LIC Housing Finance reported fourth-quarter stand-alone net profit of Rs314.77 crore, up from Rs213.51 crore for the quarter ended 31 March last year
LIC Housing Finance Ltd reported fourth-quarter stand-alone net profit of Rs314.77 crore, up from Rs213.51 crore for the quarter ended 31 March last year. Total revenue increased to Rs1,391.92 crore from the Rs967.74 crore in the corresponding quarter of the preceding year.
The company said its board recommended a dividend of Rs3.50 per equity share of Rs2 each for the fiscal year 2011.
On Thursday, LIC Housing ended 1.14% down at Rs225.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.81% to 19,292.02.
On 14th April, The Mint published a report, titled 'Piramal, Sunteck close to purchasing Mafatlal land'. Quoting unnamed sources, the newspaper said Piramal Realty and Sunteck Realty are close to signing a deal to buy a seven-acre plot from Mafatlal Industries for Rs750 crore.
Reacting to the news report, the stock price of Mafatlal Industries shot up by more than 8% to Rs217.65 on 15th April. But the Sunteck Reality stock price was down by 1% to Rs344.30 from Rs347.20 on 13th April.
The Mint quoted a Sunteck official as saying, "We're not the only one and we have a partner who is leading it," while a senior official of Piramal Realty said, "We look at a lot of deals and it will be 'speculative' to comment on it until it is closed."
However, in response to a query from the bourses, both Sunteck and Piramal have said that they are not buying land from Mafatlal. On the other hand, Mafatlal said it was at an advanced stage of negotiations with some prospective purchasers. However, 'no deal has been signed as yet.'
Despite both reported buyers denying any participation in the land deal, the bourse appears to be satisfied with the clarifications, rather than investigate and dig out the real reasons for the dissemination of speculative information.
The CCL Products (India) stock witnessed an unbelievable rise on 13th April 2011. The stock price soared 20% to Rs269 on a dramatic surge in volume by 3300% to 408,991 shares from just 12,032 on the previous trading day.
Replying to an enquiry from the bourses about the spurt in trading volumes and the stock price, the company said that there is neither any price sensitive information nor any pending announcement from the company that may have had a bearing on the price/volume of the scrip. The bourses appear satisfied with the reply.
However, a simple news search on Google revealed that on 13th April, C Srishant, executive director of CCL Products, told CNBC television in an interview that the company has planned an extensive launch of pure coffee and Chicory coffee product in the next six months. He said, "We have strategised to place our products at a lower price than our competitors. Since, we don't have any initial advertising expenditure, our margins will be much higher than what we are getting for our exports."
It seems that while the flavour got to the markets swiftly, the management of the bourses are still to get a whiff of it yet!