SBI - Revision of Interest Rates on Domestic Term Deposits

State Bank of India (SBI) has informed BSE that the Bank has decided to revise interest rates on domestic term deposits rate with effect from August 16, 2008.

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Parsvnath Developers buys Rs 200cr New Delhi property

Parsvnath Developers has acquired property worth Rs 200 crore in Connaught Place in New Delhi. Pradeep Jain, Chairman, Parsvnath Developers said that they have already acquired the property and paid money for the land. Jain added that they will develop a luxury retail mall with office space property.

According to Jain, if any other property is available and any opportunity comes, they will definitely grab it, depending on the size and location of the property.

Results at glance for April 29 2008

> Aban Offshore has announced its March Ending 2008 Results. The company’s Q4 net profit was up at Rs 34.5 crore versus Rs 29.5 crore.
> Alok Industries has announced its March Ending 2008 Results. The company’s Q4 standalone net sales were up at Rs 724.79 crore from Rs 574.08 crore, YoY.
> Alstom Projects has announced its standalone results for the quarter ended March 2008 (Q4). Its standalone net profit was at Rs 1.50 crore versus Rs 36.20 crore on YoY basis.
> Bata India has declared its results for quarter ended March 2008 (Q1). The company’s standalone net profit stood at Rs 11 crore versus Rs 5 crore.
> Bhushan Steel has declared its March Ending 2008 Results. It net profit was at Rs 135 crore versus Rs 109.70 crore, YoY.
> Cairn India has announced its first quarter results. The company’s Q1 consolidated net sales were up at Rs 315.8 crore versus Rs 236.4 crore, YoY.
> Ceat has announced its FY08 results. The company’s FY08 net profit was up at Rs 149 crore from Rs 39 crore.
> Dwarikesh Sugar Industries has announced its results for the quarter ended March 2008 (Q2). Its operating profit was at Rs 16.4 crore versus Rs 8.13 crore. It’s net profit was at Rs 6.4 crore versus loss of Rs 28 lakh.
> Eicher Motors has announced its March Ending 2008 Results. The company’s Q4 net profit was down at Rs 19.5 crore versus Rs 20.8 crore.
> Grasim has announced its March Ending 2008 Results. Its consolidated net profits at Rs 881 crore.
> GSS America Infotech has declared its results for the quarter ended March 2008. The company’s net profit stood at Rs 18.4 crore versus Rs 13.7 crore on YoY basis.
> HUL has announced its first quarter results. The company’s Q1 net profit was up 16.5% at Rs 380.9 crore from Rs 327.08 crore, YoY.
> IFCI has announced its FY08 results. The company’s consolidated net profit was up at Rs 1,022.4 crore from Rs 898.6 crore, YoY.
> KPIT Cummins Infosystems has declared MTM Losses Of Rs 89.3 crore. The company’s FY07 net profit was at Rs 50.3 crore.
> Mahindra Ugine Steel has decalred its March Ending 2008 Results. The company’s Q4 net profit was down at Rs 5.53 crore from Rs 10.84 crore.
> Nagarjuna Fertilisers and Chemicals has declared its standalone results for the quarter ended March 2008 (Q4). The company’s standalone net profit was at Rs 1.25 crore versus Rs 1.86 crore on YoY basis.
> Network18’s consolidated Q4 revenues stood at Rs 231.92 crore as compared to Rs 186.09 crore, while net profit came in at Rs 33.74 crore as against Rs 19.5 crore, QoQ.
> Nirma has announce its March Ending 2008 Results. The company’s standalone net sales were at Rs 629.48 crore versus Rs 636.49 crore. YoY.
> Reliance Capital has announced its FY08 results. The company’s FT08 consolidated net profit was up at Rs 1009.06 crore versus Rs 703.21 crore.
> RNRL has decalred its FY08 results. The company’s consolidated net profit was up at Rs 68.58 crore versus Rs 29 crore.(15 months)
> Ruchira Papers has declared its standalone results for the quarter ended March 2008. The company’s net profit was at Rs 47 lakh versus loss of Rs 8 lakh on YoY basis.
> Sesa Goa has announced its fourth quarter and FY08 results. The company’s PAT at Rs 811.6 crore versus Rs 263.34 crore, YoY.
> Shiv Vani Oil & Gas Exploration Services has announced its results for the quarter ended March 2008 (Q1). The company’s net profit was at Rs 31.8 crore versus Rs 12 crore.
> Stride Arcolab has declared its consolidated results for the quarter ended March 2008 (Q1). Its net profit was at Rs 52.6 crore Rs 6.07 crore.
> Subex has announced its March Ending 2008 Results. The company’s net loss at Rs 50 crore versus loss of Rs 4.3 crore, QoQ.
> Sunil Hitech Engineers has declared its results for the quarter ended March 2008. Its operating profit was at Rs 14.3 crore versus Rs 7.3 crore. Its net profit was at Rs 7.22 crore versus Rs 3.3 crore.
> UTV has announced its March Ending 2008 Results. The company’s Q4 net profit was up at Rs 18.8 crore versus 17.7 crore, QoQ.
> Welspun Gujarat has announced its March Ending 2008 Results. Its net profit was at Rs 102 crore versus Rs 41.5 crore.
> XL Telecom has announced it’s Q4 results. It’s net profit was at Rs 14 crore versus 8.6 crore (QoQ).

Good times ahead for mkts: How soon?

The Sensex was making lower tops and lower bottoms it seems now it has breached that phenomenon and as we saw yesterday it closed at a higher high ahead of 16,127 odd levels and then from that level it has breached and currently it is trading at about 16,300 levels.

Is this a positive sign? What we have seen early is that Sensex tried to break through from its phenomenon. So newer highs were created. But then again a bigger fall came and every time then the Sensex is making lower tops over here, it is always making lower bottoms also.

Reliance Q4 net seen up 31%, ONGC 61%

Reliance, India's most valuable firm at $93 billion and its leading private oil company, is expected to ride on strong refining margins and natural gas sales in the coming quarters. The company, which may sell a stake in its D6 gas block off India's east coast to an oil major, is expected to produce up to 80 million cubic metres of gas per day from its deep-sea fields in the region from the second half of 2008/09.
ONGC State-run oil and gas explorer ONGC is expected to report net profit grew by nearly two-thirds to Rs 4314 crore ($1.1 billion) from Rs 2682 crore a year ago. ONGC, which produces 80 percent of India's crude, is required by the government to sell oil from its domestic output at heavy discounts to subsidise state-run refiners in order to keep retail fuel prices low, which eats into the company's profits.

Hero Honda to invest Rs 150cr in Haridwar plant by Dec

At a time when the two-wheeler industry is going through a slowdown, market leader- Hero Honda has taken a bold step by starting a new plant in Haridwar. It is a gamble that Hero Honda is taking in its silver jubilee year.
The company will invest Rs 600 crore in the plant by December this year. A hundred ancillary makers will also set up base here over next 2 years.

The plant has started with an initial annual capacity of 500,000 units which will be ramped up to 1.5 million units by 2010. But the return on investment by Hero Honda for the additional capacity will be decided by the way the two-wheeler market behaves over the next few months.

Inflation at 3-year high, hits 7 pc

India’s annual inflation rose to a three year high at 7 %, 2 % more than the 5 % comfort level. The wholesale prices index for the week to March 22 increased more than the market estimate of 6.62 % and the previous week’s 6.68 % .Market is down by 3 %.

On Monday, the government decided to abolish import duty on crude form of edible oils, cut rate on refined edible oils and ban non-basmati rice exports among other measures to ease the pressure off prices.