Results Review

Results Review

Pidilite Ind falls after Q1 results

The shares of Pidilite Industries down over 3%, hitting the weekly low of Rs170.35 after the company declared its Q1 results. So far, 1.36 lakh shares have traded on the BSE as against the two-week average volume of 0.45 lakh shares.

Pidilite Industries’ net profit up nearly 1% to Rs105 crore in Q1FY12 versus Rs104 crore in Q1FY11.

The company’s net sales rose by 20.89% to Rs845 crore in Q1FY12 versus Rs699 crore in Q1FY11.

At 2.24 pm, Pidilite Industries was trading at Rs170.90, down by 3.58%, with a volume of 1.36 shares on the BSE

Shoppers Stop skids on Q1 results

Shares of Shoppers Stop declined nearly 7%, touching the weekly low of Rs435.05, after reporting consolidated net loss of Rs1.60 crore for the first quarter ended June 30, 2011, compared with a net profit of Rs9.30 crore in the corresponding quarter of the previous fiscal.

However, income from operation grew 67% to Rs593 crore from Rs355 crore during the recently concluded quarter, the company said.

Hypercity financials: From the consolidated statement, it appears that Hypercity posted very weak numbers on both the revenue as well as the profitability front (can be a result of high corporate and store level expenses as one new hypercity was added during the quarter).

At 2.27 pm, Shoppers Stop was trading at Rs448, down by 3.85%, with a volume of 1.07 lakh shares on the BSE.

JSW Steel Q1 cons net profit soars 64%

JSW Steel announced the following unaudited results for the quarter ended June 30, 2011:

Standalone results:

The net profit of the company surged by 65.10% to Rs578.32 crore for the quarter ended June 30, 2011 as compared to Rs350.27 crore for the quarter ended June 30, 2010.

Total income increased by 51.41% to Rs7086.26 crore for the quarter ended June 30, 2011 from Rs4680.24 crore for the quarter ended June 30, 2010.

Consolidated results:

The net profit of the group rose by 64.26% to Rs485.16 crore for the quarter ended June 30, 2011 as compared to Rs295.37 crore for the quarter ended June 30, 2010.

Total income increased by 53.47% to Rs7455.67 crore for the quarter ended June 30, 2011 from Rs4858.09 crore for the quarter ended June 30, 2010.

At 3.05 pm, JSW Steel was trading at Rs874, up by 0.55%, with a volume of 4.22 lakh shares on the BSE.

Opto Circuits Q1 cons net profit jumps 40%

Opto Circuits (India) has announced the following Unaudited results for the quarter ended June 30, 2011:

Standalone Results:

The net profit of the company rose by 0.33% to Rs57.14 crore for the quarter ended June 30, 2011 as compared to Rs56.95 crore for the quarter ended June 30, 2010.

Total income surged by 13.96% to Rs155.23 crore for the quarter ended June 30, 2011 to Rs136.21 crore for the quarter ended June 30, 2010 to

Consolidated Results:

The net profit of the company advanced by 40.07% to Rs116.39 crore for the quarter ended June 30, 2011 as compared to Rs83.09 crore for the quarter ended June 30, 2010.

Total income rose by 74.45% to Rs525.73 crore for the quarter ended June 30, 2011 to Rs301.35 crore for the quarter ended June 30, 2010.

Opto Circuits (India) closed at Rs275.10, up by 0.55%, with a volume of 1.43 lakh shares on the BSE.

Ingersoll Rand Q1 net profit at Rs18.05; stk slips

Ingersoll Rand's standalone net profit for June 2011 quarter rose by 11.90% to Rs18.05 crore against Rs16.13 crore for the quarter ended June 2010.

Net sales rose by 24.91% to Rs125.79 crore for the quarter ended June 2011 as compared to Rs100.70 crore for the quarter ended June 2010.

At 12.07 pm, Ingersoll Rand was trading at Rs490.25, down by 6.24%, with a volume of 0.96 lakh shares on the BS

Hero Honda Q1 net profit surges 13%

Hero Honda Motors Ltd has announced the following results for the quarter ended June 30, 2011:

The Unaudited results for the Quarter ended June 30, 2011

The net profit of company surged by 13.46% to Rs557.89 crore for the quarter ended June 30, 2011 as compared to Rs491.69 crore for the quarter ended June 30, 2010.
The total income of the company increased by 32.68% to Rs5771.74 crore for the quarter ended June 30, 2011from Rs4350.03 crore for the quarter ended June 30, 2010.

At 2.04 pm, Hero Honda Motors was trading at Rs1758, down by 0.18%, with a volume of 0.82 lakh shares on the BSE.

JSW Energy falls 5% on weak Q1 results

JSW Energy announced the following unaudited results for the quarter ended June 30, 2011:

Standalone results:

The net profit of the company slipped 42% to Rs190.26 crore for the quarter ended June 30, 2011 as compared to Rs327.20 crore for the quarter ended June 30, 2010.

Total income increased by 30% to Rs1198.85 crore for the quarter ended June 30, 2011 from Rs922.18 crore for the quarter ended June 30, 2010.

Consolidated results:

The net profit of the company down by 62% to Rs136.31 crore for the quarter ended June 30, 2011 as compared to Rs298.64 crore for the quarter ended June 30, 2010.

Total income increased by 34.43% to Rs1294.48 crore for the quarter ended June 30, 2011 from Rs962.87 crore for the quarter ended June 30, 2010.

At 2.24 pm, JSW Energy was trading at Rs71.80, down by 5.59%, with a volume of 10.68 lakh shares on the BSE.

Q4FY09 Results Snapshot

Q4FY09 Results Snapshot

Reliance Industries Media Release

Reliance Industries Media Release

India Daily Results Update

Strategy: KS-Ownership Navigator, June 2007 quarter changes (qoq)

Results
National Thermal Power Corp.: 1QFY08: Prior period revenue and forex gains explain the higher profit

MICO: 2QCY07 recurring profits grow 4% yoy

VSNL: Performance of subsidiaries improve significantly. Maintain OP

Nestle India: 1QCY07: Strong topline growth, increase estimates on higher growth; retain IL

AIA Engineering: Rupee punishment for aiming global; maintain rating and target

Rico Auto Industries: 1QFY08 net profit declines 61% despite increase in margins

Updates

Shriram Transport Finance: Used-vehicle finance drives profit growth, retain OP

Automobiles: Jul 07 sales: New launches drive passenger car volumes as 2-wheelers continue to bleed

India Daily Results Update

Quarterly Surprise ?

Buoyancy returned to Indian markets as equities rallied across all major sectors, other than software, on fresh buying by funds and traders. There were liquidity concerns because of public issues by DLF Ltd and ICICI Bank Ltd. But fresh buying by funds in the secondary market eased such concerns. Also, heavy oversubscription of the ICICI Bank share sale was another comforting factor. Inflation, which has been haunting the markets for quite some time, has now fallen to an acceptable, and rather unexpected, level. On the domestic front, there are no big concerns on the horizon.

But the situation is just the reverse on the global front. The resurfacing of concern over subprime contagion is a new challenge that global stock markets may face in days to come. Friday’s sharp fall on Wall Street was on fears that trouble at two Bear Stearns hedge funds may signal bigger problems for credit markets. Inflation and rising interest rates were already worrying markets across the globe and rising US bond yields had triggered a fall on global bourses. If the subprime problem spreads to more hedge funds, it could rattle all major global markets. The US markets are already under pressure as the yield on the benchmark 10-year treasury note has been approaching the 5.25% level. This may put pressure on the interest rates in the US.

This week, the US Federal Reserve meeting is scheduled on Wednesday and Thursday. The Fed has held the target for overnight interest rates steady at 5.25% since last June. Although only minor changes are expected in the meeting, the Fed may decide to hike interest rates, creating problems for global stock markets as it would put pressure on all major economies to review their own interest rates. But going by recent US economic data, chances of upward revision of interest rates are remote.

Other important data that will be released in the US this week includes home sales data on Monday and new home sales data on Tuesday. The new home sales are likely to be lower, compared with May. This may not impact markets substantially, but any positive surprises will boost the US markets. On Wednesday, the US commerce department reports on durable goods orders for May. This data is also likely to show a fall of 1% after a 0.8% rise in April—this has already been factored in by the markets. On Thursday, the revised figures of the first quarter GDP will be made available. This number is likely to be revised upwards to 0.8% from 0.6%.

Indian scenario

This week is going to be important for the domestic bourses as the derivatives contracts for June will expire on Thursday. Since the global markets are likely to be volatile and at present there are no major positive triggers on domestic bourses, the market will be quite volatile ahead of this expiry. The rollover thus far has been smooth and because of this, high open interest rates should not pose any problem. However, the creation of fresh short positions in the wake of uncertainty on global bourses could see some selling pressure building up. Also, the market may now start pondering over the earnings of the first quarter, as these will start arriving from the second week of July. The market’s expectations of first quarter earnings are not very encouraging. But given the strong growth in direct tax collections, the results may
spring some positive surprises.

Technical signs

This week is also going to be driven by a lot of uncertainties. It will start on a negative note and equities may register a fall initially. But no big-ticket selling is likely as the technical indicators are still bullish. Unless selling becomes a global phenomenon, uncertainty-led selling will be temporary.

Purely on a technical basis, the charts show that the market will be back on track from Wednesday. Stocks such as HDFC Bank Ltd, Suzlon Energy Ltd and Unitech Ltd look good on charts. However, readers should note that since some initial weakness is expected this week, it would be better to consider these stocks only after the market consolidates. HDFC Bank, at its current market price of Rs1,101, has the potential to move up to Rs1,064, with a stop-loss of Rs1,064. Suzlon Energy is currently northbound, but is likely to see a lot of volatility; however, with a medium-term perspective, the stock is a good buy. The stock, which is currently trading at Rs1,378, has a short-term target of Rs1,424 and a medium-term target of Rs1,467 with a stop-loss of Rs1,337. Unitech, at the current rate of Rs524.50, has a potential to move up to Rs547 in the short-term, with a stop-loss of Rs492.

From our last week’s recommendation, Century Textiles & Industries Ltd, recommended at Rs604, touched a high of Rs672, gaining 11.26% during the week, well above its target. IVRCL Infrastructures & Projects Ltd, recommended at Rs335, touched a high of Rs379, gaining 13.13%. And Punjab National Bank Ltd, recommended at Rs488, hit a high of Rs532.40, gaining 9.1% during the week.

