Money Matters

HDFC PROPOSES STOCK SPLIT, LOAN BOOK HEALTHY AND GROWING

2010-05-05T08:31:00.000-07:00

HDFC - THE CONSISTENT WEALTH CREATOR

This Post is after the May,3rd Post on this Blog on HDFC Results Review - and contains the Gist of the Board of Directors meeting APPROVALS / RECOMMENDATIONS dated 3rd,May,2010 . It would assist us in evaluating the company's further plans for stock split etc.

The facts coming out herein point out to the huge scope for unlocking value in the company and its subsidiaries.

Incidentally, HDFC has been rated as the country's most consistent wealth creator during the last 5 years - in an exhaustive study by MOTILAL OSWAL.

In my opinion, it will be consistent in wealth creation - in future also.

Its board has approved stock split from Rs.10 to Rs.2 (as can be seen in the details below) and is looking at ways of unlocking the huge hidden value in its subsidiaries for the benefit of Investors.

Most analysts tend to ignore this hidden value in its subsidiaries and even the consolidated EPS is often not taken into account - while evaluating the market price.

While subsidiaries may be a drag on some other companies, not so for HDFC. They are performing well and adding value significantly.

HDFC Investors will continue to reap rich rewards in future - looking at how it is raising its capital requirements and expanding its loan Book.The portions underlined are especially important for looking at the future of HDFC (FY11 and so on)

Now, read on - what the HDFC Board approves and proposes :

FINANCIAL RESULTS

Financials for the year ended March 31, 2010

For the year ended March 31, 2010, HDFC’s profit before tax stood at Rs. 3,915.99 crores as compared to Rs. 3,219.04 crores for the previous year – an increase of 22%. After providing Rs. 1,089.50 crores for taxes, the profit after tax for the year ended March 31, 2010 increased by 24% to Rs. 2,826.49 crores as compared with Rs. 2,282.54 crores in the previous year.

The Board of Directors recommend payment of dividend for the year ended March 31, 2010 of Rs. 36 per equity share as against Rs. 30 per equity share in the previous year.

Financials for the quarter ended March 31, 2010

For the quarter ended March 31, 2010, HDFC’s profit before tax stood at Rs. 1,265.88 crores as against Rs. 1,027.62 crores in the corresponding quarter of the previous year – an increase of 23%. After providing Rs. 339.50 crores for taxes, the profit after tax for the quarter ended March 31, 2010 increased by 26% to Rs. 926.38 crores as against Rs. 733.37 crores in the corresponding quarter last year.

**SUB-DIVISION OF SHARES**

With the objective of increasing retail participation in the equity shares of the Corporation and considering the requests received from several individual shareholders, the Board approved a proposal to sub-divide the face value of the equity shares of the Corporation from Rs. 10 per share to Rs. 2 per share. The proposal is subject to the approval of shareholders.

TOTAL ASSETS

During the year, total assets of the Corporation increased to Rs. 1,11,763 crores compared with Rs. 96,994 crores in the previous year, an increase of 15%.

Loan Book

As at March 31, 2010, the loan book stood at Rs. 97,967 crores as against Rs. 85,198 crores in the previous year – an increase of 15%. During the year, the Corporation sold loans amounting to Rs. 5,755 crores. Together with these loans, the growth in the loan book would have been higher at 22%.

The spread on loans over the cost of borrowings for the year stood at 2.31% as against 2.21% in the previous year.

Investments

As at March 31, 2010, the unrealised gains on HDFC’s listed investments amounted to Rs. 16,668 crores (previous year Rs. 10,236). This excludes the appreciation in the value of the unlisted investments.

LENDING OPERATIONS

Approvals and Disbursements

Loan approvals during the year were Rs. 60,611 crores as compared to Rs. 49,166 crores in the previous year, representing a growth of 23%. Loan disbursements during the year were Rs. 50,413 crores as against Rs. 39,650 crores in the previous year, representing a growth of 27%.

During the year, individual loan approvals and disbursements grew by 53% and 31% respectively.

Cumulative loan approvals and disbursements as at March 31, 2010 were Rs. 2,98,061 crores and Rs. 2,42,219 crores respectively.

Non-Performing Loans

Despite the financial turbulence during part of the year under review, the recovery performance of the Corporation continued to be very good. Gross non-performing loans as at March 31, 2010 amounted to Rs. 782.85 crores. This is equivalent to 0.79% of the portfolio (as against 0.81% in the previous year) comprising loans as well as debentures issued by corporates and corporate deposits placed for financing their real estate projects. This is the twenty-first consecutive quarter end at which the non-performing loans have been lower than the corresponding quarter in the previous year.

Based on a six months overdue basis, the non-performing loans as at March 31, 2010 stood at 0.53% of the loan portfolio as against 0.56% in the previous year.

In terms of the prudential norms as stipulated by NHB, the Corporation is required to carry a provision of Rs. 325.29 crores in respect of non-performing assets and general provision on outstanding standard non-housing loans.

The balance in the provision for contingencies account as at March 31, 2010 stood at Rs. 655.57 crores, which is equivalent to 0.66% of the portfolio. The Corporation’s net non-performing loans stood at 0.13%.

RESOURCES

As at March 31, 2010, outstanding deposits stood at Rs. 23,081 crores as against Rs. 19,375 crores on the corresponding date last year, registering a growth of 19%. During the year, deposits accounted for 29% of the incremental borrowing of the Corporation. CRISIL and ICRA have for the fifteenth consecutive year reaffirmed "AAA" rating for HDFC’s deposits.

During the year, loans drawn from commercial banks, financial institutions and the National Housing Bank amounted to Rs. 27,633 crores.

During the year, HDFC availed foreign currency loans of USD 175 million under the Short-term Foreign Currency Borrowings by Housing Finance Companies for a period of three years.

HDFC raised Rs. 7,400 crores through private placement of non-convertible debentures (NCDs) during the year under review. The NCDs were "AAA" rated by both CRISIL and ICRA. During the year, HDFC also raised Rs. 4,301 crores through the first ever issue of Warrants simultaneously with NCDs to Qualified Institutional Buyers on a Qualified Institutions Placement basis and Rs. 500 crores through the issue of long-term Unsecured Redeemable Non-Convertible Subordinated Debentures.

CAPITAL ADEQUACY RATIO

HDFC’s capital adequacy ratio stood at 14.6% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital adequacy was 12.8% against a minimum requirement of 6%.

COST INCOME RATIO

For the year ended March 31, 2010, the cost to income ratio stood at 7.9% as compared to 8.8% in the previous year.

REVIEW OF KEY SUBSIDIARY COMPANIES

HDFC Standard Life Insurance Company Limited (HDFC-SL)

Gross premium income of HDFC-SL for the year ended March 31, 2010 stood at Rs. 7,005 crores as compared to Rs. 5,565 crores in the previous year a growth of 26%. The sum assured inforce for the current year was Rs. 72,610 crores as compared to Rs. 57,158 crores in the previous year.

HDFC Asset Management Company Limited (HDFC-AMC)

As at March 31, 2010, HDFC-AMC managed 33 debt and equity oriented schemes of HDFC Mutual Fund. During the year, the average assets under management was Rs. 1,00,898 crores (which is inclusive of average assets under discretionary portfolio management/advisory services).

For the year ended March 31, 2010, HDFC-AMC reported a profit after tax of Rs. 208.37 crores as against Rs. 129.11 crores in the previous year.

HDFC ERGO General Insurance Company Limited (HDFC-ERGO)

HDFC-ERGO offers a complete range of insurance products like motor, health, travel, home and personal accident in retail segment and customised products like property, marine and liability insurance in the corporate segment.

HDFC-ERGO recorded a growth of 168% during the year, with a Gross Written Premium (including cessions from the motor pool) of Rs. 1,004 crores as against Rs. 374 crores in the previous year.

DISTRIBUTION NETWORK

HDFC’s distribution network spans 279 outlets which include 65 offices of HDFC’s distribution company, HDFC Sales Private Limited (HSPL). In addition, HDFC covers over 90 locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank Limited and a few third party direct selling associates.

To cater to non-resident Indians, HDFC has an office in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi, Al Khobar, Jeddah and Riyadh in Saudi Arabia.

PRICE EARNINGS RATIO (INVESTOR EDUCATION SERIES -1)

2010-05-04T13:59:00.001-07:00

PRICE EARNINGS RATIO

(INVESTOR EDUCATION SERIES -1)

The one problem that investors face all the time,in the market, is - how he or she can select a good, growth stock at a reasonable price so that the stock gives him good capital appreciation and / or dividend income.

In this Investor education series, I will attempt to place before you the current thinking and the views of successful investors on these aspects. Readers, as always, are free to offer their valuable comments, suggestions, corrections etc which will be gratefully taken note of.

One of the most important ratios that can enable Investors to make their investment decisions is the PE ratio, or, the Price Earnings ratio.

It is calculated as :-

(Market value or price per share) divided by (Earnings Per share).

Market value or price differs from moment to moment when market is open, so, usually, the END OF THE DAY price is taken. For calculating P/E Ratio for the year end, the Price in the market at the close of the last day of the year can be taken as guidance. However, if this price was too much of a speculative nature and was either too low or too high from the normal, average price, we may even take the average price of the day. The intention is – it should represent a fair market perception of the value of the stock on the day. Market value goes on differing from moment to moment and from day to day, based on demand and supply and other market related factors. This upward or downward moment of the price necessitates constant review of the PE Ratio.

Earnings per share is usually taken as the immediately preceding Financial Year’s Earnings per share. This is usually available in the auditor-certified annual accounts and can be adopted for day-to-day calculation in the year which follows, with reference to the immediately preceding Balance sheet and accounts..

CALCULATION

Let us consider the example of HDFC company. Let us assume that all figures taken herein are arbitrary, purely for understanding the concept of PE Ratio – though, some of the actual figures of the company may also have been taken herein.

The Face value per share of the company is Rs.10.

The Basic EPS (cumulative, consolidated)for the FY 2010 is Rs.113.33 and Rs.81.09 for the FY 2009.

Let us assume that the share was quoting at Rs.2650 before announcement of the FY 2010 results and there was no way for the market to forecast the likely EPS of FY2010, whether upward or downward.

So, market has assigned a price of Rs.2650 for HDFC share.

On the basis of the price of Rs.2650 per share and the known EPS for FY 2009 of Rs.81.09, the PE Ratio can be calculated as : Price Of 2650 / EPS of 81.09 = PE Ratio of 32.68.

On announcement of the results, we find the EPS has actually gone up to 113.33 in FY2010.

Let us say, the share price has immediately risen from 2650 to around 2800 in a few trading sessions based on the improved EPS / results.

Today, PE Ratio is (Price 2800 / EPS 113.33) = PE 24.71. It is no more equal to the old PE Ratio of 32.68.

Some questions arise now and need answer.

(1)Why did the market give a huge price of Rs.2650 when the EPS known was only 81.09, which made it a high priced share at a PE ratio of 32.68? One explanation is – market really had made some guesswork of the better performance of the company and the likelihood of much better results. So, the higher price earning ratio was given.

(2)Why did it not give Rs.2800 price before results were declared? It is simply because; market is unaware of the exact level of progress in EPS that the company has made in the year.

(3)After declaration of results indicating an EPS of 113.33, why did the Price not rise to a level where PE ratio will again equal 32.68. In the market’s perception, PE ratio of 24 to 25 may be more valid at this date. In Fact, the EPS of 113.33 was very much there even before declaration of results but was just not known to market or hidden from the market’s eye. It was left to the guess work of the market. Hence, market price was hovering round Rs.2650. Once the correct annual EPS was known, the price raced up to Rs.2800 to adjust the price earning ratio to around 24 – 25.

