LIC Housing Filic-housing-fi14080009LIC Housing Finance Ltd has posted net profit at Rs 306 crore against Rs 213 crore in the corresponding year-ago period. Increase by 43% in the October-December quarter.
The main business of the company is to provide loans for purchase and reconstruction of residential houses. Total income of the company stood at Rs.1,592.54 crore, up by 17.58%, compared to Rs.1,354.42 crore a year ago, said in the statement.
However, the net interest income (NII) fell 5% y-o-y to Rs 326 crore due to slower loan disbursements to developers.
LIC disbursed approximately Rs 4,570 crore loans to customers as against Rs 4,215 crore, rise of more than 8%.
On Monday, the shares of the company closed at Rs 246.05 down by 5.60 points or 2.23%
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уторак, 31. јануар 2012.
Indian Bank Q3 net up 7 % at Rs 526 cr
Indian Bankindian-bank14030019Indian Bank, a premier bank owned by the Government of India, said it witnessed a growth of 7.04 per cent in net profits for the third quarter ended December 31, 2011 at Rs 525.92 crore.
The company had posted a net profit of Rs 491.29 crore during the same period a year ago, said Indian Bank in its filing to the Bombay Stock Exchange on January 30, 2012.
Besides, the total income of the company increased by 32.74 per cent to Rs 3,505.26 crore during Q3 FY12, as compared to Rs 2,640.58 crore during Q3 FY11.
However, the gross Non Performing Assets (NPA) of the company increased by 58.35 per cent to Rs 11,904.07 crore during Q3 FY12, as compared to Rs 7,522.14 crore during Q3 FY11.
Meanwhile, on Tuesday the shares of the company were trading at Rs 271.50 up by 4.50 points or 1.90%.
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The company had posted a net profit of Rs 491.29 crore during the same period a year ago, said Indian Bank in its filing to the Bombay Stock Exchange on January 30, 2012.
Besides, the total income of the company increased by 32.74 per cent to Rs 3,505.26 crore during Q3 FY12, as compared to Rs 2,640.58 crore during Q3 FY11.
However, the gross Non Performing Assets (NPA) of the company increased by 58.35 per cent to Rs 11,904.07 crore during Q3 FY12, as compared to Rs 7,522.14 crore during Q3 FY11.
Meanwhile, on Tuesday the shares of the company were trading at Rs 271.50 up by 4.50 points or 1.90%.
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PVR Q3 net dip 32% at nearly Rs 9 cr
PVR Ltd.pvr-ltd17040122India's most premiums and most preferred Retail Entertainment Company, PVR Ltd., said it witnessed a dip of 32.73 per cent in consolidated net profits for the third quarter ended December 31, 2011 at Rs 8.92 crore.
The company said that the dip in the profit was led by the loss from the film production business.
The company had posted a net profit of Rs 13.26 crore during the same period a year ago, said PVR in its filing to the Bombay Stock Exchange on January 30, 2012.
Besides, the total income of the company increased by 4.01 per cent to Rs 138.96 crore during Q3 FY12, from Rs 133.60 crore during Q3 FY11.
Meanwhile, on Tuesday shares of the company on BSE were trading lower at Rs 138.00 down by 3.30 points or 2.34% .
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The company said that the dip in the profit was led by the loss from the film production business.
The company had posted a net profit of Rs 13.26 crore during the same period a year ago, said PVR in its filing to the Bombay Stock Exchange on January 30, 2012.
Besides, the total income of the company increased by 4.01 per cent to Rs 138.96 crore during Q3 FY12, from Rs 133.60 crore during Q3 FY11.
Meanwhile, on Tuesday shares of the company on BSE were trading lower at Rs 138.00 down by 3.30 points or 2.34% .
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Sensex gains 190 points; SBI, ICICI rally
The Indian benchmark indices picked up and was seen trading higher by 190 points in morning trade on Tuesday tracking strong Asian cues and hopes lingering around Greek debt deal.
Markets confidence rekindled after Greek Prime Minister Lucas Papademos raised hopes about the deal.
At 10.00 am IST, the 30-share BSE Sensex was trading at 17060.00 up by 196.70 points or 1.17% and NSE Nifty was trading at 5146.65 up by 59.35 points or 1.17%.
In Asia, most of the markets were trading in green, the Nikkei 225 up by 28.03 points and was at 8821.34. The Hang Seng was up by 144.27 points and was at 20,304.38. Shanghai was up by 4.39 points and was trading at 2,289.42
Among sectoral indices on BSE, all the sectors were trading in positive terrain. Bankex, realty, Oil & Gas and IT were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were State Bank of India, ICICI Bank, Axis Bank, PNB and Sail posted gains between 2.15%-3.11% in morning trade.
And the loser in morning trade were Siemens, Coal India, Hindustan Lever, NTPC, Hero Moto Cop.
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Markets confidence rekindled after Greek Prime Minister Lucas Papademos raised hopes about the deal.
At 10.00 am IST, the 30-share BSE Sensex was trading at 17060.00 up by 196.70 points or 1.17% and NSE Nifty was trading at 5146.65 up by 59.35 points or 1.17%.
In Asia, most of the markets were trading in green, the Nikkei 225 up by 28.03 points and was at 8821.34. The Hang Seng was up by 144.27 points and was at 20,304.38. Shanghai was up by 4.39 points and was trading at 2,289.42
Among sectoral indices on BSE, all the sectors were trading in positive terrain. Bankex, realty, Oil & Gas and IT were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were State Bank of India, ICICI Bank, Axis Bank, PNB and Sail posted gains between 2.15%-3.11% in morning trade.
And the loser in morning trade were Siemens, Coal India, Hindustan Lever, NTPC, Hero Moto Cop.
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Pre Session : The January rally may again be disrupted today Analysis for Jan 31, 2012
A A A The January rally in Indian markets was disrupted yesterday on profit booking by the market participants and the looming Greek uncertainty. Today also the same trend may continue. Indian markets are getting negative to mixed cues from their foreign peers. Most of the Asian markets have opened on a mixed note after the negative overnight cues from the European and US markets. The US markets ended in red yesterday. The market sentiments were given a hit by Greece"s inability to reach a debt swap compromise with its creditors. On the US economic front the news was not so negative. Personal income increased by 0.5 per cent in December, however there was no change in personal consumption. The European Markets ended in red yesterday after Greek failed to get an agreement from its creditors. The markets now look with anticipation to the meeting of European leaders to discuss and finalize the bailout.
On the domestic front the rate of growth of eight core industries slowed down to 3.1 per cent in December and this may make a dent on the positivity that the new year generally generated. The FIIs continued to be net buyers yesterday providing important support to the markets. The markets" fate today will again be dependent on their course.
Yesterday the BSE SENSEX closed at 16863.3 down by 370.68 points or by 2.15 % and then NSE Nifty ended at 5087.3 down by 117.4 points or by 2.26 %.The BSE MIDCAP closed at 5756.98 down by 115.38 points or by 1.96 %, while the BSE SMLCAP ended at 6373.59 down by 118.1 points or by 1.82 %.The BSE Sensex touched intraday high of 17138.04 and intraday low of 16828.33 The NSE Nifty touched intraday high of 5166.15 and intraday low of 5076.7.
The net investments by FIIs on 30th January, 2012 in Indian capital markets stood at Rs 1011.40 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 4096.00 crore. The gross sales were of Rs. 2731.80 crore. The net investment in the equity markets by FIIs on January 30 th , 2012 stood at Rs 1364.20 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 207.20 crore. The gross sales by FIIs were of Rs 560.00 crore. The net investment by the FIIs in the debt markets stood at Rs - 352.80 crore.
Today, most of the Asian markets have opened on a mixed note after the negative overnight cues from the European and US markets. At 7.40 A.M. Indian time, the Nikkei 225 was up 34.33 points and was at 8,827.38. The Hang Seng was up 148.62 points and was at 20,328.03. The Shanghai composite was down 2.85 points and was at 2,282.19.
The US markets ended in red yesterday. The market sentiments were given a hit by Greece"s inability to reach a debt swap compromise with its creditors. On the US economic front the news was not so negative. Personal income increased by 0.5 per cent in December. However, there was no change in personal consumption. The Nasdaq closed at 2811.94, losing 4.61 points over the previous day"s closing. The Dow Jones Industrial lost 6.74 points and closed at 12653.72. The S & P 500 lost 3.32 points and closed at 1313.01.
The European Markets ended in red yesterday after Greek failed to get an agreement from its creditors. The markets now look with anticipation to the meeting of European leaders to discuss and finalize the bailout. The DAX lost 67.53 points and closed at 6,444.45. The FTSE 100 lost 62.36 points and closed at 5,671.09. The CAC was down 53.12points and closed at 3,265.64.
Gold futures ended lower by 0.1 % to close at $1731.10 per ounce, while silver prices lost 0.6 % and closed at $ 33.53 per ounce. Crude oil futures lost 0.7 % to close at $98.76 per barrel.
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On the domestic front the rate of growth of eight core industries slowed down to 3.1 per cent in December and this may make a dent on the positivity that the new year generally generated. The FIIs continued to be net buyers yesterday providing important support to the markets. The markets" fate today will again be dependent on their course.
Yesterday the BSE SENSEX closed at 16863.3 down by 370.68 points or by 2.15 % and then NSE Nifty ended at 5087.3 down by 117.4 points or by 2.26 %.The BSE MIDCAP closed at 5756.98 down by 115.38 points or by 1.96 %, while the BSE SMLCAP ended at 6373.59 down by 118.1 points or by 1.82 %.The BSE Sensex touched intraday high of 17138.04 and intraday low of 16828.33 The NSE Nifty touched intraday high of 5166.15 and intraday low of 5076.7.
The net investments by FIIs on 30th January, 2012 in Indian capital markets stood at Rs 1011.40 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 4096.00 crore. The gross sales were of Rs. 2731.80 crore. The net investment in the equity markets by FIIs on January 30 th , 2012 stood at Rs 1364.20 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 207.20 crore. The gross sales by FIIs were of Rs 560.00 crore. The net investment by the FIIs in the debt markets stood at Rs - 352.80 crore.
Today, most of the Asian markets have opened on a mixed note after the negative overnight cues from the European and US markets. At 7.40 A.M. Indian time, the Nikkei 225 was up 34.33 points and was at 8,827.38. The Hang Seng was up 148.62 points and was at 20,328.03. The Shanghai composite was down 2.85 points and was at 2,282.19.
The US markets ended in red yesterday. The market sentiments were given a hit by Greece"s inability to reach a debt swap compromise with its creditors. On the US economic front the news was not so negative. Personal income increased by 0.5 per cent in December. However, there was no change in personal consumption. The Nasdaq closed at 2811.94, losing 4.61 points over the previous day"s closing. The Dow Jones Industrial lost 6.74 points and closed at 12653.72. The S & P 500 lost 3.32 points and closed at 1313.01.
The European Markets ended in red yesterday after Greek failed to get an agreement from its creditors. The markets now look with anticipation to the meeting of European leaders to discuss and finalize the bailout. The DAX lost 67.53 points and closed at 6,444.45. The FTSE 100 lost 62.36 points and closed at 5,671.09. The CAC was down 53.12points and closed at 3,265.64.
Gold futures ended lower by 0.1 % to close at $1731.10 per ounce, while silver prices lost 0.6 % and closed at $ 33.53 per ounce. Crude oil futures lost 0.7 % to close at $98.76 per barrel.
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Rupee appreciates to 49.59 per dollar
usdThe partially convertible Indian rupee gained 20 paise to Rs 49.59 per dollar on the Interbank Foreign Exchange on Tuesday due to persistent foreign fund inflows.
The Indian rupee gained confidence after euro and other currencies posted gains against US dollar. The rupee sentiment was boosted by weaker dollar and positive opening in domestic stock market.
The Indian rupee opened at 49.59 per dollar versus 49.79 yesterday.. At 11.34 am IST, rupee was seen trading at 49.68
Meanwhile, the BSE was seen trading higher at 17033.60 up by 170.30 points or 1.01% and the 50-share NSE was at 5138.45 up by 51.15 points or 1.01%.
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The Indian rupee gained confidence after euro and other currencies posted gains against US dollar. The rupee sentiment was boosted by weaker dollar and positive opening in domestic stock market.
The Indian rupee opened at 49.59 per dollar versus 49.79 yesterday.. At 11.34 am IST, rupee was seen trading at 49.68
Meanwhile, the BSE was seen trading higher at 17033.60 up by 170.30 points or 1.01% and the 50-share NSE was at 5138.45 up by 51.15 points or 1.01%.
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Economic growth revised to 8.4% from 8.5%
The government today revised Economic Growth Rate for the 2010-2011 fiscal year. Government marginally lowered Economic Growth Rate to 8.4% from 8.5%.
Gross domestic Product (GDP) which refers to the market value of all final goods and services produced within a country in a given period.
The Quick Estimates of economic growth released by the Ministry of Statistics and Programme Implementation said, “The Gross Domestic Product (GDP) at factor cost at constant prices in 2010-11 has registered a growth of 8.4 per cent over the previous year,”
"The major source of growth in the GDP has been from the services sector which has grown at the rate of 9.3 per cent. The agriculture sector growth has also been impressive at 7 per cent during the year 2010-11," it further added.
Hotels and restaurant expanded by 9% in Trade, against a growth rate of 7.8% last year. Construction sector grew by 8% during the year against 7% in the previous fiscal. The mining and quarrying sectors registered 5% growth, against 6.3% xpansion in the previous fiscal.
Manufacturing grew by 7.6% this fiscal compared to a growth of 9.7% in 2009-10.
As per the Quick Estimates, the transport, storage and communication sector expanded by 14.7% in 2010-11. The sector had grown by 14.8% in the previous fiscal.
The GDP at constant prices at market prices during the year 2010-11 has grown at 9.6%, as per the data.
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Gross domestic Product (GDP) which refers to the market value of all final goods and services produced within a country in a given period.
The Quick Estimates of economic growth released by the Ministry of Statistics and Programme Implementation said, “The Gross Domestic Product (GDP) at factor cost at constant prices in 2010-11 has registered a growth of 8.4 per cent over the previous year,”
"The major source of growth in the GDP has been from the services sector which has grown at the rate of 9.3 per cent. The agriculture sector growth has also been impressive at 7 per cent during the year 2010-11," it further added.
Hotels and restaurant expanded by 9% in Trade, against a growth rate of 7.8% last year. Construction sector grew by 8% during the year against 7% in the previous fiscal. The mining and quarrying sectors registered 5% growth, against 6.3% xpansion in the previous fiscal.
