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02 November 2008
RBI cuts CRR by 100bps, repo rate by 50bps
After infusing Rs 1,85,000-cr liquidity into the banking system, the RBI today effected yet another 100 basis points cut in cash reserve ratio (CRR) and a 0.5 % reduction in key short-term lending (repo) rate, signaling softening of interest rates to prop up growth.
The one percentage point cut in CRR, the amount which banks have to park with the apex bank, has been brought down to 5.5% to infuse additional liquidity of Rs 40,000 cr into the system. The CRR cut will be in two tranches and the first one of 0.5% will be effective retrospectively from October 25 and the second from November 8.
The RBI also cut the repo rate, the rate at which it lends to banks, by 0.5 per cent to 7.5% with effect from November 3. The central bank has also reduced the statutory liquidity ratio (SLR), the amount which banks are mandated to park in government securities, by 100 basis points to 24%. Welcoming the decision, ICICI Bank Joint Managing Director Chanda Kochhar said, "it will release much needed liquidity into the system and signal reduction in interest rates."
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RBI cuts CRR, SLR and Repo; lending and deposit rates to fall
Mumbai: Home, consumer and corporate loan rates are likely to ease in the near future, with RBI today announcing a slew of monetary measures including a one per cent cut in cash reserve and stautory liquidity ratios besides a 0.5 per cent cut in its short term lending rate. The CRR, the percentage of amount banks are required to keep with the apex bank, has been cut in two tranches of 0.5 per cent effective from October 25 and November 8 to infuse Rs 40,000 crore in to the banking system. The central bank had already cut CRR by 2.5 per cent to 6.5 per cent last month injecting Rs one lakh crore in to the system. With this cut, the apex bank could have injected Rs 1.4 lakh crore through CRR cut which is now pegged at 5.5 per cent. The SLR, which is the amount banks have to keep with the RBI in the form of cash, gold or approved securities, was cut temporarily by one per cent earlier to 24 per cent and this cut has been made permenant effective from Novebmber 8. The RBI also cut its key short term repo rate, the rate at which Reserve Bank lends overnight funds to bank, by 0.5 per cent to 7.5 per cent. Last month repo rate was cut by 1 per cent from 9 per cent to 8 per cent.
With today's measures along with several monetary steps taken last month, the apex bank has so far injected over Rs 2.5 lakh crore in to the system. Hailing the policy measures, bankers today said that they would soon look at reducing their lending and deposit rates in the near future. Economists said the slew of measures would help to prop up growth, particulalry considering that the inflation has started falling drastically on the back of declining global crude oil and other commodity prices.
Industry welcomes RBI move; but says more needed
RBI cuts repo rate by 50 bps
RBI cuts rates to induce Rs 85,000 cr; signals interest cut
RBI complements govt efforts to boost growth
RBI opens liquidity tap again; signal for rate cuts
Source:ET,BS,BL
01 November 2008
Results:GujNREcoke,Unitech,Shiv-Vani etc
Energy Development Company net profit rises 8.27% in the September 2008 quarter
Usha Martin Infotech net profit rises 650.00% in the September 2008 quarter
Resurgere Mines & Minerals India reports net profit of Rs 11.61 crore in the September 2008 quarter
Ballarpur Industries net profit rises 104.39% in the September 2008 quarterSurya Pharmaceutical net profit rises 33.25% in the September 2008 quarter
Amrutanjan Health Care net profit rises 2778.88% in the September 2008 quarter
Procter & Gamble Hygiene and Health Care net profit rises 42.53% in the September 2008 quarter
Zylog Systems net profit rises 26.26% in the September 2008 quarter
Ruchi Soya Industries net profit rises 5.09% in the September 2008 quarter
IVRCL Infrastructures & Projects net profit rises 61.99% in the September 2008 quarter
Birla Corporation net profit declines 42.11% in the September 2008 quarter
Nava Bharat Ventures net profit rises 127.26% in the September 2008 quarter
Shriram City Union Finance net profit rises 30.93% in the September 2008 quarter
Gujarat NRE Coke net profit rises 718.73% in the September 2008 quarter
Unitech net profit rises 200.93% in the September 2008 quarter
Lanco Infratech net profit rises 16.34% in the September 2008 quarter
Kingfisher Airlines reports net loss of Rs 483.25 crore in the September 2008 quarter
Helios & Matheson Information Technology net profit declines 57.49% in the September 2008 quarter
Bombay Rayon Fashions net profit rises 19.59% in the September 2008 quarter
