BSE Bankex and Healthcare indices gained 2.4 percent and 1percent respectively. BSE Realty and Consumer Durable indices lost 1.4 percent and 1.1 percent respectively.
On recovery track Mahindra Satyam clocks first profits
Mahindra Satyam recorded de-growth in its net profit by 76 percent on QOQ to Rs 23 crore. It"s operating profit declined by 42 percent at Rs 65 crore in Q2FY2011 from Rs 114 crore in Q1FY11. Income from operations stood at Rs 1242 crore versus Rs 1248 crore on QOQ.
The fallen in EBITDA and revenue in the Q2 FY11 as compared to Q1FY11 indicates that the Company has unable to stabilize the business. But the management indicates that fall in profits and EBITDA is due to hike in wages and forex fluctuations.
It further adds that it expects overall recovery in the next two quarters to be gradual and three years it would be profitable.
Dabur buys haircare co, 3 arms for $100 million
Dabur India bought US based haircare company Namaste Laboratories and its three subsidiaries for $100 million in an all cash deal. Namaste"s hair straightening lotions and hair oils are hugely popular with African –Americans in the US.
Namaste Laboratories was founded in 1996 to cater to the special haircare needs of women of African descent. It reported annual revenues of $90 million in calendar 2009, of which the US accounted for 70% and the rest mainly from Africa. The EBT stood at $12.5 million.
Namaste has significant market positions in many countries of Africa, the Middle East, Europe and the Caribbean region of North America. It makes a portfolio of products for hair loss, damaged hair, thinning and drying and itchy scalp under the brand Organic Root Stimulator.
(An article by DAS CAPITAL MANAGEMENT & ADVISORS Pvt Ltd)