9.30 a.m. Pre Opening

US Market starts week with losses

US Market ended the day with losses today, Monday, 14 April, 2008 after financial sector weighed on investor sentiments. Traders found it hard to digest Wachovia Securities’ losses as they continued to grapple under General Electric’s dismal results. Overall, only three sectors finished in positive territory. Energy staged the largest advance.

Stocks in News

Infosys results to dictate trend

The key event to watch out for today is the IT bellwether Infosys Technologies’ Q4 March 2008 earnings. A depreciation of the rupee against the dollar is likely to drive good results from the IT sector on a sequential basis in Q4 March 2008 over Q3 December 2007, though the focus here is on guidance for the year ending March 2009.

On a consolidated basis, Infosys today reported 1.46% rise in net profit to Rs 1249 crore on a 6.34% growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007. The operating profit rose 6.17% to Rs 1478 crore in Q4 March 2008 over Q3 December 2007.

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10.30 a.m. Key indices trade lower; Infy gains after Q4 results

The key indices opened lower after an extended weekend. But markets soon pared losses, led by gains in key IT stocks after sector bellwether Infosys declared its quarterly results. Banking and capital goods stocks edged lower. Asian stocks, which opened before Indian markets, were mixed.

BSE Sensex was down 40.76 points or 0.29% at 15,762.42. The Sensex slipped 234.61 points at day’s low of 15,573.03, hit in early trade.

Stocks in News

Kirloskar Brothers builds on new order

Kirloskar Brothers gained 0.42% to Rs 236.50 at 9:56 IST on BSE after the company said it has received a letter of intent for an order worth Rs 166.77 crore from Damodar Valley Corporation - Kolkata in respect of Koderma thermal power project. 

Infosys Technologies recommends final dividend

The board of Infosys Technologies has recommended final dividend at the rate of Rs 7.25 per share (145%) and a special dividend at the rate of Rs 20 per share (400%). 

Wipro to issue & allot equity shares

The committee of Wipro has decided to issue and allot 16600 equity shares of Rs 2 each pursuant to exercise of the stock options by the eligible employees under WESOP 2000 and restricted stock unit plan 2004. 

GMM Pfaudler net profit rises 29.55% in the March 2008 quarter

Net profit of GMM Pfaudler rose 29.55% to Rs 3.99 crore in the quarter ended March 2008 as against Rs 3.08 crore during the previous quarter ended March 2007. Sales rose 30.61% to Rs 42.50 crore in the quarter ended March 2008 as against Rs 32.54 crore during the previous quarter ended March 2007. 

Cadila Healthcare to declare dividend

The board meeting of Cadila Healthcare will be held on 29 April 2008 to consider the audited annual accounts of the company for the year ended 31 March 2008 and the board will also consider the recommendation of dividend on equity shares for the year 2007-08. 

Choksh Infotech to increase authorised cap

The board meeting of Choksh Infotech has decided to increase the authorised capital of the company from Rs 3 crore to Rs 12 crore. The board has decided to convene extra ordinary general meeting on 15 May 2008. 

Grasim Industries slips

Grasim Industries slipped 0.86% to Rs 2528.60 at 10:14 IST on BSE even as the company said it has increased its stake from 25% to 45% in AV Cell Inc, a joint venture company in Canada for a total consideration of around Canadian dollar 6 million. 

Gujarat Investa to issue shares

The board of Gujarat Investa has decided to issue shares on preferential basis. Further the board has decided to covnene extra ordinary general meeting on 15 May 2008. 

Cheslind Textiles to announce financial results

The board meeting of Cheslind Textiles will be held on 22 April 2008 to consider and approve the audited financial results of the company for the year ended 31 March 2008 and to consider, recommend dividend, if any for the year 2007-08. 

Larsen & Toubro bags Rs 2000 crore order from Bombay Dyeing

Larsen & Toubro’s construction division has recently secured a major order from Bombay Dyeing for Rs 2000 crore for developments at the textile mills & spring mills complexes at Worli and Wadala regions of Mumbai respectively.

