IndusInd Bank trades in green on the BSE

IndusInd Bank is currently trading at Rs 546.00, up by 12.15 points or 2.28% from its previous closing of Rs 533.85 on the BSE. The scrip opened at Rs 540.00 and has touched a high and low of Rs 549.30 and Rs 531.10 respectively. So far 97499 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 585.00 on 16-May-2014 and a 52 week low of Rs 318.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs 571.90 and Rs 528.10 respectively. The current market cap of the company is Rs 28724.36 crore. The promoters holding in the company stood at 15.21% while Institutions and Non-Institutions held 50.74% and 21.74% respectively. Indusind Bank has launched a new customer-centric service titled Video Branch. This innovative offering (first-of-its-kind initiative in the banking industry) enables the customers to do a video conference with the Bank staff in order to avail various services offered by Bank. This is first-of- its- kind initiative in the banking industry which facilitates customers to interact with the Video Branch at their own convenience either from his desktop/laptop computers or Apple and Android smart phones. This facility will be available to all existing and new customers of Induslnd Bank. The bank’s net profit for the quarter ended March 31, 2014 jumped by 28.83% at Rs 396.05 crore for the quarter as compared to Rs 307.4 crore for the quarter ended March 31, 2013. Bank’s total income has increased by 23.35% at Rs 2,702.19 crore for the quarter under review as compared to Rs 2,190.66 crore for the corresponding quarter of the previous fiscal.

Indusind Bank unveils a new customer-centric service

Indusind Bank has launched a new customer-centric service titled Video Branch. This innovative offering (first-of-its-kind initiative in the banking industry) enables the customers to do a video conference with the Bank staff in order to avail various services offered by Bank. This is first-of- its- kind initiative in the banking industry which facilitates customers to interact with the Video Branch at their own convenience either from his desktop/laptop computers or Apple and Android smart phones. This facility will be available to all existing and new customers of Induslnd Bank. The bank’s net profit for the quarter ended March 31, 2014 jumped by 28.83% at Rs 396.05 crore for the quarter as compared to Rs 307.4 crore for the quarter ended March 31, 2013. Bank’s total income has increased by 23.35% at Rs 2,702.19 crore for the quarter under review as compared to Rs 2,190.66 crore for the corresponding quarter of the previous fiscal.

KCP Sugar surges on selling 71,900 quintals of sugar in April 2014

KCP Sugar & Industries Corporation is currently trading at Rs. 22.85, up by 0.40 points or 1.78% from its previous closing of Rs. 22.45 on the BSE. The scrip opened at Rs. 22.55 and has touched a high and low of Rs. 23.40 and Rs. 22.55 respectively. So far 17858 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 24.50 on 23-May-2014 and a 52 week low of Rs. 13.82 on 17-Feb-2014. Last one week high and low of the scrip stood at Rs. 24.00 and Rs. 20.20 respectively. The current market cap of the company is Rs. 260.79 crore. The promoters holding in the company stood at 40.06% while Institutions and Non-Institutions held 0.06% and 59.88% respectively. KCP Sugar & Industries Corporation has sold 71,900 quintals of sugar in April 2014, while the company has sold 1,300.000 MT of Molasses in the same month. The company has also sold 604.850 MT, 0.322 MT and 36.675 MT of Bio-compost, Mycorrhiza and Calcium Lactate respectively. Further, the company has sold 1,204,000 Bulk Litres of Industrial Alcohol in April 2014, while it sold 14.30 Quintals of Bio-Fertilzer in the same month. KCP Sugar & Industries Corporation is engaged in business of manufacturing and marketing of Sugar and Bio-products. The company’s manufacturing facilities are located at Vuyyuru and Lakshmipuram. Company’s Vuyyuru Unit is engaged in manufacturing sugar, Bio-Ethanol of 50 KLPD and has a power generation capacity of 15MV per day.

PPAC reviewed international prices of crude oil and petroleum products

Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of June effective 02.06.2014 will go down to Rs 2.80 per litre

The Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas has reviewed international prices of crude oil and petroleum products during the 2nd fortnight of May 2014. Accordingly, the under-recovery on High Speed Diesel (HSD) applicable for 1st fortnight of June effective 02.06.2014 will go down to  Rs. 2.80 per litre. This was Rs. 4.41 per litre during 2nd fortnight of May 2014 w.e.f. 16.05.2014. In the case of PDS Kerosene and Domestic LPG, the under-recoveries for the first fortnight of June 2014 will be Rs. 32.87 per litre (Rs. 33.84 per litre in last fortnight) and Rs. 432.71 per cylinder(Rs. 449.13 per cylinder in last fortnight) respectively.   Product-wise Under-recoveries of Public Sector Oil Marketing Companies (OMCs) Product Unit Under-recoveries effective 02.06. 2014 ( Previous fortnight effective 16.05 2014) Diesel Rs/Litre 2.80   (4.41) PDS Kerosene* Rs/Litre 32.87  (33.84) Domestic LPG* Rs/Cylinder 432.71  (449.13)

