Lockheed Martin Corporation (LMT: chart) today reported fourth quarter 2007 net earnings of $799 million or $1.89 per diluted share, compared to $729 million or $1.68 per diluted share in 2006.

Net sales were $10.8 billion in both the fourth quarter of 2007 and 2006.

Cash from operations for the fourth quarter of 2007 was $420 million, compared to $333 million in 2006.

Net earnings for the year ended December 31, 2007 were $3.0 billion or $7.10 per share, compared to $2.5 billion or $5.80 per share in 2006.

Net sales for the year ended December 31, 2007 were $41.9 billion, a 6% increase over the $39.6 billion in the comparable 2006 period.

Cash from operations for the year ended December 31, 2007 was $4.2 billion, compared to $3.8 billion in 2006. Return on Invested Capital (ROIC) was 21.4% for the year ended December 31, 2007 compared to 19.2% in 2006.

10:00AM New York, 7:30PM Mumbai – Sensex fell on the weakness in mid and large cap stocks.

Stock markets declined on the weakness in large and mid cap stocks. Reliance Energy and Reliance Industries fell.

The BSE 30-share Sensex declined 2.1% or 372.33 to 17,221.74. The broader CNX S&P Nifty slipped 3.3% or 169.95 to 5,033.45.

As 2,328 shares on the BSE declined, 400 stocks advanced and 16 shares remained unchanged. Of the Sensex index, 23 stocks fell and 7 climbed.

Trading turnover on the BSE was 6,364 crore rupees as compared to 7,133 crore rupees on Wednesday and on the National Stock Exchange stood at 17,209 crore rupees.

Reliance group of stocks dominated trading. Reliance Natural Resources was the most active share on the BSE with turnover of 408 crore rupees followed by Reliance Industries, Reliance Petroleum, Reliance Energy and Reliance Capital.

The Finance Minister said there was a need to moderate capital inflows without hurting the flow of capital that stimulates the economy. The government is worried that capital flows in the country are adding stoking inflation.

Of the BSE share Reliance Energy led the decliners in the Sensex index. The country''s largest power utility in terms of net profit fell 9.3% to 1,805 rupees. National Thermal Power Corporation lost 8.8% to 204 rupees.

Reliance Industries slid 2.8% to 2,484.7 rupees.

Hindalco lost 6.7% to 150.05 rupees, Oil & Natural Gas Corporation shed 5.5% to 937 rupees, and Wipro declined 6.05% to 405 rupees.

Housing Development Finance Corporation gained 3.13% to 2,611 rupees in a volatile trading and led the gainers in the Sensex index.

Of the Sensex stocks, Satyam Computer Services added 2.01% to 401 rupees, cement maker ACC was up 1.7% to 762 rupees, and Reliance Communications increased 1.1% to 621.25 rupees.

ICICI Bank lost 1.4% to 1,135.05 rupees on reports, ICICI Securities, the investment banking and broking unit of ICICI Bank reportedly aims to raise up to $1 billion through a pre-IPO placement of shares.