>> Saturday, April 25, 2009
On Monday, the benchmark Sensex ended down 43 points at 10,979.50, after trading between 10,863 and 11,209 in a volatile session. The Nifty closed marginally lower by 7 points at 3,377.
Tata Consultancy Services reported a seven per cent rise in consolidated net profit for the quarter ended March 31.
The net profit rose marginally to Rs 1,333 cr from compared with the Rs 1,245 cr in the year-ago quarter. Revenues for the quarter increased by 18.5 per cent to Rs 7,172 cr.
Tech Mahindra, which has deposited Rs 2,910 cr to acquire 51 per cent stake in Satyam Computer Services, has said that it will allow Satyam to continue as an independent entity with a few changes.
The company, which has begun the acquisition process by forming an Integration Team and other decisive steps by way of coordinated action on the transition process, will make an open offer to acquire 20 per cent on Tuesday.
Business software vendor Oracle Corp inched closer to rivals IBM Corp and Hewlett Packard Corp in terms of providing integrated software and hardware solutions after it agreed to buy Sun Microsystems in a $7.4-billion deal.
The RBI announcement on cut in repo and reverse repo rates by 25 basis points to 4.75 per cent and 3.25 respectively did not cut much ice with investors in the bourses. The lowering of GDP forecast to 6% seems to have hit market sentiment. The Sensex on Tuesday closed at 10,898, down by 81 points and the Nifty eased by 11 points to finish at 3365.
On Wednesday software major Wipro reported a higher net profit of Rs 1,010 crore (up 15%) for the quarter ended March 2009 against a net of Rs 879.8 crore in the corresponding last quarter.
For fiscal 2008-09, Wipro reported a net profit of Rs 3,899 crore on revenues of Rs 25,544 crore over previous year's net of Rs 3,282 crore on revenues of Rs 19,957 crore.
The Sensex on Wednesday finished lower at 10,817 down 80 points, owing to profit booking at higher levels. On the NSE, the Nifty eased 35 points,at 3,330.
Heavy buying in index stocks, particularly in IT and metal sectors, pushed up the benchmark indices on Thursday as market sentiment was boosted by expectations of better corporate results.
The Sensex ended higher at 11,135, up 317 points. The Nifty rose by 93 points to close at 3423 The major gainers were Wipro,, Grasim, Reliance Infra, Tata Steel, Maruti Suzuki and Sterlite.Industries.
Reliance Industries has reported its second consecutive decline in quarterly net profit, as adverse global conditions continued to shrink its refining margins.
Its fourth quarter net profit fell 9.4 per cent, to Rs 3,546 crore, from Rs 3,912 crore a year ago, as its gross refining margin fell to $9.9 from processing one barrel of crude against $15.5 a year ago. The company runs the world's largest refining complex in a single location.
RIL's turnover for the quarter dipped 25 per cent to Rs 29,073 crore against (Rs 38,697 crore) - the revenue decline straddling all its business segments
The Indian bourses continued its uptrend on Friday. Value buying by domestic institutions and the FIIs was seen as the main driver. The Sensex surged 194 points to close higher at 11,329 and the Nifty too spurted by 57 points to finish at 3,480.