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04 November 2007

How did RPL fare versus all domestic OMCs?

How did RPL fare versus all domestic oil refining and marketing companies with regards to their valuations and capacities? CNBC-TV18’s analysis throws up some interesting findings.
RPL has basically higher GRMs (Gross Refining Margins) compared to most other companies. Most of it is because of the latest machineries and technologies that RPL uses, produces estimates of about USD 15-18 per barrel of GRMs versus USD 6 of other companies.

A look at all the oil and marketing companies versus RPL will reveal what is in store. All these are 2010 estimates because RPL will go on-stream in 2010. So CNBC-TV18 analysis considered 2010 estimates.

The total revenue is close to about Rs 4,74,481 crore for all the oil and marketing companies put together versus Rs 21,908 crore for RPL – these are 2010 estimates.

PAT (profit after tax) for all the other oil and marketing companies is estimated to be close to about Rs 10,416 crore versus 2010 PAT of about Rs 7,424 crore for RPL. PAT is low for all these oil and marketing companies put together on those higher sales is because these companies have lower GRMs.

A look at the refining capacity reveals that RPL will have a refining capacity of close to about 28 million tonnes per annum versus the refining capacity of all the oil refining and marketing companies put together is about 117 million tonnes. That means that RPL has one-fifth the refining capacity of all the oil and marketing companies put together.

A look at the refining capacity reveals that RPL will have a refining capacity of close to about 28 million tonnes per annum versus the refining capacity of all the oil refining and marketing companies put together is about 117 million tonnes. That means that RPL has one-fifth the refining capacity of all the oil and marketing companies put together.

Having said that, MCap of all the oil and marketing companies is still lower than RPL. RPL’s MCap is about Rs 120,000 crore versus Rs 100,000 crore of all these oil refining and marketing companies.

CNBC-TV18 and other estimates value other oil refining companies less aggressively than RPL. Why these companies are conservatively estimated is because of the subsidy burden, which these companies have. The marketing losses that PSUs and other companies have to take have also been considered.

At some point in time, these marketing companies will be profitable. So the lower estimates that have taken on PAT will increase aggressively. Having said, that analysts are not saying that RPL is expensive or the other oil and marketing companies are cheaper at this point in time. They are just giving a comparison between all the other oil refining and marketing companies versus RPL at this point in time.

RPL’s EPS is close to about 16.5 in 2010 versus all the oil refining and marketing companies; it is close to about Rs 202. So one can imagine the difference over there, also price to earnings ratio of RPL in 2010 is estimated about 16.1 versus 9.6 - that is the average price to earnings ratio of 2010 of other oil refining and marketing companies.

These are just comparisons, analysts are not saying that one thing is cheaper than the other or one thing is more expensive than the other. These are just comparisons between other oil refining and marketing companies and RPL.

OIL COS FY10e
(Rs Cr) Revenue PAT
IOC 2.35 lk 5,205
BPCL 1.02 lk 1,601
HPCL 82,909 1,595
Bongaigaon 5,909 331
Chennai 21, 854 670
MRPL 26,191 1,014
Total 4.74 lk 10,416

OIL COS FY10e
(Rs Cr) Revenue PAT
RPL 51,908 7,424

OIL COS FY10e
(Rs) EPS
IOC 43.70
BPCL 44.30
HPCL 47.10
Bongaigaon 16.60
Chennai 45
MRPL 5.80
Total 202

OIL COS FY10e
(Rs) EPS
RPL 16.50

OIL COS MKT CAP
(Rs Cr)
IOC 55,650
BPCL 10,170
HPCL 8,050
Bongaigaon 1,376
Chennai 4,830
MRPL 13,901
Essar 5,851
Total 99,828

OIL COS MKT CAP
(Rs Cr)
RPL 120,802

OIL COS VALUATIONS
FY10e P/E
IOC 11x
BPCL 7.6x
HPCL 5.0x
Bongaigaon 4.2x
Chennai 7.1x
MRPL 13.8x

Total 9.6x
RPL 16.1x

OIL COS CAPACITY
Refining mtpa
Total ex-RPL 148.97
IOC 60.2
HPCL 13.4
BPCL 22.3
Essar 10.4
ONGC+MRPL 10.4

