Sensex off more than 7% from 17-month high

Volatility was the order of the day in the second half of the trading session as the market lost ground after a strong intraday rebound. Volatility surged as traders rolled over positions in the derivatives segment from October 2009 series to November 2009 series as the near-month October 2009 futures & options (F&O) contracts expired today, 29 October 2009.

As per provisional data, foreign funds today, 29 October 2009, dumped stocks worth a net Rs 2546.67 crore. Domestic funds bought equities worth a net Rs 977.06 crore.

Index heavyweight Reliance Industries fell in choppy trade. The BSE 30-share Sensex fell 230.77 points or 1.42%, up close to 210 points from the day's low and off close to 2270 points from the day's high. The BSE Sensex fell below the psychological 16,000 mark at the onset of the trading session but regained that level soon.

India's largest tractor maker by sales Mahindra & Mahindra rose on strong Q2 result. But metals major Sterlite Industries fell on poor Q2 result. Realty, banking and metal stocks also fell. Oil exploration stocks were mixed whereas PSU OMCs rose on slide in crude oil prices. The market breadth was weak.

Intraday volatility on the bourses was high. The market slumped in early trade on weak Asian stocks. The Sensex fell below the psychological 16,000 level. The Sensex soon regained that mark. The intraday recovery proved short-lived. The market weakened again later before cutting losses. The market slumped in late trade after a strong intraday rebound in mid-afternoon trade.

The market remains closed on Monday, 2 November 2009, on account of Guru Nanak Jayanti.

Inflation based on the wholesale price index (WPI) rose 1.51% in the year through 17 October 2009, higher than previous week's annual rise of 1.21%, data released by the government today showed. Within the WPI, the food articles index rose 12.85%. The government revised upwards inflation for the year through 22 August 2009 to rise of 0.17% from an estimated fall of 0.21%.

The Reserve Bank of India at its monetary policy review early this week left its key rates unchanged, but raised the wholesale price-based inflation projection for end-March 2010 sharply to 6.5% with an upward bias, from 5 % earlier.

The IMF said on Thursday the economies of India, China and Australia were recovering especially rapidly, suggesting it notices growing pressures for authorities there to tighten monetary policy ahead of others in the region. It called the three economies special cases, while adding a tightening of monetary policy seemed unnecessary elsewhere in the region in the near future.

It also advised Asian central banks not to raise interest rates only to calm asset price growth, saying lifting rates ahead of advanced economies could attract "carry trade-type" capital inflows and aggravate asset price pressures.

Indian stocks had drifted lower for the second day in a row on Wednesday, 28 October 2009, after steep losses on Tuesday, 27 October 2009. Concerns that interest rates may rise sooner-than-expected had spooked the market on Tuesday after the Reserve Bank of India sharply raised inflation forecast. However, analysts say that monetary policy could be ineffective in reining in a rise in inflation caused by supply shortage. A surge in food prices caused by production shortage has been a key reason for the rise in inflation in the past few weeks.

Meanwhile, a heightened volatility in the rupee against the dollar in the past few days has raised worries that the corporate sector may suffer losses on hedging. The rupee recovered from near one month lows on Thursday, 29 October 2009. The rupee was hovering at 47.20/21 against the dollar, stronger than Wednesdays' close of 47.34/35.

The Reserve Bank of India (RBI) on Tuesday withdrew emergency liquidity support measures that were implemented in the aftermath of the global financial crisis. The central bank warned of possible asset price bubbles and raised banks' provisioning requirements for commercial real estate loans. The central bank said the precise challenge for the Reserve Bank of India is to support the economic recovery process without compromising on price stability. Growth drivers warrant a delayed exit, while inflation concerns call for an early exit, it said. Premature exit will derail the fragile growth, but a delayed exit can potentially engender inflation expectations, the RBI said.

The RBI raised the statutory liquidity ratio (SLR) to 25% from 24% with effect from 7 November 2009. SLR is the minimum share of bank deposits to be held in approved government securities. By hiking the SLR, the RBI seems to be sending a signal that the high fiscal deficit will continue. The SLR hike will ensure easy funding of the government's borrowing programme for not just this year but the next fiscal as well.

Though the policy is hawkish, the RBI has acknowledged that the ongoing economic recovery is in an initial stage. There is a need to revive domestic consumption and investment demand, the traditional dominant drivers of India's economic growth.