Firstsource Solutions net profit rises 74.45% in the September 2008 quarter
ABG Shipyard net profit declines 23.54% in the September 2008 quarter
Aftek net profit rises 70.81% in the September 2008 quarter
Uttam Galva Steels net profit declines 30.41% in the September 2008 quarter
Development Credit Bank net profit declines 93.10% in the September 2008 quarter
Jindal Poly Films net profit declines 47.80% in the September 2008 quarter
Oswal Chemicals & Fertilizers net profit declines 7.00% in the September 2008 quarter
Todays Headlines
Sensex ends up 744pts; M&M zooms 23%
Cabinet okays Bill to raise FDI in insurance
S&P outlook on India’s long-term rating remains stable
Cabinet okays hike in FDI in insurance to 49 pc
FII buying lifts markets
PM to meet India Inc chiefs on Monday
FM to talk credit growth at bank meet
Belated Diwali bash on Street
Forex kitty shrink by $15.5 billion
Aegis BPO to hire 1,000 every month
Intel says fin crisis could hurt biz
ABG Shipyard bags Rs 2,377 cr order for rigs
Chandrayaan camera clicks earth from deep space
S&P retains investment grade for India
India's economic growth prospects remain strong: S&P
CLSA Asia Pacific Markets puts buy on Cairn India
Motilal Oswal Securities maintains buy on Mahindra Lifespaces
ICICI Securities maintains buy on State Bank of India
Citigroup assigns 'sell' to Tata Teleservices
'FDI hike will increase life insurance industry by 2.5 times'
Source:ET,BS,BL etc
31 October 2008
Sensex gains 744 pts on all-round buying; Nifty ends 189 pts up
It was a bright session for stocks on the major Indian bourses today with the bulls making their presence felt right through the day. The sharp rally on Wall Street following a 50 basis point cut in bank rate announced by the US Federal Reserve triggered strong buying in front line stocks cutting across sectors this morning.
Global meltdown and stock market
Though the market lost its way for a while this afternoon due to a negative close on the Asian bourses and a weak start in European markets, frenzied buying in the final hour of trade lifted it to a buoyant close today. However, marketmen shrugged off that phase and went on a buying spree in late afternoon trade on expectations that the central bank and the government would soon take some positive steps and announce measures to increase liquidity.
Stockometer
While the 30 share BSE sensitive index Sensex ended with a gain of 743.55 points or 8.22% at 9788.06, the broader 50 stock Nifty index of the National Stock Exchange closed with a gain of 188.55 points or 6.99% at 2885.60. In intra-day trades today, the Sensex touched a high of 9870.42. The Nifty rose to 2696.30 in late afternoon trade.
Top gainers
Metal stocks bounced back after recent losses and ended with hefty gains. A sterling display by heavyweight Reliance Industries, besides lifting the benchmark indices Sensex and Nifty, contributed significantly to the sparkling rise of the Oil & Gas index as well.
Worst losers
Select bank stocks, led by private sector major ICICI Bank, rallied higher on strong buying support. Auto, information technology, power, capital goods, FMCG and pharma stocks too had a nice ride up the charts today. Realty stocks recovered after a setback in afternoon trade. Select PSU and consumer durables stocks closed on a firm note.
Thanks to sustained buying interest, a number of midcap and smallcap stocks recorded handsome gains today. The market breadth was fairly strong right through the session. Out of 2575 stocks traded on BSE, 1577 stocks closed with gains. 916 stocks posted losses and 82 stocks ended flat.
Mahindra & Mahindra (up 23.1% to Rs 372.35) was the biggest gainer in the Sensex. HDFC vaulted 17.5% to Rs 1764.55. Jaiprakash Associates recorded a big gain of 16.55%. ICICI Bank zoomed 15.5% to Rs 399.35. Sterlite Industries closed stronger by 13.85%. Index heavyweight Reliance Industries shot up by 13.8%. Hindalco surged 13.3%.
Tata Steel moved up by 12.15%. Tata Power posted a gain of 11.9%. Tata Motors moved up by over 9%. DLF, BHEL, HDFC Bank, Satyam Computer Services, Hindustan Unilever, Reliance Infrastructure, Wipro and Infosys Technologies gained 6% - 9%. Larsen & Toubro (5.55%) Bharti Airtel (5.55%), ACC (4.2%), Maruti Suzuki (4%), NTPC (4.85%) and ONGC (3.05%) also closed with handsome gains.
State Bank of India finished with a modest gain. Grasim Industries and ITC ended with small gains while Ranbaxy Laboratories (down 1.95%) and Tata Consultancy Services (down 0.9%) closed on a weak note. BPCL (down 6.55%) and Suzlon Energy (down 3.75%) closed weak on disappointing quarterly results. Unitech lost 4.35%. Hero Honda ended lower by over 3%. Sun Pharmaceuticals and SAIL also closed on a weak note.
