Intraday chart (range one day)
Intraday chart (range five days)
Saturday, August 1, 2009
Q1 RESULTS- Tata power, TVS motors,Nalco,ABB
Q1 RESULTS
DLF Q1 NET PLUNGES 79%, REVENUE SLIPS BY 57%
DLF Q1 net slumped to Rs 396 crore (Rs 1,863.97 crore) due to sharp decline in demand for its housing and commercial properties. Revenue fell to Rs 1,649.86 crore (Rs 3,810.62 crore).
TATA POWER NET UP 144%, REVENUES DOWN 1%
Tata Power's net profit was up at Rs 396 crore (Rs 162 crore). Net revenues fell to Rs 1,975 crore (Rs 1,989 crore).
TVS MOTOR'S NET ZOOMS 157%, SALES UP 7%
TVS Motor's profit zoomed to Rs 18.1 cr (Rs 7 cr) due to sharp fall in raw material prices and an appropriate product mix.
NALCO NET DOWN 76%, SALES FALL 36%
National Aluminum Company's net profit was down at Rs 127 crore (Rs 525 crore). Sales were at Rs 920 crore (Rs 1460 crore).
ABB Q2 NET DOWN 36.5%, SALES SLIP 7%
ABB Q2 net profit stood at Rs 84 crore (Rs 132 crore). Total income dropped to Rs 1,525 crore (Rs 1,637 crore).
DLF Q1 NET PLUNGES 79%, REVENUE SLIPS BY 57%
DLF Q1 net slumped to Rs 396 crore (Rs 1,863.97 crore) due to sharp decline in demand for its housing and commercial properties. Revenue fell to Rs 1,649.86 crore (Rs 3,810.62 crore).
TATA POWER NET UP 144%, REVENUES DOWN 1%
Tata Power's net profit was up at Rs 396 crore (Rs 162 crore). Net revenues fell to Rs 1,975 crore (Rs 1,989 crore).
TVS MOTOR'S NET ZOOMS 157%, SALES UP 7%
TVS Motor's profit zoomed to Rs 18.1 cr (Rs 7 cr) due to sharp fall in raw material prices and an appropriate product mix.
NALCO NET DOWN 76%, SALES FALL 36%
National Aluminum Company's net profit was down at Rs 127 crore (Rs 525 crore). Sales were at Rs 920 crore (Rs 1460 crore).
ABB Q2 NET DOWN 36.5%, SALES SLIP 7%
ABB Q2 net profit stood at Rs 84 crore (Rs 132 crore). Total income dropped to Rs 1,525 crore (Rs 1,637 crore).
J&K CM Omar Abdullah resumes office
Jammu and Kashmir Chief Minister Omar Abdullah resumed office today, a day after Governor N N Vohra rejected his resignation which he had tendered over allegations by a senior PDP leader of his being involved in the 2006 sex scandal case.
Dressed in Pathani suit, Omar was greeted by dozens of his staff who had lined up at the secretariat since morning.
The 39-year-old Chief Minister interacted with his staff and began his work by signing on some files.
He also held his usual morning meeting with his cabinet colleagues and later chaired a cabinet meeting.
Speaking to the media, he said, "I had to take a difficult decision in order to clear not only my own name but also to establish some respectability for politics and politicians in the state of Jammu and Kashmir."
He stressed that he had left the Assembly incident behind him as "I am not the one to dwell on the past. I look towards the future. I have never conducted myself or my politics with a view to extracting revenge and therefore what is done is done."
He said, "We have come to fulfill the aspirations of the people of the state rather than fight among ourselves. I believe in the highest political ethics, upright character and moral principles and my conviction is that only a person with unblemished character has the moral right to hold such positions from where he can serve people with full devotion and sincerity."
Dressed in Pathani suit, Omar was greeted by dozens of his staff who had lined up at the secretariat since morning.
The 39-year-old Chief Minister interacted with his staff and began his work by signing on some files.
He also held his usual morning meeting with his cabinet colleagues and later chaired a cabinet meeting.