(4)Will it ever reach a PE multiple of 32 again? It may. For that let us take a look at the last quarter’s EPS, instead of the full year’s EPS. The last quarter (OCT-DEC 2009) EPS was 32.24, up from Rs.23.47 in the previous quarter. The trend in last 4 quarters of FY 2009 was a rising EPS on the back of rising sales income. Now, even if the same 4^th quarterly EPS is repeated without increase in all 4 quarters of FY 2010, current year EPS will be around 128.96 (or, 32.24 x 4).This is more or less certain. Now, let us given the PE multiple of 24 only, to this EPS estimated by us for the full FY2010 year.

(5)That is , EPS 128.96 x PE 24 = PRICE 3095.04. This is the likely price which HDFC can touch during the Current FY2011.

(6)But, the EPS known to day is only 113.33. The EPS estimated by us is 128.96. A price of 3095 means PE multiple of 27.31 (3095/113.33).

(7) The above estimate is a little imperfect. Suppose, 2 quarters down the line, we find that the EPS for the 1^st 2 qtrs was not 32.24 each , but 36 and 44, we will again need to recalculate the EPS for the full year at (36+44) x 2 half years =176. This again gives rise to higher price in the market. i.e., EPS 176 x PE 24 = 4224.

(8)So, while EPS known is always a trailing EPS, as per audited accounts, Market price depends not only on past EPS but also expectation of future earnings.

(9)There is no particular reason why we are adopting the P/E ratio of 24. For high growth companies, a PE of 24 or even higher is seen in the Indian context, especially when market is in growth phase. When market is in down trend, even a PE ratio of 12 may be reached. We also find such ratios in American and other markets.

(10) We have talked of a high growth, successful company in the above example.

(11) But, there are low growth Industries and low growth companies. Low growth Industries command lower PE ratios. Likewise, Low growth companies command lower PE ratios.

(12) There are some High growth companies in Low growth Industries, whose P/E ratio may be more than the other companies in the Industry but still may not be equal to High growth Industries.

(13) Like wise Low growth companies in High growth Industries some times command higher valuations – due to the general perception of the Industry, but still, it will be less than the High growth companies in the same Industry.

(14) There are low growth companies in Low growth Industries. Evidently, they command the least valuations or PE ratios.

(15) What other factors affect PE ratios? Perception about the quality of the Management, Government patronage, customer patronage, product quality, scientific advancements affecting the products of the company, court cases pending against the company – and so many other factors can affect the PE ratio of the company.

(16) Bring in a reputed CEO. Market assigns a higher PE ratio to that company instantly.

(17) Currently, Reliance PE ratio may be lower than market perception – due to the court case.

(18)TCS and INFOSYS PE ratio may have become lower due to dollar-rupee exchange fluctuations.

(19)Let us also face the fact- PE ratio by itself does not tell the whole story. The PE ratio may be lower due to lack of knowledge of the market about the real strength of the market. All markets are imperfect. There are always communication Gaps.

(20)That is why – many investors hunt for GEMS among the low PE companies. When you find one – you may have to wait till market discovers it – which will happen sooner or later. But the early discoverer will become a sudden, huge beneficiary. We may discover such GEMS – among what are called PENNY STOCKS. They are of course risky. Only a highly experienced analyst, with good knowledge of the industry and all factors connected with the company - can spot a real GEM among penny stocks.

(21)There are many other factors connected with PE ratios, which will be discussed in some future Blog Posts.

(22)Readers are invited to offer comments, ideas, criticism or corrections – which will be gratefully taken note of.

GLENMARK RACING AHEAD WITH APPROVALS /LICENCING ACTIVITIES

2010-05-04T06:12:00.001-07:00

Glenmark Pharmaceuticals Limited

RACING AHEAD OF MANY COMPETITORS

As of this moment, Glenmark is yet to declare its 4th quarter and annual results for FY10. However, in recent past, Glenmark has been securing several approvals for marketing /licensing several generics / drugs etc in various countries. These are being noticed by market with interest.

These point to a bright future for Glenmark in the days to come.

In the last 3 quarters, its Basic EPS on a face value of Rs.1 has been 5.25 for HY/E Sep 09 and 3.42 for q/e Dec 09 on consolidated basis.

Glenmark may very well improve on this in each succeeding quarter hereafter - judging from the progress it is making in securing various approvals in various countries and in marketing and Licesning activities.

SOME RELEVANT ANNOUNCEMENT MADE BY GLENMARK TO EXCHANGE

4-05-2010 : Glenmark Pharmaceuticals Limited has informed the Exchange regarding a press release dated May 04, 2010, titled "Glenmark Generics enters into an exclusive licensing agreement with Par Pharmaceuticals, USA to market Ezetimibe".

03-05-2010 Glenmark Pharmaceuticals Limited has informed the Exchange regarding a press release dated May 03, 2010, titled "Sanofi-Aventis and Glenmark Pharmaceuticals Sign License Agreement - Development of Novel Agents to treat Chronic Pain".

29-04-2010 Glenmark Pharmaceuticals Limited has informed the Exchange regarding a press release dated April 29, 2010, titled "Glenmark launches Prasugrel for the first time in India". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

26-04-2010 Glenmark Pharmaceuticals Limited has informed the Exchange regarding a press release dated April 26, 2010, titled "Glenmark Generics receives USFDA approval for Norethindrone tablets". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

12-04-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated April 12, 2010, titled "Glenmark Generics announces the settlement of Paragraph IV litigation with GSK". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

07-04-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated April 07, 2010, titled "Glenmark Generics receives UK-MA approval for Ropinirole film-coated tablets and to distribute Lercanidipine Hydrochloride film-coated tablets". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

01-04-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated April 01, 2010, titled "Glenmark Generics receives approval from USFDA for Moexipril Hydrochloride Tablets". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

31-03-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated March 31, 2010, titled "Glenmark Generics announced New Drug Applications for Oxycodone Hydrochloride Capsules and Liquid Solution". A copy of the press release shall be available on the NSE website http://www.nseindia.com) under: Corporates > Latest announcements and on the Extranet Server (/Common/Corporate Announcements).

26-03-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated March 26, 2010, titled "Glenmark Generics receives approval from the USFDA for Calcipotriene Ointment". A copy of the press release shall be available on the NSE website http://www.nseindia.com) under: Corporates > Latest announcements and on the Extranet Server (/Common/Corporate Announcements)

18-03-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated March 18, 2010, titled " Glenmark Generics receives approval from the USFDA for Moexipril Hydrochloride Tablets". A copy of the press release shall be available on the NSE website http://www.nseindia.com) under: Corporates > Latest announcements and on the Extranet Server (/Common/Corporate Announcements).

02-03-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release vide its letter dated March 02, 2010, titled " Glenmark Generics receives approval from the USFDA for Ropinirole Hydrochloride Tablets". A copy of the press release shall be available on the NSE website http://www.nseindia.com) under: Corporates > Latest announcements and on the Extranet Server (/Common/Corporate Announcements).

29-01-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2009 as follows: Net Sales of Rs. 27691.66 lacs for quarter ending on 31-DEC-2009 against Rs. 24430.62 lacs for the quarter ending on 31-DEC-2008. Net Profit / (Loss) of Rs. 3748.51 lacs for the quarter ending on 31-DEC-2009 against Rs. 3691.96 lacs for the quarter ending on 31-DEC-2008.

29-01-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding the consolidated Results for the quarter ended on 31-DEC-2009 as follows: Net Sales of Rs. 64168.46 lacs for quarter ending on 31-DEC-2009 against Rs. 58138.94 lacs for the quarter ending on 31-DEC-2008. Net Profit / (Loss) of Rs. 9407.36 lacs for the quarter ending on 31-DEC-2009 against Rs. 8143.19 lacs for the quarter ending on 31-DEC-2008.

29-01-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated January 29, 2010, titled "Glenmark's consolidated revenue increases by 10% to Rs. 6416.85 Mn for Q3-FY'10. Consolidated Net Profit increases by 15.5% at Rs.940.73 million". The Company has further submitted to the Exchange a copy of the Management Discussion and Analysis for the Third quarter of the Financial Year 2009-10 ended December 31, 2009. The copies of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

22-01-2010 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated January 22, 2010, titled "Glenmark Generics Ltd granted tentative approval by US-FDA for Trandolapril and Verapamil Hydrochloride extended-release tablets". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

24-12-2009 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated December 24, 2009, titled "Glenmark Generics Ltd receives Tentative Approval from USFDA for Pramipexole Dihydrochloride tablets and Atomoxetine Hydrochloride capsules". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

16-12-2009 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated December 16, 2009, titled "Glenmark in-licenses its first product from Stratpharma AG, Switzerland for scar management therapy in India". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

16-11-2009 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated November 16, 2009, titled "Glenmark Pharmaceuticals outlicenses a specialty pharmaceutical product to medicis pharmaceutical for the North America Region". A copy of the press release shall be available on the NSE website

16-11-2009 Glenmark Pharmaceuticals Ltd. has informed the Exchange regarding a press release dated November 14, 2009, titled "Glenmark Generics receives ANDA approval from US-FDA for Ciclopirox Olamine Cream". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

SOME RECENT NEWS ABOUT GLENMARK

DT 04.05.2010

Glenmark Pharmaceuticals S.A (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals Limited India (GPL), announced today that it has entered into an agreement with Sanofi-aventis (EURONEXT: SAN and NYSE: SNY) to grant Sanofi-Aventis a license for the development and commercialization of novel agents to treat chronic pain.

Under the terms of the agreement, Glenmark will receive an upfront payment of US $ 20 million, as well as development, regulatory and commercial milestone payments. All such payments could reach a total of U.S. $ 325 million.

In addition, Glenmark is eligible to receive tiered double-digit royalties on sales of products commercialized under the license.

Sanofi-aventis will have exclusive marketing rights for North America, European Union and Japan subject to Glenmark's right to co-promote the products in the United States and five Eastern European countries. Sanofi- aventis will also have co-marketing rights in 10 other countries including Brazil, Russia, and China, whereas Glenmark will retain exclusive rights in India and other countries of the rest of the world.

“There continues to be a medical need for safer and more efficacious products for the treatment of painful diabetic neurophathy and osteoarthritis pain,” said Marc Cluzel, M.D., Executive Vice President, Research & Development, sanofi-aventis. “GRC 15300 and its associated program brings an innovative approach to sanofi-aventis’ pain portfolio. We are very pleased to collaborate with Glenmark Pharmaceuticals on the development of this new programme, which we believe may have promise to address a significant gap in treating chronic pain.”

According to Glenn Saldanha MD and CEO of GPL, “This agreement continues to

demonstrate Glenmark’s world class innovative R&D and validates Glenmark’s leadership in the Indian drug discovery arena. We have made excellent progress with our TRPV3 program at Glenmark and are very excited to be joining our efforts with those of sanofiaventis, a world class research driven global pharmaceutical company.”

NEWS DT 29TH APRIL 2010

Glenmark launches Prasugrel for the first time in India

• A revolutionary new antiplatelet drug for the management of Acute

Coronary Syndrome with PCI

• Estimated market size at Rs. 300 crores

NEWS DT 26-04-2010

Glenmark Generics receives USFDA approval for Norethindrone tablets

• This is the first approval for an Indian company in the USD 4.5 billion dollar oral contraceptive segment

• The product will be marketed under the brand name Heather®:

NOTE : Many Indian pharma companies are securing such approvals and quickly marketing / licensing the marketing of their generics / drugs in many financially lucrative markets. Glenmark appears to have stepped up SPEED. Looks like, it is likely to race ahead of many companies.

TTK PRESTIGE PERFORMS WELL IN FY 10

2010-05-04T02:28:00.000-07:00

TTK PRESTIGE

RESULTS FY 09 WITH FY 10

Review

Net sales has gone from Rs.40128 lakhs in FY 09 to Rs.50794 lakhs in FY 10, an increase of Rs.10666 lakhs, or 26.58 percent increase.

