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Reliance Communications’ net profit halved to Rs 740 crore for the second quarter ended September against Rs 1,531 crore for the same period a year ago. The company said that revenue and margins were impacted by high competition, aggressive industry-wide tariff restructuring, as well as higher network and operational costs owing to its nationwide GSM rollout. Its net income marginally declined to Rs 5,496 crore from Rs 5,536 crore for the corresponding quarter last year despite the customer base growing 53 per cent to 92 million, as average revenue per user fell to Rs 161 from Rs 210 a year ago.

State Bank of India post a net profit of Rs 2,490 crore in the second quarter ended September 30, 2009, up 10 per cent compared with Rs 2,260 crore in the corresponding period last year. Non-interest income rose 50.45 per cent. Net interest income was up marginally by 2.81 per cent. Total income rose 19 per cent to Rs 21,301 crore (Rs 17,910 crore in Q2FY09). Total expenditure increased by 20 per cent to Rs 16,466 crore (Rs 13,716 crore). In the first six months of FY2010, India’s biggest bank logged a 24 per cent increase in net profit at Rs 4,820 crore vis-À-vis Rs 3,900 crore in the corresponding half last year. As of September-end 2009, total deposits increased by 25.16 per cent to Rs 7,72,904 crore (Rs 6,17,524 crore as of September-end 2008) and advances were up 16.39 per cent to Rs 5,80,237 crore (Rs 4,98,513 crore).

Hindustan Unilever Ltd (HUL) has reported a 21.6 per cent drop in net profit for the quarter ended September 2009 due to mark-to-market forex losses and restructuring costs. Net profit fell to Rs 428.53 crore from Rs 546.61 crore during the same year-ago period, even as net sales recorded a five per cent rise to Rs 4,228 crore (Rs 4,027 crore). Operating profit grew 16.48 per cent to Rs 605.72 crore (Rs 520 crore), while operating margins improved by 140 basis points, with tight cost management and operating leverage. The domestic FMCG business grew seven per cent during the period under review, with one per cent coming from volume growth and the rest from higher prices. The home and personal-care segment grew five per cent and the food business 13 per cent. Exports fell 34.72 per cent to Rs 255 crore (Rs 391 crore).

GVK Power and Infrastructure (GVKPIL) reported a 45.19 per cent increase in net profit to Rs 44.23 crore for the second quarter ended September 30, 2009, as compared with Rs 30.47 crore in the corresponding period last year. Revenues increased over four-fold to Rs 492.32 crore during the quarter from Rs 109.49 crore. According to Chairman and Managing Director the power segment contributed the highest revenues of Rs 446.71 crore during the quarter from just Rs 70.28 crore last year while Rs 42.45 crore came from road compared with Rs 36.07 crore last year. The company incurred an interest expense of Rs 56.54 crore from Rs 9.12 crore last year. It had raised Rs 716.85 crore during the quarter through qualified institutional placement.

Steel Authority of India Ltd has registered a net profit of Rs 1,663.49 crore for the second quarter ended September 30, 2009 whereas the same was at Rs 2,009.6 crore for the quarter ended September 30, 2008. Total income stood at Rs 10,575.28 crore in the quarter, down from Rs 12,488.58 crore in the corresponding quarter previous fiscal.

U.S. Commerce Department reported Thursday that the nation's gross domestic product rose at a 3.5 percent annual rate in the July-through-September quarter, the clearest evidence yet that the country has begun to emerge from the deepest downturn in decades. U.S. economy contracted 6.4 percent in the first quarter and a 0.7 percent in the second. But growth in this quarter is attributed primarily to Government intervention rather then being propelled by private sector.

Bharti Airtel has announced its second quarter FY10 results. Its net profit declined 7.8% to Rs 2,321 crore as against Rs 2,517 crore, on quarter-on-quarter basis (YoY), as per US GAAP. Total revenues slipped 0.97% to Rs 9,845 crore versus Rs 9,941.6 crore, QoQ.