Mahindra Two Wheelers sells 16,824 units in May 2014

Mahindra Two Wheelers (MTWL), part of $16.7 billion Mahindra Group, has reported sales numbers which stood at 16,824 units during May 2014. The company’s domestic sales stood at 15,878 units during May 2014, as against 6,858 units during May 2013, a growth of 131%. Exports for the month stood at 946 units. Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

Canara Bank zooms on aiming to achieve aggregate business of Rs 8.50 lakh crore

Canara Bank is currently trading at Rs. 442.25, up by 27.10 points or 6.53% from its previous closing of Rs. 415.15 on the BSE. The scrip opened at Rs. 419.00 and has touched a high and low of Rs. 443.25 and Rs. 417.50 respectively. So far 357347 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 491.55 on 26-May-2014 and a 52 week low of Rs. 189.90 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 491.55 and Rs. 406.00 respectively. The current market cap of the company is Rs. 19788.00 crore. The promoters holding in the company stood at 69.00% while Institutions and Non-Institutions held 22.06% and 8.94% respectively. Canara Bank is aiming to achieve aggregate business of Rs 8.50 lakh crore with a deposit growth of 16-17% and advances growth of 19-20% by March 2015. Moreover, the public sector lender will be adding 1250 branches this year, including 100 in Kerala, to increase its branch strength from 4,755 to 6,000 and ATMs from 6,312 to 10,000 by March next year. During 2013-14 fiscal, the bank's business had touched Rs 7.22 lakh crore. Moreover, the public sector lender registered a 20.7% growth, opened 1,027 branches of which 80% was in rural and semi urban areas. Further, the bank would be opening a branch at Johannesburg in South Africa and is planning to open branches at New York by June this year and 8 other international centres, including Dubai, Qatar, Frankfurt, Sao Paulo, Dar-es-Salaam and Tokyo, by march next.

Bad loans are a cause of concern: RBI

Banks should strengthen internal credit appraisal system & use external credit appraisals to control rising NPAs, RBI deputy governor says

In order to stem the problem of increasing level of non-performing assets (NPAs) and stressed assets, Indian banks need to strengthen their internal credit appraisal system i.e. on their credit assessment and risk management mechanisms, Reserve Bank of India’s deputy governor, Mr R. Gandhi said at an ASSOCHAM event held in New Delhi on Saturday. “With the downturn in economic activity, the cracks in our credit appraisal and monitoring system have appeared and we should get our act together to repair the structures,” said the RBI deputy governor in his inaugural address at an ASSOCHAM national conference on ‘Growing NPAs in Banks: Efficacy of Ratings Accountability & Transparency of Credit Rating Agencies.’ The RBI deputy governor also stressed upon the development of corporate bond market, which he said, is very critical for leveraging synergies between banks and CRAs which can address the issue of growing NPAs in the system. “Banks should consider using external credit appraisals in conjunction with their own assessment as this is where credit rating agencies can play an important role given their experience and steady track record over the years,” said Mr Gandhi. “Banks need to balance the use of external ratings and can use them as third party, professional assessment, either as stand-alone basis or in combination with their own internal ratings.” Considering that total stressed assets in the banking system (including NPAs and restructured standard assets) as at December 2013 was 10.13 per cent of the gross advances of the banks, the top RBI official termed it as a cause of concern. “Growing NPAs which have been more pronounced in the public sector banks is the biggest challenge for the banking industry.” “Shortcomings in the credit appraisal, disbursal and recovery mechanism of banks together with a host of reasons like global and domestic economic slowdown, persistent policy logjams, delayed project clearances, aggressive expansion by corporate during the high growth phase and others are key reasons responsible for high levels of NPAs of banks,” he added. “Lack of robust verification and screening of application, absence of supervision following credit disbursal and shortfalls in the recovery mechanism have led to deterioration of asset quality of these banks.” Banks should take into account the cost to the companies and balance it against the benefits, besides constant monitoring of ratings by CRAs and their comparison with banks’ own models are certain areas where banks and credit rating agencies (CRAs) need to work together so that banks are able to de-risk their portfolios and monitor their loans more effectively, added Mr Gandhi. On the issue of guidelines for new bank licenses, Mr Gandhi said, “Guidelines are being drafted and being discussed internally and will be made available for comments from the public once they are finalised.” On the issue of guidelines for new bank licenses, Mr Gandhi said, “Guidelines are being drafted and being discussed internally and will be made available for comments from the public once they are finalised.”

