ITC Reaches Record High After Q1 Results

The benchmark indices rose in intraday trade fresh readings in the morning bargain hunting emerged after recent heavy losses. Extension of the market was strong. BSE Sensex rose 119.77 points, or 0.66%, up almost 200 points less than today. Index heavyweight Reliance Industries top cut bargain hunters after recent losses triggered by a weak Q1 results of operations. ITC, after a record quarter of strong results 1. FMCG giant Hindustan Unilever cuts even higher. Jindal Steel & Power has been dropped after a weak first quarter results 1. ONGC fell to the sharp increase in support for the load is limited to the first quarter of profit growth.

Bank shares rallied on bargain hunting after a recent fall caused by a downward revision of growth forecasts of non-food credit by the Reserve Bank of India and 18% versus 19% for the year completed in March 2012 to first quarter review of Monetary Policy 2011-12 announced Tuesday, July 26, 2011

The market ignored weak Asian equities. Asian stocks fell Friday, July 29, 2011 by the American debt impasse kept a large market sentiment at bay, with Japan also hit by weak earnings and profit outlook.

The market recovered slightly after reaching its lowest level in over a month at the beginning of the trading session. The market rose to new intraday trading in the morning.

At 10:20 IST the BSE Sensex was up 119.77 points or 0.66% to 18,329.29. The Sensex rose 124.75 points to 18,334.27 Day High In morning trading, its highest level since Wednesday, July 27, 2011. The index fell 77.66 points to 18,131.86 few days in early trade, its lowest level since June 24, 2011.

S & P CNX Nifty rose 26.45 points, or 0.48% at 5,514.20. Nifty hit a low 5,453.95 in intraday trading, its lowest level is 27 June 2011. Nifty has hit its highest 5,520.30 in intraday trading, its highest level since Wednesday, July 27, 2011.

The size of the market, indicating the overall health of the market were strong. On BSE, 1,344 shares rose and 681 shares declined. A total of 76 shares remained unchanged NRI Share Trading Account.

30 shares of the Sensex pack, 21 stocks rose and the rest fell. Reliance Communications, Maruti Suzuki India and Sterlite Industries rose 1.26% to between 2.58%. ONGC, Hero Honda Motors, Jindal Steel & Power paid by between 0.82% to 1.7%.

Index heavyweight Reliance Industries (RIL) rose 0.81% is a bargain hunting after recent losses triggered by a weak Q1 results of operations. RIL is operating profit margin (OPM) declined by a significant 12.25% in Q1 June 2011 from 16.04% in Q1 June 2010, a weak performance in the oil & gas and petrochemical companies make good performance segment processing.

RIL’s net income rose to Rs 5,661 crore on 16.69% increase in revenues of 39.1% to SR 81,018 crore in the first quarter, in June 2011 at the First District in June 2010. Growth in both earnings and revenues in the lead market expectations. RIL has seen reports 15.44% growth in net profit to RS 5600.35 crore on 28.7% growth in net sales of RS 74,951.47 crore in the first quarter, in June 2011 during the first quarter, in June 2010 as an average estimate of 10 brokers. The result was published Monday, July 25, 2011.

Gross investments of RIL in refining margins (GRM) rose to $ 10.3 per barrel from $ 7.3 per barrel in Q1 June 2010. KG-D6 gas production Ril field on the east coast has dropped to 18% of 156.2 BCF in Q1 June 2011 over Q1 June 2010. The gas condensate production jumped 81.6% left 0.21 million barrels in Q1 June 2011 on Q1 June 2010. The company said that the sale of gas to the government gave priority to the Directive with effect from May 9, 2011.

CCI of cigarettes increased by 2.28% to 210.15 rupees main, extending Thursday’s 2.61% caused by the strong Q1 results. The share reached a record high of 211.35 rupees today. Net profit rose 24.51% in 1332.72 crore rupees 20.57% increase in operating income of Rs 5860.18 crore in Q1 June 2011 over Q1 June 2010. Growth stronger than expected top line growth helped the bottom line. The operating profit margin fell 33.72%, in the heart of 33.81% in Q1 June 2010. The result was announced during business hours Thursday.

Hindustan Unilever rose 0.67%, rebounding from Thursday’s slide 1%. Hindustan Unilever profit after tax, before special items increased 11% to Rs 578 million rupees in June 2011 in Q1 Q1 June 2010. Total revenues increased 14.4% to Rs 5629.96 crore in Q1 June 2011 in Q1 June 2010. The result was announced during trading hours Thursday, July 28, 2011.

