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Showing posts with label share market news. Show all posts
Showing posts with label share market news. Show all posts
Monday, December 13, 2010
Sunday, December 12, 2010
Fin Min writes to EPFO on suspension of LIC Hsg Fin invsts
The Finance Ministry has written to the Employees Provident Fund Organisation of India (EPFO) board on the suspension of investments in LIC Housing Financing. The EPFO board had suspended Rs 392 crore worth of investments plan till the inquiry is in progress.
The Finance Ministry asked the EPFO to look at LIC Housing Financing & Parent as a company and not as individual acts. An organisation cannot be discredited on an individual misdemeanour, it said. LIC Housing Financing is AAA Rated and is fully backed by LIC.
The ministry said that all assets in LIC Housing Financing were secure and none impaired.
The Finance Ministry asked the EPFO to look at LIC Housing Financing & Parent as a company and not as individual acts. An organisation cannot be discredited on an individual misdemeanour, it said. LIC Housing Financing is AAA Rated and is fully backed by LIC.
The ministry said that all assets in LIC Housing Financing were secure and none impaired.
TRAI wants 69 telco licences cancelled
The Telecom Regulatory Authority of India (TRAI) has recommended cancelling 69 telecom licences, the government said on Friday, confirming earlier media reports in a case running parallel to an investigation into one of the biggest corruption scandals to hit India this year.
The regulator has recommended cancelling 38 licenses of companies including the Indian joint ventures of Telenor, Sistema and Etisalat's for failing to meet network rollout requirements, the government said.
TRAI wants 69 telco licences cancelled
The TRAI also recommended cancelling 31 other licences "after legal examination," Minister of State for Telecoms Sachin Pilot said in a written reply to a question from an MP.
The TRAI's recommendations are not binding, but the telecoms ministry has said it would send notices to companies that have been named by the regulator, asking them to defend their licences.
The ministry is also sending notices to companies involved in a telecom scam in which firms were allegedly given telecom licenses and spectrum at rock bottom prices, possibly costing the state USD 39 billion in revenue. Many of those companies are accused of being ineligible for the licenses.
The case, which revolves around the sale of telecom licenses at low prices, has led to the resignation of the telecoms minister, and, according to an official audit, has possibly lost the state USD 39 billion in revenue.
It has also frozen the country's parliament for nearly a month as opposition parties have demanded a full parliamentary investigation.
The government has decided to set up a one-man committee of former Supreme Court judge Shivaraj Patil to examine the allocation of licences and spectrum from 2001 to 2009, Telecom Minister Kapil Sibal said on Thursday.
A government auditor said in its recent report that licences were given too cheaply and 85 licence holders were ineligible to get them as they had suppressed facts and submitted false documents.
Sibal said on Thursday his ministry would send notices to all the companies by the end of this week, asking them to explain why their licences should not be cancelled.
He had earlier said there were 119 licencees who have not met rollout requirements.
Telecoms licencees in India are required to cover 90% of the service area in metro cities and 10% of the main town in other parts within the first year.
The cancellation recommendations include 10 licences held by Sistema Shyam Teleservices, eight of Telenor's India joint venture called Uninor, 14 of Loop Telecom, four of Aircel and two of Etisalat DB Telecom.
The 31 licences which the regulator wants cancelled after a legal examination include 13 held by Etisalat DB, 10 of Videocon Telecommunications, six of Loop Telecom and one each of Aircel and Sistema Shyam.
Last month, a source with direct knowledge had told Reuters that the regulator had recommended cancelling 38 licences for not complying with rollout requirements, and to legally examine 31 other licences which had "just met" them.
The regulator has recommended cancelling 38 licenses of companies including the Indian joint ventures of Telenor, Sistema and Etisalat's for failing to meet network rollout requirements, the government said.
TRAI wants 69 telco licences cancelled
The TRAI also recommended cancelling 31 other licences "after legal examination," Minister of State for Telecoms Sachin Pilot said in a written reply to a question from an MP.
The TRAI's recommendations are not binding, but the telecoms ministry has said it would send notices to companies that have been named by the regulator, asking them to defend their licences.
