Indian Overseas Bank reports net loss of Rs 245.51 crore in Q2

Indian Overseas Bank has reported results for the second quarter ended September 30, 2013.

The bank has reported a net loss of Rs 245.51 crore for the quarter as compared to a net profit of Rs 132.55 crore for the same quarter in the previous year. Total income of the bank has increased by 7.35% at Rs 6440.77 crore for quarter under review as compared to Rs 5999.75 crore for the quarter ended September 30, 2012.

Gross non-performing assets (NPAs) increased to 7.35% in the July-September quarter as against 4.65% in the same quarter previous year, while net NPAs stood to 5.17%.

ACC reports 62% growth in Q3 net profit

ACC has reported results for third quarter ended September 30, 2014.

The company has registered 69.57% jump in its net profit at Rs 204.91 crore for the quarter under review as compared to Rs 120.84 crore for the same quarter in the previous year. Total income of the company has increased 9.64% at Rs 2859.04 crore for September as compared Rs 2607.69 crore for the corresponding quarter previous year.

On consolidated basis, the company’s net profit after taxes, minority interest and share in profit of associates for the quarter under review registered 61.98% growth at Rs 192.60 crore against Rs 118.90 crore in the September quarter of previous fiscal. The company’s total income has increased by 9.26% at Rs 2847.23 crore for the quarter from Rs 2605.83 crore in the similar quarter of previous year.

ICICI Announces Q2 results, Results Press Release & Auditors' Report for the Quarter ended September 30, 2014

ICICI Bank Ltd has announced the following results for the quarter ended September 30, 2014:

The Audited Standalone results for the Quarter ended September 30, 2014

The Bank has posted a net profit of Rs. 27090.10 million for the quarter ended September 30, 2014 as compared to Rs. 23520.50 million for the quarter ended September 30, 2013. Total Income has increased from Rs. 129797.50 million for the quarter ended September 30, 2013 to Rs. 148889.50 million for the quarter ended September 30, 2014.

The Consolidated Results are as follows:

The Unaudited Consolidated results for the Quarter ended September 30, 2014

The Group has posted a net profit of Rs. 30646.20 million for the quarter ended September 30, 2014 as compared to Rs. 26974.20 million for the quarter ended September 30, 2013. Total Income has increased from Rs. 190155.80 million for the quarter ended September 30, 2013 to Rs. 221503.90 million for the quarter ended September 30, 2014.

Dr. Reddy’s Laboratories surges on launching Sirolimus tablets in US

Dr. Reddys Laboratories is currently trading at Rs. 3085.25, up by 38.90 points or 1.28% from its previous closing of Rs. 3046.35 on the BSE.

The scrip opened at Rs. 3066.25 and has touched a high and low of Rs. 3115.00 and Rs. 3066.25 respectively. So far 10485 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3353.85 on 25-Sep-2014 and a 52 week low of Rs. 2250.00 on 19-May-2014.

Last one week high and low of the scrip stood at Rs. 3185.00 and Rs. 2995.05 respectively. The current market cap of the company is Rs. 52475.23 crore.

The promoters holding in the company stood at 25.49% while Institutions and Non-Institutions held 43.79% and 13.69% respectively.

Dr. Reddy’s Laboratories has launched Sirolimus Tablets 1 mg and 2 mg, a therapeutic equivalent generic version of RAPAMUNE (Sirolimus) tablets in the US market on October 27, 2014, following the approval by the United States Food & Drug Administration (USFDA). The company’s Sirolimus tablets in 1 mg and 2 mg are available in bottle counts of 100.

According to IMS Health, the RAPAMUNE tablets brand had US sales of approximately $206 million MAT for the most recent twelve months ending in August 2014.

Dr. Reddys is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products - the company offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, bio-similars, differentiated formulations and NCEs.

Motilal Oswal Mutual Fund files offer document for MOSt Focused Long Term Fund

Motilal Oswal Mutual Fund has filed offer document with SEBI to launch an open ended equity linked saving Scheme as 'Motilal Oswal MOSt Focused Long Term Fund'. The New Fund Offer price is Rs 10 per unit.

Entry and exit load charges will be nil for the scheme. The scheme offers growth and dividend option and seeks to collect a Minimum Target Amount of Rs 10 crore.

The scheme will be benchmarked against scheme CNX 500 Index. The minimum application amount is Rs 5,000 and in multiples of Rs 500 thereafter.

The investment objective of the scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments.