Tata Communications gained nearly 18%. HCL Technologies ended with a gain of a little over 14%. Cairn India, Idea Cellular, Zee Entertainment, Nalco, Reliance Petroleum, Power Grid Corporation, Cipla, Ambuja Cements, Reliance Power, GAIL India and Siemens also closed on a high note today.
JSW Steel flared up by nearly 33% today. India Infoline vaulted 25.3%. United Phosphorus gained 23.8%. United Spirits, Dabur India, Tata Chemicals, India Cements, Jindal Steel, Bosch, GE Shipping, CESC, Balrampur Chini, Triveni Engineering, Aban Offshore, Divi's Laboratories, IDFC, Mercator Lines, Core Projects, Advanta, Eicher Motors, Asahi India, Punjab Tractors and Usha Martin also ended with very strong gains today.
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FII buying lifts markets
Sensex ends up 744pts; M&M zooms 23%
Post Session Commentary - Oct 31 2008
The Indian market ended the day on strong note on heavy buying interest over the ground. Drop in inflation number for the fifth successive week and firm global markets lifted the sentiments. Market rose more than 8% also on speculation that RBI may ease monetary policy following rate cuts across the world, including in the US, China and Japan this week. Bank of Japan cut rates for the first time in seven years, to 0.30% from 0.50% joining global efforts to ease the financial crisis. Today market started the session after a holiday with handsome gains tracking positive cues from global markets. Stocks continued to gain ground on continued buying across the board. However, market gave up some of initial gains during afternoon on profit booking, but further gathered momentum and continued its northward journey till end. The buying support was seen across all the sectoral indices mainly led by the Metal, Oil & Gas, Bank, Capital Goods, IT and Auto stocks. Mid Cap and Small Cap stocks were also on buyers'' radar.Among the Sensex pack 28 stocks ended in green terrain and 2 in red. The market breadth was in favour of advances as 1577 stocks closed in green while 916 stocks closed in red and 82 stocks remained unchanged.The BSE Sensex closed higher by 743.55 points at 9,788.06 and NSE Nifty ended up by 188.55 points at 2,885.60. The BSE Mid Caps and Small Caps closed with gains of 105.54 points 3,200.02 and by 90.50 points at 3,765.11. The BSE Sensex touched intraday high of 9,870.42 and intraday low of 9,361.66.Gainers from the BSE Sensex pack are M&M Ltd (23.09%), HDFC (17.48%), JP Associates (16.55%), ICICI Bank (15.50%), Sterlite Industries (14.48%), Reliance (13.81%), Reliance Communication Ltd (13.76%), Hindalco (13.26%), Tata Steel (12.14%) and Tata Power (11.86%).Only two losers from the BSE Sensex pack are Ranbaxy Lab (1.97%) and TCS Ltd (0.93%).Inflation for the week ended 18th October 2008 came in at 10.68% as against 11.07% of previous week. It stood at 3.11% in the year-ago period. Inflation declined for the fifth consecutive week along with decline in inflation rate of three commodity groups - primary articles, fuel and manufactured products.The BSE Metal index ended higher by (10.20%) or 496.73 points at 5,367.60. Major gainers are JSW Steel (32.70%), Jindal Steel (15.33%), Sterlite Industries (14.48%), Hindalco (13.26%), Tata Steel (12.84%) and Wespan Guajrat Sr (8.92%).The BSE Oil & Gas index gained (9.11%) or 517.29 points to close at 6,195.62. Major gainers are Reliance (13.81%), Aban Offshore (13.20%), Essar Oil Ltd (11.10%), Cairn India (10.85%), Reliance Petroleum (6.61%) and Reliance Natural Resources (5.83%).The Bank index closed higher by (7.21%) or 336.90 points to close at 5,011.24 as ICICI Bank (15.50%), Yes Bank (8.81%), HDFC Bank (8.25%), Bank of India (8.11%), Axis Bank (6.59%) and Canara Bank (5.09%) in positive territory.The BSE Auto index ended up by (6.39%) or 161.22 points at 2,685.62. Gainers are M&M Ltd (23.09%), Bosch Ltd (15.08%), Tata Motors (9.11%), Escorts Ltd (8.69%), Apollo Tyre (5.05%) and Cummins India (4.59%).The BSE IT index surged (5.77%) or 156.17 points at 2,861.94. Gainers are HCL Tech (13.97%), Rolta India (12.17%), NIIT Ltd (9.69%), Moser Bayer (9.12%), Oracle Fin (8.37%) and Satyam Computer (7.61%).The BSE Capital Goods index gained (5.00%) or 333.90 points to close at 7,017.61 as Usha Martin (17.62%), Walchand In (8.77%), BHEL (8.72%), Praj Industries (8.39%), Havells India (7.85%) and Jyoti Structures (6.53%) ended in negative territory.
