18 May 2010

BSE Sensex kissing the psychological 17,000 level in afternoon trade : Top gainers in the BSE's 'A' group were, BEML (up 5.54%), Central Bank of India (up 4.33%), Indiabulls Financial Services (up 4.18%), GlaxoSmithKline Pharmaceuticals (up 3.98%) an

Bharat Earth Movers (BEML), the Bangalore based PSU engineering major which had reported de-growth in sales in sequential quarter ended September '04 and Dec '04 has mend its ways and came back to growth path with a vengeance. Sales for the quarter ended March '05 has registered a strong growth of 36% to Rs 775.41 crore. For the quarter ended March '05 value of production was at Rs 701.18 crore (up from Rs 510.61 crore on y-o-y), 10% lower than sales. The value of production for quarter ended Dec '04 was 8% higher than sales of that quarter at Rs 343.96 crore and that seems have been booked now. Strengthened by revenue booking, higher volume and better cost management the operating profit margin was up by whopping 1890 basis points to 22.4%, thus operating profit zoomed by 764% to Rs 173.96 crore.

Prior to RBI's quarterly monetary plan, Ernst & Young, global consultancy firm, announced that the central bank is likely to increase interest rates to draw out liquidity from the market and check out costs from rising further.

The report also said that RBI may also lift up the amount banking institutions require to park with the central bank by around 50 bps.

Mr. Ashvin Parekh, Ernst & Young partner & national director for financial services said, "The Reserve Bank could raise the short-term borrowing (reverse repo) rate by 25 basis points. The central bank is likely to hike cash reverse ratio by up to 50 basis points."

Indiabulls Group is one of India's top Business houses with businesses spread over Real Estate, Infrastructure, Financial Services, Securities and Power sectors. The group companies are listed on important Indian and Overseas markets. Indiabulls has been conferred the status of a "Business Superbrand" by The Brand Council, Superbrands Indiabulls.

 Established in the year 1924 in India GlaxoSmithKline Pharmaceuticals Ltd. (GSK Rx India) is one of the oldest pharmaceuticals company. At GSK, our mission is to improve the quality of life by enabling people to do more, feel better and live longer. This mission drives us to make a real difference to the lives of millions of people with our commitment to effective healthcare solutions

·         Federal Bank jumped 5.01% to Rs 307.30. The stock topped the gainers in BSE's 'A' group. The stock hit a 52-week high of Rs 315 in intraday trade today, 18 May 2010. The bank's net profit rose 2.3% to Rs 116.85 crore on 6.6% increase in total income to Rs 1083.73 crore in Q4 March 2010 over Q4 March 2009. The bank declared its results on 14 May 2010.


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