The Reserve Bank of India (RBI) deputy governor K.C. Chakrabarty said on Wednesday commercial banks expect credit growth to pick up. At its quarterly monetary policy review on Tuesday, the RBI said bank credit growth continues to be sluggish and cut its full-year forecast for non-food credit growth to 18% from 20%. It urged banks to step up lending while preserving credit quality.

Meanwhile, the latest economic data showed infrastructure sector output grew 4% in September 2009 from a year earlier, slower than upwardly revised annual growth of 7.8% in August 2009. The infrastructure sector accounts for 26.7% of the industrial output. During April-September, the first half of the 2009/10 year, output rose 5% compared with 3.4% in the same period in 2008/09.

European shares edged lower in volatile trade. The key benchmark indices in France, Germany and UK, were down by between 0.01% to 0.29%.

The number of unemployed German workers fell by a seasonally-adjusted 26,000 in October 2009, the country's federal labor agency reported Thursday. Economists had forecast a rise of 15,000.

The economic sentiment indicator for the 16-nation euro zone posted a stronger-than-expected rise in October 2009, advancing to 86.2 from 82.8 in September 2009, the European Commission reported Thursday.

Asian stocks dropped on Thursday after new-home sales unexpectedly fell in the US. The key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan fell by between 0.63% to 2.37%.

The decline in Chinese stocks was also due the government's plans to tighten rules on personal loans. China's banking regulator said it's tightening rules to ensure loans enter the real economy instead of being used for speculation. Loans exceeding 300,000 yuan ($43,937) will be given directly to the counterparty of the borrower rather than the borrower, the China Banking Regulatory Commission said on Wednesday

Meanwhile, another data showed Japanese manufacturers increased production for a seventh month in September 2009, extending the longest stretch of gains in 12 years, as spending by governments worldwide helped to revive trade. Output rose 1.4% in September 2009 from August 2009, when it climbed 1.6%.

Trading in US index futures indicated Dow could rise 26 points at the opening bell on Thursday, 29 October 2009.

US markets on Wednesday posted their biggest losses since 1 October 2009 on the back of worries about the recovery process. An unexpected decrease in new-home sales weighed on the markets. Sales dropped 3.6% in September 2009 and August's gain was revised lower. Also Goldman Sachs slashed its forecast for US third-quarter GDP to a rise 2.7% from earlier 3%. The Dow was down 119.48 points, or 1.2%, to 9,762.69. The S&P 500 index was down 20.78 points, or 2%, to 1,042.63. The Nasdaq dropped 56.48 points, or 2.7%, to 2,059.61.

The key data due later today is third-quarter US gross domestic product figures. The financial markets are watching the data keenly to see whether it can confirm that world's largest economy has emerged from the recession. Expectations are that GDP grew at an annual rate of 3.2% in the third quarter, after contracting for three straight quarters.

Meanwhile, financial markets will be watching next week's US Federal Reserve's policy-setting meeting for any hint the central bank is moving closer to withdrawing its extensive support for the economy. The US Federal Reserve holds a two-day regular policy meeting on Tuesday, 3 November 2009 and Wednesday, 4 November 2009, on interest rates.

The speculation is that the Federal Reserve won't rush to exit from monetary easing policies. Futures and options traders see a 45.5% chance that the Fed will maintain its record-low target lending rate till the March 2010 meeting. But that is still up from a 43% probability a month ago.

Closer home, the supply of paper by Indian firms appear limitless, raising concerns that additional share sales will suck liquidity from the secondary equity market. As per reports, Indian firms have garnered about $9 billion (Rs 32,400 crore at the current exchange rates) through sale of shares and convertible bonds to institutional buyers since April 2009. Indian companies are taking advantage of a surge in liquidity to recapitalize and fund capital expenditure after being starved of cash last year.

Most of these companies - from industries ranging from liquor and spirits to infotech - issued equity shares to a select group of investors by way of qualified institutional placement or QIP. If the enabling resolutions passed by the companies are any indication, Indian firms are gearing up to raise $15 billion (Rs 69,427 crore) in the next six months. The list includes Hindalco (Rs 2,900 crore), JSW Steel ($1 billion), India Cements ($100 million), Essar Oil ($2 billion), Tata Steel (Rs 5,000 crore), Jet Airways ($ 400 million) and Bharat Forge ($150 million).

