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The Mint Report for 10 May 2011

The Mint Report for 10 May 2011
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First Published: Tue, May 10 2011. 11 01 PM IST
Updated: Tue, May 10 2011. 11 01 PM IST
Investors may be worried about rising interest rates, but mortgage lender HDFC has done brisk business in the fourth quarter. Its profits rose 23% to Rs1,142 crore. That’s on a total income of Rs3,785 crore, which is an increase of 30.5%. HDFC’s profits were helped along by a demand for loans. The company expects its loan book to increase 20% in the current fiscal. But despite the robust earnings, shares of the firm tumbled 0.37% on the BSE on a day wider markets also retreated.
Meanwhile, another lender is fighting to recover. SKS Microfinance says it hopes to recover from its troubles in Andhra within six months. On Tuesday, the company’s top officials including chairman Vikram Akula said its troubles were limited to Andhra. They added that collections in other states were at 96%. Shares of SKS Microfinance collapsed after the company reported losses last week. But they partially made up for those losses on Tuesday with a 9.99% rise on the BSE to 297.85.
Back in results, Ranbaxy Laboratories has done better than expected. Net profit fell 68.4% to Rs304 crore in the quarter ending March. And net sales went down 13.6% to Rs2,140 crore. Ranbaxy also said it had offered to settle matters stemming from a US demand for information on its drug applications.
In other news, diesel is not going to get costlier this week. The empowered group of ministers that was supposed to consider hiking fuel prices has postponed its meeting. India’s state-run oil companies haven’t hiked their prices since January. But the spike in oil prices since then has led to heavy losses.
Moving on, Nirma might have to relocate its Rs600 crore cement factory in Gujarat. An environment ministry report submitted to the Supreme Court weighed in against the Nirma factory in Bhavnagar district. It said the cement-making facility sits in an environmentally sensitive wetland. Nirma is already engaged in a Supreme Court dispute over the plant with local farmers.
Markets ended in the red after yet another day of choppy trade. The Sensex retreated 16 points to 19,513. And the Nifty fell 10 to 5,541.
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First Published: Tue, May 10 2011. 11 01 PM IST