Oil India Q1 profit jumps 40% to Rs 852 cr

Net sales grew by 27 percent to Rs 2,515 crore in the quarter ended June 2014 from Rs 1,981 crore in the year-ago period.

State-run oil and gas producer  Oil India  has reported a massive 40 percent growth in net profit at Rs 852 crore, strongly beating analysts’ expectations, in April-June quarter compared to Rs 609 crore in the year-ago period driven by strong operational performance on account of higher crude and natural gas prices.

Net sales grew by 27 percent to Rs 2,515 crore in the quarter ended June 2014 from Rs 1,981 crore in the year-ago period. Operating profit (EBITDA) jumped 60 percent year-on-year to Rs 1,116 crore and margin expanded by 900 basis points to 44 percent in the quarter gone by, which both were stronger than analysts' forecast of Rs 995 crore and 42 percent, respectively. Earnings before interest and tax of crude oil business more than doubled to Rs 910 crore from Rs 427 crore and natural gas EBIT rose by 54 percent to Rs 257 crore from Rs 167 crore year-on-year. During the same period, other income declined to Rs 282 crore from Rs 352 crore while finance cost jumped to Rs 86 crore from Rs 0.9 crore. Tax expenses shot up to Rs 434.5 crore from Rs 289 crore Y-o-Y.

Britannia plans up to Rs 200 cr capex over two years

FMCG company Britannia Industries Limited is planning a capital expenditure between Rs 150 crore and Rs 200 crore over the next two years, its chairman Nusli Wadia said. 

"We are going to finalise our plans for a capital expenditure of Rs 150 crore to Rs 200 crore over the next two years," Wadia told shareholders at the company's AGM here today. 

Wadia said the capital expenditure would be made on two counts - upgradation and innovation and for creating new capacities. 

He also said that the company was willing to have a good market share in the SAARC countries. 

He said this year the company had gained market share by 1.2 per cent and outgrown the market. "In three years, we want to be the market leader." 

Apollo Hospitals Q1 profit up 4.81 per cent to Rs 82.74 crore

Healthcare major Apollo Hospitals EnterpriseBSE 2.66 % today reported a 4.81 per cent increase in its standalone net profit to Rs 82.74 crore for the first quarter ended June 30, 2014. 

The company had posted a net profit of Rs 78.94 crore for the corresponding period of the previous fiscal, Apollo HospitalsBSE 2.66 % said in a filing to the BSE. 

Total income of the company during the April-June quarter also increased 17.72 per cent to Rs 1,053.72 crore as against Rs 895.04 crore for the same period year ago. 

Revenue from the healthcare service of the company stood at Rs 667.59 and pharmacy Rs 386.22 during the quarter under review. It was at Rs 663.40 crore and Rs 364.85 crore, respectively, during the same period a year ago. 

Oil ministry moves to allow explorers more flexibility

he oil ministry is proposing about 11 changes in production sharing contracts (PSCs) to allow explorers more flexibility in meeting timelines for developing fields or make it easier for them to exit in case of defence and environmental restrictions as well as give block oversight committees powers to decide dispute over technicalities. 

Government sources said the proposed changes, once approved by the Cabinet Committee on Economic Affairs, would apply to existing and future contracts. They would bring relief to several companies, including Reliance Industries Ltd and its partner BP Plc, Cairn India  as well as state-run ONGC

Dispute between Directorate General of Hydrocarbons (DGH), the ministry's technical arm which monitors PSCs, and explorers over PSC technicalities have stalled work on bringing as many as 62 discoveries into production and soured investment climate in the oil sector. 

The changes outlined in the ministry's note, sent to the finance ministry last week for vetting before being sent for Cabinet approval, reflects the Narendra Modi government's desire to clear the air by establishing a rational and clear procedure to deal with delays and other issues reported by explorers.

 

Rollatainers acquires the Barista brand with 190 retail outlets

Becomes second largest coffee chain in India with international presence

Rollatainers Limited, referred to as “Rollatainers” or the “Company”, one of India’s leading consumer packaging, restaurant and food services companies, announced today that through its wholly owned subsidiary Carnation Hospitality Pvt Ltd (“Carnation”), it has acquired “Barista Coffee Company Ltd.”, a wholly owned subsidiary of Lavazza.

Barista operates the second largest coffee chain in India with a presence in the UAE, Sri Lanka, Nepal, Bangladesh and Myanmar. The outlets in India are predominantly company owned and operated in the standard espresso bar format. International outlets are all operated through franchise or joint venture agreements. Carnation now fully owns the Barista brand in India with no ongoing franchise or licensing obligations to Lavazza.