Manufacturing grew by 7.6% this fiscal compared to a growth of 9.7% in 2009-10.
As per the Quick Estimates, the transport, storage and communication sector expanded by 14.7% in 2010-11. The sector had grown by 14.8% in the previous fiscal.
The GDP at constant prices at market prices during the year 2010-11 has grown at 9.6%, as per the data.
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ICICI Bank net jumps 20 pc to Rs 1,728cr
ICICI Bankicici-bank14030056The country's largest private sector lender ICICI Bank today reported 20 per cent growth in net profit for the December quarter at Rs 1,728.10 crore. The city-based lender's net profit for the same period last year had stood at Rs 1,437.02 crore.
During the reporting period, the bank's total income climbed to Rs 10,483.73 crore from Rs 8,444.75 crore, it said in a filing to the BSE.
Operating profit stood at Rs 2,687.10 crore as against Rs 2,342.61 crore, it said. Its total provisions declined to Rs 341.10 crore from Rs 464.27 crore, the bank said.
The net non-performing asset ratio decreased to 0.70 percent from 1.16 per cent 12 months back, it said. Total capital adequacy stood at 18.88 per cent of which the core tier-I constituted 13.13 per cent.
Investors cheered the result and ICICI Bank shares were closed at Rs 902 up by 50.50 points or 5.87%. The 30-share index of BSE was up 1.96 per cent.
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During the reporting period, the bank's total income climbed to Rs 10,483.73 crore from Rs 8,444.75 crore, it said in a filing to the BSE.
Operating profit stood at Rs 2,687.10 crore as against Rs 2,342.61 crore, it said. Its total provisions declined to Rs 341.10 crore from Rs 464.27 crore, the bank said.
The net non-performing asset ratio decreased to 0.70 percent from 1.16 per cent 12 months back, it said. Total capital adequacy stood at 18.88 per cent of which the core tier-I constituted 13.13 per cent.
Investors cheered the result and ICICI Bank shares were closed at Rs 902 up by 50.50 points or 5.87%. The 30-share index of BSE was up 1.96 per cent.
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Coal India roll backs hike in coal prices
Coal India Ltd.coal-india-ltd15110007Coal India Ltd (CIL) today rolled back the hike in coal prices it effected from January 1 in the face of stiff opposition from user firms, including power, steel and cement, to its new pricing formula.
CIL Chairman N C Jha said the company will delink the rates from international parity prices and eventually, this will reduce the prices for different grades of coal.
He added that the reduction in prices announced today will be with retrospective effect from January 1 and CIL will review the system after March. However, he clarified that GCV-based grading of coal will continue and anomalies in the pricing structure will get addressed after today's decision.
Addressing a press conference today, Coal Minister Sriprakash Jaiswal said, "The GCV (Gross Calorific Value) mechanism will be revenue neutral and assessment (of today's cut in prices) will be done after March."
CIL had shifted to a new pricing mechanism (based on GCV) from January 1. Under this system, prices are linked to the actual calorific value, or quality, of coal.
The new pricing mechanism resulted in an increase in rates of the fossil fuel, even though the Coal Ministry had indicated the new formula would be revenue-neutral.
Till December 31, 2011, CIL used to follow a pricing mechanism based on the Useful Heat Value (UHV) of coal, which deducted ash and moisture content from the standard formula.
Consumers across sectors including power, cement, aluminium and steel have opposed the new methodology as they feel that prices have risen substantially and this will necessitate an increase in the prices of their own commodities.
On Tuesday, the shares of the company on BSE closed at Rs 325.65 down by 2.99%.
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CIL Chairman N C Jha said the company will delink the rates from international parity prices and eventually, this will reduce the prices for different grades of coal.
He added that the reduction in prices announced today will be with retrospective effect from January 1 and CIL will review the system after March. However, he clarified that GCV-based grading of coal will continue and anomalies in the pricing structure will get addressed after today's decision.
Addressing a press conference today, Coal Minister Sriprakash Jaiswal said, "The GCV (Gross Calorific Value) mechanism will be revenue neutral and assessment (of today's cut in prices) will be done after March."
CIL had shifted to a new pricing mechanism (based on GCV) from January 1. Under this system, prices are linked to the actual calorific value, or quality, of coal.
The new pricing mechanism resulted in an increase in rates of the fossil fuel, even though the Coal Ministry had indicated the new formula would be revenue-neutral.
Till December 31, 2011, CIL used to follow a pricing mechanism based on the Useful Heat Value (UHV) of coal, which deducted ash and moisture content from the standard formula.
Consumers across sectors including power, cement, aluminium and steel have opposed the new methodology as they feel that prices have risen substantially and this will necessitate an increase in the prices of their own commodities.
On Tuesday, the shares of the company on BSE closed at Rs 325.65 down by 2.99%.
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Starbucks to enter India; JV with Tata Global
Tata Global Beverage,Tata Coffee Ltd.tata-global-beverage,tata-coffee-ltd12660006,11040006Starbucks corporation, worlds famous coffee company is planing to enter India, this will be 50:50 joint venture with Tata Global Beverages Ltd. The JV has plans to launch around 30-50 outlets in India with initial investment of Rs 400 crore to be paid equally, this JV will be branded as Starbucks Coffee “A Tata Alliance”.
Tata global beverages Ltd shares surged after the company announced its JV with Starbucks corporation, the shares were trading at Rs 107.25 up by 9.30 points or 9.49%. Tata Coffee shares were up trading at Rs 866.30 up by 0.50 points or 0.06% on BSE. Starbucks corp shares were high trading at $ 48.48 up by 1.32% on NASDAQ.
The JV will enable an expanded range of beverage offerings for Indian consumers. As an example, the companies have agreed to jointly leverage assets and innovation to offer a premium tea product branded, Tata Tazo.
“The joint venture with Starbucks is in line with Tata Global Beverages’ strategy of growing through inorganic growth focusing on strategic alliances in addition to organic growth,” stated Mr. R K Krishnakumar, Vice Chairman, Tata Global Beverages.
“It opens up exciting business opportunities and new formats for Tata Global Beverages. Starbucks brings unique retail expertise as well as a shared sense of business values. We are excited about the opportunities the alliance presents to innovate in the retail space and bring new beverage experiences to more consumers in India, leveraging the global in-home expertise of Tata Global Beverages and the global out-of-home expertise of Starbucks.”
“We’re very pleased to have found the best partner for Starbucks in Tata – a company that shares so many of the same values for conducting business in a way that earns the trust and respect of our customers and partners (employees),” said John Culver, president, Starbucks China and Asia Pacific.
About Starbucks
Starbucks corporation is international coffee company based in Seattle, Washington. It is the largest coffeehouse in the world, with more than 17,000 stores around the globe. Since 1992, the stocks of the company rose impressively. The company is the premier roaster and retailer of specialty coffee in the world. For more details can visit www.starbucks.com. Read:
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Tata global beverages Ltd shares surged after the company announced its JV with Starbucks corporation, the shares were trading at Rs 107.25 up by 9.30 points or 9.49%. Tata Coffee shares were up trading at Rs 866.30 up by 0.50 points or 0.06% on BSE. Starbucks corp shares were high trading at $ 48.48 up by 1.32% on NASDAQ.
The JV will enable an expanded range of beverage offerings for Indian consumers. As an example, the companies have agreed to jointly leverage assets and innovation to offer a premium tea product branded, Tata Tazo.
“The joint venture with Starbucks is in line with Tata Global Beverages’ strategy of growing through inorganic growth focusing on strategic alliances in addition to organic growth,” stated Mr. R K Krishnakumar, Vice Chairman, Tata Global Beverages.
“It opens up exciting business opportunities and new formats for Tata Global Beverages. Starbucks brings unique retail expertise as well as a shared sense of business values. We are excited about the opportunities the alliance presents to innovate in the retail space and bring new beverage experiences to more consumers in India, leveraging the global in-home expertise of Tata Global Beverages and the global out-of-home expertise of Starbucks.”
“We’re very pleased to have found the best partner for Starbucks in Tata – a company that shares so many of the same values for conducting business in a way that earns the trust and respect of our customers and partners (employees),” said John Culver, president, Starbucks China and Asia Pacific.
About Starbucks
Starbucks corporation is international coffee company based in Seattle, Washington. It is the largest coffeehouse in the world, with more than 17,000 stores around the globe. Since 1992, the stocks of the company rose impressively. The company is the premier roaster and retailer of specialty coffee in the world. For more details can visit www.starbucks.com. Read:
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Spot gold rises to Rs 28,179 per 10 grams
Gold futures rose on Tuesday as speculators created fresh positions amid firming global trend and weaker dollar boosted the sentiment.
Historically, gold and dollar share an inverse relationship with each other and the recent slip in dollar has aided gold.
On the Multi Commodity Exchange, gold for February delivery rose Rs 53 or 0.19% to Rs 28,112 at 3.15 pm IST and had touched intraday high of Rs 28,179.
Similarly, the metal for April contract up by Rs 46 or 0.16% to Rs 28,496 and touched intraday high of Rs 28,570.
Spot gold rose and was seen trading at Rs 28,179, while spot silver rose and was seen trading at Rs 55,855.00.
While, silver for march delivery also rose by Rs 154 or 0.27% at Rs 57,146 and touched intraday high of Rs 57,300.
US spot gold was seen lingering at $1,742.60 an ounce.
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Historically, gold and dollar share an inverse relationship with each other and the recent slip in dollar has aided gold.
On the Multi Commodity Exchange, gold for February delivery rose Rs 53 or 0.19% to Rs 28,112 at 3.15 pm IST and had touched intraday high of Rs 28,179.
Similarly, the metal for April contract up by Rs 46 or 0.16% to Rs 28,496 and touched intraday high of Rs 28,570.
Spot gold rose and was seen trading at Rs 28,179, while spot silver rose and was seen trading at Rs 55,855.00.
While, silver for march delivery also rose by Rs 154 or 0.27% at Rs 57,146 and touched intraday high of Rs 57,300.
US spot gold was seen lingering at $1,742.60 an ounce.
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Sensex ends 300 points higher; SBI up 3%
The Indian benchmark indices ended higher with more than 300 points tracking strong global cues. The benchmark touched its peak on the last day of the month. This was the best gain for domestic market since 1994.
The BSE Sensex has emerged as the second biggest gainer in Asia today after Hong Kong"s Hang Seng. Today"s rally was driven by the banking index which has gained more than 280 points in the day till now.
Shares of State Bank of India surged more than 3% after the lender announced that it will receive USD 1.6 billion from the government as equity infusion.
At 4.00 pm IST, the 30-share BSE Sensex was closed at 117193.55 up by 330.25 points or 1.96% and NSE Nifty was closed at 5199.25 up by 111.95 points or 2.20%.
In Asia, most of the markets were trading in positive terrain, the Nikkei 225 up by 9.46 points and was at 8802.51.The Hang Seng was up by 230.49 points and was at 20,390.38. Shanghai was up by 7.44 points and was trading at 2,292.48
Among sectoral indices on BSE, all the sectors ended positively. Bankex, realty, Auto, Metal and TECk leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Hindalco, Reliance Communication, Sesa goa, IDFC, Axis Bank posted gains between 6.02%-8.07%.
And the loser in today trade were Coal India, Siemens, PNB, Cairn and Maruti.Newsletter
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The BSE Sensex has emerged as the second biggest gainer in Asia today after Hong Kong"s Hang Seng. Today"s rally was driven by the banking index which has gained more than 280 points in the day till now.
Shares of State Bank of India surged more than 3% after the lender announced that it will receive USD 1.6 billion from the government as equity infusion.
At 4.00 pm IST, the 30-share BSE Sensex was closed at 117193.55 up by 330.25 points or 1.96% and NSE Nifty was closed at 5199.25 up by 111.95 points or 2.20%.
In Asia, most of the markets were trading in positive terrain, the Nikkei 225 up by 9.46 points and was at 8802.51.The Hang Seng was up by 230.49 points and was at 20,390.38. Shanghai was up by 7.44 points and was trading at 2,292.48
Among sectoral indices on BSE, all the sectors ended positively. Bankex, realty, Auto, Metal and TECk leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Hindalco, Reliance Communication, Sesa goa, IDFC, Axis Bank posted gains between 6.02%-8.07%.
And the loser in today trade were Coal India, Siemens, PNB, Cairn and Maruti.Newsletter
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субота, 28. јануар 2012.
Summary Box: Spanish jobless rate tops 5 million
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Iran hits back at EU with own oil embargo threat
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Economic growth for the past 4 years, at a glance
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TSX ends day flat; notches 6th straight weekly gain
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Canada to kick off year with stronger job growth
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How the major stock indexes fared on Friday
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Treasury prices end week on a strong note
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Instant view: U.S. growth quickens in Q4, but speed-bumps ahead
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Growth quickens, but speed bumps ahead
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Obama seeks to rally Democrats to election-year fight
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Ford hit by commodity costs, international woes
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Dow slips to first losing week of 2012
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Kotak Mahindra Bank Q3 net up 21% at Rs 463 cr
Kotak Mahindra Bankkotak-mahindra-bank14060005Kotak Mahindra Bank has posted the growth of 21 per cent in consolidated net profits for the third quarter ended December 31, 2011 at Rs 463 crore.
The bank had posted the net profit of Rs 384 crore during the same period a year ago, said the bank in its filing to the Bombay Stock Exchange on January 23, 2012.
Also, consolidated advances of the bank grew 32 per cent during the quarter to Rs 52,847 crore, from Rs 40,096 crore during the year ago period.
While, the consolidated net interest margin (NIM) of the bank reduced marginally to 4.7 per cent during Q3 FY12, as against 5 per cent during Q3 FY11.
Capital adequacy ratio of the bank as per basel 3 norms stood at 16.9 per cent as on December 31, 2011, while tier-1 capital ratio of the bank stood at 15 per cent.
On Tuesday, the shares of the bank were trading at Rs 479.90 up by 2.45 points or 0.51%.
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The bank had posted the net profit of Rs 384 crore during the same period a year ago, said the bank in its filing to the Bombay Stock Exchange on January 23, 2012.
Also, consolidated advances of the bank grew 32 per cent during the quarter to Rs 52,847 crore, from Rs 40,096 crore during the year ago period.
While, the consolidated net interest margin (NIM) of the bank reduced marginally to 4.7 per cent during Q3 FY12, as against 5 per cent during Q3 FY11.