Via Mint

Results to watch - Apr 28 to Apr 30

Apr 30 2007	A B C Gas (International) Ltd
Apr 30 2007	Aarey Drugs & Pharmaceuticals Ltd
Apr 30 2007	Abee Info Consumables Ltd
Apr 30 2007	Accurate Transformers Ltd
Apr 30 2007	Ace India Ltd
Apr 30 2007	ACI Infocom Ltd
Apr 30 2007	Acknit Knitting Ltd
Apr 30 2007	AD Manum Finance Ltd
Apr 30 2007	Adinath Textiles Ltd
Apr 30 2007	Advance Multitech Ltd
Apr 30 2007	Advance Petrochemicals Ltd
Apr 30 2007	Advik Laboratories Ltd
Apr 30 2007	Aftek Ltd
Apr 30 2007	Agro Dutch Industries Ltd
Apr 30 2007	Ahluwalia Contracts (India) Ltd
Apr 30 2007	Ahmednagar Forgings Ltd
Apr 30 2007	Ajanta Soya Ltd
Apr 30 2007	Akar Tools Ltd
Apr 30 2007	Alfa Ica (India) Ltd
Apr 30 2007	Alka India Ltd
Apr 30 2007	Alka Securities Ltd
Apr 30 2007	Allianz Capital & Management Services Ltd
Apr 30 2007	Allianz Securities Ltd
Apr 30 2007	Alpha Graphic India Ltd
Apr 30 2007	Alpine Capital Services Ltd
Apr 30 2007	Alps Industries Ltd
Apr 30 2007	Alumeco India Extrusion Ltd
Apr 30 2007	Amalgamated Electricity Company Ltd
Apr 30 2007	Amar Remedies Ltd
Apr 30 2007	Amarjothi Spinning Mills Ltd
Apr 30 2007	Amines & Plasticizers Ltd
Apr 30 2007	Amit Securities Ltd
Apr 30 2007	Amradeep Industries Ltd
Apr 30 2007	Amrapali Developers (India) Ltd
Apr 30 2007	Amrapali Industries Ltd
Apr 30 2007	Amraworld Agrico Ltd
Apr 30 2007	Amtek Auto Ltd
Apr 30 2007	Amtek India Ltd
Apr 30 2007	Ancent Software International Ltd
Apr 30 2007	Anil Modi Oil Industries Ltd
Apr 30 2007	Anjani Finance Ltd
Apr 30 2007	Ankush Finstock Ltd
Apr 30 2007	Antarctica Ltd
Apr 30 2007	Anukaran Commercial Enterprises Ltd
Apr 30 2007	Apte Amalgamations Ltd
Apr 30 2007	Arihant Capital Markets Ltd
Apr 30 2007	Arihant Tournesol Ltd
Apr 30 2007	Artillegence Bio-Innovations Ltd
Apr 30 2007	Arvind Chemicals Ltd
Apr 30 2007	Asahi Infrastructure & Projects Ltd
Apr 30 2007	Ashim Investment Company Ltd
Apr 30 2007	Ashirwad Capital Ltd
Apr 30 2007	Ashnoor Textile Mills Ltd
Apr 30 2007	Asian Tea & Exports Ltd
Apr 30 2007	Astrazeneca Pharma India Ltd
Apr 30 2007	Atharv Enterprises Ltd
Apr 30 2007	Atlas Copco (India) Ltd
Apr 30 2007	Atlas Cycle (Haryana) Ltd
Apr 30 2007	Aurangabad Paper Mills Ltd
Apr 30 2007	Auro Laboratories Ltd
Apr 30 2007	Auto Pins (India) Ltd
Apr 30 2007	Automotive Axles Ltd
Apr 30 2007	Avance Technologies Ltd
Apr 30 2007	Avaya GlobalConnect Ltd
Apr 30 2007	Aviva Industries Ltd
Apr 30 2007	Avon Mercantile Ltd
Apr 30 2007	B & A Multiwall Packaging Ltd
Apr 30 2007	Bagalkot Udyog Ltd
Apr 30 2007	Bajaj Global Ltd
Apr 30 2007	Bajrang Finance Ltd
Apr 30 2007	Balasore Alloys Ltd
Apr 30 2007	BAMPSL Securities Ltd
Apr 30 2007	Banas Finance Ltd
Apr 30 2007	Bayer Diagnostics India Ltd
Apr 30 2007	Beckons Industries Ltd
Apr 30 2007	Bee Electronic Machines Ltd
Apr 30 2007	Best Eastern Hotels Ltd
Apr 30 2007	Bhandari Hosiery Exports Ltd
Apr 30 2007	Bharat Rasayan Ltd
Apr 30 2007	Bharati Shipyard Ltd
Apr 30 2007	Bhatia Industries & Infrastructure Ltd
Apr 30 2007	Bhatinda Chemicals Ltd
Apr 30 2007	Bihar Sponge Iron Ltd
Apr 30 2007	Binayaka Tex Processors Ltd
Apr 30 2007	Binny Ltd
Apr 30 2007	BLB Ltd
Apr 30 2007	Bliss GVS Pharma Ltd
Apr 30 2007	Blue Blends (India) Ltd
Apr 30 2007	Blue Blends Finance Ltd
Apr 30 2007	Blue Coast Hotels & Resorts Ltd
Apr 30 2007	Bombay Oxygen Corporation Ltd
Apr 30 2007	Bombay Potteries & Tiles Ltd
Apr 30 2007	Bombay Swadeshi Stores Ltd
Apr 30 2007	Bosch Chassis Systems India Ltd
Apr 30 2007	Brakes Auto (India) Ltd
Apr 30 2007	Brindaban Holdings and Trading Ltd
Apr 30 2007	C & C Constructions Ltd
Apr 30 2007	C J Gelatine Products Ltd
Apr 30 2007	Caplin Point Laboratories Ltd
Apr 30 2007	CCS Infotech Ltd
Apr 30 2007	CDR Health Care Ltd
Apr 30 2007	Cenlub Industries Ltd
Apr 30 2007	Centenial Surgical Suture Ltd
Apr 30 2007	Centron Industrial Alliance Ltd
Apr 30 2007	Centrum Capital Ltd
Apr 30 2007	Chamanlal Setia Exports Ltd
Apr 30 2007	Chamatkar.net (India) Ltd
Apr 30 2007	Chandra Prabhu International Ltd
Apr 30 2007	Charms Industries Ltd
Apr 30 2007	Chartered Carriers Ltd
Apr 30 2007	CHD Developers Ltd
Apr 30 2007	Chembond Chemicals Ltd
Apr 30 2007	Choice International Ltd
Apr 30 2007	Chokhani Securities Ltd
Apr 30 2007	Choksi Laboratories Ltd
Apr 30 2007	Chromatic India Ltd
Apr 30 2007	CIFCO Finance Ltd
Apr 30 2007	Ckoramaandel Cements Ltd
Apr 30 2007	Classic Electricals Ltd
Apr 30 2007	Color Chips (India) Ltd
Apr 30 2007	Comp-U-Learn Tech India Ltd
Apr 30 2007	Competent Automobiles Ltd
Apr 30 2007	Compucom Software Ltd
Apr 30 2007	Computerskill Ltd
Apr 30 2007	Consolidated Finvest & Holdings Ltd
Apr 30 2007	Continental Controls Ltd
Apr 30 2007	Coral Laboratories Ltd
Apr 30 2007	COSCO (India) Ltd
Apr 30 2007	Coventry Coil-O-Matic (Haryana) Ltd
Apr 30 2007	Cubex Tubings Ltd
Apr 30 2007	Cupid Ltd
Apr 30 2007	D & H Welding Electrodes (I) Ltd
Apr 30 2007	Danlaw Technologies India Ltd
Apr 30 2007	Deccan Bearings Ltd
Apr 30 2007	Deccan Gold Mines Ltd
Apr 30 2007	Deco-Mica Ltd
Apr 30 2007	Denisons Hydraulics India Ltd
Apr 30 2007	Devine Impex Ltd
Apr 30 2007	Dhampure Speciality Sugars Ltd
Apr 30 2007	Dhanalaxmi Roto Spinners Ltd
Apr 30 2007	Dhanlaxmi Cotex Ltd
Apr 30 2007	Dhanprayog Investments Company Ltd
Apr 30 2007	Dhoot Industrial Finance Ltd
Apr 30 2007	Divya Jyoti Industries Ltd
Apr 30 2007	Dolat Investments Ltd
Apr 30 2007	Dollex Industries Ltd
Apr 30 2007	Dynavision Ltd
Apr 30 2007	East Coast Steel Ltd
Apr 30 2007	Elcid Investments Ltd
Apr 30 2007	Eldeco Housing & Industries Ltd
Apr 30 2007	Elder Health Care Ltd
Apr 30 2007	Elder Project Ltd
Apr 30 2007	Elegant Marbles and Grani Industries Ltd
Apr 30 2007	Elque Polyesters Ltd
Apr 30 2007	Enbee Trade & Finance Ltd
Apr 30 2007	Enkei Castalloy Ltd
Apr 30 2007	Ennore Coke Ltd
Apr 30 2007	Enrich Industries Ltd
Apr 30 2007	Ensa Steel Industries Ltd
Apr 30 2007	Era E-Zone India Ltd
Apr 30 2007	Escorts Finance Ltd
Apr 30 2007	Euro-Gold Jewellery Ltd
Apr 30 2007	eWeb Univ Ltd
Apr 30 2007	Explicit Finance Ltd
Apr 30 2007	Federal-Mogul Goetze (India) Ltd
Apr 30 2007	Fiem Industries Ltd
Apr 30 2007	Filatex Fashions Ltd
Apr 30 2007	Fischer Chemic Ltd
Apr 30 2007	Flat Products Equipments (India) Ltd
Apr 30 2007	Forbes Gokak Ltd
Apr 30 2007	Frontier Information Technologies Ltd
Apr 30 2007	Frontier Leasing & Finance Ltd
Apr 30 2007	Frontline Corporation Ltd
Apr 30 2007	Fulford (India) Ltd
Apr 30 2007	G L Hotels Ltd
Apr 30 2007	G R Cables Ltd
Apr 30 2007	G S Auto International Ltd
Apr 30 2007	G V Films Ltd
Apr 30 2007	Galaxy Bearings Ltd
Apr 30 2007	Galore Prints Industries Ltd
Apr 30 2007	Gandhinagar Hotels Ltd
Apr 30 2007	Gandhinagar Leasing & Finance Ltd
Apr 30 2007	Garg Furnace Ltd
Apr 30 2007	Garware Marine Industries Ltd
Apr 30 2007	Garware Polyester Ltd
Apr 30 2007	Gateway Distriparks Ltd
Apr 30 2007	Gayatri Sugars Ltd
Apr 30 2007	Gee El Woolens Ltd
Apr 30 2007	GEE Ltd
Apr 30 2007	Genesys International Corporation Ltd
Apr 30 2007	Genomics Biotech Ltd
Apr 30 2007	GHCL Ltd
Apr 30 2007	Gini Silk Mills Ltd
Apr 30 2007	Girdharilal Sugar & Allied Industries Ltd
Apr 30 2007	Girnar Fibres Ltd
Apr 30 2007	Global Boards Ltd
Apr 30 2007	Global Broadcast News Ltd
Apr 30 2007	Goldstone Technologies Ltd
Apr 30 2007	Goldstone Teleservices Ltd
Apr 30 2007	Goyal Associates Ltd
Apr 30 2007	Grabal Alok Impex Ltd
Apr 30 2007	Graham Firth Steel Products (India) Ltd
Apr 30 2007	Granules India Ltd
Apr 30 2007	GSL Securities Ltd
Apr 30 2007	Gufic BioSciences Ltd
Apr 30 2007	Gujarat Apollo Industries Ltd
Apr 30 2007	Gujarat Foils Ltd
Apr 30 2007	Gujarat Investa Ltd
Apr 30 2007	Gummadi Industries Ltd
Apr 30 2007	Gupta Synthetics Ltd
Apr 30 2007	H. S. India Ltd
Apr 30 2007	Hansaflon Plasto Chem Ltd
Apr 30 2007	Hariyana Ship Breakers Ltd
Apr 30 2007	Haryana Leather Chemicals Ltd
Apr 30 2007	Hillock Agro Foods (India) Ltd
Apr 30 2007	Himachal Futuristic Communications Ltd