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Up for third day
Nifty November 2008 futures above 2900
Reliance communications jumps on decent results
Sensex tanks nearly 24% in October 2008
Mkts see strong pullback; Metal, Oil, Bank indices up 7-10%
Sensex closes 9% higher; Nifty above 2900
FIIs net buyers of Rs 1,237cr in cash mkt on Friday
Source:All web sources..
Results: Bharti,Rcom,PNB,Tatamotors,HPCL
Bharti Airtel Q2 net rises 27% on record subscriber additions
Just about meeting Street forecasts, India’s largest wireless operator Bharti Airtel on Friday announced a 27% jump in net profit to Rs 2, 046 crore despite a forex loss of Rs 586 crore for the quarter ended September 2008, against Rs 1,613 crore in the year-ago period. A record addition of over 8 million subscribers during the period (the highest by any telco in any quarter), expansion of network to remote areas and lower tariffs saw the company’s revenues surge 42% to Rs 9,020 crore.
This improved the company’s market share in the fiercely-competitive wireless subscriber space to 24.6% as on September 30, compared to 23.4% in the year-ago period. Bharti also accounted for 28.5% of the country’s wireless subscriber additions during this period. EBITDA climbed 37% to Rs 3,699 crore. However, there are several blips in Bharti’s performance. The company’s EBITDA margin, which is an indicator of its profitability, fell to 41% compared with 42.8% in the year-ago quarter. Besides, if considered on a sequential (quarter-on-quarter) basis, Bharti’s performance is anything but impressive: Net profit for Q2 was up by a mere 1% against Q1FY09, while revenues grew 6.3%. The margins for the mobile business declined to 30.2% compared to 30.7% in the quarter ended June. Average revenue per user (ARPU), too, fell 4% (q-o-q) to Rs 335 from Rs 350 in March-June quarter. On a year-on-year basis, ARPU shrank 8%. Additionally, the minutes of usage fell to 526 minutes per customer when compared to 534 minutes during the previous quarter in the same year. Some analysts termed Bharti’s performance as being ‘below expectations.’ Bharti Airtel shares closed at Rs 649, up 5.5 % from Thursday’s close of Rs 615.05 on BSE................More @ the Topic Link.
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Kotak Bank's Q2 profit down 33% on higher provisioning 31 Oct, 2008, 1648 hrs IST, Priya Kansara Pandya
Kotak Mahindra Bank witnessed weak financial performance in the second quarter, especially on the profitability front due to higher provisioning.
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HPCL reports a net loss of Rs 3,218.92 cr 31 Oct, 2008, 1655 hrs IST
Hindustan Petroleum Corporation Ltd has posted net loss of Rs 3,218.92 crore for the quarter ended Sep 30, 2008 against net profit of Rs 853.03 crore for the quarter ended Sep 2007.
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Ranbaxy Labs incurs a net loss of Rs 352.93 cr in Jul-Sep quarter 31 Oct, 2008, 1754 hrs IST
Ranbaxy Laboratories has posted a net loss to Rs 352.93 crore for the quarter ended Sep 30, 2008 against the net profit of Rs 168.16 crore for the quarter ended Sep 2007.
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IVRCL Q2 net profit up 63% on higher sales, other income 31 Oct, 2008, 1848 hrs IST
Increase in other income component, along with higher sales, helped IVRCL Infrastructures and Projects Ltd post 63 per cent jump net profit for the second quarter.
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RCOM net up 17% to Rs 1,531 crore; GSM network expansion in December 1 Nov, 2008, 0029 hrs IST
Reliance Communications (RCOM) has posted a 17.3% growth in net profit in the July-September quarter, beating estimates, due to higher number of customers.
Reliance Communications (RCOM) has posted a 17.3% growth in net profit in the July-September quarter, beating estimates, due to higher number of customers. Its consolidated net profit grew to Rs 1,531 crore in the second quarter of the current year as over 5.2 million users signed up for services during the period. The Anil Dhirubhai Ambani Group (ADAG) company saw 23.3% rise in revenue to Rs 5,645 crore. Of this, Rs 4,119 crore (65%) came from wireless business, which includes both GSM and CDMA services. Its global business, comprising national and international long distance voice, video and data services, contributed Rs 1,526 crore or 24% to total revenues. “The GSM rollout (in remaining 14 circles) is on schedule and despite the liquidity crunch in the financial markets, the funding requirement is fully in place,” RCOM chairman Anil Ambani said at the earnings conference call after the results. The RCOM stock gained 13.7% to close at Rs 220 on BSE on Friday.