Outlet locations vary across the portfolio but are mainly focussed on high streets, malls and corporate offices. Business operations include a commissary in Gurgaon to cater to the Delhi and NCR requirements and to supply third party customers, an ice cream plant with monthly production capacity of 65,000 litres and four warehouses located at Gurgaon, Mumbai, Bengaluru and Kolkata.

Rollatainers had recently announced its entry into the food business, through its subsidiary Carnation in a joint venture with IMM for setting up Jamie’s Italian restaurant franchise in India. Carnation also entered into business purchase agreements with Welgrow Hotel Concepts Pvt Ltd, which owns and operates Sartoria and Kylin and with Mapple Hospitality Pvt Ltd, which owns and operates Mapple Foods.

Asian Granito India PAT up 31% in Q1

Asian Granito India one of India’s top four tiles company rise in the standalone net profit at Rs. 3.35 crore for the first quarter.

Asian Granito India Limited (AGL), one of India’s top four tiles company reported a 31.37% rise in the standalone net profit at Rs. 3.35 crore for the first quarter of FY 2014-15 as against Rs. 2.55 crore in the corresponding quarter of previous fiscal 2013-14. Net sales for the Q1 of FY 2014-15 at Rs. 175.98 crore were higher by 12.21 % over previous fiscal’s same quarter sales Rs. 156.82 crore. Earnings per share for Q1 of FY 2014-15 stood at Rs. 1.48 per share (on face value of Rs. 10 each). During the quarter company introduced the world’s whitest tile collection Carrara White Double Charged Vitrified Tiles (in the unglazed larger format). AGL also became the first Indian ceramic tiles manufacturer to take the launch of its nationwide AD campaign - ‘Sapne Huye Apne’ to movie halls pan-India. Company launched its mega nationwide advertising campaign ‘Sapne Huye Apne’ in as many as 606 movie screens in the most premium cinema chains all over the country including PVR, INOX, Big Cinemas, Cinépolis and Fun Cinemas. Commenting on the financial performance of the company, Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd said, “The growth is on account of buoyancy and strong performance across all business verticals. In spite of a slowdown in the Indian tiles industry, we have grown due to continuous innovations in products and aggressive marketing across the country. This year is the year of growth for us and the market will see lot of developments from the company.”

Britannia Industries Q1 profit rises 25% to Rs 107.8 cr

Operating profit (EBITDA) jumped 21.5 percent on yearly basis to Rs 158 crore and margin expanded by 50 basis points to 9.7 percent during April-June quarter, which both were better than analysts' forecast of Rs 146 crore and 9.1 percent, respectively.

Bakery products manufacturer  Britannia Industries has reported a 24.9 percent growth in its first quarter (April-June) standalone net profit at Rs 107.8 crore compared to Rs 86.3 crore in the year-ago period, driven by strong revenue and operating performance despite higher raw material cost. Total income from operations grew by 15.4 percent to Rs 1,634.2 crore in the quarter ended June 2014 from Rs 1,416.3 crore in the year-ago period while raw material cost increased 23.4 percent to Rs 820.60 crore Y-o-Y. Numbers were higher than analysts' expectations of Rs 100.5 crore on the bottomline front and Rs 1,612 crore on topline front. "Results are a reflection of our focus on driving consumer off-take and leveraging fundamental levers of operations to generate sustainable and profitable growth," said Varun Berry, managing director. Operating profit (EBITDA) jumped 21.5 percent on yearly basis to Rs 158 crore and margin expanded by 50 basis points to 9.7 percent during April-June quarter, which both were better than analysts' forecast of Rs 146 crore and 9.1 percent, respectively. During the quarter, advertising and sales promotion expenses declined to Rs 117.58 crore from Rs 126.53 crore while other income jumped to Rs 19.57 crore from Rs 13.87 crore.

Jain Irrigation Q1 PAT at Rs161 million

Jain Irrigationthe largest Micro Irrigation Company in the country and the second largest globally, has announced unaudited standalone results for the 1st quater FY14-15.

Revenue has grown by 18% on YOY basis. Domestic Revenue has grown by 6.6%. There is strong growth in Fruit business which grew by 47.7%, onion Dehydration grew by 31.7%. MIS grew by 10.2%, PVC Pipes declined by 20.6% due to low offtake arising out lack of availability of raw material, PE pipe declined by7 .5%.

EBITA for the quater year is at Rs 1,624 million for current quater against 1,787 million in corresponding quater in previou year.

Anil Jain, Managing Director said," We have acheived substantial positive movement in MIS domestic business. Significant growth is back on track. The company is sucessfully implementing project and also was to be secure prestigious project from Himachal Goverment of Rs975mn in the quater.Food business out of India grew rapidly on the back of strong domestic demand for pulp."

