Pantaloon Retail Q3 net loss at Rs 20 crore:Opt2Wealth Financials

Pantaloon Retail today posted a loss of Rs 20.41 crore on standalone basis for the quarter ended December 31. The Future Group company had clocked a net profit of Rs 5.64 crore in the same period last fiscal.

Total income stood at Rs 1,289.33 crore whereas the same was at Rs 1,111.48 crore for the quarter ended December 31, 2011, the company said in a release. The current period figures were not comparable with the previous year on account of extension of the accounting period by six months from June 30, 2012, to December 31, 2012, the release said.

During the 18 months ended December 31, the company has posted a net profit of Rs 273.26 crore. Total income stood at Rs 7,015.43 crore for the 18 months ended December 31, 2012. As per consolidated results, the retail giant posted a net profit of Rs 275.67 crore for the 18 months ended December 31. Total income was Rs 20,316.37 crore in the same period.

Improved consumer sentiments, lower interest outgo and higher operational efficiencies marked the final quarter of the financial year for the company. The core retail business turnover increased from Rs 2,893 crore to Rs 3,171 crore for quarter ended December 31, year-on-year basis.

The interest outgo came down from Rs 176 crore for the quarter ended September 30, to Rs 157 crore in the quarter ended December 31, 2012. The company witnessed brisk sales in festive season during the quarter vis-à-vis the previous year. After quite a few consecutive quarters of weak consumer sentiments, sales during the festive season improved significantly, it said.

Categories like fashion, footwear, home appliances and home fashion, which were hit hard during the slowdown, posted encouraging sales. The upcoming quarters will provide a clearer indication of whether the demand upswing remains consistent, it said.

Pantaloon ended the December quarter with 16.38 million sq ft of retail space. It added 0.41 million sq ft of retail space during the December quarter. In the lifestyle segment, the company opened two Pantaloon, 4 Brand Factory and 3 eZone stores.

The company said the next court hearing of its petition regarding the demerger of Pantaloons Fashion Format is scheduled on March 1.

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Rajat Gupta asked to repay $6.22 million to Goldman Sachs:Opt2wealth Financials

A federal judge on Monday ordered former Goldman Sachs Group Inc director Rajat Gupta to reimburse $6.22 million to the bank to help cover its legal expenses related to his criminal insider trading case.

Goldman had sought to recover $6.91 million from Gupta, and U.S. District Judge Jed Rakoff said the bank had proved it was entitled to 90 percent of what it requested.

Gupta is appealing his 15 June 2012 conviction and two-year prison term for leaking boardroom secrets to Raj Rajaratnam, the hedge fund manager at the center of a multi-year US government crackdown on insider trading.

Gupta is a former global managing director of the consulting firm McKinsey & Co, and is the highest corporate executive convicted in the probe.

Jurors found Gupta guilty of leaks during the second half of 2008, including news related to a crucial $5 billion investment in Goldman by Warren Buffett’s Berkshire Hathaway Inc at the height of the global financial crisis.

Goldman had sought to recover fees it had paid its law firm Sullivan & Cromwell in connection with Gupta’s criminal case and related matters. It cited the federal Mandatory Victims Restitution Act, which requires restitution in some fraud cases.

Gupta opposed restitution but Rakoff, who presided over the criminal trial, said nearly all of what Goldman sought was a “necessary, direct, and foreseeable result of the investigation and prosecution of Gupta’s offense of conviction.”

Rakoff said Goldman could also recover legal costs linked to a related U.S. Securities and Exchange Commission civil case against Gupta, and to the criminal case against Rajaratnam.

He said Gupta’s opposition to the latter “ignores the glaring fact” that he had been convicted of conspiring with Rajaratnam to commit securities fraud.

But the judge said Goldman did not deserve all it sought.

Rakoff said some entries in the “voluminous” 542 pages of billing records he reviewed did not qualify because they involved depositions in civil cases that followed the criminal conviction.

And Rakoff said Goldman on “a few occasions” assigned too many lawyers to the case – “perhaps perfectly appropriate on the assumption that Goldman Sachs wished to spare no expense on a matter of great importance to it,” but more than reasonably necessary under the law.

Goldman spokesman Michael DuVally said: “We are pleased that the court ordered Mr. Gupta to pay restitution.”

Richard Davis, a lawyer for Gupta, said his client plans to appeal.

Rajaratnam is separately appealing his criminal conviction and 11-year prison term, saying FBI wiretap evidence should not have been admitted by US District Judge Richard Holwell at his 2011 trial.

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Rajat Gupta asked to repay $6.22 million to Goldman Sachs:Opt2wealth Financials

A federal judge on Monday ordered former Goldman Sachs Group Inc director Rajat Gupta to reimburse $6.22 million to the bank to help cover its legal expenses related to his criminal insider trading case.