Capital adequacy ratio of the bank as per basel 3 norms stood at 16.9 per cent as on December 31, 2011, while tier-1 capital ratio of the bank stood at 15 per cent.
On Tuesday, the shares of the bank were trading at Rs 479.90 up by 2.45 points or 0.51%.
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GAIL Q3 net up 13% at Rs 1,091 cr
GAIL (India) Ltd.gail-india-ltd15120010Gas Authority of India Ltd (GAIL) has reported a growth of 12.8 per cent in net profits for the third quarter ended December 31, 2011 at Rs 1,091.42 crore.
The company had posted the net profits of Rs 967.63 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on January 23, 2012.
Meanwhile, the net sales of the company also increased 34.6 per cent to Rs 11,259.78 crore during Q3 FY12, as compared to Rs 8,364.99 crore during Q3 FY11.
Company's revenues soared despite sharing the under-recoveries on LPG with the government. During the Q3 FY12, such discount on LPG amounted to Rs 536.12 crore as against Rs 417.68 crore during Q3 FY11.
On Tuesday, shares of the company were trading at Rs 368.80 down by 1.15 points or 0.31%.
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The company had posted the net profits of Rs 967.63 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on January 23, 2012.
Meanwhile, the net sales of the company also increased 34.6 per cent to Rs 11,259.78 crore during Q3 FY12, as compared to Rs 8,364.99 crore during Q3 FY11.
Company's revenues soared despite sharing the under-recoveries on LPG with the government. During the Q3 FY12, such discount on LPG amounted to Rs 536.12 crore as against Rs 417.68 crore during Q3 FY11.
On Tuesday, shares of the company were trading at Rs 368.80 down by 1.15 points or 0.31%.
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Idea cellular Q3 net dips 17% at Rs 201 cr
Idea Cellular Ltd.idea-cellular-ltd15200008Idea cellular, India's third largest wireless operator, disappoints investors with dismal Q3 earning numbers, mainly hit by higher finance and treasury costs during the quarter.
Net profits of the company declined 17.3 per cent to Rs 200.98 crore for the third quarter ended December 31, 2011.
The company had posted the net profits of Rs 243.05 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on January 23, 2012.
Meanwhile, net sales of the company increased 27 per cent to Rs 5,020.37 crore during Q3 FY12, as compared to Rs 3,952.59 crore during Q3 FY11.
The business outlook remains a paradox, a combination of tailwinds with strong customer traction and headwinds emerging from uncertain regulatory interventions and macro-economic environment, said the company in a statement.
On Monday, Shares of the company were trading at Rs 87.95 a piece, up 4.33 per cent from previous close on BSE at 01:45 PM.
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Net profits of the company declined 17.3 per cent to Rs 200.98 crore for the third quarter ended December 31, 2011.
The company had posted the net profits of Rs 243.05 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on January 23, 2012.
Meanwhile, net sales of the company increased 27 per cent to Rs 5,020.37 crore during Q3 FY12, as compared to Rs 3,952.59 crore during Q3 FY11.
The business outlook remains a paradox, a combination of tailwinds with strong customer traction and headwinds emerging from uncertain regulatory interventions and macro-economic environment, said the company in a statement.
On Monday, Shares of the company were trading at Rs 87.95 a piece, up 4.33 per cent from previous close on BSE at 01:45 PM.
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Sensex opens in green; Realty, Metal down
The Indian benchmark indices rose on Tuesday ahead of RBI credit policy amid mix opinions about cash reserve ratio (CRR) cuts.
The reserve requirement or cash reserve ratio is a central bank regulation that sets the minimum reserves each commercial bank must keep with RBI.
At 9.40 am IST, the 30-share BSE Sensex was trading at 16,802.79 up by 51.06 points or 0.30 and NSE Nifty was trading at 5063.85 up by 17.60 points or 0.35%.
Asian market remained closed on account of holiday.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain except Realty (-0.18), Metal (-0.22) and Auto (-0.18). Consumer Durables, Capital goods, Oil & gas were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were BPCL, IDFC, L&T, Bharti Airtel and HDFC Bank posted gains between 1.08%-1.85%.
And the loser in the opening trade were Ster, DLF, Ranbaxy, Maruti and Hero MotoCop.
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The reserve requirement or cash reserve ratio is a central bank regulation that sets the minimum reserves each commercial bank must keep with RBI.
At 9.40 am IST, the 30-share BSE Sensex was trading at 16,802.79 up by 51.06 points or 0.30 and NSE Nifty was trading at 5063.85 up by 17.60 points or 0.35%.
Asian market remained closed on account of holiday.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain except Realty (-0.18), Metal (-0.22) and Auto (-0.18). Consumer Durables, Capital goods, Oil & gas were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were BPCL, IDFC, L&T, Bharti Airtel and HDFC Bank posted gains between 1.08%-1.85%.
And the loser in the opening trade were Ster, DLF, Ranbaxy, Maruti and Hero MotoCop.
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RBI cuts CRR by 0.5%, repo rate untouched
Reserve Bank of India (RBI) cuts the cash reserve ratio (CRR) by 50 basis points and left interest rates untouched to ease the liquidity pressure in banking system.
The CRR, the amount of deposits the banks are required to keep with RBI in cash is cut to 5.5% from 6%, this will be effective the fortnight beginning January 28, 2012. The CRR cut will infuse additional Rs 32,000 crore liquidity into the system.
Repo, the rate at which it lends to banks, the RBI kept repo unchanged at 8.5% and reverse repo at 7.5%.
"The growth-inflation balance of the monetary policy stance has now shifted to growth, while at the same time ensuring that inflationary pressures remain contained," RBI governor Duvvuri Subbarao said in his policy statement.
"Based on the current inflation trajectory, including consideration of suppressed inflation, it is premature to begin reducing the policy rate," RBI Governor D Subbarao said while unveiling the third quarterly monetary policy review.
The Reserve Bank said the policy actions are meant to "mitigate downside risks to growth" and anchor inflationary expectations.
Since March 2010, the RBI has hiked rates 13 times to fight inflation. India's headline inflation eased by 7.47% for the month of December 2011 lowest in two years.
Reacting positively to the news, stock market BSE surged by 200 points and NSE jumping to 90 points.
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The CRR, the amount of deposits the banks are required to keep with RBI in cash is cut to 5.5% from 6%, this will be effective the fortnight beginning January 28, 2012. The CRR cut will infuse additional Rs 32,000 crore liquidity into the system.
Repo, the rate at which it lends to banks, the RBI kept repo unchanged at 8.5% and reverse repo at 7.5%.
"The growth-inflation balance of the monetary policy stance has now shifted to growth, while at the same time ensuring that inflationary pressures remain contained," RBI governor Duvvuri Subbarao said in his policy statement.
"Based on the current inflation trajectory, including consideration of suppressed inflation, it is premature to begin reducing the policy rate," RBI Governor D Subbarao said while unveiling the third quarterly monetary policy review.
The Reserve Bank said the policy actions are meant to "mitigate downside risks to growth" and anchor inflationary expectations.
Since March 2010, the RBI has hiked rates 13 times to fight inflation. India's headline inflation eased by 7.47% for the month of December 2011 lowest in two years.
Reacting positively to the news, stock market BSE surged by 200 points and NSE jumping to 90 points.
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HDFC FMP 370 Days; NFO to close on January 31
HDFC Mutual Fund launched a new close ended income scheme named “HDFC FMP 370 D January 2012 (4)", with maturity time of 370 days.
Allocation of funds:
The asset allocation of scheme will be in such a way that the primary objective of the scheme to generate returns will be met, through investments in Debt / Money Market Instruments and Government Securities. Hence, the scheme will allocate 60 to 100 per cent in debt and money market instruments and 0 to 40 per cent in government securities.e.
Basic Details:
NFO Opens: January 24, 2012
NFO Closes: January 31, 2012
NFO Price: Rs 10 per unit
Options: Growth and Dividend Payout
Minimum Application Amount: Rs 5000 and in multiples of Rs 10 thereafter.
Exit Load: Nil
Listing:BSE
Benchmark: Crisil Short Term Bond Fund Index
Fund Managers: Bharat Pareek and Miten Lathia
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Allocation of funds:
The asset allocation of scheme will be in such a way that the primary objective of the scheme to generate returns will be met, through investments in Debt / Money Market Instruments and Government Securities. Hence, the scheme will allocate 60 to 100 per cent in debt and money market instruments and 0 to 40 per cent in government securities.e.
Basic Details:
NFO Opens: January 24, 2012
NFO Closes: January 31, 2012
NFO Price: Rs 10 per unit
Options: Growth and Dividend Payout
Minimum Application Amount: Rs 5000 and in multiples of Rs 10 thereafter.
Exit Load: Nil
Listing:BSE
Benchmark: Crisil Short Term Bond Fund Index
Fund Managers: Bharat Pareek and Miten Lathia
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Rupee below 50 per dollar
usd,eurThe partially convertible Indian rupee was seen trading below Rs 50 per dollar, rupee rose by 15 paise to Rs 49.94 per dollar on the Interbank Foreign Exchange today on persistent foreign fund inflows.
The Indian rupee gained confidence after euro and other currencies posted gains against US dollar.
The rupee sentiment was boosted by weaker dollar and steep rise in domestic stock market due to CRR cut by RBI.
The Indian rupee opened at 49.95 per dollar versus 50.10 yesterday. At 01.40 pm IST, rupee was seen trading at 49.93.
Meanwhile, the BSE was seen trading higher at 17000.04 up by 248.31 points or 1.48% and the 50-share NSE was at 5124.40 up by 78.15 points or 1.55%.
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The Indian rupee gained confidence after euro and other currencies posted gains against US dollar.
The rupee sentiment was boosted by weaker dollar and steep rise in domestic stock market due to CRR cut by RBI.
The Indian rupee opened at 49.95 per dollar versus 50.10 yesterday. At 01.40 pm IST, rupee was seen trading at 49.93.
Meanwhile, the BSE was seen trading higher at 17000.04 up by 248.31 points or 1.48% and the 50-share NSE was at 5124.40 up by 78.15 points or 1.55%.
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Spot gold declines to Rs 27,480 per 10 grams
Gold futures declined marginally today as speculators booked profit and Silver was seen trading up borderline following firm trend in overseas precious metals.
Prices fell ahead of the Fed's two-day FOMC meeting on Wednesday and as physical markets in China, Singapore, Malaysia and Indonesia are closed for the Lunar New Year.
Back to India, at the Multi-Commodity Exchange (MCX), gold for February delivery contract opened at Rs 27,487 per 10 grams, at 2.30 pm IST it was seen trading at Rs 27,447 per 10 grams down by Rs 63 or 0.23%. Similarly, the metal for April contract down by Rs 37or 0.13% to Rs 27,846.
Spot gold also fell and was seen trading at Rs 27,480.00, whereas Spot silver was at Rs 54,836.00.
While, silver for march delivery rose by Rs 67 or 0.12% at Rs 55,632 and touched intraday high of Rs 55,949.
US spot gold was seen hovering at $1,675 an ounce.Newsletter
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Prices fell ahead of the Fed's two-day FOMC meeting on Wednesday and as physical markets in China, Singapore, Malaysia and Indonesia are closed for the Lunar New Year.
Back to India, at the Multi-Commodity Exchange (MCX), gold for February delivery contract opened at Rs 27,487 per 10 grams, at 2.30 pm IST it was seen trading at Rs 27,447 per 10 grams down by Rs 63 or 0.23%. Similarly, the metal for April contract down by Rs 37or 0.13% to Rs 27,846.
Spot gold also fell and was seen trading at Rs 27,480.00, whereas Spot silver was at Rs 54,836.00.
While, silver for march delivery rose by Rs 67 or 0.12% at Rs 55,632 and touched intraday high of Rs 55,949.
US spot gold was seen hovering at $1,675 an ounce.Newsletter
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Sensex breaches 17k level on CRR cut
The Indian benchmark indices breached 17k level, market reacted positively after RBI cuts CRR by 50 basis points and repo rates were left untouched.
At 3.30 pm IST, the 30-share BSE Sensex was trading at 16,751.73 up by 214.72 points or 1.28%, it touched intraday high of 17,050.32 and NSE Nifty was trading at 5116.50 up by 70.25points or 1.39%.
Asian market remained closed on account of holiday.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain. Capital goods, Bankex, Metal, Auto were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were L&T, IDFC, JP Associates, Hindalco posted gains between 4.48%-5.93%
And the loser in todays trade were Grasim, Coal India, DLF, Sun Pharma, Hindustan Lever.
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At 3.30 pm IST, the 30-share BSE Sensex was trading at 16,751.73 up by 214.72 points or 1.28%, it touched intraday high of 17,050.32 and NSE Nifty was trading at 5116.50 up by 70.25points or 1.39%.
Asian market remained closed on account of holiday.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain. Capital goods, Bankex, Metal, Auto were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were L&T, IDFC, JP Associates, Hindalco posted gains between 4.48%-5.93%
And the loser in todays trade were Grasim, Coal India, DLF, Sun Pharma, Hindustan Lever.
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петак, 27. јануар 2012.
Lupin Q3 net profit up nearly 5% at Rs 235 cr
Lupin Ltd.lupin-ltd12540136Pharma major Lupin said it witnessed a growth of 4.92 per cent in consolidated net profits for the third quarter ended December 31, 2011 at Rs 235.06 crore.
The company said that the growth was led by strong operating performance coupled with new launches and strong growth across business territories in US, India, and Japan.
The company had posted the net profit of Rs. 224.03 crore during the same period a year ago, said Lupin Ltd. in its filing to the Bombay Stock Exchange on January 24, 2012.
Besides, the total income of the company increased by 20.39 per cent to Rs 1,822.24 crore during Q3 FY12, as compared to Rs 1,513.6 crore during Q3 FY11.
On Tuesday, the shares of the company closed at Rs 460.65 up by 14.05 points or 3.25%.
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The company said that the growth was led by strong operating performance coupled with new launches and strong growth across business territories in US, India, and Japan.
The company had posted the net profit of Rs. 224.03 crore during the same period a year ago, said Lupin Ltd. in its filing to the Bombay Stock Exchange on January 24, 2012.
Besides, the total income of the company increased by 20.39 per cent to Rs 1,822.24 crore during Q3 FY12, as compared to Rs 1,513.6 crore during Q3 FY11.
On Tuesday, the shares of the company closed at Rs 460.65 up by 14.05 points or 3.25%.
