GPPL

 GPPL 

Sensex ends 67 points lower in volatile trade

The Indian markets were highly volatile in trade today and closed today's session in the negative zone. The Sensex shut shop down by 67 points and the Nifty fell 25 points. Major Headlines Govt ups excise duty on cigarette; ITC gains PNB Q4 cons net profit surges by 10% Union Bank Q4 cons net profit declines by 15% IRB Infra Q4 cons net profit up by 17%

Puravankara Projects builds on strong Q4 results

Puravankara Projects rose 2.77% to Rs 65 at 11:57 IST on BSE after consolidated net profit jumped 173% to Rs 46.05 crore on 49% growth in revenue to Rs 232.11 crore in Q4 March 2012 over Q4 March 2011. The company announced the results after trading hours on Tuesday, 8 May 2012. Meanwhile, the BSE Sensex was up 53.67 points or 0.32% to 16,599.85. On BSE, 10,529 shares were traded in the counter as against average daily volume of 12,265 shares in the past one quarter. The stock hit a high of Rs 68.20 and a low of Rs 64.25 so far during the day. The stock had hit a 52-week high of Rs 114.45 on 17 May 2011. The stock had hit a 52-week low of Rs 54.15 on 30 December 2011. The real estate developer has equity capital of Rs 106.74 crore. Face value per share is Rs 5. Puravankara Projects' consolidated net profit rose 15% to Rs 135.73 crore on 36% growth in revenue to Rs 815.46 crore in the year ended 31 March 2012 over the year ended 31 March 2011. Puravankara Projects said it has done well both in the Luxury and Premium Affordable segments and has maintained margins both at Gross and PBT levels. The absorption for the company's new product launches (Windermere, Midtown and Bluemont) has been impressive and these have contributed significantly to growth in financial year ended 31 March 2012, Puravankara Projects said in a statement. The company's commitment to timely execution, both on new and existing projects, has ensured quicker turn-around times across the construction cycle, Puravankara Projects said. The company is also adopting newer construction technologies that will be the norm in all projects going forward, the company said in a statement. Commenting on the results, Mr Ravi Puravankara, Chairman and Managing Director, Puravankara Projects said: "2011-2012 has been a rather challenging year, but we are extremely pleased with our performance in such an environment. We expect 2012-2013 to offer a more conducive environment in terms of the various growth indicators and believe that absorption levels will increase. I believe that Puravankara, with its new launches, across regions, will continue to capitalize on the demand for quality homes". The company said it will launch three new projects in Bengaluru, followed by two more projects in the following quarter in Chennai and Bengaluru respectively from Q1 June 2012. The company said it expects its operational cash flows to significantly improve from Q1 June 2012, arising out of sales from existing and new project launches. Puravankara Projects' board of directors at a meeting held on Tuesday, 8 May 2012, recommended a final dividend of Re 1 per share for the year ended March 2012. Puravankara Projects, headquartered in Bengaluru, is a real estate developer. The company focuses on residential and commercial properties, such as apartment complexes, villas, and townhouses.

Sensex, Nifty hit 16-week lows as bank stocks slide

Key benchmark indices fell for the second straight day to reach their lowest closing level in 16-weeks. Data showing selling by foreign funds over the past two days also weighed on sentiment. The 50-unit S&P CNX Nifty fell below the psychological 5,000 mark, having alternately moved above and below that level in intraday trade. The barometer index, BSE Sensex, lost 66.60 points or 0.4%, up about 60 points from the day's low and off close to 135 points from the day's high. The market breadth was weak. From a recent high of 16,912.71 on Monday, 7 May 2012, the BSE Sensex has declined 433.13 points or 2.56% in two trading sessions. The Sensex has declined 839.23 points or 4.84% in May 2012 so far (till 9 May 2012). The Sensex has surged 1024.66 points or 6.62% in calendar 2012 so far (till 9 May 2012). From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 1,343.72 points or 8.87%. From a 52-week high of 19,131.70 on 8 July 2011, the Sensex has lost 2,652.12 points or 13.86%.

Daily News Roundup - May 7 2012

The government has slapped a hefty penalty of about US$1.24bn on Reliance Industries for the steep fall in gas output from the KG-D6 block. (ET) Cipla cut prices of key cancer drugs by nearly 75%, an astounding, one-shot reduction that is certain to unsettle the industry and trigger a price war. (ET) Tata Motors owned Jaguar Land Rover is planning to expand its plant at Castle Bromwich to build new Jaguar models and overhaul the brand. JLR intends on expanding the facility by 50%. (ET) Tata Global Beverages increased its stake in Mount Everest Mineral Water to 50% through an off-market transaction worth Rs330mn. (ET)

