Thursday, October 27, 2005

Market breadth weakens further; Cipla loses ground


The market remained weak in morning trade. Cipla came under selling pressure
in the same period. Dr Reddy’s Laboratories slipped. Auto and IT stocks were
weak.

Cellular services major Bharti Tele-Ventures (BTL) surged on reports that
British telecoms firm Vodafone Group Plc may acquire a small stake in the
company.

State Bank of India (SBI) slipped for the second day in a row hit by
disappointing Q2 September 2005 results. A host of PSU banks edged lower.

i-flex surged following the announcement of Q2 September 2005 results.

Market breadth weakened further in morning trade. 1,537 stocks declined on
BSE as compared to 492 stocks that rose. 50 scrips were unchanged. Losers
outpaced gainers by a ratio of 3.1:1. In early trade, this ratio was at
2.1:1.

At 11:28 IST, the Sensex was down 74 points at 7,723.

Weakness in US and Asian stocks hurt market sentiment. Asian markets have
been hit by poor quarterly results and worries about regional and
export-oriented economies. US stocks dropped on Thursday for a third
straight day on a bigger-than-expected decline in durable goods orders. The
Dow Jones industrial average fell 115.03 points, or 1.11 percent, to end at
10,229.95. The Standard & Poor's 500 Index dropped 12.48 points, or 1.05
percent, to 1,178.90.

BTL jumped 5% to Rs 328.70. 5.2 lakh shares changed hands in the counter on
BSE.

Index heavyweight Reliance Industries (RIL) was up 0.2% to Rs 752.75. The
stock was volatile as it moved between positive and negative territory. 8.9
lakh shares changed hands in the counter on BSE.

Cipla plunged 4% to Rs 344.25. The stock came sharply off the day’s high of
Rs 362.90. 1.6 lakh shares changed hands in the counter on BSE. Cipla, on
Thursday, reported a 27.8% growth in Q2 September 2005 net profit to Rs
122.60 crore (Rs 95.87 crore). Net sales rose 15.5% to Rs 671.70 crore (Rs
581.37 crore).

Dr Reddy’s Laboratories lost 1.2% to Rs 793.

IT stocks tracked weakness on Nasdaq. Wipro lost 2.7% to Rs 362, TCS shed 2%
to Rs 1,377, Infosys lost 1.2% to Rs 2,436 and Satyam Computer shed 1.3% to
Rs 582. Weakness in semiconductor stocks, tied to worries about the US
economy and fourth-quarter holiday spending, helped push the
technology-laced Nasdaq lower on Thursday. The Nasdaq Composite Index slid
36.24 points, or 1.73 percent, to close at 2,063.81.

L&T slipped 2.7% to Rs 1,348 ahead of the announcement of Q2 results (the
results will be announced later today). 20,278 shares changed hands in the
counter on BSE. L&T said on Thursday that it received orders worth Rs 1,160
crore ($258 million) to build roads and airports.

Auto shares were on the lower side. Car major Maruti Udyog (MUL) (down 2.6%
to Rs 515.40), Bajaj Auto (down 2% to Rs 1,696), Tata Motors (down 2% to Rs
474.75) and Hero Honda (down 1.3% to Rs 6705.50) all eased. MUL announces Q2
results later in the day today.

State Bank of India (SBI) shed 1.3% to Rs 819.75. The stock declined on high
early volume of 8.9 lakh shares. SBI, on Thursday, reported a lower than
expected 12.3% growth in Q2 September 2005 net profit to Rs 1215.36 crore
(Rs 1081.89 crore). Total income rose 1.2% to Rs 9,856.04 crore from Rs
9,737.43 crore.

HDFC Bank shed 2% to Rs 609.45.

i-flex rose 2.7% to Rs 886. i-flex’s consolidated net profit as per Indian
GAAP declined 8.1% to Rs 38.40 crore from Rs 41.80 crore in Q2 September
2004. Revenue rose 36.7% to Rs Rs 349.70 crore from Rs 255.80 crore.

source:capitalmarket

Orchid Chemicals drops on pricing GDR issue at a discount


Orchid Chemicals & Pharmaceuticals lost 3.3% to Rs 203.95, extending the
sharp fall witnessed in the past two days.

The stock declined further today after the company announced that it has
priced its GDR issue at $ 4.34 each, which is equivalent to Rs 195 per
share – at a discount to Thursday (27 October 2005)’s closing price of Rs
211.05 on BSE.