Petrol prices may fall by Rs 2.50 by Independence day

Petrol prices are likely to fall to the lowest in one year on Independence day as state oil firms are planning to cut the fuel's rate by Rs 2.50 per litre, the biggest fall in many months, government and industry.

Petrol would fall to about Rs 70 per litre. The cut may be steeper if the downward trend in international petrol rates continues and rupee appreciates against dollar by August 15, when fortnightly review of prices is due.

This will be second consecutive petrol price cut in a month. Companies reduced the fuel rate by Rs 1.09 per litre in Delhi from August 1 for the first time since mid-April. Currently petrol is sold at Rs 72.51 per litre in Delhi.

Revenue losses will go up marginally from current Rs 1.33 per litre, sources said. Meanwhile, the oil ministry is preparing to approach the Cabinet soon with a comprehensive fuel pricing reform plan that would end uncertainty over subsidy sharing by state explorers such as ONGC. The ministry is considering a proposal of upstream companies to retain minimum $65/barrel revenue.

Rupee down 5 paise against the US dollar

The rupee depreciated by five paise to 61.22 against the US dollar in early trade today, extending losses for the second day at the Interbank Foreign Exchange market due to increased demand for the American currency from importers. 

The dollar's gains against other currencies overseas also put pressure on the local unit but a higher opening in the domestic equity market capped losses.

The rupee had weakened by 2 paise to end at 61.17 in yesterday's trade on late dollar demand from importers amid fresh capital outflows. 

Brent falls towards $104 as output, supplies seen stable despite Iraq tensions

Brent crude extended losses for a third straight session, dropping towards $104 a barrel on Tuesday as new political tension on the streets of Baghdad were seen as holding little threat to the OPEC producer's oil output. 

Iraq on Monday named Haidar al-Abadi as the new prime minister to end the eight-year rule of Nuri al-Maliki, but Maliki has refused to go and deployed special forces to force a dangerous political showdown in Baghdad. 

U.S. President Barack Obama said the naming of Abadi was an important stride for Iraq towards rebuffing Islamic State militants, who have overrun large swathes of northern Iraq. 

Maliki said the decision was a "dangerous violation" of the constitution and vowed to "fix the mistake". 

Oil markets are not reacting because there has still not been any supply disruptions, said Ankit Pahuja, a commodity strategist with investment bank ANZ . 

September Brent crude slipped 20 cents to $104.48 a barrel by 0332 GMT. The contract on Monday fell 34 cents to close at $104.68. 

U.S. crude fell 23 cents to $97.85 a barrel. 

Gold in tight range above $1,300 as global equities gain

Gold was trapped in a narrow range above $1,300 an ounce on Tuesday as equities gained ground, with investors appearing to set aside for now geopolitical worries concerning Ukraine. 

Spot gold slipped 0.1 per cent to $1,306.41 an ounce by 0254 GMT, and was trading in a $3 range early in Asia. U.S. gold slipped $2.60 to $1,307.90. 


Asian shares edged higher tracking rallies in the United States and Europe. 

A stronger dollar could also have some impact on prices, although geopolitical variables were likely to be more influential, Meir said. 

Gold has gained about 9 per cent this year, largely on tensions between the West and Russia over Ukraine, and violence in the Middle East. The metal is seen as an alternative investment to riskier assets such as equities. 

Tata Motors net profit jumps 212% y-o-y; stock rallies over 8%

Stocks in Tata Motors rallied as much 8.18 per cent in intraday trade on Tuesday, after India's biggest automaker by revenue posted 212 per cent increase in its consolidated net profit for the quarter ended June compared with the year-ago period, helped by robust sales volume growth of Jaguar Land Rover. 

Tata Motors on Monday reported consolidated net profit of Rs 5,398 crore in the first quarter, up from Rs 1,726 crore in the same quarter last year and way higher than any street estimate. 

Its revenue on a consolidated basis grew 38 per cent to Rs 64,683 crore, up from Rs 46,796 crore a year ago. 

All this despite Tata Motors' sales fall continuing unabated in the domestic market. Domestic revenues for the June quarter dropped 15.4 per cent year-on-year to Rs 7,705 crore, down from Rs 9,105 crore a year ago while profit declined 44 per cent to Rs 393 crore from Rs 703 crore. "Macro-economic factors continued to impact the demand for the entire commercial vehicle industry. Light commercial vehicle in particular continued to be severely impacted due to the financiers pull-back," the company said in statement. 

Tatas' commercial vehicle sales volume dropped 29.8 per cent year-on-year in the first quarter while its passenger car volumes fell 29.5 per cent. 

Tata Motors said the passenger vehicle industry as a whole saw increasing demand from rural and semi-urban areas.