Modi Govt to have distinct mark on RBI credit policy review: Assocham

A small, though symbolic cut in interest rates of say, 25 basis points, looks on cards

The credit policy review on June 3 by the Reserve Bank of India will likely to have a distinct mark of the Modi government which has vowed to revive India’s economic growth even as the central bank will not let loose its eyes off the inflation, an ASSOCHAM poll of economists and CEOs noted. A small, though symbolic cut in interest rates of say, 25 basis points, looks on cards, reveals the associated chamber of commerce and industry of India (ASSOCHAM) survey before the RBI credit policy. As many as 76 per cent of the respondents in the 125-sized sample survey of the CEOs and economists said the RBI Governor is walking a tight rope as he knows the mind of the new Government which has been projected as pro-growth. On the other hand, he would have also been sounded by the new establishment about the people’s expectations from the new government to hold the price line, especially of the essential commodities. Significantly, an overwhelming majority of the respondents felt that the RBI Governor’s own expectations from the new Government to reduce inflation by an effective market intervention and better coordination with the states, would have improved , given the strong messages of governance and performance to the ministers by the Prime Minister Mr Narendra Modi. “Governor’s job would become much easier as he along with others can see much higher level of commitment to reduce the inflation, both at the WPI and retail level,” said ASSOCHAM President Mr Rana Kapoor. The economic growth has remained sub five per cent for the past two years- the lowest annual expansion in 25 years while the stubbornly high inflation had forced the RBI to hike interest rates three times since he took office in September. While the RBI is an autonomous central bank and the monetary policy is its sole prerogative, it is expected by a large number of corporate leaders and economists that the central bank chief would show much more pragmatism after his interactions with the new Finance Minister Mr Arun Jaitley who has shown it clearly that the NDA Government is pro-reforms. “Plus the time –bound approach being followed by the new ministers at the instance of the Prime Minister will have inflation bursting as a top agenda item. Things are bound to get better even though there are hiccups on account of doubts on Monsoon. The good thing is that the country has enough stocks of food grains and the government only needs to manage stocks in its godowns well,” the ASSOCHAM paper said. Low level of WPI inflation of a number of items like wheat, pulses, vegetables, oilseeds etc would give an extra room to the RBI to be accommodative. The WPI inflation of food products under the manufactured items is under two per cent while several other items like sugar, edible oils and cement and lime have shown negative trend. Whatever items still show big price rise is certainly not a function of interest rates enabling the RBI to take a bold call.

DLF moves up on reporting 7% rise in sales bookings in FY14

DLF is currently trading at Rs. 210.00, up by 0.20 points or 0.10% from its previous closing of Rs. 209.80 on the BSE. The scrip opened at Rs. 210.10 and has touched a high and low of Rs. 212.35 and Rs. 208.00 respectively. So far 581643 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 224.55 on 26-May-2014 and a 52 week low of Rs. 120.25 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 224.55 and Rs. 195.15 respectively. The current market cap of the company is Rs. 37404.19 crore. The promoters holding in the company stood at 74.93% while Institutions and Non-Institutions held 20.25% and 4.82% respectively. DLF has reported 6.68% rise in its sales bookings in FY14 to Rs 4,070 crore against Rs 3,815 crore in the previous year, amid slowdown in demand. In volume terms, sales bookings fell to 3.74 million sq ft during last fiscal against 7.23 million sq ft in 2012-13. Moreover, the company’s net debt stood at Rs 18,526 crore as on March 31, 2014, a drop of Rs 1,400 crore from Rs 19,926 crore at the end of the December 2013 on the back of divestment of non-core assets. Debt reduction was possible with help from funds raised through divestment of luxury hospitality (rpt) hospitality chain Amanresorts and settlement with Delhi Development Authority (DDA). Recently, the company reported a consolidated net profit of Rs 219.68 crore for the quarter ended March, 2014 on the back of gains from sale of hotel chain Amanresorts. It had registered a net loss of Rs 4.19 crore in the year-ago period.

Nifty above 7,300

Some buying activity is seen in capital goods, power, realty and oil & gas sectors, while FMCG and healthcare are showing some weakness

11:47AM: The BSE Sensex is trading up 270 points at 24,487, while S&P Nifty is trading up 80 points at 7,310. BSE Mid-cap is up 1.51% at 8,595, while BSE Small-cap is up 1.63% at 9,162. Some buying activity is seen in capital goods, power, realty and oil & gas sectors, while FMCG and healthcare are showing some weakness on BSE. L&T, ONGC, BHEL, Maruti Suzuki, Bharti Airtel and Hero MotoCorp are among the gainers, whereas HUL, ITC, NTPC, Wipro and Sun Pharma are losing sheen on BSE. Finance Minister Arun Jaitley may present the full Budget in the first fortnight of July and has to complete the entire Budget exercise by July 31. India's HSBC May manufacturing PMI stood at 51.4 as against 51.3 in April. May data indicated that production volumes at Indian manufacturers continued to rise. Growth of both total new orders and new export business accelerated over the month, leading to further job creation across the sector. Up marginally from 51.3 in April to 51.4 in May, the seasonally adjusted HSBC India Purchasing Managers’ Index (PMI) pointed to a slight improvement in operating conditions and one that was weaker than the series average. The RBI's bi-monthly policy review on June 3 will be the first after Prime Minister Narendra Modi assumed office on May 26. The RBI had kept the policy rate unchanged at 8% in its April 1 review as inflation, especially of food items, hovered at over 8%. Food inflation in April stood at 9.66% and retail inflation was at 8.59%. Stock news: Bajaj Auto total sales of vehicles for the month of May increased 4% to 3.51 lakh from 3.39 lakh in the samer period last year. The stock is trading up 0.96% on BSE. Hero MotoCorp, on Sunday reported an 8% increase in May sales at 6,02,481 units. The two-wheeler company had sold 5,57,890 units in the same month last year. The scrip is trading up 2.06% on BSE.