Speaking to the media, he said, "I had to take a difficult decision in order to clear not only my own name but also to establish some respectability for politics and politicians in the state of Jammu and Kashmir."
He stressed that he had left the Assembly incident behind him as "I am not the one to dwell on the past. I look towards the future. I have never conducted myself or my politics with a view to extracting revenge and therefore what is done is done."
He said, "We have come to fulfill the aspirations of the people of the state rather than fight among ourselves. I believe in the highest political ethics, upright character and moral principles and my conviction is that only a person with unblemished character has the moral right to hold such positions from where he can serve people with full devotion and sincerity."
Japan's jobless rate at 6-year high
Japan’s unemployment rate rose to a six-year high in June and consumer prices fell at a record pace, adding to evidence the domestic economy is struggling to recover even as exports start to improve.
The jobless rate advanced to 5.4 percent from 5.2 percent in May, the statistics bureau said today in Tokyo, higher than the 5.3 percent median forecast of economists surveyed. Consumer prices excluding fresh food, the central bank’s preferred gauge, fell a record 1.7 percent in June, a separate report showed.
Economists expect the jobless rate to rise to a record 5.8 percent as companies cut costs. Deflation may erode profits even as factory output rebounds, further hampering Japan’s recovery from its deepest postwar recession.
“Worsening job prospects will continue to weigh on Japan’s recovery,” said Yasuhiro Onakado, chief economist in Tokyo at Daiwa SB Investments Ltd. in Tokyo. “The export recovery is helping production but capacity utilization is still low and companies are still saddled with excess capacity and employment.”
The yen traded at 95.30 per dollar at 12:04 p.m. in Tokyo from 95.46 before the report was published. The Nikkei 225 Stock Average rose 1.4 percent to 10,304.90, heading for its highest close since Oct 6, after Sony Corp. posted a smaller than expected quarterly loss.
Given Japan’s current production levels, companies have 6 million extra workers, the highest ever, the Cabinet Office said last week. A report yesterday showed that while output increased 2.4 percent in June from the previous month, it fell 23.4 percent from a year ago.
Record Low
The number of positions available to each job applicant rose stood at 0.43, a record low, the Labor Ministry said. Economists regard the ratio as a leading indicator for the unemployment rate.
Consumers have received temporary relief from the downturn from Prime Minister Taro Aso’s 25 trillion yen ($262 billion) in stimulus spending that included measures ranging from cash handouts to tax breaks on fuel-efficient vehicles. The packages helped bolster consumer confidence to an 18-month high in June.
Household spending rose 0.2 percent, a second monthly gain, a separate report showed today. Economists expected outlays to increase 0.5 percent. Retail sales fell 3 percent in June, the government said earlier this week.
“Consumer spending will clearly start weaken once the impact of the stimulus packages fades,” said Takeshi Minami, chief economist at Norinchukin Research Institute in Tokyo.
Nintendo Co. and Sony, the largest makers of game consoles, are facing mounting pressure to cut prices after reports yesterday showed sales of the motion-sensing Wii fell for the first time and PlayStation 3 shipments tumbled to a two-year low.
The U.S. unemployment rate rose to a quarter-century high of 9.5 percent in June and in the euro zone it reached a decade high of 9.5 percent in May.
Saving More
At home, consumers are starting to save more, prompting retailers to offer cheaper products to lure consumers. Department store operator Millenium Retailing Inc. will start selling cheaper, generic products in September, according to Nagatoshi Nii, spokesman at the retailer. Aeon Co., Japan’s second-largest retailer, started selling house-brand beer that’s 20 percent cheaper than equivalent products at major breweries.
The drop in consumer prices will probably accelerate through the third quarter and exceed 2 percent in reaction to last year’s record increases in oil, Bank of Japan board member Tadao Noda said yesterday. Declines will moderate after that as the economy improves, he added.
Summer bonuses at Japan’s largest companies will slide a record 18.3 percent this year, according to a survey published last month by the Keidanren, the country’s biggest business lobby. The average budget for this summer vacation for each individual dropped 18 percent to 88,000 yen ($925) from last year, the lowest in four years, Dentsu Research Inc. reported this week.