The ministry is also sending notices to companies involved in a telecom scam in which firms were allegedly given telecom licenses and spectrum at rock bottom prices, possibly costing the state USD 39 billion in revenue. Many of those companies are accused of being ineligible for the licenses.
The case, which revolves around the sale of telecom licenses at low prices, has led to the resignation of the telecoms minister, and, according to an official audit, has possibly lost the state USD 39 billion in revenue.
It has also frozen the country's parliament for nearly a month as opposition parties have demanded a full parliamentary investigation.
The government has decided to set up a one-man committee of former Supreme Court judge Shivaraj Patil to examine the allocation of licences and spectrum from 2001 to 2009, Telecom Minister Kapil Sibal said on Thursday.
A government auditor said in its recent report that licences were given too cheaply and 85 licence holders were ineligible to get them as they had suppressed facts and submitted false documents.
Sibal said on Thursday his ministry would send notices to all the companies by the end of this week, asking them to explain why their licences should not be cancelled.
He had earlier said there were 119 licencees who have not met rollout requirements.
Telecoms licencees in India are required to cover 90% of the service area in metro cities and 10% of the main town in other parts within the first year.
The cancellation recommendations include 10 licences held by Sistema Shyam Teleservices, eight of Telenor's India joint venture called Uninor, 14 of Loop Telecom, four of Aircel and two of Etisalat DB Telecom.
The 31 licences which the regulator wants cancelled after a legal examination include 13 held by Etisalat DB, 10 of Videocon Telecommunications, six of Loop Telecom and one each of Aircel and Sistema Shyam.
Last month, a source with direct knowledge had told Reuters that the regulator had recommended cancelling 38 licences for not complying with rollout requirements, and to legally examine 31 other licences which had "just met" them.
Thursday, October 21, 2010
TCS and other results rocks....
* Novartis India Q2 net up 22% to Rs. 40.5 cr
Drug firm Novartis India on Thursday said its net profit rose by 21.98 per cent to Rs. 40.5 crore for the second quarter ended September 30, 2010, over the same period previous fiscal.
* Ambuja Cements net down at Rs. 152 cr
Cement major Ambuja Cements on Thursday said that it has clocked a net sales of Rs. 1,564 crore in the third quarter of the current fiscal, down 2.9 per cent from Rs. 1,611 crore in the year-ago period. Net sales declined on account of lower realisations, the company said.
* McDonald's Q3 net income jumps 10%
McDonald's frappes, smoothies and dollar menu drew in more customers in the third quarter, pushing the world's largest burger chain's net income up 10 per cent.
* TCS tops expectations, profit up at Rs. 2,169 cr
Indian IT major beat the Street’s expectations after it announced a 13.8 per cent quarter-on-quarter rise in its second quarter.
# Output outage pulls down ACC net by 79.2%
# GlaxoSmithKline Q3 net down 3.5%
# Sensex regains 20K in 388-point rebound
# Allahabad Bank Q2 net up 20% on NII growth
# TCS rises over 1% on hopes of strong Q2 numbers
# Ashok Leyland gains 2% on good Q2 numbers
# Kotak Bank consolidated Q2 net up 21%
Drug firm Novartis India on Thursday said its net profit rose by 21.98 per cent to Rs. 40.5 crore for the second quarter ended September 30, 2010, over the same period previous fiscal.
* Ambuja Cements net down at Rs. 152 cr
Cement major Ambuja Cements on Thursday said that it has clocked a net sales of Rs. 1,564 crore in the third quarter of the current fiscal, down 2.9 per cent from Rs. 1,611 crore in the year-ago period. Net sales declined on account of lower realisations, the company said.
* McDonald's Q3 net income jumps 10%
McDonald's frappes, smoothies and dollar menu drew in more customers in the third quarter, pushing the world's largest burger chain's net income up 10 per cent.
* TCS tops expectations, profit up at Rs. 2,169 cr
Indian IT major beat the Street’s expectations after it announced a 13.8 per cent quarter-on-quarter rise in its second quarter.
