Corporation Bank’s Q4 FY09 standalone net interest income was up 6.39% at Rs 428.3 crore as against Rs 402.56 crore year-on-year. Its standalone net profit was up 26.7% at Rs 260.49 crore as compared to Rs 205.6 crore YoY.
In FY09, standalone NII was up at Rs 1,690.98 crore as against Rs 1,443.31 crore. While standalone net profit came in higher at Rs 892.77 crore versus Rs 734.99 crore.
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Rain Commodities has announced its first quarter results. The company’s Q1 net sales were up at Rs 1049.3 crore versus Rs 810 crore.
T Srinivasa Rao, VP – Finance, Rain Commodities, said the company’s interest costs were on the higher side because of reinstatement of its foreign currency loans. “We have provided for exchange losses of about Rs 12 crore. Because of that, the PAT is on the lower side,” he said.
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Maruti Suzuki has announced its fourth quarter numbers of FY09. Its Q4 standalone net profit went down by 18.32% at Rs 243.13 crore versus Rs 297.68 crore.
The company’s standalone net sales have increased by 32.41% to Rs 6,334.37 crore versus Rs 4,783.88 crore, YoY.
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Asian markets ended lower. Shanghai Composite closed at 2,448.595, down 15.359 points or 0.62% and Jakarta Composite fell 20.1709 points or 1.25%, to 1,591.3361.
Nikkei 225 Average slipped 139.02 points or 1.57%, to 8,707.99 and Straits Times was down 7.13 points or 0.38%, to 1,852.85. Seoul Composite fell 14.7 points or 1.07%, to 1,354.1.
However, Hang Seng went up just 44.39 points or 0.29%, to 15,258.85 and Taiwan Weighted closed at 5,880.77, up 5.53 points or 0.09%.
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Navneet Publication touched an intraday high of Rs 61 and an intraday low of Rs 51.50. At 3:16 pm, the share was quoting at Rs 58.55, up Rs 6.15, or 11.74%.
It was trading with volumes of 906,092 shares, compared to its five-day average of 38,899 shares, an increase of 2,229.33%.
Yesterday the share closed down 0.76% or Rs 0.40 at Rs 52.40.
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The benchmark indices closed on a strong note and extended the rally for the second consecutive day. Buying in shares of telecom, banking capital goods, private power, auto and select cement companies helped the indices to post strong gains followed by broader indices. The markets were lacklustre in the first of the session and this rally started in the second half of the trade.
Domestic funds were aggressive buyers in today’s trade. Incremental flows from the FIIs were too positive and long only funds were buyers in the large cap stocks.
Telecom stocks showed stunning performance and gave strong support to the indices. As a leading FII was accumulating large cap telecom stocks like Bharti and Idea Cellular.
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Joseph Stiglitz, a professor at the Columbia University and the 2001 Nobel Prize winner, said the US government’s bailout packages designed for financial institutions may not work. “It is a peculiarly-structured programme,” Stiglitz said, “The government puts in 92% of the money, the private sector walks away with 50% of the profits and the government absorbs almost all the losses. What kind of partnership is that?”
The Nobel Prize winner said the financial system in the US engaged in too much risk-taking. “If you are a bank too big to fail, you have a one-sided bet. If you win, you walk off with the profit. If you lose, you are too big to fail, so the government picks up the losses. It is a system built-in sense of excessive risk taking,” he said. “The banks did exactly what the economists forecasted they would, they had excessive risk-taking.”
Stiglitz said one of the reasons there is feeling the bailout packages won’t work is so many people in the financial markets are afraid that once taxpayers realize how badly they have been treated, they will demand a way of getting some cash back. “While the programme is designed in a flawed way to give the private sector, hedge funds and other partners huge amounts of money, because everyone is afraid they won’t be able to keep that, it will inhibit bidding for assets.”
The International Monetary Fund in its estimate, he said, had made it clear that the losses in the banking system were very deep and that the hole in the banking system even after the bailout programme would be huge. “We are only half way through putting in the needed money,” he said.
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Real estate major DLF is likely to put up as much as 50 acres of its land on the block for sale, reports CNBC-TV18, quoting sources.
According to sources, most of these land parcels had been planned for hospitality ventures.
CNBC-TV18’s Priyanka Ghosh dwells deep into the details to know as to how much is the company expecting to rise through this asset sale and have there been any confirmations from the management on the same.
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PINC Research has maintained its hold rating on HCL Technologies with price target of Rs 100 in its April 23, 2009 research report.
“HCL Technologies managed to win USD 1.5 billion deals in FY09 when compared to USD 1 billion for FY08. The deals of FY08 will contribute about USD 188 million in revenue in FY09 and FY09 deal flow would contribute USD 45 mn this year.”
“Despite the decent quarter the bottom-line was eroded by Forex loss. HCL Tech has realized a Forex loss of Rs 76 crore and cash flow hedge loss of Rs 1.3 billion. It has total hedges of USD 1.3 billion and cash flow loss of USD 225 million to be amortized in the next 6 quarters. We believe HCL Tech would not get any near-term respite from Forex loss and debt schedule. We reiterate our ‘Hold’ rating with a price target of Rs 100,” says PINC’s research report.c
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HCL Infosystems has announced its third quarter results. The company’s consolidated net sales were at Rs 2,996.17 crore versus Rs 2,984.18 crore, YoY.
Its consolidated net profit was at Rs 58.20 crore versus Rs 81.48 crore, YoY.
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