Friday, 25 October 2013

Kotak Bank Q2 net up 2 pc% on higher interest income, margin

Private sector Kotak Mahindra Bank today reported 26 per cent rise in standalone net profit at Rs 353 crore in the quarter ended September 30, boosted by a healthy growth in interest income and strong margin. 

The total income increased to Rs 2,469.46 crore in the second quarter ended September 30 from Rs 2,174.50 crore a year ago. The net interest income jumped 22 per cent to Rs 924 crore from Rs 758 crore in the same period last year, it said. 

The key profitability gauge, net interest margin (NIM), which is the difference between interest a bank pays on deposits and which it earns on advances, rose 30 bps to 4.9 per cent during the quarter despite adverse market conditions. 

The private lender's total advances rose 11 per cent to Rs 50,609 crore as against Rs 45,443 crore a year ago. 

ICICI Bank Q2 PAT up 20% at Rs 2,352 crore

ICICI Bank Ltd, country's largest private-sector lender by assets, beat analyst estimates by posting quarterly profit gain of around 20.1 per cent, as an appetite for cars and homes led to higher credit growth. 

ICICI is trying to emulate the success of rival HDFC Bank Ltd with a renewed push into consumer loans as demand from the corporate sector slows in tandem with the economy. 

Net profit rose to Rs 2350 crore ($382.63 million) in July-September from a year earlier. That compared with a Rs 2190 crore estimate of 23 analysts polled by Thomson Reuters. 

Net interest income, or the difference between interest earned and paid, rose about 20 per cent to Rs 4040 crore, the bank said on Friday. 

Shares of ICICI, which the market values at $19 billion, fell 17.5 per cent in the September quarter, in line with the broader bank index. They were down 0.16 per cent at 0744 GMT, compared with the benchmark's 0.31 per cent. 

Wednesday, 23 October 2013

Sensex inches away from 21,000: Is it seeing a villain in Raghuram Rajan?

The Sensex is at a kissing distance from its all-time high of 21,004. Any day, any hour, India’s bellwether index can cross that mark. 

But the index is shying away from this historic milestone. 

Today, it is trading with losses of up to 270 points. 

All the major domestic and foreign factors having been taken care of as of now, the only major macro event from where the markets pick their next cue is the RBI’s policy meet on October 29, say analysts. 

“I’d say that the concerns that most of the emerging markets and CAD-challenged countries like India faced due to the fears of tapering, have receded. This has been the reason why positive trade has sort of played out in the emerging markets over the last few weeks; and we (India) have been a beneficiary of that. Also, concerns on the debt ceiling have sort of receded ... So broadly, these have been the reasons why the emerging markets, in general India, have done particularly well,” says,Ajay Bodke Head-Investment Strategist & Advisory, Prabhudas Lilladher. 

Till now, it was exclusively the fund flow from FIIs that was being credited for the market rally. But now analysts say it’s a broad-based momentum. 

Tuesday, 22 October 2013

Cairn India Q2 PAT up 46% at Rs 3,380 cr; sales below estimates

 Cairn India reported a net profit of Rs 3,380 crore for quarter ended September 2013 as compared to a net profit of Rs 2,320 crore in the corresponding quarter last fiscal. The PAT was above ET Now poll estimates of Rs 3,250 crore. 

However, the company reported net sales of Rs 4,650 crore, up 4.7 per cent against Rs 4,440 crore in the year-ago period. The ET Now poll expected it to be Rs 4,900 crore. 

Other income for the quarter slipped to Rs 111 crore, vs 222 crore in the same quarter last fiscal. The company reported forex gains of Rs 429 crore vs loss of Rs 785.8 crore. 

Its oil realisations for the quarter stood at $96.7 per barrel vs $98.1 per barrel, Year-on-Year. Gas realisations increased to $5.9/mscf vs $4.9/mscf, Year-on-Year. 

The management has said that it remains on track to achieve FY14 gross production of 225,000 boepd. It has planned $3 billion capex by FY16 and has spent $137 million in second quarter on capacity expansion. 

Niraj Mansingka, Associate Director- Wholesale capital markets, Edelweiss Financial Services, is of the view that while net profit was in line with expectations due to rupee depreciation, other income and revenues were below expectations. 

Wipro Q2 PAT at Rs 1932.1 crore, up 19% QoQ

Wipro, India's third-largest software exporter on Tuesday reported a Profit After Tax (PAT) of Rs 1932.1 crore for the second quarter of the financial year versus Rs 1623 crore, up 19% quarter-on-quarter. This is above an ET Now Poll estimate of Rs 1850 crore.

The sales for Q2 were reported at Rs 10,990.7 crore versus Rs 9735 crore quarter-on-quarter. An ET Now Poll had estimated sales to be at Rs 10,933.7 crore.

The IT services sales came in at Rs 10,068 crore Rs 8936 crore, up 12.6% quarter-on-quarter. The IT services sales or Q2 in dollar terms stood at $1631.1 million versus $1588.3 million quarter-on-quarter. The Q2 IT services EBIT margin was reported at 22.7% versus 19.9% QoQ..

Wipro raised the Q3 IT services revenue guidance to $1.66-1.69 billion from $1.62-1.65 billion. The IT company added 45 new clients in Q2.

"We have signed a large multi-year deal with US banking company. Q2 operating margins have been strong despite wage hikes," the company said. "There are positive indicators on the global economy. Client confidence is on the uptick which has been reflected in earnings," it added.

Ahead of the results, shares in Wipro closed the day at Rs 514.90, up 1.67% on the Bombay Stock Exchange. The stock hit an intra-day high of Rs 518.00 and a low of Rs 509.20.

Wipro has been in a slow growth phase for longer than expected, but has started to win some large deals. In the year to March 2014, the $76-billion IT sector is estimated to expand 12-14%.

Nokia launches first tablet, Lumia 2520 and 6-inch screen smartphones

Nokia unveiled its first tablet and two large-screen smartphones, known as phablets, at the annual Nokia World event in Abu Dhabi on Tuesday. 

The Lumia 2520 tablet, along with its Lumia 1520 and 1620 phablets, are among the last products the Finnish company developed to compete with Apple and Samsung before deciding to sell its handset business to Microsoft . 

The new Lumias use Microsoft's Windows Phone operating system and will face tough competition from large-screen smartphones from Samsung and Apple, which is also expected to unveil slimmer, faster iPads on Tuesday. 

The Microsoft deal is due to close in the first quarter of next year and the new products, which will still carry the Nokia brand, are part of the U.S. company's drive to become a leading player in global consumer devices.

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Recently these words were uttered by Honorable Chief Minister of Gujarat Mr Narendra Modi.

The above lines do hold good today when we have accepted what has been offered to us without even wondering whether there is something better than what we have.

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As Traders we know that we need to change or risk reward ratio.We know this is possible. We know this new risk reward ratio does exist.But We Don't change........

As Analysts, we know a new strategy does exist, a new strategy can be made.But we dont change......

As Brokers we know a New Trading Solution, A new Trading platform exists but we give different reasons for not shifting to the new system.Why? Because we dont want to change........

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