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FM's Statement on the Indian stock market and economy

The stock market melt down had once again forced the Indian Finance Minister to come out and make a statement to soothe the nerves of Indian Stock market investors.

I am reproducing below something the FM had said in March 2008

“Growth is imperative. Inclusive growth is our goal and we will make every effort to ensure that growth becomes more inclusive.

I mentioned the financial health of the country. World over, there are well-accepted parameters to measure financial health, not only in economic terms but also in terms of human development indicators. Some human development indicators have improved while some have not. Infant mortality rate and maternal mortality rate have not improved. But school enrollment, retention in school and life expectancy has improved. In many diseases, there has been significant improvement. We have still a long way to go in human development indicators.

The subprime mortgage market crisis did not directly affect us. Except for one private sector bank, which has made a disclosure, none of our public sector banks have any exposure to the subprime mortgage market.

When the crisis moved from the subprime mortgage market to the housing market and from the housing market to the credit market, there is some impact upon India. There is an impact in terms of the credit flows and financial flows. But all our assessment, as well as the assessment of many impartial observers, indicates that the impact upon India will be a second order impact not a first order impact.”

Chidambaram said that Indian stock markets have been moderately impacted by the US subprime crisis. This was while he was debating the Budget in the Rajya Sabha.

Only time will tell if the Indian stock markets and the economy will bounce back from the current turmoil without hurting the investors too much.

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Yahoo! first quarter results had beaten street expectations

Yahoo Incs. first-quarter results that surpassed analysts’ modest expectations. Yahoo’s earning per share are 11 cents a share compared to Wall street expectation of 9 cents per share.

The Sunnyvale-based company said Tuesday that it earned $542.2 million, or 37 cents per share, more than triple its profit of $142.4 million, or 10 cents per share, at the same time last year.

Most of the first-quarter improvement stemmed from a non-cash gain of $401 million recorded to recognize Yahoo’s stake in the parent company of Alibaba.com, a leading e-commerce site in China that went public last year.

If not for the Alibaba windfall, Yahoo would have earned 11 cents per share — comparable to its profit at the same time last year, on an apples-to-apples basis.

The results were 2 cents above the average earnings estimate on the same basis among analysts surveyed by Thomson Financial.

Revenue climbed 9 percent to $1.82 billion.

After subtracting commissions Yahoo paid its advertising partners, its revenue totaled $1.35 billion — just $30 million ahead of analysts’ average projection.

The performance provided another pointer to the ever-widening gap separating Yahoo from Internet search and advertising leader Google Inc., whose first-quarter profit climbed 30 percent to $1.3 billion on revenue that rose 42 percent to $5.2 billion.

Perhaps even more importantly, Yahoo didn’t raise its revenue outlook for the remainder of year.

Yahoo expects its revenue to increase more dramatically in 2009 and 2010 as the benefits from its expanded Internet advertising network start to kick in. “We feel we are on the verge of fundamentally changing the game,” Sue Decker, Yahoo’s president, said in Tuesday’s conference call.

The confident tone of Yahoo’s management contrasted with a more glum tenor at the end of January when Yang warned economic “headwinds” might complicate the company’s turnaround efforts. The bleak outlook came just two days before Microsoft made its unsolicited takeover offer.

Yahoo ended March with 13,800 employees, down from 14,300 workers at the end of 2007. The company jettisoned more than 1,000 workers during the first quarter, but offset some of the purge by hiring about 600 new employees.

Investors didn’t seem to be impressed as Yahoo shares shed 19 cents in extended trading after dipping a penny to finish the regular session at $28.54.

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The Failed Yahoo! Microsoft talks

The way Microsoft had withdrawn its bid for Yahoo! seemed all too subdued, but it seems the Redmond software giant does not give up so easily.

Microsoft said Sunday that it is considering doing an unspecified deal with Yahoo!, but it’s not seeking another acquisition of the Internet portal–at least for now. Does this mean Microsoft will look to acquire Yahoo! on a later date? Seems very much possible.

Microsoft Corp. said on Sunday that it is talking to Yahoo Inc. about a transaction that doesn’t involve a full buyout like the software maker’s $47.5 billion offer that didn’t come through earlier this month.

Microsoft declined to provide details of its proposed deal with Yahoo!, but the transaction likely involves Yahoo!’s search advertising business. The deal could be structured two ways: as an acquisition of that business or a partnership in which Yahoo! outsources its search ads to Microsoft. Yahoo! has also been in discussions with Google about such an outsourcing partnership.

Yahoo! said in a statement that it had responded to Microsoft’s latest overture by telling the software giant that it’s not interested in being acquired at this time, but it’s “open to pursuing any transaction which is in the best interest of our stockholders.”

Even though Microsoft said Sunday it isn’t trying to acquire all of Yahoo!, it noted that it “reserves the right to reconsider that alternative depending on future developments and discussions that may take place with Yahoo! or discussions with shareholders of Yahoo! or Microsoft or with third parties.”

Many analysts believe that despite Microsoft’s assurances it is moving ahead without Yahoo, the software maker would revive its bid, likely at a lower price, if the Silicon Valley icon’s stock continues to languish.