# Output outage pulls down ACC net by 79.2%
# GlaxoSmithKline Q3 net down 3.5%
# Sensex regains 20K in 388-point rebound
# Allahabad Bank Q2 net up 20% on NII growth
# TCS rises over 1% on hopes of strong Q2 numbers
# Ashok Leyland gains 2% on good Q2 numbers
# Kotak Bank consolidated Q2 net up 21%
Wednesday, October 20, 2010
Good Results so far...
* Kotak Bank consolidated Q2 net up 21%
Private sector lender Kotak Mahindra Bank (KMB) on Wednesday reported a21 per cent jump in consolidated net profit to Rs. 364 crore for the quarter ended September, helped by a healthy rise in advances. The lender's net profit stood at Rs. 299.77 crore in the second quarter of the last fiscal.
* Hindustan Zinc Q2 net up 1.47% on high demand
Vedanta Group firm Hindustan Zinc on Wednesday posted 1.47 rise in profit at Rs. 948.72 crore for the second quarter of the current fiscal, as against the year-ago period, on improved demand and rising prices. Hindustan Zinc had a net profit of Rs. 934.95 crore in the same quarter last fiscal.
* YES Bank Q2 profit soars 58% to Rs. 176cr
* Canara Bank net up 11% to Rs. 1,008 cr
* Nifty slips below 6000, metals lose lustre
* Yahoo profit rises, but revenue is flat
* Flush with cash, will Apple go shopping?
* Bajaj Q2 PAT grows 69% to Rs. 682 cr
* Goldman Sachs tops forecasts, earns $1.74 bn
* Cadila Healthcare Q2 net up 30% to Rs. 170 cr
* Alembic Q2 net up 63% to Rs. 21 cr
* HDFC Bank Q2 net up 33% at Rs. 912 cr
* BankAm posts $7.7 billion loss on special charge
* Coca-Cola Q3 net income up 8.4%
* Bajaj Auto Q2 net profit soars 69%
* Sensex gathers steam as ICICI Bank, RIL rise
* Cadila Healthcare Q2 net up 29.5%
* Sesa Goa rises 2% after good Q2 numbers
Private sector lender Kotak Mahindra Bank (KMB) on Wednesday reported a21 per cent jump in consolidated net profit to Rs. 364 crore for the quarter ended September, helped by a healthy rise in advances. The lender's net profit stood at Rs. 299.77 crore in the second quarter of the last fiscal.
* Hindustan Zinc Q2 net up 1.47% on high demand
Vedanta Group firm Hindustan Zinc on Wednesday posted 1.47 rise in profit at Rs. 948.72 crore for the second quarter of the current fiscal, as against the year-ago period, on improved demand and rising prices. Hindustan Zinc had a net profit of Rs. 934.95 crore in the same quarter last fiscal.
* YES Bank Q2 profit soars 58% to Rs. 176cr
* Canara Bank net up 11% to Rs. 1,008 cr
* Nifty slips below 6000, metals lose lustre
* Yahoo profit rises, but revenue is flat
* Flush with cash, will Apple go shopping?
* Bajaj Q2 PAT grows 69% to Rs. 682 cr
* Goldman Sachs tops forecasts, earns $1.74 bn
* Cadila Healthcare Q2 net up 30% to Rs. 170 cr
* Alembic Q2 net up 63% to Rs. 21 cr
* HDFC Bank Q2 net up 33% at Rs. 912 cr
* BankAm posts $7.7 billion loss on special charge
* Coca-Cola Q3 net income up 8.4%
* Bajaj Auto Q2 net profit soars 69%
* Sensex gathers steam as ICICI Bank, RIL rise
* Cadila Healthcare Q2 net up 29.5%
* Sesa Goa rises 2% after good Q2 numbers
Monday, October 18, 2010
Bajaj Finance Q2 PAT up 143% at 52.8 crore
Buoyed by a strong volume growth in consumer and SME business lines, Bajaj Finance Ltd reported a 143 per cent jump in its PAT for the second quarter ending September 30, 2010, at Rs. 52.8 crore as against Rs. 21.69 crore in the year-ago period.
Total income surged 49 per cent at Rs. 326.4 crore from Rs. 219.7 crore in the year-ago period, according to a company statemnet.