In the past two days, the stock had plunged. From Rs 242.40 on 25 October
2005, the stock had lost 12.9% in just two trading sessions to Rs 211.05 on
27 October 2005. <> Orchid said it has raised $ 75 million (through issue of
GDRs aggregating $ 37.5 million and through the issue of convertible bonds
aggregating $ 37.5 million). In addition, there is a greenshoe of $ 5
million each on GDRs and convertible bonds. The zero-coupon convertible
bonds have a tenor of five years and are convertible into equity shares at a
premium of 25%. The GDRs and the convertible bonds will be listed on the
Luxembourg Stock Exchange.

Early this month, Orchid reported robust Q2 results. Orchid’s Q2 net profit
jumped 588% to Rs 27.21 crore (Rs 3.95 crore). Top line growth led bottom
line growth. Total income rose 46% to Rs 240.42 crore (Rs 164.37 crore).

TVS Motor dropped for the second day in a row after the company reported a fall in Q2 September 2005 net profit


The scrip lost 4% in morning trade to Rs 84.80. 38,610 shares changed hands
in the counter on BSE.

The stock lost 5% on Thursday (27 October 2005) to Rs 88.35.

TVS has reported a 7% fall in Q2 September 2005 net profit to Rs 31.95 crore
(Rs 34.24 crore). Net sales has risen 6.2% to Rs 789.23 crore (Rs 742.87
crore).

TVS Motor reported a 27% growth in bike sales in September 2005 to 75,310
units from 59,172 units in September 2004.

Recently, TVS launched two variants of the Star City and Victor brands to
pep up sales. Victor Edge is positioned in the executive segment and comes
in the price range of Rs 40,000-43,000. Star City, positioned in the economy
segment, is priced at Rs 33,900.

The motorcycle industry in the country hinges largely on the sales from the
economy and executive segments. TVS Motor's share in these two segments is
voluminous, at 23% of the economy segment and 13% of the executive segment.

TVS Motor also plans to launch a variant of the Fierro brand in the near
future.

Balaji Telefilms firmly in the picture on strong Q2 results


Balaji Telefilms rose 2.3% to Rs 125 boosted by strong Q2 September 2005
results.

175 shares changed hands in the counter on BSE by the first few minutes of
trade.

Balaji Telefilms’ net profit jumped 50.7% in Q2 September 2005 to Rs 17.01
crore (Rs 11.28 crore). Net sales rose 55% to Rs 70.13 crore (Rs 45.24
crore).

In the early part of the month, Balaji Telefilms stated that it had entered
into an agreement for upgrading rates, on the basis of the average
Television Rating Points (TRPs) of a few of its serials on Star Plus with
effect from July 2005.

L&T may move higher on major order win


L&T may rally after the company on Thursday said it had received orders
worth Rs 1,160 crore ($258 million) to build roads and airports. The orders
include highways projects in Tamil Nadu and erecting a passenger terminal
building at the Hyderabad airport in Andhra Pradesh. Ahead of the
announcement, L&T shares closed 2.2% higher at Rs 1,385.80 on BSE.

Cipla may edge higher after the company reported a 27.8% growth in Q2
September 2005 net profit to Rs 122.60 crore (Rs 95.87 crore). Net sales
rose 15.5% to Rs 671.70 crore (Rs 581.37 crore).

Balaji Telefilms may edge higher on the back of strong Q2 results. Net
profit jumped 50.7% in Q2 September 2005 to Rs 17.01 crore (Rs 11.28 crore).
Net sales rose 55% to Rs 70.13 crore (Rs 45.24 crore).

Indraprasth Gas may edge higher after the company reported 28.7% growth in
Q2 September 2005 net profit to Rs 27.03 crore (Rs 21 crore). Net sales rose
17% to Rs 134.10 crore (Rs 114.55 crore).

Trent may edge higher after the company reported a 55.5% growth in Q2
September 2005 net profit to Rs 5.74 crore (Rs 3.69 crore). Net sales rose
60% to Rs 86.63 crore (Rs 54.10 crore).

Upper Ganges Sugar may edge higher after the company reported a net profit
of Rs 4.41 crore for Q2 September 2005 as against a net loss of Rs 6 crore
for Q2 September 2004. Net sales jumped 30.5% to Rs 90.22 crore (Rs 69.11
crore).

Tube Investments of India may see action after the company reported a 156%
growth in Q2 September 2005 net profit to Rs 31.38 crore (Rs 12.22 crore).
Net sales rose 9.99% to Rs 354.75 crore (Rs 322.51 crore).

