Satyam Computers will see cash-based selling today, says Siddharth Bhamre of Angel Broking, on CNBC Awaaz. There will be volatility in the stock in the range of Rs 10 one either side, he adds. He advises profit booking for those who bought it at lower levels. The stock is currently trading at Rs 55.45, up 17.6% on the BSE
Read more...Srinagar (PTI): State-run Bharat Sanchar Nigam Ltd (BSNL) will launch the third generation (3-G) mobile services in the state by March this year.
"We will be launching the 3G services in Jammu and Kashmir by March this year," a K Mittal, who looks after the mobile telephony of BSNL in the state, told PTI on Wednesday.
Mittal said there would be no limit on the number of 3G connections to be given out in the state and the sole criterion will be the response of the subscribers.
"We have not set any limit on the number of connections. We will give as many connections as the demand might be," he said.
Mittal said the work on providing the 3G services in the state is in full swing and the services should be launched on the scheduled time.
Source: The Hindu
TOKYO, Jan 21 (Reuters) - Japan's Nikkei average slipped 1.9 percent on Wednesday after earlier hitting a two-month low on rekindled fear about the global financial sector that sent banks such as Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research) lower. Tech shares extended losses and exporters slipped as the yen remained below 90 yen, while Sony Corp (6758.T: Quote, Profile, Research) fell 2.7 percent after a newspaper said it is preparing to announce on Wednesday or Thursday details of its December restructuring plan, including where job cuts will fall. [ID:nT348951]
The benchmark Nikkei .N225 shed 155.94 points to 7,909.85 after earlier falling as far as 7,829.30, its lowest point since Nov. 21. The broader Topix .TOPX shed 1.9 percent to 789.80. (Reporting by Elaine Lies)
Read more...MUMBAI (Reuters) – The BSE Sensex fell more than 3 percent on Tuesday, rattled by concerns a deepening global economic crisis would trigger more foreign fund outflows.
Financial stocks dropped after a record loss by Britain's Royal Bank of Scotland sparked fresh worries about the global financial sector, while energy giant Reliance Industries Ltd fell as investors braced for disappointing results.
"The market sentiment has taken a beating," said Gajendra Nagpal, chief executive officer at Unicon Financial Intermediaries.
"It is natural that when FIIs are losing money in one market, they will also start selling in other markets," he said, referring to foreign institutional investors.
By 11:39 a.m., the main 30-share BSE index was down 2.67 percent at 9,080.47 points after falling as much as 3.2 percent.
Leading software services exporter Tata Consultancy Services was one of two gainers among index stocks after it announced a multi-million dollar, multi-year deal with Italian bikemaker Ducati Motor Holding.
Foreigners have pulled out about $550 million this month, following net sales of more than $13 billion in 2008 when the main index lost more than half its value.
Top lender State Bank of India dropped 3.3 percent to 1,109.50 rupees, ICICI Bank fell 4.4 percent to 395.10 rupees and mortgage lender Housing Development Finance
Corp lost 4.4 percent to 1,478.50 rupees.
On Monday, the Royal Bank of Scotland said it was on course for a 2008 loss of up to $41 billion and that further hits from bad debts were inevitable.
The disclosure sent stocks down across the world on worries about the health of the banking industry.
Reliance Industries, which is expected to post on Thursday a drop in quarterly profit for the first time in three years, fell 3.2 percent to 1,190.55 rupees.
Leading mobile operator Bharti Airtel, which also releases quarterly earnings on Thursday, shed 5 percent to 614 rupees.
Shares in auto and construction companies registered steep declines on worries over growth outlook.
Top car maker Maruti Suzuki fell 3.5 percent to 558 rupees, Tata Motors was down 2.2 percent at 146.90 rupees and utility vehicle maker Mahindra and Mahindra slipped 2.5 percent 301.60 rupees.
Engineering and construction firm Larsen & Toubro lost 2.5 percent to 709.65 rupees, Bharat Heavy Electricals fell 2.1 percent to 1,383 rupees, and utility NTPC dropped 1.6 percent to 175.15 rupees.
In the broader market, 1,070 declines led 616 advances on moderate volume of 88 million shares.
The 50-share Nifty was trading down 2.5 percent at 2,775.30 points.