Apr 30 2007	Hindustan Appliances Ltd
Apr 30 2007	Hipolin Ltd
Apr 30 2007	Hira Automobile Ltd
Apr 30 2007	Hitkari Fibres Ltd
Apr 30 2007	Hotel Rugby Ltd
Apr 30 2007	ICSA (India) Ltd
Apr 30 2007	Ideal Carpets Ltd
Apr 30 2007	IMC Finance Ltd
Apr 30 2007	Inani Securities Ltd
Apr 30 2007	Ind-Swift Laboratories Ltd
Apr 30 2007	Ind-Swift Ltd
Apr 30 2007	India International Marketing Centre Ltd
Apr 30 2007	India Lease Development Ltd
Apr 30 2007	Indian Sucrose Ltd
Apr 30 2007	Indo Gulf Industries Ltd
Apr 30 2007	Indu Nissan Oxo Chemicals Industries Ltd
Apr 30 2007	Inducto Steel Ltd
Apr 30 2007	Industrial Cables (I) Ltd
Apr 30 2007	Inter State Oil Carriers Ltd
Apr 30 2007	Intercorp Industries Ltd
Apr 30 2007	Interlink Petroleum Ltd
Apr 30 2007	International Diamond Services Ltd
Apr 30 2007	Ishita Drugs & Industries Ltd
Apr 30 2007	Ishwar Bhuvan Hotels Ltd
Apr 30 2007	ISMT Ltd
Apr 30 2007	J.K. Agri Genetics Ltd
Apr 30 2007	Jagsonpal Finance & Leasing Ltd
Apr 30 2007	Jagsonpal Pharmaceutical Ltd
Apr 30 2007	Jaidka Industries Ltd
Apr 30 2007	Jain Irrigation Systems Ltd
Apr 30 2007	Jainex Aamcol Ltd
Apr 30 2007	Jaipan Industries Ltd
Apr 30 2007	James Hotels Ltd
Apr 30 2007	Jeet Machine Tools Ltd
Apr 30 2007	Jhaveri Credits & Capital Ltd
Apr 30 2007	Jindal Photo Ltd
Apr 30 2007	Jindal Poly Films Ltd
Apr 30 2007	Jupiter Industries & Leasing Ltd
Apr 30 2007	Jyoti Cosmetics (Exim) Ltd
Apr 30 2007	Jyoti Resins and Adhesives Ltd
Apr 30 2007	K Sera Sera Productions Ltd
Apr 30 2007	K.B.Steel Ltd
Apr 30 2007	K.C. Bokadia Films Ltd
Apr 30 2007	Kachchh Minerals Ltd
Apr 30 2007	Kajal Synthetics & Silk Mills Ltd
Apr 30 2007	Kalptaru Papers Ltd
Apr 30 2007	Kansal Fibres Ltd
Apr 30 2007	Kanumanek Trading Company Ltd
Apr 30 2007	Karnavati Alfa International Ltd
Apr 30 2007	Kaycee Industries Ltd
Apr 30 2007	Kennametal India Ltd
Apr 30 2007	Keynote Corporate Services Ltd
Apr 30 2007	Khatau Exim Ltd
Apr 30 2007	Khoday India Ltd
Apr 30 2007	Kiran Print Pack Ltd
Apr 30 2007	KLK Electrical Industries Ltd
Apr 30 2007	KMF Builders & Developers Ltd
Apr 30 2007	KND Engineering Technologies Ltd
Apr 30 2007	Kopran Ltd
Apr 30 2007	Kotawala (India) Ltd
Apr 30 2007	Kovai Medical Center & Hospital Ltd
Apr 30 2007	Kovalam Investment & Trading Co. Ltd
Apr 30 2007	Krishna Engineering Works Ltd
Apr 30 2007	Krishna Filaments Ltd
Apr 30 2007	Krypton Industries Ltd
Apr 30 2007	Kuberkamal Industrial Investments Ltd
Apr 30 2007	Kumar Wire Cloth Manufacturing Company Ltd
Apr 30 2007	Kwality Dairy (India) Ltd
Apr 30 2007	Lactose (India) Ltd
Apr 30 2007	Laffans Petrochemicals Ltd
Apr 30 2007	Lakeland Hotels Ltd
Apr 30 2007	Lalit Polymers & Electronics Ltd
Apr 30 2007	Lancor Holdings Ltd
Apr 30 2007	Laurel Organics Ltd
Apr 30 2007	Leena Consultancy Ltd
Apr 30 2007	Lintas Mercantile Ltd
Apr 30 2007	Logix Microsystems Ltd
Apr 30 2007	Lords Chemicals Ltd
Apr 30 2007	Lotus Chocolate Company Ltd
Apr 30 2007	Lyka Labs Ltd
Apr 30 2007	M B Parikh Finstock Ltd
Apr 30 2007	M P Oils & Fats Ltd
Apr 30 2007	Madhucon Projects Ltd
Apr 30 2007	Magna Industries & Exports Ltd
Apr 30 2007	Magnum Ltd
Apr 30 2007	Mahashree Trading Ltd
Apr 30 2007	Majjarrrsha Housing Finance Ltd
Apr 30 2007	Mangalam Ventures Ltd
Apr 30 2007	Manugraph India Ltd
Apr 30 2007	Mardia Samyoung Capillary Tubes Company Ltd
Apr 30 2007	Marigold Glass Industries Ltd
Apr 30 2007	Marksans Pharma Ltd
Apr 30 2007	Maruti Infrastructure Ltd
Apr 30 2007	Maxwell Industries Ltd
Apr 30 2007	Medi Caps Ltd
Apr 30 2007	Mediaone Global Entertainment Ltd
Apr 30 2007	Meenakshi Steel Industries Ltd
Apr 30 2007	Mefcom Agro Industries Ltd
Apr 30 2007	Mefcom Capital Markets Ltd
Apr 30 2007	Mega Fin (India) Ltd
Apr 30 2007	Melstar Information Technologies Ltd
Apr 30 2007	Metalman Industries Ltd
Apr 30 2007	MH Mills and Industries Ltd
Apr 30 2007	Micro Forge (India) Ltd
Apr 30 2007	Mid East Portfolio Management Ltd
Apr 30 2007	Milkfood Ltd
Apr 30 2007	Milton Plastics Ltd
Apr 30 2007	Mini Diamonds (India) Ltd
Apr 30 2007	MMTC Ltd
Apr 30 2007	Modipon Ltd
Apr 30 2007	Mohit Industries Ltd
Apr 30 2007	Mohit Paper Mills Ltd
Apr 30 2007	Moonbeam Industries Ltd
Apr 30 2007	Moongipa Capital Finance Ltd
Apr 30 2007	Morepen Laboratories Ltd
Apr 30 2007	Morgan Industries Ltd
Apr 30 2007	Morgan Ventures Ltd
Apr 30 2007	Mrugesh Trading Ltd
Apr 30 2007	MSK Projects (India) Ltd
Apr 30 2007	Muskan Ferro Silicons Ltd
Apr 30 2007	My Fair Lady Ltd
Apr 30 2007	Mysore Petro Chemicals Ltd
Apr 30 2007	N R Agarwal Industries Ltd
Apr 30 2007	N.R International Ltd
Apr 30 2007	Namaste Exports Ltd
Apr 30 2007	Nath Pulp & Paper Mills Ltd
Apr 30 2007	National Flask Industries Ltd
Apr 30 2007	National Plywood Industries Ltd
Apr 30 2007	Natraj Proteins Ltd
Apr 30 2007	Neemtek Organic Products Ltd
Apr 30 2007	Neha International Ltd
Apr 30 2007	Neo Sack Ltd
Apr 30 2007	Neocure Therapeutics Ltd
Apr 30 2007	Neogem India Ltd
Apr 30 2007	NEPC Agro Foods Ltd
Apr 30 2007	NEPC Textiles Ltd
Apr 30 2007	NEPC-India Ltd
Apr 30 2007	Network 18 Fincap Ltd
Apr 30 2007	New Bombay Printing & Dyeing Mills Ltd
Apr 30 2007	Nexxoft Infotel Limited
Apr 30 2007	Nihar Info Global Ltd
Apr 30 2007	Nilkanth Engineering Ltd
Apr 30 2007	Nitco Tiles Ltd
Apr 30 2007	Nivedita Mercantile And Financing Ltd
Apr 30 2007	Niwas Spinning Mills Ltd
Apr 30 2007	Norben Tea & Exports Ltd
Apr 30 2007	Nouveau Multimedia Ltd
Apr 30 2007	Nutech Global Ltd
Apr 30 2007	Nutraplus Products (India) Ltd
Apr 30 2007	Ocean Infrastructure Ltd
Apr 30 2007	Online Media Solutions Ltd
Apr 30 2007	Oregon Commercials Ltd
Apr 30 2007	Orient Beverages Ltd
Apr 30 2007	Orient Press Ltd
Apr 30 2007	Oriental Veneer Products Ltd
Apr 30 2007	Orind Exports Ltd
Apr 30 2007	Orissa Sponge Iron and Steel Ltd
Apr 30 2007	Oscar Global Ltd
Apr 30 2007	Oscar Investments Ltd
Apr 30 2007	Oswal Spinning and Weaving Mills Ltd
Apr 30 2007	P I Drugs & Pharmaceuticals Ltd
Apr 30 2007	Panchmahal Steel Ltd
Apr 30 2007	Panchsheel Organics Ltd
Apr 30 2007	Panoramic Universal Ltd
Apr 30 2007	Paramount Cosmetics (India) Ltd
Apr 30 2007	Paras Petrofils Ltd
Apr 30 2007	Parekh Platinum Ltd
Apr 30 2007	Parijat Trading Ltd
Apr 30 2007	Parker Agrochem Exports Ltd
Apr 30 2007	Paro Leasing & Finance Ltd
Apr 30 2007	Patel Engineering Ltd
Apr 30 2007	Pennar Aluminium Company Ltd
Apr 30 2007	Pennar Industries Ltd
Apr 30 2007	Pentium Infotech Ltd
Apr 30 2007	Permanent Magnets Ltd
Apr 30 2007	Pet Plastics Ltd
Apr 30 2007	Petron Engineering Construction Ltd
Apr 30 2007	Pharmaids Pharmaceuticals Ltd
Apr 30 2007	Phillips Carbon Black Ltd
Apr 30 2007	Phoenix International Ltd
Apr 30 2007	Photoquip India Ltd
Apr 30 2007	Pioneer Investcorp Ltd
Apr 30 2007	Pioneer Technoparks Ltd
Apr 30 2007	Pithampur Steels Ltd
Apr 30 2007	PNB Gilts Ltd
Apr 30 2007	Pochiraju Industries Ltd
Apr 30 2007	Polyspin Exports Ltd
Apr 30 2007	Polytex India Ltd
Apr 30 2007	Powersoft Global Solutions Ltd
Apr 30 2007	Prajay Engineers Syndicate Ltd
Apr 30 2007	Pramada Finvest Ltd
Apr 30 2007	Pranavaditya Spinning Mills Ltd
Apr 30 2007	Pratiksha Chemicals Ltd
Apr 30 2007	Precision Containeurs Ltd
Apr 30 2007	Premier Capital Services Ltd
Apr 30 2007	Premier Industries (India) Ltd
Apr 30 2007	Premier Proteins Ltd
Apr 30 2007	Premier Synthetics Ltd
Apr 30 2007	Pressure Sensitive Systems (India) Ltd
Apr 30 2007	Prime Property Development Corporation Ltd
Apr 30 2007	Prism Finance Ltd
Apr 30 2007	Procal Electronics India Ltd
Apr 30 2007	Prraneta Industries Ltd
Apr 30 2007	Pulsar International Ltd
Apr 30 2007	Punjab Communications Ltd
Apr 30 2007	Quantum Digital Vision India Ltd
Apr 30 2007	R T Exports Ltd
Apr 30 2007	Radhe Developers (India) Ltd
Apr 30 2007	Rainbow Papers Ltd
Apr 30 2007	Raj Agro Mills Ltd
Apr 30 2007	Rajdarshan Industries Ltd
Apr 30 2007	Rajendra Electrical Industries Ltd
Apr 30 2007	Rajkamal Synthetics Ltd
