Pivotals trade mixed; market still subdued
The market remained subdued in morning trade, as caution prevailed ahead of RBI’s 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.
A mixed trend was visible in pivotals. Pharma constituents were in demand, but IT pivotals were subdued. Index heavyweight Reliance Industries (RIL) inched ahead.
At 11:24 IST the Sensex was down 36 points, at 14,246. It was up from a lower level after 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 1,380 shares rising on BSE, 957 that declined. Just 65 shares were unchanged. Gainers outpaced losers by a ratio of 1.4:1.The BSE clocked a turnover of Rs 1189 crore.
Suzlon Energy sinks
Suzlon Energy plunged 5.76% to Rs 1213, on reporting just 7.44% growth in net profit for Q3 December 2006.As many as 1.01 lakh shares were traded in the counter on BSE, the stock also plunging to a low of Rs 1208.The counter slipped ahead of its results from Rs 1292.75 on 22 January, to decline to Rs 1273.10 by 24 January 2007.
Suzlon Energy posted net profit of Rs 176.23 crore for the quarter ended December 2006, the same being Rs 161.94 crore for the quarter ended December 2005. Total income increased to Rs 1126.07 crore (Rs 863.24 crore).
The company, as part of long-term plans of having independent manufacturing units for various components of a Wind Turbine Generator (WTG'), realigned its operations and commenced sale of tubular towers through one of its wholly-owned subsidiary. Accordingly, the standalone results for the quarter ended December 2006 do not include the sale of tubular towers aggregating approximately Rs 116.96 crore and Rs 329.47 crore, respectively, which have been sold through the wholly-owned subsidiary. Accordingly, the sales realizations and gross margins for standalone results during the quarter ended December 2006 are to that extent not comparable with the standalone results of prior periods presented.
On a consolidated basis, the group posted a net profit after minority interest of Rs 174.39 crore for the quarter ended December 2006 where as the same was at Rs 134.94 crore for the quarter ended December 2005. Total income increased to Rs 1939.29 crore (Rs 908.35 crore).
The company, through a wholly-owned subsidiary, AE-Rotor Holding B.V., in May, purchased entire share capital of Eve Holding NV, Belgium for Euro 431.43 million. By virtue of the acquisition of Eve Holding by AE-Rotor, the company has 100% ownership of Hansen Transmissions International NV, Belgium, along with its subsidiaries, which are engaged in the business of design, development, manufacturing and supply of industrial and wind-gear boxes and is the second largest wind-energy gearbox manufacturer in the world, having approximately 33% global market share.
Hence, the consolidated results for the quarter ended December 2006, includes the results of Eve Holding NV, Belgium. Accordingly, the sales and gross margins for the consolidated results during the quarter ended December 2006 are to that extent not comparable with the consolidated results of prior periods presented.
Suzlon Energy owns over 30 wind-farms across eight states and manufactures wind-turbine generators (WTG).
Suzlon is constructing a wind resource study in West Bengal, Orissa, Chhattisgarh and Bihar. The company's rotor blade unit in Minnesota, USA, and its factory in Tianjin, China, started operations.
TVS Motor Company in a spot
TVS Motor Company slipped 2.52% to Rs 75.50, after 63.10% fall in net profit for Q3 December 2006.The counter clocked 2.56 lakh shares on BSE.The stock slipped ahead of its results, from Rs 82.20 on 12 January to to Rs 78.75 by 24 January 2007.
TVS Motor Company reported 63.10% fall in net profit for Q3 December 2006 to Rs 11.46 crore, compared to Rs 31.06 crore in Q3 December 2005. Net sales rose 7.30% to Rs 935.41 crore (Rs 871.40 crore).
TVS Motor’s bike sales fell 14.5% in December 2006 to 58,756 units from 68,724 units a year earlier, while sales of scooterettes rose 3.50% to 16,616 from 16,051 units. The company said exports rose 17% to 7,088 units.
TVS Motor is planning to enter the 100cc plus four-stroke scooter category to take on Honda Activa and Kinetic 4S. The company will also launch a two-stroke variant of the Scooty brand.
TVS Motors is the third-largest motorcycle maker with over 13% market share. The total foreign holding in the company is 6.93%, while that of public is 9.94% as of September 2006. Promoters own 56.83% stake.