REFINING CAPACITY
mtpa
RPL 28

ANALYSING RPL
-GRMs higher than most other companies
-Higher GRMS due to latest machineries, better technology
-GRM estimate of $15-17/bbl Vs $6/bbl for others
-RPL refining capacity of 28 mtpa Vs 117 mtpa for others
-Mkt cap of all other refining, mkt cos still lower than RPL
-Subsidy burden hits state run oil refininy companies
-Other oil refining cos have higher profits even after a/c for mktg losses
-RPL will start earning profits in FY2010
-RPL EPS then would be Rs 16.50 Vs Rs 202 of others put together
-FY10 total rev of oil refining cos seen at Rs 4.75 lk cr Vs Rs 21,908 cr of RPL
-FY10 total PAT of oil refining cos seen at Rs 10,416 cr Vs Rs 7,424 cr of RPL

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

Job alerts and blog roundup

Saturday, November 3, 2007

Research Analyst openings at Asit C. Mehta
Vacancies:
Junior/Trainee Research Analysts
Sr. Research Analysts
Executive /Asst. Manager Accounts & Finance
Junior Technical Analysts
Send resumes to: hrd@acm.co.in
visit company site for more details:http://www.investmentz.co.in/

---------------------------------
Sunday, November 4, 2007

Research Openings in Aranca
INDIA OPERATIONS openings:
Project Manager (2)
Senior Research Analyst (5)
Research Analyst (5)
Associate Analyst (3)From the company website:The remuneration for all positions will be competitive and match the industry standards. Furthermore, candidates will receive extensive training.We encourage qualified candidates to apply immediately. Please submit resume to careers@aranca.com specifying the position applied for in the subject line.Only short-listed candidates will be informed.Aranca is an equal opportunities employer.

----------------------------
Friday, November 2, 2007

Job openings in Emkay share
Current Openings
Branch Heads
Marketing Executives
Location: Across India
e-mail your resume to at careers@emkayshare.com
visit for more details:http://www.contentlinks.asiancerc.com/emkay/careers.asp

------------------------------------

Mundra Port IPO Analysis
Company:Mundra Port and Special Economic ZonePrice Band: Rs 400 to Rs 440 per equity shareIssue Date:Opens on November 1, 2007 and will close on November 7, 2007.Recommendation:Apply at upper price band.Investment Rationale:
Good issue with good management and the pricing is attractive.Estimates say issue might see Rs. 700 plus on listing.
Strong financial growth by the company.FY 07 saw a 580 Crore topline and 188.9 Crore bottomline.
The company is operating the biggest port in the country.
Mundra Port capacity will be 70 million tonnes, that will be used for bulk cargo, crude oil and provide value added services like well connected rail line.This all gels together to give a brighter future outlook.
The company presently has 15,665 acres of land available and 16,688 acres of additional land are at various stage of being transferred to the company, thus aggregating 32,353 acres for Port and SEZ.This land bank would add more to the value of the company.
Overall a great issue to apply for and expect huge listing gains and also long term value creation.

--------------------------------
Sunday, November 4, 2007

Market Outlook for Monday
The last working day of the markets saw a dramatic pullback and the Indian markets outperformed the Asian Markets in general.However going by the global cues the markets are expected to be volatile in the coming week.

----------------------
South Asian Petrochem Ltd. stock prospects
Company:South Asian Petrochem Ltd.Industry:Petrochem - Others CMP:17.80 PE Ratio:7.61Recommendation:PerformerInvestment Rationale:

Saturday, November 3, 2007
Multibagger Stock Pick-P&G
Company:Procter & Gamble Hygiene & Healthcare Ltd.Industry:Personal Care CMP:713.55 PE Ratio:25.79Recommendation:OutperformerInvestment Rationale:

Multibagger Stock Pick-Gillette India Ltd.
Company:Gillette India Ltd.Industry:Personal Care CMP:850.00 PE Ratio:19.46Recommendation:Outperformer

We thank (will be grateful to) the owners of the above articles/sites/sources/Govts www.kpowave.blogspot.com and that authors other blogs and and for allowing/referring this. We are just providing the link/information of business updates from the leading sources for the benefit of readers. Request viewers to make verification about the information and take own risk/decision in stock buying. Blog is not responsible for any faulty information.

