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.
Friday, January 30, 2009
Subhiksha on virtual collapse, needs Rs 300 cr immediately
NEW DELHI: Stating that its operations are "near standstill", retail chain Subhiksha Trading Services on Friday said it needs liquidity injection of up to Rs 300 crore to get the company back on track as it had run out of cash in October last year.
"(The company is at) a stage where operations are at near standstill. We are working with the financial stakeholders - lenders and investors - to inject liquidity and get company back on track," a company spokesperson said.
"We need a liquidity injection of up to Rs 300 crore, while we argue on whether it is debt or equity that really does not matter, the business can get back to near peak levels once this cash is available," he added.
The company's lenders, while supportive, were also unable to extend further lines unless the equity was raised. Net net it became a chicken and egg story with the company running out of cash by October, he said.
"We never took serious credit from suppliers, most purchases were on limited or nil credit. When we could not pay for fresh buying, the trade cycle collapsed in October and that is what brought us to a standstill," the spokesperson added.
He, however, insisted that the company was not closing shop. "No, we are in pain but we are not shutting down."
Despite the issues of large employment at risk and a sound business model it is taking time to get the pieces closed as all stakeholders have to come to agreement and it is stressed time for many of them as well, he said.
The company is now engaging in getting the restart plan approved by the financial stakeholders and then get the liquidity so that it can continue from where it left, he said.
Soruce: http://economictimes.indiatimes.com/News/News_By_Industry/Subhiksha_on_virtual_collapse_needs_Rs_300_cr_immediately/articleshow/4053562.cms
"(The company is at) a stage where operations are at near standstill. We are working with the financial stakeholders - lenders and investors - to inject liquidity and get company back on track," a company spokesperson said.
"We need a liquidity injection of up to Rs 300 crore, while we argue on whether it is debt or equity that really does not matter, the business can get back to near peak levels once this cash is available," he added.
The company's lenders, while supportive, were also unable to extend further lines unless the equity was raised. Net net it became a chicken and egg story with the company running out of cash by October, he said.
"We never took serious credit from suppliers, most purchases were on limited or nil credit. When we could not pay for fresh buying, the trade cycle collapsed in October and that is what brought us to a standstill," the spokesperson added.
He, however, insisted that the company was not closing shop. "No, we are in pain but we are not shutting down."
Despite the issues of large employment at risk and a sound business model it is taking time to get the pieces closed as all stakeholders have to come to agreement and it is stressed time for many of them as well, he said.
The company is now engaging in getting the restart plan approved by the financial stakeholders and then get the liquidity so that it can continue from where it left, he said.
Soruce: http://economictimes.indiatimes.com/News/News_By_Industry/Subhiksha_on_virtual_collapse_needs_Rs_300_cr_immediately/articleshow/4053562.cms
Sensex gains momentum; metals, realty up
MUMBAI: Equities moved higher on Friday led by gains in metals, realty and oil & gas stocks. However, traders were cautious ahead of US GDP data. European markets had a mixed opening.
At 2:20 pm, Bombay Stock Exchange’s Sensex was at 9338.22, up 101.94 points or 1.10 per cent. It touched an intra-day high of 9356.05 and low of 9087.36.
National Stock Exchange’s Nifty was at 2855.85, up 31.90 points or 1.13 per cent. The broader index touched a high of 2856.90 and low of 2774.10.
BSE Midcap Index was up 0.64 per cent and BSE Smallcap Index moved 0.38 per cent higher.
BSE Metal Index was up 2.94 per cent, BSE Realty Index moved 2.89 per cent higher and BSE Oil&gas Index gained 2.66 per cent. Jaiprakash Associates (6.90%), DLF (5.15%) and State Bank of India (4.67%) were the major Sensex gainers.
Sun Pharmaceuticals (-7.07%), BHEL (-2.74%) and Tata Motors (-1.69%) were amongst the Sensex losers.
Market breadth was positive on the BSE with 1188 advances and 1080 declines.
European markets were choppy early trade ahead of announcement of unemployment figures in the Europe and GDP data from the United States. FTSE 100 was up 0.34 per cent, CAC 40 slipped 0.10 per cent and DAX edged 0.13 per cent lower.
Source: http://timesofindia.indiatimes.com/Business/Sensex_moves_up_realty_metals_gain/articleshow/4050882.cms
At 2:20 pm, Bombay Stock Exchange’s Sensex was at 9338.22, up 101.94 points or 1.10 per cent. It touched an intra-day high of 9356.05 and low of 9087.36.
National Stock Exchange’s Nifty was at 2855.85, up 31.90 points or 1.13 per cent. The broader index touched a high of 2856.90 and low of 2774.10.
BSE Midcap Index was up 0.64 per cent and BSE Smallcap Index moved 0.38 per cent higher.
BSE Metal Index was up 2.94 per cent, BSE Realty Index moved 2.89 per cent higher and BSE Oil&gas Index gained 2.66 per cent. Jaiprakash Associates (6.90%), DLF (5.15%) and State Bank of India (4.67%) were the major Sensex gainers.
Sun Pharmaceuticals (-7.07%), BHEL (-2.74%) and Tata Motors (-1.69%) were amongst the Sensex losers.
Market breadth was positive on the BSE with 1188 advances and 1080 declines.
European markets were choppy early trade ahead of announcement of unemployment figures in the Europe and GDP data from the United States. FTSE 100 was up 0.34 per cent, CAC 40 slipped 0.10 per cent and DAX edged 0.13 per cent lower.
Source: http://timesofindia.indiatimes.com/Business/Sensex_moves_up_realty_metals_gain/articleshow/4050882.cms
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