IRDA launches insurance services through CSCs

IRDA had issued guidelines for utilising the CSC network in India in 2013 TS Vijayan, chairman, Insurance Regulatory & Development Authority (Irda) on Wednesday launched common service centre (CSC). The CSC set-up under the National e-Governance Plan (NeGP) is envisioned to facilitate a platform for government, private and social sector organisations to integrate social and commercial goals and take the benefits of information and communication tools (ICT) to the remotest corners of the country. IRDA had issued guidelines for utilising the CSC network in India in 2013.

Maruti's K-Series engine crosses 25 lakh production milestone

Country's largest carmaker Maruti Suzuki India today announced crossing of the 25 lakh production milestone of its K-series petrol engine that powers popular models, including Alto K10, Celerio, Wagon R and Swift. 

The K-series engines were first introduced in India in 2008 in compact car A-Star. The series also power alternate fuel (CNG and LPG) vehicles offered by the company besides popular compact sedan DZire and multi purpose vehicle Ertiga. 

Engine refinement is an ongoing effort and going forward the company's new models will incorporate technologies that further enhance the attributes of high fuel efficiency, low emissions, superior performance and NVH, he added. 

In this fiscal till July, the company has seen a growth of 14.7 per cent in its total sales at 4,01,274 units, compared to 3,49,733 units in same period of previous fiscal. 

The company's domestic sales grew by 12.6 per cent to 3,60,736 units during the period while exports rose by 38.6 per cent to 40,538 units in the ongoing fiscal.

Chennai Petroleum Plans Iran Oil Imports After Two Years

Chennai Petroleum Corp. (MRL), a unit of India’s largest refiner, plans to resume crude imports from Iran after a two-year gap as insurers return to the market.

“This year, we plan to restart Iran oil purchases,” Managing Director S. Venkataramana said . “We are already talking to the re-insurers for this, and we are getting positive responses so far.”

Chennai Petroleum, controlled by Indian Oil Corp. (IOCL), plans to import about 300,000 metric tons of oil from Iran for the year ending in March 2015, he said. Western sanction designed to stop Iran from developing nuclear weapons had hampered the company’s ability to benefit from 90-days credit offered by the Persian Gulf producer, triple what others make available.

“As a result, the working capital requirement of the company has increased, resulting in higher interest expenses,” the refiner said in the annual report on its website.

Iran pledged to continue talks with six other nations after failing to clinch a long-term deal on its nuclear program in Vienna last month. Iran agreed to scale back that program last year and in return was allowed to maintain crude exports at about 1.1 million barrels a day.

Chennai Petroleum operates two refineries in southern India with a combined capacity of 11.5 million tons a year. The bigger of the two refineries at Manali, with capacity to process 10.5 million ton of oil annually, was built 45 years ago to use crude from Iran.

Indian Oil had a 51.9 percent interest in Chennai Petroleum as on June 30, while Naftiran Inter Trade Co., the Swiss-based subsidiary of National Iranian Oil Co., held 15.4 percent, according to the Bombay Stock Exchange website.

“We can buy 1 million tons a year from Iran, but because we will start imports in the latter half of the year, it may be about 0.3 million tons this year,” Venkataramana said. The refiner last imported Iranian oil in the year ended in March 2012.

Jyothy Laboratories Q1 profit up 72 per cent to Rs 42.46 crore

Jyothy LaboratoriesBSE 1.91 % today reported a 72 per cent increase in its net profit at Rs 42.46 crore for the first quarter ended June 30, 2014. 

The company had posted a net profit of Rs 24.69 crore during the same period of the previous fiscal, Jyothy Laboratories Ltd (JLL) said in a filing to the BSE. 

Net sales of the company rose 16 per cent to Rs 385.14 crore in the first quarter, compared with Rs 332.58 crore in the same period last year. 

Commenting on the result, JLL CMD MP Ramachandran said: "Jyothy continues to deliver superior value and strong performance through various measures such as healthy innovation pipeline, aggressive brand investment and focus on improvement of margin." 

During the period under review, the company's soaps and detergent business, which includes brands like Ujala and Henko, posted sales of Rs 304.52 crore, up 18 per cent as against Rs 257.66 crore in the same period a year ago. 

The company's home care business, which includes products such as mosquito coils, reported sales of Rs 67.30 crore during the quarter under review, up 15 per cent from Rs 58.65 crore during the year-ago period. 

Gold futures down on weak global cues

Gold prices fell 0.11 per cent to Rs 28,699 per 10 gram in futures trade today as participants reduced their positions largely with a weak trend overseas amidst subdued demand at domestic spot markets. 

At the Multi Commodity Exchange, gold for delivery in October contracts eased by Rs 50, or 0.11 per cent, to Rs 28,699 per 10 gram in business turnover of 549 lots. 

