Mumbai, Feb 1: Auto major Mahindra and Mahindra (M&M) Saturday said its stand-alone net profit dipped over 99 percent to Rs 11.96 million (Rs 1.19 crore/$242,757) for the quarter ended December 31, from Rs 4.05 billion in the same period the previous year. The company’s total income decreased to Rs 25.62 billion for the third quarter from Rs 29.8 billion in the corresponding period last year, M&M said in a statement. The company blamed exchange losses to the tune of Rs 1.82 billion, high inflation of earlier months and lukewarm consumer sentiment in the wake of global financial turbulence for the bad performance. (IANS)
Monday, February 2, 2009
M&M net profit plummets 99%
Marker tumbled on weak corporate results & global cues: Sensex below 9,200 mark
Date : Feb-02-2009 13:33
Key benchmark indices are trading in red on weak global cues and concerns about the deteriorating state of the US economy. Further, fresh selling in index pivotals pulled the market down. In addition to this, FII are in selling mood. Meanwhile, Indian manufacturing activity shrink further for a thirst month in January 2009 as deteriorating business, weak consumer confidence and sharp global slowdown eat up the demand.
On the sectoral front, traders off-loaded position across sectors. Banking stocks fell as fears of rising default in a weakening economy. Realty stocks slipped on recent reports falling interest rates have failed to boost housing demand. Metal stocks declined by on investors worries after weak results posted by the metal firms on fall in demand round the globe. Capital goods stocks fell on worries a deteriorating economy will eat up the prospective orders.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,311 stocks traded so far, 905 shares advanced while 1,309 shares declined. Nearly 97 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 278.32 points at 9,145.92 and NSE Nifty is down by 88.00 points at 2,786.80.
The BSE Mid Cap is trading lower by 22.77 points at 2,918.70 and Small cap is trading down by 25.05 points at 3,313.99.
Losers from the BSE Sensex pack are DLF deteriorated by 11.85% to Rs. 156.20 along with Jaiprakash Associates by 9.70% to Rs. 68.85, Hindalco ind by 6.22% to Rs. 46.00, Housing Development Finance Co by 5.96% to Rs. 1,445.10, Reliance Infra by 5.77% to Rs. 548.70 and Tata Motors fell 5.31% to Rs. 141.70 among others.
Gainer from the BSE Sensex Pack is Maruti Suzuki by 0.88% to Rs. 576.00.
The BSE Realty index is lower by 125.62 points or 7.53% at 1,542.46. Stocks trading in red are DLF down by 11.85% to Rs. 156.20, Housing Development by 9.17% to Rs. 87.70, Indiabulls Realty by 6.62% to Rs. 108.65 and Unitech by 5.29% to Rs. 30.45 among others.
Satyam Computer Services advanced 7.03% to Rs. 57.85 on reports India''s market regulator will consider relaxing takeover rules for an open offer in Satyam Computer Services to help the fraud-scarred outsourcer attract suitors.
Spice Communication jumped 45.24% to Rs 69.35, on the report that industrialist BK Modi''s firm joined the fray to buy out the troubled IT firm Satyam Computer Services.
Moser Baer India fell 0.47% to Rs. 63.45 despite the company said its unit won a contract from government of Gujarat for installing roof top photovoltaic at Surat.
Kamat Hotels India slipped 0.14% to Rs. 35.00 despite its board has approved selling 60% stake in its subsidiary, Concept Hospitality.
Unitech fell 5.29% to Rs. 30.45 after it announced weak quarterly result.
Bajaj Auto fell 0.77% to Rs. 470.25 after the company said its total vehicle sales declined 31% at 1,32,348 units in January 2009 over January 2008.
Tata Motors fell 5.31% to Rs. 141.70 after the company reported weak quarterly performance.
Hero Honda Motors gained 0.20% to Rs. 878.70 after the company''s two-wheeler sales rose 5.8% in January 2009 over January 2008
Maruti Suzuki (India) rose 0.88% to Rs. 576.00 after the company said its vehicle sales rose 5.4% in January 2009 over January 2008.
DLF tumbled 11.85% to Rs. 156.20 after the company reported phenomenal decline in quarterly performance.
Key benchmark indices are trading in red on weak global cues and concerns about the deteriorating state of the US economy. Further, fresh selling in index pivotals pulled the market down. In addition to this, FII are in selling mood. Meanwhile, Indian manufacturing activity shrink further for a thirst month in January 2009 as deteriorating business, weak consumer confidence and sharp global slowdown eat up the demand.
On the sectoral front, traders off-loaded position across sectors. Banking stocks fell as fears of rising default in a weakening economy. Realty stocks slipped on recent reports falling interest rates have failed to boost housing demand. Metal stocks declined by on investors worries after weak results posted by the metal firms on fall in demand round the globe. Capital goods stocks fell on worries a deteriorating economy will eat up the prospective orders.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,311 stocks traded so far, 905 shares advanced while 1,309 shares declined. Nearly 97 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 278.32 points at 9,145.92 and NSE Nifty is down by 88.00 points at 2,786.80.
The BSE Mid Cap is trading lower by 22.77 points at 2,918.70 and Small cap is trading down by 25.05 points at 3,313.99.
Losers from the BSE Sensex pack are DLF deteriorated by 11.85% to Rs. 156.20 along with Jaiprakash Associates by 9.70% to Rs. 68.85, Hindalco ind by 6.22% to Rs. 46.00, Housing Development Finance Co by 5.96% to Rs. 1,445.10, Reliance Infra by 5.77% to Rs. 548.70 and Tata Motors fell 5.31% to Rs. 141.70 among others.
Gainer from the BSE Sensex Pack is Maruti Suzuki by 0.88% to Rs. 576.00.
The BSE Realty index is lower by 125.62 points or 7.53% at 1,542.46. Stocks trading in red are DLF down by 11.85% to Rs. 156.20, Housing Development by 9.17% to Rs. 87.70, Indiabulls Realty by 6.62% to Rs. 108.65 and Unitech by 5.29% to Rs. 30.45 among others.
Satyam Computer Services advanced 7.03% to Rs. 57.85 on reports India''s market regulator will consider relaxing takeover rules for an open offer in Satyam Computer Services to help the fraud-scarred outsourcer attract suitors.
Spice Communication jumped 45.24% to Rs 69.35, on the report that industrialist BK Modi''s firm joined the fray to buy out the troubled IT firm Satyam Computer Services.
Moser Baer India fell 0.47% to Rs. 63.45 despite the company said its unit won a contract from government of Gujarat for installing roof top photovoltaic at Surat.
Kamat Hotels India slipped 0.14% to Rs. 35.00 despite its board has approved selling 60% stake in its subsidiary, Concept Hospitality.
Unitech fell 5.29% to Rs. 30.45 after it announced weak quarterly result.
Bajaj Auto fell 0.77% to Rs. 470.25 after the company said its total vehicle sales declined 31% at 1,32,348 units in January 2009 over January 2008.
Tata Motors fell 5.31% to Rs. 141.70 after the company reported weak quarterly performance.
Hero Honda Motors gained 0.20% to Rs. 878.70 after the company''s two-wheeler sales rose 5.8% in January 2009 over January 2008
Maruti Suzuki (India) rose 0.88% to Rs. 576.00 after the company said its vehicle sales rose 5.4% in January 2009 over January 2008.
DLF tumbled 11.85% to Rs. 156.20 after the company reported phenomenal decline in quarterly performance.
Subscribe to:
Posts (Atom)
