MCX Gold December contract trades flat

MCX GOLD October contract was trading at Rs 28689 up Re 1. The GOLD rate touched an intraday high of Rs 28775 and an intraday low of Rs 28643. So far 4579 contracts have been traded. GOLD prices have moved up Rs 389, or 1.37 percent in the October series so far. MCX GOLD December contract was trading at Rs 28744 up Rs 13, or 0.05 percent. The GOLD rate touched an intraday high of Rs 28812 and an intraday low of Rs 28709. So far 145 contracts have been traded. GOLD prices have moved up Rs 923, or 3.32 percent in the December series so far. 

MCX Silver December contract trades flat

MCX SILVER September contract was trading at Rs 43400 up Rs 83, or 0.19 percent. The SILVER rate touched an intraday high of Rs 43500 and an intraday low of Rs 43240. So far 4853 contracts have been traded. SILVER prices have moved down Rs 3600, or 7.66 percent in the September series so far. MCX SILVER December contract was trading at Rs 44110 down Rs 30, or 0.07 percent. The SILVER rate touched an intraday high of Rs 44272 and an intraday low of Rs 44057. So far 597 contracts have been traded. SILVER prices have moved down Rs 6890, or 13.51 percent in the December series so far. 

Inox Wind plans to raise IPO worth Rs. 1000 crore

IPO worth Rs. 700 crore, additional secondary issue of Rs. 300 crore

According to media reports, Inox Wind Ltd is planning to raise an Initial Public Offering (IPO) for about Rs. 700 crore and a secondary issue for an additional Rs. 300 crore.  With the return of Accelerated Depreciation (AD), wind energy sector in India has received a major boost. According to new studies of the market, it is expected that the total wind power production in the country would be ~3,000 MW in 2014. Moreover, the study added that projects worth $8 billion has been cleared by the new Modi government, which is a very clear sign that the government is pro-clean energy. Funds from the listing would be utilised in the blade making facility as well as to boost the nascelle capacity. It is reported that Bank of America Merrill Lynch, Edelweiss, Axis bank are part of the team to raise the IPO.

Hindalco Q1 profit drops 31% on high fuel, finance cost

Total income from operations jumped 37 percent to Rs 7,996 crore in the quarter ended June 2014 from Rs 5,838 crore in same quarter last year supported by both copper as well as aluminium businesses.

World's largest aluminium rolling company  Hindalco Industries missed street expectations with the first quarter net profit falling 30.9 percent year-on-year to Rs 327.5 crore dented by higher power and fuel, finance, and raw material costs. Profit in the corresponding quarter of last fiscal was Rs 474.1 crore. The profit base was also high in Q1FY14 due to other income, which included non-recurring income of Rs 203 crore. In the April-June quarter of current financial year, other income was Rs 216.30 crore as against Rs 427.94 crore in corresponding quarter of last fiscal.

Total income from operations jumped 37 percent to Rs 7,996 crore in the quarter ended June 2014 from Rs 5,838 crore in same quarter last year supported by both copper as well as aluminium businesses.

"Copper revenue grew by 37.3 percent on yearly basis to Rs 4,990.3 crore with earnings before interest and tax (EBIT) rising 28.5 percent while aluminium business reported 36.2 percent growth at Rs 3,011.30 crore with EBIT increasing nearly 4 times," said the company in its filing.

Raw materials cost 71.7 5139.5 2993.5 power and fuel cost 41%  1136.8 806.2  and finance cost 127% 337.56 148.7

July inflation at 5.19%, May nos revised higher

The July wholesale price inflation (WPI) came in at 5.19 percent, marginally higher 
However, month-on-month food article inflation fell to 7.4o percent versus 8.14 percent while manufactured inflation inched up to 3.67 percent against 3.61 percent in previous month.
The 2013 July wholesale price inflation stood higher at 5.85 percent.  Alongside, the government has revised May inflation numbers higher at 6.18 percent, marking it the third revision of prices in recent months. However, food article inflation fell to 7.4o percent versus 8.14 percent and fuel group inflation showed a decline to while manufactured inflation inched up to 3.67 percent against 3.61 percent in previous month.

Unitech Q1 net profit at Rs55.642 mn

Total Income has increased from Rs. 5976.765 mn for the quarter ended June 30, 2013 to Rs. 15338.738 mn for the quarter ended June 30, 2014.

Unitech Ltd has posted a Net profit/(Loss) after share of profit/(loss) of associates & minority interest of Rs. 55.642 mn for the quarter ended June 30, 2014 as compared to Rs. 628.916 mn for the quarter ended June 30, 2013. Total Income has increased from Rs. 5976.765 mn for the quarter ended June 30, 2013 to Rs. 15338.738 mn for the quarter ended June 30, 2014.

IOC to cut petrol prices by 2.18 rupees/litre from Friday

Indian Oil Corp (IOC.NS) will cut the retail price of petrol by about 3 percent, or 2.18 rupees/litre in New Delhi, from Friday as global prices of the fuel have eased since the last revision, the company said in a statement late on Wednesday.

