Archive for October 24th, 2008
Posted by Yogesh on Friday, 24 October, 2008
NEW DELHI: Expressing “surprise” at RBI’s decision to maintain status quo on key policy rates, the India Inc today said the central bank should have cut key rates to spur growth.
“The RBI’s policy statement has taken the industry by surprise. The RBI should have sent a far stronger signal of growth while understandably, it waits to see the effects of the recent policy moves of reduction in CRR and repo rates before the next round of reduction,” Ficci President Rajeev Chandrasekhar said.
The chamber said the credit policy has been framed keeping in mind the 7 per cent inflation target for the current fiscal. “At the present juncture the need, however, was to give some critical boost to growth by pushing more credit to the productive sectors,” it said. There is a need to cut the CRR by another 200 basis points and repo rate by 50 basis. Read the rest of this entry »
Posted in Indian Economy | Tagged: RBI | Leave a Comment »
Posted by Yogesh on Friday, 24 October, 2008
It was an absolute rout on the Dalal Street. Dismal Asian cues ensured a sharp gap down start and the status quo Credit Policy sealed the fate of the markets. Selling fury gripped the markets in late trade and they capitulated to post their worst session ever.
The benchmark indices have collapsed like a pack of card on account of relentless selling pressure in the heavyweights. The Sensex and the Nifty have seen sharp cut; closed down 11% and 12%, respectively. Credit Suisse said that the recession has already begun in the US, UK and Eurozone.
Reliance Industries, ONGC, Bharti Airtel, DLF, NTPC, Unitech, Reliance Communication, SBI, ICICI Bank, HDFC, HDFC Bank and L&T were biggest contributors in the indices steep fall. Read the rest of this entry »
Posted in Market View | Leave a Comment »
Posted by Yogesh on Friday, 24 October, 2008
JAMSHEDPUR: The economic slowdown seems to have reached the job market, with leading private auto maker Tata Motors disengaging the services of 700 temporary employees in just three days.
The company today let the contract of 400 temporary workers lapse, bringing down the strength of such workers to 1,200, Employees Union General Secretary Chandra Bhan Singh said.
When contacted, Tata Motors spokesperson, without giving specific numbers, said: “It is a regular process, we engage them (temporary workers) as per the requirement.” Read the rest of this entry »
Posted in LayOff | Tagged: Tata Motors | Leave a Comment »
Posted by Yogesh on Friday, 24 October, 2008
MUMBAI: Diversified conglomerate ITC Ltd on Friday said its net profit for the second quarter ended September 30 stood at Rs 802.72 crore, a 4.13 per cent growth over the corresponding period last year.
The company had a net profit of Rs 770.87 crore in the same quarter of FY’08, ITC said in a filing to the Bombay Stock Exchange.
Net income of the company rose to Rs 3,862.67 crore for the quarter under review, from Rs 3,318.36 crore in the same period a year ago.
For the half year ended September 30, it has posted a net profit of Rs 1,551.39 crore, against Rs 1,553.74 crore for the corresponding period a year ago.
Net income rose to Rs 7,796.67 crore for the half year quarter under review, from Rs 6,633.05 crore in the same quarter last fiscal.
During the quarter, the company made a further investment of Rs 60 crore in the equity capital of ITC Infotech India, a wholly-owned subsidiary of the company.
Shares of the company were trading at Rs 152, down 9.93 per cent in the afternoon trade on the BSE. Source The Economic Times
Posted in Financial Result | Tagged: ITC, Q2 | Leave a Comment »
Posted by Yogesh on Friday, 24 October, 2008
MUMBAI: Oracle Financial Services Software on Friday said its consolidated net profit for the second quarter ended September 30 increased by 7.81 per cent to Rs 93.43 crore, from the corresponding period a year ago.
The total consolidated income rose to Rs 707.37 crore in the quarter under review, from Rs 575.80 crore in the same period last fiscal, Oracle Financial said in a filing to the Bombay Stock Exchange.
