Biocon net profit down 9%

Biocon has reported nearly 9% fall in its first quarter FY12 consolidated net profit to Rs 70 crore against Rs 76.7 crore in the year ago period.

But consolidated net sales jumped over 10% to Rs 442 crore from Rs 401 crore year-on-year.

Consolidated operating profit margin was flat at 27.5% year-on-year.

Nifty flat in seesaw trade

Indian equity benchmarks recovered early trade losses amid volatility, supported by heavyweights like ITC, ONGC, Infosys, ICICI Bank, SBI and L&T. Even market breadth turned in favour of advances a bit.

Ambareesh Baliga, chief operating officer, Way2Wealth continues to hold that the Nifty will stay in a range. "More or less we would be in a range of 5,350-5,400 to 5,600-5,650. But for the next one week - we should head lower. In fact, I am looking at levels more close to 5,450-5,500," Baliga said.

The 30-share BSE Sensex was trading at 18,539, up 36 points and the 50-share NSE Nifty was flat at 5,567.

Reliance Industries, TCS, HDFC Bank, BHEL, NTPC and DLF were putting pressure on the market.

After telecom, broadband can be next revolution

The next revolution in the IT and communications sector should be in broadband, which will help the government connect with the population and social schemes to percolate down to the intended beneficiaries, Telecom Secretary R Chandrashekhar said today.

"After the telecom revolution, which helps India to reach around 850 telecom subscribers, now it's time for a broadband revolution, which not only will help the government to reach to the poorest of the population, but will also create new jobs and will help in percolating the social schemes of the government to the 'last door'," Chandrashekhar said in a broadband function organised by CMAI.

According to telecom regulator Trai, the present data on the number of broadband subscribers only indicates individual connections, without throwing any light on the actual number of users accessing the broadband services or the usage pattern, as well as the hindrances and barriers to adoption and usage of broadband.

Sensex ends 152 pointts down

Indian equity benchmarks shaved off yesterday's gains on Wednesday led by profit booking. The fall was despite positive global cues post Barack Obama talks on US debt rating.

It seemed that Indian markets already priced in the news in previous day's trade and are looking for further clarity on US budget deficit and euro-zone debt crisis.

The 50-share NSE Nifty closed well below the 5,600 mark, with falling 46.5 points to close at 5,567.

Monal Desai, VP Head Institutions Derivatives at Prabhudas Lilladher in feels that if it breaks 5,600 level it is likely to trail back down to 5,530 and then below that it may see 5,400 level. "The market is still in the shorter range of 5,530-5,660,

RBI seen raising repo rate again

The Reserve Bank of India (RBI) is expected to raise its key policy rate by a further 25 basis points next week after inflation quickened in June and may hike once more by the end of the year, before pausing its long tightening campaign, a new Reuters poll shows.

Expectations that the repo rate will peak at 8% by end-2011 are largely unchanged from a previous forecast in mid-June, and hinge largely on whether persistently strong price pressures in Asia's third-largest economy will soon begin to abate.

India's wholesale price inflation quickened in June to an annual 9.44% from 9.06 percent in May, driven by higher prices for manufactured goods and fuel, even as the economy showed signs of cooling.