Friday, June 18, 2010
MIRC ELECTRONICS LIMITED
ANNUAL REPORT 2009-2010
We are delighted to present the 29th Annual Report on our business and
operations together with the audited accounts of the Company for the
financial year ended 31st March, 2010. The financial highlights for the
year under review are as under:
Inflow from foreign funds will continue to dictate the trend on the domestic bourses next week as traders roll over positions in the derivatives segment from June 2010 series to the July 2010 series ahead of the expiry of the near-month June 2010 contracts on Thursday, 24 June 2010. The key global event next week is a meeting of the US Federal Reserve on interest rates.
Anticipation of robust corporate financial performance boosted the domestic bourses after front line companies paid higher advance taxes for the first quarter ended June 2010. Rally in world stocks aided the rally on the domestic bourses as euro zone debt worries eased. The market rose in four out of five trading sessions last week.
The markets ended the choppy session lower, after breaking the winning streak. The Sensex ended on a sluggish note as RIL AGM did not turned out to be an eventful one. Metal, oil & gas, and auto stocks also dragged index down, while selective buyinh was seen in index pivotals and sectors.
Markets end mixed in a choppy session ahead of weekends
The Asian markets ended mixed ahead of the weekends, not being able to post much of gains as the Dollar appreciated under 1.2400 and the DOW futures dillydallied between positive and negative territory. The pessimistic US data curbed the buying enthusiasm triggered by yesterday's reports of Spanish Treasury raising 3.479 billion euros in a bond sale. The markets had a typically lackluster outing and a correction in crude oil and commodities kept the risk element afloat in the asset markets.
The key benchmark indices lost ground in the second half of the day's trading session after a firm start which pushed the market to 1-1/2 month high. Profit booking was a key culprit causing market to snap a seven-day rally. Weakness in shares of the Mukesh and Anil Ambani pack emerged after the Mukesh Ambani gave no details of reconciliation between the two brothers at Reliance Industries' (RIL) annual general meeting.
Bullion metals rise due to shaky economic data
Bullion metal prices ended substantially higher on Thursday, 17 June 2010 at Comex. Prices rose as mixed economic data hit Wall Street today, which cautioned investors regarding the movement of equities in near term. Precious metals are often viewed as good alternates for investment in a fluctuating market.
Bharti Airtel, Idea Cellular and Vodafone Essar have all refused to participate in the telecom regulator’s latest consultation process to set a price for second-generation (2G) spectrum, citing lack of transparency by Trai. (ET)
RIL in talks for acquiring 26% stake in Papavav Shipyard. (ET)
GlaxoSmithKline Consumer Healthcare plans to enter the premium cookies market. (ET)
JSPL has got three years extension to begin constructing its US$2.1 billion steel plant in Bolivia as against the original deadline of 2010. (ET)
Ranbaxy may close down one of its biggest global bulk drug production units at Mohali and is sourcing few products made at the facility. (ET)
Infosys Technologies has approached the Tamil Nadu government for 200 acres of land near Chennai for setting up a development centre. (BS)
Mahindra Satyam is likely to announce a pay hike for all its employees on July 1. (BS)
Reliance Power has started generation from the second unit of the Rosa Power Project in Uttar Pradesh. (BL)
Reliance Communications plans to hive off its direct-to-home (DTH) and internet protocol TV (IPTV) businesses into a separate company Reliance Digital Works. (BS)
Tata Motors has piped Maruti Suzuki India as sole supplier of close to 2,000 cars, jeeps and trucks for the Commonwealth Games in Delhi in October for movement of VIPs, international delegates and athletes’ families. (BS)
Tata Motors is charting a strategy for a 25% carbon dioxide reduction in its Jaguar and Land Rover models. (BL)
Tata Motors today launched a new offering in the Winger range, the Tata Winger Platinum, in Chandigarh. (BS)
Mahindra & Mahindra, Arabia Holdings and Ras Al-Khaimah Transport Investments have joined hands for a joint venture in Emirates of Ras Al Khaimah in the UAE for vehicle armouring. (BL)
Punjab National Bank would pick up 64% stake in JSC Dana Bank in Kazakhstan. (BS)
Punjab National Bank to raise US$100mn fund for overseas expansion. (FE)
Bajaj Hindusthan’s board approved the company’s merger with its unit Bajaj Hindusthan Sugar. (ET)
Foreign companies line up for a share of India’s US$3.5bn solar business pie. (ET)
Religare to buy boutique AMC’s in US. (FE)
Jet Airways has entered into a code-share agreement with United Airlines, giving its customers access to wider network connectivity between the United States and India. (BL)
Brigade Enterprises has announced that it will raise up to Rs7.5bn by the issue of equity-based securities to various investors by means of public or private offering or qualified institutional placement or through preferential share allotment. (BS)
Hitachi Data Systems Corporation, a wholly owned subsidiary of Hitachi, has entered into a technology collaboration with Wipro, to offer co-branded products and services on Hitachi technology. (BL)
MindTree, which has bagged the application development and maintenance services contract of the Unique Identification project ‘Aadhaar', is eyeing a greater share of the UID pie, with more processes coming up for bidding. (BL)
Duncans Industries has roped in Delhi-based Jaypee Group for the revival and rehabilitation of its fertiliser division. (BL)
Food price inflation for week ended June 5 was at 16.12% compared to 16.74% in the previous week. (ET)
According to deputy governor K C Chakrabarty, RBI favours giving banks the freedom to decide interest rates on their savings deposits. (BS)
RBIhas asked all banks to go back to their boards and re-work their plans on financial inclusion. (BS)
The government is likely to postpone the launch of the mobile number portability (MNP) scheme to early next year. (BS)
India plans to embark on a programme to tap the shale oil reserves in the country after the directorate general of hydrocarbons (DGH) found substantial reserves of the gas in Assam and Arunachal Pradesh. (BS)
CERC has notified its regulations on ‘Sharing of Inter State Transmission Charges and Losses’. These regulations would implement the point of connection method of sharing the cost of inter-state transmission services in India. (BS)
Pursue your goals even in the face of difficulties, and convert adversities into opportunities. – Dhirubhai Ambani.
The Ambani brothers have taken their father’s advice and have hopefully left behind their adversities. How well they turn them into opportunities, will be visible somewhat today as RIL holds its much-anticipated AGM in Mumbai. We expect a rather subdued start to the day but Reliance group companies could hog more limelight as we wrap up another good week. Emotions may run high in the wake of the rapprochements between the two estranged Ambani siblings. Reports point to a few big-bang announcements by Mukesh Ambani. A word of caution here. Reliance and ADAG group shares have rallied in recent past. It won’t be a bad idea to adopt the ‘sell on news’ strategy and lock in some gains in these counters.