ICICI Bk net down 6% at Rs 728 cr, SBI Q1 net up 15.1%, beats forecast

ICICI Bank Q1 net down 6% at Rs 728 cr

ICICI Bank, the country's largest private sector lender, today reported a 6% decline in net profit in the April-June quarter at Rs 728.01 crore as against Rs 775.08 crore in the year-ago period.
"A sharp increase in interest rates and adverse market conditions during the quarter had a negative impact of Rs 594 crore on the bank's trading portfolio and Statutory Liquidity Ratio (SLR) and its treasury income in Q1 FY'09," the bank said in a filing with the BSE.

Total income rose marginally (1.6%) to Rs 9,429.98 crore in the quarter ended June 30, 2008 from Rs 9,281.42 crore in Q1FY08.Net interest income increased 41% to Rs 2,090 crore from Rs 1,479 crore in the same period of the previous fiscal.

During the quarter ended June 30, the bank, including its subsidiaries, had total assets worth Rs 4, 84, 643 crore.Savings account deposits increased 35% to Rs 43,465 crore at the end of June 30,2008 from Rs 32,121 crore in Q1FY08. Current and savings account (CASA) deposits constituted 27.6% of total deposits when compared with 22.4% at the end of June 30, 2007.

"As on July 21, 2008, the bank had 1,388 branches and extension counters and 4,233 ATMs," the release added.Consolidated advances of the bank, its overseas banking subsidiaries and ICICI Home Finance Company increased 20% to Rs 2,57,287 crore as on June 30, 2008 from Rs 2,15,293 crore at the end of June 30, 2007.

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SBI Q1 net at Rs 1,641 cr
SBI Q1 net up 15.1%, beats forecast

Country's largest public sector bank the State Bank of India recored a 15.1 percent jump in its net profits for the first quarter of the financial year 2009. The consolidated net profit of of the bank stood at Rs 1,640.92 crore for the quarter ended June 30, 2008 against Rs 1,861.66 crore in during the corrosponding quarter of the prevous year. The figures are not comparable as the bank had changed its accounting policies with effect March 31, 2008.

The bank's total revenue during the quarter were up 25.8 percent at Rs 23,747.43 crore from Rs 18,882.57 crore last year. Shares in State Bank shares fell 31 percent in the June quarter, faring worse than the 14 percent drop in the benchmark Sensex on the Bombay Stock Exchange and a 23 percent slump in the BSE Bankex.
***************
State Bank of India, India's largest bank, posted a 15.1 per cent rise in quarterly net profit on Saturday, beating forecasts, helped by its access to low-cost funds. The state-run bank, which raised $4.1 billion in a rights issue in March, said its net profit in April-June, its fiscal first quarter, rose to 16.41 billion rupees ($388 million) from 14.26 billion rupees reported a year earlier. A Reuters poll of analysts had forecast a 2.9 percent rise in March quarter earnings to 14.67 billion rupees

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Reliance Infrastructure net up 14% at Rs 253 crore

Reliance Infrastructure owned by billionaire Anil Ambani said fiscal first quarter profit rose 14 per cent helped by higher operational efficiencies in power generation and higher orders for equipment.

Net profit of the company rose to Rs 253 crore in the three months ended June 30 compared with Rs 222 crore in the corresponding period of previous year. Total income of the company grew 32 per cent to Rs 2,618 crore, against Rs1,984 crore in the corresponding quarter of previous year.

Aggregate sales of electrical energy increased marginally by 2 per cent to 2,539 million units during the the period. However, aggregate revenues from energy sales during the quarter increased by 37 per cent to Rs 1,764 crore (Rs 1,285 crore in the corresponding quarter of previous year).

"Our Dahanu power plant operated at over 100 per cent plant load factor(PLF) and this resulted in getting better incentives from the regulator. Further, our EPC business grew by over 320 per cent," said Lalit Jalan, chief executive of Reliance Infrastructure.

Maharashtra Electricity Regulatory Authority (MERC) offers incentives mainly for better PLF, station heat rate, oil consumption and other operational efficiencies, said sources. The Company’s Dahanu Thermal Power Station achieved a PLF of 103.2 per cent, generating 1,126 million units. Dahanu's PLF was also higher at 104.5 percent achieved during the corresponding quarter of previous year.

The turnover of the EPC division of the company increased to Rs 434 crore for the quarter against Rs 339 crore in the corresponding previous period. The division had an order book position of about Rs 21,044 crore as on June 30, 2008, as against Rs 5,035 crore in the corresponding quarter of previous year. Profits from EPC and contracts were Rs47.40 crore for the period, compared to Rs17.24 crore in the corresponding previous year. Currently Reliance Infrastructure is working on 6 projects and implementing over 3,500 MW of power projects.
This will ensure an additional accounting of an average Rs5000 crore every year to the revenues of the company, at least for the next 4-5 years.

He said the company was expected to grow at least 20 per cent year on year. "Once Reliance Power's power plants take off, that will ensure us a minimum 45 per cent growth, which will catapult Reliance Infrastrcture", said Jalan. Reliance Infrastrcture will be the EPC contractor for most of the 28,000 MW of power to be added by Reliance Power. Infrastructure business, another area of focus for company, is also expected to give good returns in future. The company is constructing five road projects in Tamil Nadu, two metro rail projects in Mumbai and Delhi and a business district in Hyderabad.