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Orchid reports loss of Rs 41 crore1 Nov, 2008, 0032 hrs IST
Orchid Chemicals and Pharmaceuticals has reported a loss of Rs 40.7 crore for the quarter ended September 30, 2008, compared to a net profit of Rs 63.27 crore during the corresponding quarter of the previous fiscal.
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Punjab National Bank net up 31%, cuts PLR1 Nov, 2008, 0213 hrs IST
Punjab National Bank (PNB) reported a 31.3% increase in net profit to Rs 707.1 crore for the quarter ended September 30 from Rs 538.5 crore in the corresponding quarter last fiscal.
Punjab National Bank (PNB) reported a 31.3% increase in net profit to Rs 707.1 crore for the quarter ended September 30 from Rs 538.5 crore in the corresponding quarter last fiscal. The total income rose to Rs 5,313.2 crore for the quarter under review compared to Rs 3,931 crore in the same period of the previous fiscal. For the six months ended September 30, PNB reported a net profit of Rs 1,219.5, up 27% from Rs 963.6 crore in corresponding period last fiscal.
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IOB Q2 net rises 12% 1 Nov, 2008, 0212 hrs IST
Indian Overseas Bank (IOB) has reported a 12.3% year-on-year increase in net profit to Rs 359 crore for the second quarter of 2007-08 compared with Rs 320 crore a year back.
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Reliance Capital net up 15% 1 Nov, 2008, 0211 hrs IST
Reliance Capital has reported a 15% rise in consolidated net profit, even as its standalone results, which incorporate consumer finance and proprietary investment performance.
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Syndicate Bank net up 15% 1 Nov, 2008, 0210 hrs IST
Syndicate Bank’s net profit grew by 15% to Rs 262 crore for the quarter ended September 30. The lender had a net profit of Rs 227.6 crore for the quarter ended September 30, 2007.
Andhra Bank posts 7% rise in Q2 profit 1 Nov, 2008, 0210 hrs IST
Andhra Bank has reported a modest 7% rise net profit due to higher provisioning and absence of treasury gains.
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Tata Motors net dips 34% as sales go on slow track 1 Nov, 2008, 0052 hrs IST
Auto major Tata Motors on Friday reported a 34% decline in second quarter profit as steep interest rates dented the demand for trucks and higher input costs hit margins.
Hindalco net up12%, but outlook is cloudy 1 Nov, 2008, 0048 hrs IST
Hindalco Industries beat a weak metals market and Street expectations to post a 12% rise in its second quarter net profit on the back of higher volumes and a weak rupee.
Strides Arcolab posts profit of Rs 105 crore 1 Nov, 2008, 0034 hrs IST
Pharma firm Strides Arcolab on Friday said its net profit stood Rs 105.3 crore for the quarter ended September 30,
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J&K Bank Q2 net up 8 pc at Rs 116 cr 31 Oct, 2008, 1058 hrs IST
Jammu & Kashmir Bank today said its net profit grew by 7.53 per cent to Rs 115.92 crore for the July-September quarter from the corresponding period a year ago.
NALCO Q2 net up marginally to Rs 444 cr 31 Oct, 2008, 1056 hrs IST
National Aluminium Company on Friday said its net profit grew marginally by 1.08 per cent to Rs 444.46 crore for the second quarter ended September 30.
Suzlon Energy Q2 dips 95% at Rs 17 cr 31 Oct, 2008, 1053 hrs IST
Wind turbine manufacturer Suzlon Energy today said its net profit declined by 95.22 per cent to Rs 16.98 crore for the second quarter ended September 30, over the corresponding period a year ago.
Airtel Q2 net up 26.8 per cent 31 Oct, 2008, 1020 hrs IST
Bharti Airtel Ltd, India's top mobile operator, said quarterly profit rose 26.8 percent, lagging market forecasts.
