Profit Briefing: SBI asset quality concerns continue; SAIL disappoints
In December, 2012, household inflation is expected to be 13.3 per cent, higher than the 12.9 per cent perceived for September, 2012, and daily-wage workers and housewives expected higher inflation rates to continue, the survey said.
If you missed our coverage today, here is a quick summary.
MARKETS: Sensex rises 24 points, SBI, SAIL fall on Q3
India's benchmark indices closed flat after Monday, with the Sensex rising 24.15 points to 17,772.84 and the broader Nifty index advancing 8.60 points to 5,390.20. The tepid close muted the choppiness of intraday trade. The Sensex moved in a 230 point range while the Nifty traded in a 70 point band today. Stocks were subdued despite positive global cues. (Read More)
ECONOMY: Greece approves austerity to stay in eurozone
Greece's parliament has approved an austerity and debt-relief bill, crucial for the country to avoid bankruptcy and remain in the eurozone. Lawmakers voted early Monday in favor of the bill that imposes harsh new austerity measures in return for a euro 130 billion ($171 billion) new bailout agreement and related deal with private creditors to shave euro100 billion ($132 billion) off the country's national debt. (Read More)
BANKING & FINANCE: SBI Q3 net up 15% at Rs 3,263 crore, assets under pressure
State Bank of India has reported good operational numbers for the October-December quarter. However, asset quality continued to disappoint analysts. Net income jumped 26.7% to Rs 11,465.86 crore against Rs 9,049.76 crore year-on-year. Net profit jumped over 15% to Rs 3,263.04 crore against Rs 2,828.06 crore (YoY).
The bank has been struggling with poor asset quality, reporting slippages over the last two quarters and this quarter has not proved to be an exception. (Read More)
General insurance business to turn profitable: Sam Ghosh, Reliance Capital
Anil Ambani-led group's financial services arm, Reliance Capital, posted a 43 per cent decline in net profit at Rs 60 crore for the third quarter ending December 2011. The company said that factors like 47 per cent rise in interest costs and a loss of Rs 34 crore from general insurance business have dented profits in the quarter under review.
In an interview to NDTV Profit, Sam Ghosh, CEO, Reliance Capital, said that the general insurance segment showed higher than anticipated loss in the third quarter, but it will turn profitable going forward. He also sees margins to go up in the near future. (Read More)
Not taken any deposit from public since March 2011: Manappuram
Manappuram Finance said on Monday that it has not accepted any deposits from the public since March last year and it will take necessary measures to address concerns raised by the Reserve Bank in this regard. (Read More)
The RBI had last week cautioned Manappuram Finance Ltd against accepting public deposits as the firm has converted itself into a non-deposit taking NBFC.
INFRASTRUCTURE: SAIL Q3 net down 43%, Coal India Q3 net jumps 57%
State owned steel giant Steel Authority of India Limited today reported a 43% fall in net profit on the back of higher input costs and forex losses. Stock market reacted negatively as SAIL shares, fell 2.43 per cent at Rs 110.35 on the Bombay Stock Exchange. (Read More)
Coal India, a state-owned company, reported a 57 per cent jump in the net profit at Rs 4037 crore for the quarter ended December 2011. The company reported a 16.7 per cent growth in sales at Rs 15,349 crore. The company beat street estimates on the net profit but sales growth fell short of expectations. Coal India shares rose 1.6 per cent on the announcement of results when benchmark indices remained flat. (Read More)
TELECOM: Profit hit by finance charges, data key to growth: RCom on Q3
Reliance Communications, Shares of Anil Ambani promoted Reliance Communications underperformed Monday on the back of poor numbers in the October-December quarter. India's second biggest wireless company by subscribers had reported a 26.2 per cent drop in sequential net profit of Rs 186 crore over revenue of Rs 5,052 crore for the quarter ended December 2011.
Shamik Das - Joint President & COO, RCOM, Wireless Business and Punit Garg, President, Reliance Communications spoke to NDTV Profit on why the Q3 numbers disappointed. (Read More)
OIL & GAS: GSPC spuds third appraisal well in Deen Dayal East area of KG block
The state-run Gujarat State Petroleum Corporation (GSPC) today said it has spudded its third appraisal well in the Deen Dayal East (DDE) area of the Krishna Godavari (KG) Block, off Andhra Pradesh coast. (Read More)
RETAIL: Pantaloon retail stocks plunge on rising debt, fall in sales growth
Pantaloon Retail, the largest retail chain, reported a 71 per cent fall in the net profit and a 5 per cent growth in sales in the December 2011 quarter. Pantaloon’s share price reacted on Monday as it slumped over 6 per cent. The street is worried about the rising debt, high interest cost, and fall in sales growth among other factors. (Read More)
POWER: Reliance Power Q3 consolidated net up 42% at Rs 204 cr
Anil Ambani Group company Reliance Power on Monday reported 42 per cent increase in consolidated net profit at Rs 204 crore for the quarter ended December 31, 2011. The company had reported a consolidated net profit of Rs 144 crore in the year ago period. (Read More)
REAL ESTATE: DLF shares plunge over 3% on weak Q3 results
Shares of realty firm DLF on Monday plunged by over 3 per cent in the afternoon trade after the company reported 45 per cent decline in consolidated profit after tax for the third quarter of 2011-12. They recovered by the end of the trade to close at Rs 230.6, down by 0.4 per cent (Read More)
DLF on Friday last week reported 45 per cent decline in consolidated profit after tax at Rs 258 crore for the third quarter ended December, on account of lower than expected sales. (Read: DLF Q3 results)