Services (down 1.9%) ended with sharp losses.

Reliance Industries, which touched a low of Rs 2440 in morning trade, recovered well and cut down its loss to 1.75% as it settled at Rs 2564. Ranbaxy Laboratories (down 4.75%), NTPC (down 4.2%), State Bank of India (down 4.05%), BHEL (down 3.35%), Tata Steel (down 2.2%), Grasim Industries (down 2.05%), Ambuja Cements (down 1.75%) and ONGC (down 1.4%) also ended on a weak note.

Despite a sharp jump in the company's net profit for the quarter ended 31 December 2007, Larsen & Toubro ended in the negative territory, albeit with a less pronounced loss of 1.15%. HDFC Bank lost a little over a per cent while ITC eased by 0.9%.

Suzlon Energy, Unitech, Dr. Reddy's Laboratories, Nalco, SAIL, VSNL, Cairn India, Idea Cellular, ABB, GlaxoSmithKline Pharma, Zee Entertainment, HCL Technologies and Siemens were among the major losers in the Nifty. GAIL India spurted 4.3%. Punjab National Bank, Sun Pharmaceuticals, Tata Power, Sterlite Industries and Hero Honda also ended on a positive note.
The market breadth remained weak right through the session today. Out of 2747 stocks traded on BSE, 1852 stocks closed with losses. 863 stocks finished with gains and 32 stocks ended at their previous closing levels.


Other Sify.com stories

FDC Q3 net up 59.74%
HCL Infosystems Q2 net up 7.13%
Sensex trims losses, sheds 209 pts
L&T Q3 net up 40.1% at Rs 482 crore
RBI: Ready to respond to mkt uncertainty if needed
Indian Hotels Q3 net up 31% at Rs 134.58 cr
Jet Airways Q3 net loss at Rs 91.12 cr
Rupee pares most losses; stocks, RBI eyed
RBI warns of inflationary pressures from oil, food prices

Ingersoll Rand Q3 net up at Rs 83.16 cr
Indian rate swaps up ahead of RBI's policy review
Tata Tea Q3 net up at 1307.31 cr
HPCL Q3 net loss of Rs 15.730 cr
Fed rate cut likely to influence RBI policy
Credit Policy review: RBI may cut repo rate
Jindal Steel Q3 net up 68% at Rs 319.05 cr

KEI Ind to enter power generation business
VSNL Q3 net profit plunges YoY
Premature for RBI to cut rate: JP Morgan



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ET stories

RBI may cut rates to moderate capital flows25 Jan, 2008, 2124 hrs IST, PTI
Reserve Bank may send out a signal by reducing either the reverse repo or the repo rate by 0.25-0.5 per cent to moderate capital flows.


UCO Bank to go for QIP to raise funds
Anil Ambani, 6 others raise REL stake
Gold demand slows on record prices

Govt asks RBI to sell Rs 3K cr bonds
Forex reserves at $284 bn on Jan 18
US economy will bounce back:FM
RBI must hold rates: RBS
Inflation at 3.83% on January 12

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JSW IT arm signs pact with Descon
ADAG ties up with Manchester United as their mobile games partner
What's WiMAX?
BSNL, US' Soma Networks in tie-up for largest WiMAX deal
Heard on the street
Stocks to watch on Friday
Religare Picks: BoI, HDFC Bank, Binani Cement

Future Capital to list on Feb 1
ICICI Venture plans $3-bn infrastructure fund
BlackRock to acquire 40% in DSP Merrill Lynch Fund Managers


Source: http://economictimes.indiatimes.com/. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Results: Tata Steel, BHEL, BEML etc

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Tata Steel on consolidated basis registered a jump of 2.93 times in profit after minority interest and share of profits of associates at Rs 33,423.60 million for the quarter ended Sep. 30, 2007 as compared to Rs 11,391.10 million for the quarter ended Sep. 30, 2006.

Total Income increased 5.25 times from Rs 61,929.50 million for the quarter ended Sep. 30, 2006 to Rs 325,351.50 million for the quarter ended Sep. 30, 2007.

