ICICI Bank Q1 PAT up 16.7% at Rs 2,655 crore; in line with estimates

 ICICI Bank, the country's largest private sector bank, reported an in-line with estimates Profit After Tax (PAT) of Rs 2,655 crore. This is against Rs 2,274.2 crore, up 16.7% YoY. An ET Now Poll had estimated the net profit to come in at Rs 2,585 crore. 

The NII for the first quarter of the current financial year was reported at Rs 4,492 crore versus Rs 3,820.5 crore, up 17.5% YoY. An ET Now Poll had expected the NII to be Rs 4,461 crore. 

The net interest margins came in at 3.4% versus 3.35% quarter-on-quarter. The Gross NPAs were reported at 3.05% versus 3.03% QoQ. The Net NPAs came in at 0.99% versus 0.97% QoQ. 

Maruti Suzuki Q1 PAT up 20.5% at Rs 762 crore

Maruti Suzuki India, country largest carmaker reported a Profit After Tax (PAT) of Rs 762 crore for the first quarter of the current financial year. The net profit is up 20.5% from Rs 632 crore YoY. An ET Now poll had predicted that the net profit would be Rs 715 crore.

Prospects of a pick-up in the economy, spearheaded by the newly elected government of Prime Minister Narendra Modi, could spur a marginal rise in car sales in the fiscal year that started April 1, according to an industry body.

The expected increase follows two consecutive years of decline as buyers were put off by high inflation and interest rates in Asia's third-largest economy. 


The carmaker sold 2.9 lakh vehicles in the first quarter. The total sales stood at Rs 12,075 crore versus Rs 10,237 crore, up 17.9% YoY. The net sales came in at Rs 11,074 crore versus Rs 10,000 crore YoY.

The EBITDA margins were reported at 11.7% versus 11.4% YoY. The other income came in at Rs 297 crore versus Rs 204 crore YoY.

 Shares in Maruti Suzuki India were trading at Rs 2569.25, up 0.60% on the Bombay Stock Exchange. They hit an intraday high of Rs 2589.00 and a low of Rs 2527.00 so far in trade today.

Riding on the strategy of focusing on first time buyers and rural markets, Maruti increased its market share in passenger vehicle segment in the first quarter of the current fiscal to 42 per cent.

Bajaj Electricals Q1 net at Rs 5.6 crore

Bajaj ElectricalsBSE -10.50 % today reported over 8-fold increase in its net profit at Rs 5.63 crore for the first quarter ended June 30, 2014, boosted by higher sales, particularly in consumer durables segment. 

The company had posted a net profit of Rs 66 lakh in the same quarter of the previous fiscal, Bajaj Electricals said in a filing to the BSE. 

Net sales during the period under review stood at Rs 885.96 crore as against Rs 787.19 crore in the same quarter last fiscal, it added. 

During the quarter, the lighting segment had revenue of Rs 168.64 crore as compared to Rs 157.38 crore in the year-ago period. 

Consumer durables segment had a revenue of Rs 504.5 crore as against Rs 432.08 crore, while engineering and projects had a revenue of Rs 214.23 crore as against Rs 199.38 crore. 

Realty developer D.S. Kulkarni to raise Rs 200 crore via non-convertible debentures

Real estate developer D.S. Kulkarni Developers Ltd plans to raise Rs 200 crore ($33.2 million) including a greenshoe option of Rs 100 crore, via non-convertible debentures, the company said. 

The issue will open on August 4 with tenures ranging from 3 years to 7 years, the company said in a statement on Thursday. 

SBI Capital Markets is the lead arranger for the issue. 

Gulf Oil Lubricants India gets listed on BSE and NSE

Gulf Oil Lubricants India with pure play in Lubricants, well poised to deliver enhanced value to all stakeholders.

Gulf Oil Lubricants India Ltd (GOLIL) was today listed on the country's premier exchanges - BSE and NSE, post the requisite approvals. Sanjay.G.Hinduja, Chairman, Gulf Oil International opened the market to commence the day’s trading by striking the gong at the listing ceremony of GOLIL at the Bombay Stock Exchange (BSE). The listing was inaugurated by the lighting of a lamp by Sanjay.G. Hinduja, Chairman, Gulf Oil International; Ravi Chawla, MD, GOLIL and Ashishkumar Chauhan, MD and CEO, BSE Ltd.

