Television Eighteen (TV18) : Television Eighteen (I) reported a substantial drop in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company declined 86.37% to Rs 12.08 million from Rs 88.61 million in the same quarter last year. Net sales for the quarter rose 21.35% to Rs 791.07 million, while total income for the quarter rose 21.34% to Rs 791.07 million, when compared with the prior year period. The company reported earnings of Rs 0.10 a share during the quarter, registering 93.55% decline over previous year period. Interest cost increased 2.03 times to Rs 82.73 million over previous year period.

SBI : Consolidated Results : State Bank Of India (SBI) announced a rise in net profit in consolidated results for the quarter ended Sep. 30, 2008. During the quarter, the net profit after minority interest for the quarter rose 10.57% to Rs 23,781.90 million from Rs 21,507.20 million in the same quarter last year. The total income for the quarter rose 26.41% to Rs 270,834.70 million from Rs 214,242.60 million in the same quarter last year.

Standalone Result : The bank has announced a substantial rise in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 40.23% to Rs 22,597.20 million from Rs 16,114.20 million in the same quarter last year. Interest earned for the quarter rose 34.01% to Rs 155,665.00 million, while total income for the quarter rose 31.13% to Rs 179,096.40 million, when compared with the prior year period. The bank posted earnings of Rs 35.61 a share during the quarter, registering 16.30% growth over previous year period.

Shipping Corporation : Shipping Corporation of India, reported a phenomenal rise in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 50.78% to Rs 2,748.80 million from Rs 1,823.10 million in the same quarter previous year. Net sales for the quarter rose 36.34% to Rs 11,846.50 million, while total income for the quarter rose 35.82% to Rs 12,846.00 million, when compared with the prior year period. The company reported earnings of Rs 9.74 a share during the quarter, registering 50.77% growth over previous year period.

Torrent Power : Torrent Power, engaged in generation, transmission and distribution of power disclosed a phenomenal rise in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 64.11% to Rs 1,075.10 million from Rs 655.10 million in the same quarter last year. Net sales for the quarter rose 27.09% to Rs 11,576.70 million, while total income for the quarter rose 23.58% to Rs 11,576.70 million, when compared with the prior year period. The company reported earnings of Rs 2.28 a share during the quarter, registering 64.03% growth over prior year period.

Thermax : Thermax, on consolidated basis disclosed a drop of 12.02% in the net profit of Rs 1,127 million for the quarter ended Sep.30, 2008 as compared to Rs 1,281 million for the quarter ended Sep. 30, 2007. Total operating income has increased 5.3% to Rs 16,124 million for the quarter ended Sep. 30, 2008 as compared to Rs 15,307 million for the quarter ended Sep. 30, 2007.  The Group reported a sharp drop in standalone net profit for the quarter ended September 2008, failing to meet analysts expectations. During the quarter, the profit of the company declined 17.69% to Rs 569.57 million from Rs 692.00 million in the same quarter last year. The analysts at Bloomberg had estimated the earnings to be at Rs 745 million for the quarter ended September 2008. Net sales for the quarter rose marginally 4.41% to Rs 8,040.66 million when compared with the same quarter in the previous year. Analysts had expected the sales to be at Rs 8,825.50 million. Meanwhile, total income for the quarter rose marginally 3.98% to Rs 8,120.32 million, when compared with the prior year period. The company posted earnings of Rs 4.78 a share during the quarter, registering 17.73% decline over prior year period. Analysts` estimates stood at Rs 6.25 a share.

ICRA : An associate of Moody`s Investors Service, engaged in the business of providing investment Information and rating services, disclosed a good increase in its standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 24.20% to Rs 87.21 million from Rs 70.22 million in the same quarter, last year. Operating income for the quarter rose 39.31% to Rs 223.53 million, while total income for the quarter rose 29.62% to Rs 232.84 million, when compared with the prior year period. The company reported earnings of Rs 8.72 a share during the quarter, registering 24.22% growth over prior year period.

Adlabs Films : Adlabs Films swung to loss for the quarter ended September 2008. During the quarter, the company reported loss of Rs 189.97 million compared with a profit of Rs 203.01 million in the same quarter, last year. Net sales for the quarter jumped 58.53% to Rs 2,004.13 million, while total income for the quarter rose 33.37% to Rs 2,107.66 million, when compared with the prior year period. The company posted loss of Rs 4.12 a share during the quarter compared with earnings of Rs 5.10 a share in previous year period. During the quarter, the operating margin of the company dropped to 2.89% compared with 3.97% in the previous year period. Interest cost increased 3.35 times to Rs 175.96 million while depreciation cost fell 6.52% to Rs 49.30 million over previous year period.