The group announced a phenomenal jump of 4.50 times in profit after minority interest and share of profits of associates at Rs 97,027.30 million for the six months ended Sep. 30, 2007 as compared to Rs 21,582.90 million for the six months ended Sep. 30, 2006.

Total Income rose 5.31 times from Rs 120,198.30 million for the six months ended Sep. 30, 2006 to Rs 638,716.30 million for the six months ended Sep. 30, 2007.

The previous period figures do not include Corus and the current period includes financial results of Corus, reviewed by the auditors, the company said in a release.

Report on Financial performance

Income from Operations

Total income for six months ended Sep. 30, 2007, amounted to Rs 638,720 million against Rs 120,200 million in the same period previous year. The increase comprise mainly of Rs 498,090 million of Corus income and increases of Rs 8,660 million in Indian operations, Rs 12,370 million in Nat Steel and Rs 5,120 million in Tata Steel, (Q, N,C,F)* Thailand.

Total Expenditure

Total expenditure for the six months ended Sep. 30, 2007 amounted to Rs 561,120 million against Rs 86,650 million during the previous years. The increase is primarily on account of inclusion of expenditure of Corus during the current year.
Shares of the company gained Rs 20.65, or 3.08%, to trade at Rs 692. The total volume of shares traded was 62,057 at the BSE. (10.32 a.m., Friday)
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BHEL net rises 15.61% in Dec `07 qtr

Bharat Heavy Electricals (BHEL) disclosed steady jump in net profit for the quarter ended December 2007. During the quarter, the company experienced a 15.61% rise in profit to Rs 7,719 million from Rs 6,676.50 million in the quarter ended December 2006.
Net sales for the quarter rose 14.38% to Rs 49,641.40 million, compared with Rs 43,396.90 million in the corresponding quarter, a year ago.
Total income rose 15.55% to Rs 52,290 million for the quarter ended December 2007 from Rs 45,251.60 million for the same period last year.
The basic EPS after extraordinary item stood at Rs 15.77 for the quarter ended December 2007

BEML Q3 earnings climb 11.84%
India`s leading and Asia`s second largest manufacturer of earthmoving equipment, BEML reported a rise of 11.84% in earnings in the quarter ended December 2007, to Rs 592.40 million compared with Rs 529.70 million in the same quarter, last year. Total income for the quarter rose by 14.60% to Rs 6,407.60 million compared with the corresponding quarter, a year ago

Nandan Exim net rises 19% in Dec`07 qtr
Gujarat Industries Q3 net falls 4%
TVS Motor net drops 49.12% in Dec`07 qtr
Time Technoplast net down 48.71% for Dec `07 qtr
PTC India net drops 27.95% in Dec `07 qtr
Aegis Logistics net up 73.63% for Dec `07 qtr
Bharat Electronics Q3 net fall 23.76% on lower margin
Ashok Leyland Q3 net rises 14.21%
Federal Bank net rises 22.75% in Dec`07 qtr

STC net up 70.70% in Dec`07 qtr
REI Agro Q3 net rises 4.52%
Century Textiles net rises 2.15% for Dec`07 qtr


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Corporate Results
Nagarjuna Agri Tech net profit rises 11.54% in the December 2007 quarter
Sales decline 13.04% to Rs 0.80 crore

Bhuwalka Steel Industries net profit rises 227.78% in the December 2007 quarterSales rise 31.61% to Rs 126.71 crore

Solvay Pharma India net profit rises 117.12% in the December 2007 quarterSales rise 21.23% to Rs 45.85 crore

Poddar Pigments net profit rises 428.13% in the December 2007 quarterSales rise 0.38% to Rs 24.00 crore

Sam Leaseco reports net loss of Rs 0.02 crore in the December 2007 quarterNo sales reported in the quarter

PTC India net profit declines 27.96% in the December 2007 quarter

Onward Technologies reports net loss of Rs 0.90 crore in the December 2007 quarter
NILE net profit rises 39.44% in the December 2007 quarter
Available Finance net profit rises 10.00% in the December 2007 quarter
Volant Textile Mills reports net loss of Rs 0.14 crore in the December 2007 quarter
Hercules Hoists net profit rises 9.71% in the December 2007 quarter