Mangalam Cement may rally on the back of robust Q4 September 2005 results.
The company reported a net profit of Rs 3.86 crore as against a net profit
of Rs 0.45 crore for Q4 September 2004. Net sales rose 7.3% to Rs 75.88
crore (Rs 70.66 crore).

GNFC and Narmada Chematur Petrochemicals may see action after the company
said they would consider merger of Narmada Chematur Petrochemicals in GNFC.
GNFC holds 56.4% stake in Narmada Chematur Petrochemicals

Bharat Gears may see action after the company said the company will come out
with a rights issue not exceeding Rs 8 crore.

Thermax may move higher after its Energy Systems Division bagged an order
valued at about Rs 50 crore from a company in the steel industry.

Orient Paper & Industries may see action after the company said it is
investing about Rs 42 crore for expansion of the cement manufacturing
capacity from 2.4 million tonnes to 3 million tonnes.

BASF India may edge higher after the company said its board has approved the
proposal concerning expansion of the company's polymer dispersions plant
capacity at Mangalore from the present 20000 tpa to 65000 tpa. The
state-of-the-art dispersions plant is expected to cost around Rs 41 crore
and will be financed by internal accruals and borrowings.

source:capitalmarket

Sensex tumbles to 2-month low, falls below 7,800


A major sell-off gripped the bourses today on the last day of the expiry of
October 2005 derivatives contracts. The near-month derivatives contracts
expire on the last Thursday of every month. Disappointing Q2 results from
the largest commercial bank State Bank of India (SBI), and lower than
expected Q2 results from cellular services major Bharti Tele-Ventures (BTL)
triggered the sharp fall. Sell-off gripped the bourses in the last one hour
or so of trading. Both BTL and SBI plunged following the results
announcement.

A subdued to weak trend in European markets and some Asian markets also hurt
market sentiment.

The 30-share BSE Sensex tanked 176.20 points or 2.1% to settle at 7,798.49 -
its lowest level in nearly two months since 30 August 2005. The S&P CNX
Nifty lost 55.60 points or 2.3% to 2,352.90.

Index heavyweight Reliance Industries (RIL) declined sharply in the last
half an hour or so of trading in a weak market even as the company reported
a surge in Q2 September 2005 net profit which also beat market expectation.

A host of PSU banks slipped following SBI’s disappointing Q2 outcome. ICICI
Bank declined sharply.

Turnover on BSE rose today. BSE clocked a turnover of Rs 2,778 crore
compared to Wednesday (26 October 2005) ’s Rs 2,391 crore. The last three
trading sessions had seen a fall in turnover ahead of the expiry of October
2005 derivatives contracts. BSE clocked a turnover of between Rs 2,391 crore
and Rs 2,437 crore in three trading sessions between 24 October 2005 and 26
October 2005.

FIIs have pressed heavy sales this month. The latest data showed that FIIs
sold shares worth a net Rs 453.60 crore on Wednesday (26 October 2005) – the
day when the Sensex shed 17 points in volatile trade. In the month of
October 2005, FIIs have sold shares worth a net Rs 2,721 crore (till 26
October 2005). The heavy FII selling has caused a major correction on the
bourses in the past few days with the Sensex tumbling to a 2-month low on
Thursday (27 October 2005). From a lifetime closing high of 8,799.96 on 4
October 2005, the Sensex has lost 1,001.47 points or 11.3% to the current
7,798.49.

Stocks like Cipla, Bhel, Reliance Energy, Satyam Computer, NTPC, Maruti
Udyog, Grasim, Tata Motors, and Tata Steel dropped between 3% to 4.3% today.

In an otherwise weak market, select small-cap and mid-cap stocks advanced.
Shares of select power equipment firms like Siemens, Thermax, KEC
International and Torrent Cables advanced. MNC pharma scrips like Aventis
Pharma, Glaxosmithkline Pharma and Pfizer moved higher.

Housing finance firms HDFC and LIC Housing Finance edged higher on
expectations of increase in home loan rates. LIC Housing Finance spurted
11.7% to Rs 207.

Market breadth was quite weak. 1,640 stocks declined on BSE as compared to
774 stocks that rose. 51 scrips were unchanged. Losers outpaced gainers by a
ratio of 2.1:1.

Shares of two shipping firms Essar Shipping and Meractor Lines plunged.

