After having a choppy session in the late afternoon trade, the Indian markets closed on a positive note, with both the Sensex and Nifty up by 0.48% and 0.60% respectively. The policy move by RBI has lifted sentiments among the investors, after which there was buying across the indices. The positive opening of the European market also helped the markets to trade firm. The Nikkei closed the day on a positive note ahead of the deal between Greece and private holders. The Greek government initiated talks over the voluntary restructuring of debt to reduce the country’s debt load and interest payments. The European markets turned into the negative territory on concerns over the Euro debt crisis. All the BSE sectoral indices barring Consumer Goods closed on a positive note, with gains between 0.01%-1.79%.
Metals, PSU and Teck are leading with gains of 1.79%, 1.24% and 1.20% respectively. Consumer Goods closed lower by 0.33%. Barring a few companies, all the Sensex shares are trading positively. Bharti Airtel, Coal India, HDFC, Maruti Suzuki, Sterlite Industries, Tata Motors, Tata
Steel and TCS are among the major gainers with gains between 1%-3.90%. Among the losers, Hero MotoCorp, Hindalco Industries, Jindal Steel, L&T, Tata Oower and Cipla were trading down by 0.5%-2%. The market breadth, which indicates the overall health of the market, was positive. Out of 3271 stocks traded on the BSE, 1642 advanced,1455 declined and 174 remained unchanged.
South Indian Bank Ltd.
BSE Code : 532218
NSE Symbol : SOUTHINDBA
It is a leading bank from private sector from South India having vast network of 520 branches, 17 extension counters and 260 ATM. The bank provides various kind of services that include accounts, deposit, loan, mutual fund, insurance, money transfer besides some value added services. The bank has delivered excellent performance for the December quarter as its net profit has increased 32 % to Rs. 102.24 crore, operating profit has grown up 25.3 % and net interest income has surged up 33.5 % for the same period. The loan book of the bank has also soared up 30.55 % for the Q3 of current fiscal. Market analysts also expects the same excellent performance during last quarter. Investors can make mid to long term position from current level.
NHPC
BSE Code: 533098
National Hydro Power Corporation, enjoying “Mini Ratna” status from the central government, is engaged with construction of hydro electricity power project and expansion of power across the India beside providing various services like river basin study, survey work, geological survey and designing and engineering to its clients. The company is currently expanding power supply in Uttar Pradesh and Eastern part of country. The company is currently handling 14 hydro power projects having capacity of 5295 MW besides planning to add more capacity of 723 MW during current five years planning. The company had in FY 2011 entered in to MoU with Orissa Hydro Power Corporation in addition to MoU with Russian company JSC Hydro. The company had posted the net profit worth 966.47 crore on income of Rs. 1981.53 crore for the quarter ended on September 30, 2011. Investors can add this stock in their portfolio from long term perspective
Hyderabad Ind Q3 net profit at Rs 10 cr Vs Rs 6 cr (YoY)
MRPL Q3 net profit at Rs 110 cr Vs Rs 310 cr (YoY)
Indraprastha Gas Q3 net profit at Rs 69.15 cr Vs Rs 67.2 cr (YoY)
Grasim Q3 cons net profit at Rs 669 cr Vs Rs 502 cr (YoY); cons net sales at Rs 626 cr Vs Rs 539 cr (YoY)
Cairn India Q3 cons net profit at Rs 2,261.93 cr Vs Rs 2,010.12 cr (YoY); cons net sales at Rs 3,096.76 cr Vs Rs 3,096.44 cr (YoY)
Lupin Q3 net profit at Rs 235 cr Vs Rs 224 cr (YoY); revenue at Rs 1,790 cr Vs Rs 1,510 cr (YoY)
Kirloskar Brothers Q3 net profit at Rs 12.7 cr Vs Rs 16.9 cr (YoY); net sales at Rs 417 cr Vs Rs 387 cr (YoY)
Yes Bank Q3 net profit at Rs 254 cr Vs Rs 191 cr (YoY); NII at Rs 428 cr Vs Rs 323 cr (YoY)
Edelweiss Cap Q3 net profit at Rs 29.4 cr Vs Rs 26.3 cr (QoQ); total income at Rs 455 cr Vs Rs 372 cr (QoQ)
Prism Cement Q3 net profit at Rs 22 cr Vs loss of Rs 40 lakh (YoY); net sales at Rs 1,120 cr Vs Rs 837 cr (YoY)
Torrent Pharma Q3 cons net profit at Rs 83.2 cr Vs Rs 76.9 cr (YoY); cons net sales at Rs 675 cr Vs Rs 554 cr (YoY)
After witnessing strong trades throughout the day, the Indian markets closed on a positive note, with the Sensex and Nifty up by 1.46% and 1.61% respectively. The RBI’s CRR rate cut kept the markets firm for most of the day, though it lost some of its gains in the second half of the day due to the negative opening of the European markets. In the Asian markets, Nikkei closed on a flat positive note on concerns over the Euro debt crisis. Negative opening of the European market hit investor sentiment. The European markets continued to remain in the negative territory. Worries over a messy Greek default increased after the debt talks with creditors stumbled again. Investors’ sentiments were dashed after the Euro zone Finance Ministry rejected the private creditors’ demands. All the BSE sectoral indices closed the day on a positive note, with gains between 0.04%-3.12%. Capital Goods, Bankex and Metals led with gains of 3.30%, 3.21% and 1.78% respectively.