Apr 30 2007	Rama Paper Mills Ltd
Apr 30 2007	Rana Sugars Ltd
Apr 30 2007	Rapicut Carbides Ltd
Apr 30 2007	RAS Extrusions Ltd
Apr 30 2007	Ras Propack Lamipack Ltd
Apr 30 2007	Ras Resorts & Apart Hotels Ltd
Apr 30 2007	Rathi Graphic Technologies Ltd
Apr 30 2007	Rathi Udyog Ltd
Apr 30 2007	Rayban Sun Optics India Ltd
Apr 30 2007	Redington India Ltd
Apr 30 2007	Regal Entertainment & Consultants Ltd
Apr 30 2007	Regency Ceramics Ltd
Apr 30 2007	Remi Sales & Engineering Ltd
Apr 30 2007	Remi Securities Ltd
Apr 30 2007	Remsons Industries Ltd
Apr 30 2007	Responsive Industries Ltd
Apr 30 2007	Rexnord Electronics & Controls Ltd
Apr 30 2007	Riba Textiles Ltd
Apr 30 2007	Rich Capital & Financial Services Ltd
Apr 30 2007	Riga Sugar Company Ltd
Apr 30 2007	Rohit Pulp & Paper Mills Ltd
Apr 30 2007	Rollatainers Ltd
Apr 30 2007	Roopa Industries Ltd
Apr 30 2007	Roselabs Finance Ltd
Apr 30 2007	Roselabs Ltd
Apr 30 2007	Royal Finance Ltd
Apr 30 2007	Royale Manor Hotels & Industries Ltd
Apr 30 2007	RTS Power Corporation Ltd
Apr 30 2007	Ruchi Infrastructure Ltd
Apr 30 2007	Ruchi Soya Industries Ltd
Apr 30 2007	Ruchi Strips & Alloys Ltd
Apr 30 2007	Ruchira Papers Ltd
Apr 30 2007	S G Global Exports
Apr 30 2007	S R Oils & Fats Ltd
Apr 30 2007	S S Forgings & Engineering Ltd
Apr 30 2007	S S Organics Ltd
Apr 30 2007	S.A.L Steel Ltd
Apr 30 2007	SAARC Net Ltd
Apr 30 2007	Sacheta Metals Ltd
Apr 30 2007	Sadbhav Engineering Ltd
Apr 30 2007	Sahil Financial Services Ltd
Apr 30 2007	Sam Lease Co
Apr 30 2007	Samyak International Ltd
Apr 30 2007	Sandu Pharmaceuticals Ltd
Apr 30 2007	Sanjay Leasing Ltd
Apr 30 2007	Sanjivani Paranteral Ltd
Apr 30 2007	Sarda Papers Ltd
Apr 30 2007	Saregama India Ltd
Apr 30 2007	Sarthak Global Ltd
Apr 30 2007	Sarup Tanneries Ltd
Apr 30 2007	Saurashtra Cement Ltd
Apr 30 2007	Saurashtra Paper & Board Mills Ltd
Apr 30 2007	Savera Industries Ltd
Apr 30 2007	SB & T International Ltd
Apr 30 2007	SBEC Sugar Ltd
Apr 30 2007	SBEC Systems (India) Ltd
Apr 30 2007	Scanet Exports Ltd
Apr 30 2007	Scenario Media Ltd
Apr 30 2007	Scooters India Ltd
Apr 30 2007	Shakti Press Ltd
Apr 30 2007	Shaktiman Mercantile Co Ltd
Apr 30 2007	Shamken Cotsyn Ltd
Apr 30 2007	Shamken Multifab Ltd
Apr 30 2007	Shamken Spinners Ltd
Apr 30 2007	Sharat Industries Ltd
Apr 30 2007	Sharda Ispat Ltd
Apr 30 2007	Shaw Wallace & Company Ltd
Apr 30 2007	Sheetal Bio-Agro Tech Ltd
Apr 30 2007	Shikhar Leasing & Trading Ltd
Apr 30 2007	Shiv-Vani Oil & Gas Exploration Services Ltd
Apr 30 2007	Shiva Suitings Ltd
Apr 30 2007	Shivalik Global Ltd
Apr 30 2007	Shree Hari Chemicals Export Ltd
Apr 30 2007	Shree Mahaganga Sugar Mills Ltd
Apr 30 2007	Shree Pacetronix Ltd
Apr 30 2007	Shrenuj & Company Ltd
Apr 30 2007	Shricon Industries Ltd
Apr 30 2007	Shyam Telecom Ltd
Apr 30 2007	Shyama Infosys Ltd
Apr 30 2007	Siddheswari Garments Ltd
Apr 30 2007	Simbhaoli Sugars Ltd
Apr 30 2007	Simco Trading & Finance Company Ltd
Apr 30 2007	SIP Industries Ltd
Apr 30 2007	SKM Egg Products Export (India) Ltd
Apr 30 2007	Skyline NEPC Ltd
Apr 30 2007	Skypak Services Specialist Ltd
Apr 30 2007	SMS Pharmaceuticals Ltd
Apr 30 2007	Sneh Constructions Ltd
Apr 30 2007	Sobhagya Mercantile Ltd
Apr 30 2007	Som Distilleries & Breweries Ltd
Apr 30 2007	Spanco Telesystems & Solutions Ltd
Apr 30 2007	Speciality Papers Ltd
Apr 30 2007	Sreechem Resins Ltd
Apr 30 2007	Sri Ganapathy Mills Company Ltd
Apr 30 2007	Sri Malini Spinning Mills Ltd
Apr 30 2007	Sri Nachammai Cotton Mills Ltd
Apr 30 2007	Sru Share Brokers Ltd
Apr 30 2007	Standard Surfactants Ltd
Apr 30 2007	Star Age Infotech Ltd
Apr 30 2007	Stelco Strips Ltd
Apr 30 2007	Step Two Corporation Ltd
Apr 30 2007	Sterling Holiday Resorts (India) Ltd
Apr 30 2007	Sturdy Industries Ltd
Apr 30 2007	Suashish Diamonds Ltd
Apr 30 2007	Subhash Silk Mills Ltd
Apr 30 2007	Subway Finance And Investment Company Ltd
Apr 30 2007	Sugam Agro-Tech Ltd
Apr 30 2007	Sundaram Multi Pap Ltd
Apr 30 2007	Sunil Hitech Engineers Ltd
Apr 30 2007	Sunil Industries Ltd
Apr 30 2007	Sunraj Diamond Exports Ltd
Apr 30 2007	Sunteck Realty & Infrastructure Ltd
Apr 30 2007	Super Crop Safe Ltd
Apr 30 2007	Super Forgings & Steels Ltd
Apr 30 2007	Suraj Industries Ltd
Apr 30 2007	Suraj Stainless Ltd
Apr 30 2007	Suraj Vanaspati Ltd
Apr 30 2007	Suryajyoti Spinning Mills Ltd
Apr 30 2007	Svam Software Ltd
Apr 30 2007	Swan Mills Ltd
Apr 30 2007	Swasti Vinayaka Gems Corporation Ltd
Apr 30 2007	Swasti Vinayaka Synthetics Ltd
Apr 30 2007	Sybly Industries Ltd
Apr 30 2007	Symphony Comfort Systems Ltd
Apr 30 2007	Syncom Formulations (India) Ltd
Apr 30 2007	Synthiko Foils Ltd
Apr 30 2007	T & I Global Ltd
Apr 30 2007	T. Spiritual World Ltd
Apr 30 2007	Talbros Automotive Components Ltd
Apr 30 2007	Tamilnadu Steel Tubes Ltd
Apr 30 2007	Tarrif Cine & Finance Ltd
Apr 30 2007	Tashi India Ltd
Apr 30 2007	Teesta Agro Industries Ltd
Apr 30 2007	Television Eighteen India Ltd
Apr 30 2007	Telstar Laboratories Ltd
Apr 30 2007	Thiru Arooran Sugars Ltd
Apr 30 2007	Tinna Finex Ltd
Apr 30 2007	Tinna Overseas Ltd
Apr 30 2007	Tirupati Foams Ltd
Apr 30 2007	Tirupati Sarjan Ltd
Apr 30 2007	Tirupati Starch & Chemicals Ltd
Apr 30 2007	Titan Trading and Agencies Ltd
Apr 30 2007	Tivoli Construction Ltd
Apr 30 2007	Todays Writing Products Ltd
Apr 30 2007	Tonira Pharma Ltd
Apr 30 2007	Transchem Ltd
Apr 30 2007	Transgene Biotek Ltd
Apr 30 2007	Transworld Infotech Ltd
Apr 30 2007	Trijal Industries Ltd
Apr 30 2007	Trishakti Electronics & Industries Ltd
Apr 30 2007	Triumph International Finance Ltd
Apr 30 2007	Triveni Engineering and Industries Ltd
Apr 30 2007	Tulsyan NEC Ltd
Apr 30 2007	Tuni Textile Mills Ltd
Apr 30 2007	Turbotech Engineering Ltd
Apr 30 2007	Twin Roses Trades & Agencies Ltd
Apr 30 2007	Twinstar Software Exports Ltd
Apr 30 2007	Tyche Peripheral Systems Ltd
Apr 30 2007	Tyroon Tea Company Ltd
Apr 30 2007	Ucil Leasing Ltd
Apr 30 2007	Uma Petroproducts India Ltd
Apr 30 2007	Unimin India Ltd
Apr 30 2007	Uniply Industries Ltd
Apr 30 2007	United Breweries (Holdings) Ltd
Apr 30 2007	United Drilling Tools Ltd
Apr 30 2007	United Spirits Ltd
Apr 30 2007	Uttam Sugar Mills Ltd
Apr 30 2007	Valuemart Info Technologies Ltd
Apr 30 2007	Vanasthali Textile Industries Ltd
Apr 30 2007	Varun Mercantile Ltd
Apr 30 2007	VBC Industries Ltd
Apr 30 2007	Vertex Spinning Ltd
Apr 30 2007	Victory Paper & Boards (India) Ltd
Apr 30 2007	Vidarbha Iron & Steel Corporation Ltd
Apr 30 2007	Vijay Solvex Ltd
Apr 30 2007	Vikram Thermo (India) Ltd
Apr 30 2007	Viksit Engineering Ltd
Apr 30 2007	Vimal Oil and Foods Ltd
Apr 30 2007	Vinayak Vanijya Ltd
Apr 30 2007	Vintron Informatics Ltd
Apr 30 2007	Vinyl Chemicals (I) Ltd
Apr 30 2007	Vipul Dye Chem Ltd
Apr 30 2007	Vishal Cotspin Ltd
Apr 30 2007	Vishnu Sugar Mills Ltd
Apr 30 2007	Vishvprabha Trading Ltd
Apr 30 2007	Vision Corporation Ltd
Apr 30 2007	Vista Pharmaceuticals Ltd
Apr 30 2007	Visu International Ltd
Apr 30 2007	Vital Communications Ltd
Apr 30 2007	Vivimed Labs Ltd
Apr 30 2007	Vivo Bio Tech Ltd
Apr 30 2007	Vogue Textiles Ltd
Apr 30 2007	Voltaire Leasing & Finance Ltd
Apr 30 2007	VXL Instruments Ltd
Apr 30 2007	Vyapar Industries Ltd
Apr 30 2007	Vybra Automet Ltd
Apr 30 2007	W S Industries (India) Ltd
Apr 30 2007	Warden Construction & Finance Ltd
Apr 30 2007	Watson Software Ltd
Apr 30 2007	Webel Communication Industries Ltd
Apr 30 2007	Weizmann Fincorp Ltd
Apr 30 2007	Weizmann Ltd
Apr 30 2007	Wellworth Overseas Ltd
Apr 30 2007	Western Ministil Ltd
Apr 30 2007	Willard India Ltd
Apr 30 2007	Wintac Ltd
Apr 30 2007	Woo Yang Electronics (India) Ltd
Apr 30 2007	Worldwide Leather Exports Ltd
Apr 30 2007	Xo Infotech Ltd
Apr 30 2007	Yash Papers Ltd
Apr 30 2007	Yenkey Drugs & Pharmaceuticals Ltd
Apr 30 2007	York Exports Ltd
Apr 30 2007	Yuvraj International Ltd
Apr 30 2007	Zenith Exports Ltd
Apr 30 2007	Zenith Infotech Ltd
Apr 30 2007	Zigma Software Ltd
Apr 30 2007	Zuari Forex Ltd