Other Income for the quarter under review was Rs 420 crore as against Rs 360 crore in the corresponding quarter of previous year. The Company's Earnings Before Interest, Depreciation and Tax (EBIDT) was Rs 396 crore (US$ 92 million) during the quarter, against Rs 398 crore in the corresponding quarter of previous year.
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Divi's Laboratories net profit rises 43.40% in the June 2008 quarter
Net profit of Divi's Laboratories rose 43.40% to Rs 96.48 crore in the quarter ended June 2008 as against Rs 67.28 crore during the previous quarter ended June 2007. Sales rose 16.66% to Rs 266.07 crore in the quarter ended June 2008 as against Rs 228.07 crore during the previous quarter ended June 2007

Motherson Sumi Systems net profit declines 57.66% in the June 2008 quarter
Net profit of Motherson Sumi Systems declined 57.66% to Rs 12.72 crore in the quarter ended June 2008 as against Rs 30.04 crore during the previous quarter ended June 2007. Sales rose 14.68% to Rs 346.38 crore in the quarter ended June 2008 as against Rs 302.04 crore during the previous quarter ended June 2007

Seshasayee Paper & Boards net profit declines 45.49% in the June 2008 quarter
Eicher Motors net profit declines 37.65% in the June 2008 quarter

Bombay Rayon Fashions net profit rises 58.41% in the June 2008 quarter
Net profit of Bombay Rayon Fashions rose 58.41% to Rs 34.93 crore in the quarter ended June 2008 as against Rs 22.05 crore during the previous quarter ended June 2007. Sales rose 36.68% to Rs 275.07 crore in the quarter ended June 2008 as against Rs 201.25 crore during the previous quarter ended June 2007

PTC India net profit rises 58.67% in the June 2008 quarter
Net profit of PTC India rose 58.67% to Rs 18.85 crore in the quarter ended June 2008 as against Rs 11.88 crore during the previous quarter ended June 2007. Sales rose 3.85% to Rs 1203.10 crore in the quarter ended June 2008 as against Rs 1158.55 crore during the previous quarter ended June 2007.

Dolphin Offshore Enterprises (India) net profit rises 241.70% in the June 2008 quarter
Elgi Equipments net profit rises 10.09% in the June 2008 quarter

UCO Bank net profit rises 0.43% in the June 2008 quarter
Net profit of UCO Bank rose 0.43% to Rs 133.44 crore in the quarter ended June 2008 as against Rs 132.87 crore during the previous quarter ended June 2007. Total operating income rose 20.36% to Rs 1837.45 crore in the quarter ended June 2008 as against Rs 1526.66 crore during the previous quarter ended June 2007.

Techno Electric & Engineering Company net profit rises 147.42% in the June 2008 quarter
Reliance Infrastructure net profit rises 13.98% in the June 2008 quarter
Dhanalakshmi Bank net profit rises 57.36% in the June 2008 quarter
ICICI Bank net profit declines 6.07% in the June 2008 quarter
State Bank of India net profit rises 15.08% in the June 2008 quarter

Vijaya Bank reports net loss of Rs 76.64 crore in the June 2008 quarter
Vijaya Bank reported net loss of Rs 76.64 crore in the quarter ended June 2008 as against net profit of Rs 111.35 crore during the previous quarter ended June 2007. Total operating income rose 32.37% to Rs 1188.96 crore in the quarter ended June 2008 as against Rs 898.23 crore during the previous quarter ended June 2007.

Take Solutions reports net profit of Rs 7.37 crore in the June 2008 quarter
JM Financial net profit rises 600.00% in the June 2008 quarter
Mangalore Chemicals & Fertilizers net profit declines 26.35% in the June 2008 quarter

Source: UTVi,CM,BS,ET

ET Top Stories:

ET Top stories

Sensex loses way in Asian meltdown
Anil Ambani becomes richer by Rs 27,000 cr after SP-UPA realignment
US stocks end higher
Oil falls below $123 as rally fizzles
HUL beats St, net up 13%
PSU initial offers may get delayed

R-Power to raise $4 bn through ECB
Tough time going for banks
Grasim net flat at Rs 671 crore
Pay income tax through any bank a/c
UTV Motion Pictures amongst US top 20 distributors

Reliance, Tata among 22 firms in race for CTL project
L&T in talks with global nuclear power companies for JV
Forex reserves plunge $1.4 billion to $307 billion
Indian CEOs see GDP growing by 7.6% in FY09: Survey
Bear market turns PE attractive, 150 deals likely in Q3
Job done, SP may give Manmohan company in govt

SOurce:ET

Results: HUL, ABB, MRPL, HCC, Indian Hotels, Exide, Indiabulls, Grasim, Ambuja Cements,Tata power, Jindal Steel, RNRL, Nag.Fert etc

Mangalore Refinery And Petrochemicals net profit rises 129.39% in the June 2008 quarter
Net profit of Mangalore Refinery And Petrochemicals rose 129.39% to Rs 845.40 crore in the quarter ended June 2008 as against Rs 368.55 crore during the previous quarter ended June 2007. Sales rose 44.10% to Rs 10662.46 crore in the quarter ended June 2008 as against Rs 7399.55 crore during the previous quarter ended June 2007.

Lakshmi Vilas Bank net profit declines 71.64% in the June 2008 quarter

J B Chemicals & Pharamaceuticals net profit rises 344.30% in the June 2008 quarter
Net profit of J B Chemicals & Pharamaceuticals rose 344.30% to Rs 13.64 crore in the quarter ended June 2008 as against Rs 3.07 crore during the previous quarter ended June 2007. Sales rose 30.88% to Rs 137.91 crore in the quarter ended June 2008 as against Rs 105.37 crore during the previous quarter ended June 2007.


Jindal Steel & Power net profit rises 60.85% in the June 2008 quarter
Net profit of Jindal Steel & Power rose 60.85% to Rs 402.30 crore in the quarter ended June 2008 as against Rs 250.11 crore during the previous quarter ended June 2007. Sales rose 54.96% to Rs 1895.31 crore in the quarter ended June 2008 as against Rs 1223.13 crore during the previous quarter ended June 2007

Sonata Software net profit rises 71.45% in the June 2008 quarter
Net profit of Sonata Software rose 71.45% to Rs 13.27 crore in the quarter ended June 2008 as against Rs 7.74 crore during the previous quarter ended June 2007. Sales rose 19.81% to Rs 55.35 crore in the quarter ended June 2008 as against Rs 46.20 crore during the previous quarter ended June 2007.

Gujarat State Petronet net profit rises 82.65% in the June 2008 quarter
Net profit of Gujarat State Petronet rose 82.65% to Rs 32.64 crore in the quarter ended June 2008 as against Rs 17.87 crore during the previous quarter ended June 2007. Sales rose 24.73% to Rs 119.49 crore in the quarter ended June 2008 as against Rs 95.80 crore during the previous quarter ended June 2007.