Reliance Industries has posted a profit of Rs 3,852 crore for the second quarter ended September 30, a fall of 6.4 per cent from Rs 4,116 crore in the corresponding period last year. For the half-year period, profits were down 8.5 per cent to Rs 7,518 crore (Rs 8,220 crore). Gross refining margin fell to $6.3 a barrel from $14.4. In addition, the depreciation doubled to Rs 2,400 crore during the quarter while the tax outgo rose to Rs 800 crore (Rs 344 crore). Total revenue increased by 6.1 per cent to Rs 48,843 crore (Rs 46,014 crore). However, for the first half, it was down 8.7 per cent to Rs 81,284 crore (Rs 88,998 crore). During the period, exports were down 26 per cent to Rs 43,035 crore. Net capital expenditure for the quarter was Rs 7,831 crore. According to RIL, total gas production from the Krishna-Godavari D6 basin is now 40 million metric standard cubic metres (mmscm) a day. Production has kicked off in 16 of the 18 wells at KG D6 and the total production during the quarter

Tata Steel Ltd has posted a net profit of Rs 902.94 crore for the second quarter ended September 30, 2009 as against Rs 1,787.81 crore for the quarter ended September 30, 2008. Total income has decreased from Rs 7,054.33 crore for the quarter ended September 30, 2008 to Rs 5,768.16 crore for the quarter ended September 30, 2009.

Wipro today reported 18.76 per cent increase in its consolidated net profit at Rs 1,161.7 crore for the second quarter ended September 30, 2009. The IT exporter had a net profit of Rs 978.2 crore in the September quarter of last fi scal, Wipro said in a filing to the Bombay Stock Exchange. Total income of the company rose to Rs 7,057.4 crore during the July-September quarter of the current fiscal, from Rs 6,664.8 crore in the year-ago period, as per the Indian accounting norms.

Increased volumes, low raw material costs and better operating margins helped Tata Motors post a net profit of Rs 729 crore for the July-September quarter, more than twice the Rs 347 crore clocked last year. Total income grew 13 per cent to Rs 7,979 crore, propelled by a 17 per cent increase in vehicle sales at 1.58 lakh units for the quarter. Meanwhile, Tata Motors has fully repaid its $3-billion bridge loan taken to acquire Jaguar and Land Rover. “Tata Motors and Jaguar Land Rover have been facing tough challenges in the past few quarters. We managed to extinguish the burden of $3 billion aided by the turn in global liquidity,” said Mr Kant. The company’s commercial vehicle segment grew 21 per cent to 89,655 units during the quarter while passenger vehicles, including Fiat and Jaguar Land Rover products, grew 27 per cent to 60,917 units

Punj Lloyd has announced its second quarter FY10 results. Its Q2 consolidated net profit declined 63.33% to Rs 52.85 crore versus Rs 144.12 crore, on year-on-year basis (YoY). Consolidated net sales fell 1.7% to Rs 2,876.44 crore versus Rs 2,926.05 crore, YoY. Operating profit margin declined to 7.37% versus 10.23%. The company reported poor set of numbers on the back of Simon Carves' cost overruns. Simon Carves incurred Rs 130 crore of loss. High interest costs dampened bottomline of the company. Revenues growth remained sluggish, as large orders received yet to yield revenues.

Maruti Suzuki India, today reported nearly two-fold jump in its net profit for the second quarter of FY'10 at Rs 570 crore. The company had a net profit of Rs 296.12 crore during the same quarter of last fiscal, Maruti Suzuki India (MSI) said in a statement. It also reported 46.67 per cent jump in its net sales for the quarter ended September 30, 2009, at Rs 7,049.58 crore, against Rs 4,806.26 crore during the corresponding quarter of 2008-09, the company added.

Bharat Heavy Electricals Ltd has posted a net profit of Rs 857.88 crore for the quarter ended September 30, 2009 compared with Rs 615.77 crore for the quarter ended September 30, 2008. Total income has increased from Rs 5,649.84 crore for the quarter ended September 30, 2008 to Rs 6,923.02 crore for the quarter ended September 30, 2009.