Winro Commercial India net profit rises 333.60% in the December 2007 quarter
Shri Dinesh Mills net profit declines 34.50% in the December 2007 quarter
Ganesh Polytex net profit rises 77.08% in the December 2007 quarter
Fairfield Atlas net profit rises 760.47% in the December 2007 quarter
IQMS Software net profit rises 10700.00% in the December 2007 quarter
Barak Valley Cements reports net profit of Rs 1.71 crore in the December 2007 quarter
Punjab Alkalies & Chemicals net profit rises 132.88% in the December 2007 quarter

Ravindra Trading and Agencies reports no net profit or loss in the December 2007 quarter
Aroni Commercials net profit declines 44.03% in the December 2007 quarter
Gujarat Lease Financing reports net profit of Rs 0.03 crore in the December 2007 quarter
Bhoruka Aluminium net profit rises 28.05% in the December 2007 quarter
Force Motors reports net loss of Rs 22.43 crore in the December 2007 quarter

Camphor & Allied Products reports net profit of Rs 0.06 crore in the December 2007 quarter
Rasoya Proteins net profit rises 38.00% in the December 2007 quarter
Oil Country Tubular reports net profit of Rs 10.48 crore in the December 2007 quarter
Gujarat Carbon & Industries reports net loss of Rs 0.77 crore in the December 2007 quarter
Zenith Fibres net profit declines 42.11% in the December 2007 quarter
Kovilpatti Lakshmi Roller Flour Mills reports net loss of Rs 0.98 crore in the December 2007 quarter

Suryalata Spinning Mills net profit declines 44.74% in the December 2007 quarter
VBC Ferro Alloys reports net loss of Rs 0.38 crore in the December 2007 quarter
Anil Chemicals & Industries reports net profit of Rs 0.65 crore in the December 2007 quarter
Micro Technologies India net profit rises 64.42% in the December 2007 quarter
Emkay Shares & Stock Brokers net profit rises 302.55% in the December 2007 quarter
Southern Iron & Steel Company net profit rises 32.92% in the December 2007 quarter

OCL India net profit rises 73.51% in the December 2007 quarter
Natco Pharma net profit rises 23.25% in the December 2007 quarter
English Indian Clays net profit declines 17.20% in the December 2007 quarter
Sanghi Industries net profit declines 9.90% in the December 2007 quarter
Zee News reports net profit of Rs 12.83 crore in the December 2007 quarter
Rico Auto Industries net profit declines 33.68% in the December 2007 quarter
Meghmani Organics reports net profit of Rs 9.43 crore in the December 2007 quarter
UCO Bank net profit declines 32.67% in the December 2007 quarter


KEI Industries net profit rises 22.39% in the December 2007 quarter
ING Vysya Bank net profit rises 198.33% in the December 2007 quarterNovartis
Dr Reddy's Laboratories net profit declines 91.60% in the December 2007 quarter
Andhra Sugars net profit declines 77.85% in the December 2007 quarter
Dalmia Cement (Bharat) net profit rises 73.57% in the December 2007 quarter
Voltas net profit rises 143.03% in the December 2007 quarter
Ashok Leyland net profit rises 14.21% in the December 2007 quarter
Federal Bank net profit rises 22.76% in the December 2007 quarter
Bharat Electronics net profit declines 23.76% in the December 2007 quarter
Kirloskar Ferrous Industries net profit rises 22.14% in the December 2007 quarter


Kale Consultants net profit declines 31.97% in the December 2007 quarter
Bellary Steels & Alloys reports net loss of Rs 27.60 crore in the December 2007 quarter
TVS Motor Company net profit declines 49.13% in the December 2007 quarter
Shivam Autotech net profit declines 54.91% in the December 2007 quarter
State Trading Corporation of India net profit rises 70.70% in the December 2007 quarter
IL&FS Investment Managers net profit rises 54.72% in the December 2007 quarter