Indian Hotels Company net profit rises 11.89% in the June 2008 quarter
Net profit of Indian Hotels Company rose 11.89% to Rs 61.27 crore in the quarter ended June 2008 as against Rs 54.76 crore during the previous quarter ended June 2007. Sales rose 8.78% to Rs 376.91 crore in the quarter ended June 2008 as against Rs 346.50 crore during the previous quarter ended June 2007.

Andhra Bank net profit declines 44.99% in the June 2008 quarter
Net profit of Andhra Bank declined 44.99% to Rs 77.62 crore in the quarter ended June 2008 as against Rs 141.09 crore during the previous quarter ended June 2007. Total operating income rose 16.97% to Rs 1157.36 crore in the quarter ended June 2008 as against Rs 989.45 crore during the previous quarter ended June 2007

Hindustan Motors reports net loss of Rs 8.36 crore in the June 2008 quarter
Vipul net profit rises 11.13% in the June 2008 quarter
GRUH Finance net profit rises 54.37% in the June 2008 quarter
Hind Rectifiers net profit declines 10.80% in the June 2008 quarter



Emami net profit rises 12.94% in the June 2008 quarter
Net profit of Emami rose 12.94% to Rs 11.17 crore in the quarter ended June 2008 as against Rs 9.89 crore during the previous quarter ended June 2007. Sales rose 16.90% to Rs 122.79 crore in the quarter ended June 2008 as against Rs 105.04 crore during the previous quarter ended June 2007

Redington India net profit rises 26.75% in the June 2008 quarter
Net profit of Redington India rose 26.75% to Rs 15.07 crore in the quarter ended June 2008 as against Rs 11.89 crore during the previous quarter ended June 2007. Sales rose 15.03% to Rs 1490.87 crore in the quarter ended June 2008 as against Rs 1296.02 crore during the previous quarter ended June 2007.

Suven Life Sciences net profit declines 49.21% in the June 2008 quarter

SRF net profit declines 18.44% in the June 2008 quarter
Net profit of SRF declined 18.44% to Rs 45.69 crore in the quarter ended June 2008 as against Rs 56.02 crore during the previous quarter ended June 2007. Sales rose 16.31% to Rs 470.65 crore in the quarter ended June 2008 as against Rs 404.65 crore during the previous quarter ended June 2007.

M M Forgings net profit rises 25.95% in the June 2008 quarter

3i Infotech net profit rises 76.14% in the June 2008 quarter
Net profit of 3i Infotech rose 76.14% to Rs 37.73 crore in the quarter ended June 2008 as against Rs 21.42 crore during the previous quarter ended June 2007. Sales rose 15.20% to Rs 136.87 crore in the quarter ended June 2008 as against Rs 118.81 crore during the previous quarter ended June 2007.

Noida Toll Bridge Company net profit rises 11.76% in the June 2008 quarter
Net profit of Noida Toll Bridge Company rose 11.76% to Rs 7.32 crore in the quarter ended June 2008 as against Rs 6.55 crore during the previous quarter ended June 2007. Sales rose 34.98% to Rs 19.41 crore in the quarter ended June 2008 as against Rs 14.38 crore during the previous quarter ended June 2007.

India net profit declines 3.29% in the June 2008 quarter
Gujarat State Fertilizers & Chemicals net profit rises 30.93% in the June 2008 quarter
Amara Raja Batteries net profit declines 16.69% in the June 2008 quarter

Ambuja Cements net profit declines 32.51% in the June 2008 quarter
Net profit of Ambuja Cements declined 32.51% to Rs 577.02 crore in the quarter ended June 2008 as against Rs 855.01 crore during the previous quarter ended June 2007. Sales rose 8.20% to Rs 1569.77 crore in the quarter ended June 2008 as against Rs 1450.74 crore during the previous quarter ended June 2007.


Alphageo (India) net profit rises 397.55% in the June 2008 quarter
Net profit of Alphageo (India) rose 397.55% to Rs 12.19 crore in the quarter ended June 2008 as against Rs 2.45 crore during the previous quarter ended June 2007. Sales rose 118.10% to Rs 45.06 crore in the quarter ended June 2008 as against Rs 20.66 crore during the previous quarter ended June 2007.

CEAT reports net loss of Rs 10.67 crore in the June 2008 quarter

Karnataka Bank net profit declines 60.03% in the June 2008 quarter
Net profit of Karnataka Bank declined 60.03% to Rs 20.70 crore in the quarter ended June 2008 as against Rs 51.79 crore during the previous quarter ended June 2007. Total operating income rose 26.53% to Rs 457.90 crore in the quarter ended June 2008 as against Rs 361.89 crore during the previous quarter ended June 2007.


Reliance Natural Resources net profit rises 6.78% in the June 2008 quarter
Net profit of Reliance Natural Resources rose 6.78% to Rs 16.07 crore in the quarter ended June 2008 as against Rs 15.05 crore during the previous quarter ended June 2007. Sales rose 102.82% to Rs 53.97 crore in the quarter ended June 2008 as against Rs 26.61 crore during the previous quarter ended June 2007.


Nagarjuna Fertilizers & Chemicals net profit declines 1.54% in the June 2008 quarter
Net profit of Nagarjuna Fertilizers & Chemicals declined 1.54% to Rs 7.04 crore in the quarter ended June 2008 as against Rs 7.15 crore during the previous quarter ended June 2007. Sales rose 44.37% to Rs 433.55 crore in the quarter ended June 2008 as against Rs 300.30 crore during the previous quarter ended June 2007.

Dredging Corporation of India net profit declines 54.66% in the June 2008 quarter
Net profit of Dredging Corporation of India declined 54.66% to Rs 24.45 crore in the quarter ended June 2008 as against Rs 53.92 crore during the previous quarter ended June 2007. Sales rose 0.93% to Rs 196.00 crore in the quarter ended June 2008 as against Rs 194.20 crore during the previous quarter ended June 2007.


Nava Bharat Ventures net profit rises 118.92% in the June 2008 quarter
Net profit of Nava Bharat Ventures rose 118.92% to Rs 126.91 crore in the quarter ended June 2008 as against Rs 57.97 crore during the previous quarter ended June 2007. Sales rose 64.77% to Rs 290.48 crore in the quarter ended June 2008 as against Rs 176.29 crore during the previous quarter ended June 2007.

