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Sensex down 130 points; RIL, ICICI Bank, Infosys drag

Fri, 10 Feb 2012 15:05:00 +0530

Indian markets dropped on Friday erasing earlier gains. At 15.03., the Sensex was trading down 130.67 points or 0.73% at 17,700.08 with 23 components falling. Meanwhile, the Nifty was trading lower by 47.20 points or 0.87% at 5,365.15 with 39 components falling.

The 30-share benchmark index, BSE Sensex opened flat with a decline of 13.16 points or 0.07% at 17,817.59, while the broad based NSE Nifty started with a fall of 12.55 points or 0.23%, at 5,399.80.

Sensex Movers

Reliance Industries contributed fall of 25.17 points in the Sensex. It...

Key Results: BPCL, IDFC, Tata Chem, Apollo Hospitals, Moser Baer, GTL, Gammon, Eros Int`l...

Fri, 10 Feb 2012 14:48:00 +0530

Following are the key corporate results for the quarter ended December 2011 announced on February 10:

Bharat Petroleum Corporation (BPCL) has posted a net profit of Rs 31.39 billion for the quarter ended December 31, 2011 as compared to Rs 1.87 billion for the quarter ended December 31, 2010, representing surge of 16.78 times. Total income has increased from Rs 369.96 billion for the quarter ended December 31, 2010 to Rs 592.63 billion for the quarter ended December 31, 2011, representing an increase of 60.19%.

``Led by an across-the-board slowdown, India`s industrial output growth moderated to 1.8% y-o-y in December from 5.9% in November. This was lower than consensus expectations (Consensus: 2.6%; Nomura: 1.3%). Output growth jumped sharply higher in November (up 9.3% m-o-m on a seasonally adjusted (sa) basis) due to an earlier Diwali festival this year. As a result, some payback in December (output contracted 1.9% m-o-m, sa) was due. In our view, industrial output growth is currently bottoming out and a clear sign of recovery should be visible in the coming months,`` says Sonal Verma,...

Elecon Engineering bags order worth Rs 129.5 mn

Fri, 10 Feb 2012 14:41:00 +0530

Elecon Engineering Company has been awarded prestigious order of Rs 129.5 million from The Indure, New Delhi.

The order is for supply, transportation, erection and commissioning of Reversible Stacker cum Reclaimer with tools & tackles, mandatory spares & commissioning spares for 2x525 MW Monnet Thermal Power Project, Angul, Orissa.

Shares of the company declined Rs 0.65, or 1%, to trade at Rs 64.35. The total volume of shares traded was 81,635 at the BSE (2.38 p.m., Friday).
...

Godrej Properties launches first project in Chennai

Fri, 10 Feb 2012 14:39:00 +0530

Godrej Properties, the real estate development arm of the Godrej Group, today announced the launch of its first residential project, Godrej Palm Grove, in Chennai. Spread across 12.5 acres, this premium residential project consists of 16 and 19 storey towers, offering a total of 1,556 modern apartments. Customers can choose from amongst 2 and 3 BHK apartments that range from 1,188 sq. ft to 1,489 sq. ft.

Located on the NH-4 Bengaluru highway about 25 kms from Chennai city center, Godrej Palm Grove is within...

Eros International Q3 profit jumps 61% on strong revenues

Fri, 10 Feb 2012 14:28:00 +0530

Eros International has posted consolidated net profit of Rs 690.9 million for the quarter ended December 31, 2011 as compared to Rs 427.9 million for the quarter ended December 31, 2010, representing an increase of 61.46%.

Total consolidated income has increased from Rs 2.79 billion for the quarter ended December 31, 2010 to Rs 4.08 billion for the quarter ended December 31, 2011, representing an increase of 45.99%.

During the quarter, the operating profit margin increased 253.55 bps to 24.36%...

Analysts take on key Q3 earnings this week

Fri, 10 Feb 2012 14:27:00 +0530

We have collated views of analysts on Tata Steel, ONGC, Bharti Airtel, Hindalco, Tech Mahindra, GMR Infra, Mahindra & Mahindra (M&M), ACC, and Hindustan Unilever (HUL) Q3 numbers and their outlook on the stock in the coming future. The same is as follows:

Tata Steel
Marwadi Shares & Finance (MSFL): Tata Steel`s consolidated Net sales for Q3FY12 grew by 15% y-o-y to Rs 329.6 billion due to higher realization. However EBITDA for the quarter de-grew by 37.6% y-o-y to Rs 17.1 billion due to cost pressures in Europe...