Net profit has gone up from Rs.2238 lakhs to Rs.5244 lakhs, an increase of Rs.3006 lakhs or 134.32 percent over last year.

Basic EPS has increased from Rs.19.77 to Rs.42.98 on a face value of Rs.10.

On the current price of about Rs.617, the P/E works out to 14.36 which leaves scope for appreciation.

The company has increased the dividend from 50 percent in FY 09 to 100 percent in FY 10.

NOTE : Readers are invited to offer their opinions, suggestions,corrections,if any, etc and the same will be gratefully taken note of.

Results- Numbers

Description 2008-09(Rs. in lakhs) 2009-10(Rs. in lakhs)

Net Sales :: 40128 :: 50794

Increase/Decrease in SIT and WIP :: 371 :: -488

Consumption of Raw Materials :: 11901 :: 12429

Purchase of traded goods :: 9873 :: 14522

Employees Cost :: 3144 :: 3934

Depreciation :: 348 :: 359

Other Expenditure :: 11076 :: 12895

Total Expenditure :: 36713 :: 43651

Other Income :: 50 :: 114

Interest :: 565 :: 114

Tax Expense :: 662 :: 2278

Extraordinary Items :: - :: -379

Net Profit :: 2238 :: 5244

Dividend (%) :: 50 ::100

Face Value (in Rs.):: 10 ::10

Paid-up Equity :: 1132 ::1132

Reserves :: 7117 :: -

Basic EPS :: 19.77 ::42.98

Diluted EPS:: 19.77 ::42.98

QUARTERLY RESULTS COMPARISON

Quarter Ended:: 31-Mar-10:: 31-Dec-09 ::30-Sep-09 ::30-Jun-09 ::31-Mar-09

Particulars::Audited ::Unaudited ::Unaudited:: Unaudited ::Audited

Net Sales :: 12351 :: 14673 :: 13935 :: 9835 :: 8532

Increase SIT and WIP :: -184 :: -654 :: 365 :: -15 ::20

Raw Materials ::3370 ::3298 ::3243 ::2518 ::2023

Purchase of Traded Goods::3796 :: 4776 :: 3597 :: 2353 :: 2579

Employees Cost :: 951 :: 1020 :: 1033 :: 930 :: 818

Depreciation :: 104 :: 87 :: 85 :: 83 :: 100

Other Expenditure :: 2627 :: 3950 :: 3536 :: 2782 :: 2359

Total Expenditure :: 10664 ::12477 :: 11859 :: 8651 :: 7899

Other Income :: 70 :: 33 :: 23 :: -12 :: 56

Interest :: 28 :: 17 :: 17 :: 52 :: 102

Tax expense :: 545 :: 679 :: 673 :: 381 :: 236

Extraordinary Items -95 - -284 - -

Net Profit :: 1279 :: 1533 :: 1693 :: 739 :: 351

Dividend (%):: 100 - - - 50

Face Value (In Rs):: 10 ::10 ::10 ::10 ::10

Paid Up Equity: 1132 :: 1132 :: 1132 :: 1132 :: 1132

Basic EPS :: 11.3 :: 13.54 :: 14.96 :: 6.53 :: 3.1

ANNOUNCEMENTS BY THE COMPANY

TO THE EXCHANGE

04-05-2010 Ttk Prestige Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 04, 2010 have recommended a dividend of Rs.10.00 per share. -

27-04-2010 Ttk Prestige Limited has informed the Exchange that at the Sub Committee meeting of the Board held on April 27, 2010, Directors annulled 400 shares which were forfeited earlier, consequent to receipt of allotment money with interest received from the shareholder. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -

06-04-2010 Ttk Prestige Ltd. has informed the Exchange regarding "Launch of New Range of Inner Lid Pressure Cookers - Prestige Apple". The details of the same shall be available on the NSE website (http://www.nseindia.com) under Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -

31-03-2010 Ttk Prestige Ltd. has informed the Exchange regarding "Launch of Microwave Pressure Cooker." The details of the same shall be available on the NSE website (http://www.nseindia.com) under Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -

29-03-2010 Ttk Prestige Ltd. has informed the Exchange that the Company has commenced commercial production at its new unit (Unit II) situated at Roorkee, Uttarakhand. This new unit is established to produce a wide range of Kitchen appliances including Gas stoves, Induction cook tops, Mixer grinders, Rice cookers and a wholly new range of pressure cookers/cookware. -

19-03-2010 Ttk Prestige Ltd. has informed the Exchange that the Company is launching a whole new range of Induction Stoves. These stoves are very safe as there is no flame and are more energy efficient. The pressure cookers and cookware needed for these stoves require a special base which is induction compatible. The Company is launching a whole new range of pressure cookers and cookware with induction base using dedicated imported machinery. These products can also be used on conventional gas stoves and hobs.

LIC HOUSING FINANCE EXCELS IN FY 10

2010-05-03T22:33:00.000-07:00

LIC HOUSING FINANCE

RESULTS FOR FY 10 VS FY 09

REVIEW

LIC Housing finance performed excellently in FY 10 compared to FY 09.

Net Sales have increased to Rs. 328266.56 lakhs in FY 10 from Rs. 274764.68 lakhs in FY 09, an increase of Rs.53501.88 or 19.47 %.

Consolidated Net Profit in FY 10 has increased to Rs. 68883.49 lakhs from Rs. 53742.27 lakhs in FY 09, an increase of Rs.15141.22 lakhs or 28.17 %.

Dividend has been increased to 150 % from 130% last year.

The Basic EPS in FY10 has gone up to Rs.76.42 from Rs. 63.28 in FY 09 on a face value of Rs10.

Quarterly Sales has been on the increase as can be seel from quarterly figures. In latest qtr, the sales were Rs. 91932.85 lakhs compared to Rs 83361.12 in preceding quarter and Rs. 75442.51 in same qtr of last year.

Quarterly,Basic EPS has also registered good increase to Rs. 22.49 in current Qtr from Rs. 16.18 in the preceding qtr, and Rs. 18.55 in same qtr last year.

Thus, the review reveals that LIC Housing Finance has performed excellently in the FY 10 compared to FY 09.

Judging by the latest qtr performance, going forward, the next annual EPS could scale upto 90 or above.

At the current price of Rs. 963, the P/E ratio works out to 12.6 on the trailing EPS, which leaves good scope for appreciation.

Note : Readers are invited to offer comments, suggestions, criticism and corrections, if any, and the same will be gratefully taken note of.

RESULTS - NUMBERS

Description :: FY 10 (Rs. in lakhs) :: FY 09 (Rs. in lakhs)

Net Sales : 328266.56 :: 274764.68

Other Operating Income :: 18094.97 :: 13323.04

Employees Cost :: 5240.25 :: 4521.75

Depreciation :: 652 :: 509.9

Other Expenditure :: 11106.31 :: 11167.83

Total Expenditure :: 16998.56 :: 16199.48

Other Income :: 1164.1 :: 2217.74

Interest :: 239572.65 :: 201661.09

Tax Expense :: 24921.23 :: 19484.86

Net Profit (+) :: 66033.19 :: 52960.03

Shares of Associates :: -2850.3 :: -782.24

Consolidated Net Profit: : 68883.49 :: 53742.27

Dividend (%) 150 - -130

Face Value (in Rs.) :: 10 :: 10

Paid-up Equity :: 9493.26 :: 8493.26

Reserves :: 334784.58 :: 217764.02

Basic EPS :: (in Rs.) :: 76.42 :: 63.28

Diluted EPS :: (in Rs.) :: 76.42 :: 63.28

QUARTERLY RESULTS COMPARISON

QTRS :: 03/10 :: 12/09 :: 09/09 :: 06/09 :: 03/09

Net Sales: : 91932.85 :: 83361.12 :: 78467.97 :: 74504.62 :: 75442.51

Other Operating Income::4361.35 :: 4460.81 :: 5021.39 :: 3514 :: 3605.01

Other Expenditure :: 3512.71 :: 4434.3 :: -248.28 :: 3089.37 :: 3711.99

Total Expenditure :: 4871.92 :: 5831.76 :: 1346.94 :: 4223.13 :: 4609.1

Other Income :: 531.74 :: 224.19 :: 422.31 :: 170.68 :: 1560.68

Interest :: 62135.78 :: 60565.97 :: 59785.01 :: 57085.89 :: 54294.35

Tax expense :: 8466.85 :: 6290.5 :: 5655.08 :: 4496.59 :: 5948.95

Net Profit :: 21351.39 :: 15357.89 :: 17124.64 :: 12383.69 :: 15755.8

Dividend (%) :: 150::- :: - :: - :: 130

Face Value (In Rs): :10 : 10 : 10 : 10 : 10

Paid Up Equity : 9493.26 : 9493.26 : 9493.26: 8493.26 :8493.26

Basic EPS : : 22.49 :: 16.18 :: - :: 14.58 :: 18.55

Announcements

by LIC HOUSING FINANCE

to Exchange

30-04-2010 Lic Housing Finance Limited had informed the Exchange regarding Audited Financial Results for the Financial Year ended March 31, 2010. The Company has now informed the Exchange that "The result contain a minor error in the figure of Loan Funds and Total Liabilities in Statement of Assets and Liabilities. The correct figure should be as follows: Loan Funds - Rs. 3475815.69 lacs (in the consolidtaed year ended 31.03.2010 column), Total Liabilities - Rs. 3820099.90 lacs (in the consolidtaed year ended 31.03.2010 column)". Further the company has submitted a copy of Audited Financial Results for the Financial Year ended March 31, 2010. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -

29-04-2010 Lic Housing Finance Limited has informed the Exchange that the Board of Directors in its meeting held on April 28, 2010 has approved the Book Closure date from July 01, 2010 to July 15, 2010 (both days inclusive) for the purpose of ascertaining entitlement of Dividend, if any, declared by the members at the Annual General meeting for F.Y. 2009-2010. Further the Annual General Meeting of the Company will be held on July 15, 2010. -

28-04-2010 Lic Housing Finance Limited has informed the Exchange that the Board of Directors at their meeting held on April 28, 2010 has recommended a dividend of Rs.15/- per equity share of Rs.10 each (150%) subject to approval of the members of the Company at the forthcoming Annual General Meeting. -

28-04-2010 LIC Housing Finance Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 328266.56 lacs for year ending on 31-MAR-2010 against Rs. 274764.68 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 68883.49 lacs for the year ending on 31-MAR-2010 against Rs. 53742.27 lacs for the year ending on 31-MAR-2009. -

28-04-2010 LIC Housing Finance Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 91932.85 lacs for quarter ending on 31-MAR-2010 against Rs. 75442.51 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 21351.39 lacs for the quarter ending on 31-MAR-2010 against Rs. 15755.8 lacs for the quarter ending on 31-MAR-2009. -

28-04-2010 LIC Housing Finance Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 328266.56 lacs for year ending on 31-MAR-2010 against Rs. 274764.68 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 66217.61 lacs for the year ending on 31-MAR-2010 against Rs. 53162.02 lacs for the year ending on 31-MAR-2009.

30-03-2010 News Verification : The media had reports that Lic Housing Finance Ltd may get a banking licence. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Lic Housing Finance Ltd has vide its letter inter-alia stated," We wish to clarify that we do not know the source of reports as appearing in the media. As on date, the Company has not made any application to the Reserve Bank for Banking licence. The appropriate decision in this regard will be taken only after RBI notifies the guidelines for issuing Banking licence."

JSW STEELS POSTS EXCELLENT PERFORMANCE IN FY10

2010-05-03T11:57:00.000-07:00

JSW Steel Limited

FY 10 RESULTS COMPARED WITH FY 09

(Audited, Cumulative, Consolidated)

REVIEW

JSW steel has produced a set of FANTASTIC numbers in respect of its performance for FY 10 compared to FY 09

Net Sales has increased to Rs. 1895717 lakhs in FY 10 compared to Rs. 1593484 lakhs, an increase of Rs.302233 lakhs (18.97%).