Engineers India net profit rises 32.99% in the June 2008 quarter
Net profit of Engineers India rose 32.99% to Rs 50.63 crore in the quarter ended June 2008 as against Rs 38.07 crore during the previous quarter ended June 2007. Sales rose 67.75% to Rs 252.44 crore in the quarter ended June 2008 as against Rs 150.49 crore during the previous quarter ended June 2007.

Hindustan Unilever net profit rises 13.20% in the June 2008 quarter
Net profit of Hindustan Unilever rose 13.20% to Rs 558.18 crore in the quarter ended June 2008 as against Rs 493.08 crore during the previous quarter ended June 2007. Sales rose 21.09% to Rs 4215.67 crore in the quarter ended June 2008 as against Rs 3481.40 crore during the previous quarter ended June 2007.

Varun Industries reports net profit of Rs 6.21 crore in the June 2008 quarter

IndusInd Bank net profit rises 44.48% in the June 2008 quarter
Net profit of IndusInd Bank rose 44.48% to Rs 19.10 crore in the quarter ended June 2008 as against Rs 13.22 crore during the previous quarter ended June 2007. Total operating income rose 22.31% to Rs 528.18 crore in the quarter ended June 2008 as against Rs 431.84 crore during the previous quarter ended June 2007.

Karur Vysya Bank net profit declines 36.31% in the June 2008 quarter
Net profit of Karur Vysya Bank declined 36.31% to Rs 30.54 crore in the quarter ended June 2008 as against Rs 47.95 crore during the previous quarter ended June 2007. Total operating income rose 27.91% to Rs 327.67 crore in the quarter ended June 2008 as against Rs 256.18 crore during the previous quarter ended June 2007.


Tata Power Company net profit rises 0.18% in the June 2008 quarter
Net profit of Tata Power Company rose 0.18% to Rs 190.55 crore in the quarter ended June 2008 as against Rs 190.20 crore during the previous quarter ended June 2007. Sales rose 34.05% to Rs 2026.13 crore in the quarter ended June 2008 as against Rs 1511.48 crore during the previous quarter ended June 2007


Whirlpool of India net profit rises 198.73% in the June 2008 quarter
Ipca Laboratories net profit declines 31.94% in the June 2008 quarter
Mukta Arts reports net loss of Rs 0.71 crore in the June 2008 quarter

Reliance Power reports net profit of Rs 59.71 crore in the June 2008 quarter
Reliance Power reported net profit of Rs 59.71 crore in the quarter ended June 2008. There were no sales reported in the quarter ended June 2008.

ABB net profit rises 21.42% in the June 2008 quarter
Net profit of ABB rose 21.42% to Rs 131.81 crore in the quarter ended June 2008 as against Rs 108.56 crore during the previous quarter ended June 2007. Sales rose 15.38% to Rs 1616.30 crore in the quarter ended June 2008 as against Rs 1400.88 crore during the previous quarter ended June 2007.

Godrej Consumer Products net profit declines 4.22% in the June 2008 quarter
Pratibha Industries net profit rises 93.82% in the June 2008 quarter
Net profit of Pratibha Industries rose 93.82% to Rs 11.61 crore in the quarter ended June 2008 as against Rs 5.99 crore during the previous quarter ended June 2007. Sales rose 169.67% to Rs 177.82 crore in the quarter ended June 2008 as against Rs 65.94 crore during the previous quarter ended June 2007.

Educomp Solutions net profit rises 180.90% in the June 2008 quarter
Net profit of Educomp Solutions rose 180.90% to Rs 16.77 crore in the quarter ended June 2008 as against Rs 5.97 crore during the previous quarter ended June 2007. Sales rose 152.40% to Rs 69.41 crore in the quarter ended June 2008 as against Rs 27.50 crore during the previous quarter ended June 2007


Union Bank of India net profit rises 1.42% in the June 2008 quarter
Net profit of Union Bank of India rose 1.42% to Rs 228.29 crore in the quarter ended June 2008 as against Rs 225.10 crore during the previous quarter ended June 2007. Total operating income rose 19.99% to Rs 2533.21 crore in the quarter ended June 2008 as against Rs 2111.15 crore during the previous quarter ended June 2007

Oriental Bank of Commerce net profit rises 58.44% in the June 2008 quarter
Net profit of Oriental Bank of Commerce rose 58.44% to Rs 220.52 crore in the quarter ended June 2008 as against Rs 139.18 crore during the previous quarter ended June 2007. Total operating income rose 27.35% to Rs 1953.72 crore in the quarter ended June 2008 as against Rs 1534.14 crore during the previous quarter ended June 2007.


eClerx Services net profit rises 56.05% in the June 2008 quarter
Net profit of eClerx Services rose 56.05% to Rs 15.87 crore in the quarter ended June 2008 as against Rs 10.17 crore during the previous quarter ended June 2007. Sales rose 62.37% to Rs 42.15 crore in the quarter ended June 2008 as against Rs 25.96 crore during the previous quarter ended June 2007.

Grasim Industries net profit rises 0.49% in the June 2008 quarter
Net profit of Grasim Industries rose 0.49% to Rs 514.19 crore in the quarter ended June 2008 as against Rs 511.66 crore during the previous quarter ended June 2007. Sales rose 6.44% to Rs 2592.33 crore in the quarter ended June 2008 as against Rs 2435.47 crore during the previous quarter ended June 2007.

Alstom Projects India net profit rises 4.57% in the June 2008 quarter
Net profit of Alstom Projects India rose 4.57% to Rs 18.30 crore in the quarter ended June 2008 as against Rs 17.50 crore during the previous quarter ended June 2007. Sales rose 51.06% to Rs 364.50 crore in the quarter ended June 2008 as against Rs 241.30 crore during the previous quarter ended June 2007.


Hindustan Construction Company net profit declines 11.84% in the June 2008 quarter
Net profit of Hindustan Construction Company declined 11.84% to Rs 30.84 crore in the quarter ended June 2008 as against Rs 34.98 crore during the previous quarter ended June 2007. Sales rose 18.77% to Rs 865.89 crore in the quarter ended June 2008 as against Rs 729.04 crore during the previous quarter ended June 2007



Gateway Distriparks net profit rises 17.06% in the June 2008 quarter
Net profit of Gateway Distriparks rose 17.06% to Rs 20.58 crore in the quarter ended June 2008 as against Rs 17.58 crore during the previous quarter ended June 2007. Sales rose 50.56% to Rs 47.08 crore in the quarter ended June 2008 as against Rs 31.27 crore during the previous quarter ended June 2007.