Results Updates

Nitin Fire`s consolidated net jumps 2.18 times in Q2

Nitin Fire Protection Industries (NFPIL) reported 2.18 times increase in its consolidated net profit to Rs 59.23 million for the quarter ended Sep. 30, 2007 as compared with Rs 27.18 million in the same quarter, previous year.
The total consolidated income grew 31% to Rs 357.59 million during the current quarter as against Rs 273.81 million in the corresponding quarter, a year ago.
The earning per share (EPS) for the latest quarter stood at Rs 5.14 as compared with Rs 1.75 for the same quarter, last year.

Lanco Global net jumps 4.29 times for Sep`07 qtr

Hyderabad-based global IT service provider Lanco Global (Q, N,C,F)* Systems reported 4.29 times rise in net profit to Rs 42.44 million for the quarter ended September 2007 as against Rs 9.89 million in the corresponding quarter, last year.
Net sales of the company jumped 5 times to Rs 263.30 million as against Rs 52.93 million in the same period, last year.
The diluted EPS, after extraordinary items, stood at Rs 1.67 for the September 2007 quarter

Bayer CropScience net up 8.20% for Sep`07 qtr

Bayer CropScience reported 8.20% rise in net profit to Rs 330.90 million for the quarter ended September 2007 as against Rs 305.80 million in the corresponding quarter, last year. The net sales of the company rose 40.65% to Rs 3,680.10 million as against Rs 2,616.40 million in the same period, last year. The total income also rose 38.95% to Rs 3,729.90 million in the current quarter as compared with Rs 2,684.30 million in the same quarter, last year.

Bilcare net up 38.24% for Sep`07 qtr
Pune-based pharmaceutical packaging materials manufacturer Bilcare reported 38.24% rise in net profit to Rs 163.40 million for the quarter ended September 2007 as against Rs 118.20 million in the corresponding quarter, last year.
Net sales of the company witnessed 25.56% rise to Rs 979.50 million as against Rs 780.1 million in the same period, last year.
The total income also increased 30.22% to Rs 1,022.80 million as compared with Rs 785.40 million in the same quarter, last year.

Asian Hotels net up 25.47% in Sep`07 qtr
Asian Hotels, reported a 25.47% rise in net profit to Rs 179.30 million, for the quarter ended September 2007, as against Rs 142.90 million in the corresponding quarter, last year.

The net sales of the company witnessed 27.70% rise to Rs 1,055.60 million as against Rs.826.60 million in the same period, last year.

Lanco Industries net up 2.4% in Q2
Lanco Industries posted a 2.39% rise in net profit at Rs 46.19 million for the quarter ended September 2007 as compared with Rs 45.11 million for the same quarter ended during the last year. Net sales increased 4.02% to Rs 959.39 million for the quarter ended September 2007 from Rs 922.29 million for the same quarter ended during the last year.

Punj Lloyd net up 39.86 times in Sep`07 qtr
Punj Lloyd (PLL), India`s second largest engineering and construction company and a global EPC services provider in energy and infrastructure domains, has recorded spectacular performance with consolidated income of Rs 33,426.6 million for the first half of the FY `08; an increase of 65.27% as compared to Rs 20,225.5 million in the corresponding period, last year. On a consolidated basis, EBITDA for H1FY`08 improved to Rs 3,411.7 million; an increase of 2.22 times as compared to Rs 1,534.1 million in the corresponding previous period. Net profit for the six month period ended September 2007 was at Rs 1,489.1 million as against Rs 598.3 million in H1FY`07. The basic earnings per share (EPS) for H1FY2008 stood at Rs 5.56.Consolidated revenues for the Q2FY08 stood at Rs 19,247.1 million. Consolidated EBIDTA for Q2FY08 was at Rs 1,967.6 million. Operating margins for Q2FY08 stood at 10.22%. The share of revenue from international operations during the quarter constituted 66% of the consolidated revenue. Order Inflow during the quarter at Rs 24,550 million signifies the company`s sustained leadership position in the industry.Consolidated net profit at Rs 894.4 million for the quarter ended Sep. 30, 2007 registered a robust growth of 166.59% over the corresponding quarter of the previous year. Continued improvement in operational efficiencies and a judicious selection of orders with improved margins have enabled it to register an increase in the operating margins by 48.41% from 6.90% in Q2FY07 to 10.24% in Q2FY08.

