Hikes CRR by 75bps to 5.75% of NDTL effective 50bps from Feb’13 2010 and 25 bps from Feb 27,2010
SLR, reverse repo, repo rate kept unchanged
Ups end Mar-2010 WPI inflation estimate to 8.5% from 6.5% in October policy
FY10 GDP growth projection increased to7.5% from 6.0%
Cuts FY10 non food credit growth projection to 16% from 18% Oct policy
Cuts FY10 money supply growth estimate to 16.5% vs 17% earlier
Aggregate deposits likely to grow 18% FY10 in the system
Impact Analysis :
We believe CRR hike of 75 bps, without tinkering other key policy rates, on immediate basis is a step to curb the excess liquidity in the system as the banking system are depositing over Rs.1 lakh crore on a daily basis under LAF window. The hike will suck away excess liquidity of Rs.36000 crore from the system which will help curb some inflationary expectations though we believe food inflation can’t be contained via CRR hike directly since it is purely a supply side phenomenon.
We prefer banks like SBI (which has ample liquidity of Rs.75000 crore to combat the hike), OBC (still available at <1x ABV), Bank of Baroda (Excellent results with strong asset quality). Among private sector we remain bullish on Axis Bank and HDFC Bank.
The Exchange has successfully completed its 2478thNormal Settlement (Rolling T+2 following SEBI directive) since inception i.e., Settlement Number N – 2010017 on January 29, 2010. The settlement statistics are as follows:
Particulars
Values
N-2010017
Total traded quantity (lakhs)
8813.98
Total traded value (Rs. In Crores)
18715.55
Total value of the settlement (Securities) (Rs. In Crores)
5338.12
Total value of the settlement (Funds) (Rs. In Crores)
2285.05
Shortages for the settlement
0.08%
Retail Debt Market has completed its 1752nd settlement, details of which are as follows:
New Delhi, January 29, 2010: Punj Lloyd Group, a global engineering, procurement and construction (EPC) conglomerate today announced an EPC contract of over Rs 1100 crore from GMR Hyderabad Vijayawada Expressways Private Limited for 116.5 km of National Highway No 9.
National Highways Authority of India (NHAI) had earlier awarded the project on a Build, Operate and Transfer (Toll) basis to GMR Hyderabad Vijayawada Expressways Private Limited.
Punj Lloyd will be widening the highway from two to 4/6 lanes along with 38 km of service roads. The scope of work will also include construction of 2 major bridges, 32 minor bridges, 174 culverts, and 31 vehicular, pedestrian & cattle underpasses, apart from 66,000 Sq M of reinforced earth retaining wall.
Hyderabad and Vijayawada are important commercial hubs of Andhra Pradesh and this project will help boost trade and commerce in the region. In addition to increasing the direct connectivity between these two major cities of the State, Kolkata and Bangalore will also have improved connectivity consequent to the implementation of this highway.
Commenting on the new project, Mr. B S Kapur, President & CEO - Infrastructure, Punj Lloyd, said, “We are committed to the Government’s vision of developing world-class highways in India. We will deliver to the country and the State of Andhra Pradesh, a reliable, high quality infrastructural solution that will be a model showcase for future projects. ”
Punj Lloyd, a diversified global conglomerate providing Engineering & Construction services in Oil & Gas, Infrastructure and Petrochemicals, with interests in Defence, Aviation, Marine and Upstream sectors, has a significance presence in highway construction. Punj Lloyd embarked on its first road project in March 1999 and has come a long way in these years by completing many highway projects falling under the Golden Quadrilateral and East West Corridors for NHAI. Its completed projects include coastal roads in Andhra Pradesh, Jaipur Bypass and a major section of Kota-Udaipur in Rajasthan, Sasaram-Mohania road in Bihar, Belgaum-Maharashtra road in Karnataka and five highway projects in Rajasthan. Six road projects in Assam awarded by NHAI are in progress.
With this contract, the order backlog for the Punj Lloyd Group on consolidated basis has gone up to Rs 24,536 crore. This is the total value of unexecuted orders as on December 31, 2009 and new orders received after that day.
