Country's third largest software exporter, Wipro has announced its results for third the quarter. The company posted net profit of Rs 10.04 billion for Q3 ended December 31,
08. the company posted net profit of Rs 8.54 billion for the same period last year.
Its total income stands at Rs 67.73 billion as compared to Rs 54.33 billion a year ago. The company posted 26 per cent increase in its operating profit.
Piramal Glass Ltd announced financial results for the third quarter ended December 2008 reporting net loss of Rs 37.14 crore. The company posted losses worth Rs 1.28 crore in the same period in 2007-08.
Rising raw material cost and foreign exchange losses adversely hit its business for the reporting quarter leading to significant decline in revenue and net profit.
The cost of raw material remained at Rs 63.60 crore as compared to Rs 36.98 crore in Q3 of 2007-08 which increased its expenditures. The company suffered foreign exchange losses of Rs 27.81 crore in the reporting quarter.
Rate two-way despite sharp fall in GBP; likely cross spreaders supporting on the dip as active sellers attempt to push the rate lower into major support around the 1.2780 area. Bottom may be forming around under the 1.3030 area as the drop into the 1.2900 handle was on thin volume.
50 bar MA failed now likely to offer resistance and a close above suggests the bottom will be in. Sell signal from the toolbox validated by the drop but be cautious as trend line support approaching. Semi-official and sovereign bids and offers seen overnight.
Rate falls hard as cross-spreaders sell GBP across the board. Overnight economic news seen as neutral; some rumor of UK bank downgrades adding pressure. Sell-signal from toolbox validated suggesting a test of the next major support area around the 1.3850 to 1.3780 area.
Signs of the bottom after holding the 1.4500 handle last week negated near-term with offers likely back at the sell zone around 1.4450 area now. Cross-spreaders continue to sell GBP across the board. Volumes continue light on this break.
Spillover from EURO likely. Look for two-way action into this bottom. A short-covering rally is increasingly likely now; looking for signs of late sellers.
The stock market continued its run in the negative zone on account of selling pressure witnessed in blue chip stocks.
The BSE Sensex has slipped a bit deeper into the red zone this afternoon.
Banking, metal and realty stocks were the worst smacked ones among the Bombay Stock Exchange (BSE). These counters lost more than 2% each. But, FMCG sector went up.
Midcap and small cap stocks have also hit badly. BSE Midcap and Smallcap indices down 0.82% and 0.71% respectively.
Country's third largest software exporter, Wipro has announced its results for third the quarter. The company posted net profit of Rs 10.04 billion for Q3 ended December 31, 
Piramal Glass Ltd announced financial results for the third quarter ended December 2008 reporting net loss of Rs 37.14 crore. The company posted losses worth Rs 1.28 crore in the same period in 2007-08. 
Rate two-way despite sharp fall in GBP; likely cross spreaders supporting on the dip as active sellers attempt to push the rate lower into major support around the 1.2780 area. Bottom may be forming around under the 1.3030 area as the drop into the 1.2900 handle was on thin volume.
The US
The stock market continued its run in the negative zone on account of selling pressure witnessed in blue chip stocks.
