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- UCO Bank’s net profit spikes up by 270% for the quarter ended March 31, 2010
- Dredging Corporation inks pact with IHC Dredgers
- Kirloskar Oil Engines allots 97,08,650 equity shares to Kirloskar Engines India
- Welspun Gujarat’s subsidiary acquires 43% stake of MSK Projects India
- Nifty starts May series on a positive note
- Bharat Electronics net profit plunges by 64% for the quarter ended March 31, 2010
- Markets manage a close with modest gains
- Indian Oil commissions Naphtha Cracker Plant at Panipat
- Corporation Bank raises Rs 550 crore
- Asian markets shut shop mostly in the green on Friday
| UCO Bank’s net profit spikes up by 270% for the quarter ended March 31, 2010 Posted: 30 Apr 2010 12:28 AM PDT UCO bank reports audited results for the quarter and year ended March 31, 2010. The results for the quarter ended March 31, 2010: UCO Bank’s net profit has surged by 270.32% to Rs 379.80 crore for the quarter ended March 31, 2010 as compared to Rs 102.56 crore for quarter ended March 31, 2009. While, the total Income of the company has increased by 6.72% to Rs 2,690 crores for the quarter ended March 31, 2010 from Rs 2,520.62 crore for the corresponding quarter for the previous year. The results for the Year ended March 31, 2010: The Bank net profit has flared up by 81.48% to Rs 1,012.18 crore for the Year ended March 31, 2010 from Rs 557.72 crore for the year ended March 31, 2009. While, the total income had increased by 14.78% to Rs 10,492.25 crores for the year ended March 31, 2010 from Rs 9,141.28crore the previous year. UCO Bank has recommended dividend at the rate of Rs 1.50 per equity share of Rs 10 each and at stipulated rate on PNCPS. | ||||||
| Dredging Corporation inks pact with IHC Dredgers Posted: 30 Apr 2010 12:20 AM PDT
Dredging Corporation of India (DCI) has entered into an agreement with Netherlands-based — IHC Dredgers BV — for designing, construction and delivery of two trailer suction hopper dredgers each at a total cost of about Rs 900 crore. With the addition of these dredgers, the fleet of trailer suction hopper dredgers of the company will be increased to twelve from the present ten. DCI is a pioneer organization in the field of dredging and maritime development. | ||||||
| Kirloskar Oil Engines allots 97,08,650 equity shares to Kirloskar Engines India Posted: 30 Apr 2010 12:04 AM PDT Kirloskar Oil Engines, which is the demerged company has issued and allotted 97,08,650 equity shares of Rs 10 each of the Company to Kirloskar Engines India (Resulting Company) which aggregates to Rs 9,70,86,500 on account of reduction and consolidation against Subscribed 19,41,73,000 Equity Shares as on Appointed Date April 01, 2009. This approval is pursuant to Scheme of Arrangement between Kirloskar Oil Engines and Kirloskar Engines India. Wherein, arrangement was made for the demerger of Engine and Auto Components Business of Kirloskar Oil Engines and its vesting in Kirloskar Engines India. In terms of the Scheme of Arrangement, this issue and allotment has been done by the Committee of Board of Directors to the respective beneficiaries of Demerged Company on the record with both the depositories i.e. National Securities Depository and Central Depository Services (India) / shareholders as on the Record Date i.e. April 22, 2010. The Committee of board of directors approved the issue on March 30, 2010, pursuant to the approval by the shareholders and Hon’ble High Court of Judicature at Bombay by its order dated July 31, 2009 read with order dated March 19, 2010. | ||||||
| Welspun Gujarat’s subsidiary acquires 43% stake of MSK Projects India Posted: 29 Apr 2010 11:17 PM PDT
MSK Projects India has issued and allotted 1, 71, 78,888 fully paid-up equity shares of face value of Rs 10 each to Welspun Infratech ,which represents 42.95% of the equity share capital of the company for cash at a price of Rs 123 per equity share (including premium of Rs 113 per equity share ). Welspun targets to acquire about 75% stake through a combination of share purchases from promoters, associates, investors, preferential allotment and open offer. The company plans to make a mandatory open offer to the shareholders of MSK Projects. Welspun Infratech, a 100% subsidiary of Welspun Gujarat Stahl Rohren (who is also the person acting in concert for the allotment) and part of the USD 3 billion Welspun group, had signed an agreement to acquire a majority stake in construction major MSK Projects India. This allotment was made by MSK board of directors in their meeting which was held on April 27, 2010, pursuant to the special resolution passed by shareholders of the MSK Projects at the Extra -ordinary General Meeting held on April 13, 2010 and receipt of in-principal approvals for issue and allotment of equity shares from Bombay Stock Exchange L, National Stock Exchange of India and Vadodara Stock Exchange. | ||||||