Nifty breaks below 200-DMA…Sensex loses point 17k

After staunchly defending the 200-DMA level for the past several sessions, the Nifty finally gave up the fight on Friday. The 50-share benchmark index broke below the crucial technical barrier after the rupee tumbled on mounting concerns about India’s deteriorating fundamentals. FII inflows, which had promised so much earlier in the year, have evaporated amid concerns over controversial tax proposals. The main indices and the broader indices lost 2-3% this week. Today they were down by ~2% while the rupee dropped by nearly 1% after a junior minister said that the Government was considering a review of the Double Taxation Avoidance Treaty (DTAT) with Mauritius to boost revenues. It may be recalled that last week, Standard & Poor's cut the outlook on India's ratings, citing the downturn in the economy, deteriorating external account, high budget deficit and policy impasse. The rupee fell further to hit a new four-month low against the US dollar, as domestic oil refiners continued to buy the greenback amid high crude prices. Rising trade and current account deficits, besides dwindling FII inflows are also weighing on the partially-convertible Indian currency. FII flows have turned weak over the past few weeks, as overseas investors have been put off by the Government's proposed new regulations on capital gains and Vodafone-like tax disputes.

Markets turn anti-social

Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery. -Winston Churchill. There appears to be misery on the Street. We are staring at yet another tumultuous session as local and overseas headwinds continue to dampen sentiment unless we have some exciting finish like the IPL matches towards the end. The start is expected to be lower. Asian markets are down after the US and European markets took it on the chin. US stocks slumped after the much-anticipated jobs data failed to ease worries over sluggish labour conditions. CBOE VIX jumped 9% on Friday. It is likely to be an action-packed week. Odds are in favour of further downside unless the FM chooses to change the game. The crucial level to watch will be 5000 on the Nifty.

Global weakness may drag markets at start

The markets head towards a negative opening and likely to extend its losing momentum on account of weak global markets. Headlines for the day: Tatas among 10 best cos for leadership in Asia. Govt to take up 49 FDI requests on Wednesday. Idea added maximum subscribers due to MNP till March. Godrej Prop keen on redevelopment projects in Mumbai. Indian Indices: The sentiments across the globe look weak, which may lead the Indian markets to begin today’s session on a negative note. SGX Nifty is trading 31.50 points lower. Risk assets slipped broadly after elections in Greece and France fueling questions about commitments from struggling euro zone economies to pursue austerity measures, widely seen by markets as crucial to resolving the bloc's debt crisis.

Red metal drops to its lowest level in more than a week

Tight supplies of the metal outside China keep losses in check Copper prices ended lower at LME and Comex on Friday, 04 May 2012. Copper fell to its lowest level in more than a week on Friday after weaker-than-expected US jobs data increased uncertainty about economic growth, but tight supplies of the metal outside China kept losses in check. Copper for May delivery ended lower by 2 cents (0.4%) at $3.72 a pound at Comex on Friday. Copper ended the week 2.7% lower. Red metal prices for three-month-delivery at LME ended lower by $54 (0.7%) to $8,175 a metric ton on Friday.

Precious metals end four-day losing streak

Prices move up following disappointing job report Bullion metal prices ended higher on Friday, 04 May 2012 at Comex. Bullion futures prices ended the U.S. day session higher due to weak U.S. economic data, the much awaited job report and unemployment data. Gold also received a boost from uncertainties over the weekend, mainly in the euro zone. Gold had earlier fluctuated between small gains and losses, under pressure from a higher dollar. Gold for June delivery ended higher by $10.4 or 0.6%, to end at $1,645.2 an ounce on the Comex division of the New York Mercantile Exchange on Friday. Gold rose for the first time in five days. For the week, gold lost 1.2%. On Friday, silver prices for July delivery ended higher by 42 cents or 1.4% at $30.43. For the week, silver lost 3%.

Crude prices register huge drop

Prices settle at its lowest levels in almost three months following disappointing job data Crude prices ended substantially lower on Friday, 04 May 2012 at Nymex. Prices dropped following a disappointing job report from the Labor Department. A strong dollar also pushed down prices and the same settled at its lowest levels in almost three months. Light and sweet crude for June delivery fell $4.05 (4%) to $98.49 a barrel on the New York Mercantile Exchange on Friday. For the week, crude lost 6.1%. In the currency market on Friday, the Dollar Index, which weighs the strength of dollar against basket of six other currencies rose by almost 0.3%. The dollar was weaker earlier during the day.

Market may extend losses on weak Asian stocks

The market may extend recent losses on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 68 points at the opening bell. Grasim Industries' consolidated net profit fell 7.97% to Rs 808.78 crore on 14.48% rise in total income to Rs 7562.59 crore in Q4 March 2012 over Q4 March 2011. The results were announced on Saturday, 5 May 2012. Housing finance major HDFC announces FY 2012 results today, 7 May 2012. Key benchmark indices tumbled on the last trading session of the week on Friday, 4 May 2012 to hit lowest closing level in more than 14 weeks weighed by news that the government is considering a review of the Double Taxation Avoidance Treaty with Mauritius to raise revenues. The BSE Sensex was down 320.11 points or 1.87% to 16,831.08, its lowest closing level since 23 January 2012.From a recent high of 17,318.81 on 30 April 2012, the Sensex has declined 487.73 points or 2.81% in three trading sessions.

Bank of Baroda

 Bank of Baroda

Corporation Bank

 Corporation Bank

Marico

Marico