Cost cuts, higher prices spur profit

Profit growth was much sharper than sales growth in the 3 quarters of FY07

Massive cost cuts, buoyant sales and improved price realisations accelerated Corporate India’s profit growth in the first three quarters of 2006-07.

A study of 808 companies (excluding oil & gas, software, banks and non-banking financial companies) shows that profit growth in these quarters was much sharper than sales growth. Further, the growth in bottom line was much higher in those quarters in which sales outpaced the rise in the cost of production.

While sales increased 28.24 per cent during the quarter ended December 2006, the total cost of production rose 25.79 per cent, indicating that the latter rate is 284 basis points (bps) lower than the former. As a result, net profit jumped 53.66 per cent.

In the second quarter, while sales rose 27.9 per cent, the increase in production cost was lower by 112 basis points at 26.8 per cent. Thus, net profit surged 35.7 per cent.

In the first quarter, sales were up 27.39 per cent, while cost of production rose 26.59 per cent, 80 bps lower than the former. Profit shot up 40 per cent. A Business Standard Research Bureau study shows that the share of cost-cutting in bottom line was 16.6 per cent in the first quarter, 25.74 per cent in the second quarter and 40 per cent in the third quarter.

In other words, while net profit, in absolute terms, increased by Rs 7,752 crore in Q3, the total cost of production was lower by Rs 3,100 crore (See ‘Methodology’). In Q2, savings on account of lower growth in the cost of production stood at Rs 1,329 crore compared with Rs 5,163 crore increase in net profit. In Q1, savings amounted to Rs 844 crore vis-a-vis the absolute rise of Rs 5,099 crore in net profit.

The study also attributes the rise in profit to savings in other costs, which include salaries and wages, interest and general administrative expenditures. However, raw material costs, which galloped past the sales growth, remained a major concern.

The increase in input costs was higher by 161 bps compared with the sales growth in the third quarter, 338 bps in the second quarter and 48 bps in the first quarter. As a result, raw material costs were higher by Rs 3,283 crore, Rs 3,340 crore and Rs 879 crore in the first quarter, the second quarter and the third quarter respectively.

The corporate sector saw a rise in tax provision in all the three quarters as profits surged. The tax provision was higher by Rs 210 crore in the third quarter, Rs 172 crore in the second quarter and Rs 194 crore in the first quarter.

More than half of the 808 companies studied managed to save on total costs during all the three quarters. Over 60 per cent of them made saving on other expenditure. And, about 50 per cent firms effected saving on interest and salaries/wages. Only 40 per cent of the companies saved on raw material tax provision.

One-fourth of the sample or 197 companies registered decline in net profits largely because of higher cost of production. Of this, the total cost of production was lower for 38 firms, while for 88 companies raw material costs were lower. However, 103 firms managed to save on other expenditure, and another 132 outfits showed a growth in sales income.

Further, of the 45 sectors studied, the sales growth rate of 29 per cent was higher compared with the growth in the total cost of production in the third quarter. The sales growth rate of 24 sectors was higher in the second quarter and of 28 sectors in the first quarter. However, the growth in raw material costs was higher than the sales growth for 26 sectors in the third quarter, for 30 sectors in the second quarter and 22 sectors in the first quarter.

Cement has done well in all the three quarters with net profit growth of 264 per cent in the third quarter, 145 per cent in the second quarter and 244 per cent in the first quarter.

The sales growth rates ranged between 40 per cent and 53 per cent, while cost of production moved between 20 per cent and 25 per cent in the three quarters. This shows that cement companies benefited from cost-cutting and higher price realisations.

Sugar companies suffered a severe setback on account of lower prices with 8 per cent decline in sales in the third quarter and a modest 4 per cent sales growth in the second quarter. However, raw material costs rose 14.5 per cent in the third quarter and 2.08 per cent in the second quarter. The result was obvious: bottom lines of sugar companies declined 17 per cent in the second quarter and slumped 53 per cent in the third quarter.

The first quarter offered a different picture. Net profits of sugar companies zoomed 113 per cent on the back of 33 per cent surge in sales, though there was 30 per cent rise in raw material costs as well. This was because there was buoyancy in prices in that quarter.

Methodology

The study is based on a sample of 808 companies that have posted profits in the last six quarters.

The study excludes the finance, software and services sectors, which do not use raw materials for production purpose. Oil & gas companies have also been excluded as the government controls the pricing power for oil marketing companies. In the third quarter, profits of state-run oil companies increased largely on account of oil bonds.

Savings on cost of production were calculated by applying the cost-to-sales ratio of the previous corresponding quarter to the current quarter. This was done to find out the cost of production for the current quarter based on the cost-to-sales ratio for the previous corresponding quarter. The study shows that the ratio was higher in all the previous quarters and lower in the quarters under review.

Had the cost-to-sales ratio during the quarters under review been higher or the same as the year-ago quarters, the cost of production would have been higher. In such case, bottom lines of these firms would have risen 27.3 per cent in the third quarter, 24.9 per cent in the second and 31.5 per cent in the first. However, they posted net profit growth of 53.7 per cent in the third, 35.7 per cent in the second quarter and 40.1 per cent in the first.

The total cost of production-to-sales ratio was lower at 82.51 per cent (84.11 per cent) in the third quarter, 83.03 per cent (83.76 per cent) in the second and 82.35 per cent (82.87 per cent) in the first.