Technical strategies for metals & energy from Geojit

Fri, 10 Feb 2012 14:22:00 +0530

Nitin Nachnani, research analyst, Geojit Comtrade commenting on metals and energy segment said the following:

MCX Gold April: Sell around 28,400 levels with a stop loss placed above 28,600 levels for targets of 28,100 levels.

MCX Silver March: Sell around 57,500 levels with a stop loss placed above 57,700 levels for targets of 57,000 levels.

MCX Crude February: Buy above 4,955 levels with a stop...

Strong sales drives Tata Chem Q3 profit higher by 36%

Fri, 10 Feb 2012 14:16:00 +0530

Tata Chemicals has posted consolidated net profit of Rs 2.24 billion for the quarter ended December 31, 2011 as compared to Rs 1.65 billion for the quarter ended December 31, 2010 representing an increase of 35.98%.

Total consolidated income has increased from Rs 28.88 billion for the quarter ended December 31, 2010 to Rs 38.10 billion for the quarter ended December 31, 2011, representing an increase of 31.91%.

During the quarter, the operating...

European stocks decline in early trade

Fri, 10 Feb 2012 14:15:00 +0530

European stocks fell in early trade on Friday as the region`s finance ministers held back approval of a rescue package for Greece. U.S. index futures and Asian shares also retreated.

UK`s benchmark index FTSE 100 fell 24.33 points or 0.41% to trade at 5,871.14. French benchmark index CAC 40 declined 17.61 points or 0.51% to trade at 3,407.10. Germany`s benchmark index DAX decreased 43.87 points or 0.65% to trade at 6,744.93.

US stock-index futures were trading lower. Dow Jones index futures were down 50...

Sensex dips 129 points; Tata Steel, Bajaj Auto gain

Fri, 10 Feb 2012 14:11:00 +0530

Indian markets are trading on a weak note led by realty, IT and banking stocks. At 2 p.m., the Sensex was trading down 129.38 points or 0.73% at 17,701.37 with 25 components falling. Meanwhile, the Nifty was trading lower by 49.30 points or 0.91% at 5,363.05 with 41 components falling.

The 30-share benchmark index, BSE Sensex opened flat with a decline of 13.16 points or 0.07% at 17,817.59, while the broad based NSE Nifty started with a fall of 12.55 points or 0.23%, at 5,399.80.

Sensex Movers

I C I C I Bank contributed...

MCX Comdex trades up 0.1%

Fri, 10 Feb 2012 14:09:00 +0530

The Multi Commodity Exchange (MCX), COMDEX is trading up by 3.30 points, or 0.09%, at 3,822.33 after opening at 3,824.05. (02.01 p.m.)

Other index like MCXMETAL is trading downward by 12.66 points, or 0.25%, at 4,998.98 after opening at 5,009.68. Meanwhile MCXENERGY is trading up 4.93 points, or 0.15%, at 3,303.28 after opening at 3,301.49. MCXAGRI is trading up 32.61 points, or 1.01%, at 3,271.58 after opening at 3,273.06.
Gainers at the MCX were COTTON CAKE AKOLA - August contract, (3.01%) with open interest...

BF Utilities falls post Q3 results

Fri, 10 Feb 2012 14:07:00 +0530

BF Utilities fell on Friday after it announced Q3 numbers. Shares of the company are trading at Rs 434.45, down Rs 12.85, or 2.87% at the Bombay Stock Exchange (BSE) on Friday at 2:05 p.m.

The company has posted a net profit of Rs 17.53 million for the quarter ended December 31, 2011 as compared to net loss of Rs 28.56 million for the quarter ended December 31, 2010.

Total income has increased from Rs 16.38 million for the quarter ended December 31, 2010 to Rs 72.91 million for...

`Hold` GMR Infra; target Rs 32: Emkay

Fri, 10 Feb 2012 14:04:00 +0530

Emkay Global Financial Services has revised rating GMR Infrastructure to `Hold` with a price target of Rs 32 against the current market price (CMP) of Rs 31 in its report dated Feb. 09, 2012. The broking house gave the following rationale:

Operating performance came in lower marred by one offs:

GMR reported performance lower than expectation Q3FY12 led by one offs. Revenues came in line at Rs 20 billion +47.1% y-o-y. Revenues for Airport vertical grew 42.8% y-o-y, Power...

Recent correction in GSPL offers attractive valuations: Emkay

Fri, 10 Feb 2012 14:04:00 +0530

Emkay Global Financial Services has maintained `Buy` on Gujarat State Petronet (GSPL) with a price target of Rs 115 against the current market price (CMP) of Rs 84 in its report dated Feb. 09, 2012. The broking house gave the following rationale:

Highlights of the results:

GSPL reported results which were in line with our estimates. Revenue for the quarter was at Rs 2.7 billion (against our expectation of Rs 2.7 billion), decline of 1.4% y-o-y, mainly on account...