Nava Bharat Ventures net profit rises 106.56% in the December 2007
REI Agro net profit rises 4.55% in the December 2007 quarter
Century Textiles & Industries net profit rises 114.56% in the December 2007 quarter
Medicare net profit rises 57.44% in the December 2007 quarter
ICRA net profit rises 51.25% in the December 2007 quarter
Dishman Pharmaceuticals and Chemicals net profit rises 5.89% in the December 2007 quarter
Gujarat Industries Power Company net profit declines 4.06% in the December 2007 quarter
Hindustan Organic Chemicals net profit rises 51.42% in the December 2007 quarter
Vivimed Labs net profit rises 25.85% in the December 2007 quarter

Action Construction Equipments net profit rises 102.34% in the December 2007 quarter
Dish TV India reports net loss of Rs 116.44 crore in the December 2007 quarter
Vishal Retail reports net profit of Rs 15.56 crore in the December 2007 quarter
Alphageo India net profit declines 77.48% in the December 2007 quarter
Ashiana Housing net profit rises 150.83% in the December 2007 quarter

Radha Madhav Corporation net profit rises 34.18% in the December 2007 quarter
Honeywell Automation India net profit rises 12.50% in the December 2007 quarterIndian Railway Finance Corporation net profit rises 0.28% in the December 2007 quarter



Source: http://www.myiris.com and www.capitalmarket.com. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Global CEOs of Indian origin

Global CEOs of Indian origin

Software major Adobe Systems has named Shantanu Narayen as president and CEO, effective December

1.Mr Narayen, currently president and COO, will also become a board member at the $2.5-billion firm. Next >>

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Top 20 rich Indians earn as much as 30 crore people
Top 20 rich Indians earn as much as 30 crore people in the country, former Reserve Bank Governor Bimal Jalan said on Friday while launching the high-profile NGO Public Interest Foundation here today. Pointing out that income disparities in the country have risen significantly, Jalan said the Foundation would endeavour to facilitate replication of best practices and success stories in social sector to the benefit of the deprived sections of the society. The high-profile NGO, launched on the eve of 59th Republic Day, will have cabinet secretary Naresh Chandra, CII mentor Tarun Das and noted industrialist Suresh Neotia as members of the governing council which will be headed by Jalan. The other members of the governing council will include chairman of UTI Bank Trust Arun Maira, advocate Shayamanand Jalan and industrialist Harshavardhan Neotia. Former chairman of Telecom Commission Anil Kumar will be the director of Foundation. "It is very critical to address the gap to improve the efficiency of public delivery system and that is the aim of the Foundation," Jalan said while elaborating the objectives of the NGO.
Former RBI chief also underlined the need for introducing a system of fixing accountability for implementation of the welfare schemes of the government. He further said that the state governments should be given some freedom to modify the centrally sponsored schemes to suit local conditions. The Foundation, which will initially function for a period three years, will run on interest of Rs 10 crore provided by the Neotia Foundation.


Ambanis, Tatas, Birlas big gainers on bourses
India's economy strong enough to weather global crisis: PM
NRIs emerge wise investors in stock market chaos
Citi CEO Pandit gets $26.7 mn stock, 3 mn options
Smart gadgets influence top executives



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Sensex sees highest gain at close, 1140 points up

Sensex sees highest gain at close
Bulls ride global wave; Sensex reclaims
Sensex ends 1140 pts up
Rally continues unabated; Sensex up 1000 pts
Video: Sensex makes a strong comeback
Indices soar; Sensex conquers 18000
Sensex sizzles
Bulls are back with a bang. Sensex zooms 1,140 points on hectic buying

NSE 5383.35 +349.90
BSE 18361.66 +1139.92

As the bulls charged back with a vengeance and kept lapping up stocks at will, it was a virtual one way trip up north for several blue chip stocks and the benchmark indices Sensex and Nifty today. Buying remained so strong and consistent that for almost the entire duration of the session, all the components of the premier indices remained in the positive zone.
The Wall Street, amid choppy trade, had ended on a positive note yesterday. A strong rally on the Asian bourses and expectations of a cut in interest rates contributed to the buoyant opening this morning.
The fiscal package announced by the US government to prevent a slowdown of its economy, strong corporate results from other parts of the globe and on the home front were among the factors that contributed to the market's sparkling show today. And, as the session progressed, a positive opening on the European bourses lifted the sentiment further.