Gold futures decline ahead of Federal Reserve announcement

Gold futures declined on Wednesday as investors avoided the precious metal ahead of the Federal Reserve's statement on monetary policy and interest rates. However, dollar's weakness against major currencies limited the losses to some extent.

Gold futures for December delivery settled down $4.50 at $1,224.90 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 1.4 percent at $1,210.20 an ounce.

Indian economy can grow at 8-9 percent: Finance Minister

Optimistic over the improving economic condition, Finance Minister Arun Jaitley has stated that India has the potential to grow at 8-9 percent annual rate. Highlighting that good governance would remain a key for economic growth, Arun Jaitley stressed that if the government follows the best practices and displayed the highest standards of good governance, Indian economy can get back on to high growth path.

Finance Minister also highlighted the importance of audit and said that accountability and transparency are essential as it helps in good governance. After registering an average growth rate of 8% during FY08-FY12, Indian economic growth had slowed down to below 5% over the last two financial years. Factors like high interest rate, stubborn inflation, low investments and slow execution of infrastructure projects have impacted country’s economic growth.

However, Indian economy has shown signs of nascent recovery during the first quarter of current fiscal. India’s economy expanded at its fastest pace in more than two years by 5.7% during first quarter of current fiscal as compared to 4.7% growth recorded in same quarter last year.

Nifty hits 8100 on F&O expiry day; realty stocks in focus

The Nifty has hit 8100 on October F&O expiry day. The 50-share index is up 10.45 points at 8100.90. The Sensex is up 40.25 points at 27138.42. About 581 shares have advanced, 257 shares declined, and 34 shares are unchanged. Dr Reddy's Labs, Infosys, GAIL, HDFC and Wipro are top gainers in the Sensex. Among the losers are BHEL, Tata Motors, Sesa Sterlite, Hindalco and NTPC.Realty stocks are in focus with Sobha Developer, Prestige Estate and DLF as big gainers. The Indian rupee slipped in early trade. It has opened lower by 16 paise at 61.51 per dollar against previous day close of 61.35. The dollar index rises after the Federal Reserve ended its monthly bond purchase program and signaled confidence the US economic recovery would remain on track despite signs of a slowdown in many parts of the global economy.

US stocks closed with slight losses, finishing off their lows of the session, after the Federal Reserve ended its stimulative monthly bond-buying program and expressed confidence in US economic prospects.

Major indexes were volatile following the central bank's statement, with the S&P 500 down as much as 0.8 percent before pulling back. Material shares were lower throughout the session, a decline in Facebook pressured the Nasdaq, but strength in energy and financial shares helped the market recover.

In a statement after a two-day meeting, the Fed ended its quantitative easing program of bond purchases, as had been expected. At its peak, the program pumped USD 85 billion a month into the financial system. The Fed also dropped a characterization of US labor market slack as "significant" in a show of confidence in the economy's prospects. Brent crude prices slipped to USD 86 a barrel after the Fed announced it would end its two-year-old bond-buying stimulus program. Gold prices dropped over a percent following a strong dollar.

Moody's retain negative outlook on Indian banks on high corporate leverage

In yet another worrying development for banking sector, international rating agency, Moody’s while retaining its negative outlook for the Indian banking sector, has underscored that high leverage in the corporate sector could prevent any meaningful recovery in asset quality of the banking system over the next 12-18 months, regardless of moderate rebound in economic growth. The rating agency since November 2011 has maintained a negative outlook for the banking system.

Notably, the report of Moody just comes a day after another global ratings agency Standard & Poor’s (S&P’s), in its Country Risk Assessment report on the Indian banking sector, underscored that country’s plan to grant new banking licenses to companies could heighten the risk for banking sector as the aggressive market share gaining tactics, like underwriting standards or undercutting prices by new entrants may adversely impact the banking sector's stability.

Further, Moody’s specified that negative outlook on the Indian banking system pertains mainly to the public-sector banks, which represent more than 70% of total banking-system assets, since these banks have experienced higher growth rates in non-performing and restructured loans, as well as greater weakening in profits, than their private sector peers. 

The agency has estimated that India's corporate sector had an average debt-to-equity ratio of more than 3 times, and would need a stronger economic recovery than currently projected by the credit agency to bring down the leverage.

Moody’s in its report, highlighted that continuing poor asset quality, wherein the NPAs levels were set to touch 4.5% of the system, would require continued provisioning and strengthened capital buffer and highlighted that after provisioning, profitability of public sector banks would generate insufficient internal capital for loan growth. It added that poor asset quality and low capitalization remained to be the primary concerns for Indian public sector banks, which were not expected to improve much in the coming 18 months.