MCX SILVER September contract was trading at Rs 44920 up Rs 343, or 0.77 percent. The SILVER rate touched an intraday high of Rs 44940 and an intraday low of Rs 44700. So far 1718 contracts have been traded. SILVER prices have moved down Rs 2080, or 4.43 percent in the September series so far. MCX SILVER December contract was trading at Rs 45755 up Rs 310, or 0.68 percent. The SILVER rate touched an intraday high of Rs 45755 and an intraday low of Rs 45649. So far 50 contracts have been traded. SILVER prices have moved down Rs 5245, or 10.28 percent in the December series so far.
Thursday 17 July 2014
IRB Infra gains over 5% on winning new contracts
The company has signed a pact with NHAI for an Rs 2,300 crore project for widening of a highway stretch in Haryana | ||||
Lodha Developers Pvt to raise $1 billion via IPO
Lodha Developers Pvt, which is building the world's tallest residential tower, is planning an initial public offering (IPO) that may raise as much as $1 billion, said people with knowledge of the matter.
The sale may value Mumbai based Lodha at as much as $10 billion, according to one of the people. The company will probably start trading next year, two of the people said, asking not to be identified as the deliberations are confidential.
Lodha is seeking a listing after home prices in Mumbai more than doubled in the five years through March, according to data from Liases Foras Real Estate Rating & Research Pvt.
The sale may value Mumbai based Lodha at as much as $10 billion, according to one of the people. The company will probably start trading next year, two of the people said, asking not to be identified as the deliberations are confidential.
Lodha is seeking a listing after home prices in Mumbai more than doubled in the five years through March, according to data from Liases Foras Real Estate Rating & Research Pvt.
Bajaj Auto Q1 net at Rs 740cr, operating profit margin weak
Bajaj Auto's total revenue grew 7 percent to Rs 5,252 crore in June quarter from Rs 4,911 crore in corresponding quarter of last fiscal. Revenue growth was higher than growth in volumes due to higher export realisation.
Bajaj Auto , the two-wheeler maker, disappointed street with the first quarter (April-June) net profit rising marginally to Rs 740 crore compared to Rs 737.7 crore in same quarter last year, dented by weak operational performance. According to CNBC-TV18 poll estimates, analysts had expected net profit of Rs 821 crore on total revenue of Rs 5,214 crore for the quarter. Total revenue grew 7 percent to Rs 5,252 crore in June quarter from Rs 4,911 crore in corresponding quarter of last fiscal. Revenue growth was higher than growth in volumes due to higher export realisation. Overall realisation went up 1 percent Q-o-Q (up 6.2 percent Y-o-Y) at Rs 53,236 per unit due to 380 basis points sequential rise in share of exports to 44.7 percent. Overall volumes grew 0.9 percent Y-o-Y to 9.88 lakh units in Q1 with the domestic volumes falling 11.5 percent Y-o-Y to 5.47 lakh units. Considerable weakness in domestic volumes was due to competition and market share loss in Discover brand. However, exports grew 21 percent to 4.41 lakh units versus 3.62 lakh units during the same period. Reported operating profit declined to Rs 1,039 crore from Rs 1,056 crore year-on-year and margin slipped 170 basis points to 19.6 percent in the quarter ended June 2014.
Bajaj Auto , the two-wheeler maker, disappointed street with the first quarter (April-June) net profit rising marginally to Rs 740 crore compared to Rs 737.7 crore in same quarter last year, dented by weak operational performance. According to CNBC-TV18 poll estimates, analysts had expected net profit of Rs 821 crore on total revenue of Rs 5,214 crore for the quarter. Total revenue grew 7 percent to Rs 5,252 crore in June quarter from Rs 4,911 crore in corresponding quarter of last fiscal. Revenue growth was higher than growth in volumes due to higher export realisation. Overall realisation went up 1 percent Q-o-Q (up 6.2 percent Y-o-Y) at Rs 53,236 per unit due to 380 basis points sequential rise in share of exports to 44.7 percent. Overall volumes grew 0.9 percent Y-o-Y to 9.88 lakh units in Q1 with the domestic volumes falling 11.5 percent Y-o-Y to 5.47 lakh units. Considerable weakness in domestic volumes was due to competition and market share loss in Discover brand. However, exports grew 21 percent to 4.41 lakh units versus 3.62 lakh units during the same period. Reported operating profit declined to Rs 1,039 crore from Rs 1,056 crore year-on-year and margin slipped 170 basis points to 19.6 percent in the quarter ended June 2014.
Crompton Greaves up 17%, to demerge consumer product biz.
The board of directors of Crompton Greaves proposed to demerge consumer product business unit into a separate listed company.
Shares of Crompton Greaves , the engineering conglomerate, gained as much as 16.7 percent intraday Thursday to touch a 3-year high of Rs 216.70 after the board of directors proposed to demerge consumer product business unit into a separate listed company. While speaking at its annual strategic review meeting on July 16 in Belgium, the board has said that such a demerger will create better growth opportunities for it's two large but significantly different businesses - power, industrial and automation which is a B2B business, and the consumer products business which is B2C. The board also believes that this will create a more flexible capital structure for the two businesses to grow independently, allow them to pursue more ambitious strategic goals and, thus, create further value for existing shareholders. Consumer business, the main growth driver for company in last two-three years, contributes approximately 40 percent towards company’s overall market cap that is around Rs 12,773.09 crore while it contributes around 20-25 percent towards total revenues. Consumer products business includes manufacturing of fans, appliances, lighting products, pumps, home automation, wiring accessories and integrated security systems. Moreover, the board has constituted a committee of directors to examine all relevant aspects of the process of demerger and listing and make suitable recommendations to the board, says the company in its filing.
