Sensex drifts lower
The market weakened further in early afternoon trade. Index heavyweight Infosys Technologies firmed up in afternoon trade. But car major Maruti Udyog and Bharti Airtel eased.
At 12:29 IST, Sensex was down 48 points at 13,135. Sensex came off lower level after having dropped as much as 70.96 points to a low of 14,111.75 at 12:22 IST.Earlier, the market had lost steam shortly after an initial 76.36 points surge to 14,259.07.
Though the market breadth was positive, it weakened from strong breadth in early trade. 1,350 shares rose on BSE as compared to 1162 shares that declined. 62 shares were unchanged. Gainers outpaced losers by a ratio of 1.16:1. The advance-decline ratio was 1.5:1 at about 11:30 IST.
Jet Airways flies on return to profit-making ways
Jet Airways surged 4.88% to Rs 759, after returning to profit-making ways in Q3 after two previous loss-making quarters.Jet's profits materialised on lower fuel costs and growing overseas operations.The counter clocked 92,684 shares on the BSE, the stock surging to a high of Rs 767.95 in intra-day trade.
Analysts expected the company to report losses for this quarter as well, after reporting losses for the previous two quarters because of high fuel costs. The net loss was estimated at Rs 12 crore for December quarter.
Jet Airways, with more than a third of the fast-growing but competitive domestic market, said net profit for the third quarter fell 34% to Rs 40.04 crore from Rs 61 crore reported a year earlier. Its revenue rose 31% to Rs 1935.68 crore (Rs 1478.25 crore). Other income jumped 354.10% to Rs 94.4 crore (Rs 20.8 crore on account of sale and leaseback of an aircraft).
A fuel surcharge on tickets and income from sale and lease back of aircraft helped improve margins in the quarter.
Jet has seen its share of the domestic market slip on rising competition from newly launched discount carriers, but it is adding overseas routes and expects half its revenue to come from its overseas operations by March 2009.
The stock recovered sharply in the past month, to surge 22.51% to Rs 723.65 by 19 January 2007, from Rs 588 on 19 December 2006. A sharp fall in global crude oil prices to the sub $50 per barrel, which led to a cut in prices of aviation turbine fuel (ATF). Fuel costs account for 65% of operating expenses of the airline companies.
Jet has a fleet of 60 aircraft that will expand to 89 by March 2009. It will add more routes in Southeast Asia and launch US services in August.
ING Vysya Bank rallies on blockbuster Q3 results
ING Vysya Bank jumped 7.90% to Rs 184.25, after a 195% spurt in net profit during Q3 December 2006.The stock clocked 1.47 lakh shares on the BSE.The ralied pre-result rally from Rs 150.35 on 10 January 2007 to rise to Rs 170.80 on 19 January 2007, on sustained buying interest, anticipating robust results.
ING Vysya Bank registered a net profit spurt of 194.90%, to Rs 14.33 crore for the Q3 December 2006, against Rs 4.86 crore for Q3 December 2005. Total income rose 9.90%, to Rs 384.67 crore (Rs 349.89 crore).
In June, Royal Sundaram Alliance Insurance Company entered into a corporate agency agreement with ING Vysya Bank for distribution of its general insurance products. According to the agreement, ING Vysya Bank will distribute health, personal accident, motor, travel, and home insurance products through the bank's extensive branch network and a further increase in insurance penetration in the SME and rural segments.
ING Vysya Bank is the only MNC bank listed on the Indian bourses, belonging to the renowned ING group, which holds 43.91% in the bank.
In October 2006, ING Group, the Amsterdam-based banking and insurance group, has drawn up plans to scale up operations of its insurance joint venture in India, ING Vysya Life Insurance, over the next one-year.
ING Vysya Life will be opening new offices at 86 locations to add to its current network of 110 branches. ING Vysya Bank has 490 branches.