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Yes Bank Q3 net up 33% at Rs 254.1 cr
YES Bank Ltd.yes-bank-ltd14030144Private sector lender, Yes Bank has reported a growth of 33 per cent in net profits for the third quarter ended December 31, 2011 at Rs 254.1 crore.
The bank had posted the net profit of Rs 191.12 crore during the same period a year ago, said Yes Bank in its filing to the Bombay Stock Exchange on January 24, 2012. Also operating profits grew 28.1 per cent to Rs 398.8 crore during Q3 FY12.
Meanwhile, net interest income of the bank grew 32.3 per cent to Rs 427.6 crore during Q3 FY12, as against Rs 323.2 crore during Q3 FY11. Also, non interest income grew 30.8 per cent to Rs 211.4 crore during the quarter under review.
Advances during the quarter rose 15.3 per cent to Rs 35,867.8 crore as against Rs 31,112.2 crore during the same period a year ago. Also, savings account deposits of the bank almost doubled during the quarter on back of higher interest rate offerings at 7 per cent by Yes bank. Capital Adequacy ratio stood at 16.1 per cent with Tier-1 ratio of 9.2 per cent as at December 31, 2011.
Commenting over the performance, Rana Kapoor, CEO and MD, said “I am pleased to report Yes Bank has delivered another sustained quarter of financial performance with net profits crossing Rs 254 crore".
Cheering the Q3 numbers, on Tuesday, shares of the bank were trading at Rs 317.50 a piece, up 3.56 per cent from previous close on BSE at 01:21 PM.
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The bank had posted the net profit of Rs 191.12 crore during the same period a year ago, said Yes Bank in its filing to the Bombay Stock Exchange on January 24, 2012. Also operating profits grew 28.1 per cent to Rs 398.8 crore during Q3 FY12.
Meanwhile, net interest income of the bank grew 32.3 per cent to Rs 427.6 crore during Q3 FY12, as against Rs 323.2 crore during Q3 FY11. Also, non interest income grew 30.8 per cent to Rs 211.4 crore during the quarter under review.
Advances during the quarter rose 15.3 per cent to Rs 35,867.8 crore as against Rs 31,112.2 crore during the same period a year ago. Also, savings account deposits of the bank almost doubled during the quarter on back of higher interest rate offerings at 7 per cent by Yes bank. Capital Adequacy ratio stood at 16.1 per cent with Tier-1 ratio of 9.2 per cent as at December 31, 2011.
Commenting over the performance, Rana Kapoor, CEO and MD, said “I am pleased to report Yes Bank has delivered another sustained quarter of financial performance with net profits crossing Rs 254 crore".
Cheering the Q3 numbers, on Tuesday, shares of the bank were trading at Rs 317.50 a piece, up 3.56 per cent from previous close on BSE at 01:21 PM.
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Cairn India Q3 net profit up 12% at Rs 2,261 cr
Cairn India Ltd.cairn-india-ltd15120019Cairn India, now a part of the Vedanta Group, a globally diversified natural resources group, said it witnessed a growth of 12.53 per cent in consolidated net profits for the third quarter ended December 31, 2011 at Rs 2,261.93 crore.
Looking forward, Rahul Dhir, Managing Director and Chief Executive Officer, Cairn India said, “This success demonstrates Cairn India's strong skill set, which we will continue to leverage for future opportunities.
With the new board now in place, Cairn India remains well poised for the next phase of growth."
The company had posted the net profit of Rs 2,010.12 crore during the same period a year ago, said Cairn India in its filing to the Bombay Stock Exchange on January 24, 2012.
Besides, the total income of the company increased by 20.39 per cent to Rs 3,510.58 crore during Q3 FY12, as compared to Rs 3,130.6 crore during Q3 FY11.
Meanwhile, shares of the company on Tuesday closed at Rs 351.75 a piece, up 1.93 per cent from previous close on BSE.
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Looking forward, Rahul Dhir, Managing Director and Chief Executive Officer, Cairn India said, “This success demonstrates Cairn India's strong skill set, which we will continue to leverage for future opportunities.
With the new board now in place, Cairn India remains well poised for the next phase of growth."
The company had posted the net profit of Rs 2,010.12 crore during the same period a year ago, said Cairn India in its filing to the Bombay Stock Exchange on January 24, 2012.
Besides, the total income of the company increased by 20.39 per cent to Rs 3,510.58 crore during Q3 FY12, as compared to Rs 3,130.6 crore during Q3 FY11.
Meanwhile, shares of the company on Tuesday closed at Rs 351.75 a piece, up 1.93 per cent from previous close on BSE.
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RBI to meet bankers to discuss NPA, says no concern for now
Mumbai, Jan 24 (PTI) The Reserve Bank today said there is no concern about the level of non-performing assets (NPAs) in the banking system and it would soon meet 10 large banks to take stock of the situation.
"Whatever (NPA) figure is being reported, we don't find anything to worry. We have done a stress test in the Financial Stability Report and we don't have anything to worry about," Deputy Governor of RBI K C Chakrabarty said. He added, however, that the central bank would soon meet 10 large banks to ascertain the situation.
"Just now, we have no concern. But, we are concerned about how the message is going from the media and analysts (to the public).
So, we will discuss with the banks about the NPA issue," Chakrabarty said. Referring to sector specific stress points, he said the central bank is not uncomfortable about lending to any particular sector.
"We don't have, as of now, any sector specific concerns. If you analyse, the gross NPA which is 2.66 percent now was 2.8 percent in 2007," he said, adding that the NPA numbers reported in sectors like telecom and power distribution companies (Discom) are minimal compared to total portfolio.
"In case of power, the reported NPA is Rs 768 crore out of Rs 2,60,000 crore (of portfolio).
So, we don't have any concerns. Even the restructured standard asset is not substantial. That (NPA) has happened not only because of credit squeeze, but due to various other factors related to project implementation," he said.
The central bank also clarified that it would not intervene in banks' decision to stop lending to power discoms. "Whether banks (will) continue to lend, or stop lending to discoms and on what basis, it is between state government, banks and discoms. We will not intervene in this matter," RBI Governor D Subbarao said.
He quoted instances of letters received from state governments asking for intervention to restart lines of credit discontinued by banks. A recent Crisil report said losses of Discoms (power distribution companies) rose 24 per cent to Rs 27,500 crore between 2006-07 and 2009-10, which could rise to about Rs 35,000 crore in 2010-11 as power tariffs were not revised by state governments along with various other issues.
Subbarao also said that he is not comfortable with the idea of converting public carrier Air India's debt into SLR (Statutory Liquidity Ratio) bonds.
Banks are struggling to recover Rs 19,000 crore from the ailing national carrier and one of the three proposals floated to restructure includes converting the outstanding debt into Government bonds which could be transfered to the banks' SLR portfolio.
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"Whatever (NPA) figure is being reported, we don't find anything to worry. We have done a stress test in the Financial Stability Report and we don't have anything to worry about," Deputy Governor of RBI K C Chakrabarty said. He added, however, that the central bank would soon meet 10 large banks to ascertain the situation.
"Just now, we have no concern. But, we are concerned about how the message is going from the media and analysts (to the public).
So, we will discuss with the banks about the NPA issue," Chakrabarty said. Referring to sector specific stress points, he said the central bank is not uncomfortable about lending to any particular sector.
"We don't have, as of now, any sector specific concerns. If you analyse, the gross NPA which is 2.66 percent now was 2.8 percent in 2007," he said, adding that the NPA numbers reported in sectors like telecom and power distribution companies (Discom) are minimal compared to total portfolio.
"In case of power, the reported NPA is Rs 768 crore out of Rs 2,60,000 crore (of portfolio).
So, we don't have any concerns. Even the restructured standard asset is not substantial. That (NPA) has happened not only because of credit squeeze, but due to various other factors related to project implementation," he said.
The central bank also clarified that it would not intervene in banks' decision to stop lending to power discoms. "Whether banks (will) continue to lend, or stop lending to discoms and on what basis, it is between state government, banks and discoms. We will not intervene in this matter," RBI Governor D Subbarao said.
He quoted instances of letters received from state governments asking for intervention to restart lines of credit discontinued by banks. A recent Crisil report said losses of Discoms (power distribution companies) rose 24 per cent to Rs 27,500 crore between 2006-07 and 2009-10, which could rise to about Rs 35,000 crore in 2010-11 as power tariffs were not revised by state governments along with various other issues.
Subbarao also said that he is not comfortable with the idea of converting public carrier Air India's debt into SLR (Statutory Liquidity Ratio) bonds.
Banks are struggling to recover Rs 19,000 crore from the ailing national carrier and one of the three proposals floated to restructure includes converting the outstanding debt into Government bonds which could be transfered to the banks' SLR portfolio.
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No weekly inflation figures now onwards
New Delhi, Jan 24 (PTI) The government today decided to do away with the practice of releasing the weekly food inflation data as the figures were not portraying the "holistic" picture of the price situation.
The government henceforth will only release the monthly headline inflation figures, sources said. The decision, according to sources, was taken by the Cabinet Committee on Economic Affairs (CCEA), charied by Prime Minister Manmohan Singh.
"There used to be lot of variation in the weekly food inflation numbers and the monthly data, that is why it has been decided to discontinue the practice," an official said, adding that the weekly data were not giving any "clear and holistic" picture of the inflation situation.
The Ministry of Commerce and Industry compiles and releases the Wholesale Price Index (WPI) data on primary articles and fuel and power every week, mostly on Thursdays. The primary articles include food items.
The government also releases monthly data on overall or headline inflation measured on WPI. The food inflation has a weight of about 14 per cent in the overall inflation. Food inflation stood at -0.42 for the weed ended January 7.
Headline for December was 7.47 per cent. In September 2010, the government had changed the base year for calculating WPI to 2004-05 from 1993-94. The new WPI series has 241 more items than in the old index.
With the additional items, the WPI now measures a total of 676 items against 435 earlier. Earlier, the government used to release the overall infaltion data on weekly basis.
But in October 2009, it changed the calender and decided to release the comprehensive data on inflation on a monthly basis, but continued to release price movement of primary articles, including food, and fuel every week.
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The government henceforth will only release the monthly headline inflation figures, sources said. The decision, according to sources, was taken by the Cabinet Committee on Economic Affairs (CCEA), charied by Prime Minister Manmohan Singh.
"There used to be lot of variation in the weekly food inflation numbers and the monthly data, that is why it has been decided to discontinue the practice," an official said, adding that the weekly data were not giving any "clear and holistic" picture of the inflation situation.
The Ministry of Commerce and Industry compiles and releases the Wholesale Price Index (WPI) data on primary articles and fuel and power every week, mostly on Thursdays. The primary articles include food items.
The government also releases monthly data on overall or headline inflation measured on WPI. The food inflation has a weight of about 14 per cent in the overall inflation. Food inflation stood at -0.42 for the weed ended January 7.
Headline for December was 7.47 per cent. In September 2010, the government had changed the base year for calculating WPI to 2004-05 from 1993-94. The new WPI series has 241 more items than in the old index.
With the additional items, the WPI now measures a total of 676 items against 435 earlier. Earlier, the government used to release the overall infaltion data on weekly basis.
But in October 2009, it changed the calender and decided to release the comprehensive data on inflation on a monthly basis, but continued to release price movement of primary articles, including food, and fuel every week.
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Sensex above 17k level; Cairn up
The Indian benchmark indices opened above 17k level ahead of last expiry session of derivatives contracts of January, amid profit booking by funds and retail investors boosted the sentiment.
At 10.01 am IST, the 30-share BSE Sensex was trading at 17026.30 up by 30.53 points or 0.18% and NSE Nifty was trading at 5131.95 up by 4.60 points or 0.09%.
In Asia, firm trend was seen and most of the market were trading in positive terrain, the Nikkei 225 was up by 106.55 points and was at 8891.78. The Hang Seng was up by 167.42 points and was at 20,110.37.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain except Consumer Goods and Bankex.
Metal, Consumer Durables, PSU, IT were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Ster, Tata Steel, Cairn, Sail and Tata motors posted gains between 1.87%-2.65%
Cairn India, now a part of the Vedanta Group, a globally diversified natural resources group, posted net profit of 12% and shares were trading higher at Rs 357 up by 5.70 points or 1.62%.
And the loser in morning trade were ICICI Bank, Kotak Bank, Hero Motocop, Jindal Steel and L&T.
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At 10.01 am IST, the 30-share BSE Sensex was trading at 17026.30 up by 30.53 points or 0.18% and NSE Nifty was trading at 5131.95 up by 4.60 points or 0.09%.
In Asia, firm trend was seen and most of the market were trading in positive terrain, the Nikkei 225 was up by 106.55 points and was at 8891.78. The Hang Seng was up by 167.42 points and was at 20,110.37.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain except Consumer Goods and Bankex.
Metal, Consumer Durables, PSU, IT were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Ster, Tata Steel, Cairn, Sail and Tata motors posted gains between 1.87%-2.65%
Cairn India, now a part of the Vedanta Group, a globally diversified natural resources group, posted net profit of 12% and shares were trading higher at Rs 357 up by 5.70 points or 1.62%.
And the loser in morning trade were ICICI Bank, Kotak Bank, Hero Motocop, Jindal Steel and L&T.
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Biocon's net declines 16% to Rs 85 cr
Kiran Mazumdar Shaw led Biocon company posted a slip of 16% net profit at Rs 85 crore as compared to Rs 101 crore in the corresponding quarter last fiscal.
Net revenues during the quarter rose marginally (3%) up to Rs 532 crore form Rs 518 crore. EBIDTA was also down by 17% at Rs 142 crore against Rs 171 crore and PAT at Rs 241 crore.
The Company's Earning per shares stood at Rs 4.2.
Commenting on the results, Ms Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, said “Our performance in the first three quarters of FY12 has been good on the manufacturing and services front where profits were up nearly 29 per cent (excluding licensing income). Licensing income, however, was sharply down from the exceptional levels recorded last fiscal which resulted in flat earnings overall.”
Speaking about the R&D pipeline, its Chairman and Managing Director said “We have done well in advancing satisfactorily with two late-stage candidates and several early stage programmes with enormous value creation potential through licensing. We have shaped our broad-based business into key growth verticals, which we believe will enable us to deliver sustainable, long-term value to our shareholders.
On Wednesday, the shares of the company on BSE were trading at Rs 266.50 down by 8.55 points or 3.11%.
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Net revenues during the quarter rose marginally (3%) up to Rs 532 crore form Rs 518 crore. EBIDTA was also down by 17% at Rs 142 crore against Rs 171 crore and PAT at Rs 241 crore.