India Inc in Q3 — Few dark spots in bright picture

India Inc has yet again pleasantly surprised investors with commendable results for the quarter ended December 2006, leading to renewed buying interest. Buoyed by the healthy earnings scorecard, the bellwether indices Sensex and Nifty have scaled new highs. Corporate India's sales for Q3 grew about 27 per cent while net profits increased about 67 per cent on a year-on-year basis (including the "other income" component, which was up 28 per cent). On a sustainable basis, however, the operating profit for the quarter increased by about 48 per cent. Rising interest costs (31 per cent higher) are a source of concern. A total of 2,140 companies have announced their earnings so far.

Impressive numbers from cement companies, private banks, infrastructure, steel and non-ferrous metals, apart from the usual high-performers, such as information technology and telecom service providers, underpinned strong profit growth. Sugar and automobiles, on the contrary, posted lacklustre numbers.

Here is a brief overview of the results of various companies, on a sectoral basis:

Cement companies firm up: Cement companies once again came up with impressive numbers, registering a 270 per cent increase in net profits over the quarter. Robust sales volumes and better realisations have driven an overall increase in the operating profit margins for the majors. Helped by a consolidation of ACEL (Ambuja Cement Eastern) as well as healthy realisations and despatches, Gujarat Ambuja Cements reported earnings of Rs 337 crore, 284 per cent higher, while India Cements outperformed expectations by posting a sharp turnaround in profitability. Higher prices and better operating margins, in general, pushed up earnings' growth for Ultra Tech Cement, Prism Cements and Shree Cements.

Banks, a mixed bag: Continuing the previous quarter's trend, private banks outperformed their public sector counterparts in profit growth. While the average net profits of public sector banks increased 16 per cent over the previous year, private banks notched up about 37 per cent growth. A bigger deposits base and higher fee-based income helped sustain the growth rates of private sector banks.

ICICI Bank reported a 42 per cent rise in net profit for the third quarter on the back of higher interest income, coupled with a rise in fee-based income. A robust rise in net interest income (the interest earned on loans minus that paid for funds) bodes well for HDFC Bank, which recorded 32 per cent higher net profits for the third quarter. Bank of Rajasthan, ING Vysya Bank and Dhanalakshmi Bank doubled their earnings. State Bank of India, however, saw its net profits fall about 4.5 per cent as a result of higher provisioning and rising costs.

Infrastructure/realty grows: Infrastructure/realty companies sustained their stellar earnings growth with 56 per cent higher revenues and a 257 per cent increase in net profit.

Leading the pack, Unitech registered a staggering 3,190 per cent increase in earnings as several of its ongoing residential projects were completed and booked over the quarter. Its operating margins stood at 69 per cent, against 13 per cent the previous year.

Other companies that scored high were Valecha Engineering, Prajay Engineers and Noida Toll Bridge. Higher volumes and, hence, better operating margins, could have contributed to the sector's strong showing.

Metals strike: While the growth in volumes for players in non-ferrous metals was healthy, better realisations contributed to their earnings' growth. Hindalco reported a 91 per cent increase in earnings on the back of a 62 per cent volume growth. Its operating margins grew about 216 percentage points during the period. Madras Aluminium recorded a 300 per cent increase in net profits on the back of robust revenue growth and 1,612 percentage points increase in operating margins.

Buoyed by higher metal prices, steel companies too put up a decent performance last quarter. SAIL reported a 54 per cent increase in earnings on a yearly basis. Higher volume growth and an 800-percentage point increase in operating margins boosted performance. Tata Steel, helped by a 21 per cent sales growth, reported a 35 per cent increase in earnings. Usha Martin, Jindal Stainless and Man Industries recorded over 130 per cent increase in net profits.

Software — surprises from smaller firms: Results of software companies were mixed, as the quarter is seasonally a quiet one for the sector, with a lower number of billing days. An appreciation in the rupee also had an impact on overall earnings.

Software majors Infosys Technologies, Wipro, TCS and Satyam Computers turned in numbers that ranged from `in-line with expectations' to `better-than-expected'. It was the mid-sized firms that turned up most of the surprises this quarter. Polaris Software, reporting a sharp turnaround in profitability, caught the market by surprise.

Some of the small- to medium-sized companies, such as KLG Systel, Silverline Technologies, Four Soft and Tele Data Informatics, more than doubled earnings during the quarter. IOL Broadband and Ramco Systems, bucking the trend, registered losses during the period.

Telecom buzzes with action: Continuous growth in the subscriber base provided the necessary impetus for telecom service providers, which turned in a solid performance during the third quarter.

Bharti Airtel reported an increase of 61 per cent in net revenues YoY on the back of a 41 per cent operating profit margin (a 550 percentage point increase). VSNL recorded a 5 per cent decrease in net profit for the quarter on a YoY basis because of lacklustre sales and operating margins. Tata Tele-Services (Maharashtra) reported losses for the quarter.

Autos in neutral gear: Despite strong growth in the top-line, the third-quarter results of auto companies are a mixed bag, as players became vulnerable to margin pressures from rising input costs. Two-wheeler companies Hero Honda and TVS Motors reported a decline in profits on the back of a rise in raw material costs. Ashok Leyland, thanks to a significant growth in volumes, reported a 93 per cent increase in earnings. Tata Motors and Maruti Udyog registered a near 11 per cent increase in net profit during the quarter.

However, Maruti's operating margins dipped by 119 percentage points during the period.

Sugar turns bitter: The December quarter usually captures the start of the crushing season for sugar companies. However, lower sugar prices, on expectations of a bumper output this year, resulted in sharp profit declines for most companies, marking a reversal of the past two years' trend.

While the revenues of Thiru Arooran Sugars, Dwarikesh Sugar and Rajshree Sugar rose more than 50 per cent, the earnings were lacklustre. Though volume growth for sugar companies remained healthy given higher cane availability, lower realisations weighed heavily on the profitability.

Divergence in numbers

Though the big picture showing the earnings performance of India Inc in the third quarter is impressive, a sectoral breakdown of the numbers reveals a significant divergence.

Better-than-expected earnings growth in sectors such as infrastructure/realty, telecom and cement made up for the lacklustre performance in the auto, sugar and certain other heavyweight sectors.

Strong topline growth across sectors suggests that demand and consumption drivers are still in place, amid margin pressures in select businesses.

The stock market rally of the past six months has been quite narrow, focussing on a few sectors and stocks seen to have impressive growth prospects; if the earnings scorecard is anything to go by, these trends will only continue.

Motilal Oswal Mega Report Collection

Please thank Ramesh for all these reports!

