The Markets Ended in the Red

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Wednesday, May 4, 2011, 16:58 [IST]

Indian markets closed on the red. Gains in oil&gas, FMCG and capital goods were offset by losses in auto, technology and metals space. Indian markets opened on a subdued note after a sharp correction in previous session following rates hike by the Reserve Bank of India.

The benchmark index of NSE, i.e. Nifty, ended at 5537.30, down 27.95 points or 0.50 per cent. The broader index touched a high of 5578.80 and low of 5503 intraday. Meanwhile the Bombay Stock Exchange's major index, Sensex, closed at 18469.36, down 65.33 points or 0.35 per cent. The 30-share recovered from intraday low of 18339.53 and high of 18604.36.

News of Companies

Hero Honda Motors reported standalone net profit of Rs 1927.90 crores for the year ended March 2011 against Rs 2231.83 crores in the same period a year ago. Net sales were at Rs 19245.03 crores for year as compared to Rs 15758.18 crores.

Kavveri Telecom Products has secured first orders estimated to be worth Rs 750 millions from a European company.

Ruttonsha International Rectifier has been awarded 'Export House' status by the Government of India, Ministry of Commerce and Industry.

IRB Infrastructure Developers has received letter of award for the project of six laning of Ahmedabad to Vadodara. The company is required to form a special purpose vehicle for this project as per provisions of the bid within 30 days of LoA.

Ashoka Buildcon has begun collecting toll from May 04, 2011 for NHAI project of four to six laning of Belgaum-Dharwad section.

Tata Communications has launched its Virtual Proxy (vProxy) managed security service in partnership with Zscaler. The vProxy managed service shortens the time and reduces the expense associated with enabling proxy services and provides a solution that works for all users - both on-net and off-net.

The High Court of Delhi has approved demerger of nutrition business of Vinton Healthcare into Wockhardt.

Garware Offshore Services' vessel M.V. 'Kailash' has been awarded four year firm contract in Brazil. The approximate annual value of the contract stands at Rs 38 crores.

Tube Investments of India has reported gross turnover of Rs 3130 crores for 2010-11 and operating profit before exceptional items moved up from Rs 169 crores to Rs 221 crores.

Navin Fluorine International has acquired controlling stake in Manchester Organics, a U.K-based company, engaged in specialized chemical research, at a price of 4.335 million pounds.

Sathavahana Ispat has shut down power plant at Kudithini village, Bellary, for repairs and maintenance which will last about seven weeks. The plant operations will be resumed after these works are completed.

The High Court of Andhra Pradesh has sanctioned the scheme of amalgamation for merger of Deccan Chronicle Holdings's wholly owned subsidiaries, Deccan Chargers Sporting and Odyssey India with itself.

Sambhaav Media has received a letter of intent from Gujarat State Road Transport Corporation for implementation of Public Entertainment System on build, own and operate basis in 2000 buses and 50 bus stands.

Allied Digital Services reported net profit of Rs 90 crores for the year ended March. Total income grew to Rs 752 crores.

Thermax reported standalone net profit of Rs 382.41 crores for the year ended March 2011 as compared to 141.43 crores in the same period a year ago. Net sales grew to Rs 4788.17 crores against Rs. 3088.38 crores.

Wipro is evaluating the options to sell off its water business and sharpen its focus on the existing revenue streams. The company had entered the water business in 2008 through the acquisition of water treatment firm Aquatech and executes water treatment projects for large industrial customers, including United Breweries, PepsiCo and Coca Cola.

Finolex Cables has recommended dividend of 35% for the financial year ended March 2011.

Grasim Industries will acquire one-third stake in Swedish specialty pulp company Domsjo Fabriker, which was recently bought by group firm Aditya Holding AB. Grasim will invest Rs 280 crore in purchasing shares of Aditya Holding AB, which acquired the foreign firm through its 100 per cent subsidiary.

Tata Steel and a subsidiary of Tata Group will increase investments in China by 5% in 2012 as it seeks to maintain market share.