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Thursday, January 21, 2010

Financial News Flash


Larsen & Toubro's Shares Plunge After First Sales Decline in Seven Years Larsen & Toubro Ltd., India’s biggest engineering company, had its biggest fall in six months after the company reported its first sales decline in seven years and cut its revenue growth target.

Sensitive Index to Climb This Year on Earnings Growth, Birla SunLife Says Indian stocks may advance 20 percent this year, extending their best performance since 1991, as investors bet earnings growth in the nation’s companies will lure overseas funds, according to Birla Sun Life Insurance Co.

ONGC Net Income Rises After Cutting Refiner Discounts; Misses Estimates Oil & Natural Gas Corp., India’s biggest energy explorer, reported a 23 percent gain in third- quarter profit, missing estimates, after cutting discounts on crude oil sales to state refiners and as global prices rose.

Shipping Corp. Shares Drop as India Government Says No Plan to Sell Stake Shipping Corp. of India Ltd., the nation’s largest sea carrier, and Dredging Corp., the biggest dredger of ports, slumped after the government said it isn’t planning a share sale in the companies.

Food Inflation in India Stays Above 15%, Adding to Interest Rate Pressure India’s food inflation rate stayed above 15 percent for the ninth week, adding pressure on the central bank to tighten monetary policy and check price gains from spreading to industrial goods and services.

ICICI Bank Third-Quarter Net Income Beats Estimates on Higher Fee Income ICICI Bank Ltd., India’s second- largest bank, reported third-quarter profit that beat analysts’ estimates as its fee income climbed and loan profitability rose.

Gold Imports by India May Rise as Scrap Sales Abate, Traders' Group Says Gold imports by India, the biggest consumer, will rebound from a decline last year as sales of recycled jewelry subsides, a traders’ group said.

Raymond Advances to Twenty-Month High After Posting Third-Quarter Profit Raymond Ltd., India’s biggest maker of woolen fabrics, rose to its highest in 20-months in Mumbai trading after posting a profit in the third-quarter boosted by lower material cost and a one-time gain.

Bharat Heavy Shares Fall Most in Eight Months as Growth in Sales Declines Bharat Heavy Electricals Ltd., India’s biggest power equipment maker, fell the most in eight months after reporting the slowest sales growth in the year that started April 1.

Rupee Declines to a Two-Week Low on India's Rate Outlook, Greece Concerns India’s rupee fell to a two-week low on speculation foreign funds will trim their holdings of local assets as interest rates are raised to contain inflation.

Goldman Sachs Profit Beats Estimates as Company Slashes Compensation Ratio Goldman Sachs Group Inc., the most profitable securities firm in Wall Street history, reported record earnings that beat analysts’ estimates as the bank slashed its bonus pool.

Jobless Claims in U.S. Unexpectedly Rise Amid Holiday Applications Backlog More Americans than anticipated filed claims for unemployment benefits last week, reflecting a backlog of applications from the year-end holidays.

Obama Will Propose Rules on Proprietary Trading to Reduce Bank Risk Taking President Barack Obama will offer proposals to limit financial institutions’ size and trading activities as a way to reduce risk-taking, an administration official said.

U.S. Stock Futures Retreat on Jobless Claims, China's Moves to Slow Growth U.S. stock futures fell as a gain in initial jobless claims and concern China will take more steps to slow economic growth offset better-than-estimated results at Goldman Sachs Group Inc., EBay Inc. and Starbucks Corp.

China's Growth Accelerates to Fastest Since 2007 as Bubble Risks Increase China’s growth accelerated to the fastest pace since 2007 in the fourth quarter, capping Premier Wen Jiabao’s success in shielding the nation from the global recession and adding pressure to rein in a surge in credit.

Hudson City Chief Hermance Assails Planned Obama Bank Tax as `Vindictive' Hudson City Bancorp Inc. never wrote a subprime loan. It wasn’t bailed out by the government. And it just posted a 10th straight quarter of rising profit. Now, Chief Executive Officer Ronald Hermance wants to know why the lender should pay a tax on banks that triggered the economic collapse.

JAL Bankruptcy May Prompt Japan Inc. to Shore Up Underfunded Pension Plans Japan Airlines Corp.’s $25.5 billion bankruptcy may be the impetus for companies including Hitachi Ltd. and Toyota Motor Corp., Japan’s biggest private employers, to shore up their deficit-ridden pension plans.

source: Bloomberg
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