Total Expenditure has increased to Rs. 1618516 lakhs compared to Rs.1394077 lakhs in the previous year (+16.1% or Rs.224439 lakhs).

Consolidated Net Profit has increased at a fantastic rate to Rs.159755 lakhs from Rs.27491 lakhs, an increase of Rs.132264 lakhs, or, 481.12 percent.

The Basic EPS (in Rs.) of the company in FY10 has gone up to 83.61 from Rs.12.88 in FY09. The LTP on 03.05.2010 was Rs.1226.

The P/E for the company works out to 14.66 which appears to be very attractive for BUYING the scrip.

Note : Readers are requested to offer their comments, suggestions, corrections etc which will be gratefully taken note of.

RESULTS - NUMBERS

Description FY 10(Rs. in lakhs) FY 09(Rs. in lakhs)

Net Sales :: 1895717 :: 1593484

Other Operating Income :: 11660 :: 16987

Increase/Decrease in SIT & WIP :: 1795 :: -36620

Consumption of Raw Materials :: 1226082 :: 1078929

Employees Cost :: 47954 :: 51858

Depreciation :: 129866 :: 98777

Other Expenditure :: 212819 :: 201133

Total Expenditure :: 1618516 :: 1394077

Other Income :: 41940 ::10179

Interest :: 110801 :: 115562

Exceptional items :: - :: 79478

Tax Expense :: 64671 :: 7260

Net Profit (+) :: 155329 :: 24273

Minority Interest :: -3321 :: -2053

Shares of Associates :: -1105 :: -1165

Consolidated Net Profit (+) :: 159755 :: 27491

Dividend (%) - -

Face Value (in Rs.) :: 10 :: 10

Paid-up Equity :: 18705 :: 18705

Reserves :: 873004 ::726694

Basic EPS (in Rs.) :: 83.61 :: 12.88

Diluted EPS (in Rs.) :: 83.29 :: 12.88

QUARTERLY RESULTS COMPARISON

Q/E :: 31-Mar-10 :: 31-Dec-09 :: 30-Sep-09 :: 30-Jun-09 :: 31-Mar-09

Particulars Unaudited Unaudited Unaudited Unaudited Unaudited

Net Sales/Income from Operations 516707 ::458766 ::455388 ::389387 :: 327502

Other Operating Income::3790::2533 ::2536 ::2293 ::5378

Total Expenditure :: 415924 :: 378102 :: 369258 :: 344194 :: 315356

Other Income :: 9624 ::10416 :: 128 ::24143 ::9730

Interest: :19442 ::21784 ::22978 ::22064 ::21485

Tax expense::23060 :: 20406 :: 20662 :: 15563 :: 2632

Net Profit :: 71695 :: 51423 :: 45154 :: 34002 :: 4920

Dividend (%) ::95:: - :: - :: - ::10

Face Value (In R)s:: :10: :10 :10::10: :10

Paid Up Equity:: 18705::18705::18705::18705::18705

Basic EPS :: 37.89 :: 27.04 :: 23.69 :: 17.72 :: 2.18

ANNOUNCEMENTS MADE BY JSW STEELS TO NSE

03-05-2010 Jsw Steel Limited has informed the Exchange regarding the Outcome of Board Meeting held on May 03, 2010. Click Here

03-05-2010 Jsw Steel Limited has informed the Exchange that the Board of Directors at its meeting held on May 03, 2010 has fixed the Book Closure date from June 16, 2010 to June 18, 2010 (both the days inclusive), for the purpose of determining the eligible shareholders for the: (a) Payment of dividend on the 10% Cumulative Redeemable Preference Shares, of Rs.10 each of the Company, for the year ended March 31, 2010 (b) Payment of Dividend on the 18,70,48,682 Equity Shares of Rs.10 each of the Company, for the year ended March 31, 2010; and (c) Annual General Meeting. -

03-05-2010 Jsw Steel Limited has informed the Exchange regarding a press release dated May 03, 2010, titled "JSW Steel reports highest ever Net Profit". Click Here

03-05-2010 Jsw Steel Limited has informed the Exchange that at the meeting of the Board of Directors of the Company held on May 03, 2010 the following decisions were taken : (1) Dividend at the stipulated rate of Re.1.00 (Rupee One only) per share on the 27,90,34,907, 10% Cumulative Redeemable Preference Shares of Rs.10 each of the Company has been recommended for the year ended March 31, 2010; (2) Dividend of Rs. 9.50 (Rupees nine and paise fifty Only) (95%) per Equity Share on the 18,70,48,682 Equity Shares of Rs.10 each of the Company has been recommended for the year ended March 31, 2010. -

03-05-2010 JSW Steel Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1895717 lacs for year ending on 31-MAR-2010 against Rs. 1593484 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 159755 lacs for the year ending on 31-MAR-2010 against Rs. 27491 lacs for the year ending on 31-MAR-2009. -

03-05-2010 JSW Steel Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 544130 lacs for quarter ending on 31-MAR-2010 against Rs. 356838 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 61102 lacs for the quarter ending on 31-MAR-2010 against Rs. (3993) lacs for the quarter ending on 31-MAR-2009. -

03-05-2010 JSW Steel Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1820248 lacs for year ending on 31-MAR-2010 against Rs. 1400125 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 202274 lacs for the year ending on 31-MAR-2010 against Rs. 45850 lacs for the year ending on 31-MAR-2009. -

03-05-2010 JSW Steel Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 516707 lacs for quarter ending on 31-MAR-2010 against Rs. 327502 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 71695 lacs for the quarter ending on 31-MAR-2010 against Rs. 4920 lacs for the quarter ending on 31-MAR-2009.

HDFC POSTS SPECTACULAR PERFORMANCE IN FY 10

2010-05-03T02:48:00.001-07:00

H D F C

RESULTS FY 10 VS FY 09

(AUDITED, CUMULATIVE, CONSOLIDATED)

ANALYSIS

Net Sales for the year has increased to Rs. 1209306 lakhs in FY10 from Rs.1082102 lakhs in FY09.

On the other hand, total Expenditure has come down to Rs. 118417 lakhs in FY10 from Rs. 119607 lakhs in FY 09.

Net Profit has increased to Rs. 262911 lakhs in FY 10 from Rs. 179512 lakhs in FY 09 – which is a huge jump for one year.

Consolidated Net Profit has also therefore jumped to Rs. 324098 lakhs in FY 10 from Rs. 231050 lakhs in FY 09.

Dividend (%) has been raised to a huge 360 for FY10 from a very decent 300% in FY 09 on a face value of Rs.10.

On a face value of Rs.10. the Basic EPS amounts to Rs.113.33 in FY 10 from Rs. 81.09 in FY 09. This is again a highly creditable achievement.

On the current market price of Rs.2800, the P/E works out to 24.73.

Considering that the Basic EPS QOQ has been increasing to 32.24 from Rs.23.47 in previous Qtr, and 23.27 in its previous Qtr, Rs. 19.82 in the still previous qtr and Rs. 25.71 in its preceding qtr, the P/E is considered still LOW. On the basis of latest Quarterly EPS of Rs.32.24, the next annual EPS will be equal to or higher than Rs.128.96. This makes it a clear BUY at current prices.

Note : Readers are welcome to offer their comments, suggestions, corrections etc, which will be gratefully taken note of.

RESULTS NUMBERS

(AUDITED, CUMULATIVE,CONSOLIDATED.)

Description ::FY 10(Rs. in lakhs) :: FY 09(Rs. in lakhs)

Net Sales :: 1209306 :: 1082102

Other Operating Income :: - ::83282

Employees Cost :: 31866 :: 27263

Depreciation :: 9144 :: 3664

Other Expenditure :: 77407 :: 88680

Total Expenditure :: 118417 :: 119607

Other Income :: 26360 :: 5258

Interest :: 728886 :: 764742

Tax Expense :: 125452 :: 106781

Net Profit :: 262911 :: 179512

Minority Interest :: -613 :: -7719

Shares of Associates :: -60574 :: -43819

Consolidated Net Profit :: 324098 :: 231050

Dividend (%) 360 - -300

Face Value (in Rs.) :: 10 :: 10

Paid-up Equity :: 28711 :: 28445

Reserves :: 1789472 :: 1301313

Basic EPS :: (in Rs.) :: 113.33 :: 81.09

Diluted EPS:: 110.04 :: 79.68

ANNOUNCEMENT SENT BY HDFC

TO THE EXCHANGE

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the outcome of Board Meeting held on May 03, 2010. Click Here

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange that the Board of Directors at its meeting held on May 03, 2010 approved Annual General Meeting (AGM) of the Corporation be held on July 14, 2010. Further the Register of Members and Share Transfer Books of the Corporation shall remain closed from July 01, 2010 to July 14, 2010 (both days inclusive) for the purpose of determining the shareholders entitled to dividend for the financial year 2009-10. -

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 03, 2010 approved the proposal to sub-divide the nominal value of the equity shares of the Corporation from Rs. 10 each to the nominal value of Rs. 2 each, subject to the approval of the Members at the Annual General Meeting (AGM) of the Corporation. -

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 284688 lacs for quarter ending on 31-MAR-2010 against Rs. 293501 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 92638 lacs for the quarter ending on 31-MAR-2010 against Rs. 73337 lacs for the quarter ending on 31-MAR-2009. -

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 03, 2010 recommended a dividend of Rs. 36 per equity share of Rs. 10 each for the financial year 2009-10 (Previous year: Rs. 30.00 per equity share). -

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1209306 lacs for year ending on 31-MAR-2010 against Rs. 1082102 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 324098 lacs for the year ending on 31-MAR-2010 against Rs. 231050 lacs for the year ending on 31-MAR-2009. -

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 1112888 lacs for year ending on 31-MAR-2010 against Rs. 1048627 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 282649 lacs for the year ending on 31-MAR-2010 against Rs. 228254 lacs for the year ending on 31-MAR-2009. -

03-05-2010 Housing Development Finance Corporation Limited has informed the Exchange that "The Corporation today i.e. April 30, 2010, allotted 4,03,093 equity shares of Rs. 10 each under distinctive numbers from 287533941 to 287937033 (both numbers inclusive) pursuant to conversion of FCCBs. Post the above allotment, the paid-up equity share capital of the Corporation would stand at Rs. 287,93,70,330.00 consisting 28,79,37,033 equity shares of Rs. 10 each."

TUBE INVESTMENTS DOES WELL IN FY 10 COMPARED TO FY 09

2010-05-03T00:46:00.001-07:00

Tube Investments of India Limited

RESULTS OF FY 10 vs FY 09

(audited,cumulative,consolidated)

REVIEW

Tube investments ltd has performed well in FY10 compared to FY 09.

Net Sales has increased to Rs. 310118 lakhs in FY10, from Rs.280492 lakhs in FY 09.

Total Expenditure has also increased but much less than proportionately to Rs. 284375 lakhs in FY 10 from Rs. 263580 lakhs in FY 09- mainly under ‘other expenditure’.

Consolidated Net Profit has increased to Rs. 11226 lakhs in FY10 from Rs. 5261 lakhs in FY 09 – which is a huge increase of Rs.5965 lakhs – a 113.38 % increase over previous year.

The annual EPS has increased from 2.85 in FY 09 to 6.08 in FY 10 – which is a huge increase.

At current price of Rs.99.85, the P/E works out to 16.42.

The quarterly EPS for the 4^th Qtr is 1.52 compared to 0.97 in previous quarter and -0.24 in corresponding quarter of last year.

Thus, the performance of Tube Investments in FY 10 is definitely creditable compared to FY 09.

Note : Readers may kindly offer their views, suggestions, criticism and corrections,if any, which will be gratefully taken note of.

OTHER HIGH LIGHTS :

The growth in automobile industry has aided the performance of the company well.