Unlisted Reliance Infratel announced on 22 September 2009 its intention to raise Rs 5,000 crore from the primary market. Divestment of state-run firms by the government may also increase the supply of paper in the market.

The government recently approved stake sales in state-run power producer NTPC and another unlisted power firm Satluj Jal Vidyut Nigam which reflects the country's resolve to speed up reforms and raise more resources for social schemes. On Monday, Trade Minister Anand Sharma said the Union Cabinet had approved a 5% stake sale in NTPC, and 10% in, an unlisted power producer. On 16 October 2009, Prime Minister Manmohan Singh said many state-run firms are eager to list their shares in the stock market as it would help unlock their value.

The government has approved a follow-on public offering of 20% of state run Steel Authority of India, the steel minister said on Wednesday, 21 October 2009. The Government of India owns nearly 86% of Sail.

The BSE 30-share Sensex fell 230.77 points or 1.42% to 16,052.72. The Sensex fell 19.40 points at the day's high of 16,264.09 in mid-afternoon trade. The Sensex fell 289.66 points at the day's low of 15993.83 in early trade.

The S&P CNX Nifty was down 76.45 points or 1.58% to 4,749.70. Nifty November 2009 futures were at 4,779, at a premium of 28.45 points as compared to the spot closing of 4,750.55. Turnover in NSE's futures & options (F&O) segment surged to Rs 1,18,012.74 crore from Rs 1,06,431.02 crore on Wednesday, 28 October 2009.

BSE clocked a turnover of Rs 4978 crore, lower than Rs 5431.94 crore on Wednesday, 28 October 2009.

The market breadth, indicating the overall health of the market was weak. On BSE, 818 shares advanced as compared with 1848 that declined. A total of 69 shares remained unchanged.

Among the 30-member Sensex pack, 22 fell while rest rose.

From a 17-month closing high of 17,326.01 on 17 October 2009, the Sensex has lost 1,273.29 points or 7.34% in eight trading sessions to current 16,052.72. Yet, with foreign funds making heavy purchases, the Sensex is up 6405.41 points or 66.39% in calendar year 2009, as on 29 October 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7892.32 points or 96.71%, as on 29 October 2009. FII inflow in October 2009 totaled Rs 9,162.70 crore (till 28 October 2009).

Coming back to today's trade, the BSE Mid-Cap index fell 1.95% and underperformed Sensex. The BSE Small-Cap index shed 1.29%, and outperformed the Sensex.

Sectoral indices on BSE displayed mixed trend. The BSE Realty index (down 6.4%), the BSE Metal index (down 2.58%), the BSE Bankex (down 2.55%), the BSE Teck index (down 2.04%), the BSE Power index (down 2.01%), the BSE IT index (down 1.78%), the BSE Capital Goods index (down 1.7%), underperformed the Sensex.

The BSE FMCG index (up 0.66%), the BSE Healthcare index remained flat, the BSE Auto index (down 0.69%), the BSE Oil & Gas index (down 0.7%), the BSE Consumer Durables index (down 0.9%), the BSE PSU index (down 1.4%), outperformed the Sensex.

Energy major Reliance Industries fell 1.56% to Rs 2003. The company's net profit fell 6.41% to Rs 3852 crore on 5.88% rise in total income to Rs 47476 crore in Q2 September 2009 over Q2 September 2008. The results were announced after market hours today.

The government on Tuesday 27 October 2009 allocated additional 50 million cubic metres a day (mmscmd) of gas from Reliance Industries-operated east coast block D6. Power plants and refineries will get the bulk of Reliance Industries' gas from the Krishna-Godavari basin beyond the previously allotted 40 million metric standard cubic metres per day (mmscmd).

The empowered group of ministers (eGoM) also made some allotments for Reliance's petrochemical plants and refineries.

Oil exploration stocks fell after crude oil futures fell 2.6% on Wednesday, pressured by an unexpected rise in US inventories of gasoline. But crude recovered a bit on Thursday as dollar weakened against a basket of major currencies. Crude oil for December 2009 delivery was up 16 cents at 77.63 a barrel

Crude oil for December 2009 delivery finished down $2.09, or 2.6%, at $77.46 a barrel on Wednesday. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.