Cotton futures trade down on adequate stocks

Cotton futures traded down on MCX as speculators reduced their positions after fall in spot market demand. Further, low demand amid adequate stocks availability in the physical market has led to decline in Cotton prices at futures trade.

The contract for June delivery was trading at Rs 19350.00, down by 0.36% or Rs 70.00 from its previous closing of Rs 19420.00. The open interest of the contract stood at 6138.00 lots.

The contract for July delivery was trading at Rs 19630.00, down by 0.25% or Rs 50.00 from its previous closing of Rs 19680.00. The open interest of the contract stood at 2298.00 lots on MCX.

Sunil Healthcare bags ‘Outstanding Contribution to India’s Pharmaceutical Exports’ award

Sunil Healthcare (SHL) has been bestowed with the award for ‘Outstanding Contribution to India’s Pharmaceutical Exports during the year FY 2012-2013’. The company has received this honour in the Excipients & Surgicals category-Silver.

Sunil Healthcare, having started its operations over three decades ago, is the second largest manufacturer of EHGC in India and enjoys immense credibility in various global markets.

DLF reports 7% rise in sales bookings in FY14

DLF has reported 6.68% rise in its sales bookings in FY14 to Rs 4,070 crore against Rs 3,815 crore in the previous year, amid slowdown in demand. In volume terms, sales bookings fell to 3.74 million sq ft during last fiscal against 7.23 million sq ft in 2012-13. Moreover, the company’s net debt stood at Rs 18,526 crore as on March 31, 2014, a drop of Rs 1,400 crore from Rs 19,926 crore at the end of the December 2013 quarter on the back of divestment of non-core assets. Debt reduction was possible with help from funds raised through divestment of luxury hospitality (rpt) hospitality chain Amanresorts and settlement with Delhi Development Authority (DDA). Recently, the company reported a consolidated net profit of Rs 219.68 crore for the quarter ended March, 2014 on the back of gains from sale of hotel chain Amanresorts. It had registered a net loss of Rs 4.19 crore in the year-ago period.

Maruti Suzuki May sales up 19.2%

This includes 90,560 units in domestic market and 10,365 units in exports.

Car market leader Maruti Suzuki India Limited sold a total of 100,925 units in May 2014. This includes 90,560 units in domestic market and 10,365 units in exports. The Company had sold a total of 84,677 units in May 2013.

Jaitley to present Budget in mid-July

Finance Minister Arun Jaitley may present the full Budget in the first fortnight of July and has to complete the entire Budget exercise by July 31

The first Budget of the Narendra Modi Government is expected to bring back investor confidence. Union Finance Minister Arun Jaitley will begin budget meetings with Ministry officials today, according to a media report. Jaitley may present the full Budget in the first fortnight of July. The Government has to complete the entire Budget exercise by July 31, the report added. Relaxation of the Foreign Direct Investment (FDI) regime for various sectors, including Defence; a new timeline for the Goods and Services Tax (GST); clarity on retrospective taxation, and measures to boost the primary market are expected to be part of the Budget. In its manifesto, the BJP has promised to strengthen the Defence Research and Development Organisation, while encouraging private sector participation and investment in the sector, including FDI in select defence industries. Last week, Jaitley in a meeting with revenue secretary Rajiv Takru on Thursday reviewed the progress on rollout of GST. Jaitely will separately meet the ministers of Madhya Pradesh and Gujarat to discuss issues related to fiscal autonomy and revenue loss. The finance ministry may also make provisions in the upcoming Budget for adequately compensating the states for the losses they made due to reduction in Central Sales Tax (CST).

Sugar futures edge lower on weak demand

Sugar futures traded down on NCDEX as speculators reduced positions amidst ample supplies in spot market. Moreover, absence of demand at existing higher levels, sparked by selling pressure by mills, mainly pulled down sweetener's prices.

The contract for June delivery was trading at Rs 2985.00, down by 0.40% or Rs 12.00 from its previous closing of Rs 2997.00. The open interest of the contract stood at 42240.00 lots.

The contract for July delivery was trading at Rs 2958.00, down by 0.84% or Rs 25.00 from its previous closing of Rs 2983.00. The open interest of the contract stood at 26530.00 lots on NCDEX.