Over all all segments have done well.

According to L. Ramkumar, Managing Director, the company's focus this year was on improving operating efficiencies, using existing facilities better to service the increase in demand from its customers, new product offerings and superior customer service. The bicycles segment performed very well and grew in volume by 25 per cent and revenue by 31 per cent and improved its market share.

Results of Tube Investments

FY 10 vs FY 09

Description FY (Rs. in lakhs) : FY(Rs. in lakhs)

Net Sales : 310118 :280492

Other Operating Income: 7548 : 4671

Increase in SIT and WIP::-1054 ::-2287

Raw Materials ::137482 ::135152

Purchase of traded goods:: 6938 :: 4226

Employees Cost :: 26431 :: 23938

Depreciation :: 8852 :: 7969

Other Expenditure :: 105726 :: 94582

Total Expenditure :: 284375 :: 263580

Other Income :: 480 :: 1629

Interest :: 18528 :: 21231

Exceptional items :: -1380 :: -4167

Tax Expense :: 5335 :: 705

Net Profit :: 11288 :: 5443

Minority Interest :: 62 :: 182

Consolidated Net Profit :: 11226 :: 5261

Dividend per share Rs. 1.50- Rs.1.00-

Face Value (in Rs.) :: 2 :: 2

Paid-up Equity :: 3695 :: 3695

Reserves :: 76760 :: 65917

Basic EPS :: 6.08 :: 2.85

Diluted EPS :: 6.06 :: 2.85

Quarterly EPS ::

For last 5 Quarters : 03/10 ; 12/09; 09/09 ; 06/09; 03/09

Basic EPS :: 1.52 :: 0.97 :: 0.37 :: 1.54 :: -0.24

ANNOUNCEMENTS BY COMPANY TO THE EXCHANGE

03-05-2010 Tube Investments Of India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on May 01, 2010 have recommended a dividend of Rs.1.50 (Rupees one and paise fifty only) per equity share of Rs.2 each for the financial year ended March 31, 2010. -

13-04-2010 Tube Investments Of India Ltd has informed the Exchange that pursuant to section 192A of the Companies Act, 1956, read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001, that the following Special Resolution are proposed by way of Postal Ballot : 1) Approval under Section 372A of the Companies Act, 1956 by Special Resolution for the investment of Rs. 150 Crores in 1% Fully Convertible Cumulative Preference Share of Cholamandalam DBS Finance Ltd and 2) Approval under Section 372A of the companies Act, 1956 by Special Resolution for the investment of Rs. 25 Crores in the equity shares of Financiere C10, the Company subsidiary in France. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

13-04-2010 Tube Investments Of India Ltd has informed the Exchange that "There was a fire accident in the Company's bicycle plant at Ambattur, near Chennai, resulting in damage to one of the painting booths. Please note that the fire has been extinguished and the asset is insured. Please also note that there are no casualties. We do not expect the accident to have any significant impact on the operations of the bicycles plant."

09-04-2010 Tube Investments Of India Ltd vide its letter dated April 8, 2010 has informed the Exchange that:"The Company has today acquired 1,75,82,000 equity shares of Cholamandalam DBS Finance Ltd (CDFL) from DBS Bank Ltd, Singapore. Upon the above acquisition, the Company's holding in CDFL has increased from 30.93% to 57.41% of CDFL's equity capital. Consequently, CDFL has become a subsidiary of the Company." -

06-04-2010 Tube Investments Of India Ltd has informed the Exchange that "Credit Rating information Services of India ltd (CRISIL) has vide its letter dated April 5, 2010 downgraded the rating for the long-term bank loan facilities and non-convertible debenture programmes of the Company to "AA-/Stable" (Pronounced "Double A minus rating with Stable outlook) from "AA/ Stable" (Pronounced "Double A rating with Stable outlook")". -

15-02-2010 Tube Investments Of India Ltd has informed the Exchange that the Company has entered into a Share Purchase Agreement (SPA) for acquisition of Sedis SAS, France through acquisition of its holding company, Financiere C10. As per the SPA, the Company has acquired 77.13% shareholding of Financiere C10 in the first tranche, primarily from the institutional shareholders and the balance 22.87% held by the key management persons will be acquired in the second tranche on or before 31st March, 2013. Sedis SAS is a wholly owned subsidiary of Financiere C10 and is a pioneer in the manufacture of Industrial and Engineering Class Chains with two manufacturing plants in France. Financiere C10 also has two other distribution companies as wholly owned subsidiaries viz., S2CI in France and Sedis Co Ltd in UK. The consolidated turnover of Financiere C10 was Euro 37 M and the profit after tax was Euro 1.35 M in 2008. During the first nine months of calendar year 2009, the revenue was at Euro 21 M and the profit after tax was Euro 0.55 M. -

15-02-2010 Tube Investments Of India Ltd has informed the Exchange regarding a press release dated February 12, 2010 titled "Tube Investments of India acquires majority stake in Sedis, France". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -

01-02-2010 Tube Investments Of India Ltd has informed the Exchange regarding a press release dated January 30, 2010 titled "Tube Investments of India Ltd Q III Operating profit up 305 % & nine months operating profit up 169%". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).

10-11-2009 Tube Investments Of India Ltd has informed the Exchange regarding a press release dated October 30, 2009 titled "TUBE INVESTMENTS OF INDIA LTD HALF YEAR OPERATING PROFIT UP 27%". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -

05-05-2009 Tube Investments Of India Ltd has informed the Exchange regarding the press release dated May 01, 2009, titled "Tube Investments reports higher Net Profit for 2008-09". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -

04-05-2009 Tube Investments Of India Ltd has informed the Exchange that the Board of Directors of Company met on May 01, 2009 and approved the following: (1) Recommended a dividend of Re.1 per equity share of Rs.2 each. (2) Decided to hold the Annual General Meeting of the Company on July 29, 2009. (3) Decided to close the share transfer books of the Company from July 17, 2009 to July 29, 2009 (both days inclusive) for the purpose of determining the members eligible to receive the dividend.

TITAN INDUSTRIES PERFORMS WELL IN FY 10 COMPARED TO FY 09

2010-05-02T23:34:00.000-07:00

TITAN INDUSTRIES

FY10 vs FY 09

Review

Titan Industries has performed very well in FY 10 compared to FY 09. Net Sales has increased to Rs.467716 lakhs from Rs.383264 lakhs,up about 22.9%. Total expenditure has increased to Rs. 434188 lakhs from Rs.357110 lakhs.

Consolidated Net Profit has registered a good increase to Rs.25130 lakhs from Rs.16392 lakhs.

Based on this Net profit, the Basic EPS has gone up to Rs.56.61 from Rs.36.93 lat year on a Face value of Rs.10.

Thus, Titan industries has achieved creditable performance on all parameters during the year FY10.

Quarterly performance :

TITAN said, the quarter is up 48% over last year, in terms of turnover and profit is doubled in the quarter upto Rs 64 crore as compared to last years Rs 32 crores.

TITAN further said “ We have grown the top-line by 22%, EBITDA by 24% and profit by 24%. It's better than top-line growth improvement in bottomline and this is after providing for some amortization of trademarks—some extraordinary items—despite that the bottomline has improved faster than the topline. So margins have improved for the year.’

TITAN further said, “ Gold price is going up but then that is a pass through in our business but not on the any other businesses. We haven't faced any significant cost pressure on account of raw materials. I am talking about watches and eye wears and so on.”

Thus, overall, the performance in FY 10 is much better than FY 09.

At current price of Rs.2193 , the P/E works out 38.74

NOTE : Readers are welcome to offer their comments,suggestions,criticism and corrections, if any, which will be gratefully taken note of.

FY 2010 VS FY2009 RESULTS

Description FY 10(Rs. in lakhs) : FY 09 (Rs. in lakhs)

Net Sales : 467716 : 383264

Other Operating Income : 72 : 91

Increase/Decrease in SIT and WIP: -11512 : -15751

Consumption of Raw Materials : 314592 : 258645

Purchase of traded goods : 41215 : 34957

Employees Cost : 27785 : 23645

Depreciation :6069 :4235

Other Expenditure: 56039 :51379

Total Expenditure: 434188 :357110

Other Income :1201 :440

Interest :2540: 2879

Tax Expense :7131 :7414

Consolidated Net Profit : 25130 :16392

Dividend (%) 150% :: 100%

Face Value (in Rs.) : 10 :10

Paid-up Equity: : 4439 : 4439

Reserves : 68752 :51348

Basic EPS : 56.61 : 36.93

Announcements by TITAN to NSE

30-04-2010 Titan Industries Limited has informed the Exchange that the Board of Directors at its meeting held on April 30, 2010 have recommended a dividend of 150% , viz Rs.15 per share ( previous year: 100%) .

30-04-2010 Titan Industries Ltd. has informed the Exchange regarding a press release dated April 30, 2010, titled "Titan crosses billion dollar mark - Net profit up 59%". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

30-04-2010 Titan Industries Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 467716 lacs for year ending on 31-MAR-2010 against Rs. 383264 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 25130 lacs for the year ending on 31-MAR-2010 against Rs. 16392 lacs for the year ending on 31-MAR-2009.

30-04-2010 Titan Industries Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 467442 lacs for year ending on 31-MAR-2010 against Rs. 380338 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 25032 lacs for the year ending on 31-MAR-2010 against Rs. 15896 lacs for the year ending on 31-MAR-2009.

11-02-2010 Titan Industries Ltd. has informed the Exchange that "CRISIL has upgraded the rating assigned to the Company's long term rating from AA- Stable to AA Stable (pronounced as AA Stable) which indicates high degree of safety of the long term instruments".

02-02-2010 Titan Industries Ltd. has informed the Exchange regarding a press release dated January 29, 2010, titled "Titan Industries Ltd. - triples profit after tax in Q3". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

29-01-2010 Titan Industries Ltd. has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2009 as follows: Net Sales of Rs. 133360 lacs for quarter ending on 31-DEC-2009 against Rs. 102381 lacs for the quarter ending on 31-DEC-2008. Net Profit / (Loss) of Rs. 7543 lacs for the quarter ending on 31-DEC-2009 against Rs. 1177 lacs for the quarter ending on 31-DEC-2008.

23-10-2009 Titan Industries Ltd. has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2009 as follows: Net Sales of Rs. 114680 lacs for quarter ending on 30-SEP-2009 against Rs. 108853 lacs for the quarter ending on 30-SEP-2008. Net Profit / (Loss) of Rs. 7760 lacs for the quarter ending on 30-SEP-2009 against Rs. 8714 lacs for the quarter ending on 30-SEP-2008.

23-10-2009 Titan Industries Ltd. has informed the Exchange regarding the standalone Results for the half year ended on 30-SEP-2009 as follows: Net Sales of Rs. 202960 lacs for half year ending on 30-SEP-2009 against Rs. 189884 lacs for the half year ending on 30-SEP-2008. Net Profit / (Loss) of Rs. 12364 lacs for the half year ending on 30-SEP-2009 against Rs. 11936 lacs for the half year ending on 30-SEP-2008.

27-07-2009 Titan Industries Ltd. has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2009 as follows: Net Sales of Rs. 88280 lacs for quarter ending on 30-JUN-2009 against Rs. 81031 lacs for the quarter ending on 30-JUN-2008. Net Profit / (Loss) of Rs. 4604 lacs for the quarter ending on 30-JUN-2009 against Rs. 3222 lacs for the quarter ending on 30-JUN-2008.

27-07-2009 Titan Industries Ltd. has informed the Exchange regarding a press release dated July 27, 2009, titled "QTR I Results 2009-10; Titan Industries Q1 Net profit at Rs.46 crore". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

29-04-2009 Titan Industries Ltd. has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2009 as follows: Net Sales of Rs. 380338 lacs for year ending on 31-MAR-2009 against Rs. 304109 lacs for the year ending on 31-MAR-2008. Net Profit / (Loss) of Rs. 15896 lacs for the year ending on 31-MAR-2009 against Rs. 15027 lacs for the year ending on 31-MAR-2008.