Alok Industries

Amtek Auto

Andhra Bank

ANG Auto

Arvind Mills

Ashok Leyland

Asian Paints

Bank of Baroda

BHEL

Bharti Airtel

Birla Corp

CESC

Crompton Greaves

DivisLabs

Federal Bank

Gammon

Geometric Software

Grasim

Gujarat Ambuja

HDFC

Himatsingha Seide

Hero Honda

Hindalco

ITC

IVRCL

Indian Overseas Bank

Jindal Power and Steel

Larsen and Tourbo

MTNL

Mahindra and Mahindra

Mphasis

Nagarjuna Construction

Oriental Bank of Comerce

Pfizer

PNB

Punjab Tractors

Reliance Communication

SAIL

Sasken

Shasun Chemicals

Subex Azure

Sun Pharma

Syndicate Bank

TVS Motors

Tata Motors

Titan Industries

United Phosphorous

Vardhaman Textiles

Zee Telefilms

Karvy Results Reports - Part 2

Download here

Karvy Results Reports

Provogue

Bank of Baroda

Bank of India

Dredging Corp

Hindalco

Inox

IPCA
Download here

Edelweiss Result Reports

AllCargo

Amtek Auto

Asian Paints

BHEL

Dishman Pharma

Federal Bank

Finolex Industries

Himatsinghe Seide

Indraprastha Gas

Inox Leisure

Larsen & Tourbo

Mcnally Bharat

Sun Pharma

Suzlon Energy

TVS Motors

Results Calendar - Jan 31 2007

Jan 31 2007	A B C Gas (International) Ltd
Jan 31 2007	Aarvee Denims & Exports Ltd
Jan 31 2007	Aaswa Trading and Exports Ltd
Jan 31 2007	Accel Frontline Ltd
Jan 31 2007	Acrysil Ltd
Jan 31 2007	Action Financial Services (I) Ltd
Jan 31 2007	Aekta Ltd
Jan 31 2007	Ajanta Soya Ltd
Jan 31 2007	Ajcon Global Services Ltd
Jan 31 2007	Alfa Ica (India) Ltd
Jan 31 2007	Alfavision Overseas Ltd
Jan 31 2007	Amani Trading & Exports Ltd
Jan 31 2007	Anjani Finance Ltd
Jan 31 2007	Ankush Finstock Ltd
Jan 31 2007	Ansal Buildwell Ltd
Jan 31 2007	Antarctica Ltd
Jan 31 2007	Anuh Pharma Ltd
Jan 31 2007	Anukaran Commercial Enterprises Ltd
Jan 31 2007	Apollo Finvest (I) Ltd
Jan 31 2007	Arihant Capital Markets Ltd
Jan 31 2007	Arihant Tournesol Ltd
Jan 31 2007	Arihants Securities Ltd
Jan 31 2007	Aristocrat Luggage Ltd
Jan 31 2007	Arrow Coated Products Ltd
Jan 31 2007	Arvind Remedies Ltd
Jan 31 2007	Associated Profiles & Aluminium Ltd
Jan 31 2007	Aunde Faze Three Autofab Ltd
Jan 31 2007	Auto Pins (India) Ltd
Jan 31 2007	Autolite (India) Ltd
Jan 31 2007	Autoriders Finance Ltd
Jan 31 2007	Autoriders International Ltd
Jan 31 2007	Avantel Softech Ltd
Jan 31 2007	Axis IT&T Ltd
Jan 31 2007	B & A Ltd
Jan 31 2007	Baid Leasing & Finance Co Ltd
Jan 31 2007	Bal Pharma Ltd
Jan 31 2007	Banaras Beads Ltd
Jan 31 2007	Banas Finance Ltd
Jan 31 2007	Bansisons Tea Industries Ltd
Jan 31 2007	Bee Electronic Machines Ltd
Jan 31 2007	Belapur Industries Ltd
Jan 31 2007	Berger Paints (India) Ltd
Jan 31 2007	Best Eastern Hotels Ltd
Jan 31 2007	Bharat Rasayan Ltd
Jan 31 2007	Bhatinda Chemicals Ltd
Jan 31 2007	Bihar Sponge Iron Ltd
Jan 31 2007	Binani Industries Ltd
Jan 31 2007	Biofil Chemicals & Pharmaceuticals Ltd
Jan 31 2007	Birla VXL Ltd
Jan 31 2007	Bisleri Gujarat Ltd
Jan 31 2007	Bloom Dekor Ltd
Jan 31 2007	Bombay Burmah Trading Corporation Ltd
Jan 31 2007	Bombay Potteries & Tiles Ltd
Jan 31 2007	Borax Morarji Ltd
Jan 31 2007	Brakes Auto (India) Ltd
Jan 31 2007	Brindaban Holdings and Trading Ltd
Jan 31 2007	C J Gelatine Products Ltd
Jan 31 2007	Caplin Point Laboratories Ltd
Jan 31 2007	Capman Financials Ltd
Jan 31 2007	Carol Info Services Ltd
Jan 31 2007	Ceenik Exports (India) Ltd
Jan 31 2007	Celebrity Fashions Ltd
Jan 31 2007	CFL Capital Financial Services Ltd
Jan 31 2007	Chokhani Securities Ltd
Jan 31 2007	Choksi Laboratories Ltd
Jan 31 2007	Chordia Food Products Ltd
Jan 31 2007	Cil Securities Ltd
Jan 31 2007	Classic Diamonds (India) Ltd
Jan 31 2007	Classic Electricals Ltd
Jan 31 2007	Cochin Minerals & Rutile Ltd
Jan 31 2007	Colinz Laboratories Ltd
Jan 31 2007	Competent Automobiles Ltd
Jan 31 2007	Computerskill Ltd
Jan 31 2007	Consolidated Fibres & Chemicals Ltd
Jan 31 2007	Cosboard Industries Ltd
Jan 31 2007	COSCO (India) Ltd
Jan 31 2007	Cravatex Ltd
Jan 31 2007	Crazy Infotech Ltd
Jan 31 2007	Cupid Trades & Finance Ltd
Jan 31 2007	Cybertech Systems & Software Ltd
Jan 31 2007	Dalal Street Investments Ltd
Jan 31 2007	Dawn Mills Co Ltd
Jan 31 2007	Devine Impex Ltd
Jan 31 2007	Dhampur Sugar Mills Ltd
Jan 31 2007	Dhampure Speciality Sugars Ltd
Jan 31 2007	Dhanprayog Investments Company Ltd
Jan 31 2007	Dhanuka Pesticides Ltd
Jan 31 2007	DHP India Ltd
Jan 31 2007	Dhunseri Tea & Industries Ltd
Jan 31 2007	Dil Vikas Finance Ltd
Jan 31 2007	Divya Jyoti Industries Ltd
Jan 31 2007	Dolphin Offshore Enterprises (India) Ltd
Jan 31 2007	Donear Industries Ltd
Jan 31 2007	Dynavision Ltd
Jan 31 2007	East Coast Steel Ltd
Jan 31 2007	Easun Reyrolle Ltd
Jan 31 2007	Eidar Electronics Industries Ltd
Jan 31 2007	Eider Infotech Ltd
Jan 31 2007	EIH Associated Hotels Ltd
Jan 31 2007	EL Forge Ltd
Jan 31 2007	Elcid Investments Ltd
Jan 31 2007	Electra Financial Services Ltd
Jan 31 2007	Enrich Industries Ltd
Jan 31 2007	Esskay Telecom Ltd
Jan 31 2007	ETP Corporation Ltd
Jan 31 2007	Eurotex Industries and Exports Ltd
Jan 31 2007	Everlon Synthetics Ltd
Jan 31 2007	Faze Three Ltd
Jan 31 2007	Fiberweb (India) Ltd
Jan 31 2007	Flat Products Equipments (India) Ltd
Jan 31 2007	Flora Textiles Ltd
Jan 31 2007	Forbes Gokak Ltd
Jan 31 2007	Frontier Leasing & Finance Ltd
Jan 31 2007	Frontier Springs Ltd
Jan 31 2007	GAIL (India) Ltd
Jan 31 2007	Galaxy Bearings Ltd
Jan 31 2007	Gallantt Metal Ltd
Jan 31 2007	Garg Furnace Ltd
Jan 31 2007	Gee El Woolens Ltd
Jan 31 2007	Gee Gee Granites Ltd
Jan 31 2007	Geefcee Finance Ltd
Jan 31 2007	Gini Silk Mills Ltd
Jan 31 2007	Glittek Granites Ltd
Jan 31 2007	Global Capital Market Ltd
Jan 31 2007	Goldcrest Finance (India) Ltd
Jan 31 2007	Golden Carpets Ltd
Jan 31 2007	Golden Securities Ltd
Jan 31 2007	Grabal Alok Impex Ltd
Jan 31 2007	GSB Finance Ltd
Jan 31 2007	GTN Textiles Ltd
Jan 31 2007	Gujarat Toolroom Ltd
Jan 31 2007	Hardcastle & Waud Mfg Co Ltd
Jan 31 2007	Haria Exports Ltd
Jan 31 2007	Harleystreet Pharmaceuticals Ltd
Jan 31 2007	Haryana Texprints (Overseas) Ltd
Jan 31 2007	Hathway Bhawani Cabletel And Datacom Ltd
Jan 31 2007	HBL Power Systems Ltd
Jan 31 2007	Hind Syntex Ltd
Jan 31 2007	Hindoostan Spinning and Weaving Mills Ltd
Jan 31 2007	Hindustan Appliances Ltd
Jan 31 2007	Hindustan Composites Ltd
Jan 31 2007	Hindustan Fluoro Carbons Ltd
Jan 31 2007	Hisar Metal Industries Ltd
Jan 31 2007	Hittco Tools Ltd
Jan 31 2007	Hyderabad Industries Ltd
Jan 31 2007	Ideal Carpets Ltd
Jan 31 2007	IMC Finance Ltd
Jan 31 2007	Inani Marbles & Industries Ltd
Jan 31 2007	Inani Securities Ltd
Jan 31 2007	Inca Finlease Ltd
Jan 31 2007	India Lease Development Ltd
Jan 31 2007	IndiaNivesh Ltd
Jan 31 2007	Indo Amines Ltd
Jan 31 2007	Indo Count Industries Ltd
Jan 31 2007	Indo Green Projects Ltd
Jan 31 2007	IndoCount Finance Ltd
Jan 31 2007	Indokem Ltd
Jan 31 2007	Indrayani Biotech Ltd
Jan 31 2007	Industrial & Prudential Investment Company Ltd
Jan 31 2007	Invinex Laboratories Ltd
Jan 31 2007	Ishita Drugs & Industries Ltd
Jan 31 2007	Ishwar Bhuvan Hotels Ltd
Jan 31 2007	IVP Ltd
Jan 31 2007	J R Foods Ltd
Jan 31 2007	Jagatjit Industries Ltd
Jan 31 2007	Jagsonpal Finance & Leasing Ltd
Jan 31 2007	Jainco Projects (India) Ltd
Jan 31 2007	Jainex Aamcol Ltd
Jan 31 2007	Jayabharat Credit Ltd
Jan 31 2007	Jeet Machine Tools Ltd
Jan 31 2007	JIK Industries Ltd
Jan 31 2007	JM Financial Limited
Jan 31 2007	JMD Telefilms Industries Ltd
Jan 31 2007	Josts Engineering Company Ltd
Jan 31 2007	JPT Securities Ltd
Jan 31 2007	Jyoti Cosmetics (Exim) Ltd
Jan 31 2007	Jyoti Resins and Adhesives Ltd
Jan 31 2007	K.B.Steel Ltd
Jan 31 2007	Kaira Can Company Ltd
Jan 31 2007	Kaiser Press Ltd
Jan 31 2007	Kajal Synthetics & Silk Mills Ltd
Jan 31 2007	Kalyanpur Cements Ltd
Jan 31 2007	Kanohar Electricals Ltd
Jan 31 2007	Kanoi Paper & Industries Ltd
Jan 31 2007	Kansal Fibres Ltd
Jan 31 2007	Kanumanek Trading Company Ltd
Jan 31 2007	Karur KCP Packkagings Ltd
Jan 31 2007	Kesar Enterprises Ltd
Jan 31 2007	Keynote Corporate Services Ltd
Jan 31 2007	Khaitan Electricals Ltd
Jan 31 2007	Khandelwal Extractions Ltd