ITC Ltd reported a 26 per cent increase in net profit (after tax) at Rs 1,010 crore for the second quarter ended September 30, 2009 as compared with Rs 802.72 during the corresponding quarter of last year. Total revenue of the company for the second quarter has increased to Rs 4,413.72 crore from Rs 3,973.12 crore in the same period of previous fiscal. The company has reported strong growth in cigarettes, FMCG others, agri and paper & packaging businesses. According to the statement issued by the company today after the company’s board took the second quarter results on record, profitability has improv ed on the back of better product mix, smarter sourcing of inputs and several targeted cost management actions. Agri business profit for the period under review has more than doubled, driven by strong leaf tobacco exports. The hotels business of the company, however, continues to be impacted by the global economic slowdown.

Despite a dip in revenues, forging giant Bharat Forge posted a 138.48 per cent jump in standalone net profit to Rs 26.83 crore during the July-September quarter this year. The Pune-based company had reported Rs 11.25 crore standalone net profit during the same period a year back, the company said in a filing to the Bombay Stock Exchange (BSE). The company revenues, on account of the lowered global demands, hit Rs 433.55 crore during the quarter on standalone basis, a drop of 36.78 per cent over Rs 685.78 crore posted during the corresponding period of the last fiscal. The operational income of the company dropped sharply to Rs 328.12 crore during the recently concluded quarter compared to Rs 605.35 crore of expenses reported during the second quarter of the last financial year, the company said. the same, seems to have helped the company improve its profit margins

L&T second quarter net profit jumped 26% to Rs 580 crore versus Rs 460.3 crore in same period of last year. Net sales went up 2.4% to Rs 7,866 crore as against Rs 7,682 crore, on year-on-year basis (YoY). Other income increased 64% to Rs 217.6 crore from Rs 132.8 crore. Operating profit margin (OPM) improved to 10% as against 8.8%, YoY.These numbers included proceeds of ready mix concrete (RMC) business. Interest expenses stood at Rs 131 crore versus Rs 81.3 crore. Numbers were not comparable due to sale of RMC business for Rs 275.2 crore in October 2008.

Hero Honda has declared its Q2FY10 results. It has reported net profit was up 94.93% at Rs 597.1 crore versus Rs 306.3 crore, YoY. Its net sales were up 26.68% at Rs 4,040.1 crore versus Rs 3,189.7 crore, YoY. Total sales for Q2 stands at 11,83,235 units, growth of 21.7 per cent Over 59% share in domestic motorcycle market The company’s highest quarterly earnings of all time at Rs 597.14 crores in profit after tax (PAT) represents the second consecutive record quarter of solid and growing revenues and profits. The company’s strong market position across geographies and customer segments coupled with the increasing demand for its winning brands resulted in the sales volume growth of a steady 21.7 per cent during the quarter.

Jaiprakash Associates has declared second quarter results. The company’s Q2 net sales were up 54% at Rs 1,824.3 crore versus Rs 1,182.6 crore, YoY. The company’s net profit was up 328.57% at Rs 870.2 crore versus Rs 203.1 crore, YoY. The board of directors has declared interim dividend of 27% (Re 0.54 per equity share of Rs 2/-) for the year 2009-10.It has decided, subject to the approval of shareholders, to issue one bonus equity share of Rs 2/- for every two equity shares of Rs 2/- each held in the company on the record date to be fixed in due course.

Yes Bank has posted a net profit of Rs 111.7 crore for the second quarter ended September 30, 2009, as against Rs 63.6 crore in the same period previous fiscal, registering a growth of 75.6 per cent. During the quarter, net income was up at Rs 311.5 crore (Rs 202.9 crore), an increase of 53.6 per cent. Basic EPS stood at Rs 3.76 and diluted EPS at Rs 3.68. For the half year ended September 30, 2009, the company’s net profit was up at Rs 211.8 crore (Rs 117.9 crore), a growth of 79.6 per cent. Net income has increased to Rs 620.5 crore from Rs 387.3 crore, up by 60.2 per cent. During the period, basic EPS stood at Rs 7.13 and diluted EPS stood at Rs 6.98.

The government on Monday approved sale of its 5 per cent stake in state-run power producer NTPC. The Cabinet Committee on Economic Affairs approved 5 per cent disinvestment in NTPC, Commerce and Industry Minister Anand Sharma said after attending the CCEA meeting. The government, at present, holds 89.5 per cent stake in NTPC. At the present valuation, the government may be able to raise over Rs 8,000 crore by divesting 5 per cent stake in the company, which generates over 30,000 MW of power annually. Its market capitalisation currently stands at Rs 1,72,000 crore.