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

Gainers of the Week

Some Gainers of the Week :

Company
Group
Prev Close (Rs)
Current Price (Rs)
% Change
+
National Fertili
A
42.15
66.80
+ 58.48
+
Jindal St & Pwr
A
8,382.30
12,661.40
+ 51.05
+
Mangalore Refine
A
60.70
82.10
+ 35.26
+
Reliance Petroleum
A
202.10
269.40
+ 33.30
+
Jindal Saw
A
615.45
816.70
+ 32.70
+
LIC Housing Fi
A
274.15
354.95
+ 29.47
+
Engineers India
A
726.35
904.10
+ 24.47
+
Bank of India
A
307.40
377.95
+ 22.95
+
Dena Bank
A
59.30
72.50
+ 22.26
+
Dredging Corpora
A
786.70
959.05
+ 21.91
+
Fertilisers & Ch
A
23.60
28.55
+ 20.97
+
ONGC
A
1,156.00
1,366.10
+ 18.17
+
Bank of Baroda
A
320.50
372.85
+ 16.33
+
Union Bank of In
A
162.05
187.85
+ 15.92
+
Exide Inds.
A
63.80
73.75
+ 15.60
+
GMR Infrastructure L
A
158.60
182.90
+ 15.32
+
L & T
A
3,876.80
4,461.05
+ 15.07
+
ING Vysya Bank
A
269.60
309.75
+ 14.89
+
Nestle India
A
1,331.95
1,530.05
+ 14.87
+
Bongaigaon Refin
A
61.85
70.85
+ 14.55
+
Tata Power Co.
A
1,134.45
1,297.05
+ 14.33
+
Century Enka
A
144.35
164.25
+ 13.79
+
HDFC Bank
A
1,546.05
1,758.75
+ 13.76
+
MICO
A
4,280.35
4,850.10
+ 13.31
+
Ramco Systems Lt
A
155.10
175.70
+ 13.28
+
Indian Bank
A
144.50
163.15
+ 12.91
+
Punj Lloyd
A
443.35
498.40
+ 12.42
+
ICICI Bank
A
1,184.45
1,330.60
+ 12.34
+
Guj. Mineral Dev
A
2,361.80
2,647.90
+ 12.11
+
Bharat Heavy Ele
A
2,431.75
2,715.25
+ 11.66
+
ABB Ltd
A
1,436.70
1,600.50
+ 11.40
+
Indian Oil Corp
A
446.50
495.70
+ 11.02
+
Reliance Energy Ltd.
A
1,670.00
1,852.35
+ 10.92
+
Siemens Ltd.
A
1,725.40
1,904.20
+ 10.36
+
Alfa Laval (I) Ltd.
A
956.40
1,053.65
+ 10.17
+
Cairn India Ltd.
A
204.30
223.60
+ 9.45
+
IDBI Ltd
A
145.65
158.95
+ 9.13
+
Reliance Capital
A
1,820.20
1,985.70
+ 9.09
+
Corporation Bank
A
415.80
453.20
+ 8.99
+
Rashtriya Chem&Fert.
A
53.20
57.95
+ 8.93
+
Bharat Forge Ltd
A
336.55
366.05
+ 8.77
+
Chennai Petro.
A
299.00
324.60
+ 8.56
+
SBI
A
2,083.95
2,251.75
+ 8.05
+
Guj. Gas Co. Ltd
A
306.30
330.55
+ 7.92
+
Sterlite Indus.
A
955.60
1,026.55
+ 7.42
+
Sterlite Technologie
A
279.15
299.55
+ 7.31
+
JaiprakashAssociates
A
1,352.90
1,446.70
+ 6.93
+
Ipca Laboratorie
A
620.55
660.00
+ 6.36
+
CESC Ltd.
A
552.35
587.05
+ 6.28
+
Neyveli Lignite
A
132.90
141.05
+ 6.13
+
Jindal Stainless Ltd
A
162.55
172.30
+ 6.00