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Monnet Ispat : Company announced a phenomenal rise in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 68.60% to Rs 620.10 million from Rs 367.80 million in the same quarter previous year. Net sales for the quarter jumped 54.74% to Rs 3,997 million, while total income for the quarter jumped 52.52% to Rs 4,016.60 million, when compared with the prior year period. The company posted earnings of Rs 12.59 a share during the quarter, registering 23.55% growth over prior year period. During the quarter, the operating margin of the company rose by 525.81 basis points to 26% compared with the previous year period. Interest cost increased 10.15 times to Rs 158.40 million while depreciation cost rose 47.93% to Rs 160.50 million over previous year period. 

Gujarat Gas : Company announced a steady growth in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 14.20% to Rs 387.37 million from Rs 339.22 million in the same quarter previous year. Net sales for the quarter rose 17.32% to Rs 3,234.29 million, while total income for the quarter rose 18.67% to Rs 3,313.94 million, when compared with the prior year period. The company posted earnings of Rs 5.99 a share during the quarter, registering 14.31% growth over previous year period. During the quarter, Interest cost increased 23.22% to Rs 0.26 million while depreciation cost rose 7.97% to Rs 101.90 million over previous year period.

Mahindra Ugine : Mahindra Ugine Steel swung to loss for the quarter ended September 2008. During the quarter, the company reported loss of Rs 10.06 million compared with a profit of Rs 75.11 million in the same quarter previous year. Net sales for the quarter jumped 59.73% to Rs 3,642.53 million, while total income for the quarter jumped 60.01% to Rs 3,651.86 million, when compared with the prior year period. The company posted loss of Rs 0.31 a share during the quarter compared with earnings of Rs 2.31 a share in prior year period. During the quarter, interest cost increased 25.37% to Rs 97.56 million while depreciation cost fell 16.47% to Rs 63.68 million over previous year period.

The company for quarter ended September 30, 2008 reported an exchange loss of Rs 113.806 million as against exchange gain of Rs 0.079 million for the quarter ended September 30, 2007.

Binani Cement : Company announced a substantial drop in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company declined 43.99% to Rs 268.10 million from Rs 478.70 million in the same quarter previous year. Net sales for the quarter jumped 45.15% to Rs 3,102.50 million, while total income for the quarter jumped 41.60% to Rs 3,110.90 million, when compared with the prior year period. The company reported earnings of Rs 1.32 a share during the quarter, registering 44.07% decline over prior year period.  Interest cost increased 75.28% to Rs 172.30 million while depreciation cost rose 71.63% to Rs 194.80 million over previous year period.

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CEAT : Ceat swung to loss for the quarter ended September 2008. During the quarter, the company reported loss of Rs 288.30 million compared with a profit of Rs 255 million in the same quarter, previous year. Net sales for the quarter rose 16.41% to Rs 6,789.10 million, while total income for the quarter rose 15.08% to Rs 6,800.20 million, when compared with the prior year period. The company reported loss of Rs 8.42 a share during the quarter compared with earnings of Rs 5.59 a share in previous year period. During the quarter, interest cost increased 20.58% to Rs 166.40 million while depreciation cost fell 46.28% to Rs 42.60 million over previous year period.

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Tata Tea : One of India`s largest tea producer, disclosed a steep drop in its standalone net profit for the second quarter ended September 2008. During the quarter, the profit of the company declined 32.43% to Rs 437.90 million from Rs 648.10 million in the same quarter, last year. Net sales for the quarter rose marginally 1.65% to Rs 3,243.20 million, while total income for the quarter rose 6.52% to Rs 3,707.30 million, when compared with the prior year period. The company reported earnings of Rs 7.08 a share during the quarter, registering 32.44% decline over previous year period.  During the quarter, the operating margin of the company dropped to 8.37% compared with 19.78% in the previous year period. Interest cost increased 2.13 times to Rs 103.00 million while depreciation cost fell 51.22% to Rs 25.90 million over previous year period.