With the demerger of the Lubricants business of Gulf Oil Corporation Limited to GOLIL, the new Lubricant Company GOLIL will manage the standalone Lubricant business in India under “Gulf Oil” brand. The lubricant business has reached the size and scale to take up its future growth journey in a more focused manner independently. GOLIL, which will be a company with a pure lubricants play, will bring in additional focus & resources to increase its business revenues & market shares in the lubricant space in India. Given the positive outlook for the economy – Gulf Oil is well placed to increase its market shares in Automotive and Industrial lubricants.

The core values of the brand are Quality, Endurance & Passion .Gulf Oil has been associated with the Indian Premier League as team sponsors over the years & is currently associated with the Chennai Super Kings. Gulf Lubricants is proud to have Mahendra Singh Dhoni, India Cricket Team Captain as its Brand Ambassador since 2011 & regular campaigns have been launched across media with M S Dhoni and the CSK players to communicate the brand/product propositions & create consumer pull across the focus segments. Post demerger, Shareholders of Gulf Oil Corporation Limited (GOCL) have been allotted 1 (one) share in Gulf Oil Lubricants India Limited (GOLIL) for every 2 (two) shares held in GOCL and simultaneous effect has been given to capital reduction / reorganization in GOCL by allotting 1 (one) new GOCL share for every such two old GOCL shares. New shares of GOCL have also been issued and already listed on stock exchanges on 26th June, 2014. These GOCL and GOLIL shares have been issued / allotted to the Shareholders of GOCL as on the record date, 5th June 2014.

Aban Offshore Q1 net beats estimates, doubles to Rs 153 cr

Consolidated total income from operations of the company grew 15.8 percent year-on-year to Rs 1,028 crore from Rs 888 crore, which was lower than analysts' expectations of Rs 1,070 crore.

Aban Offshore  , which provides offshore drilling services to oil companies, reported a 105 percent growth in consolidated net profit at Rs 153 crore in the quarter ended June 2014 compared to Rs Rs 74.7 crore in the year-ago period, beating street forecast of Rs 110 crore.

Consolidated total income from operations of the company grew 15.8 percent year-on-year to Rs 1,028 crore from Rs 888 crore, which was lower than analysts' expectations of Rs 1,070 crore. Operating profit (EBITDA) jumped 25 percent on yearly basis to Rs 598 crore and margin expanded by 420 basis points to 58.2 percent in the quarter gone by. Analysts had expected both at Rs 605 crore and 56.5 percent, respectively.

India Rupee Falls Most in Three Weeks as Fed Cuts Bond Purchases

India’s rupee fell the most in three weeks on concern capital inflows to emerging markets will slow as the Federal Reserve cuts its asset purchases.

The Fed reduced its monthly bond buying by $10 billion to $25 billion this week, on pace to end the program in October. The rupee also dropped as importers boosted dollar purchases to pay month-end bills. The U.S. economy expanded at a 4 percent annualized pace last quarter, after a contraction of 2.1 percent in the previous three months, data showed yesterday.

The rupee fell 0.3 percent to 60.2350 per dollar as of 10:24 a.m. in Mumbai, according to prices from local banks compiled by Bloomberg. That’s the biggest drop since July 10. It slipped 0.1 percent this month. The currency is likely to trade between 60.15 and 60.30 today, Banerjee predicted.

One-month implied volatility, a gauge of expected moves in the exchange rate used to price options, rose 51 basis points, or 0.51 percentage point, to 5.87 percent.

Three-month offshore non-deliverable forwards fell 0.3 percent to 61.03 per dollar,  Forwards are agreements to buy or sell assets at a set price and date. Non-deliverable contracts are settled in dollars

Syndicate Bank Q1 net profit at Rs. 4.85bn

Total Income has increased from Rs. 47.26 billion for the quarter ended June 30, 2013 to Rs. 55.23 billion for the quarter ended June 30, 2014. Syndicate Bank has announced the following results for the quarter ended June 30, 2014: The Unaudited results for the Quarter ended June 30, 2014 The Bank has posted a net profit of Rs. 4.85 billion for the quarter ended June 30, 2014 as compared to Rs. 4.52 billion for the quarter ended June 30, 2013. Total Income has increased from Rs. 47.26 billion for the quarter ended June 30, 2013 to Rs. 55.23 billion for the quarter ended June 30, 2014.

