DMRC revenue up by 32 %

With over 700,000 passengers every day, Delhi Metro has registered a 25 per cent rise in ridership and around 32 per cent jump in revenue in the last one year, Delhi Metro Rail Corporation (DMRC) said on Tuesday.“The rise in ridership comes in the wake of the opening of Shahdara-Dilshad Garden line of Phase II, admissions in the Delhi University and spread of Metro feeder bus services,” said Anuj Dayal, DMRC spokesman.The Shahdara-Dilshad Garden line opened to the public June 4 this year. DMRC is also operating 97 feeder buses on 16 routes.“The ridership jumped by almost 10 per cent in just a month from May 2008 to June 2008,” Dayal added.He said that in June the average daily ridership has been 702,731, whereas last year, the average daily ridership was 563,095.“The corresponding period also recorded a rise of 31.62 per cent in daily average revenue from Rs.6.26 million to Rs.8.24 million,” said Dayal.Delhi Metro is the modern mass transport system of Delhi. Currently it has a network of over 68 km and constructions are on to add another 120 km before the 2010 Commonwealth Games

Key benchmark indices fall below important psychological levels

A third day of sell-off on the bourses pulled the two key benchmark indices below psychological levels - the barometer index BSE Sensex fell below 13,000 mark and the S&P CNX Nifty fell below 4,000 level. Bears are in complete command of the proceeding on the street thanks to record high oil prices, surging inflation, higher interest rates and political uncertainty which have rattled the bourses in the past few days.
Reliance Communications and Reliance Infrastructure fell more than 10% each in late trade. Banking, realty, auto and metal stocks fell. The market breadth was weak. Asian markets were fell. Except NTPC all other Sensex stocks ended in the red. All the sectoral indices on BSE were in red. European markets which opened after Indian market, were weak.
Crude oil, India's biggest import, was trading above $141 a barrel today, 1 June 2008. It had hit a record $143.67 in the previous trading session. In Europe, the benchmark indices in France, Germany and UK were down by between 1.88% to 2.49%.
The 30-share BSE Sensex provisionally lost 543.42 points or 4.04% at 12,918.08, its lowest level in more than 14 months. At the day’s high of 13,613.01 hit in mid-morning trade, the Sensex rose 151.41 points.
The broader based S&P CNX Nifty was down 158.8 points or 3.93% at 3,881.75 as per the provisional figures. Nifty hit a low of 3,878.20, its lowest level in more than 14 months.
The market breadth was weak on BSE with 396 shares advancing as compared to 2,278 that declined. 48 remained unchanged.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) fell 3.25% to Rs 2,025.30.
Auto stocks tumbled. India’s largest car maker by sales Maruti Suzuki India fell 8.52% to Rs 565.10. Its vehicle sales rose 2% to 61,247 units in June 2008 over June 2007. Mahindra & Mahindra (down 10.53% to Rs 440.10), Bajaj Auto (down 1.43% to Rs 444) edged lower.
India’s largest commercial vehicle maker by sales Tata Motors fell 4.23% to Rs 408.45. Tata Motors today said it had raised prices of commercial vehicles by an average of 3% with immediate effect on account of higher input prices.
Metal stocks declined. Hindalco Industries (down 5.67% to Rs 134.05), Tata Steel (down 4.19% to Rs 697.85), Sterlite Industries (down 4.13% to Rs 673), Steel Authority of India (down 1.08% to Rs 137.90), National Aluminium Company (down 0.21% to Rs 348.80) edged lower.
Realty stocks extended recent steep fall. Indiabulls Real Estate (down 7.65% to Rs 250.45), Unitech (down 6.48% to Rs 159.60) and DLF (down 7.02% to Rs 368.40) edged lower.
Banking stocks fell after some of the major lenders hiked their lending rates. India’s largest private sector bank by net profit ICICI Bank declined 6.46% to Rs 589.50. India’s largest dedicated housing finance firm by operating income HDFC fell 6.47% to Rs 1,835.45.
HDFC said on Monday, 30 June 2008, its prime lending rate would go up by 50 basis points from Tuesday, 1 July 2008. On the same day, ICICI Bank said rates on consumer loans would rise by 75 basis points on Tuesday, 1 July 2008. Both HDFC and ICICI Bank also raised deposit rates between 50-100 basis points.