29-04-2009 Titan Industries Ltd. has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2009 as follows: Net Sales of Rs. 383264 lacs for year ending on 31-MAR-2009 against Rs. 304656 lacs for the year ending on 31-MAR-2008. Net Profit / (Loss) of Rs. 16392 lacs for the year ending on 31-MAR-2009 against Rs. 14756 lacs for the year ending on 31-MAR-2008.

29-04-2009 Titan Industries Ltd.has informed the Exchange that the Board of Directors at its meeting held on April 29, 2009 have recommended a dividend on the equity shares of 100% free of tax, viz., Rs.10 per equity share. ( previous year : 80%, free of tax, Rs. 8 per equity share).

29-04-2009 Titan Industries Ltd. has informed the Exchange regarding a press release dated April 29, 2009, titled "Titan Industries grows top line by 27%". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

IFCI HAS DONE WELL IN FY10

2010-05-01T02:44:00.001-07:00

IFCI PERFORMANCE REVIEW

FY 2010 VS FY2009

IFCI HAS PERFORMED MUCH BETTER IN FY2010 - compared to FY2009.

Its net profit rose by 71 per cent to Rs 243 Cr for the quarter ended March 31, 2010, compared to the corresponding period last year.

Total income rose to Rs 540 crore for the quarter ended March 31 from Rs 369 crore in the corresponding period last year.

Net Sales for the year rose to Rs. 174345 lakhs from Rs.143222 lakhs last year.

The consolidated net profit for FY 2010 rose to Rs.69304 lakhs from Rs.66284 lakhs last year, an increase of 4.68 %..

The board has proposed a dividend of Re 1 per share for the year against 0.80 last year.

Basic EPS for the year rose to Rs.9.38 from Rs.8.63 last year.

Shares of IFCI Ltd were trading at Rs 52.95 on the BSE.

The P/E works out to 5.64. At current level of progress of performance, the share can merit better valuations.

RESULTS COMPARISON

Description : FY2010(in lakhs) : FY2009( in lakhs)

Net Sales : 174345 : 143222

Consumption of Raw Materials :1732 :-

Employees Cost :7121 : 5704

Depreciation : 1127 : 812

Other Expenditure : -37666 : -36067

Total Expenditure : -27686 : -29551

PB OI,INTT :202031 : 172773

Other Income :1744 : 8097

PB Interest : 203775 : 180870

Interest : 88905 : 78952

Profit after Interest : 114870 :101918

P B T : 114870 ; 101918

Tax Expense : 45566 :35634

P A T : 69304 : 66284

Net Profit (+) : 69304 : 66284

Consolidated Net Profit (+) : 69304 :66284

Dividend (%) : 10%- : 8%-

Face Value (in Rs.) : 10 : 10

Basic EPS (in Rs.) : 9.38 : 8.63

Diluted EPS(in Rs.) :5.86 : 4.61

ANNOUNCEMENTS BY IFCI

30-04-2010 IFCI Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 30, 2010 inter-alia has recommended a dividend @ Re.1per share i.e. 10% for the year ended March 31, 2010, subject to the approval of shareholders at the ensuing Annual General Meeting.

30-04-2010 IFCI Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 54220 lacs for quarter ending on 31-MAR-2010 against Rs. 35626 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 24333 lacs for the quarter ending on 31-MAR-2010 against Rs. 14254 lacs for the quarter ending on 31-MAR-2009.

30-04-2010 IFCI Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 165705 lacs for year ending on 31-MAR-2010 against Rs. 140207 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 67094 lacs for the year ending on 31-MAR-2010 against Rs. 65715 lacs for the year ending on 31-MAR-2009.

30-04-2010 IFCI Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 174345 lacs for year ending on 31-MAR-2010 against Rs. 143222 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 69304 lacs for the year ending on 31-MAR-2010 against Rs. 66284 lacs for the year ending on 31-MAR-2009.

VIJAYA BANK PERFORMS WELL IN FY2010

2010-04-30T23:05:00.001-07:00

VIJAYA BANK

PERFORMANCE REVIEW
FY 2010 VS FY 2009

Vijaya Bank has performed well in FY10 compared to FY09.

Viaya Bank said that it has posted a net profit of Rs 507 crore for the fiscal ending March 2010, which is higher by 93.28 per cent.

The bank's business volumes also crossed the Rs 100,000- crore mark.

For 4th Q/E March 2010, the bank saw its net profit touch Rs 130.92 crore, up by 28 per cent.

The total business was up by 15 per cent at Rs 1,03,867 crore. NIM for the full fiscal stood at 2.54 per cent as against 2.04 per cent last year. NII for the year rose by 28.83 per cent.

Operating profit for the year increased to Rs 1,057 crore compared to Rs 899 crore for previous year.

The Bank has declared Dividend of 25 percent against 10 percent last year.

Deposits for the year was up by 13.56 per cent to Rs 61,932 core and gross advances went up by 16.89 per cent to Rs 41,935 crore. SB portfolio also crossed the Rs 10,000-crore mark with a year-on-year growth of 20 per cent.

For 4th quarter, its NIM improved from 2.29 per cent to 2.73 per cent on QOQ basis.

The Capital Adequacy Ratio has come down to 11.79 in FY 2010 from 13.08 last year.

The Basic EPS for current year has increased to 11.7 in FY 2010 from 6.05 last year.

The current Market price is Rs.53.65. The P/E ratio works out to 4.59, which leaves a huge scope for appreciation.

The gross NPA ratio for the year was at 2.37 per cent as against 1.95 per cent last fiscal and the net NPA ratio stood at 1.40 per cent as against 0.82 per cent.

The Return on Assets in current year has increased in current year to 0.76 from 0.59 in FY 2009.

The bank has targetted a business of Rs 1,26,000 crore with a year-on-year growth of 20 per cent in the current fiscal. It has planned to contain net NPA within one per cent and net interest margin to three per cent.

It plans to shift to retail mode, have less recourse on bulk business, ensure thrust on SB and high net worth individual clients for improving low cost deposit and is looking at adding close to 2,000 head counts, including 800 clerical staff.

ANNOUNCEMENTS BY VIJAYA BANK

30-04-2010 Vijaya Bank has informed the Exchange that at the meeting of the Board of Directors of the Bank held on April 30, 2010 recommended a dividend of Rs.2.50 per Share on Bank's Equity Share Capital and at 6% p.a. on Perpetual Non Cumulative Preference Share Capital (PNCPS) of the Bank payable to Government of India for the Financial Year 2009-2010.

30-04-2010 Vijaya Bank has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 121786 lacs for the quarter ending on 31-MAR-2010 against Rs. 136422 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 92886 lacs for the quarter ending on 31-MAR-2010 against Rs. 104317 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 13092 lacs for the quarter ending on 31-MAR-2010 against Rs. 10225 lacs for the quarter ending on 31-MAR-2009.

30-04-2010 Vijaya Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 520065 lacs for the year ending on 31-MAR-2010 against Rs. 523782 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 375157 lacs for the year ending on 31-MAR-2010 against Rs. 411302 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 50729 lacs for the year ending on 31-MAR-2010 against Rs. 26248 lacs for the year ending on 31-MAR-2009.

RESULTS FOR FY 10 VS FY 09

Description : FY 2010 (Rs. in lakhs) :FY 2009 (Rs. in lakhs)

Interest on Advances/Bills :383851: 382996

Income on Investments : 128183 : 131641

Interest on Balances With RBI : 23 : 419

Others : 8008 : 8726

Interest Earned : 520065 : 523782

Other Income : 67945 : 69881

Total Income : 588010 : 593663

Interest Expended : 375157 : 411302

Employees cost :70562 : 59747

Other Operating Expenses: 36595 : 32723

Operating Expenses : 107157 : 92470

Total Expenditure : 482314 : 503772

Operating Profit : 105696 : 89891

Provisions : 35582 : 35741

Profit(+) before tax : 70114 : 54150

Tax Expense : 19385 : 27902

Net Profit(+) after tax : 50729 : 26248

Net Profit (+) for the period : 50729 : 26248

Dividend (%) : 25 : 10

Face Value (in Rs.) : 10 : 10

Paid-up Equity : 43352 : 43352

Reserves : 188455 : 167289

Capital Adequacy Ratio : 11.79 : 13.08

Basic EPS (in Rs.) : 11.7 : 6.05

Diluted EPS (in Rs.) : 11.7 : 6.05

% of Gross/Net NPA : 1.4 : 0.82

Return on Assets : 0.76 : 0.59

ORIENTAL BANK OF COMMERCE FARES BETTER IN FY19 (VERSUS FY 09)

2010-04-30T01:55:00.001-07:00

ORIENTAL BANJK OF COMMERCE

RESULTS FY 10 VS FY09

1. Review :

Oriental Bank of commerce has produced good results in FY 10 compared to FY09.Total Interest Earned has increased to Rs.1025712 lakhs from Rs.885647 lakhs. Consequently, Total Income has zoomed to Rs.1145717 lakhs from Rs.992779 lakhs in previous year.

Net Profit (+) / for the period has gone up to Rs.113468 lakhs from Rs.90542 Lakhs in FY09.

The Basic EPS has increased smartly to Rs.45.29 from Rs. 36.14 on a Face value of Rs.10. This is a good increase over the year. At current Market price of Rs.354, the P/E ratio is 7.82, which leaves scope for price appreciation.

But capital adequacy ratio has come down to 10.83 from 12 last year, indicating the need for the Bank to go in for more capital funds.

The percentage of Gross/Net NPA has increased to 0.87 from 0.65. Though it is not very high, the Bank may have to exercise better scrutiny on its loan book expansion.

Quarter on quarter also, the % of Gross/Net NPA has been increasing to 0.87 from 0.75, 0.66 and 0.71 in earlier quarters of the year.

Return on Assets has increased to 0.91 from 0.88. ROA has been increasing QOQ reasonably ( .95, .91, .89, .89).

Over all, business expansion has taken place very smartly and is expected to continue in future.

2. OTHER NEWS :

Aided by better core operations and decline in cost of deposits, Oriental Bank of Commerce (OBC) has reported a 61.90 per cent increase in net profit for the fourth quarter ended March 31, 2010 at Rs 317.04 crore.

Net interest income for the quarter under review increased 114.94 per cent to Rs 989.37 crore. The net profit jump in the fourth quarter can be attributed to better core operations, Mr T.Y. Prabhu, Chairman and Managing Director of OBC, told reporters after a board meeting here.

He also highlighted that the quantum jump in net profits has come despite a sharp fall in treasury income. For the quarter under review, OBC's treasury income stood at Rs 27 crore (Rs 157 crore in Q4 of 2008-09).

For the year ended March 31, 2010, OBC has reported a net profit of Rs 1134.68 crore, registering a 25.32 per cent increase over the previous year. The board of directors has recommended a dividend of 91 per cent. The bank's cost of deposits declined to 6.57 per cent as on end March 2010 against 7.52 per cent as on March 31, 2009.

On OBC's capital raising plans, Mr Prabhu said that the bank had sought capital support of Rs 1,000 crore from the Government. “As of now, capital is adequate. But we may raise capital during the current fiscal. We will take a call after May. There is enough headroom to raise capital both in Tier-I and Tier-II,” he said.

