FMCG firm Jyothy Laboratories Ltd on Wednesday reported a fall of mote than 57 per cent in consolidated net profit for the quarter ended March 31.
The maker of popular fabric whitener Ujala reported that its consolidated net profit during the January-March quarter fell 57.70 per cent to Rs 11.81 crore, from Rs 27.92 crore during the corresponding period of the previous fiscal.
Consolidated net sales of the company jumped 24 per cent to Rs 272.51 crore in the fourth fiscal quarter, from Rs 219.35 in the corresponding period of the previous fiscal.
The EUR/USD made a three wave rally in this week which was expected in wave 4, but pair is already turning lower again after the completed zig-zag at 1.3000 psychological level. We can see that the price broke through the lower side of a corrective channel, which is a very important evidence for further EUR/USD weakness, this time to 1.2680/1.2730 for wave 5. The critical level now stands at 1.3000; the bearish trend is below.
Forex Analysis by Gregor Horvat at ForexPros. com
After suffering a decline of 6 per cent on Wednesday, Larsen & Toubro (L&T) shares suffered another decline of 3 per cent at Rs 1,470 apiece in the morning trading on Thursday on the Bombay stock Exchange (BSE), due to worse-than-expected Q4 results.
L&T, India's biggest engineering and construction firm, on Wednesday reported a year-on-year decline of 6.9 per cent in net profit at Rs 1,788 crore for the quarter ended March 31, 2013.
Crisis in coal could become a major impediment to India's economic growth as the domestic supply of the fuel is lagging far behind demand.
As demand for coal is increasing by more than 10 per cent per annum and domestic supply is rising merely 3-4 per cent, the country's coal imports are growing at a compounded annual rate of around 23 per cent.
In terms of rupees, the rise in coal imports has been nearly 15 per cent (CAGR) during the past five years.
Reliance Jio Infocomm aims to roll out 4G broadband services in Metros by the end of current fiscal year, Tarun Jhunjhunwala, business head & state mentor (East) at the Reliance Industries Ltd's telecom arm said on Wednesday.
Mr. Jhunjhunwala announced that Kolkata would be among the first cities where the 4G services would be rolled out. He added that the next-generation services would be rolled out simultaneously in Delhi, Mumbai and Jamnagar.
Mustardseed yesterday traded with the positive node and settled 0.06% up at 3512 as restricted supply and pick up in demand at physical markets supported prices. Rise in other edible oils prices and higher demand from oil mills also helped to boost the trading sentiments. Overall tendency in the oilseed complex is range-bound except some buying interests in rapeseed. According to COOIT', the total output of mustard seed in the country is seen at 71.50 lakh tonnes, up 12.70% on the year. The total arrivals of new mustard seed were reported at 2.70 lakh bags, down 32 thousand from the last day.
Wheat yesterday traded with the positive node and settled 0.9% up at 1578 as weak arrivals of wheat in local markets and strong demand of private millers at higher levels has positively impacted wheat prices. The overall wheat supplies for current years is expected to be around 80-85 million tons. As per latest official data, Indian procurement agencies have procured 24.30 million tonnes of wheat. Data revealed that wheat procurement in Punjab reached 10.40 million tonne in the ongoing rabi marketing season. While other states such as Haryana and Madhya Pradesh reported 5.90 and 5.80 million tonnes respectively in the current season.
Crude Palm Oil settled flat as investors pinned their hopes on demand recovery ahead of the Muslim holy month of Ramadan. Market participants are counting on restocking ahead of the holy month, which falls in July this year, to drive up consumption in key producers Malaysia and Indonesia. Ramadan is marked by evening communal meals to break observers' fasts. Indonesia, the world's top palm oil producer, has set its export tax for crude palm oil at 9 percent for June, unchanged from May, an industry ministry official said. Rival producer Malaysia had earlier announced it will leave its export tax unchanged at 4.5 percent for the same month.
Ref soyaoil ended with flat node tracking a weak rupee and poor domestic supplies. Soyoil supplies from the local soybean crop have almost dried up as the oilseed crop awaits the new planting season that would start once the annual monsoon rains reach the main producing belts of central India. India grows soybean during the summer, while the new harvest will be ready only after the monsoon ends in September. Until then, the country has to rely on imports from Latin America to meet domestic demand.
Aluminium yesterday traded with the positive node and settled 1.79% up at 103.35 as US Federal Reserve Chairman Bernanke’s testimony to the congress overnight was in support of QE3 to propel US economy. However, Bernanke also said that asset buying may be scaled back later this year if economy improves further. The minutes of April policy meeting indicate intense debate among Fed officials over whether bond purchases should be curtailed. Later, optimistic sentiment from continuation of easing monetary policy in the short term faded. Bernanke’s speech last night came under the spotlight.
