untitled2
member top
After the Bell : 16-02-2009

By Abhishek on 9:52 AM

comments (0)

Filed Under: , , ,

Market sold off in todays trade, and eased all the gains that it made on some steady gains, the disappoint factor was the interim budget, in which there was not a announcement for any major sops for ailing industries or change in tax structure.

Market turnover at Rs. 55842 cr. was 30% higher than that of Friday. European shares were trading down, led by financial stocks, on persistent concerns that more help for banks and more coordinated economic stimulus packages would be needed to address the global financial crisis. US markets are shut today on account of Presidents Day holiday.

The Sensex ended the day with a loss of 329.29 points, or 3.42% at 9,305.45 after touching a high of 9,637.04 and a low of 9,279.10. The broad-based NSE Nifty fell 99.85 points, or 3.39% at 2,848.50 after hitting a high of 2,953.20 and a low of 2,839.10.

BSE Midcap and Smallcap too ended on a negative note down 2.93% and 2.10% respectively.

All the BSE sectoral indices closed in red. Metal and Realty indices were the worst hit, falling 4.8% and 4.6% respectively. ITC was the sole gainer among sensex stocks, up 0.8% while JP Associate and Reliance Infra were the top losers, shedding 7.9% and 6.3% respectively.





If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Interim Budget '09 : Highlights

By Abhishek on 1:29 PM

comments (0)

Filed Under: , , ,

New Delhi : Pranab Mukherjee, the stand-in Prime Minister and Finance Minister of India announced the interim Budget 2009 in Parliament.  Mukherjee pointing out that the United Progressive Alliance (UPA) had succeeded in implementing the promises outlined in the Common Minimum Programme (CMP).





“Achieving 7% growth rate on a sustained basis was one of the targets of the UPA,” Mukherjee said. “And the country clocked above 9% growth rate for three consecutive years — FY06, FY and FY08.”





Here are highlights of the Interim Budget 2009


*  All efforts made to deliver on commitments





*  Sustained growth over 9% in last 4 years


*  Per capita income grew 7.4% during UPA regime





*  Gross domestic savings rate at 37.7%, gross cap formation at 14.2%





*  Tax-GDP ratio at 12.5% in 2007-08, close to fiscal correction target





*  Domestic investment rate over 39% in FY08





*  Growth drivers - agriculture, services, manufacturing, construction


*  Outlook for food grain production encouraging for coming year





*  Exports grew at annual average rate of 26.4% during last 4 years





*  Challenges related to capital inflows and global inflation





*  We have weathered the crisis, but no room for complacency





*  Moderate pass through of prices affected domestic inflation in '08





*  Dec industrial growth fell 2% (YoY)





*  Forecasts indicate that world economy may fare worse in 2009





*  India has been affected along with other slowing EM economies





*  GDP growth of 7.1% makes India second fastest growing economy





*  Fiscal packages announced provide tax relief to boost demand, spending





*  Have taken steps to encourage private investments in infra via PPP





*  Approved 37 infra projects worth Rs 70,000 cr between Aug 08-Jan 09





*  54 central infra proj of Rs 67700cr sent for final nod to PPP panel





*  Initiative for providing refinance to banks for long-term credit to proj





*  IIFCL can to raise Rs 10000 cr, nod for additional Rs 30000 cr





*  IIFCL to refinance 60% of the projects





*  Extension of export credit for labour intensive exports





*  FDI inflow of USD 23.3 billion during April-November 2008





*  Have relaxed fiscal responsibility & budget mgmt targets





*  May need to consider additional fiscal measures in next regular budget





*  Need to revert to fiscal consolidation at the earliest





*  Economic regulatory and oversight systems have to be more efficient





*  Attention given to agriculture sector, plan allocation up 300% in 4 yrs





*  Agri - govt implementing revival pkg in 25 states worth Rs 13500 cr





*  Agri - govt will continue to provide interest subvention for FY10





*  Farm debt waiver of Rs 65,300 cr covering 36 million homes





*  Govt to provide interest subsidy to farmers in FY10





*  Outlay on higher education up 900% in 11th 5-year plan





*  Annual ad-hoc grants have been increased by 50% (YoY)





*  Tax rates must fall during times of crisis





*  FY09 revised estimates of spending at Rs 9 lakh cr vs Rs 7.5 lakh cr





*  FY09 plan expenditure revised to Rs 2.8 lakh cr from Rs 2.4 lakh cr





*  Govt revises FY09 fertiliser subsidy to Rs 44863 cr





*  FY09 food subsidy revised to Rs 10960 cr





*  FY09 fiscal deficit seen at 6% of GDP vs estimate of 2.5%





*  FY09 revenue deficit at 4.4% of GDP vs est of 1%





*  FY10 spending seen at Rs 9.53 lakh cr





*  FY10 budgetary support seen at Rs 2.85 lakh cr





*  Rural jobs scheme to get Rs 30100 cr in FY10





*  JNNURM spending seen at Rs 11842 cr for FY10





*  Allocation of Rs 40900 cr for Bharat Nirman Scheme





*  Interest subvention for some export loans extended





*  Budget plan spending may have to be upped substantially post polls





*  Additional plan expenditure has to increase by 0.5-1% post polls





*  FY10 non-plan spend est at Rs 6.68 lk cr





*  Major subsidy spending for FY10 seen at Rs 95,500 cr





*  FY10 budget revenue deficit seen at 4%, fiscal deficit at 5.5%





*  FY10 gross tax revenue seen at Rs 6.71 lk cr





*  Interim Budget 2009: Allocation of Rs 8,000 cr for mid-day meal scheme





*  Interim Budget 2009: Rs 13,100 cr allocated for elementary education





*  Interest subvention for some export loans extended





*  Budget plan spending may have to be upped substantially post polls





*  Additional plan expenditure has to increase by 0.5-1% post polls





*  FY10 non-plan spend est at Rs 6.68 lakh cr





*  Major subsidy spending for FY10 seen at Rs 95,500 cr





*  FY10 budget revenue deficit seen at 4%, fiscal deficit at 5.5%





*  FY10 gross tax revenue seen at Rs 6.71 lakh cr





*  FY10 gross market borrowing seen at Rs 3.2-3.3 lakh cr





*  No tax changes in interim budget


*  Mid day meal scheme to get Rs 8000 crore


*  Revised estimates of spending has gone up from Rs 7.5 lakh crorte to 9.9 lakh crore





