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Earning Updates for quarter II for Financial Year 2008-2009 .

Wipro : This Software major, on consolidated basis, announced a 18.76% rise in profit for the quarter ended September 2008. During the quarter, the profit of the company rose to Rs 9,782 million as compared to Rs 8,237 million for the quarter ended September 2007. Total Income rose 36.47% from Rs 48,836 million for the quarter ended September 2007 to Rs 66,647 million for the quarter ended September 2008.

JB Chemicals & Pharmaceuticals : A manufacturer of wide range of innovative specialty medicines for the domestic and international markets, announced a substantial rise in its standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 37.88% to Rs 384.74 million from Rs 279.04 million in the same quarter previous year. Net sales for the quarter rose 31.31% to Rs 2,130.83 million, while total income for the quarter rose 24.40% to Rs 2,133.59 million, when compared with the prior year period.

Bank of India :  a leading public sector lender reported a phenomenal rise in its standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company surged 79.38% to Rs 7,628.60 million from Rs 4,252.70 million in the same quarter, last year. Interest earned for the quarter climbed 33.19% to Rs 39,627.70 million, while total income for the quarter rose 31.64% to Rs 46,122.70 million, when compared with the prior year period.

Tata Consultancy Services (TCS) : A leading software company, announced a marginal rise in its standalone net profit for the second quarter ended September 2008. During the quarter, the profit of the company rose 2.26% to Rs 11,730.40 million from Rs 11,471.10 million in the same quarter, previous year. Net sales for the quarter rose 24.54% to Rs 56,999.60 million, while total income for the quarter rose 17.93% to Rs 55,207.90 million, when compared with the prior year period. The company posted earnings of Rs 11.99 a share during the quarter, registering 2.30% growth over previous year period.

Infrastructure Development Finance Company (IDFC) :   Reported a steady growth in its standalone net profit for the second quarter ended September 2008. During the quarter, the profit of the company rose 17.27% to Rs 2,104.32 million from Rs 1,794.40 million in the same quarter, last year. The operating income for the quarter rose 39.69% to Rs 8,419.97 million, while total income for the quarter climbed 40.43% to Rs 8,487.80 million, when compared with the prior year period. The company posted earnings of Rs 1.63 a share during the quarter, as against Rs 1.40 a share a year ago, registering 16.43% growth.

Neyveli Lignite Corporation :  Announced an 18.46% drop in its standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company declined to Rs 1,883.90 million from Rs 2,310.40 million in the same quarter, last year. Net sales declined marginally 8.19% to Rs 6,682 million, while total income for the quarter fell 7.23% to Rs 8,183.10 million, when compared with the prior year period. The company posted earnings of Rs 1.12 a share during the quarter, registering 19.42% decline over previous year period. During the quarter, the operating margin of the company dropped by 342 basis points to 32.14% compared with the previous year period. Interest cost increased 15.53% to Rs 11.90 million while depreciation cost rose 2.48% to Rs 1,023.50 million over previous year period.

CIPLA : Cipla reported a 20.56% drop in its standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company declined to Rs 1,514.30 million from Rs 1,906.20 million in the same quarter, last year. Net sales for the quarter rose 23.33% to Rs 13,546.90 million, while total income for the quarter rose 20.29% to Rs 13,715.60 million, when compared with the prior year period. The company reported earnings of Rs 1.95 a share during the quarter, registering 20.41% decline over previous year period. During the quarter, the operating margin of the company fell by 481.90 basis points to 15.58% compared with 20.39% in the previous year period. Interest cost increased 2.36 times to Rs 55.90 million while depreciation cost rose 24.00% to Rs 406.10 million over previous year period.

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Indian market today faced across the board selling. Yesterdays rally proved short blip as our markets sold off along with other Asian and European markets. The sentiment remained bearish on the back of liquidity squeeze in the domestic market and a sharp fall in the Asian indices. Indian stock market opened the day on a negative note after a rise of 4.50% on the previous working day. The benchmark share index, BSE Sensex opened with a loss of 228.16 points, at 10,455.23 . SEBI today reaffirmed its disapproval to overseas lending and borrowing by FIIs and asked them not to take fresh overseas lending and borrowing. Sensex ended the day with a loss of 513.49 points, or 4.81% at 10,169.90 after touching a high of 10,484.85 and a low of 10,128.22. The broad-based NSE Nifty fell 169.75 points, or 5.25% at 3,065.15 after hitting a high of 3,235.75 and a low of 3,051.80.  Nifty level was lowest after 26th July, 2006.

Rating & Currencies : Rating agency Moodys downgraded the Tata Steel outlook from stable to negative. The stock plummeted by 12% today. In the currency segment, Euro and Pound tumbled on the expectation of rate cuts in Europe and UK. The Euro fell below 1.28 to a dollar for the first time since November 2006 while the Pound tumbled to a 5 year low. Rupee touched an all time low of 49.49 against the dollar in todays trade.

Sectoral : All sectoral indices finished in red except FMCG index, which managed to gain 0.6%. Metal and Realty indices were down the most, losing 7.9% and 7.6% respectively. ITC and HUL were the sole sensex gainers, up 1.04% and 0.5% respectively, while Tata Steel and Sterlite plunged by 12.04% and 10.04% respectively. BSE Midcap and Smallcap index dropped 2.70% and 2.02% respectively.




World Market : The major Asian indices like Hang Seng (Hong Kong), Kospi (South Korea), Straits Times (Singapore) and Nikkei (Japan) shed over 5-6% each. Among European exchange all were in Deep red, selling was visible across the board. Europe Key exchange FTSE down about 189.21 points at 4040.52 , DAX down about 239.72 at 4544.69 , CAC closed in red with 177.22 points at 3298.18 .

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