As a part of its new business strategy, ING had introduced a new information technology platform at all branches of ING Vysya Bank, which will totally automated branch operations across the network.
At 12:29 IST, Sensex was down 48 points at 13,135. Sensex came off lower level after having dropped as much as 70.96 points to a low of 14,111.75 at 12:22 IST.Earlier, the market had lost steam shortly after an initial 76.36 points surge to 14,259.07.
Though the market breadth was positive, it weakened from strong breadth in early trade. 1,350 shares rose on BSE as compared to 1162 shares that declined. 62 shares were unchanged. Gainers outpaced losers by a ratio of 1.16:1. The advance-decline ratio was 1.5:1 at about 11:30 IST.
Jet Airways flies on return to profit-making ways
Jet Airways surged 4.88% to Rs 759, after returning to profit-making ways in Q3 after two previous loss-making quarters.Jet's profits materialised on lower fuel costs and growing overseas operations.The counter clocked 92,684 shares on the BSE, the stock surging to a high of Rs 767.95 in intra-day trade.
Analysts expected the company to report losses for this quarter as well, after reporting losses for the previous two quarters because of high fuel costs. The net loss was estimated at Rs 12 crore for December quarter.
Jet Airways, with more than a third of the fast-growing but competitive domestic market, said net profit for the third quarter fell 34% to Rs 40.04 crore from Rs 61 crore reported a year earlier. Its revenue rose 31% to Rs 1935.68 crore (Rs 1478.25 crore). Other income jumped 354.10% to Rs 94.4 crore (Rs 20.8 crore on account of sale and leaseback of an aircraft).
A fuel surcharge on tickets and income from sale and lease back of aircraft helped improve margins in the quarter.
Jet has seen its share of the domestic market slip on rising competition from newly launched discount carriers, but it is adding overseas routes and expects half its revenue to come from its overseas operations by March 2009.
The stock recovered sharply in the past month, to surge 22.51% to Rs 723.65 by 19 January 2007, from Rs 588 on 19 December 2006. A sharp fall in global crude oil prices to the sub $50 per barrel, which led to a cut in prices of aviation turbine fuel (ATF). Fuel costs account for 65% of operating expenses of the airline companies.
Jet has a fleet of 60 aircraft that will expand to 89 by March 2009. It will add more routes in Southeast Asia and launch US services in August.
ING Vysya Bank rallies on blockbuster Q3 results
ING Vysya Bank jumped 7.90% to Rs 184.25, after a 195% spurt in net profit during Q3 December 2006.The stock clocked 1.47 lakh shares on the BSE.The ralied pre-result rally from Rs 150.35 on 10 January 2007 to rise to Rs 170.80 on 19 January 2007, on sustained buying interest, anticipating robust results.
ING Vysya Bank registered a net profit spurt of 194.90%, to Rs 14.33 crore for the Q3 December 2006, against Rs 4.86 crore for Q3 December 2005. Total income rose 9.90%, to Rs 384.67 crore (Rs 349.89 crore).
In June, Royal Sundaram Alliance Insurance Company entered into a corporate agency agreement with ING Vysya Bank for distribution of its general insurance products. According to the agreement, ING Vysya Bank will distribute health, personal accident, motor, travel, and home insurance products through the bank's extensive branch network and a further increase in insurance penetration in the SME and rural segments.
ING Vysya Bank is the only MNC bank listed on the Indian bourses, belonging to the renowned ING group, which holds 43.91% in the bank.
In October 2006, ING Group, the Amsterdam-based banking and insurance group, has drawn up plans to scale up operations of its insurance joint venture in India, ING Vysya Life Insurance, over the next one-year.
ING Vysya Life will be opening new offices at 86 locations to add to its current network of 110 branches. ING Vysya Bank has 490 branches.
As a part of its new business strategy, ING had introduced a new information technology platform at all branches of ING Vysya Bank, which will totally automated branch operations across the network.
posted by SY at 12:57 PM
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