*  Revised estimates of tax collection at Rs 6.25 lakh crore





*  109 maiden vessels sanctioned for customs deptt





*  Expenditure for 08-09: Rs 750,884 crore , Planned expenditure: Rs 2, 43,386 crore





*  15 point programme for the welfare of minorities set up





*  Turnover of PSU enterprises has grown by 80% and profits have increased by 72%. Contribution to exchequer has recorded an increase of 86%. Loss making enterprises have come to 55 from 73





*  New scheme for young widows in the age group of 18 to 40 unveiled; will get priority in admission to ITIs and a stipend of Rs 500 per month





*  Govt to continue to provide interest subsidy to farmers in FY 10





*  Outlay on higher education has been increased 900% in the 11th five year plan





*  Tax GDP ratio at 12.5 pc in FY 08





*  FDI inflow of $23.3 bn between April and Nov 08





*  IIFCL can raise Rs 10,000 crore; nod for additional Rs 30,000 crore





*  GDP growth rate of 7.1 pc makes India the second fastest growing country in the world





*  54 infra projects cleared under PPP projects with an investment of Rs 67,700 crore





*  FY 08 capital inflow at 9 pc of GDP





*  Export rate for the first nine months of this fiscal has fallen to 17.1%





*  Global situation not encouraging, says Pranab





*  Exports grew at average annual growth rate of 26.4%





*  Plan allocation to agri increased 300 pc during the UPA regime





*  Gross domestic saving rate at 37.7%





*  Domestic investment rate at 39% in FY 08





*  The GDP went from 7.5% in 04-05 to 9.7% in 06-07 and clocked 9% in 08





* Extraordinary situation merits extraordinary measures




* Need to consider additional fiscal measures in regular budget




* Financial sector reforms need to be acceleratedQueen Stocks:




* In past three years, India grew by average of over 9 percent




* Per capita income expanded by 4.7 percent per annum




* Fiscal deficit was brought down from 4.5 percent to 2.7 percent




* Revenue deficit was cut from 3.6 percent to 1.1 percent




* Exports increased 26.4 percent per annum




* Foreign trade increased from 27.3 percent to 35.5 percent




* Tax to gross domestic product ratio expanded by 9.2 to 12.5 percent




* Agriculture grew by 3.7 percent per annum





* India Infrastructure Finance Company to raise Rs.10,000 crore (Rs.100 billion) by end-March




* India has weathered inflation crisis, but no room for complacency




* Country's agriculture outlook is encouraging




* Focussed attention to agriculture




* Plan allocation for farm sector hiked 300 percent in past five years




* Three-fold increase in short-term agriculture credit to Rs.250,000 crore (Rs.2,500 billion)




* Farm debt worth Rs.65,300 crore (Rs.653 billion) waived




* Government will continue to provide additional subsidy to farmers




* Corpus of Rural Infrastructure Development Fund hiked to Rs.14,000 crore (Rs.140 billion) from Rs.5,500 crore (Rs.55 billion)




* Outlay for higher education hiked 900 percent for 11th Five Year Plan




* All efforts made to deliver on commitments




* Sustained growth over 9% for 3 consequent years




* Per capital income grew 7.4% in last four years




* Per capita income grew 7.4% during UPA regime




* Revenue deficit fell to 1.1% of GDP vs 3.6% under UPA




* Domestic investment rate over 39% in 2007-08




* FY08 fiscal deficit 2.7% vs 4.5% in FY04




* Buoyant GDP helped in fiscal consolidation




* Tax to GDP ratio rose to 12.5% FY08 vs 9.2% in FY04




* FY08 tax to GDP ratio 12.5% vs 9.2% in FY04







If you enjoyed this post, make sure you subscribe to my regular Email Updates!

Satyam 8 yr ban maybe reviewed

By Abhishek on 12:54 AM

comments (0)

Filed Under: , , ,



WorldBank : The just started week can be good for Satyam as first SEBI ( Securities & Exchange Board of India ) reviewed its much awaited policy for takepver norms for distressed companies.  Now its WorldBank to delight satyam shareholders as in the statement bank said , it can review the eight year ban on the company provided it takes corrective actions.


"The vendor would have to demonstrate (that) corrective action had been taken to address the original causes of the ... Ineligibility," a World Bank official from Washington told PTI in an emailed statement.


The official further said action should substantiate that Satyam is "again a responsible vendor with whom the Bank can do business".


Satyam had filed a request for review of the ban after a government appointed board took over the company following the declaration made by R Raju, its former chairman, where he admitted to fudging the company’s books of account for around seven years.





In 2008, the World Bank placed an eight-year ban on Satyam for providing improper benefits to the bank’s staff and also for failing to maintain records relating to fees charged for sub-contractors.


Satyam has a strong case for a review of the ban since its old board and management have been changed after its disgraced founder Chairman B Ramalinga Raju admitted to fudging accounts to the tune of Rs 7,800 crore.




Aggregated : MoneyControl & PTI ( Press Trust of India )








If you enjoyed this post, make sure you subscribe to my regular Email Updates!