About Punj Lloyd:
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD) is a globally diversified conglomerate providing engineering, procurement and construction services in Oil & Gas, Petrochemical and Infrastructures sectors, with interests in aviation, defence and marine. Known for its capabilities in delivering mega projects ‘ontime,’ thereby ensuring repeat customers, the Group possesses a rich experience of successfully delivered projects across the globe, while maintaining the highest standards of health, safety, environment and quality (HSEQ). Further information about the Group is available at www.punjlloydgroup.com
For further information, please contact: Payal Raj/ Bhaskar Majumdar / Vikram Mahajan, Vaishnavi Corporate Communications, 09818849103/ 09811194244 / 9810225845, praj@vccpl.com/ Bhaskar.majumdar@vaishnaviadvisory.com or Louise Sharma/Bhavna Dayal: louise@punjlloyd.com/ bhavnadayal@punjlloyd.com
Operating margins are up in an increasingly improving environment
Quarter Ended on Dec 31, 2009
Operating PAT increased by 25.42% at 107.52 million over the corresponding quarter in FY2008-09
Operating EBITDA increased by 20% at 179.42 million over the corresponding quarter in FY2008-09
Total Income in Q3 of FY 09-10 at 660.59 mn, a 5.87% drop over the corresponding quarter in FY 08-09. Other income71.84 mn, which is 36% lower compared to the corresponding quarter last year.
EBITDA is at 251. 26mn compared to 261.98mn being 4% lower as compared to the corresponding quarter in FY 08-09.
New Delhi, Jan 29, 2010: Info Edge (India) Limited today announced results for the quarter ended on Dec 31, 2009. The company reported a PAT of Rs.156.45 mn compared to 172.12 mn for the corresponding quarter in FY08-09. Info Edge recorded a Total Income of Rs 660.59mn compared to Rs 701.76 mn in the corresponding quarter last year. The drop in other income(due to one-off elements last year) has contributed to the drop in total PAT.
Commenting on the results, Ambarish Raghuvanshi, CFO and Director, Info Edge (India) Limited said, “ The environment continues to improve which should lead to top line and bottom line expansion in subsequent quarters.”
99 acres continued to be in investment mode during the quarter however, the losses reduced. Other verticals apart from Naukri.com and Quadrangle (including 99acres.com, Jeevansathi.com) incurred an EBITDA loss of 38.12 mn as compared to 49.44 mn for the same quarter last year. Jeevansathi.com and Shiksha.com has achieved a growth in Revenues at 13.6% and 92% respectively.
Total Expense including Interest & Depreciation decreased by 7.35% to Rs 424.11mn compared to the corresponding quarter in FY 08-09.
About Info Edge (India) Ltd
Info Edge (India) Ltd (NSE: NAUKRI) is one of the largest internet company in India. Info Edge owns and manages Naukri.com - India’s no. 1 job site, Jeevansathi.com – India’s fastest growing matrimonial portal, 99acres.com - India’s No.1 real estate portal, Shiksha.com - an education portal, Quadrangle – an offline executive search firm, and Naukri Gulf – its foray into the Middle East market. Info Edge also owns Asknaukri.com, a career guidance site and Brijj.com, a professional networking site and Allcheckdeals.com, an online brokerage firm.
Info Edge has ventured into newer businesses and territories and attracted investments from leading venture capitalists. Formerly an ICICI Ventures investee company, Kleiner, Perkins, Caufield & Byers and Sherpalo Ventures have also invested in the Company. Info Edge raised Rs. 1,703 million through an IPO in the month of November 2006. The company has attracted a very high quality list of institutional shareholders and had a total of 10,664 shareholders on Sep 30, 2009
With its headquarters in Noida (NCR), the company employs over 1450 people and operates through 53 offices in 34 cities in India and overseas offices in Dubai Riyadh and Bahrain catering to the Middle East market.
Media contacts: Sampark Public Relations Pvt. Ltd., 36, LGF, Hemkunt Colony, New Delhi 110 048 E- Mail - harsh@sampark.com / harshsinha.pr@gmail.com, Mobile- +91-9971855115 | Phone. – +91-11-41731526/27/26210336, Fax: +91-11-41731528
The Indian stock markets had a flat closing today. CNX Nifty that previously closed the last trading day at 5244.75 closed today at 5249.40. BSE Sensex opened at 17,724.59, touched an intraday high of 17,776.57 and intraday low of 17,500.79 to finally close at 17,526.71 down by 13.58 or 0.08%.
The midcap index gained 62.42 points while the smallcap index closed at 156.75.The BSE Realty Index gained 104.51 points or 2.57%. The TecK index is up 1.08%. Oil and Gas index lost 1.1%
Top gainers on the NSE Nifty include Unitech, PNB, ABB, Axis Bank, TCS, Idea, Suzlon, DLF, JP Associates and Siemens. Amongst the losers are Reliance, CAIRN, BHEL, Power Grid, Hindalco, SBI, HDFC Bank, Tata Power, Wipro and ICICI Bank.
The large cap Q3 results announcement season officially begins tomorrow with Infosys Technologies going for its Q3 results announcement. The way Dollar-Rupee performed in the last quarter and more importantly the way the markets are silently booking profits and in a way brining about a silent correction, large cap stocks would likely see some more volatility in the next few days. Market analysts feel Infosys and TCS are good IT stocks to buy for long term.