TATA POWER : One of India`s largest private power distribution and power generation 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 1.75% to Rs 2,619.30 million from Rs 2,574.30 million in the same quarter, last year. Net sales for the quarter jumped 45.04% to Rs 19,588.80 million, while total income for the quarter jumped 44.89% to Rs 21,473.10 million, when compared with the prior year period. The company posted earnings of Rs 11.42 a share during the quarter, registering 7.83% decline over prior year period.  During the quarter, the operating margin of the company declined 650.34 basis points to 13.51% compared with 20.015 in the previous year period. Interest cost increased 64.47% to Rs 680.90 million while depreciation cost rose 7.62% to Rs 763.00 million over previous year period.

Videocon Industries : Videocon Industries announced a steep drop in its standalone net profit for the fourth quarter ended September 2008. During the quarter, the profit of the company declined 29.29% to Rs 1,755.30 million from Rs 2,482.30 million in the same quarter, last year. Net sales for the quarter rose 15.41% to Rs 26,260.20 million, while total income for the quarter rose 13.30% to Rs 26,311 million, when compared with the prior year period. The company posted earnings of Rs 7.65 a share during the quarter, registering 31.88% decline over previous year period.

Godrej Industries : Godrej Industries swung to loss for the quarter ended September 2008. During the quarter, the company reported loss of Rs 90.90 million compared with a profit of Rs 225.50 million in the same quarter, last year. Net sales for the quarter climbed 43.42% to Rs 2,541.90 million, while total income for the quarter rose 40.12% to Rs 2,584.60 million, when compared with the prior year period. The company posted loss of Rs 0.28 a share during the quarter compared with earnings of Rs 0.77 a share in previous year period. During the quarter, the operating margin of the company declined to 3.91% compared with 16.24% in the previous year period. Interest cost increased 2.17 times to Rs 166.80 million while depreciation cost rose 0.78% to Rs 64.30 million over previous year period.

Aventis Pharma : Aventis Pharma disclosed a good increase in its standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 21.20% to Rs 446 million from Rs 368.00 million in the same quarter, previous year. Net sales for the quarter rose 15.55% to Rs 2,616 million, while total income for the quarter rose 11.97% to Rs 2,732 million, when compared with the prior year period. The company reported earnings of Rs 19.39 a share during the quarter, registering 21.19% growth over previous year period. During the quarter, the operating margin of the company increased 384.78 basis points to 23.55% compared with 19.7% in the previous year period. Depreciation cost fell 8.51% to Rs 43 million over previous year period.

Tata Metaliks : Tata Metaliks announced a marginal decline in its standalone net profit for the second quarter ended September 2008. During the quarter, the profit of the company declined 0.54% to Rs 127.80 million from Rs 128.50 million in the same quarter, last year. Net sales for the quarter rose 29.88% to Rs 3,097 million, while total income for the quarter rose 28.08% to Rs 3,097.80 million, when compared with the prior year period. During the latest quarter, the company reported earnings of Rs 5.05 a share compared with earnings of Rs 5.08 a share in previous year period.

Areva T&D India : Areva T&D India disclosed a marginal rise in its standalone net profit for the third quarter ended September 2008. During the quarter, the profit of the company increased 8.97% to Rs 523.10 million from Rs 480 million in the same quarter, previous year. Net sales for the quarter rose 35.56% to Rs 5,864.60 million, while total income for the quarter gained 34.14% to Rs 5,866.20 million, when compared with the prior year period. The company posted earnings of Rs 10.94 a share during the September 2008 quarter.

 

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Wall Street Journal : Goldman Sachs Group approached Citigroup Inc. over the possibility of merging the firms in September, according to a report in The Wall Street Journal. The call was made by Goldman CEO Lloyd Blankfein to Citi's Vikram Pandit not long after Lehman Brothers filed for bankruptcy protection on Sept. 15, the newspaper said. The call didn't lead to further talks, but the fact it occurred at all underscores the severity of the crisis, the newspaper reported

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Deutsche Bank AG, Germany's biggest bank, lost more than $400 million on equity derivatives trades as stock markets headed for their biggest rout since the 1930s, two people with direct knowledge of the matter said.

The loss, equal to almost half of the Frankfurt-based company's second-quarter revenue from equity sales and trading, is a black eye for Richard Carson, who was named global head of equity derivatives in May.

Deutsche Bank, led by Chief Executive Officer Josef Ackermann, may post its second quarterly loss of the year this week on writedowns and slowing revenue from investment-banking, according to the median estimate of six analysts. At the securities unit, co-headed by Anshu Jain, equity sales and trading revenue sank 49 percent in the first half as customers shunned structured products. The credit-crisis spread to equity markets in the third quarter, and the Standard & Poor's 500 Index is now heading for its worst month since 1938.

