Author: CP

Merchandise exports fell sharply by 33.3% yoy in March from a 21.7% yoy fall in February, marking a sixth consecutive month of fall in exports. In INR terms, exports contracted by 15% yoy, reflecting the large yoy INR depreciation. On a sequential basis, exports fell 18% mom; seasonally adjusted.

Imports slid sharply by 34.0% yoy in March, compared to the 23.3% yoy fall in February. Non-oil imports fell rapidly by 19% yoy in March, from 10% yoy in February. Oil imports continued to contract by 58% yoy versus a 48% yoy fall in February.

The trade deficit narrowed substantially to US$4 billion versus US$5 billion in February and a peak of US$13 billion in August as the contraction in imports was a tad more rapid than the fall in exports.

Housing Development Finance Corporation (HDFC) has announced its financial results for the fourth quarter & year March 31, 2009.

The company has posted a net profit of Rs 733.37 crore in the fourth quarter against a net profit Rs 768.12 crore in the corresponding previous quarter, a dip of around 4.50%. The total income stood at Rs 3,152.44 crore against Rs 2,317.67 crore, registering a growth of 36% on YoY basis.

The company’s net profit for the entire fiscal stood at Rs 2,282.54 crore against Rs 2,436.25 crore in the previous fiscal, a dip of around 6%. The total income stood at Rs 10,992.43 crore against Rs 8,062.80 crore registering a growth of 36% on YoY basis.

The consolidated net profit for the entire fiscal stood at Rs 2,310.50 crore against Rs 2,713.00 crore in the year-ago period, a fall of around 15%. The total income stood at Rs 11,684.23 crore against Rs 8,679.21 crore registering a growth of 34% on YoY basis.

The board of the company has recommended the dividend of 300% i.e. Rs 30 per equity share of Rs 10 each for FY09.