Rupa & Company gets nod to merge WOS with itself

Rupa & Company has received an approval for the scheme of amalgamation of Euro Fashion Inners International (P), which is the company’s wholly owned subsidiary (WOS) with the company. The board of directors at its meeting held on May 30, 2014 has approved for the same. The merger is however subject to the approval of regulatory authorities as required and the High Court of Kolkata & Mumbai. Rupa & Company is today the unquestioned No.1 knitwear brand in India, covering the entire range of knitted garments from innerwear to casual wear.

Mentha Oil futures trade higher on rising demand

Mentha Oil futures traded up on MCX as speculators created fresh positions driven by rising domestic demand against tight supplies from the major producing belts. However, hopes of higher output from the major producing belts, capped some gains in mentha oil prices to some extent.

The contract for June delivery was trading at Rs 819.40, up by 0.82% or Rs 6.70 from its previous closing of Rs 812.70. The open interest of the contract stood at 3550 lots.

The contract for July delivery was trading at Rs 831.00, up by 0.87% or Rs 7.20 from its previous closing of Rs 823.80. The open interest of the contract stood at 631 lots on MCX.

Jeera futures decline on subdued demand

Jeera futures traded down on NCDEX as speculators offloaded positions, triggered by subdued exports demand. Besides, adequate stocks in the physical markets on account of increased supplies from producing regions further fueled the downtrend. The contract for June delivery was trading at Rs 11020.00, down by 1.03% or Rs 115.00 from its previous closing of Rs 11135.00. The open interest of the contract stood at 6099.00 lots. The contract for July delivery was trading at Rs 11150.00, down by 0.98% or Rs 110.00 from its previous closing of Rs 11260.00. The open interest of the contract stood at 4530.00 lots on NCDEX.

L&T reports 52% rise in Q4 net profit

Larsen & Toubro (L&T) has reported results for fourth quarter and year ended March 31, 2014 The company has reported 52.33% rise in its net profit of Rs 2723.48 crore for the quarter ended March 31, 2014 as compared to Rs 1787.94 crore for the same quarter in the previous year. The total income of the company increased by 11.42% at Rs 20574.37 crore for quarter under review as compared to Rs 18465.08 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a rise of 41.29% in its net profit at Rs 5493.13 crore as compared to Rs 4910.64 crore for the same period in the previous year.  However, total income of company improved by 7.44% at Rs 58479.81 crore for year under review as compared to Rs 53498.25 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a fall of 5.83% in its net profit after taxes & Minority interest at Rs 4902.00 crore as compared to Rs 5205.67 crore for the same period in the previous year. However, total income of company has increased by 13.97% at Rs 86110.31 crore for year under review as compared to Rs 75553.68 crore in FY13.

RCF shelves plan to set up fertiliser plant in Ghana

State-run Rashtriya Chemicals and Fertilisers (RCF) has shunned plans to set up a fertiliser plant in Ghana, which envisaged an investment of about $1 billion, in lack of assurance about the gas supply from Ghana government. Back in 2010, both the countries, vis-a vis, India and Ghana, inked Memorandum of Understanding (MoU) to set up the urea plant with initial capacity of 1.2 million tonnes per annum at Shama district in western Ghana. As per the MoU, both the countries had to nominate each company from each side for executing the project. However, in June 2013, Ghana government denied assured supply of gas for the plant citing power generation as priority for them over fertiliser production. The project for long was stuck on the issue of assured supply of gas, and cheaper gas was the main reason for which RCF was eyeing this project. Presently, RCF has annual capacity of 2.5 MT of urea and 7 lakh tonnes of complex fertilizers. Meanwhile, the domestic urea production in the country is stagnant at 22 million tonnes (MT) since 2007-08, while the current demand is about 30 MT.

Nava Bharat Ventures Q4 net profit at Rs. 46.28 crore

Sales rose 7.37% to Rs 314.40 crore in the quarter ended March 2014 as against Rs 292.82 crore during the previous quarter ended March 2013

Net profit of Nava Bharat Ventures declined 13.71% to Rs 46.28 crore in the quarter ended March 2014 as against Rs 53.63 crore during the previous quarter ended March 2013. Sales rose 7.37% to Rs 314.40 crore in the quarter ended March 2014 as against Rs 292.82 crore during the previous quarter ended March 2013. For the full year, net profit declined 18.97% to Rs 193.10 crore in the year ended March 2014 as against Rs 238.31 crore during the previous year ended March 2013. Sales declined 2.10% to Rs 1100.55 crore in the year ended March 2014 as against Rs 1124.20 crore during the previous year ended March 2013.

