The Benchmark Index Falls Again

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Thursday, May 5, 2011, 16:49 [IST]

Indian markets opened on the green side after a sharp correction in the past few sessions but then it ended in deep red as jittery investors offloaded positions on concerns that hike in interest rates would hamper economic growth. Realty, power and banking stocks were the top sectoral underperformers. BSE Midcap Index was down 1.13 per cent and BSE Smallcap Index moved 1.33 per cent lower.

Companies in news today

Jyothy Laboratories has clarified that it is not in talks with any Private Equity fund to sell 26 per cent stake. It added that select reports appearing in the media for the past few weeks are speculative in nature.

Strides Arcolab has receives USFDA approval for Midazolam injection multi-dose vials.

Jindal Steel Bolivia, a subsidiary of Jindal Steel & Power, will build a 2.52 MMTPA natural-gas-based MIDREX Direct Reduction Plant at EL-Mutun, Puerto Suarez, Bolivia. The plant will be the largest single module till date of any commercial direct reduction technology in the world.

Ceat has earmarked Rs 140-150 crores as capital expenditure in FY12 to expand capacity, say reports.

Chemfab Alkalis is taking steps to recommence operations at its plant after the expert committee was satisfied with the compliance of the recommendations made by them.

Maharashtra Scooters entered into a fresh wage agreement with the its recognised Union - Maharashtra Scooters Kamgar Union Satara for a period of five years starting from 1st April, 2011.

PVR has put on block the only real estate asset it has on its books, the Phoenix Mills property in Mumbai, for over Rs 100 crore, say reports. A few private equity funds are in the race for the property and a deal is expected to be announced this week.

Aqua Logistics has incorporated wholly owned subsidiary namely Aqua Logistics (L) in Labuan, Malaysia.

Ranbaxy Laboratories was witnessing selling pressure after reports that that the federal prosecutors in the U.S have been negotiating a criminal and civil settlement with Ranbaxy and this could lead to Ranbaxy having to pay the penalt of about $ 1 billion.

Reliance Industries is drawing ambitious plans to be a world leader in rubber, and is investing up to $12 billion in the chemicals business to tap the rapidly-growing market for hygiene and healthcare products.

JK Paper is exploring options of building a pulp mill in south Asia, that would give the company complete ownership of the raw material vital for making paper. However, the Delhi-based company will look at such an option only after completion of an ongoing expansion at its paper and pulp facilities in India.

Piramal Life Sciences is considering a proposal for demerger of the new chemical entity research unit of into Piramal Healthcare.

Torrent Power"s consolidated net profit for year ended March 2011 stood at Rs 1054.60 crores against Rs 837.01 crores a year ago. Net sales were at Rs 6525.63 crores as compared to Rs 5824.37 crores.

Oberoi Realty reported consolidated net profit of Rs 517.18 crores for year ended March 2011 as compared to Rs 458.18 crores in the corresponding period a year ago. Net sales were at Rs 1058.78 crores against Rs 805.50 crores.

Brigade Enterprises reported consolidated net profit of Rs 120.52 crores for the year ended March 2011 as compared to Rs 47.32 crores in the same period last fiscal. Net Sales were at Rs 460.81 crores against Rs 354.85 crores a year ago.

Wipro Infotech has been selected by Rajasthan government as the implementation agency for enabling the Rajasthan State portal through the implementation of e-Form applications, State Service Delivery Gateway and associated computing infrastructure for Rajasthan state.

Bharti Airtel"s standalone net profit for the year ended March 2011 was at Rs. 7716.90 crores against Rs. 9426.16 crores in the same quarter a year ago. Net sales were at Rs 38015.80 crores from Rs 35609.54 crores in the same period previous fiscal.