The Company's Earning per shares stood at Rs 4.2.
Commenting on the results, Ms Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, said “Our performance in the first three quarters of FY12 has been good on the manufacturing and services front where profits were up nearly 29 per cent (excluding licensing income). Licensing income, however, was sharply down from the exceptional levels recorded last fiscal which resulted in flat earnings overall.”
Speaking about the R&D pipeline, its Chairman and Managing Director said “We have done well in advancing satisfactorily with two late-stage candidates and several early stage programmes with enormous value creation potential through licensing. We have shaped our broad-based business into key growth verticals, which we believe will enable us to deliver sustainable, long-term value to our shareholders.
On Wednesday, the shares of the company on BSE were trading at Rs 266.50 down by 8.55 points or 3.11%.
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Rupee gains 6 paise to Rs 50.03 per dollar
usd,eurThe partially convertible Indian rupee rose on Wednesday gained 6 paise to Rs 50.03 per dollar on the Interbank Foreign Exchange on persistent foreign fund inflows.
The Indian rupee gained confidence after euro and other currencies posted gains against US dollar. RBI's CRR cut decision yesterday to support growth had a positive impact on the firmness of the rupee and weaker dollar and positive trend in domestic market further boosted the confidence.
The Indian rupee opened at 50 per dollar versus 50.09 yesterday. At 01.30 pm IST, rupee was seen trading at 50.04
Meanwhile, the BSE was seen trading higher at 17076.75 up by 80.98 points or 0.48% and the 50-share NSE was flying higher at 5151.55 up by 24.20 points or 0.47%
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The Indian rupee gained confidence after euro and other currencies posted gains against US dollar. RBI's CRR cut decision yesterday to support growth had a positive impact on the firmness of the rupee and weaker dollar and positive trend in domestic market further boosted the confidence.
The Indian rupee opened at 50 per dollar versus 50.09 yesterday. At 01.30 pm IST, rupee was seen trading at 50.04
Meanwhile, the BSE was seen trading higher at 17076.75 up by 80.98 points or 0.48% and the 50-share NSE was flying higher at 5151.55 up by 24.20 points or 0.47%
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Gold futures down marginally, silver up
Gold futures declined marginally on Wednesday as investors were waiting for the U.S. Federal Reserve's policy meeting out come, which could weigh on the dollar.
MCX spot gold declined to Rs 27,334, whereas spot silver rose by Rs 190 to Rs 54,863 per kg.
At 2.20 pm IST, the gold for February delivery on the Multi Commodity Exchange (MCX) was trading at Rs 27,357.00 down by Rs 26 or 0.09%. It opened at Rs 27,394 per 10 grams.
Similarly, the metal for April contract delivery was trading at of Rs 27,75610 grams down by Rs 14 or 0.05%.
While, silver for March delivery on MCX was trading at Rs 55,544 up by Rs 179 or 0.32%. It touched intraday high of Rs 55,720.
Overseas spot gold price rose and was trading at US $1,667 a troy ounce.
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MCX spot gold declined to Rs 27,334, whereas spot silver rose by Rs 190 to Rs 54,863 per kg.
At 2.20 pm IST, the gold for February delivery on the Multi Commodity Exchange (MCX) was trading at Rs 27,357.00 down by Rs 26 or 0.09%. It opened at Rs 27,394 per 10 grams.
Similarly, the metal for April contract delivery was trading at of Rs 27,75610 grams down by Rs 14 or 0.05%.
While, silver for March delivery on MCX was trading at Rs 55,544 up by Rs 179 or 0.32%. It touched intraday high of Rs 55,720.
Overseas spot gold price rose and was trading at US $1,667 a troy ounce.
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Sensex ends in green; Cairn shares down
The Indian benchmark indices continued its winning streak and rose by 80 points on Wednesday amid sustained buying by foreign funds and firm global cues led the market.
At 03.15 pm IST, the 30-share BSE Sensex was trading at 17,075.16 up by 79.39 points or 0.47%. It touched intraday high of 17,130.24 and NSE Nifty was trading at 5,158.05 up by 30.70 points or 0.60%.
In Asia, firm trend was seen and most of the market were trading in positive terrain, the Nikkei 225 was up by 98.36 points and was at 8883.78. The Hang Seng was up by 167.42 points and was at 20,110.37.
Among sectoral indices on BSE, all the sectors were trading in positive terrain except Consumer Goods which was down by 0.20%.
Metal, PSU, Auto, Consumer Durables, Teck were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Reliance Infra, Sesa goa, Tata motors, BPCL and Coal India posted gains between 3.79%-7.33%.
Cairn which posted 12% net profit, shares of the company plunged and were trading in negative terrain at Rs 345 down by 6.75 points or 1.92%.
And the loser in trade were HCL Tech, Jindal Steel, Cairn, Tata power, Hero Motocop.Newsletter
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At 03.15 pm IST, the 30-share BSE Sensex was trading at 17,075.16 up by 79.39 points or 0.47%. It touched intraday high of 17,130.24 and NSE Nifty was trading at 5,158.05 up by 30.70 points or 0.60%.
In Asia, firm trend was seen and most of the market were trading in positive terrain, the Nikkei 225 was up by 98.36 points and was at 8883.78. The Hang Seng was up by 167.42 points and was at 20,110.37.
Among sectoral indices on BSE, all the sectors were trading in positive terrain except Consumer Goods which was down by 0.20%.
Metal, PSU, Auto, Consumer Durables, Teck were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Reliance Infra, Sesa goa, Tata motors, BPCL and Coal India posted gains between 3.79%-7.33%.
Cairn which posted 12% net profit, shares of the company plunged and were trading in negative terrain at Rs 345 down by 6.75 points or 1.92%.
And the loser in trade were HCL Tech, Jindal Steel, Cairn, Tata power, Hero Motocop.Newsletter
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понедељак, 23. јануар 2012.
Analysis: Canada's star fades as economy faces tough 2012
","art_url":"http://news.yahoo.com/analysis-canadas-star-fades-economy-faces-tough-2012-204817922.html","art_desc":"OTTAWA (Reuters) - Canada's moment in the sun as the fastest-growing economy in the G7 club of rich countries is set to end this year, when it will likely underperform the United States for the first time in seven years and struggle with a mounting household debt problem. A potential housing market downturn has emerged as the top threat to the economy from within, along with the grim realization that a bad ending to the European debt crisis could set back growth in Canada, the world's 10th largest economy. ...","exp":"","source":"y.newssocialchrome"
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Republican candidates steer clear of "corridor of shame"
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USTR Kirk downplays chances for trade revamp plan
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G20 will work toward more IMF funds: Mexico
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Earnings Preview: CSX expected to post 4Q profit
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Lagarde joins call for growth, economic reform
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Lawmakers moving to tighten screws on Iran
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"Occupy" targets banks, corporate campaign spending
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Oil falls on economic, demand concerns
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Jobs, re-election frame Obama's State of the Union
","art_url":"http://news.yahoo.com/jobs-election-frame-obamas-state-union-094409614.html","art_desc":"Vilified on the campaign trail by Republicans, President Barack Obama will stand before the nation Tuesday night with a State of the Union address designed to reframe the election-year debate on his terms, suggesting a stark contrast with his opponents on the economy and promising fairness and help for hurting families.","exp":"","source":"y.newssocialchrome"
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Obama: State of the Union an economic blueprint
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Indian casinos struggle to get out from under debt
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Thousands protest against economic woes in Montenegro
"background-image:url('http://l.yimg.com/bt/api/res/1.2/XLEWkLOwHrgW065T2nwpcw--/YXBwaWQ9eW5ld3M7Y2g9MjM5MDtjcj0xO2N3PTM1MDA7ZHg9MDtkeT0wO2ZpPXVsY3JvcDtoPTEzMDtxPTg1O3c9MTkw/http://media.zenfs.com/en_us/News/afp.com/TRPar6794483.jpg');" width
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Eye on State of the Union, Obama promotes tourism
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Obama signals State of Union a campaign rallying call
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Strong start for stocks, but what's changed?
Edward Krudy
NEW YORK (Reuters) - Stocks rising, bulls rampant are motifs you might pick if designing a coat of arms for Wall Street at the moment. But the motto should read: Caveat emptor. Yes, buyer beware. The S&P … More
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Obama's State of the Union: Jobs, re-election time
","art_url":"http://news.yahoo.com/obamas-state-union-jobs-election-time-185744078.html","art_desc":"Vilified by the Republicans who want his job, President Barack Obama will stand before the nation Tuesday night determined to frame the election-year debate on his terms, using his State of the Union address to outline a lasting economic recovery that will
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Mild winter offers break from high heating costs
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недеља, 22. јануар 2012.
Croatia votes on EU membership amid concerns
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Swiss econony minister sees franc weakening midterm: paper
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Profit warnings rise at fastest rate in 10 years
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Canada profit growth slows, fate shackled to Europe
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Strong start for stocks, but what's changed?
Edward Krudy
NEW YORK (Reuters) - Stocks rising, bulls rampant are motifs you might pick if designing a coat of arms for Wall Street at the moment. But the motto should read: Caveat emptor. Yes, buyer beware. The S&P … More
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Croatia votes to join EU in 2013
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ITC Q3 net up 22.5% at Rs 1,701 cr
ITC Ltd.itc-ltd12630003FMCG major, ITC Ltd has posted a growth of 22.5 per cent in net profits for the third quarter ended December 31, 2011 at Rs 1,701 crore.
The company had posted the net profit of Rs 1,389 crore during the same period a year ago, said ITC in its filing to the Bombay Stock Exchange on January 20, 2012.
Besides, the total income of the company increased 15.3 per cent to Rs 6,532.96 crore during Q3 FY12, as compared to Rs 5,665.41 crore during Q3 FY11.
Meanwhile, shares of the company were quoting at Rs 201 a piece, down 3.59 per cent from previous close on BSE at 4.00 PM.
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The company had posted the net profit of Rs 1,389 crore during the same period a year ago, said ITC in its filing to the Bombay Stock Exchange on January 20, 2012.
Besides, the total income of the company increased 15.3 per cent to Rs 6,532.96 crore during Q3 FY12, as compared to Rs 5,665.41 crore during Q3 FY11.
Meanwhile, shares of the company were quoting at Rs 201 a piece, down 3.59 per cent from previous close on BSE at 4.00 PM.
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Axis Bank Q3 net up 24% at Rs 1,102.27 cr
Axis Bank Ltd.axis-bank-ltd14030047India's third largest private sector lender, Axis Bank has posted a growth of 23.66 per cent in net profits for the third quarter ended December 31, 2011 at Rs 1,102.27 crore.
The company had posted the net profit of Rs. 891.36 crore during the same period a year ago, said Axis Bank in its filing to the Bombay Stock Exchange on January 20, 2012.
Besides, the total income of the company increased by 44.53 per cent to Rs. 7206.77 crore during Q3 FY12, as compared to Rs. 4986.02 crore during Q3 FY11.
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The company had posted the net profit of Rs. 891.36 crore during the same period a year ago, said Axis Bank in its filing to the Bombay Stock Exchange on January 20, 2012.
Besides, the total income of the company increased by 44.53 per cent to Rs. 7206.77 crore during Q3 FY12, as compared to Rs. 4986.02 crore during Q3 FY11.
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Vodafone wins tax case in India; IT department to return Rs 2,500 cr within two months
Vodafone has won a major legal battle in India. The Supreme Court today set aside a judgment of the Bombay High Court that had asked Vodafone to pay income tax of Rs 11,000 crore on its acquisition of Hutchison's Indian mobile business.
Vodafone had acquired Hutchison Whampoa's Indian wireless business in 2007 for USD 2.2 billion.
In its order today, Chief Justice of India, S.H. Kapadia said that the government of India has no jurisdiction over Vodafone's purchase of mobile assets in India as the deal between Hutchison and Vodafone took place in Cayman Islands and not in India.
The Income tax department of India was contesting that the deal is liable to be taxed in India because the underlying assets are in India. The Apex court today in its decision rejected this contention of the tax department and said that capital gains tax is not applicable on the acquisition.
The Apex court has also ordered the income tax department to return back the Rs 2,500 crore that Vodafone had deposited - after the Bombay High Court order - within 2 months with interests.
Senior lawyer Harish Salve who was standing on behalf of Vodafone sounded jubilant after the order. He said, “I am very happy with the verdict; very few countries can boast of such a judiciary."
The judgment today is a boost today for other multinational companies that have made acquisitions in India in the recent past. These include GE, SAB Miller, Cadbury, AT& T etc. All these companies are fighting similar battles with the Indian income tax department in various courts of the country. Read:
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Vodafone had acquired Hutchison Whampoa's Indian wireless business in 2007 for USD 2.2 billion.
In its order today, Chief Justice of India, S.H. Kapadia said that the government of India has no jurisdiction over Vodafone's purchase of mobile assets in India as the deal between Hutchison and Vodafone took place in Cayman Islands and not in India.
The Income tax department of India was contesting that the deal is liable to be taxed in India because the underlying assets are in India. The Apex court today in its decision rejected this contention of the tax department and said that capital gains tax is not applicable on the acquisition.
The Apex court has also ordered the income tax department to return back the Rs 2,500 crore that Vodafone had deposited - after the Bombay High Court order - within 2 months with interests.
Senior lawyer Harish Salve who was standing on behalf of Vodafone sounded jubilant after the order. He said, “I am very happy with the verdict; very few countries can boast of such a judiciary."
The judgment today is a boost today for other multinational companies that have made acquisitions in India in the recent past. These include GE, SAB Miller, Cadbury, AT& T etc. All these companies are fighting similar battles with the Indian income tax department in various courts of the country. Read:
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RIL announces Rs 10,440 cr share buyback
Reliance Inds.reliance-inds12150008New Delhi, Jan 20 (PTI) The country's most-valued firm Reliance Industries today announced a buyback of shares worth up to Rs 10,440 crore from the public in what would be largest such programme in the history of the Indian capital market.
RIL would buy back up to 12 crore equity shares worth Rs 10,440 crore from the open market at a maximum price of Rs 870 apiece in its first share buyback since 2005.
"The board of directors of RIL at its meeting held today unanimously approved the buyback of up to 12 crore fully paid equity shares at Rs 10 each, at a price not exceeding Rs 870 per equity share, up to an aggregate amount not exceeding Rs 10,440 crore, from the open market through the stock exchanges," the company said in a statement.
Market analysts were, however, disappointed by the size of the buyback, which represented 3.7 per cent of the company's equity capital. RIL had in December, 2004, offered to buyback 10 per cent of its equity at Rs 570 per share.