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IVRCL Q2 net profit up 63% on higher sales, other income
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DLF Q2 cons net profit down 4.12% at Rs 1935.35 cr
IOC Q2 net loss at Rs 7047.1 cr
Kingfisher Airlines Q2 net loss at Rs 483.3 cr
ING Vysya Bank Q2 standalone net profit at Rs 46.97 cr
GVK Power Q2 cons net profit up at Rs 30.47 cr
HDIL Q2 stand net profit at Rs 265.68 cr
Power Grid Q2 net profit at Rs 396.43 cr
Kotak Mahindra Bank Q2 net profit at Rs 161 cr
UCO Bank Q2 net profit at Rs 244 cr
Syndicate Bk Q2 net profit at Rs 261.91 cr
Ipca Labs Q2 net profit at Rs 36.5 cr
Hanung Toys Q2 net profit up at Rs 19.4 cr
Andhra Bank Q2 net profit up at Rs 161 cr
BEML Q2 net profit at Rs 55.51 cr
Other Results:
India Cement Q2 net profit of Rs 134.3 cr
Puravankara Proj cons Q2 net profit at Rs 50.5 cr
CESC Q2 net profit at Rs 124 cr
Deccan Chronicle Q2 net profit at Rs 45.27 cr
TVS Motor Q2 net profit at Rs 10.4 cr
BGR Energy Q2 net profit at Rs 23.68 cr
Bharti Airtel Q2 cons net profit at Rs 1668.1 cr
Sun TV Q2 net profit at Rs 108.3 cr
Sobha Developers Q2 net profit at Rs 49 cr
GSS America Q2 net profit at Rs 7.87 cr
Northgate Tech Q2 net profit at Rs 22.4 cr
Nagarjuna Fert Q2 net profit at Rs 8.15 cr
Visa Steel Q2 net profit at Rs 20 cr
Mcleod Russel Q2 net profit at Rs 121.7cr
Aurobindo Pharma reports net loss of Rs 38.50 crore in the September 2008 quarter
Elgi Equipments net profit declines 12.89% in the September 2008 quarter
eClerx Services Q2 net profit at Rs 13.84 cr
NALCO Q2 net profit at Rs 444.46 cr
JSL Q2 net loss at Rs 68.64 cr
MTNL Q2 net profit at Rs 91.86 cr
Suzlon Energy Q2 net profit at Rs 16.98 cr
Divis Labs Q2 cons net profit at Rs 135.39 cr
Welspun Guj Q2 net profit at Rs 65.31cr
Thomas Cook (India) net profit rises 37.98% in the September 2008 quarter
Dhanalakshmi Bank net profit rises 17.85% in the September 2008 quarter
Sakthi Sugars reports net profit of Rs 2.17 crore in the September 2008 quarter
DLF net profit declines 16.65% in the September 2008 quarter
SEL Manufacturing Company net profit declines 14.04% in the September 2008 quarter
Andhra Bank net profit rises 6.82% in the September 2008 quarter
Ispat Industries reports net loss of Rs 26.74 crore in the September 2008 quarter
Castrol India net profit rises 9.92% in the September 2008 quarter
OnMobile Global net profit rises 32.87% in the September 2008 quarter
Essar Shipping Ports & Logistics net profit rises 275.12% in the September 2008 quarter
Bosch net profit rises 15.69% in the September 2008 quarter
Ranbaxy Laboratories reports net loss of Rs 352.93 crore in the September 2008 quarter
McNally Bharat Engineering Company net profit rises 45.89% in the September 2008 quarter
Housing Development & Infrastructure net profit rises 15.83% in the September 2008 quarter
Nestle India net profit rises 13.53% in the September 2008 quarter
MMTC net profit rises 24.98% in the September 2008 quarter
Simplex Infrastructures net profit rises 46.96% in the September 2008 quarter
GTL Infrastructure reports net profit of Rs 14.49 crore in the September 2008 quarter
Power Grid Corporation of India net profit rises 6.79% in the September 2008 quarter
IFB Agro Industries net profit rises 51.97% in the September 2008 quarter
Zodiac Clothing Company net profit rises 15.12% in the September 2008 quarter
Source: Capitalmarket.com
30 October 2008
Results: ONGC,WelGuj,JSPL,Tatachem,BPCL etc
Welspun Gujarat Stahl Roh has declared its second quarter results. Its Q2 standalone net profit was at Rs 65.31 crore versus Rs 82.50 crore, YoY.
IOB Q2 net profit at Rs 359 cr
Indian Overseas Bank has declared its second quarter results. Its Q2 net profit was at Rs 359 crore.
ONGC Q2 net profit at Rs 4808.41cr
ONGC has declared its second quarter results. Its Q2 standalone net profit was at Rs 4808.41 crore versus Rs 5097.48 crore, YoY.
Apollo Hospitals Q2 net profit at Rs 30.13cr
Apollo Hospitals Enterprises has declared its second quarter results. Its Q2 standalone net sales were at Rs 364.83 crore versus Rs 280.90 crore, YoY.
Birla Corporation Q2 net profit was at Rs 59.7cr
Birla Corporation has declared its second quarter results. Its Q2 standalone net profit was at Rs 59.7 crore versus Rs 103.1 crore.
Jindal Steel Q2 net profit at Rs 450cr view table
Jindal Steel & Power has declared its second quarter results. Its Q2 net profit was at Rs 450 crore versus Rs 277.4 crore.
Orchid Chemicals Q2 net loss at Rs 40.7 cr
Orchid Chemicals and Pharmaceuticals has announced its second quarter numbers. It has reported Q2 standalone net loss of Rs 40.7 crore as against net profit of Rs 63.3 crore.