Indiabulls Securities net profit declines 15.68% in the June 2008 quarter
Net profit of Indiabulls Securities declined 15.68% to Rs 37.49 crore in the quarter ended June 2008 as against Rs 44.46 crore during the previous quarter ended June 2007. Sales rose 14.97% to Rs 121.31 crore in the quarter ended June 2008 as against Rs 105.51 crore during the previous quarter ended June 2007.

I-Flex Solutions net profit rises 58.38% in the June 2008 quarter
Net profit of I-Flex Solutions rose 58.38% to Rs 92.18 crore in the quarter ended June 2008 as against Rs 58.20 crore during the previous quarter ended June 2007. Sales rose 20.32% to Rs 462.80 crore in the quarter ended June 2008 as against Rs 384.64 crore during the previous quarter ended June 2007.


Emkay Global Financial Services net profit declines 83.61% in the June 2008 quarter
TTK Prestige net profit rises 19.16% in the June 2008 quarter
Wire & Wireless India reports net loss of Rs 19.74 crore in the June 2008 quarter

Indiabulls Financial Services net profit rises 102.84% in the June 2008 quarter
Net profit of Indiabulls Financial Services rose 102.84% to Rs 105.11 crore in the quarter ended June 2008 as against Rs 51.82 crore during the previous quarter ended June 2007. Sales rose 308.85% to Rs 464.66 crore in the quarter ended June 2008 as against Rs 113.65 crore during the previous quarter ended June 2007.

Exide Industries net profit rises 17.24% in the June 2008 quarter
Net profit of Exide Industries rose 17.24% to Rs 82.20 crore in the quarter ended June 2008 as against Rs 70.11 crore during the previous quarter ended June 2007. Sales rose 36.54% to Rs 906.53 crore in the quarter ended June 2008 as against Rs 663.92 crore during the previous quarter ended June 2007.


Source: CM

Sensex plummets 502 pts on global weakness

Sensex plummets 502 pts on global weakness

As global markets plunged on concerns over mounting credit losses, blue chip stocks, barring a select few, reeled under a sustained onslaught and ended with big losses on the Indian bourses this afternoon. So weak was the sentiment that not even some good report cards from India Inc could pull the market out of the red today. The mood was also dampened on reports that a few blasts rocked Bangaluru this afternoon.


The bulls who had taken a retreat yesterday after holding sway for five successive sessions were not to be seen anywhere near the ring today. Bank and oil stocks were among the biggest losers. Realty, capital goods, power and metal stocks had a weak outing as well. A host of stocks from auto and IT sectors too wilted under pressure. Select pharma and FMCG stocks bounced back and closed with notable gains.

As selling interest centred around large caps today, mid and small cap stocks signed off without much damage.

The Sensex, which opened with a negative gap of around 325 points at 14,451.95 and crashed to a low of 14,210.63 in late afternoon trade, ended at 14,274.94 with a stunning loss of 502.07 points or 3.4%. The Nifty settled with a loss of 121.70 points or 2.74% at 4311.85, a few points off its low of 4297.15.

Ranbaxy Laboratories (3.15%), ACC (2.45%), Hindustan Unilever (1.95%), Satyam Computer Services (1.45%), NTPC (1.15%), Grasim Industries (0.7%) and Reliance Communications (0.35%) were the Sensex stocks that managed to close on a positive note today.

ICICI Bank (down 9.6%), HDFC Bank (down 7.15%), Reliance Industries (down 6.9%) and HDFC (down 5.65%) were severely hammered today. Jaiprakash Associates, ONGC, Reliance Infrastructure and BHEL lost 4% - 4.5%. Realty stock DLF and engineering major Larsen & Toubro eased by 3.2% and 3.15% respectively.

Tata Motors, Cipla, Tata Steel and State Bank of India lost 2% - 3%. Hindalco, Ambuja Cements, Infosys Technologies, Mahindra & Mahindra, Tata Consultancy Services, ITC lost 0.5% - 1.5%. Maruti Suzuki eased by around half a per cent while Wipro and Bharti Airtel ended with minor losses.

ABB, Tata Communications, Reliance Petroleum, Sterlite Industries, Sun Pharmaceuticals, Tata Power, HCL Technologies, GAIL India, Zee Entertainment, Suzlon Energy, SAIL and Unitech closed with sharp losses. Nalco moved up by 4.65%. Punjab National Bank, BPCL, Idea Cellular and Siemens settled with sharp to moderate gains.

Mangalore Refineries & Petrochemicals soared 16.7% on buoyant quarterly results. JP Hydropower, Neyveli Lignite Corporation, United Phosphorus, Ispat Industries, Oriental Bank of Commerce, Phoenix Mills, Jai Corp, Piramal Healthcare, India Cements, HMT, Petronet LNG, Jet Airways, Glenmark Pharmaceuticals, Max India, Tata Teleservices, India Bulls Financial Services and Rolta India ended with handsome gains.

Axis Bank, Canara Bank, Karnataka Bank, Yes Bank, Kotak Bank, Federal Bank, Andhra Bank, Indian Bank and Corporation Bank were among the prominent losers among bank stocks besides the three heavyweights. Midcap stocks 3i Infotech, Ess Dee Aluminium, Honeywell Automation, United Breweries, Shree Cements, Renuka Sugars, Advanta, Sadbhav Engineering, IB Securities, KS Oils, Godfrey Philips, Balrampur Chini and Petronet LNG closed with impressive gains.

The market breadth was weak. Out of 2691 stocks traded on BSE today, 1154 stocks closed with gains. 1460 stocks posted losses and 77 stocks ended flat.

Source:Sify

World's top 10 consumers of oil

World's top 10 consumers of oil

Oil, or black gold, is the single most important commodity in the world today.

Scientists say that the world's oil reserves could run dry over the next 30 to 50 years, crippling the world's economy. Which means that new oil reserves will have to be found, or alternative sources of energy will have to be developed, or the consumption of oil will have to drastically reduced.

