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02 November 2008

Some bright spots amid gloom, Result analyis of BL

Some bright spots amid gloom

The 30 per cent rise in sales and 12 per cent profit growth managed by leading Indian companies (320 of the BSE 500) for the September quarter may only reaffirm the gloomy earnings picture that the market is factoring into stock prices today.
In a bear market, such as the present one, while negative news is magnified by the lens of pessimism, positive aspects are often ignored. That a good 152 of the 320 companies recorded earnings growth of over 15 per cent could possibly come as a surprise for those who expected a sweeping profit slump.

This article discusses the divergence in performance of companies and sectors in the September quarter and highlights the possible reasons for such variations. A compact universe of companies from the BSE-500 (that represent 93 per cent of the exchange market cap) was chosen to analyse various drivers of costs and income for Corporate India. The set consists of stocks with a market capitalisation range of Rs 100 crore to Rs 1,90,000 crore. Also in focus are key sectors and companies that are conspicuous for their exceptionally good, or particularly poor, performance. Sales zoom, but margins pressured

Before moving to specifics, here’s a look at what the averages suggest. Sales, possibly ignited by an inflationary environment, clocked a far higher growth rate of 30 per cent (year on year) than the 19 per cent growth seen in September 2007.

However, the same inflationary trend, reflected in raw material costs ensured that operating profit growth halved to a moderate 15 per cent. Drastic reduction in ‘other income’ and losses on extraordinary items (as against profits from this segment in the previous year) dragged net profit growth down to 12 per cent.

A study of the key cost components suggests that the impact of the commodity price meltdown is yet to trickle down to corporate margins. Raw material costs were up by 43 per cent in the September 2008 quarter over a year ago. The similar increase in September 2007 was a mere 8 per cent.

However, raw materials as a percentage of sales (leaving out companies in the services space, with no raw material costs), was a whopping 56 per cent — 5 per cent over last year. The comparable number in September 2006 was 55 per cent, only 100 basis points lower than the latest figures.
In other words, the current proportion of cost to sales is not too different from 2006 levels, suggesting that selling prices may have offset input cost hikes. The operating profit margin too, at 27 per cent, was similar to the 2006 levels.

Earnings quality improves

Employee expenses as a percentage of sales declined marginally to about 8.2 per cent for the latest quarter, on the back of sedate hiring activity in the service sectors. However, for public sector companies such as BHEL, Bharat Electronics or SAIL, the pressure on profitability following implementation of the Sixth Pay Commission’s recommendations was discernible.
Despite rising interest rates and tightening liquidity, interest cost as a percentage of sales saw a mild dip to about 14 per cent, the ratio helped mainly by the cash-rich or low-debt companies in the universe. However, specific sectors, discussed later, have shown a steep increase in interest costs.

Windfall ‘other income’, primarily driven by forex gains (arising from revenue as well as borrowing transactions) in September 2007, gave way to extraordinary losses, either from forex hedging or the lack of it in the past quarter. Net profits, adjusted for such losses, nevertheless, grew at a modest 12 per cent. While the above averages provide some cues on India Inc’s growth trajectory, they only offer a sketchy picture. A break-up into sector and stock-specific trends makes things clearer.

Revenue growth remained robust in most sectors, barring interest-sensitive segments such as auto and auto ancillaries or sectors with weakening demand and price, such as cement. While the former took a mild dip in operating profits in the latest quarter, compared to a year ago numbers, cement companies bore a sharp 9 per cent fall in operating profits. Most of the companies in this universe, located in the Northern region, have been witnessing sharp declines in cement prices, compared to early 2008.

Metal margins slide: Manufacturers of another key commodity, steel, had a different story to recount. While volumes could have remained robust, as suggested by a 40 per cent increase in revenues, the average operating profit margins dipped sharply to 29 per cent from 35 per cent a year ago. With steel prices coming off sharply in recent months, the coming quarters may pose a real challenge for these companies.

Banking, IT stable: Sectors such as banking and IT have turned in far more stable results than expected, despite being boxed in by concerns. While banks faced a liquidity crunch, escalating costs and concerns about lower credit off-take on the back of high interest rates, the software sector was engulfed by its share of concerns arising from the global turmoil.
Both sectors have shown more moderate revenue and net profit growth, though profit margins did not throw up negative surprises.

Surprise from infrastructure: Interestingly, infrastructure, among the most beaten-down sectors in the recent fall, put up a respectable show, with a 39 per cent growth in sales and a 62 per cent growth in net profits.
Stocks from these sectors were beaten down on the back of concerns about high raw material and borrowing costs and an order-book slowdown.

However, price escalation clauses in most projects have allowed these companies to partly cope with rising costs. Order inflows, too, have been robust, especially for the larger infrastructure companies.

Less fortunate: The engineering and capital goods sector was, however, less fortunate as both operating and net profits grew at a noticeably slower pace. Neither infrastructure nor engineering was spared a sharp spike in borrowing costs, which rose by over 50 per cent.Beating expectations: Overall, banking and infrastructure sectors featured several companies that demonstrated better results than the market expected. Software, aided by a sliding rupee, too registered comfortable growth. These sectors, with their respective average earnings growth at over 20 per cent, have clearly done better than market expectations (the BSE-500 price earnings multiple is at about 11 times).

Stand-out performers
A few other trends, not specific to sectors, also emerged from the analysis. For instance, among the companies that notched up higher sales and net profits, 105, or one-third of the universe, saw net profits grow at a faster pace than sales. Were these companies supported by ‘other income’ outside of operations? Not really, as the other income declined in this universe as well.
The average operating profit margins for these companies jumped 300 basis points to a whopping 40 per cent in the latest quarter compared to a year ago, suggesting that volumes, pricing power and cost management could have been the key factors for superior performance, rather than any freak “other income.” See Table ‘ Strong show’ for a few such companies.
Interest costs, although stable, forms about a fifth of sales for these companies — far higher than the ratio of 13-14 per cent of sales for the whole universe. This suggests that these could be highly leveraged companies, starting to reap the benefits of expansion.
To balance the above with some negative trends, about 18 companies in the universe reported a decline in sales on a year-on-year basis.
About 11 of them also skidded into losses in the recent quarter, from net profits a year ago. These companies account for 3-5 per cent of our universe of 320.
Interestingly, both the above categories were part of the under-Rs 2,500 crore market capitalisation segment, once again reiterating the ability of larger companies to manage tough times better.

Source:BL

RBI cuts CRR by 100bps, repo rate by 50bps

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

Todays Headlines

Wall St ends higher on credit thawing signs
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

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:

30 October 2008

Results: ONGC,WelGuj,JSPL,Tatachem,BPCL etc

Fed Cuts Key Interest Rate Half-point to 1 Percent

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

Discover Stock Market India Nifty Bank Nifty Technicals Analysis & India Business Stories

02 November 2008

Some bright spots amid gloom, Result analyis of BL

RBI cuts CRR by 100bps, repo rate by 50bps

01 November 2008

Results:GujNREcoke,Unitech,Shiv-Vani etc

Todays Headlines

31 October 2008

Sensex gains 744 pts on all-round buying; Nifty ends 189 pts up

Results: Bharti,Rcom,PNB,Tatamotors,HPCL

Other Results:

30 October 2008

Results: ONGC,WelGuj,JSPL,Tatachem,BPCL etc

Fed Cuts Key Interest Rate Half-point to 1 Percent

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