India’s largest commercial bank State Bank of India fell 7.81% to Rs 1,024.65. It will decide in a week's time whether to raise interest rates on home loans, its chief, OP Bhatt, said today, 1 July 2008. The bank raised its benchmark prime lending rate by 50 basis points to 12.75% last week, after the central bank aggressively tightened policy in the face of surging inflation.
India’s second largest private sector bank by net profit HDFC Bank fell 4.22% to Rs 960.
NTPC rose 1.02% to Rs 153.20 and was the lone gainer from Sensex pack.
Reliance Communications (down 10.49% to Rs 396), Reliance Infrastructure (down 10.54% to Rs 702.05), Jaiprakash Associates (down 6.01% to Rs 135.20), Grasim Industries (down 5.02% to Rs 1,753.70), edged lower from Sensex pack.
Punjab Tractors was down 1.48% to Rs 189.30 despite recording 74% rise in tractor sales to 3,443 units in June 2008 over June 2007.
Most of the Asian markets which opened before Indian markets were in the red. Key benchmark indices in China, Japan, Singapore, Taiwan and South Korea were down between 0.13% to 3.09%.
US markets, stocks ended mixed on Monday 30 June 2008 .The Dow Jones was up 3.50 points to 11,350.01. The Nasdaq Composite index lost 22.65 points to close at 2,292.98.
Rising inflation, high interest rates, record high global crude oil prices and political uncertainty rattled Indian bourses in the past few days. Market’s concerns are that the rise in input costs and tough macro economic environment comprising high inflation, record high global crude oil prices and rising interest rates, will result in slowdown in earnings growth of the corporate sector. Nevertheless, advance tax payment by the Indian corporate sector this year so far has been strong. Government’s direct tax collection from the corporate sector rose 39.81% to Rs 30655 crore until 21 June 2008 compared to the corresponding period last year.
Sustained selling of Indian stocks by foreign institutional investors (FIIs) has also dented market sentiment. As per provisional data, foreign funds sold shares worth a net Rs 208.66 crore on Monday, 30 June 2008. FII outflow in June 2008 totaled Rs 10095.80 crore (till 30 June 2008). FII outflow in calendar year 2008 totaled Rs 25465.30 crore.
Political uncertainty continues to haunt the bourses. The media continues to speculate whether the ruling Congress led United Progressive Alliance government will be able to push through a much-debated Indo-US nuclear deal and still retain its power, in the face of heavy opposition from its key communist allies. The Left parties on Sunday, 29 June 2008, renewed their threat to withdraw support from the ruling coalition if Prime Minister Manmohan Singh forged ahead with the nuclear deal. Singh on Monday, 30 June 2008, promised to bring the nuclear pact with the US before parliament before going ahead with the deal that is fiercely opposed by his communist allies, a report said.
The Prime Minister played down the communists' threats to withdraw support to his government saying all that he wanted was that the government should be allowed to complete the negotiation process with the International Atomic Energy Agency-IAEA and Nuclear Suppliers' Group-NSG. Singh expressed confidence that the government would be able to address concerns of all including the Left parties on the civil nuclear cooperation agreement with the US.
For the stock market, the political uncertainty pertains to whether there will be stability at the centre if mid-term polls are held i.e. whether the new government will complete five years and whether the new government restarts economic reforms process which has virtually come to a halt in the last two years or so.
The good news is that the Indian Meteorological Department (IND), in its long-range forecast update for the 2008 southwest monsoon, has maintained that rainfall for the country as a whole is likely to be ‘near normal’. The department classifies rainfall as near normal when it's between 96% and 104% of the 50-year average.
Good rains will bolster farm production which in turn may help rein in inflation.
Source: Capital Market