Cairn India fell 2.25%. The company's net profit fell 61.82% to Rs 31.09 crore in Q2 September 2009 over Q2 September 2008. The result was announced after market hours today.

But India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) rose 2.56%. The company's net profit rose 5.84% to Rs 5089.64 crore in Q2 September 2009 over Q2 September 2008. The result was announced after market hours today.

India's second biggest state-run oil exploration firm by revenue Oil India was flat ahead of its Q2 September 2009 result today.

PSU OMCs rose as fall in crude oil prices will reduce under-recoveries on domestic sale of petrol, diesel, kerosene and LPG at controlled prices. HPCL rose 2.21%. But, Indian Oil Corporation (IOC) fell 1.85%.

BPCL rose 1.62% ahead of Q2 results. The company reported a lower net loss of Rs 158.77 crore in Q2 September 2009 compared to a net loss of Rs 2625.27 crore in Q2 September 2008. The results hit the market after trading hours today.

Realty stocks fell after the central bank's decision on Tuesday to raise the provisioning requirement for banks' advances to the commercial real estate sector classified as 'standard assets' from the present level of 0.40% from 1%. This will raise the borrowing costs for realty firms which depend heavily on borrowing. Indiabulls Real Estate, Omaxe, Unitech fell by between 2.28% to 9.3%.

India's largest realty player by sales DLF fell 6.81% ahead of its Q2 September 2009 result today.

Metal stocks fell after a gauge of six metals traded on the London Metal Exchange fell 3.17% on Wednesday, 28 October 2009. JSW Steel, Jindal Saw, Hindustan Zinc, National Aluminum Company, Hindalco Industries fell by between 0.74% to 3.59%.

Steel Authority of India (Sail) fell 1.38%. The steel minister said recently the government has approved a follow-on public offering of 20%. The government holds 85.82% stake in Sail.

India's largest steel maker by sales Tata Steel fell 3% extending recent steep looses on weak Q2 results. Net profit fell 49.49% to Rs 902.94 crore in Q2 September 2009 over Q2 September 2008. The results hit the market during market hours on 27 October 2009.

Sterlite Industries fell 1.96% after net profit fell 24.91% to Rs 958.85 crore in Q2 September 2009 over Q2 September 2008. The result hit the market during trading hours today.

Bank stocks extended recent steep losses as the RBI did not relax mark-to-market rules for bank's debt holdings at a quarterly policy review on Tuesday. The market was been agog with talks over the past few days of the central bank hiking the ceiling on the portion of government securities that banks can park in held-to-maturity (HTM).

Another trigger for the sharp slide in banking stocks was the central banks' decision to streamline provisioning requirement on non-performing assets. The RBI asked banks to ensure by September 2010 that the total provisioning coverage against non-performing or bad loans aren't less than 70% of the outstanding amount.

India's largest private sector bank by operating income ICICI Bank fell 4.81% as its ADR fell 3.9% on Wednesday. Singapore's Temasek cut its stake to 5.76% as of 30 September 2009 from 7.6% as of end of June 2009. Temasek said in a statement in Singapore on Tuesday that any stake sales are part of regular moves to review and rebalance its portfolio.

India's second largest private sector bank by net profit HDFC Bank fell 0.24% as its ADR fell 1.37% on Wednesday. The bank's net profit rose 30.2% to Rs 687.46 crore in Q2 September 2009 over Q2 September 2008. The results were more or less in line with market expectations.

India's largest bank by branch network State Bank of India fell 1.05%. State Bank of India (SBI) announced on 24 October 2009 that it has concluded the issue of $750 million fixed rate senior notes having a maturity of 5 years at a coupon of 4.50% under the Medium Term Notes (MTN) Programme in the form of Regulation S Global Note. The bonds have been issued through the bank's London branch as of 23 October 2009.

Banks do not have to make any mark-to-market provisions on securities held in the HTM basket if prices of securities fall. Provisions have to be made out of profit and therefore, impact a bank's bottom line. Yields on ten-year government bonds have risen sharply this year. Bond prices and bond yields are inversely related.