``In a volatile environment, anyone with a large inventory is vulnerable to surprising moves,'' said Matthew Clark, a London-based analyst at Keefe, Bruyette & Woods Ltd. ``We know Deutsche has had some troubles with equity derivatives in previous quarters.''

Carson, 36, reports to Yassine Bouhara, the bank's global head of equities. Carson didn't return calls to his London office and cell phone seeking comment. Officials at the bank in London and Frankfurt declined to comment.

Deutsche Bank dropped 12 percent to 26.55 euros as of 3 p.m. in Frankfurt trading. The shares have slid 70 percent this year, paring the bank's market value to about 15 billion euros ($19 billion).

No Bonuses

The stumble in derivatives is one of the biggest in sales and trading since Jain and Michael Cohrs, 50, took over the investment bank in 2004. Two years later, the bank's sales and trading were dragged down by losses from trading stocks for its own account. That year, then-Chief Financial Officer Anthony Di Iorio said the bank lost less than 100 million euros trading stocks for its own account in the second quarter.

Ackermann, 60, the highest-paid executive within Germany's top 30 companies, opted to forgo his 2008 bonus. Cohrs and Jain, 45, also agreed to go without the year-end payouts.

Volatile markets are curbing revenue at some of the world's largest banks. New York-based Citigroup Inc. said on Oct. 16 revenue from equity trading fell 54 percent in the third quarter on losses in convertibles, holdings of government sponsored enterprises and proprietary trading. Credit Suisse Group AG said last week 1.7 billion Swiss francs ($1.5 billion) of trading losses contributed to its second unprofitable quarter this year.

Revenue Declines

Deutsche Bank said in July second-quarter revenue from equity sales and trading dropped to 830 million euros from 1.4 billion euros in the same period a year earlier as demand for equity derivatives waned.

``The dislocations on capital markets in September must have had a catastrophic impact on the business'' at Deutsche Bank, Dirk Becker, a Frankfurt-based analyst at Kepler Capital Markets, said in a note to investors.

Deutsche Bank's securities unit, known as corporate banking and securities, accounted for almost half of the company's total profit in 2007.

Lehman Brothers Holdings Inc.'s bankruptcy on Sept. 15 roiled equity and debt markets and forced governments from Washington to Berlin to shore up banks' capital. Deutsche Bank has booked markdowns of 7.3 billion euros since last year, and banks and brokers worldwide have reported credit losses and writedowns of more than $670 billion since the collapse of the U.S. subprime-mortgage market.

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HAPPY DIWALI

 

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Diwala on Diwali ... Dark Monday

Indian Market opened lower about 101 points on sensex around 8600 levels taking negative clues from Asian markets on economy slowdown concern it widen its losses during the course of day. Intense selling was seen across board and the Sensex plummeted further as the day proceeded. The aggressive selling pressure broke the 8,000 mark and Sensex tumbled to a low of 7,697. Sensex was down over 62% from January`s highs and has corrected over 38% in October till date, whereas Nifty slipped below 2,300 mark. But indices staged a smart comeback in the later half of the trading session and closed with much lower damage on the penultimate day of the derivative expiry of the October series.

The Sensex ended the day with a loss of 191.51 points, or 2.20% at 8,509.56 after touching a high of 8,739.48 and a low of 7,697.39. The broad-based NSE Nifty declined 59.80 points, or 2.31% at 2,524.20 after hitting a high of 2,585.30 and a low of 2,252.75.  Short covering of derivative positions ahead of the expiry on Wednesday, 29 October 2008 triggered a sharp intra-day pullback in second half of the days trading session after Indices plunging to over 3-year low in the first half spooked by weak global equities. Some buying seen in realty and energy stocks which helped the index to make a smart recovery.  BSE Midcap and Smallcap index plunged 4.18% and 5% respectively.

Other Asian markets closed with much larger cuts. European markets were trading with average cut of 4% while US stock futures were down by around 2%. Rupee touched a fresh all time low of 50.27 against the dollar, finally closing at 49.88. Nymex crude fell to a 19 month low of $ 61.30/bbl.

BSE Consumer Durable and Auto indices were down the most among the sectoral indices, losing 6% each, while Realty and Teck indices gained 4.2% and 1% respectively. Bharti and Reliance were the top gainers among the sensex stocks, up 5.99% & 5.83% repectively, while Tata Motors and M & M were down the most, losing 14% each.

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