Forex losses likely to play spoilsport for TCS
PFC’s net profit up 32% in 4th quarter
State-owned Power Finance Corporation’s (PFC’s) has recorded an increase in its net profit by 12.3 per cent to touch Rs 1,355 crore for the fiscal 2008-09 as against Rs 1,207 crore during 2007-08.
Total income of the corporation rose to Rs 6,583 crore as against Rs 5,029 crore during 2007-08.
VIEW: PFC may touch 162-175 in the short term.
Airtel to launch DTH for cars
With the start of general elections as a source of revenue Bharti Airtel’s direct-to-home (DTH) arm is ready to launch its mobile DTH units for cars.
The company that launched its DTH operations in October last year is in talks with various automobile companies to install their mobile DTH units.
VIEW: BUY Bharti for a target of 620.
Top-level churn at ICICI subsidiaries
Renuka Ramnath quits ICICI Venture; insurance arms may get new heads.The stage is set for a top-deck reshuffle at ICICI Bank subsidiaries, with ICICI Venture (I-Venture) Managing Director and CEO Renuka Ramnath putting in her papers after working at the group for over 20 years.
ICICI Prudential Life Insurance Managing Director and CEO Shikha Sharma is also said to be expected to move to Axis Bank, which is scouting for a successor for P J Nayak, whose term ends in July. The reshuffle is also expected to see ICICI Lombard General Insurance Managing Director and CEO Sandeep Bakshi getting a berth on the bank’s board as deputy managing director.ICICI Prudential Executive Director Bhargava Dasgupta is seen as the frontrunner to replace Bakshi.
When contacted, an ICICI Bank spokesperson said, “We do not comment on speculation.”
VIEW:- SELL ICICI BANK
BEML sets up assembly unit in Brazil
BEML Limited, the mini-Ratna PSU under the defence ministry and maker of construction and mining equipment, has set up an assembly unit, BEML Brasil Industrial Ltda, at Rio de Janeiro in Brazil. The company will assemble its products relating to mining and construction, rail and metro, and defence segments at this unit for its customers in and around Brazil.
Infosys to freeze April wage hike, promotions
The impact of the global meltdown has forced India’s second largest IT bellwether Infosys Technologies to freeze wage hikes and hiring in new fiscal 2009-10.The hike, usually given during April every year, is not being given this year, Infosys head of HR, education and research T V Mohandas Pai said here while announcing its Q4 results. “This is perhaps for the second time we are not giving hikes and promotions. We have decided not to give hikes or promotions now. However, we will examine it again later if things improve.”
Infy looking at transfering 25% workforce to BPO arm
The IT space has taken it on the chin. Infosys is gearing up for tougher times. CNBC-TV18 learns from sources that the company is offering about 25% of its entire workforce who are on the bench the option of joining its BPO arm. Wipro, which tried this same move earlier, faced a huge backlash.
Tata Motors nets Rs 15 crore on 500,000 Nano forms
Within 15 days of opening the registration process for Nano, its Rs 1 lakh car, Tata Motors has sold nearly 500,000 application forms, raking in Rs 15 crore (at Rs 300 each). Distributors associated with the Nano bookings said most of the forms were likely to translate into bookings.
VIEW: Buy TATA MOTORS with a medium term View.It is currently trading below its book value.
DLF to exit from four IT/ITeS SEZs
A senior company official said the four SEZs that the company want to surrender are located at Bhubaneshwar, Gandhinagar, Kolkata and Sonepat (Haryana).
VIEW:- Sell DLF
HCL Info climbs 3.4% on Nokia JV
HCL Infosystems rose 3.40 per cent to Rs 88.15 on reports that its subsidiary HCL Infocomm has entered into a joint venture with Nokia to set up retail outlets.
No more land purchase: Unitech
Unitech Ltd, the country’s second-biggest real estate developer, has assured investors it won’t buy more land in the near future to expand its business.
VIEW:-Sell Unitech.
RIL to open closed fuel stations soon
Reliance Industries, which surrendered only-for-export status for one of its two refineries to enable domestic fuel sales, is set to start reopening its shut petrol pumps in next few days.“Now that Reliance can sell fuel from its old refinery locally, petrol pumps will start reopening. All preparatory work is in progress and the first pump in Gujarat may start retailing petrol and diesel as early as Saturday,” an industry source said.
VIEW:BUY RIL.
MArket View- the uptrend is likely to continue.Markets currently have come to a very important juncture, which is the 200 day moving average.It is just the volatility, which might just mix it up a little bit for the traders. There is a little bit of hesitation, which is creeping in above that 3,500 mark for the Nifty.