After the Bell : 13-02-2009

By Abhishek on 11:28 AM

comments (0)

Filed Under: , , ,

A smart closing on the back of support from positive global cues and ended the last session of this week on positive note. After two days of continious fall market finally showed a strenght and steps ahead on buying in metal, realty and capital goods shares. Midcap and small cap stocks also followed the same trend; wherein media stocks witnessing good buying interest while railway related stocks declined after Railway budget. Strong global cues and US index futures data which showed the Dow could open on positive side on opening bell bolstered the sentiment with bourses exhibiting strength throughout the day. However, profit taking in last leg of trade capped gains. It was a strong close to the week as indices closed with decent gains ahead of interim budget to be presented on Monday.

The Sensex ended the day with a gain of 168.91 points, or 1.78% at 9,634.74 after touching a high of 9,695.59 and a low of 9,540.60. The broad-based NSE Nifty gained 55.30 points, or 1.91% at 2,948.35 after hitting a high of 2,969.75 and a low of 2,896.85. BSE Midcap and Smallcap index rose 1.51% and 0.62% respectively. Overall market breadth was positive. Out of the total 2,531 shares traded at BSE, 1,484 advanced, 947 declined while 100 remained unchanged.

Railway Interim Budget : Railway Minister Lalu Prasad Yadav, presnted the interim Rail Budget in Parliament, and said railways have reported a cash surplus at Rs 900 billion in the last 5 years and he plans to use Rs 700 billion of the surplus to upgrade rail productivity.Passenger fares were cut by 2% while Freight rates were left unchanged in the interim rail budget presented today. ( Read the whole story here )

Weekly Vaule : It was a strong close to the week as indices closed with decent gains ahead of interim budget to be presented on Monday. Week-on-week Sensex and Nifty have gained 3.6% and 3.7% respectively. BSE Realty indices climbed 12.6% this week, followed by Capital Goods index, which gained 7.9%, while IT and FMCG indices were down 1.4% and 0.5% respectively on weekly basis. European shares were trading higher as banks drew strength from a US plan to subsidise mortgage payments for troubled homeowners, and basic resource stocks rallied on the back of higher base metals prices. US indices futures were trading higher by around 0.5%.

SECTORAL

All BSE sectoral indices ended on green note except Healthcare Index, which lost 0.4%. Metal and Capital Goods indices gained the most, up 2.8% and 2.5% respectively. M & M and R Com surged 7% and 5.3% respectively, becoming top gainers among Sensex stocks, while Sun Pharma and Ranbaxy were the top losers, shedding 3.4% and 0.3% respectively. Big support to the markets was seen from infrastructure, banking, metal and oil & gas stocks.

CAPITAL GOODS :  BSE Capital Goods index ended at 6,547.42, up 2.48% or 158.47 points. BHEL, Siemens and L&T went up 2.8-3.9%. India's top power equipment maker by sales Bharat Heavy Electricals (Bhel) jumped 3.02% to Rs 1455 after its chairman said that the company expects to get a contract worth Rs 1000 crore from NTPC for a 500 megawatt power plant.

TELECOM : India's largest cellular services provider Bharti Airtel up 0.13% to Rs 651.75, off day's high of Rs 662. As per recent reports, the Department of Telecom (DoT) has sought clarification from Bharti Airtel for not declaring the income from bundling handsets along with connections as part of revenue, meant to be shared with the DoT.  Reliance Communication shot up over 5%. Tata Communication gained over 4 %.  

OIL & GAS :  BSE Oil & Gas index was up 131.64 points or 2.05%, to 6,541.57. India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) jumped 3.02% to Rs 1392.40on reports the company is lining up further $6 billion to develop nine satellite discoveries in the Krishna Godavari (KG) basin.

India's largest oil exploration firm by sales Oil & Natural Gas Corporation (ONGC) rose 1.61% to Rs 704.80 on reports the company may offer a 15-20% stake in its planned petrochemical project in western India to GAIL (India). The stock came off day's high of Rs 714.35

METAL :  BSE Metal Index outperformed other indices, went up 143.76 points or 2.8%, to settle at 5,282.09. Metal shares gained following rise in key base metal prices on the London Metal Exchange. India's largest private sector steel maker by sales Tata Steel jumped 4.60 % to Rs 194.15 and was the top gainer from the Sensex pack. Tata Steel's managing director today said the company is not looking at new acquisitions as of now. He forecasts February 2009 sales to rise 10-15% over January 2009.

Hindalco (up 1.32% at Rs. 45.75), Nalco (up 5.73% at Rs. 208.30), Jindal Steel & Power (up 3.88% at Rs. 1089.95), Sesa Goa (up 2.13% at Rs. 95.65), gained from the steel pack.





Sterlite Industries India gained 2.47% to Rs 275.40 after a block deal of 2.01 lakh shares constituting 0.03% of the company's equity was executed on NSE at Rs 276 per share.

IT : Most IT pivotals gained on hopes that government efforts worldwide, including talk of a US subsidy for mortgage payments, would soften the blow of the global downturn. TCS, India's largest software services exporter by sales rose 0.25% at Rs. 511.20. India's third largest software services exporter, Wipro gained 0.65% at Rs. 223.80 after its ADR rose 2.55% on Thursday, 12 February 2009. However India's second largest software services exporter Infosys Technologies fell 0.23% at Rs. 1251.65 .

IT firms derive a lion's share of revenue from exports. The rupee rose to 48.73/74 per dollar, from its previous close of 48.85/86, as gains in Asian stocks raised hopes of capital inflows to the domestic shares. A stronger rupee affects operating margin of IT firms negatively as they earn most of their revenues from exports.

BANKEX : BSE Bankex surged 108.37 points or 2.2%, to settle at 5,024.92.  Bank shares vaulted on expectations the central bank may cut interest rates to boost growth after inflation slowed to a one-year low.