3. AUDITED,CUMULATIVE,NON-CONSOLIDATED RESULTS

Description FY 10(Rs. in lakhs) FY 09(Rs. in lakhs)

Interest/Discount on Advances/Bills 756747 651970

Income on Investments 246180 :214103

Interest on Balances With RBI 20958 : 16892

Others 1827 : 2682

Interest Earned 1025712 : 885647

Other Income 120005 :107132

Total Income 1145717 :992779

Interest Expended: 734969 :685997

Employees cost: 97129: 75616

Other Operating Expenses: 71469 : 62668

Operating Expenses: 168598 : 138284

Total Expenditure excluding provisions: 903567 : 824281

Operating Profit : 242150 : 168498

Provisions (other than tax) : 81598 : 52490

Profit(+) before tax : 160552 : 116008

Tax Expense : 47084 : 25466

Net Profit(+) after tax : 113468: 90542

Net Profit (+) / for the period 113468 90542

Dividend (%) : - 91 : 73

Face Value (in Rs.) :10 :10

Paid-up Equity :l 25054 :25054

Reserves : 706998 :620181

Capital Adequacy Ratio : 10.83 : 12

Basic EPS (in Rs.) : 45.29 : 36.14

Diluted EPS (in Rs.) : 45.29 : 36.14

Gross/Net NPA : 72382 : 44242

% of Gross/Net NPA :0.87 :0.65

Return on Assets: 0.91 : 0.88

4 . Announcements on NSE site

29-04-2010 Oriental Bank Of Commerce has informed the Exchange that the Board of Directors of the Bank at its meeting held on April 29, 2010 have proposed dividend of 91% (Rs 9.10 per share) for the year ended March 31, 2010.

29-04-2010 Oriental Bank of Commerce has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 1025712 lacs for the year ending on 31-MAR-2010 against Rs. 885647 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 734969 lacs for the year ending on 31-MAR-2010 against Rs. 685997 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 113468 lacs for the year ending on 31-MAR-2010 against Rs. 90542 lacs for the year ending on 31-MAR-2009.

29-04-2010 Oriental Bank of Commerce has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 268549 lacs for the quarter ending on 31-MAR-2010 against Rs. 234811 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 169613 lacs for the quarter ending on 31-MAR-2010 against Rs. 188781 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 31704 lacs for the quarter ending on 31-MAR-2010 against Rs. 19582 lacs for the quarter ending on 31-MAR-2009.

ASHOK LEYLAND RESULTS FY 10 VS FY 09

2010-04-29T23:08:00.000-07:00

ASHOK LEYLAND

FY10 RESULTS VS FY 09

(audited, cumulative, non-consolidated)

Ashok Leyland has produced a much better result for FY 10 compared to FY 09. Sales has improved smartly from Rs.598107 lakhs to Rs.724471 lakhs. Net Profit has risen smartly to Rs.42367.48lakhs from Rs. 18999.63 lakhs. On a face value of Rs.1, a 150 % dividend has been declared against 100 percent last year.

Basic EPS has registered a big increase to Rs.3.18 from Rs.1.43.

A creditable performance and a smart jump over FY 09.

At the current price of 59,and EPS of Rs.3.18, the P/E works out to 18.55.

We may watch further improvements QOQ.

Note : Readers may kindly offer their comments, suggestions, ideas and corrections, if any,which will be gratefully taken note of.

The results are as below :

Description FY 2010(Rs. in lakhs) : FY 2009(Rs. in lakhs)

Net Sales/Income from Operations: 724471.05 : 598107.37

Other Operating Income - -

Increase/Decrease in S-I-T and WIP: 651.14 : -4879.84

Consumption of Raw Materials : 496612.71 :429885.65

Purchase of traded goods 24488.36 :20219.17

Employees Cost 66592.54 56617.7

Depreciation : 20410.79 :17841.42

Other Expenditure : 59842.38 : 49321.18

Total Expenditure 668597.92 : 569005.28

Profit from Operations :55873.13 : 29102.09

Other Income 7044.54 : 4962.28

Profit before Interest & Exceptional Items :62917.67 :34064.37

Interest : 8113.04 : 11870.87

Profit after Interest but before Exceptional Items:54804.63 :22193.5

Exceptional items : 327.15 : 1348.87

PBT: 54477.48 : 20844.63

Tax Expense : 12110 : 1845

NPT after tax:42367.48 :18999.63

Extraordinary Items - -

Net Profit (+) : 42367.48 :18999.63

Dividend (%) : 150 : 100

Face Value (in Rs.) : 1 : 1

Paid-up Equity : 13303.42 :13303.38

Reserves :220254.98 :197600.04

Basic EPS (in Rs.):3.18 :1.43

Diluted EPS (in Rs.): 3.18:1.43

Andhra Bank produces very good result : Better times ahead!

2010-04-29T22:02:00.000-07:00

ANDHRA BANK RESULTS

FOR FY10 VS FY 09

Good results - Better times ahead

1. Review

2. More news

3. Results (Numbers)

4.announcements on NSE site

REVIEW :
Andhra Bank has produced a quantum jump in its results for the FY10, compared to FY 09. Total income has risen to Rs.734058 lakhs from Rs.614225 lakhs. This was on the back of smart rise in interest on advances.bills to Rs.516127 from Rs.421506 lakhs.Operating profit has also risen smartly to Rs. 181379.07 lakhs from Rs. 129110.41 lakhs.

Net profit has therefore risen to Rs.104967 lakhs from Rs.65605 lakhs. The Basic EPS has risen to 21.64 from 13.53, which is a good jump. Dividend has been hiked to 50 percent from 45 percent.

The percentage of gross to net NPAs is down from 0.18 to 0.17 which is sufficiently low and respectable. Return on assets has risen to 1.39 from 1.09.

At the current price of Rs.133, the P/E ratio works out to 6.15. The last (4^th qtr) had seen a significant jump in Net income. But, a rise in employee cost and other operating expenses has slightly brought down the EPS to 4.95 from 5.68 in previous quarter. . It may be partly due to opening of a large number of branches, last year, the benefit of which will accrue in current year.

Andhra Bank had consistently improved QOQ in the past. Going forward, it seems, we can expect a smart jump in CASA RATIO, Interest income and EPS. Current year (FY11)could therefore be better than FY10.

MORE NEWS ON

ANDHRA BANK PERFORMANCE

Further reports on Andhra Bank which have appeared are as below :

“This year, we have crossed Rs 1,000-crore mark in net profit. This is a great achievement for us,” Mr R S Reddy, Chairman and Managing Director of Andhra Bank, told newspersons on Friday.

The key drivers for growth were reduction in the cost of funds, better management of yield on advances and a diversified credit growth in MSME, retail and agriculture, he added.

While the growth in MSME was 56 per cent, retail and agriculture portfolios grew by 47.6 per cent and 34.2 per cent respectively.

As a strategy, Andhra Bank had moved away a little from corporate lending (which grew only by 17 per cent) and focussed on MSME and retail to drive higher interest income.

The Non Performing Asset (NPA) provision coverage stood at 91.56 per cent as against RBI's stipulation of 70 per cent.

On the future growth, Mr Reddy said the bank was confident about “good” growth.

Joint-venture

The proposed joint venture banking company to be set up by Bank of Baroda (BoB), Indian Overseas Bank (IoB) and Andhra Bank in Kaula Lampur had obtained licence. “This may be operational in the next three to six months,” he added.

BoB, IOB and Andhra Bank will have 40 per cent, 35 per cent and 25 per cent stake in the JV with Rs 400 crore investment.

Description : FY10(Rs. in lakhs) : FY09(Rs. in lakhs)

Interest on Advances/Bills: 516127.65 :421505.92

Income on Investments :118831.89 :109898.47

Interest on Balances With RBI : 1582.94 :3767.31

Others : 747 :2289.98

Interest Earned: 637289.48: 537461.68

Other Income : 96768.29 : 76763.56

Total Income : 734057.77 : 614225.24

Total Expenditure : 552678.7 : 485114.83

Operating Profit : 181379.07 : 129110.41

Provisions : 37412.29 : 39005.1

Tax Expense : 39000 : 24500

Net Profit (+) : 104966.78 : 65605.31

Consolidated Net Profit : 104966.78 :65605.31

Dividend (%) :50 : 45

Face Value (in Rs.) 10 10

Paid-up Equity : 48500 : 48500

Reserves : 394179.42 : 317492.44

Capital Adequacy Ratio 13.31 12.41

Basic EPS: 21.64 : 13.53

Diluted EPS : 21.64 :13.53

% of Gross/Net NPA : 0.17 : 0.18

Return on Assets : 1.39 :1.09

ANNOUNCEMENTS ON NSE SITE

9-04-2010 Andhra Bank has informed the Exchange regarding a press release dated April 29, 2010 , titled " Andhra Bank's profit up 60% at Rs. 1,046 crore, N.P.A contained at 0.86% Business Growth 29.26%". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

29-04-2010 Andhra Bank has informed the Exchange that the Board of Directors at its meeting held on April 29, 2010 has declared a Dividend of Rs.5/- ps. (50%) for the financial year 2009-10.

29-04-2010 Andhra Bank has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 170794.62 lacs for the quarter ending on 31-MAR-2010 against Rs. 150670.23 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 105177.04 lacs for the quarter ending on 31-MAR-2010 against Rs. 111143.92 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 24026.45 lacs for the quarter ending on 31-MAR-2010 against Rs. 20121.05 lacs for the quarter ending on 31-MAR-2009.

29-04-2010 Andhra Bank has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 637289.48 lacs for the year ending on 31-MAR-2010 against Rs. 537461.68 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 417709.58 lacs for the year ending on 31-MAR-2010 against Rs. 374674.27 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 104966.78 lacs for the year ending on 31-MAR-2010 against Rs. 65605.31 lacs for the year ending on 31-MAR-2009.

29-04-2010 Andhra Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 637286.58 lacs for the year ending on 31-MAR-2010 against Rs. 537461.68 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 417812.87 lacs for the year ending on 31-MAR-2010 against Rs. 374771.2 lacs for the year ending on 31- mar-2009

RIL MAKES 4TH OIL DISCOVERY IN BLOCK CB-ONN-2003/1.

2010-04-28T01:16:00.001-07:00

ANNOUNCEMENT ON NSE WEB SITE

Reliance Industries Limited has informed the Exchange regarding a media release dated April 28, 2010, titled "RIL makes Fourth Oil Discovery in block CB-ONN-2003/1". A copy of the media release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details see NSE web site.

BRIEF OF THE NEWS :

RIL MAKES 4^TH OIL DISCOVERY IN BLOCK

CB-ONN-2003/1.

This block had been awarded to RIL under NELP-V round of exploration bidding

This block is located at about 130 km from Ahmedabad in Cambay basis. The block covers an area of 635 sq kms in two parts A and B.

RIL, as operator, holds 100 % participating interest.

14 exploratory wells are drilled so far. RIL is further continuing with its drilling efforts. This discovery, named ‘Dhiribhai-47’ ,the fourth well in the block do far, has been notified to GOI and DGHC.

The potential commercial interest of the discovery is being ascertained through more data gathering and analysis

COMMENTS : RIL is most likely to succeed in a big way in this basin. It might take some time in commercializing this oil interest. But, it will significantly enhance RIL's balance sheet and profits.

SHREE RENUKA SUGAR SHINES WELL AMONG SUGAR STOCKS IN Q/E 31.03.2010

2010-04-27T11:32:00.000-07:00

SHREE RENUKA'S Q/E MARCH 2010 RESULTS

EXCELLENT RISE IN PROFITS

A PTI report dated 27.04.2010 on Shree Renuka sugars on its 2nd q/e 31.03.2010 results says that - the company has reported a surge of nearly seven fold in its consolidated profit to Rs 224.2 crore for the 2nd quarter ended March 2010, as against Rs.33.2 cr for the 03 09 qtr last year. The company's full financial year ends in September.

The company's consolidated financial results include the unaudited results of all subsidiaries, (including the figures of Brazil- based Vale Do Ivai SA Acucar E Alcool (VDI), which has become subsidiary from March 19, 2010), Shree Renuka Sugars said in a filing to the Bombay Stock Exchange.

During the Qtr, Renuka's consolidated total income increased to Rs 1,806.9 crore from Rs 442.5 crore of the corresponding period a year ago.