| Nifty starts May series on a positive note Posted: 29 Apr 2010 11:08 PM PDT Local equity markets witnessed another positive session of trade on Friday tracking positive Asian markets and an improved economic scenario in the euro zone. As hopes for the Greece relief package brightened, global equity markets smoothened a bit on Friday. Back home, the earnings results declared by many of the Indian companies were more or less in line with the expectations which enabled the benchmark indices to hold on to their early gains for most part of the day. However, Nifty failed to touch the illusive 5,300 level during trade as some of the index heavyweights like RIL failed to provide a big push to the key benchmark indices during trade. In the BSE sectoral space, barring the Metal segment, all other sectors settled in the positive terrain. Realty, Auto, Healthcare and Consumer Durables segments witnessed maximum buying activity in the broader markets. The Nifty April-2010 series expired flat month-on-month, with market-wide rollover seen at 65.25%, quite low compared to 84%% in last expiry (3-month average 83.4%). Nifty rollover was seen at 59.2%, compared to 65.7% in the earlier expiry (3-month average 70.1%). The India VIX was down by 3.96% to 20.35 on Friday compared to its previous close of 21.19 on Thursday. Finally, the 50-share S&P CNX Nifty settled at 5278.0, up by 23.85 points or 0.45%. Nifty May futures saw an addition of 9.79% or 2.38 million (mn) units, taking the total outstanding open interest (OI) to 26.70 mn units. For Nifty calls, 5300 strike price (SP) from the May series was the most active call with an addition of 0.99 mn units or 23.24%. Among Nifty puts, 5200 SP from the May month expiry was the most active put with an addition of 1.22 mn units or 19.71%. The maximum Call OI outstanding was at 5300 SP (5.26 mn) and that for Puts at 5200 SP (7.41 mn).
The respective Support and Resistance levels are: R1 5297.13 PP 5275.67 S1 5256.53 The Nifty Put Call Ratio (PCR) OI wise stood at 1.33 for May month contracts. The top five scrips with highest PCR on OI were ICICI Bank 2.09, HCC 2.0, Maruti 1.64, Neyvelli lig 1.0 and Kotak Bank 1.0. Among most active underlyings, Tata Steel witnessed an addition of 15.84% in the May month futures contract, followed by RIL which also witnessed an addition of 6.92% of OI in the near month contract. Tata Motors saw an addition of 17.93% in the May month contract. SBI also saw new positions being added to the tune of 17.86% in the May month futures OI. RNRL witnessed an addition of 6.51% for the near month contract. | ||||||
| Bharat Electronics net profit plunges by 64% for the quarter ended March 31, 2010 Posted: 29 Apr 2010 10:30 PM PDT
Bharat Electronics reports results for the quarter & year ended March 31, 2010 The Unaudited results for the Quarter ended March 31, 2010 The Unaudited results for the Year ended March 31, 2010: Bharat Electronics net profit has decreased by 1.62 % to Rs 733.67 crore for the year ended March 31, 2010 as compared to Rs 745.76 crore for the year ended March 31, 2009.While, the total income of the company increased by 15.29% to Rs 5548.91 crore for the year ended March 31, 2010 as compared to Rs 4813.12 crore for the previous year. The Unaudited consolidated results for the Year ended March 31, 2010: The group net profit has decreased by 0.29% to Rs 751.09 crore for the year ended March 31, 2010 as compared to Rs 753.27 crore for the year ended March 31, 2009.While, the total income increased by 15.21 % to Rs 5739.62 crore for the year ended March 31, 2010 as compared to Rs 4981.73 crore for the previous year. | ||||||
