Results Today: Reliance Infrastructure, Reliance Power, IDFC, Bank of India, Aban offshore, ABB, Aurobindo Pharma, Hindustan Copper, United Breweries, Aptech, Opto Circuits, Welspun India, Godrej industries, Monnet Ispat, Firstsource Solutions, Kernex Microsystems, J Kumar Infra, BOSCH, Kavveri telecom, Nitin Fire Protection Ind, Hercules Hoists, Finolex Cables, Morepen Lab, BF Investment, Pidilite Ind
Oil Ministry says -Revisiting prices of fuel hike left to UPA leadership -'I have reduced excise & custom duty' -Asking the state governments to reduce VAT -Can absorb price hike if Finance Ministry reimburses oil companies' losses -If rupee appreciates significantly will announce oil price cut -Mamata Banerjee is a respected leader; UPA has take a decision
HPCL says -Not heard from govt on potential rollback of petrol price hike -Will reduce prices on own if there is over-recovery -Still have 0.2 paise under recovery so can't reduce prices
IOC says -OMCs have suffered losses of` Rs 2,300 crore in FY11 -OMCs have suffered losses of Rs 2,500 crore this year -Cannot keep absorbing losses -Better to pass on costs than reduce production -Will decrease prices as soon as global oil prices come down
SBI Chairman, Pratip Chaudhuri says: -Govt has put aside Rs 4000 crore for us -Rights issue has not been ruled out
Other stocks and sectors that are in news today: -Jaiprakash Associates to mull restructuring of cement operations by November 14 -Aviation minister agrees to ease FDI norms; foreign carriers may get to pick 24% stake in domestic airlines (FE) -ONGC board clears Petronet stake buy (Agencies) -Reliance Power ties up Rs 525 crore loans for its 40 mw solar project in Rajasthan -Glenmark gets over Rs 24 crore payment from Sanofi on completing the 1st phase of molecule study -Goa miners fear a Karnataka like crisis; even as govt may not favour blanket ban (BS) -GMR Infra set to bag Rs 1500 crore Andhra highway project (BS) -Gemini Communications announces buy back at maximum Rs 45/share (CMP: 21.65) -SpiceJet board to meet on November 11 to decide on USD 450 million aircraft order (Mint) -Balaji Amines to invest Rs 70 crore in Solapur unit expansion (BL) -Kerala govt reduces surcharge of 34 paise on fuel prices
Anand Sinha deputy governor RBI says: -Transition to Basel-III will be smooth -To issue draft Basel-III norms by December 31 -Hope to finalise Basel-III norms by March end -Savings Bank Rate deregulation can shrink banks' margins -Banks' NPAs rising but don't see any systemic risks -Slippages in banks higher than recoveries -Need to have more fixed rate products in banking industry -10 action products agreed under Damodaran committee -Products agreed upon in Damodaran Committee should be taken forward -Banks to gear up for comp due to new bank licences -Asset liability mismatches due to infra finance will affect banks
ONGC Q2 -Net profit at Rs 8,642 cr vs Rs 5,389 cr (YoY) -Net sales at Rs 22,616 cr vs Rs 18,194 cr (YoY) -Total costs at Rs 11,735 cr vs Rs 11,508 cr (YoY) -Other income at Rs 1,133 cr vs Rs 906 cr (YoY) -Subsidy at Rs 5,713 cr vs Rs 3,019 cr (YoY) -Net realisation at USD 83.70/bbl vs USD 62.75/bbl (YoY) -Gross realisation at USD 116.94/bbl vs USD 79.21/bbl (YoY)
ONGC says -Q2 profit down by Rs 3,300 cr on revenue loss burden -Made 3 new discoveries in Q2 -Made 1 more hydrocarbon discovery in October
Jain Irrigation Q2 -Net profit at Rs 11.5 cr vs Rs 61.9 cr (YoY) -Total income at Rs 771.3 cr vs Rs 641.7 cr (YoY)
Nestle India Q3 -Net profit at Rs 261 cr vs Rs 218 cr (YoY) -Net sales at Rs 1,963 cr vs Rs 1,637 cr (YoY)
GSK Pharma Q3 -Net profit at Rs 146 cr vs Rs 158 cr (YoY) -Net sales at Rs 607 cr vs Rs 582 cr (YoY)
Apollo Hospitals Q2: -Net profit at Rs 55.8 cr vs Rs 49.5 cr (YoY) -Income from services at Rs 699 cr vs Rs 586.4 cr (YoY)
