The net loss from continuing operations for the fourth quarter was $10.3 billion, or $12.57 per diluted share, down substantially from net earnings from continuing operations of $2.2 billion in the prior-year quarter.

Merrill Lynch’s net loss for the fourth quarter of 2007 was $9.8 billion, or $12.01 per diluted share, significantly below net earnings of $2.3 billion, or $2.41 per diluted share for the 2006 fourth quarter.
Merrill recorded losses from collateralized loans of $11.5 billion in the fourth quarter after recording losses of $7.9 billion in the third quarter.

At the end of the fourth quarter, book value per share was $29.37, down from $41.35 at the end of 2006. Including the impact of the equity and equity-related transactions which closed subsequent to year end, Merrill Lynch’s pro forma book value per share would be $30.30 at the end of 2007.


8:00AM New York, 6:30PM Mumbai - Sensex declined and Reliance Industries Limited, Reliance Energy, and TCS profits surges. /R

Stock market in India on Thursday declined for the fourth time in a row, pulled by declines in large cap companies.

Reliance Industries fell after reporting December 2007 third quarter results and ICICI Bank also declined.

The 30-share BSE Sensex fell 0.8% or 167.29 to 19,700.82. The broader CNX S&P Nifty lost 0.4% or 22.55 to 5913.20.

On the BSE, 2,003 shares advanced 833 shares fell, and 41 shares remained unchanged. Of the index stocks, 13 gained while the rest declined.

Turnover on the BSE was at 8,423 crore rupees and revenue on the National Stock Exchange stood at 20,510 crore rupees.

Reliance Industries was the most active stock on the BSE with a turnover of 472.55 crore rupees. Reliance Natural Resources, Reliance Energy, Reliance Capital and Himachal Futuristic Communications were also active.

Fuel prices are likely to go up today. Petroleum Secretary M S Srinivasan said a change on fuel prices was likely after the Group of Ministers meet later during the day.

He said the ministry has sought duty rationalization to contain the impact of surging crude oil prices.

According to news reports, government may hike petrol prices by 4 rupees per litre and diesel by 2 rupees per litre.

Reliance Industries lost 3.3% to 2,996.25 rupees after the company reported 162.22% increase in net profit to 8,079 crore rupees on 23.01% increase in total income to 34,831 crore rupees during the third quarter of December 2007.

Ambuja Cements slipped 3.9% to 130.8 rupees, DLF fell 3.7% to 1,085.75 rupees, Ranbaxy Laboratories shed 2.9% to 367.90 rupees and Satyam Computers lost 2% to 372.45 rupees.

ITC soared 4% to 217.1 rupees, Grasim Industries climbed 3.05% to 3,360 rupees, Maruti Suzuki surged 2.8% to 867.3 rupees, Larsen and Toubro climbed 2.2% to 4,077.7 rupees and Cipla rose 1.8% to 209 rupees.

ICICI Bank lost 3.5% to 1321.8 rupees. HDFC Bank declined 1.7% to 1647.1 rupees.

Indian Oil Corporation slipped 1.7% to 656.75 rupees and Reliance Petroleum fell 0.8% to 219.3 rupees.

Reliance Energy fell 2.38% to 2212.70 after the company reported 50.02% rise in net profit to 301.6 crore rupees on 1.81% increase in total income to 1,853.41 crore rupees during the third quarter of December 2007.

Reliance Power initial public offering is over-subscribed by 20.84 times a day before the end of subscription period. Reliance Energy controlled by billionaire Anil Ambani will have 45% equity in Reliance Power after the offering.

TCS fell 2.3% to 922.65 rupees. The company posted recorded 6.7% rise in net profit to 1,331 crore rupees during the third quarter of December 2007 over the third quarter of September 2007.