Bharti Tele-Ventures plunged 7.3% to Rs 312.15. The stock declined on high
volume of 15.9 lakh shares. Bharti Tele-Ventures' (BTL) consolidated net
profit, as per US accounting standards, jumped 43% to Rs 521 crore in Q2
September 2005 from Rs 364 crore in Q2 September 2004. The results fell
below market expectation. Analysts had forecast a net profit of around Rs
550 crore from the cellular services major.

BTL's consolidated revenues as per US GAAP rose 46% to Rs 2,709 crore from
Rs 1,851 crore, driven by strong subscription growth. The company said the
adverse movement of the rupee against the dollar during the second quarter
had impacted its results.

Disappointing Q2 results hit SBI. The stock lost 6% to Rs 830. The stock
declined on huge volume of 33.9 lakh shares on BSE. SBI today reported a
12.3% growth in Q2 September 2005 net profit to Rs 1215.36 crore (Rs 1081.89
crore). Total income rose 1.2% to Rs 9856.04 crore from Rs 9737.43 crore.

SBI’s net interest income rose 6.7% to Rs 3,607.95 crore from Rs 3,379.81
crore. There was a tax credit of Rs 49.98 crore in Q2 September 2005 as
against a tax provision of Rs 765.65 crore in Q2 September 2004.

A host of PSU banks lost ground. Andhra Bank plunged 7% to Rs 88.90, Bank of
Baroda lost 5.3% to Rs 214.90, Bank of India shed 5.2% to Rs 101.70, Vijaya
Bank lost 5% to Rs 51.80, Canara Bank shed 3% to Rs 199 and Oriental Bank of
Commerce shed nearly 3% to Rs 234.

ICICI Bank plunged 5.6% to Rs 482. 3.3 lakh shares changed hands in the
counter on BSE.

RIL dropped in volatile trade. The stock lost 2% to Rs 747.20. 40.5 lakh
shares changed hands in the counter on BSE. RIL’s net profit has jumped 42%
in Q2 September 2005 to Rs 2,481 crore (Rs 1,752 crore). Net sales have
risen 28% to Rs 20,717 crore (Rs 16,164 crore). A surge in net profit was
partly due to a sharp fall in interest cost to Rs 222 crore from Rs 434
crore in Q2 September 2004. The operating profit margin (OPM) declined to
17.9% in Q2 September 2005 from 19.6% in Q2 September 2004.

On a sequential (quarter on quarter) basis, net profit rose 7.4% from Rs
2,310 crore in Q1 June 2005. Sales rose 16.4% on a sequential basis from Rs
17,784 crore in Q1 June 2005. OPM declined to 17.9% in Q2 September 2005
from 20% in Q1 June 2005.

RIL said the increase in sales for the first six months, April-September
2005, reflected a 23% increase in product prices and a 4 percent rise in
volumes from the same period a year ago.

Hero Honda gained 3.7% to Rs 730 on expectation of a surge in festive Diwali
sales following a good monsoon this year. 2.55 lakh shares changed hands in
the counter on BSE.

Oil exploration major ONGC gained 1.1% to Rs 942 on the back of strong Q2
results. ONGC, on Wednesday, reported a 22.2% growth in Q2 September 2005
net profit to Rs 4138.25 crore (Rs 3383.87 crore). Total income (net of
excise) rose 10% to Rs 13543.31 crore (Rs 12289.29 crore).

L&T moved up 1% to Rs 1,370 after the company said on Wednesday that it had
sold its glass containers business to ACE Glass Containers Ltd. for an
undisclosed amount, thereby totally exiting the packaging business. L&T has
been exiting unrelated businesses as a part of its restructuring of
operations

Sail edged lower by 1.2% to Rs 49.80 after the company reported a 25.5% fall
in Q2 September 2005 net profit to Rs 1126.76 crore (Rs 1513.15 crore).
Total income (net of excise) rose 5.1% to Rs 7156.27 crore from Rs 6808.26
crore in Q2 September 2004.

Hinduja TMT flopped 8% to Rs 332.70 after the company reported 42.4% fall in
Q2 September 2005 net profit to Rs 12.10 crore from Rs 21.04 crore in Q2
September 2004. Income from operations declined 9.3% to Rs 41.03 crore (Rs
45.27 crore).

Patni Computer slumped 7% to Rs 419. 3.5 lakh shares changed hands in the
counter on BSE. Patni Computer today reported a 10% growth in Q3 September
2005 net profit to Rs 71.35 crore (Rs 67.60 crore). Revenue rose 37.9% to Rs
519.70 crore (Rs 376.66 crore).

