The quarter on quarter is not good but otherwise the ONGC performance is good. The huge investments resulted an increase of depreciation from 2860cr to 4875cs for this quarter under review and the volume catch up as the sales increased from 12436 to 15314 cr. The net profit increased from 3362 cr to 4626 crs.
The JSW steel, SASKEN presented stellar performance but IDEA disappointed by the competition. The ICICI retail banking is bleeding by 230 cr loss where as the wholesale banking and the treasury operations are very profitable, the same is the story of the YES bank. The ICICI total income is at 7763 down from 10,350 crs. There is saving on the Tax- 135cr and interest expended-1800crs. The net profit plunged from 1272cr to 1101 crs. The Stock likely to go sub 750 level.
The markets as expected lost the bottoms, plunged by 2.2%, a surprise to many by our readers noticed the developments earlier. The RIL results are expected better in line with ONGC but the polyster business needs to be observed.
The markets may get support for a temporary bounce expected from 5040 level. The melt down fro telecos and auto and Pharma will put weight/cap on the up site for sure.
Friday, January 22, 2010
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