Barring a few companies, all the Sensex shares too ended in the green. Hindalco Industries, ICICI Bank, Jindal Steel, L&T, SBI and Sterlite Industries were among the major gainers, leading with gains between 2%-5% each. Among the losers, Coal India, GAIL, DLF, HUL, NTPC and Sun Pharma were all trading down by 0.5%-1.5%. The market breadth, which indicates the overall health of the market, was positive. Out of the 3271 stocks traded on the BSE, 1642 advanced, 1455 declined and 174 remained unchanged.
PTC India
BSE Code : 532524
CMP: Rs. 47.25
PTC Energy’s (a 100 per cent subsidiary of PTC India) 200 MW Simhapuri
tolling project is likely to be commissioned soon. The management, in a recent interview with a financial news channel, has stated that it will start getting power by the end of February 2012. This project is of a total of 300 MW, of which 200 MW would be tolling and another 100 MW will also be sold through PTC Energy by way 0f a power sales agreement. In a tolling agreement, the buyer supplies fuel and receives the resulting power output of the facility, in effect buying the service of converting fuel into electric energy. The, the entire 300 MW will be sold through PTC. The other 200 MW project at Meenakshi is expected to be commissioned in Hi FY13. This is expected to result in better volumes. [click to continue…]
The Indian markets remained volatile for the whole day today. The only respite was that after a negative opening, the markets ended on a slightly positive note. The recovery was seen after L&T and Maruti Suzuki posted their quarterly results. Earlier in the day, Nikkei closed on a slightly negative note. The other major Asian indices remained closed on account of the Chinese New Year celebrations.
The European markets, which opened on a mixed note, and have continued to show volatility. Back home, the FMCG index surged by 33 points or 0.83% due to the rally in Godrej Consumer Products. The interest rate-sensitive Teck index closed with 0.82% gains. Teck, CG, Power, Auto, IT and Bankex also closed in the positive. On the other hand,
HC, PSU, CD, Oil & Gas and Metals were the losing candidates. 18 of the 30 Sensex stocks made it to positive territory by the end of the day. Maruti Suzuki rallied by 5.77% after its quarterly results were announced. Bharti Airtel also closed with 3.03% intraday returns. BHEL and DLF were both up by over 2%. However, Hindalco and Sterlite Industries took major beatings, and closed 4.39% and 5.36% down respectively from their last week’s closing values. The market breadth, which indicates the overall health of the market, remained very mixed. Out of a total of 3244 stocks traded on the BSE, 1620 stocks advanced, 1487 stocks declined and 137 stocks remained unchanged.
GTL Infrastructure had 2,283 foreign currency convertible bonds (FCCBs) of US$100,000 each aggregating to US$228.3 million outstanding on 30 September 2011 convertible at the option of bondholders into equity shares by 22 November 2012. In the event on conversion into equity shares, bonds are redeemable at a premium of 40.4064% of the principal amount. In case of redemption, the company plans to adjust premium on redemption to the SPA. The pro-rata premium worked out to Rs 351.9 crore on 30 September 2011. Like in the case of Suzlon Energy, redemption is likely to be a gigantic task for GTL Infrastructure as its debt stood at Rs 4470.5 crore on 31 March 2011 as against its net worth of Rs 1771.6 crore and market value of mere Rs 804 crore.
Suzlon Energy has not provided for proportionate premium on redemption of convertible bonds as it believes them to be contingent in nature, The proportionate premium was approximately Rs 761.9 crore on 30 September 2011. The auditors have commented on this matter in their limited review report. The company had balance of Rs 5409.1 crore in the securities premium account (SPA) on 30 September 2011, which is considered adequate to cover the cost of proportionate premium in case the contingency materialises. The provision is fine but from where the funds will come for redemption is a critical issue for Suzlon Energy. Its debt stood at Rs 12263 crore on 31 March 2011 as against its current market value of Rs 4150 crore and net worth of Rs 6528 crore.
Suzlon Energy is a member of the Indian Wind Energy Association, which has filed civil appeal in SC against an order of the Appellate Tribunal for Electricity for lcvy of infrastructure development charges (IDC) by the Tamil Nadu State Electricity Board. The auditors have commented on the non-provision of IOC charges of Rs 64.8 crore on 30 September 2011. Based on legal opinion, the company believes it has a strong case.
Ranbaxy Laboratories in December 2011 signed a consent decree with the US Food and Dmg Administration (FDA), which is subject to the approval of the US Disthct Court of Maryland. The company has announced its intention to make provision of US$500 million (around Rs 2500 crore) to contain the fallout of the investigation by the US Department of Justice (D0J). The probe launched by the US authorities was a hanging sword for its Hew promoters Daiichi Sankyo, Japan, and its minority shareholders for a long time.
Apart from other sources of information to the shareholders, Ranbaxy has talked about this potential liability in the notes to accounts published along with the quarterly results. For instance, in the notes accompanying the results for the quarter ended 30 June 2011 and 30 September 2011, Ranbaxy has mentioned the import alerts and warning letters issued by the US FDA. The issues chiefly revolved around good manufacturing practices and [click to continue…]
