Indian stocks: Close up on SBI performance, rupee spurt - Kerala Next Indian stocks: Close up on SBI performance, rupee spurt - Kerala Next

Friday, May 18, 2012

Indian stocks: Close up on SBI performance, rupee spurt - Kerala Next

Indian stocks: Close up on SBI performance, rupee spurt - Kerala Next
SENSEX 16152.75 82.27 (0.51%) NIFTY 4891.45 21.25 (0.44%)

DAX (May 18) 6318.65 9.69 0.15% CAC (May 18) 3013.64 1.65 0.05% FTSE (May 18) 5297.17 -41.21 -0.77%

Brent Crude (May 18) $ 111.12 -1.12 -1.00% Gold (May 18) 28,816.00 289.00 1.01% Silver (May 18) 53,844.00 710.00 1.34%

Dollar / Rupee 54.42 -0.05 -0.09% Euro / Rupee 69.32 0.37 0.53%

Led by outstanding performance by SBI in fourth quarter numbers and sharp recovery in rupee from record low to near previous close, the BSE Sensex and NSE Nifty showed a nice rebound in late trade on Friday. However, the global markets stayed under pressure due to eurozone concerns and weak US data.

Short covering helped markets close higher on Friday. The BSE benchmark rose 82.27 points or 0.51%, to close at 16,152.75 after seeing recovery of more than 300 points from intraday low of 15,809.71.

The NSE benchmark fell below the 4800 level to hit a low of 4,788.95 during the day, before closing at 4,891.45, up 21.25 points or 0.44% led by support from banks, oil & gas, FMCG, steel and technology stocks. Index touched an intraday high of 4,908.50 in late trade.

The Indian rupee too bounced back quite smartly to 54.56 a dollar from record low of 54.89 a dollar, but still down 9 paise from previous close of 54.47 a dollar. Currency has fallen due to sliding euro and other Asian currencies due to Eurozone turmoil.

European markets were off day's low at the time of closing of Indian equities; France's CAC and Germany's DAX were down 0.2% while Britain's FTSE fell 0.9%. Asian markets were down 1-3% at close. Spike in German government bond yields to record lows, rising US dollar, downgrade Greece by Fitch and bank crisis in Spain dampened investors' sentiment globally.

Back home, country's largest lender State Bank of India rallied 5% after better than expected net profit of Rs 4,050 crore for the fourth quarter of FY12 as against Rs 21 crore a year ago, aided by higher interest income and lower provisioning for non-performing loans. Analysts on average had expected profit at Rs 3,580 crore. Net non-performing asset (NPA) ratio declined to 1.82% as against 2.22% in the October-December quarter while the gross NPA ratio fell from 4.61% to 4.44% during the same period.

Private sector lenders ICICI Bank and HDFC Bank gained 2.26% and 0.93%, respectively. Yes Bank, UCO Bank, IDBI Bank, DCB and Syndicate Bank too moved up 1.6-3%.

Technology stocks too turned positive towards the close; Infosys and Wipro rose over 0.5% while rival TCS was flat. In midcap space, Mahindra Satyam (post strong numbers in Q4) and KPIT Cummins jumped 6% (gained 56% in a month post Q4 numbers and strong outlook).

Index heavyweight and oil & gas producer Reliance Industries rose 0.5% while state-owned ONGC was up 1%.

FMCG majors ITC and HUL too rebounded quite nicely, rising nearly 2% and 0.6%, respectively.

Among metals and mining stocks, Sterlite Industries, Jindal Steel, Sesa Goa and SAIL gained around 2-4% whereas Tata Steel and Coal India fell 1-1.5%.

Auto stocks were beaten down badly as rising rupee may increase the cost of imports and royalty payment for these companies. Tata Motors, Bajaj Auto and Maruti Suzuki tanked 2.6-4%. Hero Motocorp was down 1% whereas M&M gained 1%.

In the second line shares, aviation stocks witnessed buying interest after CNBC-TV18 reported quoting top government sources that foreign direct investment in aviation sector is in final stages of approval. Kingfisher was up 2.8%, Jet Airways rallied 6.4% and SpiceJet shot up nearly 9%.

Future Capital and Pantaloon Retail surged 5-6% after 2.5 crore equity shares (38.6% equity) of Future Capital changed hands at Rs 129.58/share via block deal.

However, state-owned earthquake equipment manufacturer BEML tumbled 7.5% after the Karnataka police frozen company's bank accounts.

Manappuram Finance was down nearly 4% ahead of fourth quarter numbers of FY12.

Declining shares outnumbered advancing by 1464 to 1232 on the BSE.

For the week; the 30-share BSE Sensex and 50-share NSE Nifty fell around 0.8%.

Xchanging Wins Best Business Continuity Approach of the Year - Yahoo Finance

LONDON, May 18, 2012 /PRNewswire/ --

Xchanging (XCH:LSE), the business process and technology services provider and integrator has won the 2012 StrategicRISK Best Business Continuity Approach of the Year.  The Award recognises firms that "initiated or implemented a well thought-out new business continuity approach in 2011 that reflected current challenges."  Xchanging was selected as winner after being placed on a shortlist of five companies.    

Nigel Knight, Head of Business Continuity Planning at Xchanging said, "Over the past twelve months we have worked tremendously hard to overhaul our business continuity planning.  We are thrilled that our efforts have been so recognised by the European Risk Management Awards."

Throughout 2011, Xchanging's Insurance Risk Management and Business Continuity teams undertook a major strategic review with senior stakeholders internally and externally and formulated associated plans in order to demonstrate Xchanging's ability to continue to provide services in the event of a financial crisis.  The resulting new plans were externally tested by KPMG in line with BS25999 standards.

In further recognition of its high quality business continuity planning, in 2011 Xchanging became the first insurance service provider to qualify for a certification to the management system standard, BS25999 by the British Standards Institution. Highlighting Xchanging's excellence in Business Continuity, Lorna Anderson, EMEA Business Continuity Expert at BSI said: "Business continuity is not a one-off activity. It needs to evolve with the organisation. The key to this is thinking about what may happen and taking appropriate steps as demonstrated by Xchanging. A further endorsement to XIS's commitment is having it independently assessed by BSI."


What we are

Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries.

What we do

Xchanging brings innovation, thought leadership and passion to its customers' businesses so as to enhance performance and value. Our values are embedded into everything we do.

What we want to be

Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.

For further information, please contact:

Xchanging UK
Julie Lynch                                                         
Tel: +44(0)20-7780-5010

FWD PR                                                                    
Michael Gaughan                                                 
Tel: +44(0)20-7623-2368

Richard Adams                                                               
Tel: +44(0)20-7623-2368