Tata Chemicals Q2 net profit at Rs 215.8 cr
Tata Chemicals has announced its second quarter numbers. Its Q2 standalone net profit went up at Rs 215.8 crore from Rs 142.6 crore
Mahanagar Telephone Nigam net profit declines 1.38% in the September 2008 quarterSales rise 1.05% to Rs 1204.92 crore
Amara Raja Batteries net profit declines 8.87% in the September 2008 quarterSales rise 32.71% to Rs 339.96 crore
Oil & Natural Gas Corpn net profit declines 5.67% in the September 2008 quarter
TajGVK Hotels & Resorts net profit rises 0.49% in the September 2008 quarter
SREI Infrastructure Finance net profit declines 45.05% in the September 2008 quarter
Orchid Chemicals & Pharmaceuticals reports net loss of Rs 40.66 crore in the September 2008 quarter
Sun TV Network net profit rises 35.12% in the September 2008 quarter
Jindal Steel & Power net profit rises 62.18% in the September 2008 quarter
Tata Chemicals net profit rises 51.39% in the September 2008 quarter
Bharat Petroleum Corporation reports net loss of Rs 2625.27 crore in the September 2008
quarter
Aban Offshore net profit rises 72.29% in the September 2008 quarter
Cairn India Q3 net profit at Rs 293.3 cr view table
29th-Oct-2008
Cairn India has announced its third quarter results. The company's consolidated net profit was at Rs 293.3 crore versus Rs 23.2 crore on YoY basis.
Dabur India net profit rises 18.12% in the September 2008 quarter
KSK Energy Ventures reports net profit of Rs 45.15 crore in the September 2008 quarter
CESC net profit rises 33.33% in the September 2008 quarter
Rashtriya Chemicals & Fertilizers net profit rises 116.61% in the September 2008 quarter
Source:CM,IE etc
Fed Cuts Key Interest Rate Half-point to 1 Percent
Fed slashes key interest rate by half-point to 1 percent to combat financial crisis
WASHINGTON (AP) -- The Federal Reserve has slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a long list of maladies stemming from the most severe financial crisis in decades.
The central bank on Wednesday reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent, a low last seen in 2003-2004. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.
The cut marked the second half-point reduction in the funds rate this month. The Fed slashed the rate by that amount in a coordinated move with foreign central banks on Oct. 8.
Fed is expected to cut interest rates again today- AP
Sept. durable goods rise by largest since June
Stocks Up Ahead of Fed Decision
Fed cuts key rate by half point to 1 percent
WASHINGTON (Reuters) - The U.S. Federal Reserve cut a key interest rate by a hefty half-percentage point on Wednesday to prevent a widening credit crisis from tipping the United States into a deep and prolonged recession.
The Fed's decision takes its target for overnight bank lending to 1 percent, the lowest since June 2004. Wall Street was united in the opinion the Fed would lower rates, although views were split on the likely size of the move.
The U.S. central bank has cut benchmark overnight rates from 5.25 percent in nine steps over the past 13 months to counter a financial storm that started with the collapse of the U.S. mortgage market and spread around the world.
(Reporting by Mark Felsenthal and David Lawder)
Source:yahoo,reuters
29 October 2008
Sensex ends 36 pts up in volatile trade
Thanks to a sharp rally in global markets, equities opened on a rousing note on the major Indian bourses this morning. However, after staying high up in the positive territory for about half an hour, the market reversed trend and plunged into the red in mid morning trade.
Stockometer
Though there were a few sharp rallies thereafter, the market struggled to hold gains and kept faltering due to strong resistance encountered by a few front line stocks. On expectations that Bank of Japan and the US Federal Reserve will reduce interest rates, US, Asian and European markets remained fairly strong today. Back home, short-covering due to expiry of October series derivatives contracts resulted in the sharp jump of some blue chip stocks.
Top gainers
Remaining volatile right through the session, the Sensex ended the day with a gain of 36.43 points or 0.4% at 9044.51, way down from a high of 9297.76 it had posted in early trade. The barometer touched a low of 8894.34 in morning trade.
Worst losers
The Nifty index of the National Stock Exchange closed with a gain of 0.46% or 12.45 points at 2697.05. In intra-day trades today, the Nifty hit a high of 2781.25 and a low of 2631.90.
Scrip Scan
Metal stocks posted impressive gains on sustained buying support. Mirroring the impressive surge of these stocks, the BSE Metal index moved up by as much as 6.52% today. Oil, auto and consumer durables stocks also had a good outing.
Experts' Talk
Realty, pharma, FMCG and capital goods stocks declined. Bank, power, IT and PSU stocks displayed a mixed trend. After a positive start, midcap and smallcap stocks slipped and suffered sharp losses.