India's second largest private sector bank by net profit HDFC Bank rose 1.1% to Rs 944.15 as its ADR rose 2.68% on Thursday, 12 February 2009. India's largest private sector bank by net profit ICICI Bank gained 3.08% to Rs 434.40 on its 0.23% gain on ADR on Thursday, 12 February 2009.

India's largest bank in terms of assets and branch network State Bank of India advanced 3.16% to Rs 1195.90 .

REALTY : Real Estate index was up 35.67 points or 2.29%, to close at 1,592.36. Realty shares advanced on hopes the forthcoming interim budget may include sops to the housing sector. India's largest real estate firm by market capitalisation DLF rose 2.52% to Rs 160.55 despite reports the company has pulled out of its Rs 2800 crore satellite township project in West Bengal.

Indiabulls Real Estate (up 1.39% at Rs.109.15), Anant Raj Industries (up 5.01% at Rs. 56.55), and HDIL (up 2.09% at Rs. 87.75) advanced.

As per reports, the government may announce tax sops aimed at boosting the housing sector, which has been identified as a potential driver for the economy and job creation during a slowdown. As things stand, taxpayers are allowed to deduct up to Rs 1.5 lakh of interest paid on home loans from their taxable income. This limit could be raised to Rs 2 lakh. This, if it happens, will enable those who have bought a house for self-use to save up to Rs 68,000 in tax. At present, the maximum anyone can save through this deduction is Rs 51,000.

Another possible sop for the housing sector could be reintroduction of Sec 80IA, under which corporates building dwelling units of less than 1,000 square feet area were exempted from tax on the profits from these units. This move may prompt developers towards constructing smaller houses, making houses more affordable for the lower segment of the market.

AUTO :  Benchmark index for auto index was up 57.16 points or 2.24%, to 2,612.22. Auto stocks gained on hopes the government may announce some tax sops to the automobile sector in the forthcoming interim budget on Monday, 16 February 2009.

India's top tractor maker by sales Mahindra & Mahindra jumped 6.99% to Rs 320.60 and was the top gainer from the Sensex pack.

Tata Motors (up 1.06% at Rs. 137.75 ), Hero Honda Motors (up 1.50% at Rs. 932.15 ), Maruti Suzuki (up 2.43% at Rs. 628.80) gained.

While an across-the-board 4% cut in excise in December 2008 makes any drastic concessions difficult, excise duty on big cars with engine capacities of 1200 cubic centimeter (cc) or more in petrol is likely to get reduced to 16% from the existing 20%. 





If you enjoyed this post, make sure you subscribe to my regular Email Updates!

After the bell : 12-02-2009

By Abhishek on 8:05 PM

comments (0)

Filed Under: , , ,

Market ended on lower note by getting weak European markets, lower Asian markets and US index futures data which indicated the Dow could open sifnificatly negative. The 30-share index, BSE Sensex opened with a loss of 59.51 points, at 9,559.03 and traded range bound till mid half of the session. The indices then underproformed the region after a weak opening in Euro range and closed to lower end of the day. From morning selling was visible in IT, Teck, oil stocks, index heavyweights, metal and banking stocks. During the session IIP number was also announced but not affected the sentiment of market even after a single digit negative IIP data. Nevertheless, the market breadth, indicating the overall health of the market, was strong. 1307 shares advanced as compared with 1108 that declined. A total of 106 shares remained unchanged.

The Sensex ended the day with a loss of 152.71 points, or 1.59% at 9,465.83 after touching a high of 9,580.13 and a low of 9,445.54. The broad-based NSE Nifty declined 32.65 points, or 1.12% at 2,893.05 after hitting a high of 2,939.00 and a low of 2,886.55.

IIP Data : Government announces Index of Industrial Production (IIP) numbers for the December and it is been came in at negative 2% versus 8% YoY and expectation of minus 0.4%. A significant fall in manufacturing output (-2.5% versus 8.6% YoY) and consumer durables growth (-12.8% versus 2.8%) may have led to the drastic fall. The November IIP number has also been revi:sed to 1.7% from 2.4% earlier.

Inflation : Inflation for the week ended January 31, as expected, came in at 4.39% versus 5.07% WoW. European shares were down by more than 1%, led lower by oils and banks. US stock indices futures too were down in excess of 1%.
Sectoral

Among BSE sectoral indices, IT and Teck indices lost the most, falling 2.5% and 2.3% respectively, while Realty and Auto indices gained the most, putting on 1.3% and 0.9% respectively. M & M and DLF were the top gainers among Sensex stocks, surging 6.9% and 3.6% respectively, while JP Associate and Ranbaxy were the top losers, shedding 4.8% and 3.8% respectively.

Realty : Realty index closed at 1,556.69, up 1.3% or 20.04 points. Realty shares advanced on hopes the forthcoming interim budget may include sops to the housing sector. India's largest real estate firm by market capitalisation DLF advanced 2.49% to Rs 154.60 on recent reports the company has secured long-term loans of about Rs 2000 crore.

Anant Raj Industries (up 4.99%), Akruti City (up 4.89%), and Ansal Infrastructure (up 2.91%), advanced.

As per reports, the government may announce tax sops aimed at boosting the housing sector, which has been identified as a potential driver for the economy and job creation during a slowdown. As things stand, taxpayers are allowed to deduct up to Rs 1.5 lakh of interest paid on home loans from their taxable income. This limit could be raised to Rs 2 lakh. This, if it happens, will enable those who have bought a house for self-use to save up to Rs 68,000 in tax. At present, the maximum anyone can save through this deduction is Rs 51,000.

Another possible sop for the housing sector could be reintroduction of Sec 80IA, under which corporates building dwelling units of less than 1,000 square feet area were exempted from tax on the profits from these units. This move may prompt developers towards constructing smaller houses, making houses more affordable for the lower segment of the market.