The jobless rate advanced to 5.4 percent from 5.2 percent in May, the statistics bureau said today in Tokyo, higher than the 5.3 percent median forecast of economists surveyed. Consumer prices excluding fresh food, the central bank’s preferred gauge, fell a record 1.7 percent in June, a separate report showed.
Economists expect the jobless rate to rise to a record 5.8 percent as companies cut costs. Deflation may erode profits even as factory output rebounds, further hampering Japan’s recovery from its deepest postwar recession.
“Worsening job prospects will continue to weigh on Japan’s recovery,” said Yasuhiro Onakado, chief economist in Tokyo at Daiwa SB Investments Ltd. in Tokyo. “The export recovery is helping production but capacity utilization is still low and companies are still saddled with excess capacity and employment.”
The yen traded at 95.30 per dollar at 12:04 p.m. in Tokyo from 95.46 before the report was published. The Nikkei 225 Stock Average rose 1.4 percent to 10,304.90, heading for its highest close since Oct 6, after Sony Corp. posted a smaller than expected quarterly loss.
Given Japan’s current production levels, companies have 6 million extra workers, the highest ever, the Cabinet Office said last week. A report yesterday showed that while output increased 2.4 percent in June from the previous month, it fell 23.4 percent from a year ago.
Record Low
The number of positions available to each job applicant rose stood at 0.43, a record low, the Labor Ministry said. Economists regard the ratio as a leading indicator for the unemployment rate.
Consumers have received temporary relief from the downturn from Prime Minister Taro Aso’s 25 trillion yen ($262 billion) in stimulus spending that included measures ranging from cash handouts to tax breaks on fuel-efficient vehicles. The packages helped bolster consumer confidence to an 18-month high in June.
Household spending rose 0.2 percent, a second monthly gain, a separate report showed today. Economists expected outlays to increase 0.5 percent. Retail sales fell 3 percent in June, the government said earlier this week.
“Consumer spending will clearly start weaken once the impact of the stimulus packages fades,” said Takeshi Minami, chief economist at Norinchukin Research Institute in Tokyo.
Nintendo Co. and Sony, the largest makers of game consoles, are facing mounting pressure to cut prices after reports yesterday showed sales of the motion-sensing Wii fell for the first time and PlayStation 3 shipments tumbled to a two-year low.
The U.S. unemployment rate rose to a quarter-century high of 9.5 percent in June and in the euro zone it reached a decade high of 9.5 percent in May.
Saving More
At home, consumers are starting to save more, prompting retailers to offer cheaper products to lure consumers. Department store operator Millenium Retailing Inc. will start selling cheaper, generic products in September, according to Nagatoshi Nii, spokesman at the retailer. Aeon Co., Japan’s second-largest retailer, started selling house-brand beer that’s 20 percent cheaper than equivalent products at major breweries.
The drop in consumer prices will probably accelerate through the third quarter and exceed 2 percent in reaction to last year’s record increases in oil, Bank of Japan board member Tadao Noda said yesterday. Declines will moderate after that as the economy improves, he added.
Summer bonuses at Japan’s largest companies will slide a record 18.3 percent this year, according to a survey published last month by the Keidanren, the country’s biggest business lobby. The average budget for this summer vacation for each individual dropped 18 percent to 88,000 yen ($925) from last year, the lowest in four years, Dentsu Research Inc. reported this week.
US GDP contracts 1.5% (5.4%) in April-June qtr
The U.S. economy probably shrank at a slower pace in the second quarter, a sign the worst recession in half a century is winding down, economists said before a report today.
Gross domestic product contracted at a 1.5 percent annual rate from April to June after dropping 5.5 percent the prior quarter, according to the median forecast of 78 economists surveyed by Bloomberg News. The report will also include benchmark revisions for prior quarters.
Profits at companies from Caterpillar Inc. to Dow Chemical Co. show the slump is easing as government efforts to revive lending and President Barack Obama’s stimulus take hold. Consumer spending, which accounts for 70 percent of the economy, may take time to recover as job losses mount, eroding the growth analysts anticipate will start this quarter.