The globe uses up almost 82 million barrels of oil every day, or 30 billion barrels per year, and the consumption is constantly growing by the day, with economies like India and China growing at breakneck speed.
So which are the world's largest users of petroleum? Read on to find out the top 10 consumers of oil. . .

1. United States
The United States of America is the single largest consumer of oil.
It uses as much as 20.73 million barrels per day!
2. China
A fast growing China is the world's second largest user of oil.
The world's most populous nation uses 6.534 million barrels per day.
3. Japan
Japan is the third largest consumer of oil.
The Asian nation consumes 5.578 million barrels per day.
4. Germany
Germany is the fourth biggest consumer of oil in the world.
It uses 2.650 million barrels per day.
5. Russia
Russia is the fifth largest consumer of oil.
It uses 2.500 million barrels per day.
6. India
India is the sixth largest consumer of oil.
It burns up 2.450 million barrels per day.
7. Canada
Canada is the world's seventh largest consumer of oil.
It uses 2.294 million barrels per day.
8. South Korea
South Korea is the world's eighth largest consumer of oil.
It uses up 2.149 million barrels of oil per day.
9. Brazil
Brazil is the ninth largest user of oil.
It guzzles 2.100 million barrels per day.
10. France
France is the world's tenth largest consumer of oil.
It devours 1.970 million barrels per day.
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Source: Rediff

RIL understated profits fearing windfall tax: SP Tulsian

RIL understated profits fearing windfall tax: SP Tulsian


Reliance Industries has posted 13.2% growth in its net profit at Rs 4,110 crore for the quarter ended June 2008 as against Rs 3,630 crore in the same period of last year. Gross refining margin, or GRM stood at USD 15.70 per barrel. Petro-chemicals revenues went up by 12.7% at Rs 14,871 crore and EBIT margin improved by 10.6% from 10.4% (QoQ). Refining revenues were up by 45.9% at Rs 32,587 crore and EBIT margin declined by 9.3% versus 9.9% (QoQ).

SP Tulsian of Sptulsian.com said results of the refinery segment look disappointing. According to him, the company seems to have understated profit mainly fearing windfall profit tax on the refinery segment.

According to Jigar Shah, Senior Vice-President and Head of Research, KIM ENG Securities, there was a lot of volatility because of rising raw material prices. "That has resulted in refining margins being lower than what was expected. The way crude prices had shot up, the expectation was that GRM for the quarter would be higher on a sequential basis."

Excerpts from CNBC-TV18’s exclusive interview with SP Tulsian and Jigar Shah:

Q: Would you call it a disappointment?

Tulsian: The results from the refinery segment look disappointing. The Rs 3,040 crore EBIT is Rs 2,839 crore if compared sequentially, which means it has just increased by Rs 200 crore. Q4 had a realisation of less than Rs 40 per dollar. This quarter has seen a higher currency rate of at least Rs 42. So, even a 4% currency benefit is not factoring in profitability.

There has been a steep increase in the price of crude. The company always carries inventory of about Rs 14,000 crore. So, even if I presume 25%, it works out to about Rs 3,500 crore of crude oil, which should give an inventory gain of about Rs 200-400 crore.

Apart from that, they have seen better gross refining margins, or GRMs, of 20 cents, which should give them an extra profit of maybe Rs 60-70 crore. On the refinery segment, the company seems to have understated the profit mainly fearing windfall profit tax. It does not want to give too rosy a picture that the refinery segment has shown very good profitability. That may attract the attention of the regulator or maybe the government and tempt them to go for windfall profit tax.

Q: Would say that GRMs at 15.7% are an understatement?

Tulsian: Crude prices have risen from about USD 110 per barrel on an average for the March quarter to about USD 130 per barrel. So, there is a proportionate increase in GRMs with an increase in crude prices. If crude rises by about 20%, then GRMs must rise by 10% because they have been refining heavy crude with a high sulphur content. The refinery produces about 1 lakh tonne of sulphur residues every month. It has given them very good realization. Sulphur prices which used to rule at about Rs 2 per kg a couple of years back, is now sold at around Rs 34 per kg.

There has not been a sharp increase in the two quarters on a sequential basis. There has been an increment continually. They have a huge recovery of sulphur. It should give them an extra profit to the extent of about Rs 50-70 crore alone from waste products. If one adds all these things, a Rs 200 crore increase in EBDITA, the refinery segment seems to be understated.

Q: What have you made of the numbers? Would you say that the performance is below par or would you attribute the motive and say that perhaps there is an understatement of profit?

Shah: It is not an understatement. In both businesses, there is a lot of volatility because of rising raw materials. That has resulted in lower refining margins than what was expected. The way crude prices had shot up, expectations were that GRM for the quarter would be higher on a sequential basis.

That has not happened in a very sharp manner because the product mix could have undergone some change. The petrochemical margin fall is very much on expected lines because naphtha prices were ruling high. They would have impacted the company’s overall costing.

Going forward with further availability of gas as feedstock, the overall performance can improve. The second half should be much better, because we also have KG Basin gas coming in. My outlook for the company does not change and excluding KG Basin production, 20% kind of profit growth looks reasonable.

Q: The company should have enjoyed the benefits of a depreciating rupee, inspite of that you are seeing that refining revenues have not lived up to expectations, which is barely Rs 200 crore over the previous quarter. Doesn’t this come as a surprise?
Shah: The rupee appreciation during the April-June quarter has taken a lot of companies by surprise. A lot of export-oriented companies instead of gaining have ended up losing on foreign exchange. So, I am not surprised on that angle because clearly people had not expected such a sharp upward movement in the rupee.Operating performance seems to be okay. The profit on the refining side has been below expectations. But one quarter is not sufficient to make a judgment and whether that is going to follow in the subsequent period.

Source: Indiaearnings.com

Wall St slides on weak housing data (Dow: down 283 pts)

Wall St slides on weak housing data

Wall Street went into a nosedive on Thursday as a weaker-than-expected report on the US housing market raised fresh fears about an economic recovery and ended a rush into banking stocks. Record losses reported by Ford Motor Co, forced to step up its restructuring, also contributed to the negative tone in the market.