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BSE Notices 10 October, 2008

Latest BSE announcements and notices from Stockinvest.in

Aditya Ispat

Aditya Ispat Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 14, 2008, to consider Allotment of 2,50,000 Fully Convertible Warrants to be allotted on Preferential basis in accordance to Special Resolution Passed u/s 81(1A) of the Companies Act, 1956 in the Annual General Meeting held on September 30, 2008.

Source: BSE Date: 10th-Oct-2008

Indian Hotels Company

Indian Hotels Company Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 21, 2008, inter alia, to consider, the Audited Financial Results of the Company for the quarter / half-year ended September 30, 2008 (Q2).

Source: BSE Date: 10th-Oct-2008

United Phosphorous

United Phosphorus Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 20, 2008, inter alia, to consider and take on record the Unaudited Financial Results (Provisional) of the Company for the quarter ended September 30, 2008 (Q2).

Source: BSE Date: 10th-Oct-2008

Deepak Spinners

Deepak Spinners Ltd has informed BSE that Shri. J N Pathak has been appointed Additional Director of the Company in the Board Meeting held on September 11, 2008.

Source: BSE Date: 10th-Oct-2008

GlaxoSmithKline Pharmaceuticals

GlaxoSmithKline Pharmaceuticals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 24, 2008, inter alia, to consider, approval of unaudited financial results for the 3rd quarter ended September 30, 2008 (Q3).

Source: BSE Date: 10th-Oct-2008

Syndicate Bank

Syndicate Bank has informed BSE that in exercise of the powers conferred by clause (a) of sub-section (3) of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 read with sub-clause (1) of Clause 3 and sub-clause (1) of Clause 8 of the Nationalised Banks (Management & Miscellaneous Provisions) Scheme, 1970/1980, the Central Government on October 08, 2008, in consultation with Reserve Bank of India, has appointed Shri. Vinod Kumar Nagar as a whole time Director (Designated as Executive Director) of the Bank until further orders or till the date of his superannuation i.e. upto July 31, 2011, whichever is earlier.

Source: BSE Date: 10th-Oct-2008

Motilal Oswal Financial Services

Motilal Oswal Financial Services Ltd has informed BSE that the Remuneration / Compensation Committee (Committee) of the Board of Directors of the Company at its Meeting held on October 10, 2008, in accordance with the provisions of ‘Motilal Oswal Financial Services Ltd - Employees’ Stock Option Scheme - VI’ (ESOS - VI) granted 21,10,000 Stock Options to the Eligible Employees of the Company and its subsidiaries. Further the Company has informed that, 4,36,750 stock options granted by the Committee in accordance with the provisions of various Employees’ Stock Options Schemes of the Company, have lapsed.

Source: BSE Date: 10th-Oct-2008

Ashok Leyland

Ashok Leyland Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on October 21, 2008, inter alia, to take on record the Un-audited Financial Results of the Company for the quarter / half-year ended September 30, 2008 (Q2).

Source: BSE Date: 10th-Oct-2008

Motilal Oswal Financial Services

Motilal Oswal Financial Services Ltd has informed BSE about the Standalone & Consolidated unaudited financial results for the Quarter ended Sep 30, 2008.

Source: BSE Date: 10th-Oct-2008

Aurobindo Pharma

Aurobindo Pharma Ltd has informed BSE regarding a press release dated October 10, 2008, titled “Aurobindo Pharma receives final approval for Fluconazole Tablets”
Source: BSE Date: 10th-Oct-2008

Narmada Gelatines

Narmada Gelatines Ltd has informed BSE that the 47th Annual General Meeting (AGM) of the Company was held on September 19, 2008.

Source: BSE Date: 10th-Oct-2008

Jaiprakash Associates

Jaiprakash Associates Ltd has informed BSE that the Company on October 10, 2008 has allotted 1,00,00,000 Equity Shares of Rs 2/- each for cash at a premium of Rs 395/- per share to Jaypee Ventures Pvt. Ltd., a Promoters” Group Company, against the equal number of Share Warrants issued to them at the rate of Rs 397/- per warrant.

Source: BSE Date: 10th-Oct-2008

Sintex India

Sintex Industries Ltd has announced the following Unaudited results for the quarter ended September 30, 2008: The results for the Quarter ended September 30, 2008 The Company has posted a net profit of Rs 682.415 million for the quarter ended September 30, 2008 as compared to Rs 419.845 million for the quarter ended September 30, 2007. Total Income has increased from Rs 3286.10 million for the quarter ended September 30, 2007 to Rs 4635.834 million for the quarter ended September 30, 2008. The Consolidated results are as follows: The consolidated results for the Quarter ended September 30, 2008 The Group has posted a net profit of Rs 837.802 million for the quarter ended September 30, 2008 as compared to Rs 442.725 million for the quarter ended September 30, 2007. Total Income has increased from Rs 3976.633 million for the quarter ended September 30, 2007 to Rs 7560.686 million for the quarter ended September 30, 2008.

Source: BSE Date: 10th-Oct-2008

Intense Technologies

Intense Technologies Ltd has informed BSE regarding the minutes of the 18th Annual General Meeting (AGM) of the Company held on September 30, 2008.

Source: BSE Date: 10th-Oct-2008

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