|Market Commentary||Tuesday, August 07, 2012 08:50 Hrs IST|
DLF in spotlight after Q1 results
On a consolidated basis, DLF's net profit fell 18.16% to Rs 293 crore on 7% decline in revenues to Rs 2329 crore in Q1 June 2012 over Q1 June 2011.
The company realised Rs 369 crore from divestment of non-core assets. DLF said it booked 1.34 million square feet (msf) sales in the quarter versus 2.3 msf in the corresponding quarter. Leasing volumes were reported at 0.29 msf during the quarter. The company had 48 msf of projects area under construction at the end of the quarter.
The company said it remains committed to its objective of consolidating its operations by focusing on the core and divesting the non-core. Through the outsourcing of construction, the company remains focused on faster execution of the projects and shall follow a product mix that envisages high visibility projects which would result in better value addition. DLF said it remains fully committed to achieve the divestment target of its non-core assets.
Financial Technologies (India) net profit rose 93.98% to Rs 76.06 crore on 2.28% rise in net sales to Rs 66.96 crore in Q1 June 2012 over Q1 June 2011. EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) surged by 109% to Rs 102.64 crore in Q1 June 2012 over Q1 June 2011.
Commenting on results, company's whole-time director Dewang Neralla said: "During this quarter our international exchanges stepped up to next level; BFX which commenced trading in November 2011, recorded an average daily turnover of USD 89.70 million during the quarter while DGCX recorded an average daily turnover of USD 1.4 billion, an increase of 144% over same quarter last year."
MCX, a group company of Financial Technologies and world's third largest commodity derivatives exchange continues to lead the commodity markets in India with 87% of the market share. The average daily turnover grew 8% over same quarter last year, it said. IEX leads the electricity markets with dominant share of 95% in day ahead trading and 92% in renewable energy certificates trading in quarter ended June 2012.
Hero MotoCorp turns ex-dividend today, 7 August 2012, for final dividend of Rs 45 per share for the year ended 31 March 2012. Before turning ex-dividend, the stock offered a dividend yield of 2.27% based on the closing price of Rs 1,979.70 on Monday, 6 August 2012.
Tata Chemicals, Jammu & Kashmir Bank, MOIL, NHPC, Punj Lloyd, Aurobindo Pharma, Balrampur Chini Mills, Bombay Dyeing & Mfg.Co and Great Offshore, among others, will declare their April-June 2012 quarter results today, 7 August 2012.
BEML reported net loss to Rs 39.44 crore in the quarter ended June 2012 as against net profit of Rs 15.87 crore during the previous quarter ended June 2011. Sales declined 25.09% to Rs 413.91 crore in the quarter ended June 2012 as against Rs 552.57 crore during the previous quarter ended June 2011.
Escorts net profit rose 103.40% to Rs 26.89 crore in the quarter ended June 2012 as against Rs 13.22 crore during the previous quarter ended June 2011. Sales rose 17.82% to Rs 858.88 crore in the quarter ended June 2012 as against Rs 728.97 crore during the previous quarter ended June 2011.
IVRCL said that its transportation, buildings and power divisions have clinched orders totaling nearly Rs 619.77 crore. While the company's transportation division has bagged orders of Rs 301.72 crore, the buildings division has bagged orders worth 257 crore and the power division has got orders worth nearly Rs 61 crore, the company said in a filing to the stock exchanges.
GMR Infrastructure said its board will meet on 9 August 2012 to consider raising funds through issue of equity shares or convertible debentures or foreign currency convertible bonds or any other securities.
IT stocks will be in focus as New Jersey-based Cognizant Technology Solutions Corp stood by its full-year revenue forecast at a time when its Indian peers have been painting a gloomy picture for the rest of the year on slowing global outsourcing spending. The company said net income rose to $251.9 million, or 82 cents per share, for the second quarter from $208 million, or 67 cents per share, a year earlier. Cognizant expects earnings for the year to be at least $3.38 per share, up from its previous forecast of at least $3.36 per share. It reaffirmed its revenue forecast of at least $7.34 billion.