Hindalco, Tata Motors, ACC, Sterlite Industries, Mahindra & Mahindra, Reliance Industries, Tata Power, Wipro, ICICI Bank, Infosys Technologies, Tata Steel, BHEL and ONGC closed with strong gains. Bharti Airtel (1.85%) also ended on a firm note. NTPC, ITC and Maruti Suzuki posted modest gains.
Reliance Communications went down by as much as 10.85% today. Satyam Computer Services, Suzlon Energy, Siemens, DLF, Idea Cellular, Sun Pharmaceuticals, Ranbaxy Laboratories, Cipla and Reliance Petroleum closed with heavy losses.
Cairn India, Tata Communications, Ambuja Cements, SAIL, BPCL, Power Grid Corporation, HCL Technologies, Zee Entertainment, RPower, Unitech and Hero Honda recorded sharp losses today.
Biocon, Wockhardt Pharma, GMR Infrastructure, TTML, Indian Overseas Bank, Apollo Tyres, Axis Bank, Raymond, Chennai Petroleum Corporation, Nirma, Cummins, Bharat Electronics, IDBI, LIC Housing Finance, IDFC, Mundra Port, RNRL and IFCI went down sharply today.
Jindal Steel flared up by 16.15%. Bharat Forge surged 11.75% to Rs 110. Oracle Financial Services, Moser Baer, Canara Bank, Asian Paints, Power Finance Corporation, Kotak Bank, Asian Paints, Bank of India, Reliance Capital, McDowell, Lupin and Ashok Leyland closed with sharp losses today.
The market breadth was negative. Out of 2,498 stocks traded on the BSE, 1,319 stocks closed in the negative territory. 1,104 stocks posted gains and 75 stocks ended flat.
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GMR Inds Q2 net surges
High provisions hit RBI's Q2 net profit
Mahindra Q3 net profit down 35 per cent
JSL Q2 net loss at Rs 69 cr
Britannia Industries Q2 net up 9.8 pc at Rs 53.30 cr
EID Parry India Q2 consolidated net up 9-fold at Rs 761 cr
Cairn India's Q3 net profit at Rs 81.44 cr on YoY
Top Asia refiner Sinopec Q3 net profit slides 39 pc
Bharati Shipyard Q2 net up 29 pc at Rs 33 cr
Eicher Motors Q2 PAT at Rs 45.2 cr
Eicher Q2 net up 205 per cent
Cairn India ties up $1.8 bn for Rajasthan oilfields
Rupee improves further by 21 paise against dollar
Jhunjhunwala, Shankar Sharma differ on mkt direction
Damani, Chokhani see mkt recovery in '09
India Inc's Sep '08 report card
Other income boosts Cairn India Q3 profit
M&M consolidated Q2 net down 5%
Telenor buys 61% stake in Unitech Wireless for Rs 6,120 cr
Results:
Bannari Amman Sugars reports net profit of Rs 30.07 crore in theSeptember 2008 quarter
JSL reports net loss of Rs 68.64 crore in the September 2008 quarter
Vesuvius India net profit rises 22.93% in the September 2008 quarter
Sical Logistics reports net loss of Rs 41.93 crore in the September 2008 quarter
Divi's Laboratories net profit rises 50.88% in the September 2008 quarter
V-Guard Industries net profit declines 83.40% in the September 2008 quarter
Cairn India reports net profit of Rs 81.44 crore in the September 2008 quarter
Everonn Systems India net profit rises 210.04% in the September 2008 quarter
Bharati Shipyard net profit rises 28.78% in the September 2008 quarter
Gulf Oil Corporation net profit declines 65.83% in the September 2008 quarter
Titagarh Wagons reports net profit of Rs 17.84 crore in the September 2008 quarter
S.Kumars Nationwide net profit declines 53.99% in the September 2008 quarter
Alok Industries net profit declines 1.91% in the September 2008 quarter
Gujarat Flourochemicals net profit rises 44.58% in the September 2008 quarter
Vakrangee Softwares net profit rises 50.55% in the September 2008 quarter
Gokul Refoils and Solvent reports net profit of Rs 11.37 crore in the September 2008 quarter
Bombay Dyeing & Manufacturing Company reports net loss of Rs 103.97 crore in the September 2008 quarter
Adhunik Metaliks net profit rises 15.69% in the September 2008 quarter
Tata Tea net profit rises 18.67% in the September 2008 quarter
National Fertilizer net profit rises 42.81% in the September 2008 quarter
Karur Vysya Bank net profit rises 43.38% in the September 2008 quarter
TVS Electronics net profit rises 100.00% in the September 2008 quarter
GMR Infrastructure net profit rises 170.88% in the September 2008 quarter
Source:Sify,ET,BS,BL,CM