IT, auto pivotals out of favour
The market remained weak in early-afternoon, cautious ahead of an RBI meeting on Wednesday, where the central bank is expected to raise short-term interest rates by 25 basis points. The market is closed on Tuesday on account of Moharram, ahead of the RBI meeting. IT and auto shares edge lower. Bhel surged and pharma pivotals were in demand.
At 12:22 IST the Sensex was down 40 points, at 14,241. It was up from 14,222 of 12:05 IST.Earlier the Sensex had recovered, having dropped as many as 65.88 points, to 14,216.84 in early-trade. At the onset of trading, the market opened firm, rising as many as 33.82 points, to a high of 14,316.54. The market-breadth was strong. For 1,417 shares rising on BSE, 1,038 declined. A total of 71 shares were unchanged. Gainers outpaced losers by a ratio of 1.36:1.The BSE clocked a turnover of Rs 1692 crore.
Titan Ind advances on pleasant Q3 figures
Titan Industries advanced 2.12% to Rs 963.55, after reporting 155.50% spurt in net profit for Q3 December 2006.The stock's surge, hitting an intra-day high of Rs 967.75, was accompanied by a volume of 1.05 lakh shares.The stock slipped ahead of its results, from Rs 935.95 on 19 January to Rs 909.30 by 24 January 2007.
Titan Industries’ net profit for Q3 December 2006 surged 155.50% to Rs 27.5 crore, from Rs 10.8 crore in Q3 December 2005. Net sales rose 42.9% at Rs 529.14 crore from Rs 370.33 crore.The other income was up 128.9%, to Rs 0.9 crore (Rs 0.4 crore).
Jewellery sales rose 63.6% to Rs 366.5 crore (Rs 224 crore), while that for watches rose 9.4% to Rs 162.4 crore (Rs 148.5 crore).
For the first nine months of the financial year saw a substantial growth in sales turnover by 46% to Rs 1,530.63 crore from Rs 1,047.22 crore in the year-ago period and this was higher than last year's annual turnover of Rs 1,481 crore. For the nine-months' period, net profit was Rs 63.81 crore against Rs 36.41 crore during the same period last year. The watches division posted a sales growth of 16%, growing from Rs 459.58 crore last year to Rs 535.98 crore this year.
Recently, Titan Industries opened its 204th World of Titan store. Inaugurating the 1,600-sq feet showroom in Bangalore, Bhaskar Bhat, Managing Director, Titan Industries, said the company hopes to have 225 World of Titan stores by March 2007, and 65 more during the next fiscal.
The company will also give a greater push to its Gold Plus jewellery in the next fiscal. It plans to add three more stores during the last quarter of the current financial year.
Titan is the only listed player in organised retailing of jewellery with a pan-India network, and excellent brand equity (Tanishq). Tanishq commands almost 70% share in the branded jewellery market.Titan also manufactures watches marketed under the Titan and Sonata brand names. It enjoys over 25% share of the total domestic watch market.
Ace Software upbeat on equity buy-back agenda
Ace Software was up 0.49%, at Rs 20.40, in morning trade.The stock is trading on thin volumes. Just 3,309 shares were traded in the counter since morning.Since mid-December 2006, the stock has been trading in Rs 17 - Rs 21 range.
The company announced a buyback of equity shares after its 12th Annual General Meeting (AGM). The promoters have decided to buy-back not more than 5% of the existing share capital from the public.
The company’s business relates to creation of database pertaining to IT enabled services.It is yet to come out with its December 2006 quarter results. The September 2006 quarter results were unimpressive. It reported a decline in net profit by 73.1%, at Rs 0.07 crore. The net sales, however, grew 108.4% to Rs 1.73 crore.
At 12:22 IST the Sensex was down 40 points, at 14,241. It was up from 14,222 of 12:05 IST.Earlier the Sensex had recovered, having dropped as many as 65.88 points, to 14,216.84 in early-trade. At the onset of trading, the market opened firm, rising as many as 33.82 points, to a high of 14,316.54. The market-breadth was strong. For 1,417 shares rising on BSE, 1,038 declined. A total of 71 shares were unchanged. Gainers outpaced losers by a ratio of 1.36:1.The BSE clocked a turnover of Rs 1692 crore.
Titan Ind advances on pleasant Q3 figures
Titan Industries advanced 2.12% to Rs 963.55, after reporting 155.50% spurt in net profit for Q3 December 2006.The stock's surge, hitting an intra-day high of Rs 967.75, was accompanied by a volume of 1.05 lakh shares.The stock slipped ahead of its results, from Rs 935.95 on 19 January to Rs 909.30 by 24 January 2007.
Titan Industries’ net profit for Q3 December 2006 surged 155.50% to Rs 27.5 crore, from Rs 10.8 crore in Q3 December 2005. Net sales rose 42.9% at Rs 529.14 crore from Rs 370.33 crore.The other income was up 128.9%, to Rs 0.9 crore (Rs 0.4 crore).
Jewellery sales rose 63.6% to Rs 366.5 crore (Rs 224 crore), while that for watches rose 9.4% to Rs 162.4 crore (Rs 148.5 crore).
For the first nine months of the financial year saw a substantial growth in sales turnover by 46% to Rs 1,530.63 crore from Rs 1,047.22 crore in the year-ago period and this was higher than last year's annual turnover of Rs 1,481 crore. For the nine-months' period, net profit was Rs 63.81 crore against Rs 36.41 crore during the same period last year. The watches division posted a sales growth of 16%, growing from Rs 459.58 crore last year to Rs 535.98 crore this year.
Recently, Titan Industries opened its 204th World of Titan store. Inaugurating the 1,600-sq feet showroom in Bangalore, Bhaskar Bhat, Managing Director, Titan Industries, said the company hopes to have 225 World of Titan stores by March 2007, and 65 more during the next fiscal.
The company will also give a greater push to its Gold Plus jewellery in the next fiscal. It plans to add three more stores during the last quarter of the current financial year.
Titan is the only listed player in organised retailing of jewellery with a pan-India network, and excellent brand equity (Tanishq). Tanishq commands almost 70% share in the branded jewellery market.Titan also manufactures watches marketed under the Titan and Sonata brand names. It enjoys over 25% share of the total domestic watch market.
Ace Software upbeat on equity buy-back agenda
Ace Software was up 0.49%, at Rs 20.40, in morning trade.The stock is trading on thin volumes. Just 3,309 shares were traded in the counter since morning.Since mid-December 2006, the stock has been trading in Rs 17 - Rs 21 range.
The company announced a buyback of equity shares after its 12th Annual General Meeting (AGM). The promoters have decided to buy-back not more than 5% of the existing share capital from the public.
The company’s business relates to creation of database pertaining to IT enabled services.It is yet to come out with its December 2006 quarter results. The September 2006 quarter results were unimpressive. It reported a decline in net profit by 73.1%, at Rs 0.07 crore. The net sales, however, grew 108.4% to Rs 1.73 crore.
posted by SY at 12:52 PM
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