Reliance Communications posts consolidated revenues of Rs 19068 crore

Reliance Communications posts consolidated revenues of Rs 19068 crore, net profit of Rs 5401 crore and EBIDTA of Rs 8198 crore, reports CNBC TV18. The company reports (QoQ) standalone net profit up 9.5% at Rs 1502 crore versus Rs 1372 crore, revenues up 8.9% at Rs 5311 crore versus RS 4874 crore and MTM loss of Rs 25 crore. The positive numbers saw the stock rise and it is currently trading at Rs 582, up 1.59% on the BSE

The market is slipping a bit.

Sensex is trading at 17293, down 85 points and Nifty is at 5169, down 26 points from the previous close. The CNX Midcaps index is trading flat, BSE Smallcaps index is up 0.21%. Cement and metals are trading soft. The market breadth is positive with advances at 628 against declines of 584 on the NSE

INR report

The Rupee weakened to 40.49 against the US dollar yesterday. US dollar demand from state run banks (possibly due to defense related payment) and also demand from a large private sector bank. This demand is not yet over which can result in the rupee opening higher around 40.65. As and when this demand gets over the rupee will once again get stronger. Technically the rupee has to break the 40.82-40.88 zone till then it will find sellers at higher levels. Failure of the rupee to break 40.88 by next week will result in a fall back to 39.90. RBI left interest rate unchanged and instead increased the cash reserve ratio (CRR) in its annual policy meeting. This is just an inflation controlling move and nothing else.

Fed will cut rates by .25%

Fed will keep their options open for a possibility of further cuts. He expects some fiscal stimulus for the US economy during the second half of the year

Fed wants a stronger US dollar they will signal an interest rate pause. If they want a weaker US dollar they will be hawkish or may not signal an end to the interest rate cuts. A weaker US dollar has boosted the US manufacturing sector in 2008. Job losses in the US are mainly in the financial services sector while the manufacturing sector adds to jobs

Indian market are Firm

Markets have given up its morning gains and are hovering around yesterday’s close. Buying interest is seen in realty, auto and power stocks. However, bank, IT and metal stocks are witnessing selling pressure.

At 10.48 am, the Sensex is up 4.99 points or 0.03% at 17383.45, and the Nifty up 8.50 points or 0.16% at 5204.00.

About 1708 shares have advanced, 1150 shares declined, and 224 shares are unchanged.

Top gainers on the bourses are Reliance Comm, Tata Motors, M&M, Idea Cellular and Maruti Suzuki.
Most active shares on BSE are Sesa Goa, Reliance Petro and Indiabulls Sec.

Mkt opens with good gains; DLF, Rel Comm up

The markets have opened with good gain. Nifty trading above 5200 mark. DLF, Reliance Comm, JP Associate are witnessing buiyng interest ahead of their earnings.

At 19.56 am, the Sensex was up points 91 at 17468, and the Nifty was up 23 points at 5218.50.

Unitech, Hindalco, Sayam, Suzlon, Dr Reddy Labs are among major gainers.

IFCI, Nagarjuna Fertiliser are among major losers.

Reliance Power puts IPO money in MFs

Reliance Power Ltd, which raised Rs 11,562 crore in its IPO in January last, has temporarily parked almost the entire money in mutual funds. The 2007-08 financial results declared by the company on Monday show that Rs 11,412.81 crore is invested in mutual funds. The company has not disclosed either the funds or the schemes where the money has been invested.

The IPO offer document says that the company “intends to invest the funds from the issue in interest bearing liquid instruments including deposits with banks and investments in mutual funds. These investments may include investments in mutual funds managed or financial products sold by one of our affiliates, RCL (Reliance Capital)”

The company has spent only Rs 25.83 crore as of March 31, 2008 in construction and development of its various projects.

The temporary parking of the IPO money in mutual funds has helped the company report a net profit of Rs 94.6 crore for 2007-08. Total income for year stands at Rs 132.8 crore, of which dividend income is Rs 112.7 crore.

The company has also informed that from March 31, Coastal Andhra Power Ltd, Reliance Coal Resources Pvt Ltd, Sasan Power Infrastructure Pvt Ltd, Sasan Power Infraventures Pvt Ltd, Maharashtra Energy Generation Infrastructure Ltd and Coastal Andhra Power Infrastructure Ltd have been incorporated as wholly owned subsidiaries.

On the BSE, the scrip was traded at Rs 403.25, an increase of 0.27 per cent over the previous closing of Rs 402.15, reports The Hindu Business Line.

Source : The Hindu Business Line.

Asian markets firm trading

sian markets were trading firm. Hong Kong's Hang Seng slipped 0.17% or 43.10 points at 25,871.05.

Taiwan's Taiwan Weighted gained 0.41% or 36.80 points at 8,928.54.

Singapore's Straits Times was up 0.06% or 1.75 points at 3,174.11.

South Korea's Seoul Composite rose 0.29% or 5.21 points at 1,816.72.