Ackruti City FY09 cons PAT down at Rs 265 cr
June 30th, 2009
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Archive for June, 2009
Hold Tulip Telecom: N Jain
June 30th, 2009
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Nishant Jain, Director of Tradeswift Broking is of the view that one should hold on Tulip Telecom.
Jain told CNBC-TV18, “Tulip Telecom had touched about Rs 800 in mid May and since then it has been consolidating sideways. Today the stock has successfully broken out of its sideways movement and a fresh resistance for the stock is about Rs 980 to Rs 1000 levels. So I guess one should hold on to the positions and accumulate new stock with a target of Rs 980 and keep a stoploss of about Rs 780.”
Hindalco FY09 net profit down 80% at Rs 485.3 cr
June 30th, 2009
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Hindalco Industries has announced its FY09 results. The company’s consolidated net sales were up 9.35% at Rs 65,625 crore versus Rs 60,013 crore.
Its cons net profit was down 79.67% at Rs 485.3 crore versus Rs 2,387.3 crore.
The company’s standalone net sales were down 5.11% at Rs 18,219.6 crore versus Rs 19,201 crore.
Its standalone net profit was down 22.06% at Rs 2,230 crore versus Rs 2,861 crore.
Graphite FY09 cons PAT up at Rs 235.5 cr
June 30th, 2009
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DE Shaw’s DLF Assets exit may hit RBI roadblock: Sources
June 30th, 2009
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DE Shaw’s DLF Assets exit may hit a Reserve Bank roadblock, reports CNBC-TV18’s Nayantara Rai, quoting sources. DE Shaw, DAL continues to disagree on the exit price. DAL is willing to pay a price lower than agreed earlier. On May 27, CNBC-TV18 was the first to report that DE Shaw was having second thoughts about exiting DAL.
Ispat Industries declines sharply
June 30th, 2009
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Bullish on domestic consumption themes: Carlyle India
June 30th, 2009
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Carlyle India Advisors recently raised more than a billion dollar to invest in China and India though their Asia Growth Capital Fund.
M Shankar Narayanan, MD, Carlyle India Advisors, said the organization’s primary focus was on unlisted companies and there was no clear demarcation on India, China investments. “I think India would flourish as an economy and we see a lot of opportunities as a result of that. We continue to focus on domestic consumption and outsourcing themes,
4090 Nifty may hold in near term: CLSA
June 30th, 2009
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Rob Morrison, Chairman, CLSA, said there was a downside risk in Nifty and that it can slip to 4,090. “We expect the Nifty to hold 4,090 in the near-term. Post that, we think it may go to 5,000.”
Commenting on the US market, he said it continued to remain secular. The S&P 500, he feels, can go back to lows of 666 levels.
On crude, he said there was an upside seen at USD 71-76 per barrel. “Profits can be booked when crude reaches USD 72 per barrel.”
Budget ‘09 to focus on infra, agri, divestment: Hero Honda
June 30th, 2009
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Pawan Munjal, Managing Director, Hero Honda, said the industry was hoping for a boost to the economy as well as demand generation in the forthcoming Budget. Munjal expects increased focus on infrastructure; agricultural growth, which would in turn boost two-wheeler demand, and divestment in the Budget. “There is an urgent need for public sector divestment in order to fund government spending.”
This Budget is going to be a tough one for the Finance Minister, he said, adding, “The FM has to strike a very good balance between fiscal prudence, carrying on the stimuli that was provided to the economy to generate demand, and carrying the economy forward to improve the gross domestic product.”
Hopes of growth from Asia overblown: Stephen Roach
June 30th, 2009
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Stephen Roach, Chairman-Asia, Morgan Stanley, said demand in the US is subdued at lower levels, so a recovery call will be tough. “The recovery would be better than L-shaped but not V-shaped.”
He feels lower demand from the developed world will impact Asia. “The hopes of growth from Asia are overblown currently. It has significantly increased its reliance on external demand. We think the developed world remains in a rare synchronised recession. So, the second half of 2009 and 2010 is likely to be a challenge for Asia.”
On commodities, Roach said the deflation call for commodity prices is largely behind us. “We don’t see a pronounced downturn in commodity prices.”