The Sensex and Nifty recorded their biggest ever intra-day gains today. While the Sensex, which touched a high of 18,406.25, closed with a gain of 1139.92 points or 6.62% at 18,361.66, the Nifty, which zoomed to 5399.25, settled at 5383.35, up 349.90 points or 6.95% over its previous closing mark.

So frenzied was the buying in blue chips that at one point of time, when all Sensex stocks were up in the positive territory, despite recording a sharp 2.3% surge, ACC found itself at the bottom of the list.
Some of the heavily battered realty, metal and capital goods sectors bounced back strongly today. Mirroring the sharp gains posted by key realty stocks, the BSE Realty index shot up by 10.41%. Among other sectoral indices, BSE Metal surged 9.73% and the Bankex advanced by 7.53%. The Auto, Capital Goods, Consumer Durables, Healthcare, IT, Oil & Gas, Power, PSU and Teck indices moved up by 5.5% - 7% while the FMCG index, which gained the least, went up by 4.73%!
Reliance Energy (11.85%) and ICICI Bank (11.2%) were in the limelight almost right through the session today, but it was Hindalco (14%) which topped the list of Sensex gainers in the end.
Larsen & Toubro (9.95%), NTPC (9.15%), Bajaj Auto (9.05%), Bharti Airtel (7.3%), Infosys Technologies (7.1%), Mahindra & Mahindra (7.8%), ONGC (7.55%), Tata Motors (7.7%), Tata Steel (6.4%), Ranbaxy Laboratories (6.1%), Hindustan Unilever (6.25%) and HDFC Bank (6.25%) also closed with hefty gains.
Reliance Industries, which remained relatively subdued, closed with a sharp gain of 4.8%. Realty stock DLF and FMCG heavyweight ITC gained 5.9% and 5.15% respectively. ACC, BHEL, Cipla, DLF, Grasim Industries, HDFC, ITC, Maruti Suzuki, Satyam Computer Services, State Bank of India, Tata Consultancy Services and Wipro moved up by 2% - 5%. Ambuja Cements, which missed out on the rally, finished with a small gain. However, on the National Stock Exchange, the stock ended with a sharp gain.
Unitech (17.7%) was the biggest gainer from the Nifty pack. SAIL recorded a gain of 15%. Nalco moved up by 12.85%. HCL Technologies gained nearly 8.5%. Punjab National Bank, Reliance Petroleum, ABB, Cairn India, Dr Reddy's Laboratories, VSNL, Hero Honda, Siemens, Sun Pharmaceuticals, Sterlite Industries, Tata Power and GAIL India advanced by 4% - 8%. BPCL and Zee Entertainment also closed on a high note. Suzlon Energy and GlaxoSmithKline Pharma ended with modest gains.
Quite a number of midcap stocks recorded handsome gains. Reflecting investor interest for stocks in that space, the Midcap index firmed up by 6.41% today. After experiencing an uncertain period this afternoon, smallcap stocks bounced back sharply. The barometer tracking the movements of these stocks, ended stronger by over 4%.
The market breadth, which remained a bit negative at one stage, turned positive as the session drew to a close. Out of 2758 stocks traded on BSE, 1558 stocks closed with gains. 1164 stocks finished lower and 36 stocks ended at their previous closing levels

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The Sensex opened with a huge positive gap of 282 points at 17,504. Considerable buying support saw the index move higher as the day progressed.The index zoomed to an intra-day high of 18,406 towards the closing bell. The Sensex finally ended with a record gain of 1,140 points (6.6%) at 18,362 - the first-ever, four-digit single day gain for the index.
The Nifty gained 350 points to close at 5,383.
The index, however, ended the week on a negative note - down 652 points (3.4%).