Andhra Bank FY14 cons profit at Rs. 440 crore

Total consolidated income rose by 13 percent to Rs. 16,432.90 crore from Rs.14,542.30 crore in 2013

Andhra Bank reported fiscal year consolidated net profit attributed to the group of Rs.440.11 crore, lower by 66 percent than Rs. 1,284.54 crore reported last year. Net interest income during the year amounted to Rs. 3,838.92 crore, flat from last year'sRs. 3,820.82 crore, while non-interest income increased by 30 percent to Rs. 2,035.85 crore from Rs. 1,570.24 crore a year-ago. Total consolidated income rose by 13 percent to Rs. 16,432.90 crore from Rs. 14,542.30 crore in 2013. Operating profit, before provisions and contingencies, for the year was flat at Rs.2,755.29 crore, compared with Rs. 2,757.63 crore last year. Provisions for bad debts during the year was more than doubled to Rs. 1,477.17 crore from Rs. 615.12 crore last year.

Kilburn Engineering bags various orders in last two months

Kilburn Engineering has received various orders in last two months. The company has bagged an export order worth Euro 1.47 million from a European Company, a global leader in lime and dolomite for Paddle dryers and paddle coolers. The company has also secured Letter of Intent (LOI) worth Rs 1607 lakh from Rotary Drum Steam Tube type Calciner Package from a reputed Indian Company for Soda Ash application. Moreover, the company has won orders for Dryers for PVC & Food Processing Industry worth Rs 236 lakh. The company undertakes the design and manufacturing of drying systems for various industries such as carbon black, chemicals, petrochemicals, fertilizers, steel, and food processing. The company has two main lines of products viz. process equipment dryers and food dryers with process equipment dryers accounting for 70% of the company’s turnover.

Jet Airways likely to lease more three planes to Etihad Airways: Report

Jet Airways, country’s premier international airline, reportedly is likely to lease three of its Boeing 777-300 ERs to its equity partner Etihad Airways after these will be returned from Turkish Airlines later this year. Jet shelved the plans of inducting these wide-bodied planes, leased with Turkish Airlines till October this year, on Eithad’s proposal. Etihad requested Jet to lease out these planes as it wanted them to deploy for its overseas network, which is still under consideration. Jet has already leased out some of its aircraft--Airbus 330-200s and Boeing 777-300ERs, to Etihad, which has over 24% stake in the Mumbai-based carrier for over Rs 2,060 crore. Jet Airways currently operates a fleet of 112 aircraft, which include 10 Boeing 777-300 ER aircraft, 8 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 72 next generations Boeing 737-700/800/900/900 ER aircraft and 15 ATR 72-500 and 3 ATR72-600

Union Bank of India wins Golden Peacock National Training Award for 2014

Union Bank of India has won Golden Peacock National Training Award for 2014. This has been the 6th occasion that the bank has received this recognition. This award is instituted by the Institute of Directors, New Delhi, to identify excellence in training practices, innovative products and quality services at organizations, corporate bodies and non-government organizations. The bank has posted a fall of 26.66% in its net profit at Rs 578.96 crore for the quarter ended March 31, 2014 as compared to Rs 789.38 crore for the same quarter in the previous year.  However, total income of the bank has increased by 12.59% at Rs 8444.95 crore for quarter under review as compared to Rs 7500.59 crore for the quarter ended March 31, 2013.

Eicher Motors’ JV firm VE Commercial reports marginal fall in May sales

Eicher Motors and Volvo Group’s joint venture firm, VE Commercial Vehicles (VECV) has reported marginal fall of 0.05% in total sales of Eicher branded products to 3,685 units in May 2014. The company had sold 3,687 units in the same month of the previous year.

The company’s domestic CV market (5T and above), Eicher trucks and buses have recorded sales of 3,064 units in May 2014 as compared to 3,488 units in the year-ago period, down by 12.16%.

On the exports front, Eicher trucks and buses recorded sales of 621 units in May 2014 as compared to 199 units in the same month of the previous year, representing a growth of 212.06%.

Atul Auto strengthens on reporting 12% jump in May sales Jun-02-2014 10:58 Hrs IST

Atul Auto is currently trading at Rs. 389.95, up by 5.45 points or 1.42% from its previous closing of Rs. 384.50 on the BSE. The scrip opened at Rs. 390.00 and has touched a high and low of Rs. 390.00 and Rs. 386.25 respectively. So far 382 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 411.80 on 23-Apr-2014 and a 52 week low of Rs. 145.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 400.00 and Rs. 378.65 respectively. The current market cap of the company is Rs. 427.78 crore. The promoters holding in the company stood at 55.07% while Institutions and Non-Institutions held 1.46% and 43.47% respectively. Atul Auto has registered 11.61% growth in its May 2014 sales. The company has sold 2,808 units in the month against 2,516 units sold in May 2013. Total sales from April 2014 to May 2014 were 5,211 vehicles, a rise of 9.34%, as compared to 4,766 vehicles sold in the same period a year ago. Atul Auto is a leading manufacturer of 3-Wheeled Commercial Vehicles in the state of Gujarat, presently engaged in the manufacturing of Three Wheelers like 6-seater Auto Rickshaws, Pick-Up Vans and Chassis of Passenger Vehicles.