The company said domestic consumer business rose 15% to 1 June 2011 quarter, driven by strong volume growth in underlying 8.3% with double digit growth in the segment. Hindustan Unilever (Hole) said that the inflation of raw materials continues to be at a high level of sales increase of 480 basis points (bp) in the first district in June 2011. Cost pressures have been managed dynamically through aggressive conservation programs combined with reasonable prices.

General competitive intensity remained high, Hul said. Advertising expenditure was added to packaged foods and personal products still pass the soaps and detergents have been calibrated to respond to industry trends. Advertising and promotion expenses, representing 11.5% of net sales remained competitive. The business continued to focus on driving efficiencies in buying, saving steps, and return on marketing investments.

Commenting on the results of the first quarter, Hul Manwan President Harish said, our strategy continues to achieve steady growth and competitive. This is the fourth consecutive quarter of double-digit growth driven by a combination of innovation, market development, and continued focus on performance. In a difficult economic environment, we are managing our business in a dynamic way, in order to remain competitive and affordable.

Bank shares recovered on bargain hunting after a recent fall triggered by a lowering of the non-food credit growth forecast by the Reserve Bank of India to 18% against 19% for the year ending March in 2012 its first quarterly review of Monetary Policy 2011-12 announced on Tuesday 26th July 2011. India’s largest private sector bank by net profit ICICI Bank rose 0.78% ahead of its Q1 earnings today, July 29, 2011.

The largest commercial bank in India with a network of branches of State Bank of India (SBI), was 0.58%. President of the Bank of Pratip Chaudhari was quoted by the media as said this week that the bank considers it necessary to increase the short-term deposit rates.

Punjab National Bank rose 2.02%. Net income for the State Bank rose 3.44% to RS 1105.07 crore an increase of 36.94% of the total income of RS 9398.91 crore in Q1 June 2011 on Q1 June 2010. The result was published during trading hours on Thursday.

India, second largest private sector bank’s net profit HDFC Bank fell 0.43%.

Canara Bank fell 0.56% in the past extends losses triggered by a weak Q1 results. Net income decreased by 28.37% RS 725.85 crore is 30.75% increase in the total income of RS 7707.59 crore in Q1 June 2011 on Q1 June 2010. Result announced during market hours on Wednesday, July 27, 2011.

Bank of India fell 0.45%, while the state bank said it has decided to increase the base rate from the current 10% per annum (pa) is 10.75% per annum and a reference point for the first loan (BPLR) , there are 14.25% pa 15% pa July 28, 2011.

Consortium Construction Group, fell to 2.53% after net income fell 97% RS 0.56 crore which is 0.2% drop in net sales RS 506.88 billion rupees in the first quarter on June 2011 Q1 June 2010.

Investors continue to focus on corporate earnings in Q1. Investors focused on post Q1 June 2011 results to evaluate the management comments on the prospects for future earnings at a time when Indian companies are seeing the cost pressures in the midst of rising interest rates and staff costs.

Sun TV announces results for the first in the first quarter in August 2011. Power Grid Corporation presents the results for the first and second quarter in August 2011. Bharti Airtel and United Spirits reveal the first result in the third quarter in August 2011. Adani Power, Mundra Port and Special Economic Zone and Indian Hotels announce the results for the first quarter to August 2011. Cipla and IL & FS Transportation Networks is set to announce earnings for the first quarter of the August 5, 2011.

M & M Q1 report the results of August 8, 2011. ABB, Tata Communications, Mahindra and GMR Infrastructure, Satyam will publish its interim report August 9, 2011. Tata Power Corporation and Rural Electrification will publish its Q1 results 10 August 2011. Tata Motors and Castrol India reveals its interim report on August 11, 2011. Hindalco and Coal India to unveil the Q1 results of the August 12, 2011. Aditya Birla NUVO to publish the results in Q1 August 13, 2011.

Stock market regulator Securities and Exchange Board of India (SEBI) on Thursday, made drastic changes to the code, as well as to increase the threshold for triggering the open offer of 25% to 15%. SEBI also changed the minimum size of an open offer, saying that when a company acquires at least 25% of another listed company, is a mandatory bid to open a further 26%. Under the current rules, a company needs to make a mandatory bid for a further 20% share. Partially accept the recommendations of the panel with SEBI, SEBI has also decided to abolish the non-competition payments, contractors usually pay the sellers of mergers and acquisitions opportunities.