UltraTech Cement has posted a 53 per cent rise in its profit after tax (PAT) for the quarter ended September 30 at Rs 251 crore, compared with Rs 164 crore in the corresponding period last year. The company’s net sales during the period stood at Rs 1,541 crore against Rs 1,396 crore, up 10 per cent. Improved realisations, higher sales and softened fuel prices helped the company put a good quarterly show. UltraTech sold 11 per cent more cement during the quarter, with its sales volumes reaching 3.58 million tonnes against 3.23 million tonnes last year. The earning per share for the quarter stood at Rs 20.15. The company has a capital outlay of around Rs 2,000 crore to be spent over the next two years. The cement division of its parent company, Grasim, will be merged with UltraTech next year, taking the company’s overall capacity to close to 50 million tonnes per annum. In its outlook, company said in a statement that despite a weak monsoon, industry demand may grow at 9 per cent durin

Bajaj Auto has just had its best quarter ever in its history with net profit up 118 per cent to Rs 402.83 crore from Rs 184.91 crore in the same period last year. The total income was up 15 per cent to Rs 2,887.51 crore from Rs 2,519.18 crore in the second-quarter ended September 30. The operating earnings before interest, taxes, depreciation, amortisation margin were the highest ever thus far at 22 per cent against 13.6 per cent last year and surpassing the previous record of 19.5 per cent in the preceding quarter. Exports during the period were again the best ever in a quarter with 2,24,334 vehicles translating into revenue of Rs 799 crore. In contrast, the same period of last fiscal had seen 2,06,930 vehicles exported yielding Rs 714 crore. Bajaj expects to top its annual target of 8 lakh units set for this fiscal.

HDFC Bank has announced its second quarter results of FY10. Its Q2 net profit surged 30.21% to Rs 687.5 crore from Rs 528 crore on year-on-year basis, (YoY). NII (net interest income) was up 4.8% at Rs 1,955.8 crore versus Rs 1,866.4 crore (YoY). Other income rose 56.65% to Rs 1,007.4 crore from Rs 643.1 crore.

Larsen & Tourbro’s metallurgical, material handling and water operating company, a part of its construction division, has secured Rs 966-crore order from Sterlite Industries India Ltd, Uttar Pradesh Jal Nigam and Gujarat Water Infrastructure Ltd. Of this Rs 966 crore, Rs 225 crore is from the metallurgical sector and Rs 741 crore is from the water sector. The company has secured Rs 225 crore from Sterlite Industries for the construction of 4 lakh TPA smelter plant at Tuticorin in Tamil Nadu. The Rs 488-crore order from Uttar Pradesh Jal Nigam is for implementing JNNURM (Jawahar Lal Nehru National Urban Renewal Mission) scheme. The deal with Gujarat Water Infrastructure for Rs 253 crore is for implementing NC-24 Water Supply Scheme and is to be completed in 18 months

Domestic passenger car sales have recorded a 20.61 per cent increase at 1,29,683 units in September from 1,07,517 units in the same month last year. According to the figures released by the Society of Indian Automobile Manufacturers (SIAM) on Tuesday, motorcycle sales in the country during the month was up 6.56 per cent at 6,73,891 units from 6,32,369 units in the corresponding month a year ago. The total two-wheeler sales in September grew by 7.67 per cent to 8,38,150 units compared with 7,78,424 units in the same period last year. The sale of commercial vehicles also reported an increase for the second consecutive month and grew by 6.46 per c ent in September to 45,451 units from 42,693 units in the year-ago period, SIAM said.

Exide Industries nearly doubled net profit to Rs 149.67 crore for the quarter ended September as input costs fell and the company expanded its distribution network. Exide’s revenue grew a modest 5.54% to Rs 950.31 crore and the company has proposed a payout of Rs 0.60 per share.