11.30 p.m. Market recovers as Infosys spurts

The key indices, which hovered in the negative zone earlier, moved into positive territory in the mid-morning trade. IT stocks clocked smart gains after Infosys reported decent Q4 March 2008 results. But banking stocks struggled to make headway into the positive territory. Asian markets, which opened before Indian markets, were mixed.  

BSE Sensex was up 4.80 points or 0.03% at 15,812.44. The index gained 36.57 points at session’s high of 15,844.21, hit in the mid-morning trade. The Sensex slipped 234.61 points at day’s low of 15,573.03, hit in early trade.

Indices Watch

BSE Indices:                                                                            Sensex/Nifty:

Index	Change (%)		Top Gainers
SENSEX	0.03		TCS	4.48%
MIDCAP	0.44		INFOSYS	4.40%
SMLCAP	0.48		RANBAXY	2.83%
BSE Sectoral Indices			SATYAM	2.82%
AUTO	0.47		WIPRO	2.81%
BANKEX	-0.91
CD	0.33
CG	0.19
FMCG	0.8		Top Losers
HC	1.15		HDFC	-2.57%
IT	3.78		HDFC BANK	-2.42%
METAL	-0.53		HINDALCO	-1.33%
OIL&GAS	0.01		ACC LIMITED	-1.18%
POWER	0.46		AMBUJA CEMENTS	-1.11%
PSU	1
REALTY	0.48
TECk	2.01

Stocks in News

Ambuja Cements announces imposition of ban on the export of cement

Ambuja Cements has announced that the Ministry of commerce & industry, Government of India has imposed a ban on the export of cements with immediate effect. Arising out of the above developments, the company would not be able to export cement till such time the ban remain in force. 

Hitkari Fibres reports net loss of Rs 4.70 crore in the March 2008 quarter

Hitkari Fibres reported net loss of Rs 4.70 crore in the quarter ended March 2008 as against net loss of Rs 0.22 crore during the previous quarter ended March 2007. Sales declined 23.85% to Rs 1.98 crore in the quarter ended March 2008 as against Rs 2.60 crore during the previous quarter ended March 2007. 

Reliance Natural Resources to announce financial results

The board meeting of Reliance Natural Resources will be held on 28 April 2008 to consider and approve the audited financial results of the company for the year ended 31 March 2008. 

Reliance Energy to announce financial results

The board meeting of Reliance Energy will be held on 28 April 2008 to consider and approve the audited financial results of the company for the year ended 31 March 2008 and to recommend payment of dividend. 

ETC Networks reports net profit of Rs 2.81 crore in the March 2008 quarter

ETC Networks reported net loss of Rs 2.81 crore in the quarter ended March 2008. Sales reported to Rs 19.96 crore in the quarter ended March 2008. 

Bhagyanagar India to consider buy back of equity shares

The board meeting of Bhagyanagar India will be held on 22 April 2008 to consider the proposal of buy back of equity shares of the company. 

Large order does not benefit L&T

Larsen & Toubro slipped 0.50% to Rs 2760.05 at 10:50 IST on BSE even as the company said it has secured an order worth Rs 2000 crore from Bombay Dyeing for developing textile mills & spring mills complexes at Worli and Wadala regions of Mumbai. 

Ultratech Cement announces imposition of ban on the export of cement & clinker

Ultratech Cement has announced that the Government of India has vide notification dated 11 April 2008 imposed a ban on the export of cement and clinker from the country with immediate effect. 

Galaxy Consolidated Finance reports no net profit or loss in the year ended March 2008

Galaxy Consolidated Finance reported no net profit or loss reported in the year ended March 2008 and during the previous year ended March 2007. Sales remain constant at Rs 0.01 crore in the year ended March 2008 and also during the previous year ended March 2007.