Foreign institutional investors (FIIs) bought shares worth net Rs 699 crore on Thursday, 17 April 2008, compared to their buying of Rs 3.80 crore on Wednesday, 16 April 2008.
FII inflow of Rs 699 crore on 17 April 2008 was a result of gross purchases Rs 4067.50 crore and gross sales Rs 3368.50 crore. Sensex rose 237.01 points or 1.46% at 16,481.20 on that day.
FII inflow in April 2008 totaled Rs 418.30 crore (till 17 April 2008). FII outflow in calendar year 2008 totaled Rs 11,014.40 crore (till 17 April 2008).
There are a total of 1,327 FIIs registered with the Securities & Exchange Board of India (Sebi).
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Reliance Industries Ltd’s fourth quarter net profit grew 24% on the back of higher refining margins. The company’s quarterly net profit was Rs 3,912 crore as against Rs 3,156 crore in the corresponding year-ago quarter. The net turnover was up 36 per cent, at Rs 37,286 crore as against Rs 27,448 crore. The Gross Refining Margin (GSM) for the quarter was $15.5 a barrel against $13 a year ago, and much higher than several global benchmarks.
Revenues from refining and marketing, its largest segment, rose 36 per cent, to Rs 28,686 crore, while the segment Earnings before Interest and Taxation (EBIT) rose 25 per cent, to Rs 2,839 crore. The EBIT margin for the quarter however, fell to Rs 9.9 per cent, from 10.3 per cent a year ago. It was lower because though the refining margin was a high $15.5 per barrel, the cost of crude per barrel was going up making the refining margin lower in proportion.
The petrochemicals segment continued to be dragged down by high feedstock prices, with polyester margins remaining flat primarily due to lower paraxylene margins. Petrochemical revenues were up 12 per cent (Rs 14,119 crore) and EBIT up 6 per cent (Rs 1,466 crore). The EBIT margin fell to 10.4 per cent from 11 per cent.
For fiscal 2007-08, RIL’s net profit rose 63% to Rs 19,458 crore as against Rs 11,943 crore in FY07. However excluding income from exceptional items of Rs 4,733 crore resulting from a stake sale in subsidiary RPL during the year, the net profit has risen by 28 per cent. Its turnover grew 18% at Rs 139,269 crore as against Rs 118,354 crore. The net operating margin, however, dropped to 17.5 per cent from 17.9 per cent. EPS for the full year excluding exceptional income stands at Rs 105. At CMP of Rs 2,642, the stock is trading at a PE of 25x its FY08 earnings.
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Axis Bank has reported a 70.6% increase in net profit during the fourth quarter of 2006-07 to Rs 361.4 crore mainly due to a steady rise in interest and fee income. The increase in profits during the fourth quarter is despite non-tax provisions more than doubling to Rs 164.2 crore on account of provision of Rs 72 crore for mark-to-market losses on six derivatives transactions and a Rs 20 crore provision for depreciation in its credit-linked notes portfolio. During 2007-08, the bank’s net profit rose 62.5 per cent to Rs 1,071.0 crore as against Rs 659.0 crore during the previous financial year. The private bank ended the last financial year with a capital adequacy ratio of 13.7% compared with 11.6% in 2006-07.
The bank’s interest income soared 89% to Rs 828.4 crore during the fourth quarter of 2007-08 as net interest margins went up to 3.9% during January-March this year compared with 2.9% in the same period last year. The rise was attributed to an increase in yield on advances and lower cost of funds, thanks to the focus on current and savings account (CASA) deposits. The bank’s total deposits rose 49% to Rs 87,626 crore, while CASA resources grew 71% to Rs 40,027 crore.
At a time when the industry saw 21% growth in advances, its net advances rose 62% to Rs 59,662 crore during 2007-08, with retail loans rising 52 per cent to Rs 13,592 crore at the end of March 2008. It has also announced a dividend of 60% for the year ended March 2008. The diluted earnings per share (EPS) were at Rs 31.3 compared with Rs 22.8 at the end of March 2007. At CMP of Rs 881, the stock trades a PE of 28x its FY08 earnings. We remain bullish on the bank’s growth prospects.
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