Auto : Auto Index ended with a gain of 23.78 points or 0.94% at 2,555.06. Auto shares advanced on hopes of the government could announce some tax sops for the automobile sector. India's top tractor maker by sales Mahindra & Mahindra jumped 6.99% to Rs 300.20 and was the top gainer from the Sensex pack.

India's largest truck maker by sales Tata Motors rose 0.81% to Rs 137.05, off the day's low of Rs 132.50.

Hindustan Motors (up 3.24%), Hero Honda (up 1.57%), Bajaj Auto (up 4.60%), also gained.

Reports indicated that excise duty on big cars with engine capacities of 1200 cc or more in petrol may be reduced to 16% from the existing 20%, post an across-the-board 4% cut in excise in December 2008.






FMCG : Selling was also seen in the FMCG space, wherein United Spirits plunged 9.39%, Ruchi Soya, United Breweries, ITC and Britannia were down 1-2.5%. BSE FMCG Index slipped 0.88%, or 18.05 points, to 2,028.82.

Oil & Gas : Oil & Gas index tumbled 120.88 points or 1.85%, to 6,409.93. India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) fell 2.64% to Rs 1347.50, on profit booking. The stock moved in a range of Rs 1345.60 and Rs 1376 in the day. The stock had advanced 20.24% to Rs 1384.05 in a month to 11 February 2009.

India's largest state-run oil exploration firm by market capitalisation ONGC fell 1.97% to Rs 693.10 on reports the company has revised downwards its profit estimates for the year ending March 2010 by 35% due to the drop in international prices of oil.

Banking : BSE Bankex closed lower by 57.34 points or 1.15%, to 4,916.55. Private sector banking shares slipped fears of rising defaults in a weakening economy offset an overnight rise in American Depository Receipts (ADRs). India's second largest private sector bank by net profit HDFC Bank lost 0.26% to Rs 931 even as its ADR rose 3.78% on Wednesday, 11February 2009. India's largest private sector bank by net profit ICICI Bank slipped 3.42% to Rs 420.50 despite 3.92% gain in its ADR on Wednesday, 11February 2009.

However India's largest bank in terms of assets and branch network State Bank of India rose 0.09% to Rs 1159.45, off day's low of Rs. 1140

IT Sector : BSE IT index underperformed indices, down 2.46% or 54.77 points, to 2,170.96. Infosys tumbled 3.39% and TCS fell 0.94%.

IT pivotals declined as investors feared the new bank rescue plan announced by the US government may not be enough to revive the economy from a deepening recession and on weak ADRs. TCS, India's largest software services exporter by sales slipped 1.18% to Rs 508. India's second largest software services exporter Infosys Technologies shed 3.30% to Rs 1259.60 as its ADR declined 0.44% on Wednesday, 11February 2009. India's fifth largest IT exporter by sales HCL Technologies fell 0.91% to Rs. 114.20

However India's third largest software services exporter, Wipro rose 0.38% to Rs 222.80

IT firms derive a lion's share of revenue from export to the US. IT stocks fell despite a weak rupee. The Indian rupee was marginally weaker on Thursday following decline in Asian stock markets. The partially convertible rupee was at 48.77/78 per dollar, marginally weaker than Wednesday's close of 48.69/70. A weak rupee boosts operating margins of IT firms.

Pharma : India's largest pharma company by sales Ranbaxy Laboratories lost 3.93% to Rs 212.50 after domestic brokerage house Reliance Money recommended a sell rating on the stock, with price target of Rs 189.

Metal : BSE Metal Index shut shop at 5,138.33, down 0.97% or 50.38 points. Tata Steel, Sterlite Ind and SAIL fell 0.6-2.5%.

FMGC : Selling was also seen in the FMCG space, wherein United Spirits plunged 9.39%, Ruchi Soya, United Breweries, ITC and Britannia were down 1-2.5%. BSE FMCG Index slipped 0.88%, or 18.05 points, to 2,028.82.

Power : BSE Power Index was down 8.49 points or 0.47%, to 1,811.48. A mixed picture was also seen in power sector; GMR Infra, Tata Power, GVK Power and Suzlon Energy were losers while Power Grid Corp gained 5.09%.  India's largest power generation firm by market capitalisation Tata Power Company fell 1.79% to Rs 793.50. Reportedly the company is scouting for other sources to import about 7 million tonnes of coal for its proposed power plants.

Telecom : India's second largest cellular services provider by net profit Reliance Communications slipped 0.95% to Rs 171.65 despite reports the company is in talks with seven global strategic investors for offloading 5% stake in its tower arm Reliance Infratel for about $500 million.

Spice Communications jumped 47.10% to Rs 77.30 on high volumes of 1.68 crore shares.





If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - Dr Reddys Labs Q3 consolidated net soars 2.54 times at Rs 192 cr

By Abhishek on 9:33 PM

comments (0)

Filed Under: , , , ,

Dr Reddys Labs : India Drug maker Dr Reddys Laboratories has declared its third quarter results. It posted on a consolidated basis posted a 2.54 times growth in net profit for the quarter ended Dec. 31, 2008. During the quarter, the net profit of the company rose to Rs 1,591.60 million as against Rs 625.50 million for the quarter ended Dec. 31, 2007.

Total Income of the company rose 45.54% to Rs. 1855.28 crore or Rs 18,552.80 million for the quarter ended Dec. 31, 2008 as against Rs. 1265.98 crore or Rs 12,659.80 million over the prior year period.

US GAAP : The company's (US GAAP) consolidated net profit at Rs 192 crore versus loss of Rs 121.3 crore. Its (US GAAP) consolidated net revenues were up 37% at Rs 1804 crore versus 1232 crore. Its (US GAAP) consolidated operating profit at Rs 301 crore versus loss of Rs 176.3 crore.