Mphasis Q1 Revenue of Rs. 1,490 crore

Mphasis wins deals worth USD 45 million TCV in areas of strategic focus.

Mphasis declared its financial results for the first quarter ended 30th June 2014. The company also announced the appointment of Suryanarayanan V (Surya) as the Chief Financial Officer (CFO). Till recently, Surya served as interim CFO. He has been with Mphasis since 2009. Business Update · Direct organic business grew sequentially on a normalized basis by 0.8% or 2.0% net of rupee appreciation · New deal wins of TCV US$ 45 million in Q1 FY15 in the focused verticals · Direct business stood at 64% of consolidated net revenues in Q1 FY15. Financial Update · Direct business revenues declined by 4.2% QoQ or 3.0% net of rupee appreciation, affected by volatility in US mortgage industry · Consolidated revenues declined by 3.5% QoQ in Q1 FY15 to ` 1,490 crore; Net of rupee appreciation, the decline is 2.6% · Gross margins fell 40 bps to 26.2% over the two months period ended 31st March 2014 · Operating Margins at 14.8% · Cash and cash equivalents increased by ` 384 crore in Q1 FY15 to ` 2,664 crore. “This quarter, we saw contrasting trends in our direct business. On one hand we are witnessing accelerated success in our direct organic business. On the other hand headwinds in the US mortgage market is impacting Digital Risk performance. Our investment in specialization is resulting in strong pipeline and wins” said Ganesh Ayyar, Chief Executive Officer, Mphasis. The Company had changed its financial year from 31st October to 31st March, and the QoQ comparison, the preceding quarter have been normalized from 2 to 3 months. While care has been taken in this normalization, it needs to be noted that the comparison is between two unequal periods. Hence, to that extent the percentages are approximate in nature. In the absence of comparable proforma numbers for the corresponding period in the previous year, the results for quarter ended 31st July 2013 has been given for a YoY comparison.

Talwalkars rally over 16% on reports of stake sale to David Lloyd

Talwalkars Better Value Fitness Ltd rallied as much as 16.1 per cent in trade on Thursday to hit its fresh 52-week high of Rs 241.70, British health and fitness group David Lloyd is likely to buy 20 per cent in Talwalkars for Rs 100 crore. 

British health and fitness group David Lloyd is buying around 20 per cent stake in Talwalkars Better Value Fitness for Rs 100 crore at Rs 300 a piece, valuing the health fitness chain at Rs 500 crore.

 Talwalkars pared some of the morning gains but was still trading 9.2 per cent higher at Rs 227.30. It hit a low of Rs 222.55 and a 52-week high of Rs 241.70 in trade today. 

The deal, which will be signed at the fitness chain's board meeting on August 7, will help the company expand its reach across the country, these people said. 

Talwalkars is a Mumbai-based chain of health centres. In 2012, the company announced its partnership with David Lloyd Leisure Group to provide consulting for leisure and sports clubs in highend residential developments, gated communities and corporate campuses. 

Gold stays below $1,300 as US economic optimism dents demand

Gold held steady below $1,300 an ounce on Thursday, headed for its second monthly drop in three, as optimism over US economic growth curbed safe-haven appetite for the metal. 

The Federal Reserve on Wednesday upgraded its assessment of the US economy, although it also reaffirmed that it was in no rush to raise interest rates. 

Data on Wednesday also showed that the US economy has rebounded sharply, with the gross domestic product expanding at a 4 per cent annual rate in the second quarter, after shrinking at a revised 2.1 per cent pace in the first. 

Spot gold was flat at $1,294.45 an ounce by 0303 GMT, after dropping 0.3 per cent in the previous session. It is headed for a 2.5 per cent drop for the month. 

Spot gold was flat at $1,294.45 an ounce by 0303 GMT, after dropping 0.3 per cent in the previous session. It is headed for a 2.5 per cent drop for the month. 

Gold is poised to break support at $1,292 and fall further to $1,284, as indicated by its wave pattern and a Fibonacci projection analysis, according to Reuters technical analyst Wang Tao. 

Investors turned their attention to US nonfarm payrolls data due on Friday, while also keeping an eye on weekly jobless claims expected later on Thursday. US data is being watched closely by financial markets to gauge the strength of the world's largest economy and discern further clues to how the Fed may act. 