On a standalone basis, the sugar producer posted a profit of Rs 195.9 crore for the quarter ended March 31, as compared to Rs 24.1 crore for the three-month period ended March, 2009. Thus, both its stand alone and consolidated results appear to be very good.

Based on the Results, Shree Renuka must merit the attention of the market once again.

As can be seen from the table below, the Face value of the share is Rs.1 . According to unaudited,consolidated, cumulative EPS for 6 months is 7.53. So, the annual EPS is likely to be around 15 on a FV of Rs.1, which is quite a good performance.

Even if sugar prices come down, the EPS will not fall below Rs.12 per share of Rs.1 FV.

At current price of 63-64, the P/E is hardly 5 and leavers good scope for further appreciation.

The comparative results are placed below :

Quarter Ended	31-03-2010	31-12-2009	30-09-2009	30-06-2009	31-03-2010
Particulars	Un-audited	Un-audited	Audited	Un-audited	Un-audited
Particulars	Un-audited	Un-audited	Audited	Un-audited	Un-audited

Net Sales	155700	125300	85630	71550	32410
Increase/decrease in SIT and WIP	-45630	-13680	20780	-4490	-32470
Raw Materials	162120	103420	47180	58240	50660
Employees Cost	1480	1390	1070	960	1320
Depreciation	1940	1800	1720	1640	1550
Other Expenditure	8790	6820	6070	4630	5020
Total Expenditure	128700	99750	76820	60980	26080
Profit from Operations	27000	25550	8810	10570	6330
Other Income⁵	4470	2670	-730	930	240
P B I E	31470	28220	8080	11500	6570
Interest⁶	1600	2100	760	2260	2920
PAI &BE	29870	26120	7320	9240	3650
PBT	29870	26120	7320	9240	3650
Tax	10280	6650	2500	3130	1240
PAT	19590	19470	4820	6110	2410
Net Profit	19590	19470	4820	6110	2410
Dividend (%)	-	-	-	-	-
F V In Rs	1	1	1	1	1
Equity	6700	3170	3170	2800	2800
Reserves	-	-	121190	-	-
Basic EPS	3.04	6.14	1.13	2.18	0.86
Diluted EPS	2.91	6.14	1.13	2.18	0.86

WELSPUN GUJARAT STAHL ROHREN FY10 & FY 09 -HOW THEY COMPARE?

2010-04-27T09:16:00.000-07:00

WELSPUN GUJARAT DOES WELL IN FY 2010

The cumulative, consolidated, audited figures of Welspun Gujarat for FY 10 and FY 09 are compared in the table below :

Net sales has increased to Rs.735027 Lakhs from Rs.573953 lakhs last year, an increase of Rs.161074 lakhs..

Net Profit has increased to 61041 lakhs from Rs.21351 lakhs - an increase of Rs.39690 lakhs - which is seen as an excellent performance in FY 10. All cost increases have been easily absorbed and 1/4th of the increased sales have translated into Net Profit.

A large part of the Net profits seem to have arisen in Q2 and Q3. While, Q1 was very low, Q4 was very good but slightly lower than Q2 and Q3.

The increase in net sales and consequent profitability, it is hoped, will continue in current year too.

A dividend of Rs.2 per share of Rs.5 has been proposed.

On an Equity capital of Rs.10216 lakhs, the Basic EPS is 31.69, up from a mere 11.51 last year - almost 3 times of last year.

Thus, the performance of Welspun Gujarat has significantly improved with its sales in the FY10.

The current market price is Rs.275. Thus, the P/E ratio works out to 8.68, which appears to be definitely cheap, for this level of performance.

Some very recent announcements of the company sent to Exchange are also placed below :

27-04-2010 Welspun Gujarat Stahl Rohren Limited has informed the Exchange that the Board has fixed the date of book closure from May 07, 2010 to May 11, 2010 (both days inclusive) for the purpose of payment of dividend.

27-04-2010 Welspun Gujarat Stahl Rohren Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 27, 2010 have recommended dividend of 40% on Equity Shares (Rs.2 per share of face Value of Rs.5 each).

27-04-2010 Welspun Gujarat Stahl Rohren Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 735027 lacs for year ending on 31-MAR-2010 against Rs. 573953 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 61041 lacs for the year ending on 31-MAR-2010 against Rs. 21350 lacs for the year ending on 31-MAR-2009.

27-04-2010 Welspun Gujarat Stahl Rohren Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 661394 lacs for year ending on 31-MAR-2010 against Rs. 587831 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 54020 lacs for the year ending on 31-MAR-2010 against Rs. 23357 lacs for the year ending on 31-MAR-2009.

23-04-2010 Welspun Gujarat Stahl Rohren Limited has informed the Exchange that at the Extra-ordinary General Meeting of the Company held on April 23, 2010 : (1) Members have approved change of name of the Company from Welspun-Gujarat Stahl Rohren Limited to Welspun Corp Limited.


Details	FY2010 CONSOL	FY2009 CONSOL
Description	Amount(Rs. in lakhs)	Amount(Rs. in lakhs)
Net Sales	735027	573953
Plus/minus in SIT and WIP	28946	-44034
Raw Materials	445895	436535
Purchase of traded goods	-	7765
Employees Cost	27788	13221
Depreciation	20606	14328
Other Expenditure	100535	96990
Total Expenditure	623770	524805
Profit before Other Income, Interest & Exceptional Items	111257	49148
Other Income	1853	1870
Profit before Interest & Exceptional Items	113110	51018
Interest	20709	17663
Profit after Interest but before Exceptional Items	92401	33355
Profit(+)/Loss(-) from Ordinary Activities before tax	92401	33355
Tax Expense	31359	12004
Net Profit(+)/Loss(-) from Ordinary Activities after tax	61042	21351
Net Profit (+) / Loss (-) for the period	61042	21351
Minority Interest	1	1
Consolidated Net Profit (+) / Loss (-) for the period	61041	21350
Dividend (%)	-	-
Face Value (in Rs.)	5	5
Paid-up Equity Share Capital	10216	9325
Reserves excluding Revaluation Reserves	279895	146644
Basic EPS before Extraordinary items (in Rs.)	31.69	11.51
Diluted EPS before Extraordinary items (in Rs.)	28.4	11.45

YES BANK GROWING HEALTHIER IN FY10 - BETTER FUTURE AHEAD

2010-04-27T01:44:00.000-07:00

COMPARISON OF AUDITED CUMULATIVE NON-CONSOLIDATED RESULTS
of YES BANK FOR FY2010 with FY2009 :

Yes Bank has performed much better in FY10 compared to FY 09.

Total income has increased from Rs.243834 lakhs to Rs.Rs.294524 lakhs.
Net profit has gone up from Rs.30384 lakhs to Rs.47774 lakhs.
Capital Adequacy ratio is a huge 20.61 indicating scope for increasing the loan Book.
Annual EPS is 15.65 which may grow further in coming quarters, as can be seen from the huge CAR.
% of Gross/Net NPA is quite low at 0.06
Return on assets is 1.61, which is quite healthy.
Current Market price is 277. Hence, P/E is 17.7.
At current rate, Yes Bank may clock much better results in every succeeding quarter.

Description	2010 in lakhs	2009 in lakhs
Interest/Discount on Advances/Bills	177150	148781
Income on Investments	58589	49970
Interest on Balances With RBI etc	869	1151
Others	363	430
Interest Earned	236971	200332
Other Income	57553	43502
Total Income	294524	243834
Interest Expended	158176	149214
Employees cost	25689	21802
Other Operating Expenses	24326	20053
Operating Expenses	50015	41855
Total Expenditure excl. provisions	208191	191069
OPT before provisions and contingencies	86333	52765
Provisions (other than tax) and contingencies	13684	6174
Exceptional Items	-	-
Profit(+) before tax	72649	46591
Tax Expense	24875	16207
Net Profit(+) after tax	47774	30384
Extraordinary Items (net of tax expense)	-	-
Net Profit (+) / Loss (-) for the period	47774	30384
Dividend (%)	15	-
Face Value (in Rs.)	10	10
Paid-up Equity Share Capital	33967	29698
Reserves excluding Revaluation Reserves	274988	132724
% of shares Held by Government of India	-	-
Capital Adequacy Ratio	20.61	16.63
Basic EPS before Extraordinary items (in Rs.)	15.65	10.24
Diluted EPS before Extraordinary items (in Rs.)	14.87	10.14
Basic EPS after Extraordinary items (in Rs.)	15.65	10.24
Diluted EPS after Extraordinary items (in Rs.)	14.87	10.14
Gross/Net NPA	1299	4116
% of Gross/Net NPA	0.06	0.33
Return on Assets	1.61	1.52

GEOMETRIC LIMITED IMPROVES IN FY10

2010-04-26T22:11:00.000-07:00

GEOMETRIC Limited has performed better in the year ending March 2010 compared to Y/E March 2009.

Most of the Higher Net profits seem to have however resulted from REDUCTION in expenditure and streamlining of operations compared to previous year, as can be seen from the table and details below.

Some of the details are placed below (with reference to company's media release etc) :

Geometric Limited

Business Highlights for FY 10

FY10 EPS of Rs.7.51 against Rs. 0.55 in FY09
Recommended dividend of 55% (including a special dividend @ 15% to mark of 15 years of incorporation), by the board of directors
Debt free position on a consolidated basis
FY10 net profits increased exponentially by 578% to INR 466.61 Mn from INR 68.83 Mn in FY09
FY10 operating profits increased 11.9% to INR 586.17 Mn from INR 524.04 Mn in FY09
FY10 revenues declined 14.5% to INR 5115.62 Mn (USD 108.12 Mn) from INR 5980.79 Mn (USD 129.47 Mn) in FY09
New customers addition at 37 for the fiscal
Recognized as an IT Innovator by Nasscom for the third year in a row

Other Details :

Operating revenues of INR 1,271.71 Mn (USD 27.84 Mn) for the Q/E March 31, 2010, compared to revenues of INR 1,268.75 Mn (USD 27.13 Mn) in Q3FY10.
Revenues remained flat on a Q-o-Q basis in rupee terms on account of appreciation of the rupee; but increased by 2.6% Q-o-Q in dollar terms over the previous quarter. The profit after tax was INR 118.36 Mn for the quarter, compared to INR 162.41 Mn in the previous quarter.
Offshore leverage (in revenues terms) was maintained at 65%, same as the previous quarter.
On a yearly basis, the company has registered significant improvements in operational efficiencies with offshore leverage (in revenue terms) increasing from 56.3% in FY09 to 64.6% in FY10; and increased utilization from 87.2% in FY09 to 90.3% in FY10.
The company had total employee strength of 2956 employees as of March 31, 2010, including its subsidiaries.

COMMENTS :

While the company is improving its performance, Higher performance in future depends on landing more projects in FY11.With better outlook in IT/ITes sectors for FY11, the company may pull it off. The company's progress needs watch.

Note : While efforts have been made to be accurate to the extent feasible, Readers are welcome to offer their comments,ideas,suggestions and corrections - which will be duly taken note of.

Figures : Audited-cumulative-consolidated

DETAILS	FY2010	FY2009
Description	Amount(Rs. in lakhs)	Amount(Rs. in lakhs)
Net Sales	51156.2	59806.7
EmplCost	32070.7	38345.4
Depric	2315.2	2096.2
OtherExp	10740.1	18479.9
TotalExp	45126	58921.5
OthrIncm	338.1	293.6
Interest	365.8	481.9
TaxExp	40.5	408
Extraord.	21.9	-1343
Net Profit	5940.1	1631.9
Minority Interest	1274	943.6
Consolidated Net Profit	4666.1	688.3
Dividend (%)	-	-
F.V( Rs.)	2	2
Equity	1242.3	1242.3
Reserves	-	9140.3
Basic EPS	7.51	-
Diluted EPS	7.51	-