The analysts said the share buyback -- coming after a gap of about seven years for RIL shareholders -- could be aimed at helping the stock regain its lost glory, given their sharp plunge of 35 per cent last year, as against a fall of about 24 per cent in the market benchmark Sensex.
"It is reasonable to expect that this will be largest-ever buyback programme in the history of the Indian capital market," said SMC Global Securities Strategist.
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RIL would buy back up to 12 crore equity shares worth Rs 10,440 crore from the open market at a maximum price of Rs 870 apiece in its first share buyback since 2005.
"The board of directors of RIL at its meeting held today unanimously approved the buyback of up to 12 crore fully paid equity shares at Rs 10 each, at a price not exceeding Rs 870 per equity share, up to an aggregate amount not exceeding Rs 10,440 crore, from the open market through the stock exchanges," the company said in a statement.
Market analysts were, however, disappointed by the size of the buyback, which represented 3.7 per cent of the company's equity capital. RIL had in December, 2004, offered to buyback 10 per cent of its equity at Rs 570 per share.
The analysts said the share buyback -- coming after a gap of about seven years for RIL shareholders -- could be aimed at helping the stock regain its lost glory, given their sharp plunge of 35 per cent last year, as against a fall of about 24 per cent in the market benchmark Sensex.
"It is reasonable to expect that this will be largest-ever buyback programme in the history of the Indian capital market," said SMC Global Securities Strategist.
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RIL net profit down by 14% to Rs 4440 crore
Mukesh Ambani led Reliance Industries ltd. (RIL) net profit fell below expectations for the first time in two years. RIL reported net profit down by 14% to Rs 4440 crore. In the previous year, it had reported a net profit of Rs 5,703 crore. However, its turnover grew by 40.2% to Rs 87,480 crore.
Operating profit before income and depreciation declined by 4.3% from Rs 28,283 crore to Rs 27,055 crore. Depreciation was lower by 14.5% at Rs 8,734 crore. Profit after tax was at Rs 15,804 core against Rs 14,910 crore for the corresponding period of the previous year.
Commenting on the results, Mukesh Ambani, chairman and managing director, RIL said, "The global nature of our businesses and weakness in economic conditions resulted in reduced earnings in the quarter, particularly in our refining and petrochemicals businesses. Notwithstanding these challenges, RIL has delivered reasonably robust results with high operating leverage. Our focus remains on enhancing shareholder value by leveraging an exceptionally strong balance sheet, operating top decile assets and investing prudently in future growth engines."
Earning per share was at Rs 48.3 against Rs 45.6 for the corresponding period of the previous year.
As on December 31, 2011, outstanding debt was at Rs 74,503 crore compared to Rs 67,397 crore as on 31 march 2011. The company is said to be debt free on a net basis as compared with gearing of 13.5% as on 31 March 2011.
The company had cash and cash equivalents of Rs 74,539 crore, where as cash outflows on account of capital expenditure for the nine months amounted to Rs 4,836 crore.
RIL has domestic credit rating of AAA from CRISIL and FITCH. IT also has investment grade ratings for its international debt from Moody's and S&P as Baa2 and BBB respectively.
However, the company has approved share buyback of Rs 10,440 crore from the open market through the stock exchanges the company said in a statement.
Meanwhile, shares of the company closed at Rs 793.35 up by 8.20 points or 1.04%.
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Operating profit before income and depreciation declined by 4.3% from Rs 28,283 crore to Rs 27,055 crore. Depreciation was lower by 14.5% at Rs 8,734 crore. Profit after tax was at Rs 15,804 core against Rs 14,910 crore for the corresponding period of the previous year.
Commenting on the results, Mukesh Ambani, chairman and managing director, RIL said, "The global nature of our businesses and weakness in economic conditions resulted in reduced earnings in the quarter, particularly in our refining and petrochemicals businesses. Notwithstanding these challenges, RIL has delivered reasonably robust results with high operating leverage. Our focus remains on enhancing shareholder value by leveraging an exceptionally strong balance sheet, operating top decile assets and investing prudently in future growth engines."
Earning per share was at Rs 48.3 against Rs 45.6 for the corresponding period of the previous year.
As on December 31, 2011, outstanding debt was at Rs 74,503 crore compared to Rs 67,397 crore as on 31 march 2011. The company is said to be debt free on a net basis as compared with gearing of 13.5% as on 31 March 2011.
The company had cash and cash equivalents of Rs 74,539 crore, where as cash outflows on account of capital expenditure for the nine months amounted to Rs 4,836 crore.
RIL has domestic credit rating of AAA from CRISIL and FITCH. IT also has investment grade ratings for its international debt from Moody's and S&P as Baa2 and BBB respectively.
However, the company has approved share buyback of Rs 10,440 crore from the open market through the stock exchanges the company said in a statement.
Meanwhile, shares of the company closed at Rs 793.35 up by 8.20 points or 1.04%.
GoodReturns.inNewsletter
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Silver continues upward rally, up by Rs 1950 on strong demand
New Delhi, Jan 21 (PTI) Continuing its upward streak for the sixth straight session, silver today rose further by Rs 1,950 to Rs 55,500 per kg on brisk buying by stockists and jewellers to meet the demand for the marriage season, driven by firming global cues.
Gold also recovered by Rs 75 to Rs 27,865 per 10 grams on fresh buying support amid a firming global trend. The trading sentiment for gold bolstered as it rose in global markets on increased demand for the precious metal and Silver jumped to a five-week high.
In New York, gold rose 0.6 per cent to USD 1,664 an ounce and silver climbed to USD 31.90 an ounce, the highest level since December 13. In addition, brisk buying by stockists and jewllers to meet the marriage season demand further fuelled the uptrend.
On the domestic front, silver ready maintained its upward journey for the six straight day and spurted by Rs 1,950 to Rs 55,500 per kg and weekly-based delivery by Rs 1,775 to Rs 55,500 per kg.
The metal has gained Rs 1,550 in the last five trading sessions. Silver coins followed suit and spurted by Rs 4,000 to 65,000 for buying and Rs 66,000 for selling of 100 pieces.
In line with a general firming trend, gold of 99.9 and 99.5 per cent purity recovered by Rs 75 each to Rs 27,865 and Rs 27,725 per 10 grams, respectively. It had lost Rs 170 in last two trading sessions.
Sovereigns remained steady at Rs 23,300 per piece of eight grams in restricted buying.
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Gold also recovered by Rs 75 to Rs 27,865 per 10 grams on fresh buying support amid a firming global trend. The trading sentiment for gold bolstered as it rose in global markets on increased demand for the precious metal and Silver jumped to a five-week high.
In New York, gold rose 0.6 per cent to USD 1,664 an ounce and silver climbed to USD 31.90 an ounce, the highest level since December 13. In addition, brisk buying by stockists and jewllers to meet the marriage season demand further fuelled the uptrend.
On the domestic front, silver ready maintained its upward journey for the six straight day and spurted by Rs 1,950 to Rs 55,500 per kg and weekly-based delivery by Rs 1,775 to Rs 55,500 per kg.
The metal has gained Rs 1,550 in the last five trading sessions. Silver coins followed suit and spurted by Rs 4,000 to 65,000 for buying and Rs 66,000 for selling of 100 pieces.
In line with a general firming trend, gold of 99.9 and 99.5 per cent purity recovered by Rs 75 each to Rs 27,865 and Rs 27,725 per 10 grams, respectively. It had lost Rs 170 in last two trading sessions.
Sovereigns remained steady at Rs 23,300 per piece of eight grams in restricted buying.
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субота, 21. јануар 2012.
Obama pitches tourism, campaign on East coast
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Sundance opens with eye on broken American dreams
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Oil steady above $100 as gasoline stocks cap rise
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Asia stocks advance amid positive US jobs data
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Analysis: Beijing targets trusts to stem shadow banking risks
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Shares gain as Europe funding worries recede
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Oil hovers above $100 as gasoline stocks cap rise
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European shares fall; face technical resistance
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World stocks mixed amid Greek debt talks
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China's manufacturing 'shrank for third month'
","art_url":"http://news.yahoo.com/china-manufacturing-activity-remains-weak-hsbc-034107334.html","art_desc":"China's manufacturing activity shrank for the third straight month in January, data showed Friday, leading analysts to warn of of a further slowdown for the world's number two economy.","exp":"","source":"y.newssocialchrome"
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Nigeria Senate wants $75/bbl oil benchmark in budget
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Dollar drops on weaker December inflation data
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Italy's Monti presses ahead with Italian reforms
","art_url":"http://news.yahoo.com/italys-monti-presses-ahead-italian-reforms-133027964.html","art_desc":"Italian Prime Minister Mario Monti's government is set Friday to adopt controversial reforms aimed at breathing life into a moribund economy so as to avoid recession and pay down its massive debt.","exp":"","source":"y.newssocialchrome"
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Madrid shops say no to round-the-clock shopping
"background-image:url('http://l.yimg.com/bt/api/res/1.2/b3HgpX7gKMGRAlXi1F48YQ--/YXBwaWQ9eW5ld3M7Y2g9MTQyNztjcj0xO2N3PTE5MDI7ZHg9MDtkeT0wO2ZpPXVsY3JvcDtoPTE0MztxPTg1O3c9MTkw/http://media.zenfs.com/en_us/News/afp.com/000_DV1096323.jpg');" width
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Oil slips below $100 as gasoline stocks rise
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2011 a flat year for casino revenue in Louisiana
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European banks prepare for worst, hoard cash
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Wall St slips on GE, Google results; Greece eyed
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Schlumberger posts profit jump
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GE revenue lower than expected
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петак, 20. јануар 2012.
European stocks close slightly lower
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European stocks, euro slip on Greece uncertainty
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Italy's "Get back on board, damn it!" T-shirts a hit
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Wall St dips on GE, Google results
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Analysis: Dollar's detractors may be missing its comeback
NEW YORK (Reuters) - The dollar's many detractors may have missed it, but the much-maligned U.S. currency is on rise. The greenback, thought to be on life support and mostly surviving on safe-haven flows, … More
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Wipro Q3 net up 10%; shares up by 4%
Wipro Ltdwipro-ltd11060011Wipro, announced its financial results for the quarter ended December 31, 2011. During the quarter the company has reported 10% year on year (y-o-y) rise in its consolidated net profit at Rs 1,456 crore and sequential growth of 12%. In the previous year, it had reported a net profit of Rs 1,319 crore.
Third largest India's software service provider reported its revenue at Rs 9,997 crore an increase of 28% (y-o-y), IT service revenue were at Rs 7,608 crore an increase of 28% y-o-y and IT services earnings before interest and tax (EBIT) was at Rs 1,583 crore an increase of 20% y-o-y.
Currency revenue exceeded the guidance range, growth was at 4.5% sequentially.
Azim Premji, Chairman of Wipro, reporting on the results said, "we continue to execute on our strategy and propel the business towards a higher growth trajectory. The overall macroeconomic sentiments continue to be uncertain and we are monitoring it closely."
"We saw broad-based growth with five of the six verticals growing upwards of 4% in constant currency. Revenues in constant currency exceeded the guidance range. We have seen positive feedback from customers and employees on our restructuring approach," added TK Kurien, executive director and CEO of Wipro.
The company has announced an interim dividend of Rs 2 per share/ADS.
IT services business, which contributed 76% of total revenue and 92% of Operating Income added 39 new customers, the company reported.
As on December 31, 2011, the IT service segment had 136,734 employees an increase of 5,004 people this quarter. Read:
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Third largest India's software service provider reported its revenue at Rs 9,997 crore an increase of 28% (y-o-y), IT service revenue were at Rs 7,608 crore an increase of 28% y-o-y and IT services earnings before interest and tax (EBIT) was at Rs 1,583 crore an increase of 20% y-o-y.
Currency revenue exceeded the guidance range, growth was at 4.5% sequentially.
Azim Premji, Chairman of Wipro, reporting on the results said, "we continue to execute on our strategy and propel the business towards a higher growth trajectory. The overall macroeconomic sentiments continue to be uncertain and we are monitoring it closely."
"We saw broad-based growth with five of the six verticals growing upwards of 4% in constant currency. Revenues in constant currency exceeded the guidance range. We have seen positive feedback from customers and employees on our restructuring approach," added TK Kurien, executive director and CEO of Wipro.
The company has announced an interim dividend of Rs 2 per share/ADS.
IT services business, which contributed 76% of total revenue and 92% of Operating Income added 39 new customers, the company reported.
As on December 31, 2011, the IT service segment had 136,734 employees an increase of 5,004 people this quarter. Read:
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Pre Session: January rally may continue; Wipro posts good Q3 results Analysis for Jan 20, 2012
A A A Indian markets are once again getting positive cues from foreign markets as markets around the world are on a liquidity driven rally. Asian markets have opened in green on positive global cues from the European and US markets. The US markets ended in green yesterday. The market sentiments were bolstered by the drop in the initial weekly jobless claims which came down by 50000 to 352000.Morgan Stanley"s results were better than market expectations while Bank of America"s results fell short of it. The European Markets ended in green yesterday after market sentiments were lifted by the successful French and Spanish bond auctions. The Euro continued to strengthen against the dollar. It has gained 2.2 per cent against the dollar week-till-date and this is a reflection of improved sentiments in Europe.
Wipro"s third quarter results are above market expectations. Its profit after taxes during the quarter stand at Rs 1456 crore while its rupee revenues are 9997 crore. Reliance industries will come out with its third quarter numbers today and this will have influence on the sentiments of the markets today.
Yesterday the BSE SENSEX closed at 16643.74 up by 192.27 points or by 1.17 % and the NSE Nifty ended at 5018.4 up by 62.6 points or by 1.26 %.The BSE MIDCAP closed at 5669.99 up by 80.1 points or by 1.43 %, while the BSE SMLCAP ended at 6272.23 up by 76.53 points or by 1.24 %.The BSE Sensex touched intraday high of 16662.06 and intraday low of 16572.1 The NSE Nifty touched intraday high of 5023.8 and intraday low of 4991.4.
The net investments by FIIs on 19th January, 2012 in Indian capital markets stood at Rs 773.80 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 3002.40 crore. The gross sales were of Rs.2041.10 crore. The net investment in the equity markets by FIIs on January 19th , 2012 stood at Rs 961.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 685.40 crore. The gross sales by FIIs were of Rs 873.00 crore. The net investment by the FIIs in the debt markets stood at Rs – 187.50 crore.