HCL Technologies Q4 net profit up 53.7 per cent to Rs 1,834 crore

India's fourth largest software services firm HCL Technologies on Thursday reported a 53.7 per cent jump in its consolidated net profit to Rs 1,834 crore for the fourth quarter ended June 30, 2014. 

The company had posted a net profit of Rs 1,193 crore in the year-ago period, it said in a statement. 

Its consolidated revenues rose 20.7 per cent to Rs 8,424 crore in the April-June quarter as against Rs 6,980 crore in the same period last year. 

The firm follows July-June as the fiscal year. 

Commenting on the performance, HCL TechnologiesBSE -2.39 % CEO Anant Gupta said: "HCL has posted a robust financial year performance, which emphatically demonstrates the continued success and relevance of our overall strategy." 

In FY14, the company crossed the USD 5 billion revenue milestone and further evolved the key building blocks to deliver next generation propositions to customers, he added. 

HCL's cash and cash equivalents, investments and borrowings at the end of June 2014 stood at Rs 1,020.6 crore. Its total headcount recorded at 91,691. 

HCL said it has signed over 50 transformational engagements with more than $5-billion Total Contract Value (TCV) during FY 2013-14. 

Gold Holds 2-Day Decline as Investors Weigh U.S. Outlook

Gold was little changed, after falling the previous two days, as investors weighed signs of an improving U.S. economy against tension over Ukraine and in the Middle East.

The Federal Reserve concludes a two-day meeting today. Data are forecast to show the U.S. economy rebounded last quarter, and the dollar reached an almost eight-week high against 10 major currencies. Interest-rate increases may come “sooner and be more rapid than currently envisioned” if the labor market continues to improve more quickly than anticipated, Fed Chair Janet Yellen told lawmakers this month.

Geopolitical tensions helped gold gain 8.1 percent this year. The U.S. and European Union sought to put more pressure on Russia by targeting banking, energy and defense industries for sanctions in another attempt to get President Vladimir Putin to back down in Ukraine. Hamas’s military chief ruled out a truce in the Gaza Strip until Israel lifts its blockade of the Palestinian territory, as the military’s bombardment intensified.

Silver for immediate delivery rose 0.2 percent to $20.6073 an ounce in London. Platinum was little changed at $1,480.88 an ounce. Palladium rose 0.3 percent to $882.64 an ounce. It reached a 13-year high of $889.75 on July 17.

Platinum and palladium have gained this year as restricted output from a five-month mine strike that ended in June in South Africa, the biggest platinum producer, and rising usage in cars added to supply shortages. Russia is the top palladium supplier, with South Africa the next largest.

Sony to de-list shares from London Stock Exchange

Sony said on Wednesday it would de-list its shares from the London Stock Exchange after 34 years because of thin trading volume, following a series of pullouts by other Japanese firms. 

The consumer electronics giant, which said its stock would still trade in Tokyo and New York, was listed in London in 1970. 

The changes would happen around the end of August, it said. "The listing of our shares on the London Stock Exchange has become less  economically ratiol because of low trading volume," a company spokesman said. 

Sony is undergoing a painful restructuring and is expected to remain in the red for another year after booking a $1.26 billion loss for the latest fiscal year. 

Other Japanese companies, including Toshiba, Fujitsu and mobile carrier NTT Docomo, have withdrawn from the London market as they seek to cut costs associated with listing shares on an exchange where there is little investor appetite. 

Rio Tinto pulls plug on ill-fated Mozambique coal venture

 Rio Tinto (RIO.L) (RIO.AX) has agreed to sell coal assets it bought through its $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector.

The sale, to International Coal Ventures Private Limited (ICVL), includes the Benga coal mine and other projects in Tete province.

In 2013, Rio Tinto sacked its chief executive and other executives directly involved in the acquisition of Riversdale and wrote off about $3.5 billion of the purchase price, partly owing to a failure to secure a permit to move coal by barge down Mozambique's Zambezi River.

"It has clearly been a horrible experience for Rio Tinto," said Liberum analyst Richard Knights, adding that the sale price was lower than he expected and implied a further writedown.

"The assets clearly weren’t as good as they thought but in order for them to be written down that aggressively they must have seen very little scope in the foreseeable future for the profitable export of coal from Mozambique."

