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The Mint Report for 17 January 2011

The Mint Report for 17 January 2011
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First Published: Mon, Jan 17 2011. 10 32 PM IST
Updated: Mon, Jan 17 2011. 10 32 PM IST
We begin with the earnings from India’s biggest IT company. Tata Consultancy Services beat expectations with a 30% increase in net profit to Rs2,369 crore. Revenues expanded some 26.3% to Rs9,663 crore.
Volume growth was a steady 5.7% during the normally slow quarter, and operating margin was at 28%.
Meanwhile Larson and Toubro’s quarterly numbers have also raced past expectations. Profits jumped 10.76% to Rs841 crore. Revenue went up 40% to Rs11,418 crore. The impressive rise in revenues came mostly from the company’s engineering and construction business. But profits were more modest because raw material costs and operating expenses had gone up. Stocks of the company closed 1.65% lower on the BSE at 1681.15.
And Axis Bank also posted its earnings on Monday. Profits shot up 35.88% for the third quarter to Rs891 crore. On the downside, net interest margin fell to 3.81% compared to 4% in the same period last year. And the average yield on deposits dropped from 9.92% to 9.26%.
Axis Bank’s yield on deposits fell even though it hiked its prime lending rate and base rate during the period. What’s more, the bank indicated net interest margins could fall further in the current quarter. Still, its shares outperformed overall markets on Monday, going up 2.18% 1227.55.
And finally, India bourses nudged up slightly on Monday, after two days of losses. The Sensex gained 22 points to 18 thousand, 882. And the Nifty remained virtually unchanged five thousand, 655.
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First Published: Mon, Jan 17 2011. 10 32 PM IST