Sundaram Clayton gains on better Q3 numbers

Fri, 10 Feb 2012 14:04:00 +0530

Sundaram Clayton gained on Friday after it announced strong Q3 numbers. Shares of the company are trading at Rs 182.90, up Rs 2.25, or 1.25% at the Bombay Stock Exchange (BSE) on Friday at 2:01 p.m.

The company has posted net profit of Rs 158.27 million for the quarter ended December 31, 2011 as compared to Rs 97.81 million for the quarter ended December 31, 2010, representing an increase of 61.81%.

Total income has increased from Rs 2.10 billion for the quarter ended December 31, 2010...

BPCL surges on strong Q3 numbers

Fri, 10 Feb 2012 13:59:00 +0530

Bharat Petroleum Corporation (BPCL) surged on Friday after it announced strong Q3 numbers. Shares of the company are trading at Rs 613, up Rs 17.45, or 2.93% at the Bombay Stock Exchange (BSE) on Friday at 1:56 p.m.

The company has posted a net profit of Rs 31.39 billion for the quarter ended December 31, 2011 as compared to Rs 1.87 billion for the quarter ended December 31, 2010, representing surge of 16.78 times.

Total income has increased from Rs 369.96 billion for the quarter ended December...

Jindal Poly Q3 profit plunges 92% on fall in sales, margin

Fri, 10 Feb 2012 13:55:00 +0530

Jindal Poly Films has posted net profit of Rs 162.8 million for the quarter ended December 31, 2011 as compared to Rs 2,210.9 million for the quarter ended December 31, 2010, representing a decrease of 92.64%.

Total income has decreased from Rs 7.29 billion for the quarter ended December 31, 2010 to Rs 5.04 billion for the quarter ended December 31, 2011, representing a decrease of 30.76%.

During the quarter, the operating profit margin decreased 3,613 bps to 6.72% from...

`Accumulate` GSPL; target Rs 92: Kotak Sec

Fri, 10 Feb 2012 13:52:00 +0530

Kotak Securities has retained `Accumulate` on Gujarat State Petronet (GSPL) with a revised price target of Rs 92 in its report dated Feb. 10, 2012. The broking house gave the following rationale:

> GSPL`s Q3FY12 result is below our estimates. The company reported a PAT of Rs.1.26 billion as against our estimate of Rs.1.35 billion (-7.1%).

> GSPL`s bottom line has fallen mainly on account of 1) Lower gas transmission volumes and 2). Lower revenue from sale of electricity. This was partly offset due to...

`Accumulate` TechM; target Rs 693: Angel Broking

Fri, 10 Feb 2012 13:50:00 +0530

Angel Broking has maintained `Accumulate` on Tech Mahindra with a price target of Rs 693 as against the current market price (CMP) of Rs 659 in its report dated Feb. 09, 2012. The broking house gave the following rationale:

For 3QFY2012, Tech Mahindra reported subdued performance with revenue as well as profit coming in below ours as well as streetâ��s expectations. BT business was a major growth dampener, USD revenue of which declined by 7.8% qoq. Growth...

`Accumulate` Arshiya Int`l; target Rs 185: Kotak Sec

Fri, 10 Feb 2012 13:41:00 +0530

Kotak Securities has recommended `Accumulate` on Arshiya International with a price target of Rs 185 in its report dated Feb. 10, 2012. The broking house gave the following rationale:

Arshiya has reported its Q3FY12 net profit at Rs 345 million (+65% YoY). This was on account of increased share of FTWZ revenues in the overall revenues which has increased from 3% in Q3FY11 to 16% in Q3FY12. FTWZ revenues have grown from Rs 60 million in Q3FY11 to Rs 443 million in Q3FY12. As FTWZ...

`Buy` Lupin; target Rs 531: Firstcall

Fri, 10 Feb 2012 13:36:00 +0530

Firstcall has recommended `Buy` on Lupin with a price target of Rs 531 as against the current market price (CMP) of Rs 470 in its report dated Feb. 09, 2012. The broking house gave the following rationale:

> Lupin (LPI) is a pharmaceutical company which produces generic & branded formulations and APIs for the developed & developing markets of the world.

> Lupin is global leadership position for its APIs and holds a...

`Reduce` ACC; target Rs 1,246: Kotak Sec

Fri, 10 Feb 2012 13:32:00 +0530

Kotak Securities has maintained `Reduce` on ACC with a price target of Rs 1,246 in its report dated Feb. 10, 2012. The broking house gave the following rationale:

Revenues for Q4CY11 and CY11 registered a growth of 28% and 22% YoY respectively led by improvement in cement volumes and realizations. This was inline with our expectations. Cement realizations for the quarter as well as full year were also inline with our estimates.