A source familiar with the sale said Rio Tinto had been reviewing the division for the past 18 months.

ICVL was set up by the Indian government for the acquisition of coal assets overseas to meet the needs of some state-owned companies such as Steel Authority of India Limited, Coal India Limited, Rashtriya Ispat Nigam Limited, National Minerals Development Corporation Limited and National Thermal Power Corporation Limited.

The sale is subject to certain conditions and to regulatory approvals and is expected to be completed in the third quarter this year, Rio Tinto said.

Crude palm oil futures marginally up on spot demand

Crude palm oil prices marginally up by Rs 1.30 to Rs 522.50 per 10 kg in futures trade today as speculators created fresh positions on the back of rising spot demand. 

On the Multi Commodity Exchange, crude palm oil for August delivery rose by Rs 1.30, or 0.24 per cent, to Rs 522.50 per kg, with a trading volume of 39 lots. 

Similarly, the oil for delivery in July moved up marginally by 0.80 paise, or 0.14 per cent, to Rs 540 per 10 kg, with a business turnover of 116 lots. Analysts said fresh positions built-up by speculators driven by rising spot demand, mainly led to the rise in crude palm oil prices at futures market. 

Bank of Baroda Q1 profit beats forecast, up 17%; NPA rises

Net interest income, the difference between interest earned and interest expended, grew 15.2 percent, higher-than-expected, to Rs 3,328.3 crore during the same period while other income (non-interest income) declined 16.7 percent on yearly basis to Rs 1,024.54 crore in the quarter gone by.

Public sector lender  Bank of Baroda  suprassed street expectations with the first quarter (April-June) net profit rising 16.6 percent at Rs 1,362 crore compared to Rs 1,167.9 crore in same quarter last year on account of lower provisions but impacted by lower other income and higher tax expenses.

Net interest income, the difference between interest earned and interest expended, grew 15.2 percent, higher-than-expected, to Rs 3,328.3 crore during the same period while other income (non-interest income) declined 16.7 percent on yearly basis to Rs 1,024.54 crore in the quarter gone by.

The bank has cash recovery of Rs 564 crore during June quarter while write-offs were Rs 493 crore and upgrades at Rs 741 crore for the quarter. During the quarter, Bank of Baroda sold financial assets with net book value of Rs 185.54 crore to asset reconstruction companies on cash and security receipt basis. Provisions fell significantly to Rs 527 crore in first quarter of current financial year compared to Rs 1,153 crore in previous quarter and Rs 1,018 crore in corresponding quarter of last fiscal. Provision coverage ratio of the bank was 66.68 percent as on June 2014. The bank said it has made provision at 20 percent on the secured sub-standard advance as against the regulatory requirement of 15 percent. "The bank has made additional ad-hoc provision of Rs 340.56 crore for the quarter in certain non-performing domestic advance accounts," it added. Capital adequacy ratio (as per Basel III norms) declined to 11.91 percent in June quarter from 12.28 percent in March quarter and 12.46 percent in same quarter last year. Tax expenses more than doubled to Rs 591.01 crore during April-June quarter from Rs 250 crore in corresponding quarter of last fiscal.

Oil prices ease in Asian trade

Oil prices eased in Asia Wednesday as dealers stood on the sidelines awaiting the latest US stockpiles report for clues about demand in the world's top crude consumer, analysts said. 

US benchmark West Texas Intermediate for September delivery fell six cents to $100.91 and Brent crude for September was down 34 cents at $107.38 in late-morning trade. 

"Oil prices are quiet at the moment with investors focusing on the US stockpiles data out later in the day," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP. 

Reserves are expected to have fallen by 1.8 million barrels on average in the week to July 25, according to analysts polled by the Wall Street Journal. 

Gasoline stockpiles are expected to have risen 800,000 barrels, while stocks of distillates, which include heating oil and diesel, are also expected to have increased by one million barrels. 

Refinery use is expected to fall by 0.2 per centage points to 93.6 per cent of capacity. 

Sesa Sterlite Q1 net profit at Rs3755.60 mn

otal Income is Rs. 184668.80 million for the quarter ended June 30, 2014 where as the same was at Rs. 3842.00 mn for the quarter ended June 30, 2013.

