Fall again in the market with global meltdown. After yesterday rally, the euphoria was outshined with the gloabl cues as it remained weak throughout the day in the red zone. US brougth in the jitter with its weakness looking at subprime market followed by weakness in Asia and European markets which further dampened the sentiment as selling intensified on the bourses. Nikkei tumbled 2.19%, Singapore's Straits Times was down by 3.27%, Taiwan's Taiwan Weighted down 4.26%, Hang Seng down by 3.15% and South Korea's Seoul Composite down 3.97%. China's Shanghai Composite was down 3.81%.
As the day progressed, Indices lost further ground with the Sensex waiving off by as much as 500 points. In the final hour of trading market thought of recovering some of the gains but selling towards the end deepened the wounds and forcing the Sensex to lose more than 600 points at the end. Selling was seen across all board as no sectors were spared from the heat. The Realty index was the worst hit as it was down by 6.64% followed by the Metal, Capital Goods and Oil & Gas indices which drifted down by 4.81%, 4.69% and 4.4% respectively. The other indices lost 3% - 4% from their previous closing levels. Midcap and Smallcap indices tumbled 3.82% and 3.65% respectively.
Sensex Slipped to end down by 615 points at 14935.77. Weighing on the Sensex were losses in ACC (965.9,-9 percent), Rel Energy (737.3,-7 percent), Hindalco (159.15,-6 percent), Ranbaxy (367.8,-6 percent) and RCVL (530.6,-5 percent).
Financial Technologies reported a phenomenal jump on a consolidated basis in net profits for the quarter ended June 2007. During the quarter, the company experienced an 87% rise in profits to Rs 71.5 cr from Rs 38.2 cr in the quarter ended June 2006. Total income rose 2.01 times to Rs 165.3 cr for the quarter ended June 2007 from Rs 82.2 cr for the same period last year. On standalone basis the company posted a net profit of Rs 60.8 cr for the quarter ended June 2007 as compared with Rs 10.1 cr for the quarter ended June 2006, an increase of 6.02 times. For the quarter ended June 2007, the company's total income jumped 4.43 times to Rs 102.8 cr compared with Rs 23.2 cr for the quarter ended June 2006. The total number of trading licenses has grown to 184,000 as on June 30, 2007. The company has promoted India's leading multi commodity futures exchange (MCX) and inter bank forex trading platform (IBS-Forex). MCX stands as the third largest bullion exchange in the world after New York Mercantile Exchange (NYMEX) and Tokyo Commodity Exchange (TOCOM).
Hindalco reported its first quarter results which were subdued. The topline grew by 9.5% YoY driven by higher aluminium and copper sales. The company had 6% YoY growth in revenues of the aluminium division which couldn?t help to sustain the PBIT levels as it was hit by the 10% YoY drop in segmental PBIT that really impacted the company's performance. The continued strong performance of the copper division which was up by 12% YoY did provide some support to the overall performance of the company. As far as the overall EBITDA margins of the company are concerned, barring power and fuel costs all the other three cost heads witnessed significant appreciation and which pulled down the margins by a significant 290 basis points. Growth in the bottomline was seen at 0.2% YoY. The stock ended the day with a 6% decline.
Even as the market fell sharply, Everonn Systems India settled at Rs 478 on BSE with a 242% premium over the offer price of Rs 140. The huge premium on listing was due to 131 times subscription of the IPO as the company received total bids for 52.58 crore shares compared to total issue of 40 lakh shares. The Everonn Systems India scrip debuted at Rs 245 on BSE and touched a intraday high of Rs 560 and a low of Rs 245 during the day. About 71.77 lakh shares were traded on the counter on BSE. Everonn Systems India is a fully integrated knowledge management, education and training company.
