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Food inflation rises to 16.90%

High food inflation is primarily driving up the overall inflation, which entered double digits (10.16%) in May, according to provisional figures

Annual food inflation rose to 16.90% for the week ended 12th June, as compared to 16.12% in the previous week. Inflation edged higher on the back of an increase in prices of pulses, vegetables and milk, reports PTI.

Prices of pulses for the week were higher by 34.14% over the corresponding week last year, while that of milk rose by 21.12% on an annual basis.

However, prices of potato and onion were down by 36.99% and 22.42% respectively.

On a weekly basis, prices of vegetables rose by 8.06% and that of condiments and spices by 3%. Urad, moong and tea became expensive by 1% each over the previous week.

However, mutton price was down 2%, and sea fish and arhar was cheaper 1% each over the week.

High food inflation is primarily driving up the overall inflation, which entered double digits (10.16%) in May, according to provisional figures.

Also, final figures for March showed that inflation was 11.04% against 9.9% projected earlier.

Prices of edibles had started rising last year and peaked to over 20% in December 2009 after food production was hit by poor monsoon that accounts for 80% of the annual rains the country receives.

Nearly 60% of area under cultivation is rain fed.

The weather office has predicted near normal monsoon this year, although it has been slow to advance since hitting the Indian coast in late May.

User

Concurrent revenues, net profit, OPM and EPS get a sudden boost in March quarter

According to BSE data, Concurrent’s OPM has shown a boost of 9.38% during the March quarter from 2.12% and 1.15% recorded during the December and September quarters, respectively

Concurrent (India) Infrastructure Ltd, earlier known as Kushagra Software Ltd, reported revenues of Rs65.1 crore and a net profit of Rs4.9 crore for the year to end-March 2010. Out of the total revenues, it earned Rs51.5 crore of its revenues from the March quarter alone. At the same time, Concurrent's expenses in this quarter were also its highest at Rs46.7 crore.
 
Surprisingly, during the December and September quarters of FY10, the company's total revenues were just Rs5.3 crore and Rs4.5 crore, respectively.
 
According to Koneru Sudhir Babu, the chairman and managing director of Concurrent who met Moneylife on Wednesday, in the March quarter, the company had added revenues from its infrastructure activities whereas in the previous quarters, its main business was software along with a few infrastructure projects.
 
However, with the kind of jump in revenues in the March quarter, Concurrent's earnings per share (EPS) rose to 1.1 from 0.02 and 0.01 recorded in preceding quarters. Similarly, according to BSE data, the company's operating margins (OPM) have shown a hike of 9.38% during the March quarter from 2.12% and 1.15% recorded during the December and September quarters, respectively.
 
Although strict comparison of Concurrent with other infrastructure companies is not possible, let's see how one of its peer group companies has performed. During the December quarter, Brahmaputra Infraproject Ltd had total revenues of Rs59.2 crore and net profit of Rs4.1 crore translating into an EPS of 5.84 and OPM of 11.35%. In the quarter to end-September, Brahmaputra recorded total revenues of Rs43.9 crore; net profit of Rs3.2 crore; EPS of 4.56 and OPM of 13.1%.
 
During the five quarters from December 2008 to December 2009, Brahmaputra has recorded an average OPM of 12.6%. Concurrent, on the other hand, has recorded an average OPM of 1.7% during the reported preceding quarters, excluding the March quarter. When you include the March quarter performance, Concurrent's average OPM for the five quarters rises to 3.26%. (There are no financial records of Concurrent for almost a year from September 2008 to September 2009).
 
Concurrent also does not provide balance sheets for any reporting period. When we clicked on the 'quarterly results' link on its website, we were transferred to its results page on the BSE site. The company has promised to send a copy of its balance sheet to Moneylife and said it will also make the same available on its website for all investors.
 
Separately, Mr Babu denied having any knowledge of the bunch of investors (mentioned in our previous article, read here: http://www.moneylife.in/article/8/6391.html). Contrary to the claims made by Arun K Mukherjee, self-styled stocks guru, Mr Babu said that he does not even know him and had never interacted with him. He, however, said he had a discussion with some investors, after he took over the company, and Mr Mukherjee may have been present there.

Some readers, who had commented on our previous article, wanted to know about Concurrent's projects. Although we discussed the same with Mr Babu, we think it is apt for the company itself to disclose this information through the regulatory channel.

Meanwhile, Concurrent shares continued their downward journey on Wednesday as well. The share hit the lower circuit and closed 4.8% down at Rs26.65 while the benchmark Sensex ended the day 0.04% down at 17,743 points.

User

COMMENTS

rajesh

7 years ago

Dear Editor,

After publishing of your first artcile, lots of questions been raised about the company which were genuine and need to appreciate for putting forward. Now, in this posting regarding revenues, you appeared to be neutral and surprised with their march results. We want you opinion about the financial results and what investors needed to do at this point.