Likewise, the metal for delivery in far-month December shed Rs 28 or 0.10 per cent, to Rs 28,721 per 10 gram in 54 lots. 

 there is a weakening trend in the overseas markets as the dollar strengthened, reducing the appeal of the metal and pressuring the gold prices in futures trade. 

Globally, gold fell to $1,309.23 an ounce in Singapore from $1,309.51 yesterday. 

Essar Oil Q1 Revenues at Rs 27,317 crore

Essar Oil EBITDA at Rs 1,573 crore vs Rs 414 crore in Q1FY14.

Essar Oil, India’s second largest private refiner, reported gross revenues of Rs 27,317 crore for the April-June 2014 (Q1FY15) quarter, which was up 11% as compared Rs 24,721 crore reported in Q1FY14. Current Price Gross Refining Margin (CP GRM) for Q1FY15 was $9.04/bbl, which was up 29% compared to $7.01/bbl in Q1FY14. EBITDA during the quarter stood at Rs 1,573 crore, against Rs 414 crore in Q1FY14. Profit after Tax (PAT) for the quarter was at Rs 684 crore against a loss of Rs 863 crore during the same period last year. During the quarter, Vadinar Refinery processed 5.14 MMT of crude, vs 5.14 MMT during the same period last year. During the quarter, Essar Oil realized 66% of its revenues from the domestic market.  Essar Oil has about 1,400 retail outlets across the nation, with over 300 in various stages of commissioning. We are now working to restart diesel sale from our retail outlets in phases.

Oil prices extends losses after IEA slashes demand forecast

Oil prices extended losses in Asia today after the International Energy Agency slashed it demand outlook for 2014 and 2015, while reporting a glut in global supplies despite conflicts in Iraq and Ukraine. 

US benchmark West Texas Intermediate for September fell 19 cents to USD 97.18 in mid-morning Asian trade, after declining 71 cents in New York. 

Brent crude for September delivery was down 24 cents at USD 102.78. It fell USD 1.66 to finish at USD 103.02 in London on Tuesday, its lowest closing point since July 1, 2013. 

The agency, the oil policy arm of the Organisation for Economic Cooperation and Development, projected 2014 oil demand would rise by 1.0 million barrels a day to 92.7 mbd, compared to its July forecast for growth of 1.2 mbd. 

It cut its 2015 demand forecast to 94 million barrels a day -- 300,000 barrels less than the previous prediction. 

Oil prices have seen a build in risk premium in recent months due to armed insurgencies in crude producer Iraq as well as Ukraine, a key conduit for Russian energy exports to Europe. 

NMDC Q1 net profit at Rs. 1,915 crore

NMDC total income from operations rose to Rs. 3,476.73 crore from Rs. 2,870.62 crore.

NMDC register a 21% rise in its net profit for the quarter ended June 30, 2014 at Rs.1,915.01 crore, as against Rs. 1,572.19 crore in the year-ago period. During the quarter, total income from operations rose to Rs. 3,476.73 crore from Rs.2,870.62 crore. In the first four months of the current fiscal, NMDC produced 9.88 million tonnes, up from 8.87 million tonnes in the corresponding period of last fiscal.

Sun Pharma Q1 net profit at Rs1391 crores

Net sales / Income from operations at Rs. 3,927 crores, a growth of 13% over same quarter last year.

Sun Pharmaceutical Industries Ltd reported financials for first quarter ending June 30th, 2014.

Net sales / Income from operations at Rs. 3,927 crores, a growth of 13% over same quarter last year.

Branded generic sales in India at Rs. 992 crores, up by 17% over Q1 last year. 

US finished dosage sales at US$ 389 million grew by 7% (in US$ terms) over Q1 last year.

International formulation sales outside US at US$ 82 million, grew by 2% (in US$ terms) over Q1 last year.

Overall international revenues accounted for more than 75% of total revenues for the quarter.

EBITDA at Rs. 1,724 crores grew by 13%; resulting EBITDA margin of 44%, same as Q1 last year.

Adjusted Net profit at Rs 1,391 crores witnessed a growth of 12% over Q1 last year; resulting margin of 35%.

Reported Net profit at Rs. 1,391 crores, compared to Net loss of Rs. 1,276 in Q1 last year. The loss in Q1 last year was on account of a provision of Rs. 2,517 crores towards settlement for patent infringement litigation related to generic versions of ‘Protonix’.

These results were taken on record by the Board of Directors at a meeting held in Mumbai today.

Rupee down 21 paise against the US dollar

The rupee depreciated by 21 paise to 61.29 against the US currency in early trade today at the Interbank Foreign Exchange market due to dollar's gains against other currencies overseas. 


besides dollar's gains against other currencies, fresh demand for the American unit from importers and a weak opening in the domestic equity market put pressure on the rupee. 

Yesterday, the domestic currency had gained nine paise to close at one-week high of 61.08 against the greenback on fresh dollar selling by banks and exporters.