Deployments to the consumer durables witnessed a 58 per cent increase during the quarter at Rs. 401 crore as against Rs. 211 crore in the year-ago period while small and medium enterprise business lines saw a 71 per cent jump in deployments at Rs. 251 crore as against Rs. 157 crore in the year-ago period.
In two-wheelers, the company's deployment stood at Rs. 472 crore in during the second quarter as against Rs. 312 crore in the year-ago period, up 74 per cent.
The company's customer-base increased from 1,93,075 to 3,17,398 while total deployment rose 112 per cent to Rs. 2,128 crore from Rs. 1,003 crore in the year-ago period.
Loan loss and provisions were Rs. 61.5 crore (including Rs. 19.4 crore of one-time accelerated provision in Q2FY11 as against Rs. 58.5 crore in the correponding period of the previous fiscal. Adjusted for this accelerated provision, loan loss and provisions would have been Rs. 42.1 crore.
The company's capital adequacy ratio, including tier-II capital and excluding current year's profits stood at 21 per cent.
The company's NPA provision coverage ratio as at September 2010 stood at 75 per cent.
Total income surged 49 per cent at Rs. 326.4 crore from Rs. 219.7 crore in the year-ago period, according to a company statemnet.
Deployments to the consumer durables witnessed a 58 per cent increase during the quarter at Rs. 401 crore as against Rs. 211 crore in the year-ago period while small and medium enterprise business lines saw a 71 per cent jump in deployments at Rs. 251 crore as against Rs. 157 crore in the year-ago period.
In two-wheelers, the company's deployment stood at Rs. 472 crore in during the second quarter as against Rs. 312 crore in the year-ago period, up 74 per cent.
The company's customer-base increased from 1,93,075 to 3,17,398 while total deployment rose 112 per cent to Rs. 2,128 crore from Rs. 1,003 crore in the year-ago period.
Loan loss and provisions were Rs. 61.5 crore (including Rs. 19.4 crore of one-time accelerated provision in Q2FY11 as against Rs. 58.5 crore in the correponding period of the previous fiscal. Adjusted for this accelerated provision, loan loss and provisions would have been Rs. 42.1 crore.
The company's capital adequacy ratio, including tier-II capital and excluding current year's profits stood at 21 per cent.
The company's NPA provision coverage ratio as at September 2010 stood at 75 per cent.
Thursday, October 14, 2010
GDP to grow by 9.2% in 2010-11: CMIE
The Indian economy is expected to grow by 9.2 percent in 2010-11 following impressive growth in the manufacturing and services sectors, Centre for Monitoring Indian Economy (CMIE) said here.
"We maintain that the Indian economy will grow by 9.2 percent in 2010-11, as we expect impressive growth in the manufacturing and services sectors as well," CMIE said in a statement.
The Index of Industrial Production (IIP) dropped dramatically to 5.6 percent in August, after growing by 13.8 percent in July. It had recorded a growth of 11.2 percent in the June quarter, but we believe that the growth was much higher than 11.2 percent, CMIE said.
This is because sales revenues of the manufacturing companies rose by 23.8 percent, while the rate of inflation in manufactured products (including petroleum products) was 8.2 percent, implying that sales volumes grew by about 14.4 percent.
The IIP has a very old base year (1993-94), outdated weights and a fixed frame of products and companies, and had miscalculated industrial growth for the preceding two years (2008-09 and 2009-10) as well. It is therefore imperative that the index is corrected at the earliest to enable meaningful analysis, CMIE said.
In August, the rate of inflation touched a six-month low of 8.5 percent. It was calculated as per the new series released on 14 September with 2004-05 as the base year. A moderation in the prices of primary food articles, manufactured food products and paper & paper products helped keep inflation in check.
We expect WPI-based inflation to moderate to 7.9 percent in 2010-11, as compared to our earlier projection of 8.5 percent based on the old series, it said.
CMIE expects that the agricultural production to grow by 7.2 percent pc in 2010-11.
The withdrawal of the southwest monsoon has been delayed this year, and the plentiful rain across large parts of the country has encouraged farmers to bring more land under cultivation.
