Cairo: Templeton Asset Management Ltd’s Mark Mobius said he’s been buying stocks in Brazil, Russia, India and China—the Bric nations—in the past month and called the slump in emerging economy shares a correction in a bull market.
“Despite the fact that a lot of people think that we are entering into a bear market, we don’t believe so,” Mobius, who oversees around $34 billion (Rs1.62 trillion) in emerging markets as Templeton Asset Management’s Singapore-based executive chairman, said. “This is a correction in an ongoing bull market.”
Bharat Petroleum’s net falls 81% on higher costs
New Delhi: India’s second largest state-run refiner, Bharat Petroleum Corp. Ltd, on Thursday posted an 81% drop in profit for the March quarter, after crude oil prices rose, increasing raw material costs.
Net income fell to Rs703 crore in the three months to 31 March from Rs3,630 crore a year earlier, the company said in a statement to the Bombay Stock Exchange. Sales rose 42% to Rs37,550 crore.
The refiner reported a net income of Rs1,540 crore for the year ended 31 March, compared with Rs740 crore a year ago, according to the statement.
IT hardware market shows high growth
New Delhi: On the back of better enterprise spending on information technology (IT), the combined printer, copier and multi-functional product market in India grew 35.7% in the first quarter of fiscal 2010 against the same period last year, at 0.8 million units, according to market research firm Gartner Inc.
While Canon India Pvt. Ltd registered a 93% growth in shipments, that of Samsung India Electronics Pvt. Ltd and Hewlett-Packard India Pvt. Ltd grew 54% and 26%, respectively.