A mixed trend was visible in pivotals. Pharma constituents were in demand, but IT pivotals were subdued. Index heavyweight Reliance Industries (RIL) inched ahead.
At 11:24 IST the Sensex was down 36 points, at 14,246. It was up from a lower level after 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 1,380 shares rising on BSE, 957 that declined. Just 65 shares were unchanged. Gainers outpaced losers by a ratio of 1.4:1.The BSE clocked a turnover of Rs 1189 crore.
Suzlon Energy sinks
Suzlon Energy plunged 5.76% to Rs 1213, on reporting just 7.44% growth in net profit for Q3 December 2006.As many as 1.01 lakh shares were traded in the counter on BSE, the stock also plunging to a low of Rs 1208.The counter slipped ahead of its results from Rs 1292.75 on 22 January, to decline to Rs 1273.10 by 24 January 2007.
Suzlon Energy posted net profit of Rs 176.23 crore for the quarter ended December 2006, the same being Rs 161.94 crore for the quarter ended December 2005. Total income increased to Rs 1126.07 crore (Rs 863.24 crore).
The company, as part of long-term plans of having independent manufacturing units for various components of a Wind Turbine Generator (WTG'), realigned its operations and commenced sale of tubular towers through one of its wholly-owned subsidiary. Accordingly, the standalone results for the quarter ended December 2006 do not include the sale of tubular towers aggregating approximately Rs 116.96 crore and Rs 329.47 crore, respectively, which have been sold through the wholly-owned subsidiary. Accordingly, the sales realizations and gross margins for standalone results during the quarter ended December 2006 are to that extent not comparable with the standalone results of prior periods presented.
On a consolidated basis, the group posted a net profit after minority interest of Rs 174.39 crore for the quarter ended December 2006 where as the same was at Rs 134.94 crore for the quarter ended December 2005. Total income increased to Rs 1939.29 crore (Rs 908.35 crore).
The company, through a wholly-owned subsidiary, AE-Rotor Holding B.V., in May, purchased entire share capital of Eve Holding NV, Belgium for Euro 431.43 million. By virtue of the acquisition of Eve Holding by AE-Rotor, the company has 100% ownership of Hansen Transmissions International NV, Belgium, along with its subsidiaries, which are engaged in the business of design, development, manufacturing and supply of industrial and wind-gear boxes and is the second largest wind-energy gearbox manufacturer in the world, having approximately 33% global market share.
Hence, the consolidated results for the quarter ended December 2006, includes the results of Eve Holding NV, Belgium. Accordingly, the sales and gross margins for the consolidated results during the quarter ended December 2006 are to that extent not comparable with the consolidated results of prior periods presented.
Suzlon Energy owns over 30 wind-farms across eight states and manufactures wind-turbine generators (WTG).
Suzlon is constructing a wind resource study in West Bengal, Orissa, Chhattisgarh and Bihar. The company's rotor blade unit in Minnesota, USA, and its factory in Tianjin, China, started operations.
TVS Motor Company in a spot
TVS Motor Company slipped 2.52% to Rs 75.50, after 63.10% fall in net profit for Q3 December 2006.The counter clocked 2.56 lakh shares on BSE.The stock slipped ahead of its results, from Rs 82.20 on 12 January to to Rs 78.75 by 24 January 2007.
TVS Motor Company reported 63.10% fall in net profit for Q3 December 2006 to Rs 11.46 crore, compared to Rs 31.06 crore in Q3 December 2005. Net sales rose 7.30% to Rs 935.41 crore (Rs 871.40 crore).
TVS Motor’s bike sales fell 14.5% in December 2006 to 58,756 units from 68,724 units a year earlier, while sales of scooterettes rose 3.50% to 16,616 from 16,051 units. The company said exports rose 17% to 7,088 units.
TVS Motor is planning to enter the 100cc plus four-stroke scooter category to take on Honda Activa and Kinetic 4S. The company will also launch a two-stroke variant of the Scooty brand.
TVS Motors is the third-largest motorcycle maker with over 13% market share. The total foreign holding in the company is 6.93%, while that of public is 9.94% as of September 2006. Promoters own 56.83% stake.
posted by SY at 12:48 PM
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