What is your position really on Reliance ahead of numbers right now how are you playing the stock?
Deepak Mohoni : Well a little bit the bias has to be on the long side . It has had a pretty good rally for now couple of weeks but it is also coming close to that 1150 where it has tended to reverse far too many times so I think that is a bit of a look out there and even today it has come off the highs a little bit so this is now coming to the point where Reliance meets a lot of sellers.
So it is a question of whether that selling is absorbed or not. If it does get passed 1150 then I think it would be pretty good for the index because of the higher weightage and of course Reliance itself.
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Saturday, October 30, 2010
ICICI Bank Q2 net rises 19%, beats forecast
MUMBAI: ICICI Bank, India's No. 2 lender, reported an 18.8 percent rise in quarterly net profit, beating brokerage forecasts, helped by credit growth and drop in provision for bad loans.
Indian banks including rival private-sector lender HDFC Bank are seeing strong loan demand in Asia's third-largest economy, which the International Monetary Fund expects to expand 9.7 percent in 2010.
ICICI Bank said its net profit in July-September, its fiscal second quarter, rose to Rs 1,236 crore ($278 million) from Rs 1,040 crore reported a year earlier.
A Reuters poll of analysts had forecast net profit of Rs 1,169 crore. State Bank of India , the country's top lender, and ICICI and HDFC Bank are seeing an improvement in asset quality on strong revival in business and consumer confidence in India.
HDFC Bank last week met street estimates with a 33-percent rise in quarterly net profit and forecast credit growth at more than 20 percent in this fiscal year.
Shares in ICICI Bank, valued at about $27 billion, have risen 26 percent so far this year, compared with a 38 percent jump in the sector index and 15 percent gain in the main Mumbai market.
Indian banks including rival private-sector lender HDFC Bank are seeing strong loan demand in Asia's third-largest economy, which the International Monetary Fund expects to expand 9.7 percent in 2010.
ICICI Bank said its net profit in July-September, its fiscal second quarter, rose to Rs 1,236 crore ($278 million) from Rs 1,040 crore reported a year earlier.
A Reuters poll of analysts had forecast net profit of Rs 1,169 crore. State Bank of India , the country's top lender, and ICICI and HDFC Bank are seeing an improvement in asset quality on strong revival in business and consumer confidence in India.
HDFC Bank last week met street estimates with a 33-percent rise in quarterly net profit and forecast credit growth at more than 20 percent in this fiscal year.
Shares in ICICI Bank, valued at about $27 billion, have risen 26 percent so far this year, compared with a 38 percent jump in the sector index and 15 percent gain in the main Mumbai market.
Reliance Q2 net seen up, gas prices to boost ONGC
MUMBAI: Reliance Industries Ltd is likely to post a fourth straight rise in quarterly profit, helped by higher gas output from its field off India's east coast and improvements in refining margins.
The company's near-term business outlook will depend on increases in gas production, the outlook for refining margins and investment plans for its newly-found interests in shale gas and telecoms businesses, analysts said. "The market is eagerly anticipating what will be the next big thing by Reliance — will it be an acquisition? Will it be another new business?" said Jagannadham Thunuguntla, strategist and head of research SMC Global Securities, said.
Reliance is pumping about 55-60 million cubic metres of gas a day from KG D6, off India's east coast, and the country's oil secretary said in July the company would be able to pump gas at full capacity during the year to March 2013.
The company, controlled by billionaire Mukesh Ambani who is the world's fourth richest man according to Forbes magazine, has struck three shale gas joint ventures with US firms so far this year. Ambani has made no secret of Reliance's overseas ambitions, and is looking to invest in areas such as shale gas to widen its businesses beyond petrochemicals, refining, oil and natural gas exploration, and retail.
The company has made a dramatic return to the telecom business with the $1 billion acquisition of Infotel Broadband, the only company to win a nationwide licence for broadband wireless spectrum in a government auction.
Analysts said gross refining margins at Reliance's flagship refining business should show signs of sustained recovery at $8 per barrel for the September quarter, up from $7.3 per barrel in April-June.
ONGC State-run explorer Oil and Natural Gas Corp is expected to report a 15 percent rise in quarterly net profit on higher oil prices and also boosted by a gas price increase. ONGC is required to partially subsidise the sale of fuel to state-run retailers, who sell fuel at state-controlled, below-market prices.
The government this year deregulated gasoline prices and has said diesel prices will eventually be freed. For the September quarter, ONGC's subsidy burden was 30.19 billion rupees, an official said earlier this month, compared with about 55.16 billion rupees in June quarter and 26.3 billion rupees in the year-ago quarter.
The Indian government allowed ONGC to charge higher prices for the gas produced from June and this will be the first full quarter of higher gas prices. ONGC expects the higher gas price to add 15-16 billion rupees to quarterly revenue.
The company's near-term business outlook will depend on increases in gas production, the outlook for refining margins and investment plans for its newly-found interests in shale gas and telecoms businesses, analysts said. "The market is eagerly anticipating what will be the next big thing by Reliance — will it be an acquisition? Will it be another new business?" said Jagannadham Thunuguntla, strategist and head of research SMC Global Securities, said.
