US Markets slide :
Dow Jones : -136
Nasdaq :- 32
The earnings disappointments clashed with economic reports showing growth but not at a high enough level to pull the Federal Reserve off the sidelines to begin raising interest rates.
Consumer prices rose 0.1 percent in December from November on modest gains in food and energy costs, while the Empire State manufacturing index hit 15.92 in January, a huge leap from its 4.50 reading in December.
Financials led the S&P 500 lower, joined by utilities and energy. The broad index saw all 10 of its sectors in negative numbers.
Stock losses acclerated Friday as a letdown from JPMorgan Chase led banks stocks lower and dropped the major averages more than 1 percent across the board.
Investors took a dim view of JPMorgan [JPM 43.895 -0.795 (-1.78%) which posted earnings of 74 cents per share, easily beating expectations of 61 cents. But weak top-line revenue and continued credit losses left Wall Street looking for more from the banking titan.
Similarly, investors pushed down shares of Intel [INTC 20.96 -0.52 (-2.42%)], which reported quarterly profit of 40 cents per share, 10 cents above estimates, and giving a bullish outlook as well.
Indian Markets :
Top Results declared on 15 Jan 2010.
Tata Consultancy Services (TCS) has reported a 33 per cent profit increase to 17.97bn rupees (£241m) in its fiscal third quarter.
Revenue also rose, by 5.1 per cent to 76.50bn rupees (£1.03bn) from a year earlier. The numbers surpassed analysts' expectations.
The Indian firm, a bellwether in the IT services sector, had 32 new contract wins over the period, from clients including a UK government agency.
According to TCS, demand for outsourcing surged as the business environment improved over the past quarter. Rival Infosys also raised its guidance for the next fiscal year, fuelling hopes of recovery.
The company also saw an addition of more than 7,000 new staff members during the period, with turnover rates in IT services reaching 10.8 per cent and business process outsourcing at 18.3 per cent.
Tata Consultancy Services Ltd (TCS) has announced that the Board of Directors of the Company at its meeting held on January 15, 2010, inter alia, have declared a Third Interim Dividend of Rs. 2/- per Equity Share of Re. 1/- each of the Company and the record date would be January 28, 2010.
The country’s no 2 private sector lender, reported a 31.5% rise in quarterly profit on Friday.
The bank posted a net profit of Rs 818 crore (USD 179 million) in the quarter to December compared with Rs 622 crore a year ago.
Shares in the bank rose 70.5% in 2009, lagging an 81% rise for the benchmark index and an 83.9% rise for the sector index.
Net interest income (NII) for the bank rose to Rs 2,223 crore compared to Rs 1,979 crore last year. Executive Director Paresh Sukthankar attributed it to the improvement in net interest margins.
Gross non-performing assets (NPAs) also declined to 1.6% for the bank from 1.8% in the second quarter, Sukhtankar said. HDFC Bank’s current account-savings account (CASA) ratio now stands at 49% versus 40% earlier, he said.
Both retail and corporate advances grew by 21%, he added.
Axis Bank :
AXIS Bank Q3 net profit up at Rs 655.98 crores
AXIS Bank Ltd has announced the Unaudited financial results for the quarter ended December 31, 2009.
The Bank has posted a net profit of Rs 6559.80 million for the quarter ended December 31, 2009 as compared to Rs 5008.60 million for the quarter ended December 31, 2008. Total Income has increased from Rs 37169.40 million for the quarter ended December 31, 2008 to Rs 38717.40 million for the quarter ended December 31, 2009.
Shree Renuka Sugars :
Q2 consolidated profit zooms to Rs 260.9 croresShree Renuka Sugars Ltd has announced the Unaudited financial results for the quarter ended December 31, 2009.
The Company has posted a net profit after prior period adjustments of Rs 1947 million for the quarter ended December 31, 2009 as compared to Rs 101 million for the quarter ended December 31, 2008. Total Income has increased from Rs 3394 million for the quarter ended December 31, 2008 to Rs 12797 million for the quarter ended December 31, 2009.
The Group has posted consolidated profit after prior period adjustments of Rs 2609 million for the quarter ended December 31, 2009 as compared to Rs 110 million for the quarter ended December 31, 2008. Total Income has increased from Rs 4028 million for the quarter ended December 31, 2008 to Rs 14437 million for the quarter ended December 31, 2009.
STCINDIA :
State Trading Corporation of India Ltd has announced that a meeting of the Board of Directors of the Company will be held on January 29, 2010 to take on record the unaudited financial Results for the quarter ended December 31, 2009 and to consider payment of interim dividend.
The Stock closed the day at Rs.457.60, up by Rs.59 or 14.80%. The stock hit an intraday high of Rs.475.90 and low of Rs.402.85.
From Oil Ministry :
Public sector oil companies - IOC, BPCL and HPCL - may get compensated in cash for selling oil products below the cost instead of oil bonds, Petroleum Secretary R. S. Pandey said. "Most likely it subsidy is going to be cash," Pandey told reporters in New Delhi after a meeting with Finance Minister Pranab Mukherjee. He said that no decision had been taken on the quantum of compensation to be given by the Finance Minister. "Discussions were held and we hope to hear from them soon," Pandey said. The Petroleum Ministry had sought Rs200bn of oil bonds for public sector oil firms as compensation for FY10, as crude oil prices have started inching higher, S. Sundareshan, the No. 2 official in the Petroleum Ministry, had said last month.
The Ministry of Finance and the Ministry of Petroleum & Natural Gas have a difference of opinion on the amount of compensation. The Petroleum Ministry had asked for a compensation of Rs200bn for the three quarters. Estimates are that losses for the OMCs will zoom up to Rs450bn by the end of this fiscal year if crude oil prices remain at the current region of US$80 per barrel. The leading state-run oil marketing companies are set to post losses in the third quarter as well if the compensation is not announced soon. The Finance Ministry is not interested in giving oil bonds due to the pressures on fiscal deficit. At the same time, a price hike looks unlikely as of now, as it would add to inflation.
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