“We’ve definitely turned the corner but it’s going to be a slow, agonizing recovery,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We’re just not going to get the job growth that politicians promised and people expect. The consumer doesn’t want to spend a lot.”
The Commerce Department’s report on GDP, the sum of all goods and services produced, is due at 8:30 a.m. in Washington. Survey estimates ranged from a 0.7 percent gain to a decline of 2.9 percent.
A drop would be the fourth in a row, the longest losing streak since quarterly records began in 1947. The contraction so far has been the deepest since 1957-58.
Less Spending
The report may show consumer spending dropped at a 0.5 percent pace, the third decline in the last four quarters, the survey showed.
The economy has lost 6.5 million jobs since the recession began in December 2007, and economists surveyed by Bloomberg this month forecast the jobless rate will exceed 10 percent by early 2010.
“The United States economy has found bottom but will be slow in recovering as unemployment continues to be a drag on consumer spending,” Andrew Liveris, chief executive officer of Midland, Michigan-based Dow, said in a statement yesterday.
Second-quarter profit at Dow and at Peoria, Illinois-based Caterpillar, topped analysts’ estimates. Caterpillar, the world’s largest maker of construction equipment, said last week that stimulus programs in countries such as China were helping stabilize sales.
Slumps Easing
Recent reports showed the housing slump, which helped trigger the financial crisis last year, and the decline in manufacturing have eased. Housing starts rose in June as construction of single-family dwellings jumped by the most since 2004, Commerce reported earlier this month. Industrial production shrank in June at the slowest pace in eight months, according to figures from the Federal Reserve.
Most of the Fed’s 12 regional banks reported a slower pace of economic decline in June and July, the central bank’s regional survey of activity showed this week. Fed Chairman Ben S. Bernanke told Congress last week that there were “tentative signs of stabilization.”
Companies probably cut stockpiles further last quarter, setting the stage for recovery in production.
“With inventory levels in an ultra-lean state, businesses should start adding inventories in the second half of the year as the economy begins to show signs of life,” said Ellen Zentner, senior economist at Bank of Tokyo-Mitsubishi UFJ Ltd.
Automakers
General Motors Co. and Chrysler Group LLC, both out of bankruptcy, are among firms set to ramp up production as government efforts lift demand.
The “cash-for-clunkers” trade-in program begun this month has spurred 16,351 new-vehicle sales so far, the Transportation Department said this week. The plan has given out $68.9 million in subsidies out of the $1 billion set aside.
Economists project the economy will grow at an average 1.5 percent pace from July to December, according to a Bloomberg survey taken in early July. David Weidman, chief executive officer of Dallas-based chemical maker Celanese Corp., is among those seeing an improvement.
“We exited the quarter with increasing optimism,” as rising demand offered “clear signs of economic recovery,” Weidman said in an interview this week.
The Standard & Poor’s 500 Index and Dow Jones Industrial Average are up 12 percent since July 10 on better-than- anticipated earnings at companies from Motorola Inc. to 3M Co.
The country “may be seeing the beginning of the end of the recession,” Obama said this week. Even so, “we know the tough times aren’t over.”
U.S. Economy Probably Shrank at Slower Pace in Second Quarter
Gross domestic product contracted at a 1.5 percent annual rate from April to June after dropping 5.5 percent the prior quarter, according to the median forecast of 78 economists surveyed by Bloomberg News. The report will also include benchmark revisions for prior quarters.
Profits at companies from Caterpillar Inc. to Dow Chemical Co. show the slump is easing as government efforts to revive lending and President Barack Obama’s stimulus take hold. Consumer spending, which accounts for 70 percent of the economy, may take time to recover as job losses mount, eroding the growth analysts anticipate will start this quarter.
“We’ve definitely turned the corner but it’s going to be a slow, agonizing recovery,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. “We’re just not going to get the job growth that politicians promised and people expect. The consumer doesn’t want to spend a lot.”
The Commerce Department’s report on GDP, the sum of all goods and services produced, is due at 8:30 a.m. in Washington. Survey estimates ranged from a 0.7 percent gain to a decline of 2.9 percent.