For more: Sensex sees highest gain at close

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ET stories

EPF panel keeps interest rate at 8.5% for '08
Earnings Biz Humour
Rupee strengthens; gold advances
First-time investors get a taste of capitalism
NRIs emerge wise investors in stock market chaos

Indian cricket gets auctioned for whopping $718 mn
SRK, Preity Zinta, Mukesh Ambani, Mallya win IPL bids
Mumbai to rival London, New York as financial centre
State Bank of India Q3 net up 70%
'RBI may cut CRR after Fed rate cut'

Birla group to enter PE business
PBA Infrastructure bags Rs 150.45 crore orders
Successful IIT alumini to coach 1,000 budding entrepreneurs
Heard on the street

Citi VC, AIG buy 16% stake in Akruti
ENIL Q3 net profit falls 35% YoY
Tips Q3 net profit at Rs 1.47 crore YoY
FACT Q3 net loss increases 102.23% YoY
Motilal Oswal assigns 'buy' to ITC for target Rs 242

Ashoka Buildcon files IPO papers with SEBI
Reliance Power seeks SEBI nod for early allotment to QIBs
Aviva Life in tie-up with Bank of Rajasthan for distribution



Source: http://economictimes.indiatimes.com/. We thank (will be grateful to) the owners of the above articles/sites/sources/Govts for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Viewers are strictly advised to take own decision in Stock buying and make verification about the information. Blog is not responsible for any faulty information.

Results: Bartronics, Redington, Ankit Metal, TRIL, Aegis, Garware, Jain irrigation, HDIL, Manugraph

State Bank of India net profit rises 69.82% in the December 2007 quarter
Operating income rises 30.10% to Rs 12666.81 crore

Net profit of State Bank of India rose 69.82% to Rs 1808.64 crore in the quarter ended December 2007 as against Rs 1065.06 crore during the previous quarter ended December 2006. Total operating income rose 30.10% to Rs 12666.81 crore in the quarter ended December 2007 as against Rs 9735.94 crore during the previous quarter ended December 2006

Shrenuj & Company net profit rises 8.44% in the December 2007 quarter

Denso India net profit rises 77.95% in the December 2007 quarter

Bartronics India net profit rises 95.36% in the December 2007 quarter
Net profit of Bartronics India rose 95.36% to Rs 6.74 crore in the quarter ended December 2007 as against Rs 3.45 crore during the previous quarter ended December 2006. Sales rose 211.39% to Rs 54.68 crore in the quarter ended December 2007 as against Rs 17.56 crore during the previous quarter ended December 2006.

Hind Rectifiers net profit rises 10.16% in the December 2007 quarter
Jindal Poly Films net profit rises 120.94% in the December 2007 quarter
Kulkarni Power Tools net profit rises 132.35% in the December 2007 quarter

Time Technoplast reports net profit of Rs 13.19 crore in the December 2007 quarter
Time Technoplast reported net profit of Rs 13.19 crore in the quarter ended December 2007. Sales reported at Rs 132.95 crore in the quarter ended December 2007.

Ankit Metal & Power reports net profit of Rs 6.24 crore in the December 2007 quarter
Transport Corporation of India net profit declines 71.57% in the December 2007 quarter
Cyber Media India net profit declines 59.63% in the December 2007 quarter
ICI India net profit declines 97.17% in the December 2007 quarter

Take Solutions reports net profit of Rs 6.15 crore in the December 2007 quarter

Aegis Logistics net profit rises 73.63% in the December 2007 quarter
Net profit of Aegis Logistics rose 73.63% to Rs 10.14 crore in the quarter ended December 2007 as against Rs 5.84 crore during the previous quarter ended December 2006. Sales rose 40.25% to Rs 92.13 crore in the quarter ended December 2007 as against Rs 65.69 crore during the previous quarter ended December 2006.