------------------------------------------------

Company
Group
Prev Close (Rs)
Current Price (Rs)
% Change
+
Texmaco
B1
1,152.55
1,759.75
+ 52.68
+
Celestial Labs Ltd.
B1
41.80
60.15
+ 43.90
+
Jindal Photo
B1
151.95
218.00
+ 43.47
+
Reliance Natural Res
B1
99.30
142.00
+ 43.00
+
Wheels India Ltd.
B1
219.40
308.50
+ 40.61
+
Eimco Elecon Ind
B1
440.65
617.05
+ 40.03
+
MRF Ltd
B1
5,623.90
7,867.25
+ 39.89
+
Refex Refrigerants L
B1
119.30
166.50
+ 39.56
+
Lakshmi Elect.
B1
336.90
462.10
+ 37.16
+
TIL Ltd.
B1
352.90
482.45
+ 36.71
+
Adlabs Films Ltd.
B1
724.85
978.45
+ 34.99
+
Adhunik Metaliks
B1
129.40
171.70
+ 32.69
+
Sundaram Finance
B1
505.65
669.00
+ 32.30
+
Cinevistaas Ltd.
T
63.50
83.80
+ 31.97
+
Ashapura Min. Lt
B1
284.35
368.60
+ 29.63
+
JSW Holdings Ltd.
B1
596.20
770.00
+ 29.15
+
Dewan Housing
B1
86.90
111.65
+ 28.48
+
Polyplex Corpn.
B1
158.60
203.75
+ 28.47
+
Nalwa Sons Investmen
T
1,634.50
2,086.00
+ 27.62
+
State Trading
B1
795.55
1,015.20
+ 27.61
+
Walchandnagar
B1
8,169.95
10,408.35
+ 27.40
+
Zandu Pharma.
B1
5,806.35
7,312.10
+ 25.93
+
NOCIL
B1
32.30
40.30
+ 24.77
+
Apcotex Industries L
B1
37.15
46.30
+ 24.63
+
Nilkamal Ltd.
B1
193.55
241.05
+ 24.54
+
Deepak Fert.
B1
106.05
131.25
+ 23.76
+
Salora Intl.
B1
180.65
223.20
+ 23.55
+
Godrej Industries Lt
B1
176.95
218.55
+ 23.51
+
GIC Housing Fi
B1
53.95
66.45
+ 23.17
+
Areva T&D India
B1
2,088.45
2,543.10
+ 21.77
+
LT Overseas Ltd.
B1
43.05
52.40
+ 21.72
+
Voltamp Transformers
B1
1,353.65
1,642.20
+ 21.32
+
Elgi Equipments
B1
58.95
71.35
+ 21.03
+
Mascon Global Lt
B1
12.61
15.25
+ 20.94
+
Can Fin Homes
B1
61.15
73.95
+ 20.93
+
Shirpur Gold Refine.
T
51.65
62.45
+ 20.91
+
MSP Steel & Power Lt
B1
39.60
47.80
+ 20.71
+
Richa Knits
B1
23.90
28.75
+ 20.29
+
Everest Kanto Cylind
B1
230.95
276.50
+ 19.72
+
Shringar Cinemas
B1
61.40
73.50
+ 19.71
+
Bombay Rayon Fashion
B1
229.10
273.35
+ 19.31
+
Asian Electronic
B1
379.55
452.20
+ 19.14
+
Time Technoplast Ltd
B1
640.25
761.85
+ 18.99
+
Arrow Webtex Ltd.
B1
327.55
389.60
+ 18.94
+
Insecticides ( India
B1
56.10
66.70
+ 18.89
+
Aban Offshore Ltd.
B1
4,387.85
5,213.00
+ 18.81
+
Phillips Carbon
T
174.00
205.45
+ 18.07
+
Prithvi Infor. Solu.
B1
243.30
286.80
+ 17.88
+
Deep Industries
B1
151.60
178.65
+ 17.84
+
Prime Focus
B1
1,021.05
1,201.65
+ 17.69
+
Agro Dutch Industrie
B1
26.20
30.70
+ 17.18
+
Honeywell Automation
B1
1,681.85
1,969.15
+ 17.08
+
Apar Industries
B1
222.60
260.45
+ 17.00
+
Indo Tech Transforme
B1
546.35
639.25
+ 17.00
+
Glenmark Pharma
B1
427.70
499.70
+ 16.83
+
DCM Ltd.
T
49.95
58.35
+ 16.82
+
Usha Martin Ltd.
B1
76.25
89.05
+ 16.79
+
Action Construction
B1
382.35
445.10
+ 16.41
+
NoidaTollBridge
B1
35.65
41.50
+ 16.41
+
PTC India
B1
114.65
132.70
+ 15.74
+
Marico Ltd.
B1
62.90
72.70
+ 15.58
+
IndiabullsFinService
B1
604.35
697.85
+ 15.47
+
KCP Ltd.
B1
403.90
465.50
+ 15.25
+
Supreme Inds.
B1
286.75
330.25
+ 15.17
+
Zodiac Clothing
B1
400.00
460.00
+ 15.00
+
Shamken Multifab
T
3.94
4.53
+ 14.97
+
Ramco Industries
B1
974.60
1,120.15
+ 14.93
+
Graphite India Ltd.
B1
57.00
65.45
+ 14.82
+
Jai Balaji Industrie
B1
288.75
329.45
+ 14.10
+
Givo Ltd.
T
6.95
7.92
+ 13.96
+
Goldstone Tech
T
141.35
160.40
+ 13.48
+
Monsanto India
B1
1,331.25
1,509.20
+ 13.37
+
Jyoti Structures
B1
245.70
278.50
+ 13.35
+
Sintex Industrie
B1
415.15
470.00
+ 13.21
+
Guj. Alkalie & C
B1
166.00
187.75
+ 13.10
+
Sunil Hitech Enginee
B1
265.80
300.55
+ 13.07
+
HEG Ltd.
B1
274.55
310.05
+ 12.93
+
Impex Ferro Tech Ltd
B1
17.25
19.45
+ 12.75
+
Eveready Industr
B1
39.95
44.80
+ 12.14
+
India Glycols
B1
334.10
374.20
+ 12.00
+
Shanthi Gears
B1
72.05
80.65
+ 11.94
+
BSEL Infra. Realty
B1
57.30
63.95
+ 11.61
+
Torrent Power Ltd.
B1
155.80
173.60
+ 11.42
+
ABG Shipyard
B1
660.90
736.00
+ 11.36
+
Biocon
B1
506.70
563.55
+ 11.22
+
Sona Koyo Steer.
B1
49.30
54.80
+ 11.16
+
Cholamandalam DBS Fi
B1
182.20
202.00
+ 10.87
+
Mangalore Chem.
B1
36.95
40.95
+ 10.83
+
Bhagwati Banquets &
B1
46.70
51.75
+ 10.81
+
Cosmo Films
B1
85.90
94.85
+ 10.42
+
Maytas Infra Ltd.
B1
642.45
707.85
+ 10.18
+
KEC International Lt
B1
649.10
714.20
+ 10.03