A drop would be the fourth in a row, the longest losing streak since quarterly records began in 1947. The contraction so far has been the deepest since 1957-58.
Less Spending
The report may show consumer spending dropped at a 0.5 percent pace, the third decline in the last four quarters, the survey showed.
The economy has lost 6.5 million jobs since the recession began in December 2007, and economists surveyed by Bloomberg this month forecast the jobless rate will exceed 10 percent by early 2010.
“The United States economy has found bottom but will be slow in recovering as unemployment continues to be a drag on consumer spending,” Andrew Liveris, chief executive officer of Midland, Michigan-based Dow, said in a statement yesterday.
Second-quarter profit at Dow and at Peoria, Illinois-based Caterpillar, topped analysts’ estimates. Caterpillar, the world’s largest maker of construction equipment, said last week that stimulus programs in countries such as China were helping stabilize sales.
Slumps Easing
Recent reports showed the housing slump, which helped trigger the financial crisis last year, and the decline in manufacturing have eased. Housing starts rose in June as construction of single-family dwellings jumped by the most since 2004, Commerce reported earlier this month. Industrial production shrank in June at the slowest pace in eight months, according to figures from the Federal Reserve.
Most of the Fed’s 12 regional banks reported a slower pace of economic decline in June and July, the central bank’s regional survey of activity showed this week. Fed Chairman Ben S. Bernanke told Congress last week that there were “tentative signs of stabilization.”
Companies probably cut stockpiles further last quarter, setting the stage for recovery in production.
“With inventory levels in an ultra-lean state, businesses should start adding inventories in the second half of the year as the economy begins to show signs of life,” said Ellen Zentner, senior economist at Bank of Tokyo-Mitsubishi UFJ Ltd.
Automakers
General Motors Co. and Chrysler Group LLC, both out of bankruptcy, are among firms set to ramp up production as government efforts lift demand.
The “cash-for-clunkers” trade-in program begun this month has spurred 16,351 new-vehicle sales so far, the Transportation Department said this week. The plan has given out $68.9 million in subsidies out of the $1 billion set aside.
Economists project the economy will grow at an average 1.5 percent pace from July to December, according to a Bloomberg survey taken in early July. David Weidman, chief executive officer of Dallas-based chemical maker Celanese Corp., is among those seeing an improvement.
“We exited the quarter with increasing optimism,” as rising demand offered “clear signs of economic recovery,” Weidman said in an interview this week.
The Standard & Poor’s 500 Index and Dow Jones Industrial Average are up 12 percent since July 10 on better-than- anticipated earnings at companies from Motorola Inc. to 3M Co.
The country “may be seeing the beginning of the end of the recession,” Obama said this week. Even so, “we know the tough times aren’t over.”
U.S. Economy Probably Shrank at Slower Pace in Second Quarter
2004-05 to be the new base year for inflation index: FM
Finance Minister Pranab Mukherjee today said the wholesale price index (WPI) series, used to calculate inflation in the country, will have 2004-05 as the base year.
"The WPI series is being upgraded with base year 2004-05 in lieu of the existing one with base year 1993-94," Mukherjee told the Lok Sabha, replying to a queation on price indices.
With the advancement of the base year and probably a revision of commodities in the index and their weights, it is expected that the index would provide a better picture of the current scenario of prices.
"The WPI will now become more representative of today's reality. I believe it will come along with the revision in commodities and weights," rating agency Crisil Principal Economist DK Joshi said.
Though Joshi said the WPI will become a better measure, he doubted if the government would include services in the index and said people will have to continue depending on other indices like the consumer price index.
"The WPI price data collection completely excludes the services sector," Mukherjee said, replying to whether the current system of collecting data for monitoring prices is faulty.
"The WPI series is being upgraded with base year 2004-05 in lieu of the existing one with base year 1993-94," Mukherjee told the Lok Sabha, replying to a queation on price indices.
With the advancement of the base year and probably a revision of commodities in the index and their weights, it is expected that the index would provide a better picture of the current scenario of prices.