STOCKS ON THE MOVE
* Software firm MindTree Ltd fell 8.8 percent to 217 rupees after it warned of pricing pressure in the coming quarters and cut its net profit and revenue forecast for 2008/09.
* Madras Aluminium Co rose by its daily limit of 5 percent to 59.15 rupees after parent Vedanta Resources Plc approved buying the remaining 20 percent stake in the
company.
MAIN TOP 3 BY VOLUME
* Satyam Computer Services on 14.5 million shares
* Unitech on 13 million shares
* Suzlon Energy on 3.8 million shares
Source: Reuters
HYDERABAD: The NYSE-listed pharmaceutical major Dr. Reddy’s Laboratories has announced a Rs. 192.40-crore net profit during the third quarter ended December 31, 2008, largely driven by the launch of Sumatriptan in late November 2008. The company posted losses of Rs. 121.30 crore in the corresponding quarter in the previous fiscal.
Sumatriptan is an authorised generic version of GlaxoSmithKline’s Imitrex (generic version: sumatriptan succinate). Imitrex is prescribed for the treatment of migraine attack.
The revenue growth was put at 49 per cent at Rs. 1,840 crore now against Rs. 1,231 crore in the third quarter of 2007-08. However, if the revenues from Sumatriptan are excluded, the year-on-year growth is pegged at 21 per cent.
Krishna G. Palepu, a Harvard Business School professor who served on the board of Satyam Computer Services until the controversy broke out, resigned as a non-executive director of Dr. Reddy’s Lab on Tuesday.
Dr. Reddy’s, which bought 185 acres from SIFY, an erstwhile arm of Satyam Computer, received notices from the State revenue authorities contending that 134 acres of it was assigned land. It is, however, confident of retaining it, according to G. V. Prasad, Vice-Chairman and CEO.
Giving financial results at a press conference here, K. Satish Reddy, Managing Director and COO, said in spite of devaluation of the rouble and economic slowdown impacting the company’s financial performance, revenue growth in Russia was 44 per cent. Business in Germany was on a slippery note, despite the company winning tender for eight products/33 contracts from AOK health insurance funds. However, it was involved in a legal wrangle for which hearing was slated for Thursday and the result would come in four weeks.
Withdrawal of Olanzapine stocks from the market due to the company losing a case in German federal court impacted the revenues. The growth in the European markets dropped by two per cent while in India it was almost flat. The company changed the supply-chain management strategy to overcome shortage and supply of medicines.
To a query on where the company parked its funds, new CFO Uman Vohra said it was deposited in some large public sector banks and two top multinational banks. He also said that the company continued to be vigilant on the accounts due to specific issues. The CFO changed at least every three years.
Mr. Prasad quipped: “There is no fixed coterie in the company”. KPMG is the auditing firm for Dr. Reddy’s.
Read more...MUMBAI: Educomp Solutions on Tuesday plunged nearly nine per cent amid reports that the firm might have fudged its accounts to boost share prices.
Shares of Educomp plunged 8.61 per cent to a low of Rs. 1,915.20 on the Bombay Stock Exchange. It was later trading at Rs. 1,942.15, down 7.80 per cent over the previous close. Over 7.46 lakh shares of Educomp had changed hands till afternoon trade on the BSE.
Media reports have surfaced about manipulation in Educomp’s accounts, which point at the rapid growth in its turnover and hefty profits made by the promoters in the company’s share trading.
On the National Stock Exchange, the scrip plunged 9.22 per cent to an intra-day low of Rs. 1,916.25. It was later quoting at Rs. 1,940, down 8.10 per cent over the last close.
Meanwhile, the company in its response to media reports said “there are no fictitious assets as all the assets are installed in the schools. It is wrong to say that intangible assets are mainly purchased from subsidiary companies. In fact, the total expense on account of intangible assets is Rs. 25.82 crore in 2007-08, whereas the purchase from subsidiaries companies (EducomP Learning Pvt. Ltd.) is Rs. 7.28 crore.”
The reports had cited Educomp booking fictitious assets to adjust bogus profits arising out of bogus sales and purchases. The company also rejected reports of promoters diluting their stake in the company to the extent of up to Rs. 250 crore at the high time of share market price.