We want your suggestions on the growth story of concurrent and the authencity of the informed projects. We want your views which could help us to decide on our investment on the company.

Please comeout with your views on the company, we are unable to decide if the projects are paper projects or real ones. The announced results are real or manipulated ones.

thanks

Suvendu Rath

7 years ago

Dear Sincere Human
You must be crazy to bring personal things on a media forum.
If you have any complaint against ID Puli 98 you can go and complaint where its published.
I strongly condemn personal issues
Kind Regards

hiren patel

7 years ago

conngratulation and thanks to Money Life Digital team to researsh and publish such useful article to open the eyes of investor.

Rajat Ghosh

7 years ago

Editor

Some one is wrongly posting provocative posts here. Puli98 id is of mine and my name is Rajat Ghosh from Kolkata.

That sincerehuman, who posted here,
has asked you to investigate this blizzard cum dimpy cum another 10 id posted here.

He stated that he is no one but one named Basu who claims to be CFO of FIPO, MD/CEO of ESS BEE and more importantly work for concurrent india as adviser.

This is been highlighted to you earlier. This person still spam at another public forum with several bogus id including Puli 98.

Let me clarify you here, I have given my e-mail id to you. I dont know who the hell is this person linking some unknown names to this Puli98 id.

As an Analyst myself, my sincere suggestion always is only one thing.

Don't get provked by these indiscriminate posters.

We all hold with high esteem both you couple Debashish Ji and Sucheta Ji.

I strongly condemn someone's observation of Monelife getting sold.

If they read your book The Scam they will understand what kind of skills you couple have.

India's biggest scams are unearthed by one and only, Sucheta Dalal. No body else. We respect her.

Secondly with regard to Concurrent, we all are poor investors got stuck at higher levels, particularly after your postings the scripp has eroded the shareholders value and also 50 crores market cap of the company got eroded.

We all know that it is an upcoming and small company. But an upcoming company, where there is no apparent scam, linking that with some private blogs and putting down the image of the company may be a great injustice that you have been doing for small investors like us.

Beyond that we dont have any issues.

He Sincerehuman id poster here, How sincere you are and to whom you are sincere, I dont Know, but you are wrongly presuming the id of Puli98 to some Basu, whom I dont know. Better get your facts right, before posting here.

Let me also give a disclsoure here, I am an Analyst, working for a MNC brokerage and Our Firm doesnot have any exposure in Concurrent.

But I as an Individual keen to track the turn around stories and I have bought for myself 50,000 shares at various levels and also never traded only bought.

Stuck badly now after the moneylife stories, which has eroded my value of investments.

But I am long term investor, patiently wait for the dust to settle and I am confident that Company will perform as per my own analysis which is purely my own opinion.

Moneylife also as a Saviour of Investors Cause, I think should not come with speculative stories, but should also listen to the company what ever it is worth and put both side versions and leave it to the judgement of ardent readers like us.

Yours Truly
Rajat Ghosh
[email protected]



REPLY

Sincere Human

In Reply to Rajat Ghosh 6 years ago

Karandeep basu
are you dead? I am requesting the editor to track this beherupia urf fraud name rajat ghosh . All the people who lost money are ready to whip his ***

Pranav

7 years ago

hi. please check the bse website for management's clarification wherein they have denied all the speculations appearing in some private websites and blogs. Good Job done by your team.

Sincere Human

7 years ago

Editor
Please investigate this blizzard cum dimpy cum another 10 id posted here. He is no one but one named Basu who claims to be CFO of FIPO, MD/CEO of ESS BEE and more importantly work for concurrent india as adviser. This is been highlighted to you earlier. This person still spam at another public forum with several bogus id including Puli 98.

blizzard

7 years ago

Okay. now sudhir babu has also bought moneylife which has been their greatest threat. how much did moneylife sell for?. i presume we may not see any more articles on concurrent on moneylife after their meeting with K.Sudhir babu.

REPLY

Investor

In Reply to blizzard 7 years ago

Your comment is same like your name....bizzare. Sitting at Hyderabad, may in the Tank Bund, you might think that everything is there for sale, just like you. Either you dont know moneylife or an ignorant idiot. Even, the likes of Harshad Mehta and Ketan Parekh (dont ask who they are?) couldn't buy moneylife, do you think your poor neighbour have the guts to do so?
@Dimpy......this for the real investors and not for fool investors like you, who blindly puts money in any lallo-panju company.

dimpy

7 years ago

there are so many stocks in the market operator driven.. why the hell are u after this stock.. are u sebi. we are small retail investor who bought stock at higher levels and as u came out of this story the stock is going down day by day.. will ur magazine going to compensate us.

hathi sethia

7 years ago

sir,you need to go to depth of the story and help innocent investors from being trapped by persons who think they can play as they like.i coomend your job and determination moneylife.

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