Its forex loss was at Rs 49.3 crore. Its OPM was at Rs 17.15%.

The company reported earnings of Rs 6.16 a share during the quarter, registering 2.44 times growth over previous year period.

Result Analysis : Powered by MoneyControl.com

 * Without imitrex grew in US markets of 50%.

 * India business was weak because of change in supply chain model; leading to de-stocking.

 * German business was weak & Has given Weak outlook for Germany.

 * Projecting a flat growth for next year despite AOK tenders.

 * Alert AOK tenders stayed.

 * AOK tender will further lead to reduction in margins in Germany.

 * Reduced sales force in Germany; retrenched 70 sales personnel.

 * will not meet guidance given for German market.

 * Has won about 17% of total AOK volumes.

 * Lost case on Olanzapine in Germany.

 * German market become more of commoditized market.

 * Still witnessing pricing in Germany.

 * Pharmaceutical services and active ingredients grew only 6% because of global slow down( but changing the focus from research base to manufacturing based in pharmaceuticals space)

 * Watching credit limit closely of clients closely ( Russian client has gone bust).

 * Will launch 2 new products in biologics next year.

 * Total ANDAs filed 133.

 * Launched 3 products in North America and 10 products in India.
 
 

 



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - Alstom Projects Q3 net up 4.25% at Rs 31.4 cr

By Abhishek on 9:04 PM

comments (0)

Filed Under: , , , ,

Alstom Projects India : A power equipment manufacturing company having interest in business of engineering, manufacturing, project management and supply of power generation equipment announced its third Q3 result for the financial year 2008 - 2009.

 APIL reported a marginal rise in its standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company rose 4.25% to Rs 31.4 crore or Rs 313.80 million from Rs 30.1 crore or Rs 301.00 million in the same quarter, previous year. Its operating profit was at Rs 53.5 crore versus Rs 41.4 crore.

Net sales for the quarter rose 35.63% to Rs 538.2 crore  or Rs 5,381.70 million versus Rs 396.8 crore, YoY, while total income for the quarter rose 33.60% to Rs 5,447 million, when compared with the prior year period.

The company reported earnings of Rs 4.68 a share during the quarter, registering 4.46% growth over prior year period.
 

Interest cost stood at Rs 0.10 million while depreciation cost rose 58.83% to Rs 95.30 million over previous year period.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - AIA Engineering Q3 cons net net drops 8.01% at Rs 46.86 cr

By Abhishek on 8:20 PM

comments (0)

Filed Under: , , , ,

AIA Engineering : AIA Engineering disclosed a small decline in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the company declined 8.01% to Rs. 29.12 crore or Rs 291.29 million from Rs. 31.67 crore or Rs 316.67 million in the same quarter, previous year.

Net sales for the quarter jumped 68.48% to Rs. 281.40 crore or Rs 2,814.01 million, while total income for the quarter jumped 63.15% to Rs. 283.87 crore or Rs 2,838.73 million, when compared with the prior year period.

On consolidated basis, company net sales were at Rs 272.92 crore versus Rs 188.85 crore on YoY basis.

Its consolidated net profit was at Rs 46.86 crore versus Rs 40.51 crore on YoY basis.

The company posted earnings of Rs 3.10 a share during the quarter, registering 81.60% decline over previous year period.
 

During the quarter, interest cost increased 7.12 times to Rs 1.21 million while depreciation cost rose 25.90% to Rs 29.17 million over previous year period.

AIA Engineering specializes in design, development, manufacture, installation and servicing of high-chromium wear, corrosion and abrasion resistant parts used in cement, mining and thermal power generation industries.

 



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - AXIS Bank net up 63.24% at Rs. 500.86 crore

By Abhishek on 2:17 PM

comments (0)

Filed Under: , , , ,

AXIS Bank : One of the leading private banks of India announced its third Q3 results. Axis Bank reported a phenomenal rise in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the bank rose 63.24% to Rs 500.86 crore or Rs 5,008.60 million from Rs 306.83 crore or Rs 3,068.30 million in the same quarter, last year. 

Interest earned for the quarter jumped 65.61% to Rs. 2984.77 crore or  Rs 29,847.70 million, while total income for the quarter climbed 62.29% to Rs. 3716.94 crore or Rs 37,169.40 million, when compared with the prior year period.

Its standalone net interest income (NII) was up 24.4% at Rs 929.68 crore versus Rs 747.34 crore. Its other income was up  50 % at Rs 732.17  crore versus Rs 487.9 crore. The provisions were down 34% at Rs 131.98 crore versus Rs 200.05 crore. 

Its CAR was at 14% versus 16.88%. Its NPA was at 0.39% versus 0.42%. The bank reported earnings of Rs 13.95 a share during the quarter, registering 47.78% growth over previous year period.


Segment analysis -Revenues

Retail banking up 50.70% at Rs 1758.65 crore versus Rs 1166.98 crore

Treasury up 85.51 % at Rs 5840.5 crore versus Rs 3148.37 crore

Corp.. banking up 66.39% at Rs 2016 crore versus Rs 1211.62 crore

Segment analysis -Results

Retail banking down 58% at Rs -6.34 crore versus Rs -15.11 crore

Treasury up 89.13 % at Rs 325.32 crore versus Rs 172.01 crore

Corp.. banking up 47.61% at Rs 466.74 crore versus Rs 316.2 crore



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - Petronet LNG net slides 19.83% to Rs 105 crore

By Abhishek on 1:55 PM

comments (0)

Filed Under: , , , ,

Petronet LNG Ltd : India's Petrochemicals company Petronet LNG has announced its third quarter results. During the quarter, the profit of the company declined 19.83% to Rs 105 crore or Rs 1,050.80 million from Rs 131 crore or Rs 1,310.77 million in the same quarter previous year. 