“The promoters’ group has so far sold only about 5.07 per. The promoters still hold 55.03 per cent in the company,” Educomp said. — PTI
Sandeep Joshi writes from New Delhi
The Centre on Tuesday said it would look into the allegations regarding financial irregularities in the education-focused information technology firm Educomp Solutions, even as the company denied it as mere rumours and totally baseless.
“I am also aware of the reports floating around regarding certain alleged irregularities (in Educomp Solutions). We will seek report from the company and look into the matter,” Corporate Affairs Minister P. C. Gupta told journalists here.
Educomp Solutions termed the reports as “malicious” and aimed at “misleading the investors”.
Its Managing Director Shantanu Prakash said these rumours were being spread by people who do not understand their business model. Reports about directors quitting the company and promoters pledging stake were baseless, he added.
Source: The Hindu
The benchmark indices are witnessing selling pressure following negative global markets. Nortel files Chapter 11 bankruptcy protection and US retails sales reported worse than expected, all these news triggered sell-off in the US markets. All sectoral indices are trading in red.
At 9:56 am, the Sensex went down 374 points to 8,995 and the Nifty lost 117 points at 2,718. CNX Midcap 100 tanked 2.8 points at 3,428.
Fitch downgraded Unitech and said doubtful of company's repayment ability to refinance debt obligations. The stock plunged 12.5%
Nortel filed Chapter 11 bankruptcy protection, which said operations expected to continue without interruption and has sufficient cash on hand to fund ongoing operations. The company holds 9.5% stake in Sasken Communication, which locked at 20% lower circuit.
Nortel is a client of Wipro and Infosys, which lost 6% and 4%, respectively. Commenting on this development, V Balakrishnan, CFO, Infosys said Nortel contributes 0.5% of revenues. "Outstanding payment from Nortel stood at USD 4 million."
Wipro Tech's annual revenue from Nortel around USD 25 million, reports CNBC-TV18 quoting NW18.
There are reports that Maytas Infra may sell assets to raise funds and is in talks with Nagarjuna Construction and Ramky Infra. Maytas locked at 5% lower circuit.
Asian markets are trading sharply lower post US fall. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan plunged 3.6-6%. Shanghai fell 1.2%.
All commodities dropped on Wednesday, as US retail sales fell for the sixth month to record lows. Euro is trading at 6-week low versus Yen ahead of the ECB meet.
Crude oil fell nearly 1% at $37.3/bbl on big jump in oil inventory; was down 4% during the day. US crude inventories are at 16 month highs and came in 10% above 5-year average. It is currently trading at USD 36.3 a barrel.
Gold declined 1.5% or $12 at $810/ounce and Silver lost 1.9% to $10.475. Copper declined 6% on Comex and was down 3% on LME.
US markets plunged as Nortel filed for bankruptcy and retails sales reported worse than expected. Deutsche Bank reported preliminary Euro 4.8 billion 4Q loss.
The Dow Jones ended down 248 points or 3% at 8,200 and the Nasdaq was down 56.8 points or 3.67% at 1,490. S&P 500 went down 29.2 points or 3.35% at 842.6.
Market cues:
FIIs net sell USD 82.9 million in equity on January 13
MFs net sell Rs 179.3 crore in equity on January 13
NSE F&O Open Int up by Rs 1,946 crore at Rs 47,878 crore
F&O cues:
Futures Open Int up by Rs 1,041 crore, Options Open Int up by Rs 905 crore
Nifty Futures shed 2 lakh shares in total Open Int, Jan Futures at 23 pt discount
Stock Futures add 3 crore shares in Open Int
Nifty Open Int Put-Call ratio at 0.94 versus 0.90
Nifty Puts add 19 lakh, Calls add 8 lakh shares in Open Int
Nifty 2800, 2700 & 2500 Puts add 6 lakh shares each in Open Int
Source: MoneyControl
SINGAPORE: Gold firmed in a technical rebound on Thursday ahead of a European Central Bank interest rate decision, but weak oil, a firmer US dollar and declines in stock markets weighed.
Gold was trading at $811.15 an ounce, up $0.60 from New York's notional close on Wednesday, when it dropped to a month low of $806.40, partly driven by weak stock markets that forced investors to cash in.