Today, the Asian markets have opened in green on positive global cues from the European and US markets. At 7.40 A.M. Indian time, the Nikkei 225 was up 115.03 points and was at 8754.71. The Hang Seng was up 0.42 points and was at 19943.75. The Shanghai composite was up 2.66 points and was at 2298.73.
The US markets ended in green yesterday. The market sentiments were bolstered by the drop in the initial weekly jobless claims which came down by 50000 to 352000.Morgan Stanley"s results were better than market expectations while Bank of America"s results fell short of it.The Nasdaq closed at 2788.33, gaining 18.62 points over the previous day"s closing. The Dow Jones Industrial gained 45.03 points and closed at 12623.98. The S & P 500 gained 6.46 points and closed at 1314.5.
The European Markets ended in green yesterday after market sentiments were lifted by the successful French and Spanish bond auctions. The Euro continued to strengthen against the dollar. It has gained 2.2 per cent against the dollar week-till-date and this is a reflection of improved sentiments in Europe. The DAX gained 61.69 points and closed at 6416.26. The FTSE 100 gained 38.78 points and closed at 5741.15. The CAC was up 64.01 points and closed at 3328.94.
Gold futures ended lower by 0.3 % to close at $1654.60 per ounce, while silver futures gained 0.3 % and closed at $ 30.55 per ounce. Crude oil futures lost 0.3 % to close at $ 100.35 per barrel.Newsletter
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Wipro"s third quarter results are above market expectations. Its profit after taxes during the quarter stand at Rs 1456 crore while its rupee revenues are 9997 crore. Reliance industries will come out with its third quarter numbers today and this will have influence on the sentiments of the markets today.
Yesterday the BSE SENSEX closed at 16643.74 up by 192.27 points or by 1.17 % and the NSE Nifty ended at 5018.4 up by 62.6 points or by 1.26 %.The BSE MIDCAP closed at 5669.99 up by 80.1 points or by 1.43 %, while the BSE SMLCAP ended at 6272.23 up by 76.53 points or by 1.24 %.The BSE Sensex touched intraday high of 16662.06 and intraday low of 16572.1 The NSE Nifty touched intraday high of 5023.8 and intraday low of 4991.4.
The net investments by FIIs on 19th January, 2012 in Indian capital markets stood at Rs 773.80 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 3002.40 crore. The gross sales were of Rs.2041.10 crore. The net investment in the equity markets by FIIs on January 19th , 2012 stood at Rs 961.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 685.40 crore. The gross sales by FIIs were of Rs 873.00 crore. The net investment by the FIIs in the debt markets stood at Rs – 187.50 crore.
Today, the Asian markets have opened in green on positive global cues from the European and US markets. At 7.40 A.M. Indian time, the Nikkei 225 was up 115.03 points and was at 8754.71. The Hang Seng was up 0.42 points and was at 19943.75. The Shanghai composite was up 2.66 points and was at 2298.73.
The US markets ended in green yesterday. The market sentiments were bolstered by the drop in the initial weekly jobless claims which came down by 50000 to 352000.Morgan Stanley"s results were better than market expectations while Bank of America"s results fell short of it.The Nasdaq closed at 2788.33, gaining 18.62 points over the previous day"s closing. The Dow Jones Industrial gained 45.03 points and closed at 12623.98. The S & P 500 gained 6.46 points and closed at 1314.5.
The European Markets ended in green yesterday after market sentiments were lifted by the successful French and Spanish bond auctions. The Euro continued to strengthen against the dollar. It has gained 2.2 per cent against the dollar week-till-date and this is a reflection of improved sentiments in Europe. The DAX gained 61.69 points and closed at 6416.26. The FTSE 100 gained 38.78 points and closed at 5741.15. The CAC was up 64.01 points and closed at 3328.94.
Gold futures ended lower by 0.3 % to close at $1654.60 per ounce, while silver futures gained 0.3 % and closed at $ 30.55 per ounce. Crude oil futures lost 0.3 % to close at $ 100.35 per barrel.Newsletter
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Sensex gains 80 points; Wipro, Bajaj up
The Indian benchmark indices rose on Friday tracking positive global cues and firm trend seen in Asian market boosted the market sentiment.
Improved US jobless claims, easing inflation, persistent capital inflows by foreign funds and better than expected Q3 results by corporates boosted the confidence in domestic market.
Wipro, third largest India's software service exporter, reported its Q3 net profit up by 10% better than market expected and its shares surged by 4%.
At 10.20 am IST, the 30-share BSE Sensex was trading at 16726.24 up by 82.50 points or 0.50% and NSE Nifty was trading at 5036.40 up by 18.00 points or 0.36%.
In Asia, all the market opened in green, Shanghai which was up by 8.51 points at 2304.59, the Nikkei 225 was up by 135.41 points and was at 8774.68. The Hang Seng was up by 49.60points and was at 19,992.55.
Among sectoral indices on BSE, all the sectors were trading in positive terrain except Health care(-0.04) and Oil & Gas (-0.44). Consumer Durables, Bankex, Realty were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Wipro, Bajaj Auto, ICICI Bank, Bhel and DLF posted gains between 2.66%-3.97%
And the loser in the opening trade were DR Reddy, Reliance Power, Coal India, Maruti and Reliance Infra.
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Improved US jobless claims, easing inflation, persistent capital inflows by foreign funds and better than expected Q3 results by corporates boosted the confidence in domestic market.
Wipro, third largest India's software service exporter, reported its Q3 net profit up by 10% better than market expected and its shares surged by 4%.
At 10.20 am IST, the 30-share BSE Sensex was trading at 16726.24 up by 82.50 points or 0.50% and NSE Nifty was trading at 5036.40 up by 18.00 points or 0.36%.
In Asia, all the market opened in green, Shanghai which was up by 8.51 points at 2304.59, the Nikkei 225 was up by 135.41 points and was at 8774.68. The Hang Seng was up by 49.60points and was at 19,992.55.
Among sectoral indices on BSE, all the sectors were trading in positive terrain except Health care(-0.04) and Oil & Gas (-0.44). Consumer Durables, Bankex, Realty were leading the rally.
On the National Stock Exchange (NSE), the top volume gainers were Wipro, Bajaj Auto, ICICI Bank, Bhel and DLF posted gains between 2.66%-3.97%
And the loser in the opening trade were DR Reddy, Reliance Power, Coal India, Maruti and Reliance Infra.
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ICICI Prudential MF Launches Multiple Yield Fund - Series 2 - Plan D
ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential Multiple Yield Fund - Series 2 - Plan D, a close ended income fund. The tenure of the plan is 1100 days. The New Fund Offer price for the scheme is Rs 10 per unit.
Investment Objective:
The primary objective of the scheme is to seek to generate returns by investing in a portfolio of fixed income securities/ debt instruments. The secondary objective of the scheme is to generate long term capital appreciation by investing a portion of the scheme's assets in equity and equity related instruments.
The fund seeks to collect a minimum subscription amount of Rs 20 crore during the NFO period.
Allocation of funds:
The scheme will allocate 65% to 100% of assets in short term and medium term debt securities / debt instruments and securitized debt with low to medium risk profile. It would allocate upto 10% of assets in money market instruments with low to medium risk profile. On the flip side it would allocate upto 35% of the asset in equity or equity related securities with medium to high risk profile.
Basic Details:
NFO Opens: January 19, 2012
NFO Closes: January 30, 2012
NFO Price: Rs 10 per unit
Options: Cumulative and Dividend Payout
Minimum Application Amount: Rs 5000 and in multiples of Rs 10 thereafter.
Exit Load: Nil
Listing:BSE
Benchmark: Crisil MIP Blended Index.
Fund Managers: Chaitanya Pande, Mr. Mrinal Singh and Rajat Chandak.
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Investment Objective:
The primary objective of the scheme is to seek to generate returns by investing in a portfolio of fixed income securities/ debt instruments. The secondary objective of the scheme is to generate long term capital appreciation by investing a portion of the scheme's assets in equity and equity related instruments.
The fund seeks to collect a minimum subscription amount of Rs 20 crore during the NFO period.
Allocation of funds:
The scheme will allocate 65% to 100% of assets in short term and medium term debt securities / debt instruments and securitized debt with low to medium risk profile. It would allocate upto 10% of assets in money market instruments with low to medium risk profile. On the flip side it would allocate upto 35% of the asset in equity or equity related securities with medium to high risk profile.
Basic Details:
NFO Opens: January 19, 2012
NFO Closes: January 30, 2012
NFO Price: Rs 10 per unit
Options: Cumulative and Dividend Payout
Minimum Application Amount: Rs 5000 and in multiples of Rs 10 thereafter.
Exit Load: Nil
Listing:BSE
Benchmark: Crisil MIP Blended Index.
Fund Managers: Chaitanya Pande, Mr. Mrinal Singh and Rajat Chandak.
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Poor credit outlook by fitch for oil and gas
Australia could have rich resources but Fitch ratings agency has given the oil and gas sector a negative credit outlook this year.
According to the reports, companies running big liquefied natural gas projects were too burdened with debt. Fitch report also said that it expected the free cash flow of upstream gas companies to remain negative as they committed to new gas projects and faced challenges with regard to project execution.
It is the second time in seven months that Fitch has produced a negative report card for the gas sector, despite soaring demand and a predicted ''golden age'' for liquefied natural gas which is expected to suit Australia, with its massive reserves.
Australia is the world's second biggest exporter after Qatar.
Fitch argues that the large suite of liquefied natural gas projects is pushing the industry beyond capacity in light of cost blowouts and delays already announced by companies such as Woodside Petroleum.
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According to the reports, companies running big liquefied natural gas projects were too burdened with debt. Fitch report also said that it expected the free cash flow of upstream gas companies to remain negative as they committed to new gas projects and faced challenges with regard to project execution.
It is the second time in seven months that Fitch has produced a negative report card for the gas sector, despite soaring demand and a predicted ''golden age'' for liquefied natural gas which is expected to suit Australia, with its massive reserves.
Australia is the world's second biggest exporter after Qatar.
Fitch argues that the large suite of liquefied natural gas projects is pushing the industry beyond capacity in light of cost blowouts and delays already announced by companies such as Woodside Petroleum.
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Petrobras production spurts by 1.4 %
Brazil's biggest oil and gas company, Petrobras has witnessed 1.4 per cent spurt in its production from the domestic and overseas assets, touching the mark of 2.62 million barrels of oil equivalent in 2011.
The major contributory in the rise of the production was domestic output, which surged 1.7 per cent year-on-year at an average of 2.38 million barrels of oil equivalent, the company said.
On the whole, the production in the month of December rose to 2.72 million barrels of oil equivalent, up 1.7 per cent in comparison to last month production. The increase in the production was mainly due to better-than-expected performance of the new wells located at the Jubarte and Marlim Sul fields in Brazil's Campos basin, and the Lula field in the Santos basin.
Petrobras is the 8th biggest company in the world in terms of market value, operating in 29 countries, performing exploration and production; downstream; trade, transportation and petrochemicals; derivative distribution; natural gas; bio-fuels, and electric energy.
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The major contributory in the rise of the production was domestic output, which surged 1.7 per cent year-on-year at an average of 2.38 million barrels of oil equivalent, the company said.
On the whole, the production in the month of December rose to 2.72 million barrels of oil equivalent, up 1.7 per cent in comparison to last month production. The increase in the production was mainly due to better-than-expected performance of the new wells located at the Jubarte and Marlim Sul fields in Brazil's Campos basin, and the Lula field in the Santos basin.
Petrobras is the 8th biggest company in the world in terms of market value, operating in 29 countries, performing exploration and production; downstream; trade, transportation and petrochemicals; derivative distribution; natural gas; bio-fuels, and electric energy.
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SKS Microfinance Q3 net loss at Rs 428 cr; third successive quarter of losses
SKS Microfinancesks-microfinance14011028SKS Microfinance Ltd, the only listed microfinance institution (MFI) in the country, has posted the net loss of Rs 428 crore for the third quarter ended December 31, 2011, reflecting the tumbling prospects of the India's microfinance sector.
The company ahd posted the net profit of Rs 34.15 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on January 19, 2012.
This was the third successive quarter of loss for the company, as it lost Rs 384.54 crore during the September 2011 quarter, and Rs 218 crore in the June quarter. Following the successive losses, company's net worth has eroded by more than Rs 1,000 crore since the company got listed in August 2010.
Commenting over the development, Dilli Raj, chief financial officer of SKS said “The worst is over for us. In line with our earlier guidance, the company has written off a significant chunk of its loans in Andhra Pradesh and has adequately covered the remaining portfolio".
Company has reported significant fall in repayment rate in Andhra Pradesh which fell to 11 per cent, even as company has written off Rs 900 crore since March as bad loans from Andhra Pradesh. Company has written off Rs 332 crore of bad debts in Q3 FY12, while Rs 488 crore of bad loans are yet to written off.
Shares of the company, on January 20, 2012, were trading at Rs 89.30 a piece, down 4.54 per cent, after hitting the 52-week low of Rs 85 during the early morning trade on BSE.
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The company ahd posted the net profit of Rs 34.15 crore during the same period a year ago, said the company in its filing to the Bombay Stock Exchange on January 19, 2012.
This was the third successive quarter of loss for the company, as it lost Rs 384.54 crore during the September 2011 quarter, and Rs 218 crore in the June quarter. Following the successive losses, company's net worth has eroded by more than Rs 1,000 crore since the company got listed in August 2010.
Commenting over the development, Dilli Raj, chief financial officer of SKS said “The worst is over for us. In line with our earlier guidance, the company has written off a significant chunk of its loans in Andhra Pradesh and has adequately covered the remaining portfolio".
Company has reported significant fall in repayment rate in Andhra Pradesh which fell to 11 per cent, even as company has written off Rs 900 crore since March as bad loans from Andhra Pradesh. Company has written off Rs 332 crore of bad debts in Q3 FY12, while Rs 488 crore of bad loans are yet to written off.
Shares of the company, on January 20, 2012, were trading at Rs 89.30 a piece, down 4.54 per cent, after hitting the 52-week low of Rs 85 during the early morning trade on BSE.
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Gold futures up at Rs 27,398 on firm global cues
Gold futures rose on Friday amid positive cues from global market and weaker dollar boosted the demand for gold due to its inverse relationship with the greenback.
Historically, gold and dollar share an inverse relationship with each other and the recent slip in dollar has aided gold.
On the Multi Commodity Exchange, gold for February 2012 delivery rose Rs 51 or 0.19% to Rs 27,398 at 1.50 pm IST and had touched intraday high of Rs 27,430.