| Markets manage a close with modest gains Posted: 29 Apr 2010 10:25 PM PDT The domestic markets managed a positive close on Friday despite some choppiness towards the end of the session. The markets started on a firm note tracking the gains in the global markets as the Greece debt crisis seemed heading towards a conclusive solution and the investors across the globe were trying to concentrate on the domestic issue. Back home the mood at the start was pretty good for the local indices the domestic factors supported the indices to extend their previous day’s gains. The food inflation has declined to 16.61% during the 12 months to April 17 from 17.65% a week ago while the Finance Minister, Pranab Mukherjee, expressed optimism that the general price level in the economy is likely to move southwards in the coming months. Moreover, he expects the Indian economy to grow at 8.5% in the current fiscal and could touch 9% in FY12. Meanwhile it was the remarkable performance of the broader indices that kept the markets firm for the most part of the day, though the large cap stocks too were moving but the broader indices kept buzzing. The result session is in full swing and the day was marked with various earnings report with lots of hit and misses, many infra stocks came with good numbers and led the realty index as the top gainers of the day. Metal index that started firm lost its way in the last and closed with loss. The biggest buzz for the markets was the surge in the PSU Oil marketing companies which rose by 5-7% on the news that government has constituted an empowered group of ministers (EGoM) to deliberate on the recommendations of the Kirit Parikh’s committee on oil sector. The committee had recommended a partial deregulation of fuel prices and the EGoM will now take a final call on the matter. Both the benchmark indices traded in firm but tight range, though they managed to retain their level but lost some weight in the last hours as investors opted to take some profit off the table after two days of gains and ahead of weekend. The broader indices that traded firm for the whole day too lost their way in the second half. Finally, the BSE Sensex advanced 55.24 points or 0.32% to shut shop at 17,558.71 while the S&P CNX Nifty rose 23.85 points or 0.45% to finish at 5278. Market breadth on the BSE was steady throughout the session; there were 1682 shares on the gaining side against 1215 shares on the losing side while 101 shares remained unchanged. The 30-share BSE Sensex touched a high and a low of 17,646.61 and 17,503.47, respectively. The major gainers on the barometer index were Hero Honda up 3.72%, Tata Motors up 3.56%, NTPC up 1.62%, Reliance Infra up 1.15% and Infosys up 1.10%. The major losers on the Sensex were Tata Steel down 2.24%, Wipro down 2.14%, Grasim Industries down 1.36%, Sun Pharma down 1.15% and Hindalco Industries down 1.11%. The BSE Mid-cap and Small-cap indices were up 1% and 0.39% respectively. In the BSE sectoral space the main gainers were Realty up 1.77%, Auto up 1.51%, HC up 1.12%, Consumer Durables (CD) up 1.02% and IT up 0.85%. On the other hand, Metal down 0.41% was the only loser in the BSE sectoral space. Meanwhile, the government, on Thursday, constituted an empowered group of ministers (EGoM) to deliberate on the recommendations of the Kirit Parikh???s committee on oil sector. The committee had recommended a partial deregulation of fuel prices and the EGoM will now take a final call on the matter. The EGoM will be headed by finance minister, Pranab Mukherjee and will include petroleum minister Murli Deora, power minister Sushilkumar Shinde, fertiliser minister MK Alagiri and railway minister Mamata Banerjee. The group is expected to have its first meeting after the current session of Parliament ends on May 7 and the report is expected be submitted within a month after that. The three state-owned oil marketing companies (OMCs) Indian Oil, Bharat Petroleum and Hindustan Petroleum sell the auto and cooking fuels at the prices set by the oil ministry in consultation with the finance ministry and PMO. These prices are usually lower than the cost of production to the companies and they therefore are needed to be compensated. While the subsidy provided in the auto fuels is counterbalanced by discounts from upstream companies in terms of cheaper crude, the subsidy put in cooking fuels, that is, kerosene and LPG is to be paid entirely by the finance ministry, as stated in last fiscal???s budget. The finance ministry had already state last fiscal it would not issue oil bonds and will pay subsidy in cash. After much debate and delays, the finance ministry released Rs 12,000 crore by the as compensation for OMCs against demand of Rs 30,000 crore. It is likely that finance ministry will disburse additional Rs 12,000 crore in the near term. This does not, however, solve the key issue of unsustainable pricing and the EGoM therefore has been mandated to find a lasting