HDFC Ltd reported a 24 per cent growth in net profit at Rs 664 crore in the second quarter of 2009-10, over Rs 534 crore in the corresponding quarter last year. Increase in loan disbursements, reduction in cost of funds, and lower non-performing loans helped HDFC post better profits, said a company official. The interest spread on loans for the quarter was marginally higher at 2.2 per cent compared with 2.19 per cent in the preceding quarter. However, it was marginally lower from 2.24 per cent in the corresponding quarter last year. The cost of funds has come down on an incremental basis to 9.07 per cent for the six-month period ending September 30 from 9.4 per cent in the year ago period. Income from operations increased to Rs 2,783.54 crore from Rs 2,592.54 crore. The composition of the total loan portfolio has seen a change with retail loans now constituting 66 per cent of the total portfolio, down from 70 per cent, according to Mr Keki Mistry, Vice-Chairman and Managing Director, H

Net profit of Axis Bank grew by 32 per cent to Rs 531.64 crore for the second quarter ended September 30, over the same period last year, aided mainly by increase in other income and reduction in cost of funds. Increase in current and saving deposits helped the bank cut cost of funds to 5.41 per cent (6.08 per cent) and also post a healthy growth in net interest income

Axis Bank has announced its second quarter results of FY10. Its Q2 net profit shot up 32% to Rs 531.64 crore versus Rs 402.91 crore on year-on-year basis (YoY). The bank's standalone NII (net interest income) was up 25.85% at Rs 1,149.68 crore from Rs 913.47 crore (YoY).

Industrial production grew by a whopping 10.4 per cent in August on the back of double-digit growth in mining, manufacturing and electricity sectors. Factory production had expanded by 1.7 per cent in the same month last year. The impact of stimulus measures was evident as manufacturing grew by 10.2 per cent, and electricity by 10.6 per cent in August. The mining sector clocked a robust growth of 12.9 per cent in the month under review.

[Source - The Hindu Business Line] Investors with a long-term perspective can consider adding the stock of Dishman Pharmaceuticals and Chemicals to their portfolio. An established player in the contract research and manufacturing services (CRAMS) space, Dishman appears well-placed to benefit from the forced austerity drives of the global pharma majors. Driven by receding product lines, fewer blockbuster launches and patent expiries, global pharma companies are looking at ways to contain costs. When seen in this light, contracting research and manufacturing services to low-cost providers helps combat earnings slippages. Strengthening demand apart, what also builds the case in favour of Dishman is its wide client network, falling dependence on Solvay for revenues and relatively cheap valuations. At the current market price of Rs 228, the stock trades at about 11 times its likely FY-10 per share earnings. Not only does this leave sufficient room for growth, it also compares fa

[Source - The hindu Business Line] Investors with a two-year perspective can consider adding the stock of integrated engineering solutions provider Hindustan Dorr Oliver (HDO). The stock has risen sharply in the latest rally. The company’s strong June quarter earnings, steady order inflows and scaling up of manufacturing facilities to cater to diversified sectors have heightened the earnings prospects, calling for a re-rating. At the current price of Rs 132, the stock trades at seven times its expected per share earnings for FY10 and 4.5 times its likely earnings for 2010-11. The earnings have grown at a compounded annual rate of 40 per cent over the last two years, after it became a subsidiary of IVRCL Infrastructures & Projects. HDO has quickly ramped up its operations from providing engineering solutions primarily in the water and environment management space to providing engineering, procurement and construction (EPC) services for most of the process industries in

Murugappa Group company EID Parry (India) has acquired a 76 per cent stake in the Bangalore-based Sadashiva Sugars for about Rs 50 crore. Suger maker EID Parry has five factories in Tamil Nadu and Puducherry and has the capacity for crushing 19,000 tonnes of sugarcane a day. It also has two distilleries. On the other hand, Sadashiva Sugars has the capacity to crush 2,500 tonnes of cane a day. The acquisition assumes importance for EID Parry as Karnataka is a major producer of sugar among southern states of the country and can be a key market for the company.

Kajaria Ceramics Ltd has reported a jump of 51 per cent in its profit after tax to Rs 8.77 crore for the second quarter ended September 30, over the corresponding period a year ago. Income from operations of the company also grew by 11 per cent to Rs 192.24 crore in the latest quarter of the current financial year, Kajaria Ceramics said in a statement on Sunday. Strong performance during the period has been attributed to improved margins generated by better product and savings in fuel cost, which is a substantial component of overall cost of manufacturing. For the half year ended September, the company posted a profit after tax of Rs 14.81 crore, up 82 per cent compared to Rs 8.14 crore of the corresponding period a year earlier.

