MF retains India's economic growth target at 5.4 percent for 2015

MF retains India's economic growth target at 5.4 percent for 2015

Jul 25,2014   12:45 Hrs IST

Optimistic over the fundamentals of Indian economy, the International Monetary Fund (IMF) has retained its growth forecast at 5.4 percent in 2015 and a stronger 6.4 percent growth next year. Among the BRICS nations, India is the only emerging economy to escape a cut in growth forecast in the IMF’s update of its World Economic Outlook. The IMF stated that growth has bottomed out in India and activity is projected to pick up gradually after the post-election recovery in business sentiment, offsetting the effect of an unfavourable monsoon on agricultural growth. After growing at around 9 percent during FY07-FY11, Indian economic growth slowed down to 6.7 percent during FY12 and below 5 percent during FY13 and FY14. On global front, IMF has stated that weaker growth in the US, China and several important emerging markets forced the Fund to downgrade global economy growth forecast to 3.4 percent from 3.7 projected earlier. It added that global growth could be weaker for longer, given the lack of robust momentum in advanced economies despite very low interest rates and the easing of other brakes to the recovery. The IMF expects China to grow at 7.4 percent this year, 0.2 percentage point lower than its previous forecast. Russian economy is expected to grow by only 0.2 percent this year, down from its previous forecast of 1.3 percent as escalating sanctions against Russia for its actions in Ukraine sparked capital flight out of the country, exacerbating a fall in investment levels. The fund also cut growth expectations for Brazil and Mexico by more than half a percentage point for the year as weaker US growth and timid investment weigh on growth. Meanwhile, the IMF suggested that the governments in both advanced and emerging-market economies must take structural reforms to close infrastructure gaps, strengthen productivity and lift potential growth rate.

Crude oil futures decline on MCX

Crude oil futures decline on MCX

Jul 25,2014   02:06 Hrs IST

Crude oil futures declined on MCX after Market research group Markit said that its preliminary US manufacturing purchasing managers’ index dipped to a seasonally adjusted 56.3 this month from a final reading of 57.3 in June raising doubts over the strength of the economy which reduced the demand prospects for the fuel. The contract for August delivery was trading Rs 6147.00, down by 0.18% or Rs 11.00 from its previous closing of Rs 6158.00. The open interest of the contract stood at 9759.00 lots. The contract for September delivery was trading at Rs 6109.00, down by 0.07% or Rs 4.00 from its previous closing of Rs 6113.00. The open interest of the contract stood at 1217.00 lots on MCX.

Maruti Suzuki trades higher on the bourses

Maruti Suzuki trades higher on the bourses

Jul 25,2014   02:41 Hrs IST

Maruti Suzuki India is currently trading at Rs 2510.85, up by 11.20 points or 0.45% from its previous closing of Rs 2499.65 on the BSE. The scrip opened at Rs 2512.70 and has touched a high and low of Rs 2536.85 and Rs 2498.00 respectively. So far 19914 shares were traded on the counter. The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 2663.00 on 02-Jul-2014 and a 52 week low of Rs 1217.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs 2572.00 and Rs 2480.00 respectively. The current market cap of the company is Rs 75991.26 crore. The promoters holding in the company stood at 56.21% while Institutions and Non-Institutions held 36.04% and 7.75% respectively. Maruti Suzuki India (MSIL) has trained over two million people under its safe driving initiative at its various driving training facilities in the country. The company had started its safe driving initiative with Institute of Driving Training and Research (IDTR) in partnership with Delhi Government in the year 2000. At present, the company manages six IDTRs including two in NCR and one each in Dehradun, Baroda, Rohtak and Bahadurgarh, in partnership with state governments. These institutes offer learner and refresher courses, including to commercial vehicle drivers. Maruti Suzuki also collaborates with its dealers who manage and operate nearly 320 Maruti Driving Schools (MDS) across the country. MDS are neighbourhood driving schools that are equipped with driving simulators and offer a mix of class-room and practical training by trained instructors (including women). Over half the people trained at MDS are women.

Indian Bank declines on reporting 35% fall in Q1 net profit

Indian Bank declines on reporting 35% fall in Q1 net profit

Jul 25,2014   02:10 Hrs IST

Indian Bank is currently trading at Rs. 151.65, down by 9.20 points or 5.72% from its previous closing of Rs. 160.85 on the BSE. The scrip opened at Rs. 162.00 and has touched a high and low of Rs. 162.00 and Rs. 147.00 respectively. So far 139007 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 198.90 on 26-May-2014 and a 52 week low of Rs. 60.50 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 164.00 and Rs. 147.00 respectively. The current market cap of the company is Rs. 7044.78 crore. The promoters holding in the company stood at 81.51% while Institutions and Non-Institutions held 13.37% and 5.12% respectively. Indian Bank’s net profit for the quarter declined by 34.73% at Rs 207.16 crore as compared to Rs 317.39 crore for the quarter ended June 30, 2013. Its total income has decreased marginally by 1.23% to Rs 4144.01 crore for the quarter under review from Rs 4195.48 crore for the corresponding quarter of the previous year. The bank’s gross NPA for the April-June quarter of the current fiscal stood at 4.01%, as compared to 3.41% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 2.48% in Q1FY15.