"The WPI will now become more representative of today's reality. I believe it will come along with the revision in commodities and weights," rating agency Crisil Principal Economist DK Joshi said.
Though Joshi said the WPI will become a better measure, he doubted if the government would include services in the index and said people will have to continue depending on other indices like the consumer price index.
"The WPI price data collection completely excludes the services sector," Mukherjee said, replying to whether the current system of collecting data for monitoring prices is faulty.
71% of urban India students use PC: Survey
A striking 71% of students in Indian metropolitan areas say they use personal computers, according to a new survey by information technology giant Tata Consultancy Services Ltd.
And 66 % of students in the southern city of Bangalore said they were active on blogging and social networking sites, compared with 39% nationally, the same survey found.
The survey of nearly 14,000 kids studying in English-language schools in 12 major cities in India shows schoolchildren here have embraced technology and the Internet, with Google and Wikipedia overtaking the library as the most trusted source of information.
The survey "confirms that today's students are shifting their academic and social life online and embracing the digital world as true digital natives," said S. Ramadorai, chief executive officer and managing director of Tata Consultancy.
Conducted in 2008 and 2009, the survey is the outgrowth of a quiz show that Tata Consultancy launched a decade ago in English schools across India to create an interest in technology. Through the survey, Tata Consultancy hopes to connect with potential employees by gaining a better understanding of how young people use technology to work, play and think, company officials said.
Rising incomes among India's middle class have meant that more families are likely to own a personal computer.
Among the many significant findings of the survey was the fact that the highest percentage of users of personal computers were in Bangalore and Delhi -- at 77%.
Some 63% of children surveyed said they spent more than an hour each day on the Internet; 41% of school children surveyed chose Google as a source of information, while 46% said they use online sources to access news.
Far fewer children reported using the library. Cochin in Kerala ranked the highest in library usage, at 14%.
Blogging and social networking also appear to be gaining ground. Higher education abroad remains a common goal among students. The U.S. remains the most popular study destination with nearly 40% preferring to study there, the survey found. However, when it comes to their careers, 49% said they would like to stay in India.
Laptops and Ipod players do not appear to have reached many homes, according the survey. Mumbai had the highest laptop penetration, at 38%, compared to the national average of 19%. Tata Consultancy is one of India's largest information technology players, with 48,000 employees in India, 95% of whom are 25 years old or younger.
And 66 % of students in the southern city of Bangalore said they were active on blogging and social networking sites, compared with 39% nationally, the same survey found.
The survey of nearly 14,000 kids studying in English-language schools in 12 major cities in India shows schoolchildren here have embraced technology and the Internet, with Google and Wikipedia overtaking the library as the most trusted source of information.
The survey "confirms that today's students are shifting their academic and social life online and embracing the digital world as true digital natives," said S. Ramadorai, chief executive officer and managing director of Tata Consultancy.
Conducted in 2008 and 2009, the survey is the outgrowth of a quiz show that Tata Consultancy launched a decade ago in English schools across India to create an interest in technology. Through the survey, Tata Consultancy hopes to connect with potential employees by gaining a better understanding of how young people use technology to work, play and think, company officials said.
Rising incomes among India's middle class have meant that more families are likely to own a personal computer.
Among the many significant findings of the survey was the fact that the highest percentage of users of personal computers were in Bangalore and Delhi -- at 77%.
Some 63% of children surveyed said they spent more than an hour each day on the Internet; 41% of school children surveyed chose Google as a source of information, while 46% said they use online sources to access news.
Far fewer children reported using the library. Cochin in Kerala ranked the highest in library usage, at 14%.
Blogging and social networking also appear to be gaining ground. Higher education abroad remains a common goal among students. The U.S. remains the most popular study destination with nearly 40% preferring to study there, the survey found. However, when it comes to their careers, 49% said they would like to stay in India.
Laptops and Ipod players do not appear to have reached many homes, according the survey. Mumbai had the highest laptop penetration, at 38%, compared to the national average of 19%. Tata Consultancy is one of India's largest information technology players, with 48,000 employees in India, 95% of whom are 25 years old or younger.
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