Gail India dropped nearly 5% to Rs 238. Gail India reported a 69.7% growth
in Q2 September 2005 net profit to Rs 774 crore (Rs 456 crore). Net sales
rose 16.8% to Rs 3601 crore from Rs 3081 crore.

Mercator Lines plummeted 6.6% to Rs 102.10 after the company reported flat
Q2 September 2005 results. The company reported a net profit of Rs 31.59
crore as compared to a net profit of Rs 31.64 crore for Q2 September 2004.
Net sales rose 7.8% to Rs 134.65 crore (Rs 124.91 crore).

Essar Shipping tumbled 7.5% to Rs 28.20 after the company reported a 60%
fall in Q2 September 2005 net profit to Rs 12.34 crore (Rs 30.89 crore). Net
sales declined 31.4% to Rs 153.10 crore (Rs 223.11 crore).

Indian Rayon nudged up 1.6% to Rs 599.50 after the company reported a surge
in Q2 September 2005 net profit. Indian Rayon reported 56.4% growth in Q2
September 2005 net profit to Rs 38.59 crore (Rs 24.67 crore). Total income
rose 21.1% to Rs 569.94 crore (Rs 470.39 crore).

Gujarat Gas inched up 1.1% to Rs 1,096 after the company reported 53.5%
growth in Q3 September 2005 net profit to Rs 24.45 crore (Rs 15.92 crore).
Net sales rose 12.8% to Rs 160.48 crore (Rs 142.21 crore).

Engineers India spurted 6% to Rs 660 after the company reported a 28.8%
growth in Q2 September 2005 net profit to Rs 32.71 crore (Rs 26.80 crore). A
surge in other income by 30% to Rs 19.45 crore (Rs 14.88 crore) boosted Q2
bottom line. Net sales rose 12.3% to Rs 175.88 crore (Rs 156.58 crore).

Ciba Specialty Chemicals spiraled up 8.4% to Rs 414 on the back of robust Q2
September 2005 results. Ciba Specialty Chemicals (India) (CSCI) has reported
a 66.6% surge in Q2 September 2005 net profit to Rs 14 crore as against the
Rs 8.40 crore registered in Q2 September 2004. Net sales have spiraled up
13.9% to Rs 159.70 crore (Rs 140.20 crore).

Lumax Industries plunged 18.6% to Rs 106 after the company reported a sharp
fall in Q2 September 2005 net profit. Lumax Industries’ net profit declined
91.7% in Q2 September 2005 to Rs 0.22 crore (Rs 2.65 crore). Net sales rose
38% to Rs 98.07 crore (Rs 71.03 crore).

KEC International gained 4.4% to Rs 245 on the back of robust Q2 September
2005 results. For Q2 September 2005, KEC has registered a 67.6% growth in
net profit to Rs 15.49 crore compared to Rs 9.24 crore in Q2 September 2004.
Top line growth was behind the strong bottom line growth. Net sales jumped
55.2% to Rs 412.72 crore (Rs 265.78 crore).

TVS Motors lost 5% to Rs 88 after the company reported a 7% fall in Q2
September 2005 net profit to Rs 31.95 crore (Rs 34.24 crore). Net sales rose
6.2% to Rs 789.23 crore (Rs 742.87 crore).

EIH gained 2.5% to Rs 451.75 on the back of strong Q2 results. EIH has
reported a net profit of Rs 8.03 crore for Q2 September 2005 as compared to
a net loss of Rs 4.94 crore in Q2 September 2004. Total income has risen
27.2% to Rs 160.60 crore from Rs 126.19 crore.

source:capitalmarket

SBI drops on disappointing Q2 results


State Bank of India came under selling pressure after its Q2 results came in
below market expectations.

The scrip was down 2.6% in afternoon trade to Rs 860.90. 12.9 lakh shares
changed hands in the counter on BSE.

SBI today reported a 12.3% growth in Q2 September 2005 net profit to Rs
1,215.36 crore (Rs 1,081.89 crore). Total income rose 1.2% to Rs 9,856.04
crore from Rs 9,737.43 crore.

Net interest income climbed 6.7% to Rs 3,607.95 crore from Rs 3,379.81
crore. Net interest margin leaped up to 42.1% from 41.8% in Q2 September
2005.

There was a tax credit of Rs 49.98 crore in Q2 September 2005 as against a
tax provision of Rs 765.65 crore in Q2 September 2004.

Provisions and contingencies rose 7.9% to Rs 817.54 crore (Rs 757.39 crore).

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