Sensex slips after a strong opening
The BSE Sensex slipped sharply, after a strong opening as profit- booking gripped the bourses at higher levels. At 10:09 IST the BSE Sensex was down 47.42 points, at 14,173.55.
The BSE benchmark index had opened with a spurt, at 14,271.24, and surged to a high of 14,300.11, buoyed by stronger-than-expected results of index heavyweight Reliance Industries (RIL) and a fall in global crude oil prices.
Immediately after, the Sensex declined sharply as selling began, and continued till the benchmark index slipped to a low of 14,137.03.The total turnover on BSE amounted to Rs 471 crore.The market-breadth was almost even with 894 shares advancing compared to 814 that declined. Just 45 shares remained unchanged.Among the 30-Sensex pack, 21 declined while the rest advanced.
Index heavyweight Reliance Industries was the top gainer, up 1.02% to Rs 1381 on 2.98 lakh shares. It had also surged to an all-time high of Rs 1409, in early trade. RIL reported 57.6% surge in net profit in December 2006 quarter to Rs 2799 crore from Rs 1776 crore, much ahead of market expectations, after trading hours on Thursday. Net sales rose 45.7% from Rs 18168 crore to Rs 26472 crore.
RIL rallies as Q3 results trounce estimates
Reliance Industries was up 2% to Rs 1395, as it reported a 57.6% surge in net profit in Q3 December 2006, on Thursday.The stock also hit an all-time high of Rs 1409. As many as 79,089 shares changed hands in the scrip on BSE.
The stock had risen 1.2% to a lifetime closing high of Rs 1367 on Thursday. In a pre-results' rally, the scrip had surged from Rs 1273.30 on 10 January 2007 to Rs 1367 by 18 January, a gain of 7.3% in six sessions.
After trading hours on Thursday, Reliance Industries (RIL) reported 57.6% surge in net profit in December 2006 quarter to Rs 2799 crore from Rs 1776 crore, much more than market expectations. Net sales rose 45.7%, from Rs 18168 crore to Rs 26472 crore.
RIL’s gross refining margin stands at $11.7 a barrel, much higher than Singapore refining margins in the quarter. However, the margins of the petrochemicals business declined during the quarter. "Robust economic growth along with a stable operating environment promises a positive outlook for all our businesses," the company said in a statement.
During the quarter, RIL doubled the estimated natural gas output from its field in the Krishna-Godavari basin to 80 million cubic metres a day, when it starts production in the second half of the fiscal year to March 2009.
Satyam Computer capsizes on Q3 revenues
Satyam Computer Services witnessed a sell-off soon after its Q3 results hit the market, in early trade.At 10:30 IST the stock was down 4.4% to Rs 492.50, having recovered from the lower level, from a 7.6% fall to Rs 476 at 10:07 IST. As many as 10.3 lakh shares changed hands in the counter on BSE.
The stock witnessed alternate bouts of buying and selling ahead of the results. Strong results from IT bigwigs Infosys (announced on 11 January) and TCS (announced on 15 January) triggered a solid rebound in the stock to Rs 515.20 on 18 January from Rs 464.35 on 10 January. Earlier, it had dropped to Rs 464.35 on 10 January from Rs 515.15 on 3 January 2007.
Satyam Computer Services reported 5.45% sequential growth in consolidated net profit in December 2006 quarter, to Rs 337.23 crore as compared to a net profit of Rs 319.81 crore in September 2006 quarter. Net profit was within market expectations.
Operating profit rose 13.1% on a sequential basis, from Rs 362.49 crore to Rs 409.99 crore. Operating profit beat market expectations.
Consolidated sales rose 3.7% on a sequential basis, from Rs 1601.88 crore to Rs 1661.12 crore. Consolidated net sales growth was below market expectations. Five brokerages had forecast between 4.9 - 6.7% sequential growth, between Rs 1680 crore and Rs 1708.90 crore.
The BSE benchmark index had opened with a spurt, at 14,271.24, and surged to a high of 14,300.11, buoyed by stronger-than-expected results of index heavyweight Reliance Industries (RIL) and a fall in global crude oil prices.
Immediately after, the Sensex declined sharply as selling began, and continued till the benchmark index slipped to a low of 14,137.03.The total turnover on BSE amounted to Rs 471 crore.The market-breadth was almost even with 894 shares advancing compared to 814 that declined. Just 45 shares remained unchanged.Among the 30-Sensex pack, 21 declined while the rest advanced.
Index heavyweight Reliance Industries was the top gainer, up 1.02% to Rs 1381 on 2.98 lakh shares. It had also surged to an all-time high of Rs 1409, in early trade. RIL reported 57.6% surge in net profit in December 2006 quarter to Rs 2799 crore from Rs 1776 crore, much ahead of market expectations, after trading hours on Thursday. Net sales rose 45.7% from Rs 18168 crore to Rs 26472 crore.
RIL rallies as Q3 results trounce estimates
Reliance Industries was up 2% to Rs 1395, as it reported a 57.6% surge in net profit in Q3 December 2006, on Thursday.The stock also hit an all-time high of Rs 1409. As many as 79,089 shares changed hands in the scrip on BSE.
The stock had risen 1.2% to a lifetime closing high of Rs 1367 on Thursday. In a pre-results' rally, the scrip had surged from Rs 1273.30 on 10 January 2007 to Rs 1367 by 18 January, a gain of 7.3% in six sessions.
After trading hours on Thursday, Reliance Industries (RIL) reported 57.6% surge in net profit in December 2006 quarter to Rs 2799 crore from Rs 1776 crore, much more than market expectations. Net sales rose 45.7%, from Rs 18168 crore to Rs 26472 crore.
RIL’s gross refining margin stands at $11.7 a barrel, much higher than Singapore refining margins in the quarter. However, the margins of the petrochemicals business declined during the quarter. "Robust economic growth along with a stable operating environment promises a positive outlook for all our businesses," the company said in a statement.
During the quarter, RIL doubled the estimated natural gas output from its field in the Krishna-Godavari basin to 80 million cubic metres a day, when it starts production in the second half of the fiscal year to March 2009.
Satyam Computer capsizes on Q3 revenues
Satyam Computer Services witnessed a sell-off soon after its Q3 results hit the market, in early trade.At 10:30 IST the stock was down 4.4% to Rs 492.50, having recovered from the lower level, from a 7.6% fall to Rs 476 at 10:07 IST. As many as 10.3 lakh shares changed hands in the counter on BSE.
The stock witnessed alternate bouts of buying and selling ahead of the results. Strong results from IT bigwigs Infosys (announced on 11 January) and TCS (announced on 15 January) triggered a solid rebound in the stock to Rs 515.20 on 18 January from Rs 464.35 on 10 January. Earlier, it had dropped to Rs 464.35 on 10 January from Rs 515.15 on 3 January 2007.
Satyam Computer Services reported 5.45% sequential growth in consolidated net profit in December 2006 quarter, to Rs 337.23 crore as compared to a net profit of Rs 319.81 crore in September 2006 quarter. Net profit was within market expectations.
Operating profit rose 13.1% on a sequential basis, from Rs 362.49 crore to Rs 409.99 crore. Operating profit beat market expectations.
Consolidated sales rose 3.7% on a sequential basis, from Rs 1601.88 crore to Rs 1661.12 crore. Consolidated net sales growth was below market expectations. Five brokerages had forecast between 4.9 - 6.7% sequential growth, between Rs 1680 crore and Rs 1708.90 crore.
posted by SY at 12:16 PM
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