Sesa Sterlite Ltd has posted a net profit after taxes, Minority Interest & Consolidated Share of Profit / (Losses) of Associates of Rs. 3755.60 mn for the quarter ended June 30, 2014 where as the same was of Rs. 4143 mn for the quarter ended June 30, 2013. Total Income is Rs. 184668.80 mn for the quarter ended June 30, 2014 where as the same was at Rs. 3842.00 mn for the quarter ended June 30, 2013. EBITDA margins at Aluminium business continued to improve due to higher premiums and cost control; Zinc India was impacted adversely by higher costs coming from lower volume; Cairn India was also lower due to profit petroleum increase. On an overall basis, while favourable oil prices, LME, premiums, and currency depreciation helped increase EBITDA, lower volumes in Zinc & Power, higher COPs, higher profit petroleum, and Australian mines closure resulted in a modest EBITDA increase of 3.5%. Sequentially, EBITDA was lower by Rs. 995 crore primarily due to lower volumes as explained above. EBITDA margin was marginally higher thus helping offset some of the effect of lower volume. Depreciation and amortisation have increased in Q1 by Rs. 178 crore to Rs. 2,064 crore over Q1 FY2014, most of the increase due to higher depreciation charge in Cairn India on account of change in depreciation method from Straight Line Method (SLM) to Unit of Production (UOP) on tangible assets. There was lower amortisation of goodwill due to lesser production in Zinc International & Australian mines, which was more than offset by the depreciation increases. The depreciation and amortisation for the quarter is lower than Q4 FY2014 by Rs. 329 crore, due to higher goodwill amortisation charge at Lisheen mine in Q4FY2014. In the quarter, finance cost was marginally lower at Rs. 1,537 crore than in proforma Q1 FY 2014, reflecting refinancing benefits. This is also in line with Q4 FY 2014. In Q1, other income at Rs 1,139 crore increased by Rs. 539 crore compared to the corresponding prior quarter. The increase was mainly on account of higher maturities of investments in Fixed Maturity Plans (FMPs) at Zinc and Cairn India, as income is recognized at maturity of FMP’s due to partial adoption of AS 30. The higher current quarter maturities also led to an increase of Rs 375 crore sequentially over Q4FY 2014. Thus, net interest was lower in current quarter as compared to corresponding previous quarter as well as sequentially, largely due to higher other income. Due to change in closing currency rate, there was a forex gain of Rs. 141 crore in this quarter, mainly at Cairn India driven by their dollar denominated investments & trade debtors.

China Takes on Hitachi as Rare Earth Patent Ends

Some Chinese producers of rare-earth magnets are seeking to use this month’s expiry of a key patent held by Hitachi Metals Ltd. (5486) to expand exports of the micro magnets used in products from motors to smartphones.

The expiry of a 17-year-old patent that defines the structure of such magnets paves the way for previously blocked Chinese producers to sell to U.S. customers, said Sun Baoyu, chairman of Shenyang General Magnetic Co. It’s formed an alliance with six Chinese producers to promote their products and fight Hitachi over other patents, that the Japanese company says largely prevent rivals from making magnets.

“Hitachi’s whole patent package’s base is this ingredient patent,” said Li Weifeng, a Shanghai-based analyst with Everbright Securities Co. It is a “very basic” patent for the magnets, he said.

The end of the patent will pit the seven producers in the alliance and potentially others who try to tap into the market against Hitachi and eight Chinese companies that have paid for the right to make and ship the magnet. An increase in exporters of the magnets could cut prices of the product used in Apple Inc. (AAPL)’s iPhones and Toyota Motor Corp. (7203) hybrid-electric cars.

Hitachi holds more than 600 patents for rare-earth magnets globally, some of which it acquired after taking over Sumitomo Special Metals Co. in the 2000s, said spokesman Akio Minami

Piramal, Dutch APG tie up for $1 bln infra investment

Piramal Enterprises Ltd (PIRA.NS) has tied up with Dutch pension fund APG Asset Management to invest $1 billion in Indian infrastructure companies over three years, in a move that would help indebted firms access funds to complete projects.

A sluggish economy and stalled bureaucratic decision-making for the past two years thwarted capital investment and dented earnings, making it tough for infrastructure companies to raise funds and launch or complete road and power projects.