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Weekly Wrap up: Sensex rises 733 pts

Indian markets continued the bull run, with the bourses setting new paradigms for the world to see in the week ended Nov. 02, 2007. While India`s 30 share benchmark index Sensex surged past the psychological 20,000 mark, broad-based Nifty too pierced the 6,000 mark.

Overcoming the restrictions on P-Notes, the market moved ahead quite significantly this week on speculation that more foreign entities would get registered with SEBI. Short-covering, buoyant quarterly numbers from a few top ranking companies also aided the spectacular rally this week.

Sensex closed up 733.06 points at 19,976.23, while the broad-based NSE Nifty closed at 5,932.40, up 230.10 points for the week ended Nov. 02, 2007.

On Monday, the BSE Sensex closed with a hefty gain of 734.50 points, or 3.82%, at 19,977.67, while the broad-based NSE Nifty gained 203.6 points, or 3.57%, to close at 5,905.90.On

Tuesday, the BSE Sensex closed with a loss of 194.16 points, or 0.97%, at 19,783.51, while the broad-based NSE Nifty lost 37.1 points, or 0.63%, to close at 5,868.8.

On Wednesday, the BSE Sensex closed with a gain of 54.48 points, or 0.28%, at 19,837.99, while the broad-based NSE Nifty was up 31.9 points, or 0.54%, to close at 5,900.65.

On Thursday, the BSE Sensex closed with a loss of 113.64 points, or 0.57%, at 19,724.35, while the broad-based NSE Nifty was down 34.2 points, or 0.58%, to close at 5,866.45.

