HDFC Q1 net up 26% at Rs 468.11 cr

Housing Development Finance Corporation (HDFC) has posted a 25.56 per cent rise in its net profit at Rs 468.11 crore for first quarter ended June 2008 as against Rs 372.81 crore in the same period of 2007-08.
The total income for the reporting quarter rose to Rs 2,318.62 crore from Rs 1,830.3 crore in April-June 2007, HDFC informed the Bombay Stock Exchange today.
The mortgage lender disbursed loans worth Rs 7,204 crore in April-June 2008 as against Rs 5,645 crore a year ago. Its sanctions rose by 30 per cent to Rs 9,996 crore from Rs 7,713 crore.

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Stock Market says Merry Christmas to Investors

Sensex today closed 691.55 point up at 19854.12 , Nifty was up 218 points at 5985.10. It is the 6th bigeest gain in oneday. Today's main contributors are IT stocks. Wipro was up at 535.30 (+8.86%), Infosys up at 1810.90(+6.63%) and Satyam closed at 454.55 up by 6.28%. The buying activity was wide-base and lifted almost all the sectoral indices. Sector wise performance was as follows - BSE IT 4581.61 (+260.98) BSE Healthcare 4294.83(+52.30) BSE FMCG2218.74(+20.29) BANKEX 11101.74 (+363.15) BSE Auto5586.83(+45.57) BSE TECk3961.96 (+185.00) BSE PSU 9830.01 (+317.11) Today BSE Midcap closed at 9211.71 up by 186.17 and BSE Smallcap index closed at 11980.57 up by 167.25 points.

News - Economy

Interest rates unlikely to go down (The Economic Times 4th Jan 2008)Interest rates are unlikely to fall in near future as it was expected with the State Bank of India raising the fixed deposit rate of various maturities up to 1.5 percentage points. Other banks are also planning to raise deposit rates. After SBI increasing deposit rates, other banks have no choice but to raise the rates to mobilize resources in the domestic market, chairman of a public sector bank said. As the cost of funds for banks will increase, they will resort to raising the lending rates. A senior banker said banks would announce the increased rates in near future. More Gold zooms past Rs 11,000 per 10 gm (The Hindu Businessline 4th Jan 2008)Gold prices made history as they soared to a record $ 865.35 an ounce in the London A.M fixing on Thursday, tracking which the domestic gold surged to Rs. 11,000 per 10 gm. On Wednesday, gold was fixed at $ 840.75/oz in London while in the Indian market it quoted at Rs 10,70

IIP records negative growth of 0.4% in Oct

T he country's industrial output shrunk for the first time in many years to a record a negative growth of 0.4 per cent in October, stifled by manufacturing sector -- for rescuing which the government announced a stimulus package earlier this mo nth. Output had grown by 5.45 per cent in September, and 12.2 per cent in October, 2007. The Index for Industrial Production numbers for the seven-month period ended October was 4.1 per cent against 9.9 per cent a year ago. Manufacturing sector, which accounts for 80 per cent of the index, declined to 1.2 per cent from 13.8 per cent in the year-ago period. Only earlier this month, the government sought to rescue manufacturers by announcing an across-the-board (barring petroleum goods) four per cent cut in excise duty. Electricity sector grew by 4.4 per cent during the month, bettering 4.2 per cent output of the year-ago period, while mining sector grew by a slower 2.8 per cent against 5.1 per cent in the previous year's comparable period

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