Sun Pharmaceuticals Industries rose 1.92% as the results though weak were still better than market expectations. Net profit fell 33% to Rs 203.06 crore in Q2 September 2009 over Q2 September 2008. The results were announced during market hours on Wednesday.

India's largest cigarette maker by sales ITC rose 0.25% on robust Q2 results. Net profit rose 25.81% to Rs 1009.91 crore in Q2 September 2009 over Q2 September 2008. The result which hit market during market hours on Friday 23 October 2009, surpassed market expectations.

A surge in profit margins and a decent growth in revenue boosted the bottom line. ITC's operating profit margin surged to 36.59% in Q2 September 2009 from 31.4% in Q2 September 2008.

Among other FMCG stocks, Hindustan Unilever, Marico, Dabur India, Nestle India, Tata Tea, rose by between 0.61% to 2.02%.

India's largest cement producer by sales ACC fell 1.22% as concerns that a glut in supply will put pressure on cement prices offset strong Q3 results from the cement major. The company's net profit rose 53.69% to Rs 435.63 crore in Q3 September 2009 over Q3 September 2008. The results hit market during market hours on Wednesday.

At the time of announcing Q3 results, ACC said a sizeable additional cement capacity is expected to materialise in all the regions withing the next one year. ACC, however, said it expects a significant surge in cement demand from the infrastructure sector and various development schemes of the government. It expects robust demand from smaller cities and semi-urban markets

Grasim Industries fell 0.89%. The company's net profit rose 60.72% to Rs 674.25 in Q2 September 2009 over Q2 September 2008. The company announced the result after market hours today.

Telecom stocks fell on continued concerns about price war in the sector. Idea Cellular's Managing Director Sanjeev Aga, said on 26 October 2009 the price war in the teleocom sector which he described as a 'bloodbath' would cut local call charges, currently at 40 paise a minute, to 'unsustainable' levels.

India's largest wireless operator by sales Bharti Airtel fell 1.59%. India's second- largest wireless operator by sales Reliance Communications fell 6.45%. The company said early this week it does not have to pay any additional licence or spectrum fee to the government nor had it inflated its revenues. The statement came after the company said it had completed a "preliminary review" of a report issued by a government-appointed auditor which had accused it of various malpractices. But, Idea Cellular rose 1.65%.

Construction stocks fell on profit taking. Hindustan Construction Company, Nagarjuna Construction Company Era Infra Engineering, Gayatri Projects fell by between 1.29% to 4.92%.

The government's thrust on the infrastructure sector. Higher government spending on infrastructure sector in the Union Budget 2009-2010 to provide a stimulus to the economy, may result in increase order flow for construction.

An expected fall in cement prices in the coming months due to capacity new capacity addition may boost margins for construction firms as cement is a key raw material

Jaiprakash Associates fell 4.1% extending recent sharp losses. Net profit rose 327.9% to Rs 870.19 crore on 53% rise in sales to Rs 1824.26 crore in Q2 September 2009 over Q2 September 2008. The company announced result after market hours on 21 October 2009. The company also announced 1:2 bonus issue at the time of announcing Q2 results

IT stocks fell on concerns about the US economy after fall in new home sales in the US in September 2009. US is the biggest market for Indian IT companies. IT bellwether Infosys Technologies fell 2.18% as its ADR fell 1.7% on Wednesday. Infosys raised its earnings and revenue guidance in both dollar and rupee terms for the year ending March 2010 (FY 2010) at the time of announcing Q2 September 2009 results before trading hour on 9 October 2009. Infosys, however, said strengthening rupee is a big concern for its earnings.

A foreign brokerage said in a recent note that it expects 2010 IT budgets to be strong given a significant pent-up demand.

India's largest software services exporter TCS fell 1.51%. The company after market hours on 16 October 2009, reported stronger-than-expected Q2 September 2009 results. Consolidated net profit as per US accounting standards rose 6.81% to Rs 1623.90 crore on 3.16% growth in revenue to Rs 7435.10 crore in Q2 September 2009 over Q1 June 2009.

TCS has a good business pipeline and is pursuing 20 to 25 large outsourcing deals, chief executive N. Chandrasekaran said at the time of announcing Q2 results. The management is seeing signs of recovery but it believes it will be slow. The discretionary spent is still tight but there is spent seen in banking, finance services and insurance (BFSI), retail, utility and pharma verticals, TCS said at a conference call after the results. However, a continuous improvement in volumes cannot be expected, it said. The company is seeing stability in demand environment. The management expects to maintain margins at current levels provided there is no adverse rupee movement.