Operating margins for Q4CY11 and full year CY11 stood...

RBI reference rate for USD at Rs 49.64

Fri, 10 Feb 2012 13:28:00 +0530

The Reserve Bank of India`s (RBI) fixed reference rate today for USD at Rs 49.64, down 0.73% against its rate on previous working day at Rs 49.28.

Meanwhile, the apex bank`s reference rate for Euro was down 3.37% at Rs 65.79 on February 10 as against 65.58 on February 9.

As illustrated in the table below, the apex bank`s reference rate for Great Britain Pound stands at Rs 78.35, down 0.33% versus its rate of Rs 78.09 of previous working day, while for 100 Japanese...

`Buy` Jubilant Foodworks; target Rs 1,100: Nomura

Fri, 10 Feb 2012 13:26:00 +0530

Nomura Financial Advisory & Securities has reiterated `Buy` on Jubilant Foodworks with a price target of Rs 1,100 in its report dated Feb. 8, 2012. The broking house gave the following rationale:

Jubilant Foodworks reported a strong set of numbers for Q3FY12. The biggest positive surprise was same store sales growth of 30.1%. This should help allay some investor concerns post last quarter`s results that same store sales growth (SSSG) could slow quickly going into 2012. We believe the Q3FY12 results suggest the company will...

18 stocks with recent analyst upgrade / downgrade

Fri, 10 Feb 2012 13:22:00 +0530

Following are the eighteen stocks that have witnessed upgrade/ downgrade on their recommendations by various brokerage houses:

4 stocks witnessing upgrade

1. Pidilite Industries
Market price (Feb 9): Rs 143
Target price: Rs 174
Rating: Buy
Upside: 21.68%
Brokerage: Nomura Financial Advisory & Securities

It upgrades PIDI to Buy from Reduce, as it gains confidence in its solid top-line growth (22% in 3Q, projected at 19% in FY13-FY14) in the consumer and bazaar segment, driven by new product launches. The company is also benefiting from falling raw material prices and a strengthening Rupee. It...

Apollo Hospitals Q3 profit jumps 41.1%

Fri, 10 Feb 2012 13:20:00 +0530

Apollo Hospitals Enterprise has posted a net profit of Rs 646.5 million for the quarter ended December 31, 2011 as compared to Rs 458.1 million for the quarter ended December 31, 2010, representing an increase of 41.13%.

Total income has increased from Rs 6.01 billion for the quarter ended December 31, 2010 to Rs 7.15 billion for the quarter ended December 31, 2011, representing an increase of 18.95%.

Shares of the company gained Rs 11.35, or 1.83%,...

Bhooshan Shanbhag`s take on Tata Steel, Sterlite & Numeric Power

Fri, 10 Feb 2012 13:17:00 +0530

In an exclusive interview with Myiris.com, Dr. Bhooshan Shanbhag, technical analyst and stock market consultant, provided views on 3 buzzing stocks on Friday, Feb. 10, 2012 which are as under:

1. Tata Steel:

The stock surged over 4% despite weak Q3 results. Tata Steel, one of the leading steel makers in the world, has reported a net loss of Rs 6.87 billion on consolidated basis for the quarter ended December 2011 compared with profit of Rs 9.49 billion for the same...

PINC downgrades GSPL to `Accumulate`

Fri, 10 Feb 2012 13:08:00 +0530

PINC Research has downgraded Gujarat State Petronet (GSPL) to `Accumulate` with a price target of Rs 98 as against the current market price (CMP) of Rs 84 in its report dated Feb. 09, 2012. The broking house gave the following rationale:

Flat performance saved by higher tariff:

Gujarat State Petronetâ��s (GSPL) Q3FY12 result was inline with our expectation as net sales remained flat at Rs 2.7 billion (PINCe Rs 2.6 billion). EBITDA margin declined by 184 bpsYoY...

Sundaram Clayton Q3 profit jumps 61%

Fri, 10 Feb 2012 13:07:00 +0530

Sundaram Clayton has posted net profit of Rs 158.27 million for the quarter ended December 31, 2011 as compared to Rs 97.81 million for the quarter ended December 31, 2010, representing an increase of 61.81%.

Total income has increased from Rs 2.10 billion for the quarter ended December 31, 2010 to Rs 2.61 billion for the quarter ended December 31, 2011, representing an increase of 24.14%.

Shares of the company gained Rs 3.35, or 1.85%, to trade at Rs 184.00....