On Friday, the BSE Sensex closed with a hefty gain of 251.88 points, or 1.28%, at 19,976.23, while the broad-based NSE Nifty closed at 5,932.40, up 65.95 points.

Corporate ResultsHindustan Petroleum Corporation (HPCL), the second largest integrated oil refining and marketing company in India, on a standalone basis posted a steep fall of 59.82% net profit to Rs 8,530.30 million for the quarter ended September 2007 as compared with Rs 12,219.80 million for the corresponding quarter, last fiscal.Mahindra & Mahindra (M&M), a leading maker of utility vehicles, posted a 26.01% decline in net profit at Rs 2,859.47 million for the quarter ended September 2007 as compared to Rs 3,864.77 million for the same quarter, last year.Maruti Suzuki India posted 26.96% jump in net profit at Rs 4,665.00 million for the quarter ended September 2007, as compared to Rs 3,674.40 million for the quarter ended September 2006.

Steel Authority of India (SAIL) announced a 17.84% jump in net profit at Rs 17,002.40 million for the quarter ended September 2007, as compared to Rs 14,428.10 million for the quarter ended September 2006.Reliance Communications on a consolidated basis posted a 85.75% jump in net profit at Rs 13,045.70 million for the quarter ended September 2007 as compared to Rs 7,023.40 million for the quarter ended September 2006.

Tata Motors reported better-then-expected 19.27% growth in net profit at Rs 5,268.40 million for the September 2007 quarter as compared with Rs 4,417.20 million in the corresponding quarter, last year.Bharti Airtel, India`s top telecom operator, on consolidated basis posted 87.04% growth in net profit to Rs 16,437.60 million for the quarter ended Sep. 30, 2007 as against Rs 8,788.40 million in the corresponding quarter, last year.

New ListingShares of Gandhinagar-based Circuit Systems (India) closed with 24.28% premium at Rs 43.50 compared with its issue price of Rs 35. The stock opened with a premium of 20% at Rs 42. The exporter of pointed circuit boards had come out with an initial public offering of 4,244,810 equity shares of Rs 10 each.The company had fixed issue price at Rs 35 a share, and its IPO was open for subscription from Sep. 27, 2007 to Oct. 5, 2007.EconomyRBI hiked the cash reserve ratio (CRR) by 50 basis points to 7.5% effective fortnight beginning Nov.10, 2007. The RBI has kept the repo rate under the LAF, an instrument that injects liquidity in the system, unchanged at 7.75%.

The apex bank also kept the Bank rate unchanged at 6%.All India Consumer Price Index Number for Industrial Workers (CPI-IW) on base 2001=100 for the month of Sepember, 2007 remained stationary at 133 (one hundred and thirtythree).India`s fiscal deficit declined at 53.8% in September 2007 as against 58.2% in the corresponding month last year, according to data complied with Controller General of Accounts. InflationIndia`s wholesale price index for `All Commodities` for the week ended Oct. 20, 2007 rose 0.05% to 215.1 from 215.0 for the previous week.The annual rate of inflation, calculated on point-to-point basis, stood at 3.02% for the week ended Oct. 20, 2007, as against 3.07% in the previous week. The annual rate of inflation stood at 5.61% as on Oct. 21, 2006, a year ago.

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Corporate/Personailty of the Day

Amartya Sen

Amartya Kumar Sen CH (Hon) (Bengali: অমর্ত্য কুমার সেন Ômorto Kumar Shen) (born 3 November 1933), is an Indian economist, philosopher, and a winner of the Bank of Sweden Prize in Economic Sciences (Nobel Prize for Economics) in 1998, "for his contributions to welfare economics" for his work on famine, human development theory, welfare economics, the underlying mechanisms of poverty, and political liberalism.
From 1998 to 2004 he was Master of Trinity College at Cambridge University, becoming the first Asian academic to head an Oxbridge college. Amartya Sen is interested in the debate over globalization. He has given lectures to senior executives of the World Bank and he is honorary president of Oxfam.
Among his many contributions to development economics, Sen has produced work on gender inequality. He is currently the Lamont University Professor at Harvard University. Amartya Sen's books have been translated into more than thirty languages. He is a trustee of the Economists for Peace and Security.

For more, Visit: http://en.wikipedia.org/wiki/Amartya_Sen

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