The Dow Jones Industrial Average sank 283.19 points (2.43 percent) to close at 11,349.28 and the Nasdaq composite shed 45.77 points (1.97 percent) to 2,280.11. The broad-market Standard & Poor's 500 index retreated 29.65 points (2.31 percent) to 1,252.54. Losses intensified as the National Association of Realtors reported US home sales fell another 2.6 percent in June to a 10-year low as inventories rose and prices fell with buyers still hesitant in the face of a horrific market slump.

The seasonally adjusted annual rate of 4.86 million units is 15.5 percent lower than in June 2007. "Right now, we don't have enough data to argue that conditions (in the housing market) have bottomed," said Joel Naroff at Naroff Economic Advisors. "And that is something that could cause equity investors to worry as the financial problems will not ease until housing has turned." Peter Kreztmer at Bank of America added, "To a market looking for evidence of a bottom in the sales pace, the report disappointingly indicated that the downtrend is continuing for now."

Crude oil futures rebounded, gaining 1.05 dollars to close at $125.49 a barrel in New York. The S&P banking index slid some 7.2 percent, leading the declines. Among key financial groups, Citigroup slumped 9.7 percent to 19.06 dollars and Bank of America shed 2.8 percent to 30.64. Among other key stocks, Ford skidded 15.5 percent to 5.11 dollars after reporting its worst quarterly loss ever at 8.7 billion dollars and new transformation efforts while warning that it does not see a US economic recovery until 2010.

Elsewhere, 3M rose 0.35 percent to 71.05 dollars as the maker of industrial and consumer products reported a rise in profit and revenue. Amazon.com rallied 11.6 percent to 78.72 dollars after surprising the market with a stronger-than-expected profit of 158 million dollars. Dow Chemical fell 3.3 percent to 33.11 dollars as its earnings came up short of expectations. Southwest Airlines fell 6.2 percent to $14.90 as traders focused on the industry's woes from high fuel costs and shrugged off a better-than-expected profit report.

Bonds rose sharply. The yield on the 10-year US Treasury bond fell to 4.016 percent from 4.148 percent Wednesday while that on the 30-year bond eased to 4.611 percent against 4.700 percent. Bond yields and prices move in opposite directions. In Europe, shares also fell sharply as weak economic reports pointed to more trouble on that side of the Atlantic. London's FTSE fell 1.61 percent and France's CAC 40 skidded 1.38 percent. The Frankfurt DAX index retreated 1.46 percent.
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Source:ET

Reliance Results inline, Bharti Results Beats street

Earnings: Reliance Industries Q1 net profit up 13% YoY

Reliance Industries' net profit rose 13.22 per cent to Rs 4,110 crore for the first quarter ended June 30, 2008 compared to Rs 3,630 crore for the corresponding quarter a year ago. Total income increased 40.75 per cent to Rs 41,805 crore against Rs 29,721 crore for the same quarter last year. On BSE today, Reliance Industries shares closed up 1.81 per cent at Rs 2306.55 on volume of 12,34,443 shares.

Inventory gains to lift RIL profit

Investors and analysts are keeping their fingers crossed as they await the quarterly results of India’s largest private sector company — Reliance Industries (RIL). Analysts expect RIL’s profit growth to vary substantially between 9 per cent and 30 per cent.

In fact, a customary Bloomberg survey revealed that analysts expect a 24 per cent profit growth over the year-ago period, while a similar exercise by Reuters came out with a much lower profit growth expectation of 14 per cent. A lot will depend on how the company has treated its inventory gains and whether it has suffered any forex losses. Although there are differing views on RIL’s Q1 profits, most agree that RIL’s refinery business will put up a good show, while the petrochemicals business will suffer.

While gross refining margins (GRMs) have remained strong globally during the quarter, margins in petrochemicals business have weakened due to high naphtha prices. Petroleum refining contributed around 64 per cent to the company’s total revenues in FY08 against 34 per cent from petrochemicals. “We are expecting RIL to post $16/bbl GRM in the June 2008 quarter. The petrochemicals margins will be lower due to high naphtha prices, but the net profit should jump 27 per cent to Rs 4,150 crore. The future outlook is positive for the company due to production from KG basin and Reliance Petroleum (RPL) to start production from Q3FY09,” said Sudeep Anand, research analyst working with Religare Securities.

The private sector refiner is expected to benefit from the rise in the prices of crude oil and petroleum products during the June 2008 quarter, allowing it to book inventory gains. “It is mainly inventory gains that are pushing up GRMs of Indian refiners. When RIL publishes Q1 results on Thursday, we believe they may choose not to account for these inventory gains because of fear that high profits could invite a tax on windfall gains,” felt an industry observer.

“We are estimating $18-$19 as GRMs for RIL. However, they could cross $20 depending on inventory gains. On the other hand, profit from petrochemicals should be lower than the previous quarter,” said a research analyst working with a Mumbai-based international investment bank. Going forward, two major projects are scheduled for commissioning over the next six months, which will drive profit growth for the company. RIL’s 70 per cent subsidiary, RPL, is set to commission its 580,000 barrels per day (bpd) refinery, while its KG basin natural gas fields are likely to commence production anytime soon. On Wednesday, RIL scrip gained 5.16 per cent to Rs 2,265 in a euphoric market, when the Sensex spurted 5.94 per cent.

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Bharti Airtel Q1 net up 34%, beats forecast

Bharti Airtel Ltd, India's top mobile operator, beat forecasts on Thursday with a 34 percent rise in quarterly profit as it rode a boom in the world's fastest growing wireless market. Bharti, about 30 percent owned by Southeast Asia's top phone firm, SingTel, said consolidated net profit rose to Rs 2,025 crores ($484 million) under US accounting rules in its fiscal first quarter ended June, from Rs 1,512 crore a year earlier.

A news agency poll of 12 brokerages had forecast a net profit of Rs 1,934 crore for Bharti, which had 69.4 million mobile subscribers at end-June, up 63 percent from a year earlier. Bharti provides mobile services on the popular GSM platform in all of India's 23 service areas and accounts for nearly a quarter of the country's total mobile users.