The government on Thursday approved a bill to create a corruption of the Ombudsman Office, which has come to define the debate on what India should do to try to root out graft. The last few months, a handful of defenders of corruption has been negotiated with the government on the creation of the power and extent of Lokpal or the broker. Bill to give the agency the power to probe graft in the upper echelons of Indian bureaucracy, Parliament and ministries, but the release of Office is the prime minister and the judiciary.

On the macroeconomic front, food prices rose in the week ended July 16, 2011 due to cost vegetables and fruits, the latest data show. The wholesale price index for food rose 0.8% to 193.3 from 191.7 the previous week, data from the Ministry of Industry and Commerce on Thursday. The index rose in three of the four weeks ended July 16. The data also show that the index of primary commodities, including food and nonfood items, has changed little in 198 in the week ended July 16, from 197.7 the previous week.

The Reserve Bank of India (RBI) raised its rates by 50 basis points to a policy review Tuesday, July 26, 2011, to control high inflation. The RBI raised its inflation target for end March 2012 to 7% against the previous estimate of 6%, saying inflation was above expectations. Which maintained its forecast for economic growth of 8% this fiscal year. RBI revised downward projection of non-food bank credit growth to 18% for the year ending March 2012 (fiscal 2012) of 19% previously.

Although the impact of past monetary policy measures are still being downloaded, given the overall growth and inflation scenario, it is necessary to continue with the anti-inflation the RBI said. In the future, monetary policy will depend on developments in the path of inflation, which in turn will be determined by the evolution of domestic growth and global commodity prices, the RBI said. A change in attitude will be motivated by evidence of a sustained decline in inflation, he added.

Uncertainty global macroeconomic environment is a challenge for the national economy from the perspective of financing the current account deficit, RBI said. In this context, the composition of capital flows are a concern. In recent months, a shift in the composition of capital flows of foreign direct investment (FDI) was observed. This trend will be reinforced by policy initiatives to improve the quality of financing the current account deficit, RBI said.

Finance Pranab Mukherjee Wednesday, July 27, 2011 said food inflation of 8% around the current level is not acceptable. He added that the Government would take steps to support Thurs RBI against inflation stubbornly high, which will probably see further increases in interest rates. I do not think we’ve reached the end of the tunnel, Mukherjee said, referring to the tightening cycle rates RBI. Appropriate action will be taken, Mukherjee said, referring to government support of the political action of the central bank, without giving details.

Mukherjee said the government should keep spending under control to achieve the deficit, but gave no details. We are looking for ways to squeeze costs. There is buoyancy in revenues and together I think will help us achieve the deficit target, he said.

Subir Gokarn RBI deputy governor, said Wednesday the decision to go to an interest rate 50 basis points instead of the baby steps of 25 basis points above the RBI has taken has been influenced by a strong demand in the economy, which was partly affected by movements in interest rates. The high costs of government was also to supply the demand pressure, said on a conference call with analysts.

Gokarna said that the slowdown increases the risk that it would be pretty busy and that the increase could be mitigated perceived as inadequate. We felt that stronger action was broadly in line with a new attitude that there have been reported in May, he added.

Asian stocks fell Friday, July 29, 2011 by the American debt impasse kept a large market sentiment at bay, with Japan also hit by weak earnings and profit outlook. Loss of depth in several stock markets after the vote Thursday on a Republican bill to lift the ceiling of U.S. debt was canceled. Just days before the rest of the August 2 deadline, when the U.S. government is expected to run out of money to pay all its bills. The key benchmark indices in South Korea, Singapore, Indonesia, Hong Kong, China, Japan and Taiwan were down between 0.16% to 0.93%.

The unemployment rate in Japan in June marked increased industrial production and was softer than expected, while consumer prices rose less than expected, according to data released Friday.

The U.S. index futures said the Dow could fall 69 points in the opening bell Friday, July 29, 2011. Revenues of U.S. stocks weak low Thursday, July 28, 2011.

Recent data indicate that the first application for unemployment benefits fell from 24 000 and 298 000 in the last week, marking the first time in four months, the number was below 400,000. National Association of Realtors count of Americans signing contracts to purchase homes rose a second month of June, although the trade group also said a growing number of potential buyers is to terminate the contract on the shutdowns.


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