Reliance is pumping about 55-60 million cubic metres of gas a day from KG D6, off India's east coast, and the country's oil secretary said in July the company would be able to pump gas at full capacity during the year to March 2013.
The company, controlled by billionaire Mukesh Ambani who is the world's fourth richest man according to Forbes magazine, has struck three shale gas joint ventures with US firms so far this year. Ambani has made no secret of Reliance's overseas ambitions, and is looking to invest in areas such as shale gas to widen its businesses beyond petrochemicals, refining, oil and natural gas exploration, and retail.
The company has made a dramatic return to the telecom business with the $1 billion acquisition of Infotel Broadband, the only company to win a nationwide licence for broadband wireless spectrum in a government auction.
Analysts said gross refining margins at Reliance's flagship refining business should show signs of sustained recovery at $8 per barrel for the September quarter, up from $7.3 per barrel in April-June.
ONGC State-run explorer Oil and Natural Gas Corp is expected to report a 15 percent rise in quarterly net profit on higher oil prices and also boosted by a gas price increase. ONGC is required to partially subsidise the sale of fuel to state-run retailers, who sell fuel at state-controlled, below-market prices.
The government this year deregulated gasoline prices and has said diesel prices will eventually be freed. For the September quarter, ONGC's subsidy burden was 30.19 billion rupees, an official said earlier this month, compared with about 55.16 billion rupees in June quarter and 26.3 billion rupees in the year-ago quarter.
The Indian government allowed ONGC to charge higher prices for the gas produced from June and this will be the first full quarter of higher gas prices. ONGC expects the higher gas price to add 15-16 billion rupees to quarterly revenue.
ONGC Q2 net up 6%; lags estimates
NEW DELHI: State-owned Oil and Natural Gas Corp today reported a 6 per cent rise in its net profit to Rs 5,388.77 crore in the quarter ended September 30.
ONGC had posted a net profit of Rs 5,089.64 crore in July-September quarter of 2009-10 fiscal, the company said in a statement.
Sales rose to Rs 18,238.98 crore in Q2 of current fiscal from Rs 15,134.04 crore a year ago.
ONGC said it paid Rs 3,019 crore towards fuel subsidy in the quarter under review, as against Rs 2,630 crore in the Q2 of last fiscal.
The government, which deregulated gasoline prices in late June, had said diesel prices too would be eventually freed.
The company's net realisation on crude sales was $62.75 a barrel after giving refiners IOC, BPCL and HPCL a discount to make up for one-third of their loss on sale of fuel below cost. Its net realisation in the Q2 of last year was $56.41 per barrel.
ONGC's gross realisation (pre-subsidy discount) was $79.21 per barrel as opposed to $70.50 a barrel in the July-September quarter a year ago.
The government allowed ONGC to charge higher prices for the gas produced from June and this was the first full quarter of higher gas prices.
ONGC had posted a net profit of Rs 5,089.64 crore in July-September quarter of 2009-10 fiscal, the company said in a statement.
Sales rose to Rs 18,238.98 crore in Q2 of current fiscal from Rs 15,134.04 crore a year ago.
ONGC said it paid Rs 3,019 crore towards fuel subsidy in the quarter under review, as against Rs 2,630 crore in the Q2 of last fiscal.
The government, which deregulated gasoline prices in late June, had said diesel prices too would be eventually freed.
The company's net realisation on crude sales was $62.75 a barrel after giving refiners IOC, BPCL and HPCL a discount to make up for one-third of their loss on sale of fuel below cost. Its net realisation in the Q2 of last year was $56.41 per barrel.
ONGC's gross realisation (pre-subsidy discount) was $79.21 per barrel as opposed to $70.50 a barrel in the July-September quarter a year ago.
The government allowed ONGC to charge higher prices for the gas produced from June and this was the first full quarter of higher gas prices.
NHPC Q2 net soars 11.92% to Rs 690.18 cr
MUMBAI: State-run hydro power generator NHPC today reported an 11.92 per cent increase in its net profit at Rs 690.18 crore for the second quarter ended September 30.
The power major had posted a net profit of Rs 616.64 crore in the July--September quarter last fiscal, NHPC said in a filing to the Bombay Stock Exchange.
Net sales of the company also increased to Rs 1,240.36 crore in the September quarter from Rs 1,195.39 crore in the same period previous year.
Shares of NHPC were trading at Rs 31.35 a piece, up 0.16 per cent from its previous close on the BSE.
The power major had posted a net profit of Rs 616.64 crore in the July--September quarter last fiscal, NHPC said in a filing to the Bombay Stock Exchange.
Net sales of the company also increased to Rs 1,240.36 crore in the September quarter from Rs 1,195.39 crore in the same period previous year.
Shares of NHPC were trading at Rs 31.35 a piece, up 0.16 per cent from its previous close on the BSE.
Cairn India profit trebles to Rs 1,585 cr in July-Sep quarter
NEW DELHI: Cairn India on Thursday reported a three-fold jump in its net profit to Rs 1,585 crore in the quarter ended September 30, as completion of a pipeline led to jump in crude oil sales from its profilic Rajasthan block.