Natural Gas yesterday traded with the positive node and settled 0.3% up at 233.4 as prices continued to draw support from a warmer-than-normal weather outlook that was expected to increase demand. Prices seen under pressure at higher levels as investors cashed out the market to lock in gains after prices continued to rise in last some session. Natural gas futures have been well-supported in recent days, climbing almost 7% over the past three sessions, after updated weather forecasting models pointed to a wider swath of above-normal temperatures across most parts of the U.S. in the next two weeks, boosting near-term cooling demand expectations.
Jeera June contract dropped Rs 90 and settled at Rs 13205 per quintal tracking weak spot demand though downside was limited on thin supplies and rising demand from exporters, amid concerns over shipments from Syria. Arrivals are likely to come down in the coming days. Sources are expecting improvement in exports orders due to supply disruption n Syria. The total arrivals stood at 10,000 bags, while demand was seen around 12,000 bags. The total jeera production of around 34-35 lakh bags in the current year, up almost 1-2 lakh bags from the last year. This is mainly due to sowing in Rajasthan and better recovery of jeera from Gujarat.
Turmeric yesterday we have seen that market has moved 0.43% due to depleting supplies in spot markets and an improvement in demand from exporters. Turmeric output is estimated to be lower this year because of reduced plantation area in leading cultivating states. There are expectations that present rates are low and possibilities of pick up in demand is there in the coming days. As per market , traders have not witnessed any bargain buying at current levels due to availability of cheap quality of turmeric in local mandies.
Chana dropped Rs 19 and settled at Rs 3381 per quintal on profit booking after prices gained helped by an improvement in demand in the physical market and lower arrivals from the new crop as peak season nears its end. Chana arrivals in Delhi continued to be very thin and prices continued to take support at lower levels. The supplies in the city had dropped quite drastically in the last week, as farmers did not show an active enthusiasm in bringing their produce to the mandies. However, the overall supply condition remains good this year. The total output of Chana is likely to be 8.57 million tonnes in the current year.
Soyabean yesterday we have seen that market has moved -2.14% amid profit booking tracking weakness amid weak demand. Buyers are not very active as both soyoil and soymeal demand is below their expectations. Supplies are low as farmers are busy due to wedding season. But low supplies in the domestic markets are preventing losses. The arrivals may show some improvement after the wedding season and it would last till the onset of monsoon in the region. India's soy meal exports M/M fell 67% in April 2013, according to the Solvent Extractors' Association of India (SEA of India).
Menthaoil May contract dropped Rs 40 and settled at Rs 960.8 tracking weakness in spot demand as new crop arrivals started. Sources said that crop output may jump this year by 20 percent to 55,000-60,000 tons. Sentiments weakened further due to adequate stocks position following increased arrivals from Chandousi in Uttar Pradesh. New crop is delayed by 10-15 days, however mentha oil output may rise this year on higher crop. As per trade output may jump 20 percent to 55,000-60,000 tons during current year. Expected higher new crop arrivals this month could prevent rates from shooting up a lot. Expected higher new crop arrivals this month also weighed on prices.
Nickel yesterday traded with the positive node and settled 1.68% up at 844.3 as two US Federal Reserve officials statement expressed their support for QE supporting prices. US Federal Reserve Chairman Bernanke's speech last night came under the spotlight. Bernanke explicitly expressed support for QE3 in his testimony, boosting market sentiment and helping US stocks hit a new record high. Nevertheless, during the Q&A session, Bernanke said that the FOMC may scale back asset buying during policy meetings to come and that whether or not to curtail bond purchases depends on how economy evolves.
Zinc yesterday traded with the positive node and settled 2.03% up at 103.25 with strong market expectations that Bernanke will support easing policies. Bernanke’s statement explicitly supported the Fed to pursue easing policies, boosting market confidence. Retail sales in the UK surprised markets with a 1.3% drop in April, the biggest decline since April 2012. As widely expected, Bank of England (BOE) Governor Mervyn King called again for an extra 25 billion pounds of asset purchases. His appeal was echoed by Paul Fisher and David Miles.
Copper yesterday traded with the positive node and settled 1.72% up at 416.85 as dollar weakened and a production outage at copper mine in Indonesia after a tunnel collapse looked set to continue. Investor risk appetite got an initial boost after Fed Chairman Ben Bernanke said monetary stimulus is helping the U.S. economy recover. Appetite was later tempered as the Fed chairman raised the possibility of reducing the Fed's bond purchases this year if growth improves further.
Crude Oil dropped after a U.S. government report showed oil supplies fell less-than-expected last week. The EIA said in its weekly report that U.S. crude oil inventories fell by 0.3 million barrels in the week ended May 17, compared to expectations for a decline of 0.8 million barrels. The report also showed that total motor gasoline inventories increased by 3.0 million barrels, compared to expectations for an increase of 0.1 million barrels. Oil prices briefly came off the lows of the session after Federal Reserve Chairman Ben Bernanke said a premature tightening of monetary policy carried substantial risks to the economic recovery. In prepared testimony to the U.S.
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