Reliance Industries Q-4 Results

Positive global cues pushed the Bombay Stock Exchange (BSE) Sensex 131 points ahead of the Q4 result of heavyweight Reliance Industries Ltd (RIL), although lower-than-expected TCS numbers and upward turnaround in food inflation erased initial gains.

The BSE 30-share barometer opened firm and remained positive through the day before settling at 19,602.23, up 131.25 points, or 0.67 per cent.


Sensex has gained 511.06 points, or 2.68 per cent, in three straight sessions, ahead of a long weekend starting tomorrow because of a holiday on account of Good Friday.

The NSE 50-share Nifty also improved 33.05 points, or 0.56 per cent, to 5,884.70.

Metal stocks were at the forefront after overnight smart gains due to rise in prices on the London Metal Exchange (LMEX) yesterday.

Refinery counters, too, were in keen demand ahead of RIL’s Q4 result, to be announced later on Thursday.

Bullish world markets helped the rally on local bourses. Key Asian indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan closed higher — between 0.67 per cent and 1.64 per cent — following strong rally on Wall Street yesterday.

“Markets started off in the green amid gains in the equity markets across the globe. However, key indices saw a sharp decline after the weekly inflation data dampened the sentiments,” said Amar Ambani, head of research (India private clients) at IIFL.

The Dow Jones Industrial Average and the Nasdaq Composite Index yesterday spurted 1.52 per cent and 2.10 per cent on beating market expectations by announcement of results by some companies.

European shares also showed firm trend in their afternoon deals on Thursday. The CAC was up by 0.44 per cent, the DAX by 0.66 per cent and the FTSE by 0.18 per cent.

From metal segment, Sesa Goa jumped by 4.34 per cent, Hindustan Zinc by 3.12 per cent, Hindalco by 2.92 per cent, Sterlite Ind by 2.50 per cent and Jindal Steel by 2.37 per cent, resulting the sectoral BSE-Metal index closing up 264.86 points or 1.62 per cent.

The BSE-Oil & Gas index firmed up by 130.34 points or 1.28 per cent, as RIL rose 1.39 per cent and ONGC by 3.01 per cent.

However, the BSE-CG dipped 135.07 points, or 0.98 per cent, due to a 4.38 per cent fall in BHEL and 3.48 per cent in Alstom Project.

Maruti Suzuki was the top gainer from the Sensex pack, with a gain of 3.22 per cent, followed by HDFC (2.57 per cent) and Hero Honda (2.41 per cent

TCS Q-4 Results

Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions firm reported its consolidated financial results according to Indian GAAP for the quarter and financial year ended March 31, 2011.

TCS said its revenues for Q4FY’11 rose 31.26 per cent to Rs 10,157 crore compared to Rs 7,738 crore on a year-on-year basis. The firm posted a 31.08 per cent rise in net profit at Rs 2,623 crore as against Rs 2,001 crore in the same period of last fiscal. On a quarter-on-quarter basis, it posted an 11 per cent jump in its fourth quarter net profit on the back of rising demand for outsourcing services from western clients.

TCS MD & CEO, N Chandrasekaran, said the company had seen an “all-round performance” in all the major verticals, including banking, financial services and insurances (BFSI), retail, energy & utilities, pharma & life sciences, and travel & hospitality. The firm’s full FY’11 revenue was up 24 per cent at Rs 37,325 crore compared with Rs 30,029 crore last year. FY’11 net profit went up 30 per cent to Rs 9,068 crore as compared with Rs 7000.6 crore last year.

Hindustan Zinc Results

Hindustan Zinc Ltd’s operating profit rose by 30% in the March quarter on a quarter-on-quarter (q-o-q) basis, delivering a pleasant surprise to investors. Zinc and lead prices have been firm, rising by 3.4% and 9% q-o-q, respectively. This is good, but it still does not explain the sharp jump in profits. Higher production, sales (and realizations) of silver and better operating efficiencies aided the company’s performance.



In the March quarter, the company’s zinc output rose by 8.5%, lead by 22.3% and silver by 18.5% q-o-q. Zinc output has risen due to higher capacity utilization of its new smelter. Lead output recovered after falling in the December quarter due to maintenance shutdown. It will improve further after a new lead smelter is commissioned in the current quarter. Average metal prices moved up, with zinc prices rising by about 3%, lead by 9% and silver surging by nearly 19%.
Silver is clearly driving the company’s performance. This is also because of a 41% rise in the production of lead concentrate in the March quarter. This concentrate contains silver, which also enhances realizations. In fiscal 2011 (FY11), silver’s sales rose by 58% to Rs. 544 crore and are expected to rise sharply in FY12 as well.
Hindustan Zinc’s metal output is expected to increase further in FY12. Its 1.5-million-tonne Sindesar Khurd zinc mine is expected to achieve full capacity and will exit the year with a silver production capacity of 500 tonnes.
The company’s sales in the March quarter rose by 23% q-o-q, and control over expenditure led to its operating profit margin improving by nearly 3.5 percentage points to 61%. Higher other income due to rising yields also contributed to its net profit rising by 37%.

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