Similarly, the metal for April contract up by Rs 57 or 0.21% to Rs 27,781 and touched intraday high of Rs 27,795.
While, silver for march delivery also rose by Rs 328 or 0.61% at Rs 53,715 and touched intraday high of Rs 53,800.
US spot gold declined, it was seen trading in the range of $1,655.09 an ounce.
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Historically, gold and dollar share an inverse relationship with each other and the recent slip in dollar has aided gold.
On the Multi Commodity Exchange, gold for February 2012 delivery rose Rs 51 or 0.19% to Rs 27,398 at 1.50 pm IST and had touched intraday high of Rs 27,430.
Similarly, the metal for April contract up by Rs 57 or 0.21% to Rs 27,781 and touched intraday high of Rs 27,795.
While, silver for march delivery also rose by Rs 328 or 0.61% at Rs 53,715 and touched intraday high of Rs 53,800.
US spot gold declined, it was seen trading in the range of $1,655.09 an ounce.
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Sensex ends 80 points higher; Bankex gains
The Indian benchmark indices continued its winning streak and rose more than 80 points on Friday on improved confidence of the investors all over the globe.
Nifty also rose by 25 points after slipping into negative terrain due to profit booking.
Improved US jobless claims, easing inflation, persistent capital inflows by foreign funds and better than expected Q3 results by corporates boosted the confidence in domestic market.
Wipro , third largest India's software service exporter, Q3 net profit up by 10% better than market expected and its shares surged by 4%.
At 3.30 pm IST, the 30-share BSE Sensex was trading at 16731.69 up by 87.95points or 0.53% and NSE Nifty was trading at 5048.60 up by 30.20 points or 0.60%.
In Asia, most of the markets were trading in positive terrain, the Shanghai and Nikkei were up by 1%.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain, Consumer Durables, Bankex, Power were leading the rally.
FMCG, Metal, TECk, and Health Care were bleeding in red.
On the National Stock Exchange (NSE), the top volume gainers were Bajaj Auto, ICICI Bank, Axis Bank, Kotak Bank and PNB posted gains between 4.06%-6.53%
And the loser in the trade were ITC, DR Reddy, Reliance Power, Maruti and Reliance Power.
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Nifty also rose by 25 points after slipping into negative terrain due to profit booking.
Improved US jobless claims, easing inflation, persistent capital inflows by foreign funds and better than expected Q3 results by corporates boosted the confidence in domestic market.
Wipro , third largest India's software service exporter, Q3 net profit up by 10% better than market expected and its shares surged by 4%.
At 3.30 pm IST, the 30-share BSE Sensex was trading at 16731.69 up by 87.95points or 0.53% and NSE Nifty was trading at 5048.60 up by 30.20 points or 0.60%.
In Asia, most of the markets were trading in positive terrain, the Shanghai and Nikkei were up by 1%.
Among sectoral indices on BSE, most of the sectors were trading in positive terrain, Consumer Durables, Bankex, Power were leading the rally.
FMCG, Metal, TECk, and Health Care were bleeding in red.
On the National Stock Exchange (NSE), the top volume gainers were Bajaj Auto, ICICI Bank, Axis Bank, Kotak Bank and PNB posted gains between 4.06%-6.53%
And the loser in the trade were ITC, DR Reddy, Reliance Power, Maruti and Reliance Power.
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Gold loses Rs 100 on global cues, silver gains Rs 50
New Delhi, Jan 20 (PTI) Gold extended losses for the second straight day by losing Rs 100 to Rs 27,790 per 10 grams in the bullion market here today, while silver continued to rise for the fifth day in row and gained Rs 50 to Rs 53,550 per kg.
Traders said sustained selling by stockists due to subdued demand at prevailing higher levels amid a weakening trend in global markets led to the decline in gold prices.
Silver, on the other hand, gained on the back of increased offtake by industrial units and jewellers, they added. In London, gold fell by 0.2 per cent to USD 1,654.28 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 100 each to Rs 27,790 and Rs 27,650 per 10 grams, respectively.
The metal had lost Rs 70 yesterday. Sovereigns held steady at Rs 23,300 per piece of eight grams. On the other hand, silver ready remained in demand and added Rs 50 to Rs 53,550 per kg and weekly-based delivery gained by Rs 225 to Rs 53,725 per kg. It has gained Rs 1,500 in the last four trading sessions.
Silver coins remained flat at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces on restricted buying.
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Traders said sustained selling by stockists due to subdued demand at prevailing higher levels amid a weakening trend in global markets led to the decline in gold prices.
Silver, on the other hand, gained on the back of increased offtake by industrial units and jewellers, they added. In London, gold fell by 0.2 per cent to USD 1,654.28 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell further by Rs 100 each to Rs 27,790 and Rs 27,650 per 10 grams, respectively.
The metal had lost Rs 70 yesterday. Sovereigns held steady at Rs 23,300 per piece of eight grams. On the other hand, silver ready remained in demand and added Rs 50 to Rs 53,550 per kg and weekly-based delivery gained by Rs 225 to Rs 53,725 per kg. It has gained Rs 1,500 in the last four trading sessions.
Silver coins remained flat at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces on restricted buying.
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Sensex gains 44 points in early trade; RIL up 3.9 pc
Mumbai, Jan 18 (PTI) The BSE benchmark Sensex rose by nearly 44 points in early trade today on sustained buying by funds and retail investors.
The 30-share index, which has gained over 428 points in the past three sessions, rose further by 43.93 points, or 0.26 per cent, to 16,509.98 points.
The wide-based National Stock Exchange Nifty index moved up by 13.35 points, or 0.26 per cent, to 4,980.65. Brokers said buying in oil and gas, healthcare and power stocks supported the rise in the Sensex.
Market heavyweight Reliance Industries surged 3.90 per cent to Rs 769.25 on speculations that the company may consider share buyback plan soon.
Brokers said sentiments remained firm largely on the back of positive macroeconomic factors such easing inflation, rising hopes of a cut in interest rates amid indications that the economy may grow faster in the coming months.
In Asia, Hong Kong's Hang Seng Index rose by 0.12 per cent, while Japan's Nikkei gained 1.10 per cent in morning trade today. The Dow Jones Industrial Average ended 0.48 per cent higher in yesterday's trade.
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The 30-share index, which has gained over 428 points in the past three sessions, rose further by 43.93 points, or 0.26 per cent, to 16,509.98 points.
The wide-based National Stock Exchange Nifty index moved up by 13.35 points, or 0.26 per cent, to 4,980.65. Brokers said buying in oil and gas, healthcare and power stocks supported the rise in the Sensex.
Market heavyweight Reliance Industries surged 3.90 per cent to Rs 769.25 on speculations that the company may consider share buyback plan soon.
Brokers said sentiments remained firm largely on the back of positive macroeconomic factors such easing inflation, rising hopes of a cut in interest rates amid indications that the economy may grow faster in the coming months.
In Asia, Hong Kong's Hang Seng Index rose by 0.12 per cent, while Japan's Nikkei gained 1.10 per cent in morning trade today. The Dow Jones Industrial Average ended 0.48 per cent higher in yesterday's trade.
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четвртак, 19. јануар 2012.
Rupee at 2-month high; gains 16 paise Vs dollar
Mumbai, Jan 18 (PTI) The rupee strengthened by 16 paise to a fresh two-month high of Rs 50.57 per US dollar in early trade on the Interbank Foreign Exchange today on increased foreign capital inflows.
Dealers said increased foreign capital inflows into the Indian market and dollar losses against other currencies in overseas markets mainly provided support to the rupee.
The rupee had surged by 64 paise to close at two-month high of Rs 50.73/74 against the American currency yesterday on strong rally in equities and continued dollar selling by exporters.
Meanwhile, the BSE benchmark Sensex rose by 43.93 points, or 0.26 per cent, to 16,509.98 in opening trade today.
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Dealers said increased foreign capital inflows into the Indian market and dollar losses against other currencies in overseas markets mainly provided support to the rupee.
The rupee had surged by 64 paise to close at two-month high of Rs 50.73/74 against the American currency yesterday on strong rally in equities and continued dollar selling by exporters.
Meanwhile, the BSE benchmark Sensex rose by 43.93 points, or 0.26 per cent, to 16,509.98 in opening trade today.
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Pre Session : The January cheer may continue today also Analysis for Jan 18, 2012
A A A Indian market sentiments have got a lift today by the agreement of the group of ministers on allowing up to 49 % FDI in airline companies. The issue is now likely to get the approval of the Cabinet and it will be a big boost for the aviation sector and Indian economy in general. On the corporate front Reliance Industries Limited has said that it is mulling share buyback and its shares may therefore see some movement.
Indian markets are getting mixed cues from global markets today after China reported slowest GDP growth numbers in 10 quarters. This at 8.9 % is still better than the expectations of many market participants. The Asian markets have opened on a mixed note. The US markets ended in green yesterday. Market sentiments were given a boost by China"s fourth quarter GDP number. Most of the European Markets ended in green yesterday after market sentiments were lifted by the upbeat economy survey in Germany.
The net investments by FIIs on 17th January, 2012 in Indian capital markets stood at Rs 1233.50 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 1990.50 crore. The gross sales were of Rs.1543.20 crore. The net investment in the equity markets by FIIs on January 17th, 2012 stood at Rs 447.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 1169.90 crore. The gross sales by FIIs were of Rs 383.70 crore. The net investment by the FIIs in the debt markets stood at Rs 786.20 crore.
The Asian markets have opened on a mixed note. At 7.40 A.M. Indian time, the Nikkei 225 was up 14.59 points and was at 8480.99. The Hang Seng was up 36.35 points and was at 19669.80. The Taiwan weighted was down 0.80 points and was at 7219.79. The Shanghai composite was down 8.76 points and was at 2289.62.
The US markets ended in green yesterday. Market sentiments were given a boost by China"s fourth quarter GDP number. China's fourth quarter GDP grew y-o-y by 8.9% . The Nasdaq closed at 2728.08, gaining 17.41 points over the previous day"s closing. The Dow Jones Industrial gained 60.01 points and closed at 12482.07. The S & P 500 gained 4.58 points and closed at 1293.67.
Most of the European Markets ended in green yesterday after market sentiments were lifted by the upbeat economy survey in Germany. The Euro strengthened against the dollar and this encouraged the markets. The DAX gained 112.92 points and closed at 6332.93. The FTSE 100 gained 36.51 points and closed at 5693.95. The CAC was up 44.99 points and closed at 3626.99.
Gold futures ended higher by 0.4 % to close at $1655 per ounce, while silver futures ended slightly lower and closed at $ 30.13 per ounce. Crude oil futures gained 2.1 % to close at $ 100.71 per barrel.
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Indian markets are getting mixed cues from global markets today after China reported slowest GDP growth numbers in 10 quarters. This at 8.9 % is still better than the expectations of many market participants. The Asian markets have opened on a mixed note. The US markets ended in green yesterday. Market sentiments were given a boost by China"s fourth quarter GDP number. Most of the European Markets ended in green yesterday after market sentiments were lifted by the upbeat economy survey in Germany.
The net investments by FIIs on 17th January, 2012 in Indian capital markets stood at Rs 1233.50 crore. The net FII investments were positive yesterday.
The gross purchases by the FIIs in the Indian equity markets were of Rs. 1990.50 crore. The gross sales were of Rs.1543.20 crore. The net investment in the equity markets by FIIs on January 17th, 2012 stood at Rs 447.30 crore.
The gross purchases by the FIIs in the Indian debt markets were of Rs 1169.90 crore. The gross sales by FIIs were of Rs 383.70 crore. The net investment by the FIIs in the debt markets stood at Rs 786.20 crore.
The Asian markets have opened on a mixed note. At 7.40 A.M. Indian time, the Nikkei 225 was up 14.59 points and was at 8480.99. The Hang Seng was up 36.35 points and was at 19669.80. The Taiwan weighted was down 0.80 points and was at 7219.79. The Shanghai composite was down 8.76 points and was at 2289.62.
The US markets ended in green yesterday. Market sentiments were given a boost by China"s fourth quarter GDP number. China's fourth quarter GDP grew y-o-y by 8.9% . The Nasdaq closed at 2728.08, gaining 17.41 points over the previous day"s closing. The Dow Jones Industrial gained 60.01 points and closed at 12482.07. The S & P 500 gained 4.58 points and closed at 1293.67.
Most of the European Markets ended in green yesterday after market sentiments were lifted by the upbeat economy survey in Germany. The Euro strengthened against the dollar and this encouraged the markets. The DAX gained 112.92 points and closed at 6332.93. The FTSE 100 gained 36.51 points and closed at 5693.95. The CAC was up 44.99 points and closed at 3626.99.
Gold futures ended higher by 0.4 % to close at $1655 per ounce, while silver futures ended slightly lower and closed at $ 30.13 per ounce. Crude oil futures gained 2.1 % to close at $ 100.71 per barrel.
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RIL gains over 4% on share buyback plan
Reliance Inds.reliance-inds12150008India's most valued and a highly cash rich firm, Reliance Industries Ltd (RIL) gained as much as 4.7 per cent during the early morning trade on Bombay Stock Exchange after the company announced that it will buyback its shares.
Shares of the company, after gaining as much as 4.52 per cent, were trading at Rs 773.80 a piece, up 4.22 per cent from previous close on BSE at 2.00 PM.
In its filing to the Bombay Stock Exchange, company said that “a meeting of the Board of Directors of the Company will be held on January 20, 2012, inter alia, to consider and approve a proposal for Buy Back of the Company's equity shares in accordance with all applicable provisions of law".
In the similar fashion, shares of the company were trading at Rs 773 a piece, up 4.22 per cent on National Stock Exchange.
Meanwhile, the broader 30-share Sensex was trading at 16427.99 down by 38.06 points or 0.23% at 2.00 pm IST.
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Shares of the company, after gaining as much as 4.52 per cent, were trading at Rs 773.80 a piece, up 4.22 per cent from previous close on BSE at 2.00 PM.
In its filing to the Bombay Stock Exchange, company said that “a meeting of the Board of Directors of the Company will be held on January 20, 2012, inter alia, to consider and approve a proposal for Buy Back of the Company's equity shares in accordance with all applicable provisions of law".
In the similar fashion, shares of the company were trading at Rs 773 a piece, up 4.22 per cent on National Stock Exchange.
Meanwhile, the broader 30-share Sensex was trading at 16427.99 down by 38.06 points or 0.23% at 2.00 pm IST.
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