resolution in this regard. Mukherjee had said in Parliament while replying to the debate on finance bill that OMCs will incur losses of Rs 85,000 crore in revenues in 2010-11 for selling petroleum products below market cost. Clearly, the issue is monumental and the government now seems to be showing urgency to solve it. One of the options that are on the table is freeing auto fuel prices, asking upstream firms like ONGC to make up for subsidies on LPG and kerosene. However, decontrolling auto fuel prices would mean a hike of around Rs 6 per litre in petrol and Rs 5 per litre in diesel, which cannot be done in one go. As such, even if the EGoM agrees to decontrol prices, it will have to draw a roadmap for phased increase in prices to bring these in parlance with global prices. The 50-share S&P CNX Nifty touched a high and a low of 5294.80 and 5254.20, respectively. BPCL up 5.84%, Hero Honda up 4.17%, Tata Motors up 3.73%, Unitech up 3.02% and NTPC up 2.85% were the top gainers on the Nifty. While Ambuja Cement down 3.18%, Wipro down 2.69%, Tata Steel down 2.16%, ABB down 1.25% and SAIL down 1.08% were the top losers on the index. All Asian markets barring Taiwan Weighted finished in the positive terrain on the last trading day of the week as Wall Street ended on a stronger note on Thursday. The concern over Greece???s problem eased after Greek government has agreed the draft outline of a ???24 billion rescue package, which is expected to include savage cuts in civil service wages and state benefits along with hefty tax increases to cut its deficit, which also supported the upmove. Shanghai Composite was up 2.18 points or 0.08% to 2,870.61, Hang Seng surged 329.67 points or 1.59% to 21,108.59, Jakarta Composite soared 44.39 points or 1.52% to 2,971.25, KLSE Composite rose 10.52 points or 0.79% to 1,346.38, Nikkei 225 gained 132.61 points or 1.21% to 11,057.40, Straits Times advanced 15.60 points or 0.53% to 2,974.61 and Seoul Composite added 13.14 points or 0.76% to 1,741.56. On the flip side, Taiwan Weighted declined 49.80 points or 0.62% to 8,004.25. The European markets were trading mixed on Friday, CAC 40 was trading at 3,827.80, down 12.82 points or 0.33%; DAX 30 was trading at 6,165.68, up 20.77 points or 0.34% and FTSE 100 was up 22.85 points or 0.41% at 5,594.99. | ||||||
| Indian Oil commissions Naphtha Cracker Plant at Panipat Posted: 29 Apr 2010 10:10 PM PDT
PSUs refining and marketing giant, Indian Oil Corporation (IOC), commissioned world scale Naphtha Cracker Plant alongwith downstream polymer units at Panipat, Haryana. The said petrochemical complex comprises Naphtha Cracker unit to produce 857 KTA of polymer grade ethylene and 660 KTA polymer grade propylene, polypropylene unit for production of 600 KTA polypropylene, swing unit of 350 KTA capacity for production of Linear Low Density Poly Ethylene (LLDPE) and High Density Poly Ethylene (HDPE), HDPE unit for production of 300 KTA and MEG unit for production of 300 KTA Mono Ethylene Glycol (MEG). | ||||||
| Corporation Bank raises Rs 550 crore Posted: 29 Apr 2010 09:53 PM PDT Corporation Bank has raised Rs 550 crore through issue of Tier-II Bonds Series (I) (7) and the same allotted on April 29, 2010 to the respective applicants in demat mode and credited to their respective client IDs. The bank is targeting a loan growth of 25% during FY11 and hopes to maintain a net interest margin of 2.55-2.6%. | ||||||
| Asian markets shut shop mostly in the green on Friday Posted: 29 Apr 2010 09:34 PM PDT All Asian markets barring Taiwan Weighted finished in the positive terrain on the last trading day of the week as Wall Street ended on a strong note on Thursday. The concern over Greece???s problem eased after Greek Government has agreed the draft outline of a ???24 billion (??21 billion) rescue package, which is expected to include savage cuts in Civil Service wages and state benefits along with hefty tax increases to cut its deficit, which also supported the upmove. Shanghai Composite was up 2.18 points or 0.08% to 2,870.61, Hang Seng surged 329.67 points or 1.59% to 21,108.59, Jakarta Composite soared 44.39 points or 1.52% to 2,971.25, KLSE Composite rose 10.52 points or 0.79% to 1,346.38, Nikkei 225 gained 132.61 points or 1.21% to 11,057.40, Straits Times advanced 15.60 points or 0.53% to 2,974.61 and Seoul Composite added 13.14 points or 0.76% to 1,741.56. On the flip side, Taiwan Weighted declined 49.80 points or 0.62% to 8,004.25. |
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