As of October 7, kharif sowing was completed across 1,022 lakh hectares, which was 64 lakh hectares more than the acreage reported in the corresponding period of 2009.
Cumulative rainfall for the season (June-September) is 102 percent of the long period average, according to the India Meteorological Department's end-of-season report.
Agricultural production is therefore expected to grow by a healthy 7.2 percent in 2010-11, after recording a 6.6 percent decline in the preceding fiscal, CMIE said.
"We maintain that the Indian economy will grow by 9.2 percent in 2010-11, as we expect impressive growth in the manufacturing and services sectors as well," CMIE said in a statement.
The Index of Industrial Production (IIP) dropped dramatically to 5.6 percent in August, after growing by 13.8 percent in July. It had recorded a growth of 11.2 percent in the June quarter, but we believe that the growth was much higher than 11.2 percent, CMIE said.
This is because sales revenues of the manufacturing companies rose by 23.8 percent, while the rate of inflation in manufactured products (including petroleum products) was 8.2 percent, implying that sales volumes grew by about 14.4 percent.
The IIP has a very old base year (1993-94), outdated weights and a fixed frame of products and companies, and had miscalculated industrial growth for the preceding two years (2008-09 and 2009-10) as well. It is therefore imperative that the index is corrected at the earliest to enable meaningful analysis, CMIE said.
In August, the rate of inflation touched a six-month low of 8.5 percent. It was calculated as per the new series released on 14 September with 2004-05 as the base year. A moderation in the prices of primary food articles, manufactured food products and paper & paper products helped keep inflation in check.
We expect WPI-based inflation to moderate to 7.9 percent in 2010-11, as compared to our earlier projection of 8.5 percent based on the old series, it said.
CMIE expects that the agricultural production to grow by 7.2 percent pc in 2010-11.
The withdrawal of the southwest monsoon has been delayed this year, and the plentiful rain across large parts of the country has encouraged farmers to bring more land under cultivation.
As of October 7, kharif sowing was completed across 1,022 lakh hectares, which was 64 lakh hectares more than the acreage reported in the corresponding period of 2009.
Cumulative rainfall for the season (June-September) is 102 percent of the long period average, according to the India Meteorological Department's end-of-season report.
Agricultural production is therefore expected to grow by a healthy 7.2 percent in 2010-11, after recording a 6.6 percent decline in the preceding fiscal, CMIE said.
Tuesday, October 12, 2010
Coal India issue price band set at Rs 225-245
The price band for Coal India’s initial public offering (IPO) will be between Rs 225 and Rs 245 apiece, coal minister, Sriprakash Jaiswal said on Tuesday.The company will offer 5% discount to the issue price to its employees and retail investors.
The government will put on block 631.64 million shares, of which 63.16 million shares will be reserved for employees. At the higher end of the price band, the company will mop around Rs 15,500 crore, making it the largest ever IPO in the Indian capital market history. So far, the biggest IPO to hit the Indian capital market is Reliance Power, which raised Rs 11,563 crore in January 2008.
The IPO will be open between October 18 and October 21. It will close a day earlier for the qualified institutional buyers (QIBs).
At this price band, the issue price is at a discount to its global peers. The company price-to-earnings multiple based on its FY10 EPS works to 15.73 times at the upper end of the price band, while it is 17.65 for China Shenhua, and 31 for Peabody Energy, USA’s leading coal producer, based on its December 2009 earnings. On listing, Coal India could become the second most valuable coal producing company with a market capitalisation of $35 billion compared with $84.7 billion for China Shenhua, as per Bloomberg data.
The issue comprises 10% of the post-offer paid-up share capital of the company. About 50% of the issue will be allotted to QIBs on a proportionate basis, 15% to non-institutional bidders or high net worth individuals (HNIs) and the rest to retail individual bidders.
The government may allocate up to 30% of the QIB portion to anchor investors, of which at least a third will be reserved for domestic mutual funds. Citigroup, Deutsche Bank, Bank of America, Enam Securities, Kotak Mahindra and Morgan Stanley will manage the IPO. Three rating agency, Crisil, Icra and CARE, have assigned the highest grade of 5/5 to the IPO, indicating strong fundamentals.
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