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Market Update : 
Nestle, HDFC, Reliance Comm Earnings Rise
Author: 123jump.com Staff
123jump.com
Last Update: 3:19 PM EDT April 30 2008

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Stocks in India closed lower ahead of the rate decision in the U.S. The U.S. Fed lowered its key rate by 0.25% to 2% and signaled that future cuts may not be necessary. Reliance Communication earnings surged 71% on 32% rise sales. HDFC declined after it reported 40% rise in income on 33% rise in revenue. Nestle India earnings gained 48% and Videocon Industries profit gained 8%.

 
Reliance Communications rose 0.9% to 579.75 rupees. The company reported consolidated net profit rose 70.5% to 5,401.14 crore rupees on 31.79% rise in total revenue to 19,067.76 crore rupees in the year ended March 2008 over the year ended March 2007.

Reliance Industries declined 1.4% to 2,614.85 rupees.

Earnings News

HDFC declined 2.7% to 2,804.80 rupees. The company reported net profit rose 39.64% to 768.12 crore rupees on 33.82% rise in total income to 2,320.21 crore rupees in fourth quarter ended March 2008 over the same quarter last year.

Nestle India jumped 9.2% to 1,774 rupees on reporting 47.7% surge in net profit to 160.15 crore rupees in the first quarter ended March 2008 over the same quarter last year.

Videocon Industries lost 1.6% to 374.20 rupees. The company reported its net profit increased 8.6% to 251.22 crore rupees on 15.69% rise in total income to 2538.78 crore rupees in the fourth quarter over the same quarter a year earlier.
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