Intraday View For 24/03/09

Nifty: Resistance 3434/3445/3470
Support 3396/3362/3331

Nifty saw good rally in later hour. Nifty took support @ 3462. Resistance on upside is now @ 3445 - 3470.
Turnover in NSE's F&O segment was Rs 68,331.06 crore, lower than Rs 70,645.94 crore on Wednesday, 22 April 2009.
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RELIANCE RESULT : AT A GLANCE

Reliance Industries, the country's largest private firm, on Thursday reported a second consecutive fall in quarterly profits with net earnings dipping 9.3 per cent in January-March as global recession cut demand for fuels.

The firm, the owner of the world's largest oil refining complex, saw net profit decline to Rs 3,546 crore in the quarter ended March 31, from Rs 3,912 crore a year ago, RIL said in a statement.

Its most-watched refining margin or revenue it earns on processing every barrel of crude oil fell to USD 9.9 in the quarter from USD 15.5 a year earlier.

RIL's profit had fallen 56.67 per cent in the October-December quarter to Rs 3,501 crore.

RIL, which earns 70 per cent of its revenues from exports of petrol and other fuel from its refinery at Jamnagar in Gujarat, may see higher earnings this fiscal after it started selling natural gas from its biggest field.

With fuel demand dipping in the US and Europe, the key markets of products from Jamnagar, the company plans to sell fuel locally after giving up the export-only status of its 33-million-tonne refinery.

For the 2008-09 fiscal, net profit dropped 21.5 per cent to Rs 15,279 crore, from Rs 19,458 crore in the previous year.

Gross refining margin (GRM) for the year was lower at USD 12.2 per barrel as against USD 15 a barrel in 2007-08. The turnover rose 8.3 per cent in the fiscal to Rs 150,771 crore while it dipped 25 per cent to Rs 29,073 crore in Q4.

RIL earlier this month started producing gas from its eastern offshore Krishna Godavari basin KG-D6 field and output is expected to rise to 80 million cubic metres per day by the year end.

In December it commissioned a 29-million-tonne SEZ refinery adjacent to the Jamnagar refinery.

The old Jamnagar refinery processed 32 million tonnes of crude in 2008-09 against a capacity of 33 million tonnes, reflecting lower export demand. Fuel exports declined to 21 million tonnes as compared to 22.1 million tonnes in the previous year.

Revenue from oil refining and marketing increased by 11.5 per cent to Rs 112,351 crore mainly due to product prices going up because of high crude oil prices during the first half of the year. Increase in prices accounted for 6 per cent of growth in revenue while higher volumes accounted for 5.5 per cent.

The results were, however, better than the market expectations, as reflected in the share price, which surged 2.7 per cent to Rs 1,762.35 a share at the close. RIL announced the results after the close of trading.

The fall in profit was primarily due to costs related to higher borrowing and provisioning towards estimated claims on account of the company's subsidiaries.

Excluding the exceptional items, the Q4 net profit fall was just about one per cent at Rs 3,874 crore, while profit for the fiscal registered an increase of 2.3 per cent to Rs 15,607 crore.

The company's operating profit remained flat at Rs 23,395 crore for FY09 as against Rs 23,306 crore in the previous year.