Corporate Highlights

• Maruti Suzuki has come out with its second quarter FY10 results. Its net profit shot up 99.3% to Rs 570 crore versus Rs 286 crore, on year-on-year basis (YoY). The company's net sales increased 45.94% to Rs 7,049 crore as against Rs 4,830 crore (YoY). Topline as well as bottomline numbers were below expectations. Raw material cost went up 46.9% to Rs 5,255 crore versus Rs 3,578 crore (YoY).

• City Union Bank board to meet on Oct 31 to fix Rights Issue price

• ITC has declared its second quarter results of FY10. Its net profit shot up 25.8% to Rs 1,009.9 crore versus Rs 802.7 crore, (YoY). While net sales went up 14.06% to Rs 4,292.6 crore from Rs 3,763.3 crore (YoY). The company reported better-than-expected numbers.
• Booked Rs 20 Cr loss on sale of fixed assets; int costs flat at Rs 49 Cr (YoY); looking to further reduce working cap cost; order book tgt of Rs 20,000 Cr in FY10: HCC

• Zee Ent revenues down to Rs 540.5 Cr vs Rs 571.7 Cr; OPM at 29.7% vs 26%; PAT at Rs 110 Cr vs Rs 178 Cr; advt revenue down 13.1% to Rs 247.8 Cr vs Rs 285.1 Cr

• UP Govt announces SAP for 2009-10 at Rs 165/q; sugar cos paid SAP at Rs 140/q for 2008-09
• Everonn Education board approves increasing FII investment limit to 100%

• Hardy Oil said a D9 well will be plugged and abandoned. Hardy holds a 10% participating interest in the D9 block, which is located in the Krishna Godavari basin on the east coast of India. Reliance Industries is the operator and holds a 90% stake.