Japan's Nikkei average fell 4.1% after US stocks dropped to six-week lows on worries about a deepening recession and Japanese machinery orders fell a record 16.2% in November from the previous month.
The euro fell against the dollar and yen on Wednesday after a downgrade to Greece's debt rating heightened fears about the eurozone economy and a sharp slide in US retail sales suggested a deepening global slump.
Standard & Poor's move to cut Greece's sovereign debt rating also weighed on the euro, sending it at one point to a near six-week low of 116.58 yen and boosting the chances that the European Central Bank would cut interest rates on Thursday from 2.5% to 2%.
US crude futures steadied on Thursday after dipping overnight when prices were pressured by rising inventories and slumping demand in top oil consumer the United States.
Platinum was trading at $925.00 an ounce, down $8.00 from New York's notional close.
New York gold futures GCZ9 added $3.6 an ounce to $812.4 in electronic trade.
Source: UtviNews
TOKYO: Japan's Nikkei average fell 4.1% on Thursday after US stocks fell to six-week lows on worries about a deepening recession and Japanese machinery orders fell a record 16.2% in November from the previous month.
The benchmark Nikkei shed 348.61 points to 8,089.84, while the broader Topix lost 3.2% to 793.37.
Source: UtviNews
FRANKFURT: Deutsche Bank has racked up a loss of about 4.8 billion euros ($6.38 billion) in the final three months of 2008 alone, the bank said in a surprise profit warning on Wednesday that sent its shares tumbling.
The bank blamed troubled markets which ruined earnings at its sales and trading business, formerly the engine room of the one-time investment banking powerhouse.
In addition, it racked up losses trying to hive off risky exposure which Deutsche said now put it on track for a net loss of roughly 3.9 billion euros for last year.
The bank, originally seen as little affected by the crisis but which has been dragged ever deeper into the markets storm, said it planned a dividend of 50 cents per share for 2008.
Its Tier 1 ratio -- an important measure of a bank's financial health -- will be in the region of the targeted 10% at the end of 2008, the bank said.
Deutsche's shares were trading down 6.6% at 22.67 euros at 1013 GMT, a far steeper fall than the 1.6% slip seen among German blue-chips.
Source: UtviNews
MUMBAI: HDFC Bank today reported a higher-than-expected 45% increase in net profit at Rs 621 crore for the third quarter ended December 31, 2008 when compared with Rs 429 crore in Q3FY08.
Net interest income increased 38% to Rs 1,979 crore from Rs 1,437 crore in the year-ago period - in line with expectations.
Other Numbers
Interest earned up 63.87% at Rs 4,468.5cr vs Rs 2,726cr
Interest expanded up 93.07% at Rs 2,489.25cr vs Rs 1,289.32cr
Provisions up 25.68% at Rs 531.79cr vs Rs 423.13cr
Other income up 38.37% at Rs 939.39cr vs Rs 678.89cr
Interest on investment up 33.50% at Rs 1,028.21cr vs Rs 770.19cr
Gross NPAs at 1.90% - up from 1.20%
Net NPAs at 0.60% - up from 0.40%
Total deposits up 45.8% at Rs 1.44 lakh crore
Savings account deposits increased 32.5% to RS 33,081cr
Time deposits increased 79.35% to Rs 87,523cr
Read more...NEW DELHI: At a time when the government had indicated that there could be a second round of fuel price cut, Saudi Arabia's oil minister Al Naimi has said that oil prices should be moderated by market mechanism.
The government's New Year gift for the aam admi in the form of another fuel price cut could be delayed. OPEC, the world's largest oil cartel, said that it could cut down on production to maintain the price of crude oil at $70 per barrel.
Naimi said OPEC wants oil prices to be moderated by market mechanism, and the organisation wants stability in prices.
OPEC had cut supply by two million barrels per day in September, and an additional 2.2 million barrels per day in December.
A production cut by OPEC will directly impact the government's decision to cut prices of petrol and diesel. The government was expected to cut prices of petrol and diesel by Rs 5 and Rs 2 per litre, respectively, soon. Now, it seems, the government may have to revise the timing and quantum of the cuts.
Source: UtviNews
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