On a standalone basis, Oracle Financial witnessed a jump of 45.29 per cent in net profit at Rs 111.25 crore in the September quarter, from Rs 76.57 crore in the same period previous year.
The company’s standalone income increased to Rs 544.78 crore in the second quarter of financial year 08, from Rs 435.17 crore in the same period last year.
Oracle Financial was quoting at Rs 470, down 3.60 per cent in morning trade on the BSE. Source The Economic Times
Posted in Financial Result | Tagged: Oracle Financial, Q2 | Leave a Comment »
Posted by Yogesh on Friday, 24 October, 2008
MUMBAI: State-run Bharat Heavy Electricals today said its net profit dipped 10.45 per cent to Rs 615.77 crore for the second quarter ended September 30, from the same period last fiscal.
The total income rose to Rs 5,649.84 crore in the quarter under review, from Rs 4,466.25 crore in the same period last year, BHEL said in a filing to the Bombay Stock Exchange.
For the half-year ended September 30, BHEL reported a net profit of Rs 1,000.18 crore, a 2.42 per cent growth over the year-ago period
In the first half of current fiscal BHEL’s income from operations rose to Rs 10,501.83 crore, from Rs 8,008.88 crore in the year-ago period.
Shares of BHEL were trading at Rs 1,081, down 7.63 per cent on the BSE. Source The Economic Times
Posted in Financial Result | Tagged: BHEL, Q2 | Leave a Comment »
Posted by Yogesh on Friday, 24 October, 2008
MUMBAI: Navratna company Bharat Electronics Ltd today said its net profit for the second quarter ended September 30 grew marginally at Rs 123.73 crore over the corresponding period a year ago.
The company had a net profit of Rs 122.84 crore for the September quarter last fiscal, Bharat Electronics Ltd said in a filing to the Bombay Stock Exchange.
Total income rose to Rs 833.90 crore for the quarter under review from Rs 760.62 crore for the same quarter previous fiscal.
For the six months ended September 30, premier defence PSU posted a net profit of Rs 126.25 crore, against Rs 149.14 crore for the same period last year.
Total income rose to 1179.82 crore for the reviewed period from Rs 1113.31 crore for the same period a year ago.
Shares of the company fell by 7.68 per cent after the announcement of its results today and closed at Rs 594.36 on the BSE. Source The Economic Times
Posted in Financial Result | Tagged: BEL | 1 Comment »
Posted by Yogesh on Friday, 24 October, 2008
NEW DELHI: Maruti Suzuki India reported a 37 percent slide in quarterly profit Friday as costly borrowing and higher raw material prices put the brakes on earnings.
Net profit for the second quarter to September slumped to 2.9 billion rupees (59 million dollars) from 4.67 billion in the same period last year, said Maruti, 54.2 percent owned by Japan’s Suzuki Motor Corp.
To counter the slowdown in Asia’s fourth-largest automobile market, the company said it was “laying special focus on growing customer segments, including corporates, rural households and government employees.” Read the rest of this entry »
Posted in Financial Result | Tagged: Maruti | Leave a Comment »
Posted by Yogesh on Friday, 24 October, 2008
NEW DELHI: Recording the steepest fall in the global markets, gold prices on Friday crashed to touch a seven week low level at Rs 11,550 per ten gram on the bullion market here as investors rushed to liquidate their holdings for raising funds to meet stock market losses.
The yellow metal dropped Rs 400 at Rs 11,550 per ten gram, a level last seen on Sept 11, on brisk selling by stockists and investors after the Bombay Stock Exchange benchmark Sensex recorded a second steepest fall in its history.
The stock markets nosedived and bullion prices collapsed after the Reserve Bank of India kept interest rates unchanged and downgraded the national economic growth to 7.5 per cent. Read the rest of this entry »
Posted in Commodities | Tagged: Gold | 1 Comment »
Posted by Yogesh on Friday, 24 October, 2008
Posted in Technology | Tagged: Yahoo | Leave a Comment »
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