India's three state-run fuel retailers - IOC, Bharat Petroleum Corp Ltd (BPCL.NS) and Hindustan Petroleum Corp Ltd (HPCL.NS) - tend to move their prices together.

Following are prices as charged by IOC in Delhi. Gasoline, diesel and kerosene prices are in rupees per litre, while liquefied petroleum gas (LPG) prices are per 14.2 kg cylinder.

(1 US dollar = 61.05 rupees)

Whirlpool of India Q1 PAT up 67%

First quarter Profit after Tax was at Rs. 83crore compared to Rs. 49.6 Cr in Q1 of fiscal 2013 and Rs. 35.6 Cr.

Whirlpool of India, subsidiary of Whirlpool Corporation, the World’s leading Home Appliance Company announced strong financial results for its first quarter of 2014-15. Total income of Rs. 1,052 Cr grew by 19% on a year-over-year basis with record EBITDA margin at 13.1%, better by 3.1 points, over the same quarter last year and 2.9 points better than the previous quarter. First quarter Profit after Tax was at Rs. 83.0 Cr compared to Rs. 49.6 Cr in Q1 of fiscal 2013 and Rs. 35.6 Cr. in Q4 of fiscal 2013-14, a growth of 67% over last year. Arvind Uppal, Chairman and Managing Director, Whirlpool of India Limited and President South Asia and Asia Pacific, Whirlpool Corporation said, “We have delivered a very strong operating performance, which combined with an improvement in consumer demand has resulted in significant increase in our operating profits. We remain optimistic about our performance in the future.” The company is on track with its plans to introduce over 200 new models in 2014 and has already put into market a new range of Air Conditioners, Refrigerators and Washing Machines. The focus on enlarging its category footprint by aggressively expanding its high-end Built In range of kitchen appliances, including refrigerators, ovens, dishwashers and coffee makers, and its water purifier business continued.

ONGC Q1 net profit at Rs47817.90 mn

Total Income has increased from Rs. 205050.30 mn for the quarter ended June 30, 2013 to Rs. 227464.50 mn for the quarter ended June 30, 2014.

Oil & Natural Gas Corporation Ltd has posted a net profit of Rs. 47817.90 mn for the quarter ended June 30, 2014 as compared to Rs. 40159.80 mn for the quarter ended June 30, 2013. Total Income has increased from Rs. 205050.30 mn for the quarter ended June 30, 2013 to Rs. 227464.50 mn for the quarter ended June 30, 2014.

Gold import rules likely to stay until next year - WGC

Indian gold demand in 2014 will fall below last year's record levels as import restrictions are expected to remain in place, despite an improvement in demand in the second half of the year, the World Gold Council (WGC) said.

Demand in 2014 will be 850-950 tonnes, the industry body said, down 50 tonnes from its earlier forecast. China's demand forecast was also lowered to 900-1,000 tonnes from an earlier 1,000-1,100 tonnes.

The forecasts put consumption in India and China below record purchases of 974.8 tonnes and 1,120.1 tonnes respectively last year, when gold prices slumped 28 percent after a 12-year bull run. Global gold demand fell 16 percent in the second quarter, according to WGC's quarterly report released on Thursday.

In India, tough rules on imports - which have hurt demand - could remain in place for the rest of the year, as uncertainties over oil prices and U.S. monetary policy could deter the government from any easing, said Somasundaram PR, head of the WGC's operations in India.

Struggling with a high trade deficit, India last year raised its gold import duty to a record 10 percent and made it mandatory to export a fifth of all bullion imports. Gold is India's second-biggest expense on the import bill after oil.

Indian rupee opens at 61.10 per dollar; up 11 paise

In the absence of global cues, the rupee has now settled in a new range of 60.80-61.70/dollar. Today, the rupee is expected to trade in a tight range of 61.10-61.35/dollar


The Indian rupee gained 11 paise at opening trade on Thursday at 61.10 per dollar versus 61.21 Wednesday. Dollar slips against most currencies after data showed US retail sales were flat in July after gains the previous month. The report, which suggested the Federal Reserve would not be hard-pressed to raise interest rates any time soon, pushed the dollar to one-week lows against a struggling euro.

Nalco Q1 net jumps 69% to Rs 271 crore on higher aluminium prices

The National Aluminium Company Limited (NALCO) has posted a 69.3% jump in net profit in the first quarter of FY15 (April-June) compared to the same period last year, riding on higher aluminum prices during the quarter. 

Nalco's net touched Rs 271 crore during the period under review as against Rs 160 crore in Q1 of FY14, with the company's aluminium business turning in profits after a gap of two years. 

Global aluminium prices which have crossed $2,000 per tonne from a low of $1,693 in February 2014. 

The company's financial results were revealed by the board of directors at a meeting held in New Delhi on Wednesday. 

On the production front, during the quarter the quanta of bauxite, alumina and aluminium production were 14.04 lakh tonne, 4.076 lakh tonne and 79,240 tonne, respectively. 

Nalco said that despite lower production levels, the company has been able to post higher profits due to improved specific consumption of coal, caustic soda, etc. 

The total alumina sale during the quarter was 3.15 lakh tonne, primarily in exports. Aluminium sales were about 77,400 tonne, both in the domestic and overseas markets.