Market News

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Market News =24/10

BEML defers Q2 results announcement to Oct 28
Bharat Earth Movers Ltd (BEML) has informed that a meeting of the Board of Directors of the Company which was scheduled to be held on October 26, 2005, for consideration of unaudited financial results for the second quarter ended September 30, 2005 (Q2) has been postponed and will now be held on October 28, 2005.
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Union Bank of India Q2 net drops to Rs 611 mn
Union Bank of India has announced the following unaudited results for the quarter ended September 30, 2005:
The Bank has posted a net profit of Rs 611.00 million for the quarter ended September 30, 2005 as compared to Rs 2106.80 million for the quarter ended September 30, 2004. Total Income has increased from Rs 13542.00 million in Q2-05 to Rs 15604.40 million for the quarter ended September 30, 2005.
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Dabur India Q2 net rises to Rs 520.50 mn; H1 net zooms to Rs 808.90 mn
Dabur India Ltd has announced the following audited results for the quarter ended September 30, 2005:
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FDC to declare unaudited Q2 results on Oct 29
FDC Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 29, 2005, inter alia, to consider and approve the unaudited financial results of the Company for the quarter & six months ended September 30, 2005 (Q2).
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Vijaya Bank Q2 net at Rs 750.50 mn
Vijaya Bank has announced the following unaudited results for the quarter ended September 30, 2005:
The Bank has posted a net profit of Rs 750.50 million for the quarter ended September 30, 2005 as compared to Rs 714.30 million for the quarter ended September 30, 2004. Total Income has increased from Rs 5928.30 million in Q2-05 to Rs 6655.50 million for the quarter ended September 30, 2005
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LIC Housing declares results for Q2
LIC Housing Finance Ltd has announced the following unaudited results for the quarter ended September 30, 2005:
The Company has posted a profit after tax of Rs 583.60 million for the quarter ended September 30, 2005 as compared to Rs 456.80 million for the quarter ended September 30, 2004. Total Income has increased from Rs 2569.20 million in Q2-05 to Rs 3101.00 million for the quarter ended September 30, 2005.
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JB Chemicals Q2 PAT at Rs 245.397 mn
JB Chemicals & Pharmaceuticals Ltd has announced the following unaudited results for the quarter ended September 30, 2005:
The Company has posted a profit after tax of Rs 245.397 million for the quarter ended September 30, 2005 as compared to Rs 219.714 million for the quarter ended September 30, 2004. Total Income (net of excise) has increased from Rs 1074.914 million in Q2-05 to Rs 1312.015 million for the quarter ended September 30, 2005.
The Board of Directors have also recommended an Interim Dividend of Rs 1.10 (55%) per Equity Share on equity shares of Rs 2/- each for the financial year 2005-06.
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Varun Shipping buys tenth LPG carrier
Varun Shipping Company Ltd has acquired its tenth LPG Carrier, Maharshi Krishnatreya on October 24, 2005. The new vessel has a cargo carrying capacity of 35,559 cbm.
The Company owns the largest LPG fleet in the country with approximately 77.40 per cent of total LPG tonnage presently operating under the Indian flag.
The Companys vessel acquisition was financed out of its own resources and long term loan funding from ICICI Bank Ltd.
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HLL to announce unaudited Q3 results on Oct 31
Hindustan Lever Ltd (HLL) has informed that a meeting of the Board of Directors of the Company will be held on October 31, 2005, inter alia, to take on record the unaudited financial results for the quarter ended September, 2005 (Q2).
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Mcdowell & Company declares dividend for FY-05
Mcdowell & Company Ltd has informed that the members at the 6th Annual General Meeting (AGM) of the Company held on September 23, 2005, inter alia, have accorded to the following:
1. Adoption of audited Profit & Loss Account of the Company for the financial year ended March 31, 2005 and the Balance Sheet as on that date together with the Notes attached thereto, and the Directors Report and Auditors Report thereon.
2. Declaration of Dividend on the equity shares of the Company for the financial year ended March 31, 2005, at the rate of Rs 2.00 per share.
3. Re-appointment of Mr S R Gupte and Mr M R Doraiswamy Iyengar as Directors of the Company.
