Markets closed below the base line

Commentary

oi-Shoaib MD

By Shoaib Md

Published: Thursday, May 12, 2011, 17:33 [IST]

The major benchmark representing the equity markets finished day"s lows as concerns of rate hike in emerging markets would slower economic growth hurt sentiments. The better-than-expected March IIP data which rose to 7.3 per cent against 3.6 per cent in February did not provide any enthusiasm. Nifty ended at 5486.20, down 78.85 points.

The Sensex closed at 18346, down 239 points. BSE Midcap Index was down 0.91 per cent and BSE Smallcap Index slipped 1.09 per cent.

Companies Front

Monnet Ispat reported standalone net profit of Rs 76.57 crores for the quarter ended March 2011 against Rs 70.18 crores a year ago. Net sales stood at Rs 445.55 crores as compared to Rs 347.14 crores.

Lupin reported consolidated net profit of Rs 862.55 crores for the year ended March 2011 against Rs 681.63 crores a year ago. Net sales were at Rs 5706.82 crores against Rs 4740.52 crores.

Jubilant FoodWorks posted net profit of Rs 19.32 crores for quarter ended March 31 as compared to Rs 10.40 crores in the same quarter a year ago. Total income increased to Rs 194.62 crores from Rs 124.11 crores.

Adani Enterprises reported consolidated net profit of Rs 928.20 crores for the quarter ended March 31, 2011 as against Rs 339.80 crores in the same quarter a year ago. Total income was at Rs 9119.94 crores from Rs 7930.60 crores.

Reliance Communications ha drawn second tranche of Rs 1,780 crore towards refinancing of 3G spectrum fees out of Rs 8,700 crore facility signed with China Development Bank.

Hindusthan National Glass has signed sale and purchase agreement for acquisition of assets of Agenda Glas AG, Germany with the insolvency administrator. The stock was at Rs 220, up 4.29 per cent on the BSE. It touched a high of Rs 222.70 and low of Rs 213 in trade so far.

Ispat Industries reported standalone net profit of Rs 70.18 crores for the quarter ended March 2011 against loss of Rs 409.31 crores. Net sales were at Rs 2647.28 crores against Rs 960.95 crores.

Mcleod Russel India has incorporated a step-down subsidiary McLeod Russel Middle East DMCC in Dubai. The new company will be engaged in doing tea blending and trading business.

Supreme Infrastructure India has completed Rs 65 crore flyover project at Transport Nagar Chouraha - Jaipur.

Grasim Industries reported consolidated net profit of Rs 2264.79 crores for the year ended March 2011 against Rs 3095.53 crores a year ago. Net sales were at Rs 21269.02 crores as compared to Rs 19933.36 crores.