Net sales for the quarter jumped 56.41% to Rs 2,473 crore or Rs 24,730.42 million, while total income for the quarter jumped 56.63% to Rs 24,951.98 million, when compared with the prior year period.Its net sales were at  versus Rs 1581.1 crore.

The company's other income was at Rs 22.15 crore versus Rs 11.96 crore and operating profit was at Rs 185.5 crore versus Rs 232 crore.

Its OPM was at 7.5% versus 14.7%. The company reported earnings of Rs 1.40 a share during the quarter, registering 20% decline over prior year period.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - Rolta India Q2 cons net profit at Rs 60.5 cr up marginally

By Abhishek on 1:34 PM

comments (0)

Filed Under: , , , ,

Rolta India : One of India`s leading IT companies and vast experience for developing software related to nation security forces, announced its second Q2 FY 2008 - 2009 result. 

The company's  registered a growth of mere 0.6% in the consolidated net profit for the second quarter ended December 2008. During the quarter, the profit of the company rose to Rs. 60.5 crore or Rs 605.6 million from Rs. 60.2 crore or Rs 602.20 million in the same quarter, previous year.   

Consolidated total revenues for the quarter climbed 49.70% to Rs 1,261.10 million compared with the prior year period.

Its consolidated net sales were up by 4.6% at Rs 361.9 crore versus Rs 346 crore on QoQ basis.

On standalone basis, the company reported a 11.69% drop in net profit for the quarter ended December 2008. During the quarter, the profit of the company declined to Rs 600.70 million from Rs 680.24 million in the same quarter, previous year.
Net sales for the quarter rose 5.88% to Rs 2,247.70 million, while total income for the quarter rose 5.70% to Rs 2,349 million, when compared with the prior year period.

The company reported earnings of Rs 3.70 a share during the quarter, registering 11.90% decline over prior year period.

Notional exchange loss stood at Rs 22.65 crore versus Rs 61.3 crore on FCCB liability of $150 million.

EBIDTA was up by 6.5% to Rs 126 crore. Margins went up at 34.8% versus 34.1%.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - UltraTech Cement Q3 net falls 14.72% at Rs 236.4 cr

By Abhishek on 11:39 PM

comments (0)

Filed Under: , , , ,

UltraTech Cement : One of the major cement manufactures of India's has came out with its Q3 FY 2008 - 2009 results. UltraTech Cement manufactures and markets ordinary Portland cement, Portland blast furnace slag cement and Portland pozzolana cement. 

The net profit was at Rs 236.4 crore versus Rs 279.5 crore. Its net sales were at Rs 1,630.8 crore versus Rs 1,380.1 crore. 

Net sales for the quarter rose 18.45% to Rs. 1673.14 crore or  Rs 16,371.40 million, while total income for the quarter rose 17.75% to Rs. 1651.16 crore or Rs 16,511.60 million, when compared with the prior year period.

Its OPM were at 18% versus 20%. The company reported earnings of Rs 19.15 a share during the quarter, registering 14.70% decline over prior year period. 

Q3 Highlights 


  • Total sales volume up
  • Domestic realisation remained flat (QoQ)
  • Domestic sales volume up 12% at 3.80 mt
  • Exports lower this quarter at 0.69 mt



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - Triveni Engineering Q1 net declines 6.62%

By Abhishek on 11:35 PM

comments (0)

Filed Under: , , , ,

Triveni Engineering : South based sugar producer and engineering unit Triveni  has announced its first quarter results. It saw a small decline in its standalone net profit for the first quarter ended December 2008. 

During the quarter, the profit of the company declined 6.62% to Rs. 23.98 crore or Rs 239.80 million  from Rs 256.80 million in the same quarter, previous year.

Net sales for the quarter rose 5.47% to Rs 365.7 crore or  Rs 3,657.10 million, while total income for the quarter rose marginally 4.74% to Rs 3,661.30 million, when compared with the prior year period.

The company posted earnings of Rs 0.93 a share during the quarter, registering 7% decline over prior year period.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - TATA TeleServices (TTML) Q3 loss of Rs 45 crore

By Abhishek on 11:28 PM

comments (0)

Filed Under: , , , ,

TATA TeleServices : TTML has announced third quarter results. The company's Q3 standalone net sales were up at Rs 494.01 crore versus Rs 487.14 crore, QoQ.

Its standalone net loss at Rs 45.07 crore versus net loss of Rs 47.35 crore, QoQ.

The company posted loss of Rs 0.24 a share during December 2008 quarter.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - MindTree Q3 cons net profit at Rs 8.72 cr

By Abhishek on 11:25 PM

comments (0)

Filed Under: , , , ,

MindTree : A global IT and R&D services company, today announced its results for the third quarter ended Dec. 31, 2008 as approved by its board of directors.

MindTree has announced its third quarter numbers of FY09. Its consolidated net profit went down to Rs 8.72 crore as against Rs 35.13 in previous quarter.

The company's net sales increased to Rs 363.80 crore from Rs 312.02 crore, QoQ.

Its standalone net sales have gone up to Rs 275.54 crore from Rs 254.55 crore, QoQ
.

MindTree`s consolidated financial highlights for the third quarter ended Dec. 31, 2008 are:

- Software revenues grew by 16.6% quarter over quarter (QoQ) and 93.4% year over year (YoY) to Rs 3,638 million.

- In rupee terms, EBITDA for the quarter was 30.5% against 27.8% in Q2 2008-09 and 16.8% in Q3 2007-08. This reflects a QoQ growth of 28% and a YoY growth of 251.6%.