Technically Speaking: Weak global cues made the market open gap down by 200 points. Sensex could not recover from the gap as it sliped further. Sensex made a high of 15334 and low of 14911 with the Declines out numbering advances. The declines stood at 2147 against the advances of 533. Volumes were good as the market churned Rs 6267 cr. Sensex has moved into a short term downtrend with supports at 14800 and 14450. Having left unfilled gap on the higher side, there is chance of some bounce back up to 15200..15400 levels.
As the day progressed, Indices lost further ground with the Sensex waiving off by as much as 500 points. In the final hour of trading market thought of recovering some of the gains but selling towards the end deepened the wounds and forcing the Sensex to lose more than 600 points at the end. Selling was seen across all board as no sectors were spared from the heat. The Realty index was the worst hit as it was down by 6.64% followed by the Metal, Capital Goods and Oil & Gas indices which drifted down by 4.81%, 4.69% and 4.4% respectively. The other indices lost 3% - 4% from their previous closing levels. Midcap and Smallcap indices tumbled 3.82% and 3.65% respectively.
Sensex Slipped to end down by 615 points at 14935.77. Weighing on the Sensex were losses in ACC (965.9,-9 percent), Rel Energy (737.3,-7 percent), Hindalco (159.15,-6 percent), Ranbaxy (367.8,-6 percent) and RCVL (530.6,-5 percent).
Financial Technologies reported a phenomenal jump on a consolidated basis in net profits for the quarter ended June 2007. During the quarter, the company experienced an 87% rise in profits to Rs 71.5 cr from Rs 38.2 cr in the quarter ended June 2006. Total income rose 2.01 times to Rs 165.3 cr for the quarter ended June 2007 from Rs 82.2 cr for the same period last year. On standalone basis the company posted a net profit of Rs 60.8 cr for the quarter ended June 2007 as compared with Rs 10.1 cr for the quarter ended June 2006, an increase of 6.02 times. For the quarter ended June 2007, the company's total income jumped 4.43 times to Rs 102.8 cr compared with Rs 23.2 cr for the quarter ended June 2006. The total number of trading licenses has grown to 184,000 as on June 30, 2007. The company has promoted India's leading multi commodity futures exchange (MCX) and inter bank forex trading platform (IBS-Forex). MCX stands as the third largest bullion exchange in the world after New York Mercantile Exchange (NYMEX) and Tokyo Commodity Exchange (TOCOM).
Hindalco reported its first quarter results which were subdued. The topline grew by 9.5% YoY driven by higher aluminium and copper sales. The company had 6% YoY growth in revenues of the aluminium division which couldn?t help to sustain the PBIT levels as it was hit by the 10% YoY drop in segmental PBIT that really impacted the company's performance. The continued strong performance of the copper division which was up by 12% YoY did provide some support to the overall performance of the company. As far as the overall EBITDA margins of the company are concerned, barring power and fuel costs all the other three cost heads witnessed significant appreciation and which pulled down the margins by a significant 290 basis points. Growth in the bottomline was seen at 0.2% YoY. The stock ended the day with a 6% decline.
Even as the market fell sharply, Everonn Systems India settled at Rs 478 on BSE with a 242% premium over the offer price of Rs 140. The huge premium on listing was due to 131 times subscription of the IPO as the company received total bids for 52.58 crore shares compared to total issue of 40 lakh shares. The Everonn Systems India scrip debuted at Rs 245 on BSE and touched a intraday high of Rs 560 and a low of Rs 245 during the day. About 71.77 lakh shares were traded on the counter on BSE. Everonn Systems India is a fully integrated knowledge management, education and training company.
Technically Speaking: Weak global cues made the market open gap down by 200 points. Sensex could not recover from the gap as it sliped further. Sensex made a high of 15334 and low of 14911 with the Declines out numbering advances. The declines stood at 2147 against the advances of 533. Volumes were good as the market churned Rs 6267 cr. Sensex has moved into a short term downtrend with supports at 14800 and 14450. Having left unfilled gap on the higher side, there is chance of some bounce back up to 15200..15400 levels.
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