Goldman had sought to recover $6.91 million from Gupta, and U.S. District Judge Jed Rakoff said the bank had proved it was entitled to 90 percent of what it requested.

Gupta is appealing his 15 June 2012 conviction and two-year prison term for leaking boardroom secrets to Raj Rajaratnam, the hedge fund manager at the center of a multi-year US government crackdown on insider trading.

Gupta is a former global managing director of the consulting firm McKinsey & Co, and is the highest corporate executive convicted in the probe.

Jurors found Gupta guilty of leaks during the second half of 2008, including news related to a crucial $5 billion investment in Goldman by Warren Buffett’s Berkshire Hathaway Inc at the height of the global financial crisis.

Goldman had sought to recover fees it had paid its law firm Sullivan & Cromwell in connection with Gupta’s criminal case and related matters. It cited the federal Mandatory Victims Restitution Act, which requires restitution in some fraud cases.

Gupta opposed restitution but Rakoff, who presided over the criminal trial, said nearly all of what Goldman sought was a “necessary, direct, and foreseeable result of the investigation and prosecution of Gupta’s offense of conviction.”

Rakoff said Goldman could also recover legal costs linked to a related U.S. Securities and Exchange Commission civil case against Gupta, and to the criminal case against Rajaratnam.

He said Gupta’s opposition to the latter “ignores the glaring fact” that he had been convicted of conspiring with Rajaratnam to commit securities fraud.

But the judge said Goldman did not deserve all it sought.

Rakoff said some entries in the “voluminous” 542 pages of billing records he reviewed did not qualify because they involved depositions in civil cases that followed the criminal conviction.

And Rakoff said Goldman on “a few occasions” assigned too many lawyers to the case – “perhaps perfectly appropriate on the assumption that Goldman Sachs wished to spare no expense on a matter of great importance to it,” but more than reasonably necessary under the law.

Goldman spokesman Michael DuVally said: “We are pleased that the court ordered Mr. Gupta to pay restitution.”

Richard Davis, a lawyer for Gupta, said his client plans to appeal.

Rajaratnam is separately appealing his criminal conviction and 11-year prison term, saying FBI wiretap evidence should not have been admitted by US District Judge Richard Holwell at his 2011 trial.

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Share market India today traded so-so and ended (closed) on a flat note range bounded. Share market was trading quite fine in the morning session, suddenly it started creating selling pressure in the late noon session, which resulted in range bound and flat closing today. While on the other hand the Asian market ended on a strong note, also European share rose.

Share Market View and Outlook For Tomorrow -

Current share market trend is range bound and it seems that it will  not remain the same and tomorrow market opening bell will be in green, FMCG indices and BSE Health care indices were traded in green today and gained some weight in the market. While Bajaj auto, Tatamotors and Tcs where among the biggest looser today. Also the Bse Mid cap and small cap indices have slipped 0.4%

Nifty Trend and Expert Recommendations -

Nifty shut today at : 5192.85 down 4 points, its being traded negative after the late noon session, today nifty opening was quite good and traded in green till the early noon, chances are seen to rise in tomorrow's trading session. For today's share market, The top Nifty gainers Wipro, Dr Reddy, Itc and Sunpharma and   the biggest losers included Reliance, BPCL and Bajaj Auto

Don't be surprise if  Nifty climbs to 5600 in the next month or so. However, we advise long-term investors against buying into the current market because of the lag in fundamentals. 

Stock market news update:L&T gains after commencing switchgear facility in Gujarat

Larsen & Toubro gains in early trade  today after the company inaugurated its manufacturing facility for switchgear products at Vadodara in Gujarat on Thursday.

The facility will manufacture air circuit breakers and mould case circuit breakers and the company has targeted to achieve annual revenues of Rs 4,600 crore.

The stock rose 1 percent to Rs 1,422.50 on the Bombay Stock Exchange, while the BSE Sensex was up 104 points, or 0.61 percent at 17,337.

L&T Chairman and Managing Director A M Naik said, “The new Vadodara switchgear facility is an investment for the future. It forms part of the wide ranging initiatives we are taking forward … The facility will enable us to elevate switchgear manufacturing technology to the next level, and advance further in our goal to upgrade India’s manufacturing capabilities.”

Talking about the company, Naik also said that slowdown in the economy has not affected L&T’s plans.

Naik said that it was laudable that the country managed to build fresh capacity to generate about 60,000 MW of power during the 11th five year plan because in the earlier five year plans, additional power generation used to be only about 20,000 to 25,000 MW.

He also stressed the need to address the problem of fuel needed for setting up new power projects or expanding capacities of existing power plants.

Naik who met Akhilesh Yadav after he took over as UP Chief Minister said, “L&T is ready to set up power plants in Uttar Pradesh provided availability of fuel is ensured and other related issues are resolved.”

