banks told Reu
banks told Reuters that about 10 lack an adequatecushion of capital needed to guard against further economicdecline. [ID:nN04400200] "The stress tests results will be out soon, and Asianmarkets have also weakened. All this we be playing oninvestors' minds in the near term, and i don't rule out a bigpullback from here," Baliga said. Still, he is advising clients to sell only in smallquantities. "With the kind of momentum we have seen recently,anything can happen as there is a lot of cash lying around," hesaid.
Reliance Industries, India's largest-listed firm with themost weight in the main index, fell 1.2 percent to 1,862rupees, after gaining 4.6 percent on Monday. The stock had jumped more than 18 percent in April on hopesthe company's growth in coming quarters will be boosted bysales of gas it started pumping last month from its deep-seafield off India's east coast. Housing Development Finance Corp shed 3.2 percent to 1,896rupees, a day it jumped 13.1 percent, while No. 2software-services firm Infosys fell 2.6 percent to 1,586.90rupees. Top engineering and construction firm Larsen & Toubro(LART.BO) was up 2.8 percent at 979 rupees, after it announceda tie-up with a unit of Europe's EADS EADS.PA for defenceelectronics in India. In the broader section, advancers led losers almost 2 to 1on relatively moderate volume of 120.4 million shares.
The 50-share NSE indexwas down 0.2 percent at3,646.55 points. Asian markets edged up on Tuesday, with MSCI's measure ofAsian markets except Japan .MSCIAPJ up 0.3 percent. Marketsin Japan, South Korea and Thailand were closed for holidays. MAIN TOP 3 BY VOLUME * Unitech (UNTE.BO) on 18.6 million shares * Reliance Natural Resources (RENR.BO) on 8.1 millionshares * IFCI (IFCI.BO) on 2.7 million shares STOCKS ON THE MOVE * Jubilant Organosys Ltd (JUBO.BO) rose 9.5 percent to128.50 rupees after the drugmaker said it has entered into aresearch collaboration with AstraZeneca Plc (AZN.L) forneuroscience-related drugs. * Sobha Developers Ltd (SOBH.BO) gained 8 percent to 111.25rupees after the company said on Monday it will increase theinvestment limit for foreign institutional investors to 100percent of its equity and raise additional capital of up to 7.5billion rupees. FACTORS TO WATCH * For technical analysis double click on * Indian rupee rises for 3rd day; stocks open awaited[INR/] * Indian bond yields drop 8 bps on auction results[IN/] * Swiss franc falls vs dollar after SNB comments [FRX/] * Oil retreats towards $54 after 2009-high settlement[O/R] * Bank caution supports dollar, tempers stocks [MKTS/GLOB] * -Wall St rallies on banks, data; S&P positive for '09 [.N]* For closing rates of Indian ADRsINADR(Reporting by Pratish Narayanan; Editing byKim Coghill) France Japan South Korea. * Reiterates guidance * 2008/09 fractionally either side of market forecasts * TGV maker sees stimulus boost for railway business (adds details) PARIS, May 5 (Reuters) - Engineering group Alstom (ALSO.PA)on Tuesday reiterated a target of an operating margin around 9percent in the year to March 31, 2010, after posting increasedsales and profitability for 2008/09.
The French maker of high-speed trains and power generationequipment warned of uncertainty ahead because of the globaleconomic slowdown, however. "The brutal downturn of the worldeconomy has created uncertainties in our markets," said ChiefExecutive Patrick Kron in a statement. The group expected rail activities to be supported bygovernment stimulus plans, but saw demand for new electricitygeneration equipment declining. The group has also launchedcost-cutting actions and is prioritising investments, Kronsaid. Alstom posted full year sales of 18.739 billion euros, justmissing a Reuters Estimate of 18.993 billion euros, but 11percent higher than last year. Operating profit rose 19 percent to 1.536 billion euros,just beating a Reuters Estimate of 1.527 billion euros ($2.02billion). Alstom recorded an operating margin of 8.2 percent forthe full year.
Net profit was up 30 percent at 1.109 billion euros, below aReuters Estimate of 1.135 billion euros. Alstom said it expected its power activities to achieve anoperating margin of between 10 and 11 percent in 2009/10, whileits transport division should post an operating margin ofbetween 7 and 8 percent. The group's order book stood at 45.67 billion euros at theend of March 2009, with order intake for the full year up 5percent at 24.58 billion euros. In March, Alstom had reiterated its objective of a 9 percentoperating margin for the full year to March 2010. The group said it would propose a 1.12 euro per sharedividend at its next shareholders' meeting.Bouygues (BOUY.PA) holds around a 30 percent stake inAlstom. ($1=.7554 Euro) (Reporting by Helen Massy-Beresford and Benjamin Malllet).
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