Piramal, controlled by billionaire Ajay Piramal, and APG will invest in local infrastructure companies through rupee-denominated mezzanine instruments, the two sides said in a statement on Wednesday.

Mezzanine debt, commonly used by private equity firms, comes between senior debt and equities.

Piramal and APG have each initially committed $375 million for investments under the alliance, the companies said.

Led by one of India's 50 richest people, Piramal has evolved from a textiles manufacturer in the mid-1980s into a group with interests in pharmaceuticals, glass, financial services and real estate.

Macquarie Capital acted as the sole financial advisor for the Piramal and APG deal.

ITC Q1 net profit up 15.6%

Profit Before Tax increased by 18.2% to Rs. 3265.67 crores

ITC recorded another strong performance during the quarter with robust growth in revenue and profits despite a challenging business environment. Net Revenue for the quarter grew by 24.9% toRs. 9164.42 crores, driven by Agri Business and FMCG Segments. Profit Before Tax increased by 18.2% to Rs.3265.67 crores while Net Profit at Rs. 2186.39 crores registered a growth of 15.6%. Earnings Per Share for the quarter stood at Rs. 2.75. The Branded Packaged Foods Businesses posted healthy growth in revenues during the quarter, despite sluggish demand conditions and a marked deceleration in industry growth rate. In the Staples, Spices and Ready-to-Eat Foods Business, ‘Aashirvaad’ atta sustained its high growth trajectory consolidating its leadership position across markets. In the Bakery and Confectionery Foods Business, the recently launched ‘Sunfeast Farmlite’ range of cookies in the health segment continues to garner increasing consumer franchise. The Business also rebranded its offerings in the mid-price cream Biscuits segment under the ‘Sunfeast Bounce’ sub-brand for sharper positioning in the market. In the Snack Foods Business, ‘Bingo!’ registered robust growth driven by the finger snacks portfolio comprising the ‘Mad Angles’, ‘Tangles’, ‘Tedhe Medhe’ and ‘Galata Masti’ sub-brands. The 'Original Style' variants of Bingo! Yumitos potato chips, launched in Feb'14, gained good traction in launch markets. In the Instant Noodles category, ‘Sunfeast YiPPee!’ continued to record healthy growth leading to improvement in market standing. During the quarter, the Personal Care Products Business expanded its portfolio in the Deodorant category with the addition of two new variants each for men and women, taking the total number of variants under the ‘Engage’ brand to 14. Engage has garnered impressive market standing in a relatively short span of time and continues to gain traction in the market. The Education & Stationery Products Business consolidated its position as the leading and fastest growing player in the Indian Stationery market. During the quarter, the Business further expanded its presence in the popular segment of notebooks with the extension of the ‘Saathi’ brand in more markets.

Rupee down 8 paise against dollar

The rupee depreciated by 8 paise to 60.21 against the US dollar in early trade today, extending losses for the fourth day at the Interbank Foreign Exchange market due to month-end demand for the American currency from importers. 

The dollar's gains against other currencies overseas and a lower opening in the domestic equity market also put pressure on the local unit.

The rupee had weakened by 3 paise to end at nearly a one-week low of 60.13 against the dollar on Monday. Forex market remained closed yesterday on account of "Id-ul-Fitr". 

Gold remains up on scattered buying; silver steady

Gold extended gains for the second day with prices rising by another Rs 20 to Rs 28,370 per 10 grams in the national capital on Monday on scattered buying by stockists for the festive season demand. 

Silver, on the other hand, remained flat at Rs 44,800 per kg on selective buying support. 

Marketmen said some buying by stockists and jewellers to meet the festive season demand mainly influenced gold prices but a weak trend in overseas markets capped the gains. 

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 28,370 and Rs 28,170 per ten grams, respectively. It had gained Rs 250 on Saturday. 

Sovereign, however, remained steady at Rs 24,900 per piece of eight grams. Globally, gold prices fell as much as 0.4 per cent to 1,301.49 an ounce in Singapore. 

On the other hand, silver ready remained steady at Rs 44,800 per kg, while weekly-based delivery rose by Rs 90 to Rs 44,370 per kg, after gaining Rs 265 in the previous session on Saturday. Silver coins dropped by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces. 

Thomas Cook Cons net profit up 50%

The Company’s Foreign Exchange business posted a 53% growth in Earnings Before Tax from Rs 317 Mn. in HY 2013 to Rs 485 Mn. in 2014.

