Market News 05/03/2008

Levels

16754 –16924 – 17150 􀂃 Above 16754, we have daily resistance of 16924 – 17150 -- 17515 with down gaps resistance at 17227 -- 17258. Above 17515 we have 18137.
16387– 16304 Buy area. If strong, markets will not break 16304.
If 16304 is not broken then we have a chance of crossing Tuesday’s high of 16754.
16164 – 16457 – 15332 􀂃 If 16387 is broken then we have support at 16164 Tuesday’s low
Below 16164 we have daily swing support at 16457. If 16457 is broken then we have
weekly swing support at 15332 and then we have monthly swing support at 13779

ICICI Bank takes $264-m hit on overseas credit exposure

ICICI Bank has suffered marked to market losses of $264.3 million (about Rs 1,056 crore) on account of exposure to overseas credit derivatives and investments in fixed income assets. These losses are as on January 31, 2008. Marked to market losses happen when the current market value of an asset is lower than its acquisition value, requiring the holder of the asset to make a provision equivalent to the difference.

ESAB India reports 31% rise in net profit
Esab India recorded 31% rise in net profit to Rs 13.3 crore on 12% rise in net sales to Rs 87.8 crore. Its margins have been easing sequentially from 24.8% in the quarter ended June 2007 to 22.5% in the quarter ended September 2007, which has further eased to 21.9% in the quarter ended December 2007. But they are higher by 350 basis points from 18.4% in the quarter ended December 2006. On annual basis, its margins grew by 110 basis points to 23.3% in 2007 after modest 20 basis points rise to 22.6% in 2006 over the previous year.

Nestle India Q4 net up 50%, FY07 net up 31%
Nestle India, has reported a 49.9% increase in net profits at Rs 93.6 crore for the quarter ended December 31, 2007 when compared with Rs 62.5 crore for the quarter ended December 31, 2006. Total income increased to Rs 905.3 crore from Rs 743.6 crore for the quarter under review, a growth of 21.7%.
Essar wins oil block in Vietnam
Essar Exploration & Production (EEPL), Mauritius, a subsidiary of Essar Oil, has been awarded an offshore block in Vietnam’s Song Hong basin. The block is measuring approximately 5,925 sq km. The company will start exploration soon. Exploration phase is estimated to last five years with an investment of ~ $ 60 million. Essar Oil will consolidate its upstream exploration & production activities under EEPL. This will help build a strong, fully integrated oil company with upstream, refining and downstream marketing activities.