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.