Thomas Cook (India) Ltd today declared its consolidated Financial Results for the Half Year ended June 30, 2014 with an increase in Income from Operations of 163% (Rs. 3,933 Mn. to Rs. 10.3 Bn.), Profit Before Tax of over 65% (Rs. 533 Mn. to Rs. 877 Mn.) and consolidated Profit After Tax of 50% (Rs. 339 Mn to Rs. 508 Mn.),as compared to the corresponding Half Year 2013.

The diversified Thomas Cook India Group saw strong results with delivery of its core businesses of travel and foreign exchange and via Ikya Human Capital Solutions:

Foreign Exchange, MICE and Domestic businesses displayed a significant revenue growth of 26%, 34%, 113% respectively.

The Company’s Foreign Exchange business posted a 53% growth in Earnings Before Tax from Rs 317 Mn. in HY 2013 to Rs 485 Mn. in 2014.

The Inbound business saw a strong growth in H1 2014, with EBT growth of 37% courtesy delivery from both its Charter and non Charter businesses and contributions from new emerging source markets

The MICE business delivered impressive EBT growth of 101% in both outbound and domestic segments

Ikya Group
 At the Ikya Group level, the QTD Revenue has grown by 27% and EBITDA by 144% compared with same Quarter last year.

Acquisition of 100% equity stake in industrial asset management company Hofincons Infotech and Industrial Services  from Transfield Services Australia for ~Rs 500 Mn.

The Company reported QTD earnings before tax of ~Rs 200 Mn.

Commenting on the Results, Mr. Madhavan Menon, Managing Director, Thomas Cook(India) Ltd. said, “H1 2014 has seen significant business growth across the diversified Thomas Cook India Group, with an overall revenue increase of 163%;. IKYA delivering strong Quarter Results- a 27% increase in Revenue and an impressive 144% growth in EBITDA.”

He added, “The new Government’s pro-tourism focus and the strategic tourism initiatives including infrastructure and technology via Budget 2014-15, augur well for our travel and foreign exchange businesses; the announcement of eVisas giving a further fillip to the upcoming Inbound season.
With strong economic indicators and increasing consumer optimism, we look forward to an impactful FY 2014 for the Thomas Cook India Group!”

Havells Q1 profit up 13.32% at Rs 107.27 crore

Electrical goods maker Havells India reported a 13.32 per cent increase in its standalone net profit at Rs 107.27 crore for the first quarter ended June 30, 2014. 

The company had posted a standalone net profit of Rs 94.66 crore during the for the same period of the previous fiscal. 

Net sales of the company rose to Rs 1,267.27 crore for the April-June quarter, as compared to Rs 1,044.06 crore during the same period of the previous fiscal, Havells India said in a filing to the BSE. 

Shares of the company were trading at Rs 1,215 per scrip during the afternoon trade on the BSE, down 2.02 per cent from its previous close. 

Aluminium futures up 0.25 per cent on global cues, pick-up in demand

Aluminium futures edged higher by 0.25 per cent to Rs 119.90 per kg today as speculators enlarged positions amid pick-up in demand at spot markets. 

Besides, a firming trend in base metals at the London Metal Exchange (LME) also supported the upside. At the Multi Commodity Exchange, Aluminium for delivery in July rose 30 paise, or 0.25 per cent, to Rs 119.90 per kg, with a business turnover of 163 lots. 

The metal for delivery in August also rose by a similar margin to trade at Rs 120.70 per kg in a turnover of 22 lots. Marketmen said apart from a firming trend in base metals pack at the LME, rising demand at spot markets influenced aluminium prices at futures trade here. 

Adani plans to raise Rs 10,000 crore via QIP

The money may be raised in phases starting in the last week of August

Adani Group is planning to raise over Rs. 10,000 crore through a qualified institutional placement (QIP) of shares of Adani Enterprises, Adani Power and Adani Ports & Special Economic Zone to fuel the group's growth. The money may be raised in phases starting in the last week of August, with Adani Ports likely to hit the market first, the report added.  Recently, Adani Ports and Special Economic Zone (APSEZ) received the environment and coastal regulation zone clearance from the Union Ministry for Environment and Forests, for its 8,481 hectares special economic zone in Mundra.