It added 7.4 million users between April and June. The New Delhi-based firm mainly competes with No. 2 Reliance Communications and unlisted Vodafone Essar, controlled by Britain's Vodafone Plc. Shares in Bharti, India's fourth-most valuable firm at $36.4 billion, fell 12.6 percent between April and June compared with a 14 percent drop in BSE.

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Source: ET

Results: Idea,ACC,Rolta,NMDC,crisil,Hind.Zinc,Sobha,Patni etc

Allcargo Global Logistics net profit rises 25.72% in the June 2008 quarter

Net profit of Allcargo Global Logistics rose 25.72% to Rs 21.51 crore in the quarter ended June 2008 as against Rs 17.11 crore during the previous quarter ended June 2007. Sales rose 56.49% to Rs 126.62 crore in the quarter ended June 2008 as against Rs 80.91 crore during the previous quarter ended June 2007

Idea Cellular net profit declines 12.67% in the June 2008 quarter

Net profit of Idea Cellular declined 12.67% to Rs 269.53 crore in the quarter ended June 2008 as against Rs 308.62 crore during the previous quarter ended June 2007. Sales rose 47.11% to Rs 2173.18 crore in the quarter ended June 2008 as against Rs 1477.29 crore during the previous quarter ended June 2007.

Reliance Industries net profit rises 13.22% in the June 2008 quarter

Aventis Pharma net profit rises 12.06% in the June 2008 quarter

Net profit of Aventis Pharma rose 12.06% to Rs 41.80 crore in the quarter ended June 2008 as against Rs 37.30 crore during the previous quarter ended June 2007. Sales rose 7.99% to Rs 248.60 crore in the quarter ended June 2008 as against Rs 230.20 crore during the previous quarter ended June 2007.

Ratnamani Metals & Tubes net profit rises 12.66% in the June 2008 quarter

Net profit of Ratnamani Metals & Tubes rose 12.66% to Rs 25.45 crore in the quarter ended June 2008 as against Rs 22.59 crore during the previous quarter ended June 2007. Sales rose 31.40% to Rs 249.67 crore in the quarter ended June 2008 as against Rs 190.01 crore during the previous quarter ended June 2007.

Rolta India net profit rises 3.81% in the June 2008 quarter

Net profit of Rolta India rose 3.81% to Rs 54.78 crore in the quarter ended June 2008 as against Rs 52.77 crore during the previous quarter ended June 2007. Sales rose 28.45% to Rs 219.45 crore in the quarter ended June 2008 as against Rs 170.85 crore during the previous quarter ended June 2007.
For the full year, net profit rose 44.27% to Rs 262.94 crore in the year ended June 2008 as against Rs 182.25 crore during the previous year ended June 2007. Sales rose 42.02% to Rs 850.92 crore in the year ended June 2008 as against Rs 599.14 crore during the previous year ended June 2007.

NMDC net profit rises 56.82% in the June 2008 quarter

Net profit of NMDC rose 56.82% to Rs 981.31 crore in the quarter ended June 2008 as against Rs 625.77 crore during the previous quarter ended June 2007. Sales rose 54.68% to Rs 1673.15 crore in the quarter ended June 2008 as against Rs 1081.66 crore during the previous quarter ended June 2007.

Fag Bearings India net profit rises 8.97% in the June 2008 quarter

ACC net profit declines 21.52% in the June 2008 quarter

Net profit of ACC declined 21.52% to Rs 271.42 crore in the quarter ended June 2008 as against Rs 345.83 crore during the previous quarter ended June 2007. Sales declined 3.08% to Rs 1785.74 crore in the quarter ended June 2008 as against Rs 1842.53 crore during the previous quarter ended June 2007.

Zee News net profit rises 49.69% in the June 2008 quarter

NIIT reports net profit of Rs 3.16 crore in the June 2008 quarter

CRISIL net profit rises 182.28% in the June 2008 quarter

Net profit of CRISIL rose 182.28% to Rs 32.01 crore in the quarter ended June 2008 as against Rs 11.34 crore during the previous quarter ended June 2007. Sales rose 152.62% to Rs 92.46 crore in the quarter ended June 2008 as against Rs 36.60 crore during the previous quarter ended June 2007.

Hindustan Zinc net profit declines 28.45% in the June 2008 quarter

Net profit of Hindustan Zinc declined 28.45% to Rs 847.81 crore in the quarter ended June 2008 as against Rs 1185.00 crore during the previous quarter ended June 2007. Sales declined 16.57% to Rs 1643.66 crore in the quarter ended June 2008 as against Rs 1970.00 crore during the previous quarter ended June 2007

Info Edge (India) net profit rises 11.43% in the June 2008 quarter

Bajaj Electricals net profit rises 28.79% in the June 2008 quarter

Sobha Developers net profit rises 23.77% in the June 2008 quarter

Net profit of Sobha Developers rose 23.77% to Rs 50.50 crore in the quarter ended June 2008 as against Rs 40.80 crore during the previous quarter ended June 2007. Sales rose 29.55% to Rs 346.80 crore in the quarter ended June 2008 as against Rs 267.70 crore during the previous quarter ended June 2007.

Marico net profit declines 2.22% in the June 2008 quarter

United Phosphorus net profit rises 57.91% in the June 2008 quarter

Net profit of United Phosphorus rose 57.91% to Rs 46.63 crore in the quarter ended June 2008 as against Rs 29.53 crore during the previous quarter ended June 2007. Sales rose 51.68% to Rs 509.85 crore in the quarter ended June 2008 as against Rs 336.13 crore during the previous quarter ended June 2007.

Piramal Healthcare net profit rises 48.12% in the June 2008 quarter

Greenply Industries net profit declines 23.26% in the June 2008 quarter

MRF net profit declines 25.04% in the June 2008 quarter

Cummins India net profit rises 37.83% in the June 2008 quarter

Patni Computer Systems net profit declines 20.51% in the June 2008 quarter

Net profit of Patni Computer Systems declined 20.51% to Rs 95.95 crore in the quarter ended June 2008 as against Rs 120.70 crore during the previous quarter ended June 2007. Sales rose 30.87% to Rs 366.69 crore in the quarter ended June 2008 as against Rs 280.19 crore during the previous quarter ended June 2007.

Aztecsoft reports net loss of Rs 13.24 crore in the June 2008 quarter

Source: Capitalmarket.com