- In rupee terms, MindTree`s (Q, N,C,F)* IT Services revenues grew by 7.7% QoQ and 50.6% YoY. R&D Services posted a growth of 10% QoQ and 34.6% YoY.

Other Q3 Highlights for MindTree


Guidance

- The company has revised its revenue guidance for the current year to USD 223-225 million indicating a growth of 22.1-23.2% over the previous year. EBITDA guidance is USD 51-53 million for the year. The company has revised its PAT guidance for the current year to USD 12.8-14.5 million.

-  On a consolidated basis, MindTree has announced a revenue guidance of USD 269-273 million for 2008-09, EBITDA of USD 62-65 million and PAT of USD 14.8-17.5 million. - As announced earlier, Aztecsoft financials are consolidated with MindTree effective August 1, 2008

- As announced earlier, Aztecsoft financials are consolidated with MindTree effective August 1, 2008

- The above guidance is based on an exchange rate of Rs 48.50 = USD 1.

Speaking about the results, MindTree, chief executive officer, Krishnakumar Natarajan said, ``In the backdrop of a global softness in demand, we are satisfied with our results this quarter. We will continue to invest in strategic initiatives which improve our competitive positioning.``



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - ITC Q3 net up 8.73% at 903 crore

By Abhishek on 11:16 PM

comments (0)

Filed Under: , , , ,

ITC Limited : FMCG major ITC disclosed a small rise in its standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company rose 8.73% to Rs 9,032.10 million or 903 crore from Rs 8,307.20 million or 830 crore in the same quarter, last year. 

Net sales for the quarter rose 11.59% to Rs 38,586.50 million or Rs 3,833 crore, while total income for the quarter rose 10.04% to Rs 39,562.10 million, when compared with the prior year period.

Its EBITDA was at 8.7% to Rs 1352.7 crore. Its EBITDA margins were at 35.2% versus 34.78%.

The company posted earnings of Rs 2.40 a share during the quarter, registering 8.60% growth over prior year period.

ITC is engaged in business of cigarettes, hotels, paperboards, packaging and agri-exports.


Segmental revenues 


  • Cigarette – revenue up 17.7%  led by price hikes ; Price compensated for drop in volumes
  • FMCG: revenue up 11.4%
  • Hotels Down 14%  lower occupancy levels, terror attacks, lower tourist flows
  • Paper  up 13.6%



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - Great Offshore Q3 net profit up at Rs 57.72 cr by 4.87%

By Abhishek on 11:14 PM

comments (0)

Filed Under: , , , ,

Great Offshore : An an integrated offshore oilfield services provider, reported a marginal rise in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the company rose 4.87% to Rs 577.20 million from Rs 550.40 million in the same quarter, previous year.

Net sales for the quarter jumped 42.19% to Rs 2,758.30 million, while total income for the quarter rose 33.71% to Rs 2,696.20 million, when compared with the prior year period.

The company posted earnings of Rs 14.35 a share during the quarter, registering 0.62% decline over prior year period.

During the quarter, interest cost increased 9.06% to Rs 229.90 million while depreciation cost fell 9.44% to Rs 237.90 million over previous year period.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - eClerx Services Q3 cons net profit at Rs 16.2 cr up by 30%

By Abhishek on 11:12 PM

comments (0)

Filed Under: , , , ,

eClerx Services : A data analytics and customized process solutions company for global enterprise clients. 

Company has announced its third quarter results. The company's consolidated revenues for the quarter stood at Rs 48.1 crore versus Rs 34.7 crore in Q3FY08, YoY growth of 39%. 

Its consolidated net profit for the quarter was at Rs 16.2 crore as compared to Rs 12.5 crore in Q3FY 08, a jump of 30 %.

Net sales for the quarter jumped 65.03% to Rs 515.59 million, while total income for the quarter jumped 46.84% to Rs 481.14 million, when compared with the prior year period.

The company reported earnings of Rs 8.58 a share during the quarter, registering 21.70% growth over previous year period.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - Apollo Tyres Q3 net slides 91.14% to Rs 5.51 crore

By Abhishek on 11:09 PM

comments (0)

Filed Under: , , , ,

Apollo Tyres : engaged in the manufacturing and selling of automobiles tyres, tubes and flaps, reported a substantial drop in its standalone net profit for the third quarter ended December 2008. During the quarter, the standalone profit of the company declined 91.14% to Rs 55.08 million or Rs. 5.51 crore from Rs 621.70 million in the same quarter, last year. 

Net sales declined marginally 7.28% to Rs 9,033 million or Rs 903.26 crore versus Rs 974.13 crore, while total income for the quarter fell 7.21% to Rs 9,041.88 million, when compared with the prior year period.

The company reported earnings of Rs 0.11 a share for the quarter ended December 2008.



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

India Earnings - BASF India Q3 net slides 96.27% to 41 lakhs

By Abhishek on 11:08 PM

comments (0)

Filed Under: , , , ,

BASF India : A chemical company and a subsidiary of Germany-based BASF Aktiengesellschaft, reported a substantial drop in its standalone net profit for the third quarter ended December 2008. During the quarter, the profit of the company declined 96.27% to Rs 4.10 million or Rs 41 lakhs from Rs 110 million or Rs 11 crore in the same quarter, previous year.

Net sales for the quarter dropped 7.32% to Rs 2,063.90 million, when compared with the prior year period.

The company reported earnings of Rs 0.15 a share during the quarter, registering 96.15% decline over previous year period.

Factors affecting revenues:
  • According to the company notes the degrowth is due to a steep fall in prices since September 2008 combined with economic slowdown
  • Inventory has increased significantly YoY to 15 cr vs 61 lakhs



If you enjoyed this post, make sure you subscribe to my regular Email Updates!

Subscribe to: Posts (Atom)
 Web Site Hit Counter Site Meter