Infosys Technologies on Friday reported 7.54 per cent rise in consolidated net profit after tax at Rs 1,540 (Rs 1,432 second quarter of last fiscal) crore for the quarter ended September 30, 2009. “In the second quarter, the business climate has improved,” Mr S Gopalakrishnan, CEO and Managing Director, Infosys said. Total income stood at Rs 5,821 crore, showing an over six per cent rise, at the end of the September quarter of the current fiscal. The board declared an interim dividend of 200 per cent at the rate of Rs 10 a share. The company added 35 new clients during the quarter.

Reliance Industries Ltd announced a 1:1 bonus share issue, the first time in 12 years. According to a proposal approved by the RIL board on Wednesday, all shareholders will get one free share for every share held by them. Around 35 lakh shareholders will benefit from this so called ‘Diwali bonus’. The last bonus issue (also 1:1) by RIL was in 1997. The RIL board also proposed an interim dividend of Rs 13 per share for 2008-09. The dividend will entail an outgo of Rs 2,219 crore, including Rs 322 crore in taxes, said a senior company official. The board also approved the audited results of RIL for the year ended March 31, 2009.

Tata Steel has registered a 21 per cent rise in its sales at 28.75 lakh tonnes in the first half of the current fiscal on the back of robust demand from the construction sector. In the corresponding period last year, the steel major's sales stood at 23.80 lakh tonnes. Its sales rose by 19 per cent to 14.56 lakh tonnes in the second quarter this fiscal, compared to 12.20 lakh tonnes in the corresponding period last fiscal. During the second quarter of the fiscal, the company saw its crude steel output rising by 21 per cent to 16.40 lakh tonnes as compared to the 13.56 lakh tonnes in the same period last fiscal. In the first half of the fiscal, the company reported 21 per cent increase in crude steel production to 31.43 lakh tonnes compared to 26.08 lakh tonnes in the same period in the previous fiscal. Its saleable steel production increased by 14 per cent to 15.19 lakh tonnes during the second quarter as against 13.30 lakh tonnes in the corresponding period previous fiscal. The co

Gitanjali Gems has announced the purchase of Alliance Jewelleries through wholly owned subsidiary Brightest Circle Jewellery. The acquisition would offer synergy benefits to Gitanjali as both the companies are involved in the manufacturing of gold and diamond studded jewellery

Edible oil company, KS Oils, on Wednesday said it will develop palm oil plantations in Indonesia and has acquired additional 53,000 acres of land for the three-year project, involving a total investment of around Rs 380 crore. The company, through its wholly-subsidiary K S Natural Resources, has acquired an additional 53,000 acres of land for development of palm oil plantations, KS Oils said in a filing to the Bombay Stock Exchange (BSE). “The total funds required for the new project would be around Rs 380 crore over the next three years,” the filing added. The company would fund the project through internal accruals and debt at subsidiary level, the company said. In June this year, the company in continuation of acquiring palm plantation assets in South Asia, had made an additional acquisition of 35,000 acres of palm plantation land in Indonesia.

Hindustan Dorr Oliver Ltd said on Tuesday that it secured an order worth Rs 130 crore from Vedanta group firm BALCO for construction of a fume treatment plant in Chhattisgarh. The total order for Hindustan Dorr along with its technology partner, French firm Fives Solios, stands at Rs 276 crore, the company said in a statement to the BSE.

Australia’s central bank raised its key interest rate by a quarter of a percentage point on Tuesday becoming the first Group of 20 central bank to raise the cost of borrowing again after the financial turmoil of the past year. On Tuesday, the central bank reverse the process of low interest regime by raising its key cash rate to 3.25 percent from 3 percent, the lowest level in decades, which had been in force since April.

Engineering major Larsen & Toubro today said its building and factory construction division has received contracts worth Rs 1,513 crore in the second quarter of the current financial year. These contracts include construction of high rise tower, luxury hotel, hospital and factory building projects, the company said. The contracts further enhance the order book of the company, which had secured major design and build orders in airports, it added.