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SAL Steel Board to consider preferential allotment of shares on Oct 29
SAL Steel Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 29, 2005, inter alia, to transact the following:
1. To take on record, Quarterly Unaudited results, for the period ended on September 30, 2005.
2. To re-consider the decision taken in the earlier Board Meeting dated September 13, 2005 regarding:
a. To give the preferential allotment of Equity Shares of 5% to the Promoters as per the SEBI Guidelines.
b. To issue warrants of 5% of the capital to the Promoter, Shri Rajendra V Shah / Promoter-Group on private placement basis as per SEBI Guidelines and subject to approval of members in the General Meeting of the Company.
c. Proposed increase of Authorised Share Capital from Rs 950 Million to Rs 1000 Million.
d. To defer the date of proposed Extra Ordinary General Meeting of the Company scheduled to be held on October 22, 2005 and to decide the new date of EGM to approve the above agenda and others, if any, as per the decision of the Board.
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RBI likely to increase short term interest rates
The Reserve Bank of India may raise the short-term interest rates in its monetary policy review scheduled for tommorrow to check inflation that has touched a four-month high. However, the apex bank is likely to leave the economic growth projection for this fiscal unchanged at seven percent inspite of a better-than-expected expansion by the economy in the April-June quarter.
The RBI is also likely to keep unchanged the bank rate, or the rate at which the central bank lends money to commercial banks, as also the cash reserve ratio, or the fortnightly cash balances to be held by commercial banks. Reserve Bank of India Governor Y.V. Reddy is scheduled to review the monetary and credit policy for the current fiscal with chief executives of commercial banks at the central banks headquarters tommorrow.
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Centre rules out stake sale in profit making PSUs
The government has announced that it will not offload controlling stake in profit making public sector units. However, the United Progressive Alliance favours disinvestment up to 49%. Officials informed that if required for expansion plans or modernisation of the PSUs, to raise resources and to not depend on the exchequer for support, it is okay. Even then, whether in the banking or the manufacturing sector, State stake should not be less than 51%
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Post Session Market Commentary
The BSE Sensex crashed 148 points to close at 7,921 and the NSE Nifty ended with a loss of 49 points at 2,395. The rupee was at 45.18 against the dollar.
The woes for participants in Indian equities continued in todays trades, as the markets opened in the negative territory. Selling only intensified as trading progressed. The indices plunged deep into the negative territory in the last trading hour today on intense selling pressure across index heavyweights. Relentless selling in key stocks from the auto, banking, software, pharma and energy sectors added to the market sentiments. However, despite pressure, market breadth was positive, with gainers outnumbering losers by a ratio of 1.5 to 1 on the NSE.
Major losers from the Sensex included Ranbaxy (down 9%), Tata Power (5%) and Wipro (3%). Bajaj Auto (up 3%) and Gujarat Ambuja (2%), however, led the gainers pack.
PSU banking stocks closed in the red and major losers here included OBC (down 4%), SBI (3%) and Corporation Bank (2%).
Among auto stocks, Bajaj advanced over 3%. While Maruti was up Rs 15 at Rs 572, Tata Motors added Rs 5 to Rs 517. Hero Honda, however, declined Rs 18 to Rs 726.
Pharma stocks closed on a mixed note. While buying was seen in Dabur Pharma, Wockhardt and Glenmark Pharma (each 1% up), selling pressure was witnessed in Sun Pharma (down 10%), Ranbaxy (9%) and Biocon (7%). Dr. Reddys declined 3.8%.
In the software sector, Infosys dropped 1.7%. TCS was down Rs 23 at Rs 1,407, and Wipro declined Rs 13 to Rs 373. Satyam, however, was up Rs 4 at Rs 599.
Contrary to the general market movement, stocks from the cement sector closed the day on a positive note. Major gainers here included Mysore Cements (up 5%), Gujarat Ambuja (2%) and Madras Cements (1%).
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FII Activity
The gross equity purchased was Rs.1,250.20 (in crores), and the gross debt purchased was Rs.37.90 (in crores). The gross equity sold was Rs.1,321.30 (in crores), and the gross debt sold was Nil. The net investment of equity was Rs.(-) 71.10 (in crores), and the net debt investment was Rs.37.90 (in crores).
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enjoy

Arvind K