But, India's third largest IT exporter by sales Wipro rose 0.26% extending recent gains on better than expected Q2 results. As per consolidated Indian GAAP results, the company recorded 19% rise in net profit to Rs 1162 crore in Q2 September 2009 over Q2 September 2008. The net profit rose 14% to Rs 1162 crore in Q2 September 2009 over Q1 June 2009. The results hit the market before trading hours on 27 October 2009. Its ADR fell 3.04% on Wednesday.

Wipro said order book has gone up and it is seeing a strong second half as pricing stabilises. Wipro expects its IT services revenue to rise 3.8% to 5.7% to $1.09-$1.11 billion in Q3 December 2009 ovfrom Q2 September 2009

A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

India's largest engineering and construction firm by sales Larsen & Toubro fell 0.94%. The company announced on 26 October 2009 sale of its shares in Voith Paper Technology India (VPTIL) to its long term joint venture partner Voith GmbH, Heidenheim, Germany. VPTIL is a 50:50 joint venture partner between L&T and Voith GmbH providing design, consultancy and other value added services to Indian paper industry.

L&T's net profit rose 26.1% to Rs 580.4o crore on 3.54% rise in total income to Rs 8136.39 crore in Q2 September 2009 over Q2 September 2008. The result hit the market during trading hours on 22 October 2009.

Among other capital goods stocks Bharat Heavy Electricals, BEML, Siemens, ABB and Praj Industries, fell by between 0.76% to 5.3%.

Rate sensitive auto stocks fell on concerns hike in interest rates may crimp sales. Most auto sales including that of cars, two-wheelers, utility vehicles and commercial vehicles are driven by financing by the buyer. Low interest rates has helped a solid rebound in sales across the auto industry this year

Bajaj Auto fell 2.25%. Bajaj Auto's net profit jumped 117.85% to Rs 402.83 crore in Q2 September 2009 over Q2 September 2008. The company announced the Q2 results during trading hours on 15 October 2009.

Hero Honda Motors fell 1.81% even as net profit jumped 95% to Rs 597.14 crore on 26.8% rise in revenue to Rs 4059.44 crore in Q2 September 2009 over Q2 September 2008. The company announced result after market hours on 21 October 2009.

India's largest car maker by sales Maruti Suzuki India fell 2.58% after the company said margins may come under pressure due to hardening of commodity prices and strengthening of the Japanese yen. At the time of announcing Q2 results, last week, the company said it continues to focus on cost optimization. Maruti said the company remains cautiously optimistic with regard to volume growth in the near future

Maruti's net profit rose 92.5% to Rs 570 crore on 46.6% rise in sales to Rs 7080.67 crore in Q2 September 2009 over Q2 September 2008. The company announced the results on Saturday, 24 October 2009

India's largest commercial vehicle maker by sales Tata Motors fell 1.26%. The company's net profit jumped 110.13% to Rs 729.14 crore on 11.87% rise in total income to Rs 8399.75 in Q2 September 2009 over Q2 September 2008. The results were announced after market hours on 26 October 2009

But, India's largest tractor maker by sales Mahindra & Mahindra rose 3.93% after its net profit jumped 184.98% to Rs 702.94 crore inn Q2 September 2009 over Q2 September 2008. The results were announced during market hours today.

Ranbaxy Laboratories rose 4.8% . The company reported net profit of Rs 186.08 crore in Q3 September 2009 as against a net loss of Rs 352.93 crore in Q3 September 2008. The results were announced on 26 October 2009.

Cals Refineries clocked highest volume of 3.77 crore shares on BSE. Unitech (2.19 crore shares), Suzlon Energy (1.47 crore shares), Zee News Enterprises (0.92 crore shares) and Ispat Industries (0.74 crore shares) were the other volume toppers in that order.

Housing Development & Infrastructure clocked highest turnover of Rs 182.52 crore on BSE. Unitech (Rs 177.81 crore), Sesa Goa (Rs 168.85 crore), Thinksoft Global (Rs 162.97 crore) and State Bank of India (Rs 145.01 crore) were the other turnover toppers in that order.