Jan 31 2007	Khatau Exim Ltd
Jan 31 2007	Kirti Finvest Ltd
Jan 31 2007	KND Engineering Technologies Ltd
Jan 31 2007	Kothari Products Ltd
Jan 31 2007	Kovalam Investment & Trading Co. Ltd
Jan 31 2007	Krypton Industries Ltd
Jan 31 2007	KSE Ltd
Jan 31 2007	KTL Industries Ltd
Jan 31 2007	Kunststoffe Industries Ltd
Jan 31 2007	Kusam Electrical Industries Ltd
Jan 31 2007	Kutch Salt & Allied Industries Ltd
Jan 31 2007	Lakshmi Machine Works Ltd
Jan 31 2007	Lancor Holdings Ltd
Jan 31 2007	Lead Financial Services Ltd
Jan 31 2007	Ledo Tea Company Ltd
Jan 31 2007	Leena Consultancy Ltd
Jan 31 2007	Lippi Systems Ltd
Jan 31 2007	Lloyds Metals & Engineers Ltd
Jan 31 2007	Lloyds Steel Industries Ltd
Jan 31 2007	M B Parikh Finstock Ltd
Jan 31 2007	Mack Trading Co Ltd
Jan 31 2007	Mahalaxmi Seamless Ltd
Jan 31 2007	Mahan Industries Ltd
Jan 31 2007	Mahanivesh (India) Ltd
Jan 31 2007	Maharashtra Overseas Ltd
Jan 31 2007	Mahashree Trading Ltd
Jan 31 2007	Mahindra & Mahindra Ltd
Jan 31 2007	Mansoon Trading Company Ltd
Jan 31 2007	Mapro Industries Ltd
Jan 31 2007	Marigold Glass Industries Ltd
Jan 31 2007	Market Creators Ltd
Jan 31 2007	Maruti Securities Ltd
Jan 31 2007	Medi Caps Ltd
Jan 31 2007	Media Matrix Worldwide Ltd
Jan 31 2007	Medicamen Biotech Ltd
Jan 31 2007	Meenakshi Steel Industries Ltd
Jan 31 2007	Mefcom Capital Markets Ltd
Jan 31 2007	Midland Plastics Ltd
Jan 31 2007	Milton Plastics Ltd
Jan 31 2007	Minaxi Textiles Ltd
Jan 31 2007	Mobile Telecommunications Ltd
Jan 31 2007	Moongipa Capital Finance Ltd
Jan 31 2007	Motor & General Finance Ltd
Jan 31 2007	Mrugesh Trading Ltd
Jan 31 2007	Mukand Engineers Ltd
Jan 31 2007	Mukand Ltd
Jan 31 2007	Mukesh Steels Ltd
Jan 31 2007	Mukesh Strips Ltd
Jan 31 2007	N D Metal Industries Ltd
Jan 31 2007	N G Industries Ltd
Jan 31 2007	Naina Semiconductor Ltd
Jan 31 2007	National Fertilizer Ltd
Jan 31 2007	Neo Sack Ltd
Jan 31 2007	Nicco Corporation Ltd
Jan 31 2007	Nicco Uco Alliance Credit Ltd
Jan 31 2007	Nidhi Polyester Ltd
Jan 31 2007	Nikki Global Finance Ltd
Jan 31 2007	Nirav Commercials Ltd
Jan 31 2007	Nirlon Ltd
Jan 31 2007	Norben Tea & Exports Ltd
Jan 31 2007	Nouveau Multimedia Ltd
Jan 31 2007	Nutraplus Products (India) Ltd
Jan 31 2007	Ondeo Nalco India Ltd
Jan 31 2007	Ontrack Systems Ltd
Jan 31 2007	Oregon Commercials Ltd
Jan 31 2007	Oswal Leasing Ltd
Jan 31 2007	Oxford Industries Ltd
Jan 31 2007	P I Drugs & Pharmaceuticals Ltd
Jan 31 2007	Pace Electronics & Textiles Ltd
Jan 31 2007	Pacific Cotspin Ltd
Jan 31 2007	Packtech Industries Ltd
Jan 31 2007	Panchsheel Organics Ltd
Jan 31 2007	Paramount Cosmetics (India) Ltd
Jan 31 2007	Parijat Trading Ltd
Jan 31 2007	Parker Agrochem Exports Ltd
Jan 31 2007	Pasari Spinning Mills Ltd
Jan 31 2007	Passari Cellulose Ltd
Jan 31 2007	Patspin India Ltd
Jan 31 2007	Pearl Global Ltd
Jan 31 2007	Peninsula Land Limited
Jan 31 2007	Phillips Carbon Black Ltd
Jan 31 2007	Pithampur Steels Ltd
Jan 31 2007	Pokarna Ltd
Jan 31 2007	Polychem Ltd
Jan 31 2007	Polyplex Corporation Ltd
Jan 31 2007	Polyspin Exports Ltd
Jan 31 2007	Poona Dal and Oil Industries Ltd
Jan 31 2007	Prakash Industries Ltd
Jan 31 2007	Praveen Properties Ltd
Jan 31 2007	Premier Explosives Ltd
Jan 31 2007	Premier Polyfilm Ltd
Jan 31 2007	Prima Agro Ltd
Jan 31 2007	Priya Ltd
Jan 31 2007	Procal Electronics India Ltd
Jan 31 2007	Promact Plastics Ltd
Jan 31 2007	Prraneta Industries Ltd
Jan 31 2007	Punctual Trading Ltd
Jan 31 2007	Punjab National Bank
Jan 31 2007	R J Shah & Company Ltd
Jan 31 2007	Raghunath International Ltd
Jan 31 2007	Rainbow Denim Ltd
Jan 31 2007	Raj Rayon Ltd
Jan 31 2007	Rama Petrochemicals Ltd
Jan 31 2007	Rap Media Ltd
Jan 31 2007	Rapicut Carbides Ltd
Jan 31 2007	Rasoi Ltd
Jan 31 2007	Raunaq Automotive Components Ltd
Jan 31 2007	Ravinay Trading Company Ltd
Jan 31 2007	Refnol Resins & Chemicals Ltd
Jan 31 2007	Regal Entertainment & Consultants Ltd
Jan 31 2007	Regency Ceramics Ltd
Jan 31 2007	Regency Trust Ltd
Jan 31 2007	Repro India Ltd
Jan 31 2007	Rexnord Electronics & Controls Ltd
Jan 31 2007	RFL International Ltd
Jan 31 2007	Rich Capital & Financial Services Ltd
Jan 31 2007	Ridhi Synthetics Ltd
Jan 31 2007	Riga Sugar Company Ltd
Jan 31 2007	Rohit Pulp & Paper Mills Ltd
Jan 31 2007	Roopa Industries Ltd
Jan 31 2007	Rotam Commercial Ltd
Jan 31 2007	RPG Life Sciences Ltd
Jan 31 2007	S G Global Exports
Jan 31 2007	S S Forgings & Engineering Ltd
Jan 31 2007	Samrat Pharmachem Ltd
Jan 31 2007	Sanco Trans Ltd
Jan 31 2007	Sandu Pharmaceuticals Ltd
Jan 31 2007	Sandur Manganese & Iron Ores Ltd
Jan 31 2007	Saurashtra Cement Ltd
Jan 31 2007	Savani Financials Ltd
Jan 31 2007	Shah Alloys Ltd
Jan 31 2007	Shakti Press Ltd
Jan 31 2007	Shalimar Productions Ltd
Jan 31 2007	Shamrock Industrial Co Ltd
Jan 31 2007	Sharyans Resources Ltd
Jan 31 2007	Shikhar Leasing & Trading Ltd
Jan 31 2007	Shirpur Gold Refinery Ltd
Jan 31 2007	Shiva Fertilizers Ltd
Jan 31 2007	Shree Ajit Pulp and Paper Ltd
Jan 31 2007	Shree Hari Chemicals Export Ltd
Jan 31 2007	Shree Pacetronix Ltd
Jan 31 2007	Shree Rajasthan Syntex Ltd
Jan 31 2007	Shreeom Trades Ltd
Jan 31 2007	Shyam Software Industries Ltd
Jan 31 2007	Sical Logistics Ltd
Jan 31 2007	Silver Smith India Ltd
Jan 31 2007	Simmonds Marshall Ltd
Jan 31 2007	Simplex Realty Ltd
Jan 31 2007	Simran Farms Ltd
Jan 31 2007	SNS Textiles Ltd
Jan 31 2007	Solitaire Machine Tools Ltd
Jan 31 2007	Spice Ltd
Jan 31 2007	SRHHL Industries Ltd
Jan 31 2007	Step Two Corporation Ltd
Jan 31 2007	Sterling Guaranty & Finance Ltd
Jan 31 2007	Sterling Strips Ltd
Jan 31 2007	Sterlite Projects Ltd
Jan 31 2007	Subuthi Finance Ltd
Jan 31 2007	Subway Finance And Investment Company Ltd
Jan 31 2007	Sudarshan Chemical Industries Ltd
Jan 31 2007	Suditi Industries Ltd
Jan 31 2007	Sunil Industries Ltd
Jan 31 2007	Super Bakers (India) Ltd
Jan 31 2007	Super Crop Safe Ltd
Jan 31 2007	Super Sales India Ltd
Jan 31 2007	Superhouse Ltd
Jan 31 2007	Surabhi Chemicals & Investments Ltd
Jan 31 2007	Suryalakshmi Cotton Mills Ltd
Jan 31 2007	Swan Mills Ltd
Jan 31 2007	Symphony Comfort Systems Ltd
Jan 31 2007	Syschem (India) Ltd
Jan 31 2007	T. Spiritual World Ltd
Jan 31 2007	Tamil Nadu Petro Products Ltd
Jan 31 2007	Tamilnadu Steel Tubes Ltd
Jan 31 2007	Teesta Agro Industries Ltd
Jan 31 2007	Tezpore Tea Company Ltd
Jan 31 2007	Tide Water Oil Co (I) Ltd
Jan 31 2007	Timex Watches Ltd
Jan 31 2007	Tinna Overseas Ltd
Jan 31 2007	Tirupati Sarjan Ltd
Jan 31 2007	Tirupati Starch & Chemicals Ltd
Jan 31 2007	Tivoli Construction Ltd
Jan 31 2007	Tokyo Finance Ltd
Jan 31 2007	Tokyo Plast International Ltd
Jan 31 2007	Total Exports Ltd
Jan 31 2007	Trans Freight Containers Ltd
Jan 31 2007	Transchem Ltd
Jan 31 2007	TRC Financial Services Ltd
Jan 31 2007	Trijal Industries Ltd
Jan 31 2007	Tulsyan NEC Ltd
Jan 31 2007	Tuni Textile Mills Ltd
Jan 31 2007	TVS Srichakra Ltd
Jan 31 2007	Twin Roses Trades & Agencies Ltd
Jan 31 2007	Unimin India Ltd
Jan 31 2007	Unisys Software and Holding Industries Ltd
Jan 31 2007	United Credit Ltd
Jan 31 2007	Universal Starch Chem Allied Ltd
Jan 31 2007	Ushakiran Finance Ltd
Jan 31 2007	Valson Industries Ltd
Jan 31 2007	Vamshi Rubber Ltd
Jan 31 2007	Varun Mercantile Ltd
Jan 31 2007	Vertex Spinning Ltd
Jan 31 2007	Vidhi Dyestuffs Manufacturing Ltd
Jan 31 2007	Vijay Solvex Ltd
Jan 31 2007	Vinaditya Trading Company Ltd
Jan 31 2007	Vinayak Vanijya Ltd
Jan 31 2007	Vintage Cards & Creations Ltd
Jan 31 2007	Visagar Polytex Ltd
Jan 31 2007	Vishvprabha Trading Ltd
Jan 31 2007	VLS Finance Ltd
Jan 31 2007	Voltamp Transformers Ltd
Jan 31 2007	Vora Constructions Ltd
Jan 31 2007	Wall Street Finance Ltd
Jan 31 2007	Warner Multimedia Ltd
Jan 31 2007	Webel Communication Industries Ltd
Jan 31 2007	Weizmann Fincorp Ltd
Jan 31 2007	Weizmann Ltd
Jan 31 2007	West Coast Paper Mills Ltd
Jan 31 2007	Western Ministil Ltd
Jan 31 2007	Wires & Fabriks (S.A) Ltd
Jan 31 2007	Yarn Syndicate Ltd
Jan 31 2007	York Exports Ltd
Jan 31 2007	Yuken India Ltd
Jan 31 2007	Zenith Exports Ltd
Jan 31 2007	Zenu Infotech Ltd