M&M group Q3 profit declines marginally to Rs 1,230 cr

Mahindra & Mahindra group reported a marginal decline of 1.93% in consolidated net profit to Rs 1,230 crore for the third quarter ended on December 31, 2013-14.

 

The group had reported a consolidated net profit of Rs 1,254.30 crore for the October-December quarter of the last financial year.M&M's consolidated gross revenue during Q3, 2013-14 grew 8.5% to Rs 20,679.9 crore as against Rs 19,066.8 crore of the same period of last fiscal.

 

The group has gained Rs 256.5 crore on completion of the first part of the transaction in the auto component business with Spanish form CIE Automotives SA, M&M said in a filing to the BSE.

 

Revenue from the automotive segment in Q3 grew to Rs 11,984.43 crore. It was Rs 11,124.70 crore in the same quarter of 2012-13.

Revenue from the farm equipment sector was Rs 4,668.14 crore, as against Rs 3,876.61 crore in Q3 of the last fiscal.

 

Its earning from financial services during the quarter increased to Rs 1,366.14 crore. It was Rs 1,066.51 crore in the same quarter of last fiscal.

 

IT services revenue also increased to Rs 78.42 crore in Q3 of 2013-14 as against Rs 67.48 crore in the year-ago period.

 

Earning from hospitality sector and infrastructure also increased to Rs 199.56 crore and Rs 145.50 crore. It was Rs 184.83 crore and Rs 129.95 crore in the previous fiscal.

 

M&M scrip closed at Rs 962.40, up 2%, on the BSE.

Lupin trades in green on the BSE

Lupin is currently trading at Rs. 978.50, up by 18.05 points or 1.88% from its previous closing of Rs. 960.45 on the BSE.

The scrip opened at Rs. 956.50 and has touched a high and low of Rs. 979.80 and Rs. 950.70 respectively. So far 61686 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 979.80 on 28-Feb-2014 and a 52 week low of Rs. 569.00 on 01-Mar-2013.The current market cap of the company is Rs. 43826.73 crore.The promoters holding in the company stood at 46.76% while Institutions and Non-Institutions held 43.22% and 10.02% respectively.

Pharma Major Lupin has received final approval for its Rifabutin Capsules USP, 150 mg from the United States Food and Drugs Administration (FDA) to market a generic version of Pharmacia & Upjohn Company's Mycobutin Capsules 150 mg. Lupin Pharmaceuticals Inc. (LPI), the company's US subsidiary would commence marketing the product shortly.

Lupin's Rifabutin Capsules, 150 mg are generic equivalent of Pharmacia & Upjohn Company's Mycobutin Capsules 150 mg. Lupin's Rifabutin Capsules USP, 150 mg is indicated for the prevention of disseminated Mycobacterium avium complex (MAC) disease in patients with advanced HIV infection.Mycobutin Capsules had annual U.S sales of $18.6 million in 2013 (IMS MAT Dec, 2013).

Lupin is an innovation led transnational pharmaceutical company producing and developing a wide range of branded and generic formulations and APIs globally.

Q3 FY14 GDP seen flat at 4.8%; services may rise: Poll

The gross domestic product (GDP) for Q3 FY14 is expected to be flat on a quarterly basis. It is estimated to be around 4.8 percent, which compares to 4.5 percent on a year-on-year (Y-o-Y) basis and 4.8 percent on a sequential basis. The revised GDP data on a Y-o-Y basis is also expected to be announced. Moreover, the FY13 GDP was revised lower to 4.5 percent versus 5 percent, but the quarterly breakup wasn’t given, so there could be a different figure which could come out. 
 Sectrolly, agriculture is expected to be anywhere between 5.3 percent and 7 percent, compared to 1 percent Y-o-Y and 4.6 percent sequentially. The industry performance is expected to be absolutely flat versus a 3.3 percent sequentially. Within the industry, one must watch out for numbers from manufacturing, construction and mining. 
However, on the services side there is expectation of an uptick to around 6 percent, which compares to 6 percent on a Y-o-Y and 6 percent on a sequentially basis as well. According to Central Statistics Office (CSO) the estimate for trade, hotel and transport services are estimated to fall to a low of 3.5 percent for FY14. 
A lot of economists do not even have an estimate for Q3FY14 GDP because it is assumed as redundant data. However, the CSO estimate is around 4.9 percent.

Tata Power plans Rs 2,000 cr rights issue

Tata Power Company Ltd has proposed to raise up to Rs 2,000 crore through a rights issue.

However, the issue timing, price etc are yet to be decided.

In a communication to the stock exchanges, the company said that its board of directors on February 27 approved raising of up to Rs 2,000 crore by way of a rights issue subject to all approvals.

It said a Committee of the Board would decide on issues like rights ratio, issue price and size and timing of the issue etc.

Shares of Tata Power (FV Re 1) were up by 50 paise to Rs 79.95 on the BSE in early trade.