Shares of Crompton Greaves , the engineering conglomerate, gained as much as 16.7 percent intraday Thursday to touch a 3-year high of Rs 216.70 after the board of directors proposed to demerge consumer product business unit into a separate listed company. While speaking at its annual strategic review meeting on July 16 in Belgium, the board has said that such a demerger will create better growth opportunities for it's two large but significantly different businesses - power, industrial and automation which is a B2B business, and the consumer products business which is B2C. The board also believes that this will create a more flexible capital structure for the two businesses to grow independently, allow them to pursue more ambitious strategic goals and, thus, create further value for existing shareholders. Consumer business, the main growth driver for company in last two-three years, contributes approximately 40 percent towards company’s overall market cap that is around Rs 12,773.09 crore while it contributes around 20-25 percent towards total revenues. Consumer products business includes manufacturing of fans, appliances, lighting products, pumps, home automation, wiring accessories and integrated security systems. Moreover, the board has constituted a committee of directors to examine all relevant aspects of the process of demerger and listing and make suitable recommendations to the board, says the company in its filing.
TCS to announce Q1 results today
TCS announced that meeting of the Board of Directors of the Company will be held on July 17, 2014.
Microsoft expected to announce thousands of job cuts on Thursday
Microsoft Corp is set to cut more than 6,000 jobs in an announcement expected early Thursday, according to sources familiar with the matter, as it trims its newly acquired Nokia phone business and reshapes itself as a cloud-computing and mobile-friendly software company.
What could be the deepest job cuts in the company's 39-year history come five months into the tenure of Chief Executive Officer Satya Nadella, who outlined plans for a "leaner" business in a public memo to employees last week.
Many of the cuts are expected to come from the Nokia unit, which Microsoft acquired in April for $7.2 billion, pushing up Microsoft's headcount by a quarter to 127,000. Microsoft said when it struck the deal to buy the Finnish phone maker that it would cut $600 million per year in costs within 18 months of closing the acquisition.
Microsoft is also expected to trim staffing at its Xbox game and entertainment unit, which Nadella last week praised but stopped short of describing as a "core" business.
Nadella's cuts are set to be the biggest at the Redmond, Washington-based company since his predecessor Steve Ballmer axed 5,800, or about 6 percent of headcount at that time, in the depths of recession in early 2009.
Microsoft is not alone among the pioneers of the personal computer revolution that are now slimming down as they adapt to the Web-focused world.
Chip maker Intel Corp and network equipment maker Cisco Systems Inc both said in the past year they are cutting around 5 percent of their staff.
Rupee down 2 paise versus the US dollar.
The rupee fell marginally by two paise to 60.14 against the dollar in early trade today on increased demand for the US currency from banks and importers.
increased demand for dollar from importers mainly put pressure on the local unit but a higher opening in the domestic equity market and gains in other currencies overseas against the dollar capped the losses.
The rupee ended flat at 60.12 against the dollar in yesterday's trade on alternate bouts of demand and supply.
increased demand for dollar from importers mainly put pressure on the local unit but a higher opening in the domestic equity market and gains in other currencies overseas against the dollar capped the losses.
The rupee ended flat at 60.12 against the dollar in yesterday's trade on alternate bouts of demand and supply.
CMC Q1 revenue grows 22%
The Company has revised its estimated useful life of fixed assets, wherever appropriate effective 1st April, 2014. | |
Mutual Funds soar high as markets end with hefty gains.
Equity and Debt Mutual Funds ended positive as the Equity benchmarks rallied for the second consecutive session on Wednesday with the Nifty climbing above 7600 level supported by banks, oil & gas, metals and capital goods stocks.
Equity Mutual Funds across domain advanced as the Equity benchmarks rallied for the second consecutive session on Wednesday with the Nifty climbing above 7600 level supported by banks, oil & gas, metals and capital goods stocks. All Equity funds across categories including sector space excelled with no decline. The 30-share BSE Sensex surged 321.07 points or 1.27 percent to close at 25549.72 and the 50-share NSE Nifty jumped 97.75 points or 1.30 percent to 7624.40. The broader markets shot up too, with the BSE Midcap and Smallcap indices rising 1.3 percent and 2 percent, respectively. Strong rally was led by short covering and long build-up as well as value buying in realty, banks, capital goods and metals stocks after the RBI issued guidelines for infrastructure lending, say experts, adding the Nifty may remain rangebound – 7500 on downside and 7700 on upside - till the policy announcement (RBI policy on August 5). In the fixed income space, all the funds in debt space too ended higher with no decline. Tirthankar Patnaik of Religare Capital Markets said that the bond market is waiting for the new paper to be issued. Until then, expect a reasonably tight range of 8.6 to 8.75 percent on the 10-year yield.
Equity Mutual Funds across domain advanced as the Equity benchmarks rallied for the second consecutive session on Wednesday with the Nifty climbing above 7600 level supported by banks, oil & gas, metals and capital goods stocks. All Equity funds across categories including sector space excelled with no decline. The 30-share BSE Sensex surged 321.07 points or 1.27 percent to close at 25549.72 and the 50-share NSE Nifty jumped 97.75 points or 1.30 percent to 7624.40. The broader markets shot up too, with the BSE Midcap and Smallcap indices rising 1.3 percent and 2 percent, respectively. Strong rally was led by short covering and long build-up as well as value buying in realty, banks, capital goods and metals stocks after the RBI issued guidelines for infrastructure lending, say experts, adding the Nifty may remain rangebound – 7500 on downside and 7700 on upside - till the policy announcement (RBI policy on August 5). In the fixed income space, all the funds in debt space too ended higher with no decline. Tirthankar Patnaik of Religare Capital Markets said that the bond market is waiting for the new paper to be issued. Until then, expect a reasonably tight range of 8.6 to 8.75 percent on the 10-year yield.
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