Interest rate sensitive sectors could be in focus ahead of RBI meet

Shares in interest rate sensitive sectors such as real estate, banking and automobiles may see action ahead of the Reserve Bank of India (RBI)'s meeting today, 24 January 2012. The RBI is widely expected to keep its key lending rate viz. the repo rate steady at the Third Quarter Review of Monetary Policy 2011-12 today, as headline inflation remains high.

Gas output from Reliance Industries (RIL)-operated D6 block could reportedly fall below the current 38-39 million cubic metres a day (mmscmd), under half of the estimated peak rate of 80 mmscmd. All oil, gas fields undergo some decline. So this (output from D6's producing fields) can also decline, S.K. Srivastava, director at the Directorate General of Hydrocarbons, told the media on Monday, 23 January 2012.



Essar Oil announced that the independently verified proven and probable (2P) reserves and best estimate (2C) contingent gas resources at its Raniganj coal bed methane (CBM) exploration block in West Bengal have been significantly increased. Essar Oil has 100% interest in the block. The total proven and probable reserves (2P) at Raniganj, evaluated as on 1 September 2011, are 113 billion cubic feet (bcf) gross, or 18.8 million barrels of oil equivalent (mmboe), while best estimate contingent resources (2C) are 445 bcf gross, or 74.1 mmboe. The latest reserve estimates compares with the previous evaluation in December 2009 which showed 201 bcf gross, or 34 mmboe, of 2C resources. Both evaluations were carried out by international consultants Netherland, Sewell & Associates, Inc. (NSAI). The release quoted Mr. Naresh Nayyar, Deputy Chairman-Essar Oil and CEO-Essar Energy, saying, "This revised evaluation of gas resources at Raniganj underlines the potential of this block."

IVRCL said it received orders worth Rs 701.49 crore in the southern parts of India. According to the release, the orders bagged are in the water irrigation division which is worth Rs 595.45 crore awarded by the Tamil Nadu Water Supply and Drainage Board and from a Karnataka government undertaking to an IVRCL joint venture. Another order has been received from the Bihar Urban Infrastructure Development Corporation in the same division. IVRCL also received orders from the buildings division worth Rs 106.04 crore from National Buildings Construction Corporation and Hindustan Dorr-Oliver, Mumbai for a project in Karnataka. It also received an order in Hyderabad, Andhra Pradesh.

The board of KPIT Cummins Infosystems approved a 1:1 bonus shares.

Everonn Education said that Everonn Skill Development (ESDL) has received communication from National Skills Development Corporation of India (NSDC), stating that the investor agreement between ESDL and NSDC has lapsed on account of the procedural delays in complying with certain conditions of the agreement. However, ESDL is in dialogue with NSDC to resolve the issue.

Cairn India, Lupin, Grasim Industries, Biocon, Yes Bank, Ceat, 3i Infotech, Greaves Cotton, Godawari Power & Ispat, GIC Housing Finance, Everest Industries, Eclerx Services, HMT, Indiabulls Power, Indiabulls Real Estate, Indraprastha Gas, Kirloskar Brothers, Mangalore Refinery & Petrochemicals, Nelco, Nilkamal, Nocil, Oudh Sugar Mills, Zensar Technologies, Umang Dairies, Kalindee Rail Nirman (Engineers) and Edelweiss Financial Services, among others, will declare their October-December 2011 quarter results today, 24 January 2012.

Net profit of Shree Cement rose 115.31% to Rs 59.19 crore in the quarter ended December 2011 as against Rs 27.49 crore during the previous quarter ended December 2010. Sales rose 61.43% to Rs 1258.56 crore in the quarter ended December 2011 as against Rs 779.61 crore during the previous quarter ended December 2010.

Net profit of D B Corp declined 30.09% to Rs 56.10 crore in the quarter ended December 2011 as against Rs 80.25 crore during the previous quarter ended December 2010. Sales rose 9.13% to Rs 374.83 crore in the quarter ended December 2011 as against Rs 343.46 crore during the previous quarter ended December 2010.

Net profit of Lakshmi Machine Works declined 13.48% to Rs 39.65 crore in the quarter ended December 2011 as against Rs 45.83 crore during the previous quarter ended December 2010. Sales rose 7.94% to Rs 519.90 crore in the quarter ended December 2011 as against Rs 481.66 crore during the previous quarter ended December 2010.

Net profit of Phoenix Mills rose 13.17% to Rs 26.90 crore in the quarter ended December 2011 as against Rs 23.77 crore during the previous quarter ended December 2010. Sales rose 12.03% to Rs 50.49 crore in the quarter ended December 2011 as against Rs 45.07 crore during the previous quarter ended December 2010.

Net profit of Vardhman Textiles declined 55.53% to Rs 60.29 crore in the quarter ended December 2011 as against Rs 135.57 crore during the previous quarter ended December 2010. Sales declined 1.24% to Rs 984.00 crore in the quarter ended December 2011 as against Rs 996.38 crore during the previous quarter ended December 2010.

Net profit of Torrent Pharmaceuticals declined 6.73% to Rs 61.51 crore in the quarter ended December 2011 as against Rs 65.95 crore during the previous quarter ended December 2010. Sales rose 14.27% to Rs 500.69 crore in the quarter ended December 2011 as against Rs 438.17 crore during the previous quarter ended December 2010.

Net profit of Ashoka Buildcon declined 5.10% to Rs 19.73 crore in the quarter ended December 2011 as against Rs 20.79 crore during the previous quarter ended December 2010. Sales rose 5.21% to Rs 317.36 crore in the quarter ended December 2011 as against Rs 301.65 crore during the previous quarter ended December 2010.

Net profit of Jaipan Industries declined 16.67% to Rs 0.05 crore in the quarter ended December 2011 as against Rs 0.06 crore during the previous quarter ended December 2010. Sales declined 13.01% to Rs 6.89 crore in the quarter ended December 2011 as against Rs 7.92 crore during the previous quarter ended December 2010.

Henkel India reported net loss of Rs 2.36 crore in the quarter ended December 2011 as against net loss of Rs 2.34 crore during the previous quarter ended December 2010. Sales declined 34.36% to Rs 63.76 crore in the quarter ended December 2011 as against Rs 97.14 crore during the previous quarter ended December 2010.