K Chandrasekhar Rao sworn in as Telangana's first Chief Minister

The Cabinet included Rao's son K T Rama Rao and nephew T Harish Rao

Kalvakuntla Chandrasekhar Rao was on Monday sworn in as Chief Minister of newly-carved out state of Telangana. Eleven others were also sworn in as Cabinet Ministers by Governor ESL Narasimhan, who administered them oath of office and secrecy at Raj Bhavan. The Cabinet included Rao's son K T Rama Rao and nephew T Harish Rao. Nine other Cabinet Ministers are Mohammed Mahmood Ali, T Rajaiah, Nayani Narasimha Reddy, Eatela Rajender, Pocharam Srinivasa Reddy, T Padma Rao, P Mahender Reddy, Jogu Ramanna and G Jagadish Reddy.

Indices gain further; PSU stocks in focus

Some buying activity is seen in capital goods, power, realty and oil & gas sectors, while FMCG and healthcare are showing some weakness

10:45AM: The BSE Sensex is trading up 165 points at 24,382, while S&P Nifty is trading up 50 points at 7,280. BSE Mid-cap is up 1.34% at 8,580, while BSE Small-cap is up 1.46% at 9,147. Some buying activity is seen in capital goods, power, realty and oil & gas sectors, while FMCG and healthcare are showing some weakness on BSE. L&T, Bharti Airtel, BHEL, Maruti Suzuki, Gail and Hindalco are among the gainers, whereas Sun Pharma, ITC, NTPC, M&M and TCS are losing sheen on BSE. India's HSBC May manufacturing PMI stood at 51.4 as against 51.3 in April. May data indicated that production volumes at Indian manufacturers continued to rise. Growth of both total new orders and new export business accelerated over the month, leading to further job creation across the sector. Up marginally from 51.3 in April to 51.4 in May, the seasonally adjusted HSBC India Purchasing Managers’ Index (PMI) pointed to a slight improvement in operating conditions and one that was weaker than the series average. The RBI's bi-monthly policy review on June 3 will be the first after Prime Minister Narendra Modi assumed office on May 26. The RBI had kept the policy rate unchanged at 8% in its April 1 review as inflation, especially of food items, hovered at over 8%. Food inflation in April stood at 9.66% and retail inflation was at 8.59%. Stock news: Bajaj Auto total sales of vehicles for the month of May increased 4% to 3.51 lakh from 3.39 lakh in the samer period last year. The stock is trading up 0.99% on BSE. Hero MotoCorp, on Sunday reported an 8% increase in May sales at 6,02,481 units. The two-wheeler company had sold 5,57,890 units in the same month last year. The scrip is trading up 0.89% on BSE.

Hyundai domestic sales up by 12.8%

Hyundai registered the domestic sales of 36,205 units and exports of 15,513 units with cumulative sales of 51,718 units for the month of May 2014

Hyundai Motor India Ltd (HMIL), the country’s second largest car manufacturer and the largest passenger car exporter registered the domestic sales of 36,205 units and exports of 15,513 units with cumulative sales of 51,718 units for the month of May 2014. Commenting on the May sales Rakesh Srivastava, Sr. VP- Sales and Marketing, HMIL said, “Hyundai with a volume of 36,205 units has grown by 12.8% over last year which is in line with this year’s objective to grow in market share and volume. The phenomenal success of Xcent, Grand and Santa Fe increased volumes creating positive momentum. We foresee to maintain this positive trend by strengthening our product portfolio and improving channel efficiencies.”   HMIL sales May 2013 May 2014 (%) Domestic 32,102 36,205 12.8 Exports 24,754 15,513 -37.3 Cumulative 56,856 51,718 -9

IDFC trades with traction on the bourses

IDFC is currently trading at Rs. 129.25, up by 3.00 points or 2.38% from its previous closing of Rs. 126.25 on the BSE. The scrip opened at Rs. 127.05 and has touched a high and low of Rs. 129.50 and Rs. 126.90 respectively. So far 252553 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 152.95 on 31-May-2013 and a 52 week low of Rs. 76.25 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 147.15 and Rs. 125.20 respectively. The current market cap of the company is Rs. 19423.63 crore. The Institutions and Non-Institutions held 82.02% and 17.98% stake in the company, respectively. IDFC, non-banking finance company, is reportedly planning to sell loans of Rs 5,000 crore given to power and road projects. This move aimed at pre-empting regulatory requirements as it readies to turn into a full-fledged bank. The company is also planning to trim its exposure to infrastructure over the next 18 months to help reduce its priority sector loan liability. IDFC is the country’s leading integrated infrastructure finance player providing end to end infrastructure financing and project implementation services.

KCP Sugar & Industries sells 71,900 quintals of sugar in April 2014

KCP Sugar & Industries Corporation has sold 71,900 quintals of sugar in April 2014, while the company has sold 1,300.000 MT of Molasses in the same month. The company has also sold 604.850 MT, 0.322 MT and 36.675 MT of Bio-compost, Mycorrhiza and Calcium Lactate respectively.