Naik also recalled his meetings with West Bengal chief minister Mamata Banerjee and Tamil Nadu chief Minister Jayalalithaa, both of whom have welcomed investment by L&T in their states.

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LIC ups stake in Infy to 6.3%, buys shares worth Rs 2k cr

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The country’s largest insurer LIC has hiked its stake in Infosys to a record level of 6.3 percent with purchase of shares worth an estimated Rs 2,000 crore in the first quarter of the current fiscal.

Life Insurance Corp of India (LIC), also one of the biggest investors in the Indian stock market, saw its holding in the IT major rise from 4.9 percent to 6.3 percent during the quarter ended 30 June, 2012.

Based on the average market price during the period, the increase in LIC’s Infosys holding could be worth more than Rs 2,000 crore. LIC is the largest non-promoter shareholder of the company.

LIC hiked its stake in Infosys even as a number of foreign investors pared their holding in the IT company—which has been known as the bellwether stock in the Indian IT space till recently, but is now facing growing concerns about its future growth prospects.

Infosys shares fell sharply yesterday after the company disappointed with its first-quarter results and the weakness was seen continuing in the stock even today morning. The stock was down 0.7 percent at Rs 2,250 at the BSE in mid-day trade, as against a 52-week high of 2,990 on 22 February, 2012.

The overall FII holding in Infosys fell from 39 percent to nearly 38 percent during the last quarter, although major investors like Aberdeen, Oppenheimer, Franklin Templeton, Vanguard and Singapore Government’s investment arm raised their stake marginally in the Indian IT firm.

Among the major overseas investors (those holding at least one per cent), only Abu Dhabi Investment Authority pared its stake, that too very marginally from 2.12 percent to 2.08 percent. However, all the FIIs together are estimated to have sold shares worth about Rs 1,500 crore during the quarter.

Concerns are being raised about Infosys’ growth prospects for two quarters now, but state-run LIC appears to be keeping its faith in the company, market observers said. Barring the last quarter of the previous fiscal ended 31 March, 2012, LIC has been mostly raising its stake in Infosys for many quarters now.

LIC had made its first investment in Infosys way back in 2002, when its holding was nearly two per cent. Since then, LIC’s stake has been continuously rising in Infosys and had crossed five per cent mark last year and then rose past 6 percent level during the last quarter. Prior to LIC, the erstwhile Unit Trust of India (UTI)—one of the biggest stock market investors of the country before being wound up—used to be the largest non-promoter shareholder in Infosys.

UTI held a stake of more than 8 percent way back in 2001, but it gradually fell to about one percent by 2003.

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Stock market news update : Nifty will be nervous in results season; not time for big bets

The Nifty index moved in line with expectations and tested the support zone of 5,250-5,260 mentioned in the week before. The market sentiment was spooked by Infosys’ first quarter earnings announced on Thursday. The Nifty opened with a huge gap-down on Thursday and failed to recover thereafter.

The short-term outlook would remain bearish as long as the index trades below the upper end of the gap at 5,300. As highlighted in the chart, the down-sloping blue “Reaction line” has acted as a trend barrier and the index has to clear this line before entertaining thoughts of a further upside potential.

Until 5,300 is taken out, there would be a strong case for a slide to the immediate support at the 5,130-5,160 range. Investors may refrain from committing fresh funds into equities until there is sign of a resumption of the uptrend.

Those already holding long positions may tighten stop-loss levels as volatility could perk-up as we head into the corporate earnings season. Reduce the position size as higher volatility would warrant relatively wider stops than usual.

CNX Bank Index (10,594.45): The index fell 100 points short of the target of 10,880 mentioned last week. After touching a high of 10,782 on Wednesday, the index ruled weak in the remaining two trading sessions. In the attached daily chart, it is apparent that the price has moved in sync with the red set of lines.

The index has almost met its upside expectations and there is a case for a short-term consolidation or downward correction. As long as the index trades below the 11,300-mark, there would be a case for a test of the support zone at 10,100-10,200.

Investors may pare exposures in the banking sector, or at least tighten stops, to protect unrealised profits and await evidence of strength before committing further funds.

USD/INR (Rs 55.20): The US dollar moved in line with expectations and almost reached the target of Rs 56.30-56.50 mentioned last week. The failure to move past the hurdle at Rs 56.30 is a cause of concern for the greenback.

The US dollar is now in the middle of its range and a move past Rs 56.85 or a fall below Rs 54.10 would set the tone for the next big move. Until then, range-bound and volatile action appears likely.

IDFC (Rs 137.40):  The stock, featured earlier in this column on 9 June, has almost hit the then mentioned target of Rs 145. The price action in the past few days indicates that the stock is struggling to make progress beyond the key resistance at Rs 145. See chart here.

The short-term outlook is bearish and those holding long positions may either take profits or tighten stop-loss. Aggressive traders may consider short positions on a rally, with a stop-loss at Rs 145, for a target of Rs 127.

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