Cairn reported a net profit of Rs 1,585.08 crore in the July-September period as against Rs 469.51 crore net income in the same period a year ago, the company said in a statement here.
The rise in net profit was mainly because July-September was the first full quarter when the company used the 590-km Barmer (in Rajasthan) to Salaya (in Gujarat) pipeline to sell crude oil produced from the giant Mangala oilfield to Reliance Industries , Essar Oiland Indian Oil Corp (IOC).
Prior to the comissioning of the pipeline, Cairn trucked the crude oil to the refineries.
Cairn sold 10 million barrels of Mangala crude through the pipeline to the refineries in Q2 2010-11 fiscal, the statement said.
"The first full quarter of sales through the pipeline to refineries has generated significant revenues from the Mangala field in Rajasthan," Cairn India CEO Rahul Dhir said.
The pipeline has helped the company to quickly ramp up Mangala field output to peak levels of 125,000 barrels per day or 17 per cent of the nation's domestic oil production.
Cairn said Mangala field has potential to produce even more, but the same would have to be approved by the oil ministry and the sector regulator DGH.
The company said turnover jumped over 10-fold to Rs 2,686.42 crore in the July-September quarter as opposed to Rs 229.78 crore in the year ago period.
It said it raised Rs 2,250 crore through an unsecured non-convertible debenture issue to retire existing loan.
Also during the quarter, Cairn Energy Plc announced a deal to sell up to 51 per cent in Cairn India to London-listed Vedanta Resources for $8.48 billion. Edinburgh-based Cairn Energy hold 62.38 per cent stake in Cairn India.
"This transaction has been approved by shareholders of Cairn Energy. The transaction continues to progress in a consensual way to secure the necessary consents and approvals from the various government authorities and stakeholders," the statement said.
Cairn said it realised $69.5 per barrel for crude oil it sold in Q2 this fiscal as compared to $69.1 a barrel in the same period the previous period last year.
The gas price realisation in Q2 was $4.5 per thousand standard cubic feet (mscf) compared to $3.9 per mscf in Q2 FY 2009-10.
"The Rajasthan per barrel operating cost continues to decline as volumes increase," it said.
The Mangala field, discovered in January 2004, commenced production a year ago.
Cairn reported a net profit of Rs 1,585.08 crore in the July-September period as against Rs 469.51 crore net income in the same period a year ago, the company said in a statement here.
The rise in net profit was mainly because July-September was the first full quarter when the company used the 590-km Barmer (in Rajasthan) to Salaya (in Gujarat) pipeline to sell crude oil produced from the giant Mangala oilfield to Reliance Industries , Essar Oiland Indian Oil Corp (IOC).
Prior to the comissioning of the pipeline, Cairn trucked the crude oil to the refineries.
Cairn sold 10 million barrels of Mangala crude through the pipeline to the refineries in Q2 2010-11 fiscal, the statement said.
"The first full quarter of sales through the pipeline to refineries has generated significant revenues from the Mangala field in Rajasthan," Cairn India CEO Rahul Dhir said.
The pipeline has helped the company to quickly ramp up Mangala field output to peak levels of 125,000 barrels per day or 17 per cent of the nation's domestic oil production.
Cairn said Mangala field has potential to produce even more, but the same would have to be approved by the oil ministry and the sector regulator DGH.
The company said turnover jumped over 10-fold to Rs 2,686.42 crore in the July-September quarter as opposed to Rs 229.78 crore in the year ago period.
It said it raised Rs 2,250 crore through an unsecured non-convertible debenture issue to retire existing loan.
Also during the quarter, Cairn Energy Plc announced a deal to sell up to 51 per cent in Cairn India to London-listed Vedanta Resources for $8.48 billion. Edinburgh-based Cairn Energy hold 62.38 per cent stake in Cairn India.
"This transaction has been approved by shareholders of Cairn Energy. The transaction continues to progress in a consensual way to secure the necessary consents and approvals from the various government authorities and stakeholders," the statement said.
Cairn said it realised $69.5 per barrel for crude oil it sold in Q2 this fiscal as compared to $69.1 a barrel in the same period the previous period last year.
The gas price realisation in Q2 was $4.5 per thousand standard cubic feet (mscf) compared to $3.9 per mscf in Q2 FY 2009-10.
"The Rajasthan per barrel operating cost continues to decline as volumes increase," it said.
The Mangala field, discovered in January 2004, commenced production a year ago.
Indian shares rise 0.6 per cent; Reliance Industries leads
MUMBAI: Indian shares rose 0.6 percent in early trade on Thursday, with Reliance Industries leading the rise, taking cues from strong Asian markets.
At 9:15 a.m. (0345 GMT), the 30-share BSE index was up 0.55 percent at 20,115.78 points, with 25 components advancing. The 50-share NSE index was up 0.4 percent at 6,036.50
At 9:15 a.m. (0345 GMT), the 30-share BSE index was up 0.55 percent at 20,115.78 points, with 25 components advancing. The 50-share NSE index was up 0.4 percent at 6,036.50
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