Garware Offshore Services net profit rises 153.21% in the December 2007 quarter
Net profit of Garware Offshore Services rose 153.21% to Rs 8.28 crore in the quarter ended December 2007 as against Rs 3.27 crore during the previous quarter ended December 2006. Sales rose 90.34% to Rs 26.61 crore in the quarter ended December 2007 as against Rs 13.98 crore during the previous quarter ended December 2006

Electrosteel Castings net profit declines 52.83% in the December 2007 quarter
Sun Pharma Advanced Research Company reports net profit of Rs 2.59 crore in the December
2007 quarter

Jain Irrigation Systems net profit rises 43.29% in the December 2007 quarter
Net profit of Jain Irrigation Systems rose 43.29% to Rs 44.85 crore in the quarter ended December 2007 as against Rs 31.30 crore during the previous quarter ended December 2006. Sales rose 36.19% to Rs 411.72 crore in the quarter ended December 2007 as against Rs 302.31 crore during the previous quarter ended December 2006.

Sunil Hitech Engineers net profit rises 230.07% in the December 2007 quarter
Net profit of Sunil Hitech Engineers rose 230.07% to Rs 5.05 crore in the quarter ended December 2007 as against Rs 1.53 crore during the previous quarter ended December 2006. Sales rose 120.64% to Rs 79.10 crore in the quarter ended December 2007 as against Rs 35.85 crore during the previous quarter ended December 2006.

Sanghvi Movers net profit rises 111.43% in the December 2007 quarter
Net profit of Sanghvi Movers rose 111.43% to Rs 17.76 crore in the quarter ended December 2007 as against Rs 8.40 crore during the previous quarter ended December 2006. Sales rose 65.38% to Rs 64.40 crore in the quarter ended December 2007 as against Rs 38.94 crore during the previous quarter ended December 2006.

Nandan Exim net profit rises 18.99% in the December 2007 quarter
Net profit of Nandan Exim rose 18.99% to Rs 4.95 crore in the quarter ended December 2007 as against Rs 4.16 crore during the previous quarter ended December 2006. Sales rose 61.48% to Rs 98.50 crore in the quarter ended December 2007 as against Rs 61.00 crore during the previous quarter ended December 2006.

Manugraph India net profit rises 21.18% in the December 2007 quarter
Net profit of Manugraph India rose 21.18% to Rs 12.30 crore in the quarter ended December 2007 as against Rs 10.15 crore during the previous quarter ended December 2006. Sales declined 0.36% to Rs 93.24 crore in the quarter ended December 2007 as against Rs 93.58 crore during the previous quarter ended December 2006.

Housing Development & Infrastructure reports net profit of Rs 270.23 crore in the December 2007 quarter
United Breweries net profit declines 94.56% in the December 2007 quarter
Reliance Capital net profit rises 86.36% in the December 2007 quarter
Central Bank of India reports net profit of Rs 201.01 crore in the Dec
ember 2007 quarter
Blue Coast Hotels & Resorts net profit rises 38.39% in the December 2007 quarter

Redington India net profit rises 58.44% in the December 2007 quarter
Net profit of Redington India rose 58.44% to Rs 13.80 crore in the quarter ended December 2007 as against Rs 8.71 crore during the previous quarter ended December 2006. Sales rose 17.51% to Rs 1352.06 crore in the quarter ended December 2007 as against Rs 1150.60 crore during the previous quarter ended December 2006.

Transformers & Rectifiers India reports net profit of Rs 7.35 crore in the December 2007 quarter
Transformers & Rectifiers India reported net profit of Rs 7.35 crore in the quarter ended December 2007. Sales reported at Rs 68.45 crore in the quarter ended December 2007.

Gemini Communication net profit rises 101.22% in the December 2007 quarter
Net profit of Gemini Communication rose 101.22% to Rs 6.60 crore in the quarter ended December 2007 as against Rs 3.28 crore during the previous quarter ended December 2006. Sales rose 4.19% to Rs 41.50 crore in the quarter ended December 2007 as against Rs 39.83 crore during the previous quarter ended December 2006.

Jindal South West Holdings net profit declines 65.63% in the December 2007 quarter

Technocraft Industries (India) reports net profit of Rs 9.72 crore in the December 2007 quarter Tips Industries reports net profit of Rs 1.47 crore in the December 2007 quarter




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