Markets Cheers Q3 results, all eyes on RIL

Sentiments positive on Strong Q3 results, Reliance firework on the cards
The Stocks markets are in a mood to celeberate and why not ! The Q3 results have given them an opportunity to do that. Bouyant by the positive sentiments and overall buying , the sensex touched all time high of 14202 before settling at 14130. Nifty also touched its all time high of 4099 during the day.

Today we saw wonderful set of numbers reported by the companies. CMC reported a 69% jump in net profit for December 2006 quarter. CMC’s consolidated net profit jumped 69% in December 2006 quarter, to Rs 20.40 crore (Rs 12.07 crore). The stock closed at 900 after touching 974 levels.

Geometric Software Solution surged 4.25% to Rs 141.25, after it unveiled a net profit growth of 254% for Q3 December 2006 to Rs 8.29 crore in Q3 December 2006, compared to Rs 2.34 crore in Q3 December 2005.

Tata Sponge Iron reported a 193% surge in net profit in December 2006 quarter. Net sales rose 98.9% to Rs 82.13 crore (Rs 41.29 crore). The stock rose 20% on the news.

Steel stocks were in demand. SAIL continued its surge backed by statement from Steel minister that the company will invest Rs 100,000 crore to raise capacity from 14.6 million tonnes per annum to 40 mtpa by 2020. Sail had earlier announced scaling up capacity to 23.8 mtpa by 2010.

Uttam Galva Steels jumped 12% to Rs 42, after the company raised galvanised steel prices by Rs 1,500 a tonne to Rs 50,000 per tonne on Monday.

Rajesh Exports posted a net profit growth of 57.71% to Rs 28.12 crore in Q3 December 2006 compared to Rs 17.83 crore in Q3 December 2005. Net sales rose to Rs 1872.45 crore from Rs 1294.02 crore. The stock price shot 5% on the results.