Further, the company has sold 1,204,000 Bulk Litres of Industrial Alcohol in April 2014, while it sold 14.30 Quintals of Bio-Fertilzer in the same month.

KCP Sugar & Industries Corporation is engaged in business of manufacturing and marketing of Sugar and Bio-products. The company’s manufacturing facilities are located at Vuyyuru and Lakshmipuram. Company’s Vuyyuru Unit is engaged in manufacturing sugar, Bio-Ethanol of 50 KLPD and has a power generation capacity of 15MV per day.

India's HSBC May manufacturing PMI rises 51.4

Growth of both total new orders and new export business accelerated in May, leading to further job creation across the sector

India's HSBC May manufacturing PMI stood at 51.4 as against 51.3 in April. May data indicated that production volumes at Indian manufacturers continued to rise. Growth of both total new orders and new export business accelerated over the month, leading to further job creation across the sector. Up marginally from 51.3 in April to 51.4 in May, the seasonally adjusted HSBC India Purchasing Managers’ Index (PMI) pointed to a slight improvement in operating conditions and one that was weaker than the series average. Output rose for the seventh consecutive month in May. That said, the rate of expansion was unchanged from the modest pace registered in April. Panellists highlighted stronger increases in new orders, although there were mentions that growth was stymied by powercuts and the elections. The latest rise in production was broad-based by sector, with the sharpest expansion signalled by consumer goods producers. May data highlighted further rises in incoming new work, marking a seven-month sequence of expansion. Moreover, the pace of increase accelerated to the quickest since February. Those survey respondents reporting higher new orders commented on the signing of new contracts and improved demand from both domestic and foreign clients. Growth of order book volumes was registered across the three broad areas of the manufacturing economy, led by consumer goods producers. Commenting on the India Manufacturing PMI survey, Frederic Neumann, Co-Head of Asian Economic Research at HSBC said: "The momentum in the manufacturing sector improved at the margin, thanks to higher domestic and export order flows. However, output growth held steady as frequent power cuts forced firms to accumulate backlogs at a faster pace. Encouragingly, input price pressures eased further, but with output prices still rising the RBI cannot take down its inflation guards."

Economy Round Up – May 26 to 30, 2014

India's GDP (gross domestic product) stood at 4.7% in the financial year ended 2014.

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Mahindra Two Wheelers sales zoom 131% in May

Mahindra Two Wheelers, a part of USD 16.5 billion Mahindra group, exported 946 units in May

Mahindra Two Wheelers today reported a 131% growth in domestic sales at 15,878 units for May. The company had sold 6,858 units in the corresponding month last year, the company said in a release. Mahindra Two Wheelers, a part of USD 16.5 billion Mahindra group, exported 946 units during the month. The company had sold 6,858 units in the corresponding month last year, the company said in a release.

Hero MotoCorp sales up 6% in May

Hero MotoCorp posted net profit of Rs. 5544.30 million for the Quarter ended March 31, 2014

Hero MotoCorp, on Sunday reported an 8% increase in May sales at 6,02,481 units. The two-wheeler company had sold 5,57,890 units in the same month last year, Hero MotoCorp said in a statement. Hero MotoCorp posted net profit of Rs. 5544.30 million for the Quarter ended March 31, 2014 where as the same was at Rs. 5742.30 mn for the Quarter ended March 31, 2013. Total Income was at Rs. 66359.40 mn for the Quarter ended March 31, 2014 where as the same was at Rs. 62502.60 mn for the Quarter ended March 31, 2013.

L&T among most active on the bourses

The L&T stock hit a high of 1650 in early trade today and saw volumes of over a million in the initial hour

L&T’s market cap rose by Rs 3,534.38 crore to Rs 1,43,646.38 crore last week.TCS remains on top with a market cap of Rs 4,19,990.45 crore in its valuation. The L&T stock hit a high of 1650 in early trade today and saw volumes of over a million in the initial hour. On Thursday, Larsen & Toubro announced that it had recorded gross revenue of Rs.57164 crore for the year ended March 2014, registering a growth of 10% over the previous year.The International revenue during the year at Rs. 9129 crore constituted 16% of the total revenue and registered a y-o-y growth of 22%. For the quarter ended March 31, 2014, gross revenue stood at Rs. 20229 crore, registered a y-o-y growth of 11% with progress on various jobs under execution. The International revenue during the quarter ended March 31, 2014 at Rs. 2966 crore constituted 15% of the total revenue and registered a growth of 25% on a y-o-y basis.

Copper futures climb on strong China PMI data

Copper futures climbed on Monday after the release of the official Chinese PMI for the month of May, with the figure coming in at 50.8 against the expected 50.7 and higher than April’s 50.4, which brought some relief to investors who have become increasingly worried about slowing economic growth in China. Copper futures for July delivery edged up 0.72% at $3.146 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange climbed by 0.6% to $6,884 a metric ton.