Nikhil Vora, Managing Director, of IDFC SSKI, has advised investors to shift to mid-tier consumer companies. He expects midcap FMCGs to report higher sales growth than ITC and HUL.
With regard to United Spirits’ results, Vora said the company’s numbers were impressive and that it had addressed major concerns. He added the company’s balance sheet was strengthening and USL was no longer an expensive stock.
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Polaris Software Labs announced it’s Q1 FY10 results. Revenues were down Rs 325.52 crore versus Rs 337.24 crore (QoQ) whereas net profits were down marginally from Rs 32 crore to Rs 31.83 crore.
Arun Jain, Chairman and CEO, Polaris, said in an interview to CNBC-TV18 that the market was responding better than earlier. He feels product license deals will provide an upside. “Business volumes are shifting to offshore,” he added.
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Oil and Natural Gas Corporation, ONGC touched an intra day high of Rs 1,111.10 and an intra day low of Rs 1,085. At 11:52 am, the share was quoting at Rs 1,109.70, up Rs 11.50, or 1.05%.
The company has approved bids for USD 1.31 billion drilling Eq orders. L&T has emerged as a lowest bidder for one part of ONGC order: Valentine Maritime Consortium has bgged other parts of ONGC order, quoting sources, reports CNBC-TV18.
It was trading with volumes of 138,630 shares. Yesterday the share closed down 0.37% or Rs 4.10 at Rs 1,098.20.
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Reliance Money has recommended a hold rating on Tech Mahindra with a target price of Rs 868 in its July 30, 2009 research report.
“Tech Mahindra (TML) reported a 7% sequential jump in the revenues in USD term to USD 228 million, largely aided by currency tailwinds, otherwise on a constant currency basis revenues were up by mere 2% qoq. In INR term revenues up by 5.9% qoq to Rs 11130 million. We recommend ‘HOLD’ on TML with target price of Rs 868 at our target price the stock will be valued at 11X FY11E consolidated earning of TML ( at Rs 57.3) and 42.7% earning from Mahindra Satyam (at Rs 21.7),” says Reliance Money’s research report.
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At 11:53 hours IST, the volatility continued in the Nifty though the equity benchmarks were trading higher. Shares of technology, realty, banking, oil marketing, power companies along with ONGC, HUL and SAIL were witnessing buying interest.
However, selling continued in capital goods along with PNB, Bharti, Reliance Industries, Sun Pharma, ITC, Cairn, Tata Steel, Nalco, Hindalco and Axis Bank.
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The Indian Railways has Rs 2,000 crore worth contracts in store including a deal earlier bagged by Mahindra Satyam. CNBC-TV18’s Kritika Saxena learns that TCS, HCL are leading in the race for the bid.
Sources tell us that the Indian Railways has Rs 2,000 crore worth of IT deals on the block. We learn that Tata Consultancy Services (TCS) and HCL Technologies are the frontrunners for all of the deals. There were a large number of IT companies who had bid for a number of these projects but TCS and HCL are the frontrunners.
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DLF is to announce its first quarter results. According to CNBC-TV18 estimates, the company’s Q1FY10 net profit is seen up 220.41% from Rs 159.05 crore to Rs 509.61 crore, QoQ.
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Sesa Goa has declared its first quarter results for FY10. Its net profit was at Rs 424 crore versus Rs 636 crore year-on-year (YoY).
Managing Director PK Mukherjee said that while the volumes had increased by 50% QoQ, realizations saw a 50% drop. The iron ore business was going through a bad patch, he said. “Our operating profit numbers are not that much down because of our volume as well as our costs,
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Tata Steel today announced its first quarter results where its net sales were down 9.91% at Rs 5,554 crore versus Rs 6,165 crore. The company’s net profit was down 47% at Rs 790 crore versus Rs 1,488 crore.
Commenting on the first quarter results, the company’s management said that global steel demand was down 30–35% year-on-year though India and China continued to remain positive stories. Tata Steel, the management said, had gained in market share and that India saw a 6% demand growth.
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ABG Shipyard has acquired 5% stake in Great Offshore via a block deal. CNBC-TV18’s Nimesh Shah reports.
The block was bought by couple of domestic funds at Rs 450 per share by ABG Shipyard in yesterday’s trade. This means that now ABG’s stake in Great Offshore goes up to 7% and now the open offer term gets revised to Rs 450 per share because that’s a technical term by which they have to up their open offer price. The last open offer price from ABG Shipyard was at Rs 375 per share.
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