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Fundamentals January 25, 2013

Nik's Diary

The Indian market opened with a positive bias mirroring positive start to SGX Nifty and most Asian indices. On the economic front, consumer prices in Japan declined for the seventh time in eight months, to 0.2% (ex. fresh food) in December 2012 as against inflation target of 2% by Bank of Japan (BoJ). This has raised hopes amongst investors of a stimulus package by the BoJ. The US stocks ended on a mixed note on Thursday after markets remained volatile throughout the trading session. While upbeat jobs data and earnings news cheered the traders; disappointing quarterly results from technology giant Apple weighed on trader sentiments. Apple reported better-than-expected first quarter earnings but weaker-than-expected sales as iPhone sales missed expectations. On the economic front, data from the Labor Department surprised positively as initial jobless claims dipped to 330,000 from the previous week's unrevised figure of 335,000.  Meanwhile, the Indian markets fell on  Thursday as investors booked profits following strong gains witnessed over the past weeks. Going ahead investors would be watchful of the earnings data coupled with report on US new home sales in the month of December.

Biocon Q3 net up 8% to Rs 91.76 cr

Biocon group has posted a consolidated net profit after tax and minority interest of Rs 91.76 crore, up 8.14% for the quarter ended December 31, 2012 as compared to Rs 84.85 crore for the quarter ended December 31, 2011. Total Income has increased from Rs 535.69 crore for the quarter ended December 31, 2011 to Rs 659.65 crore for the quarter ended December 31, 2012.
Source:MoneyControl



Suzlon up 5% on renders approval for CDR
Debt-laden Suzlon Energy , world's fifth largest wind turbine supplier, gained 5 percent in early trade on Friday after the empowered group of Corporate Debt Restructuring (CDR) Cell has given formal approval to its proposal to restructure domestic debt. A consortium of 19 banks approved the CDR package of Rs 9,500 crore (USD 1.8 billion), the wind turbine maker said in a notice to stock exchanges. The package includes a two year moratorium on principal and term-debt interest payments; a three percent reduction in interest rates and six months moratorium on working capital interest. The Group's promoters will also bring in Rs 250 crore equity in a stipulated time frame, of which Rs 62 crore has already been infused, Suzlon said. At 09:41 hours IST, shares rose 4.71 percent to Rs 18.90 on Bombay Stock Exchange.
Source:MoneyControl



Rel Power Q3: Analyst expect PAT to grow 22% to Rs249Cr

Reliance Power is set to declare its results for the third quarter of financial year 2012-13 on Friday. Analysts on an average expect consolidated profit after tax to grow by 22.2 percent year-on-year and 3.7 percent quarter-on-quarter to Rs 249 crore in the quarter due to Rosa unit, according to CNBC-TV18 poll. 
Net sales are seen going up by 2.7 times YoY and 17.2 percent QoQ to Rs 1,264 crore from Rs 467 crore during the same period. Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to rise by 2.8 times YoY and 6.4 percent QoQ to Rs 418 crore in October-December quarter. EBITDA margin is seen improving 100 basis points YoY to 33.1 percent in third quarter, but on quarter-on-quarter basis that is likely to fall by 335 basis points. Year-on-year results are not comparable as company commissioned its Rosa unit. Analysts expect plant load factor (PLF) to remain healthy because of acute winter in the north and full availability of both units for Rosa. Rosa units are working at near capacity utilizations; therefore analysts expect PLFs for Rosa for Q3 at 90-92 percent in December quarter as against 65 percent in September quarter. Second quarter generation was weak due to planned outages / maintenance shutdown by the company. Butibori is not yet declared commissioned and therefore no profit/loss is expected from Butibori. 
Investors should watch out for fuel supply at Rosa and clarity on fuel supply at Butibori; mining cost at Sasan; update on Tilaiya mine land acquisition; and Sasan’s date of commissioning COD.
Source:MoneyControl
Microsoft profit dips on lowers sales of Xbox holiday sales
Microsoft Corp reported a dip in fiscal second-quarter profit on Thursday, as weaker sales of its Xbox game system in the holiday quarter offset a solid start for its new Windows 8 operating system. The world's largest software company reported profit of USD 6.4 billion, or 76 cents per share, compared to USD 6.6 billion, or 78 cents per share, in the year-ago quarter. Overall sales rose 3 percent to USD 21.5 billion. 
Source:MoneyControl



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