Exide Inds Q2 net profit at Rs. 156 crore

Exide Inds has posted results for the second quarter ended 30th September, 2015.

The net profit for the quarter stands at Rs. 156 crore.

The total income is at Rs.1,739 crore.

JSW Energy Q2 PAT at Rs 4 .92bn

The total income for Q2 is at Rs. 3521 crore.

JSW Energy Ltd has posted results for the second quarter ended 30th September, 2015.

The net profit for the quarter stood at Rs. 4.92bn.

The total income for Q2 is at Rs. 3521 crore.

Boarding! Indigo IPO fully subscribed

InterGlobe had received orders for 32.5mn shares as of noon today exchange data showed.

Indigo Airlines IPO has been fully subscribed on the second day. 

InterGlobe had received orders for 32.5mn  shares as of  noon today exchange data showed. 

The  QIB portion was subscribed by 2.96 times on the second day.

InterGlobe Aviation Limited has finalized the allocation of 1,08,76,215 Equity Shares at Rs. 765 (upper end of the Price Band) per Equity Share aggregating to Rs. 832.03 crore to Anchor Investors.

The Price Band is fixed from Rs. 700 to Rs. 765 per Equity Share.  The minimum Bid Lot is for 15 Equity Shares and in multiples of 15 Equity Shares thereafter. The Bid/ Issue will close on 29th October, 2015 for Qualified Institutional Buyers (“QIBs”)* and on 29th October 2015 for non QIBs. (*The Company and the Selling Shareholders may, in consultation with the GCBRLMs and the BRLMs, decide to close the Bid/Issue Period for QIBs one Working Day prior to the Bid/Issue Closing Date.)

Oil falls to multi-week lows on persistent supply glut

Brent December futures fell 73 cents to settle at $46.81 a barrel. The settlement and the $46.41 session low were the lowest since September 15

Oil prices fell a third straight session to multi-week lows on Tuesday on the persistent global supply glut ahead of data expected to show another increase in US crude inventories.

Futures felt pressure from expectations that US crude inventories rose 3.4 million barrels last week, a fifth consecutive build after gaining 22 million barrels in a four-week span.

At 476.6 million, US crude stocks on Oct. 16 were nearly 100 million barrels above the year-ago period, according to Energy Information Administration (EIA) data.

Brent December futures fell 73 cents to settle at $46.81 a barrel. The settlement and the $46.41 session low were the lowest since Sept. 15.

US December crude fell 78 cents to settle at $43.20, lowest settlement since Aug. 27. Tuesday’s intraday low of $42.58 was the weakest since Aug. 28.

Front-month November US RBOB gasoline and ultra-low sulfur diesel (ULSD) seesawed in volatile trading on the day options expired. The November contracts expire on Friday.

“It’s still the supply glut weighing on crude and the products are going to be a bit volatile with options expiration,” said Phil Flynn, analyst at Price Futures Group in Chicago.

While distillate inventories, which include diesel and jet fuel, were expected have fallen last week, storage utilization for distillates in the United States and Europe is nearing historic highs, Goldman Sachs said on Monday.

Crude pared losses and ULSD futures turned higher in post-settlement trading after industry group American Petroleum Institute’s data showed crude stocks rose 4.1 million barrels last week, but fell at the Cushing, Oklahoma, hub, while distillate inventories fell 2.6 million barrels.
EIA data will be released on Wednesday.

US crude oil production cuts – from a peak of around 9.6 million barrels per day to around 9.1 million – and optimism over demand have failed to translate into higher prices, said Ric Spooner, chief market analyst at Sydney’s CMC Markets.

Investors awaited the outcomes of key policy talks this week, including a US Federal Reserve meeting and China’s fifth plenum, a meeting of the Communist Party’s central committee.

“China’s appetite for foreign crude oil has been impressive this year, driven by an accelerated build-out of Strategic Petroleum Reserve storage facilities, and the granting of crude usage and import quotas for independent ‘teapot’ refineries,” Citi said in a report.

But about 4 million barrels purchased by a Chinese state trader for the reserve have been stranded off shore due to a lack of storage, according to trade sources.

ONGC to Intensify Exploration Activities, Secures More Rigs

Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10 per cent next year and intensify its exploration activities, taking advantage of the current depressed global energy market.

"We want to intensify our exploration activities," said Sahshi Shanker, director of technology and field services at ONGC.

"We are securing more and more rigs," Shanker said at the annual Platts Top 250 Global Energy Company Rankings.

Rig rates are down by 30-40 per cent on the year and other exploration services rates are down by 40-50 per cent, he said.

Industry sources at the gala event said more and more rigs were being laid off while services companies seeking new contracts at discounted rates.

According to Shanker ONGC is increasing its 2016 capital expenditure to about Rs 36,000 crores, up by about 10 per cent from the current Rs 33,000 crore.

He pointed out that value of any exploration and production company increases through exploration activities.

ONGC's intensified exploration is for the long-term growth. Meanwhile, 14 Indian energy companies were listed in the 2015 Platts Top 250 Global Energy Company Rankings, a financial performance roster of publicly traded companies with assets greater than $5 billion.

With the first-time showing of National Hydroelectric Power Corporation LTD (NHPC) in the Top 250 Rankings, India scored a personal best in representation, with 14 energy companies on 2015 list, versus 13 a year ago.

India's top three energy companies in the 2015 list were Reliance Industries at 14th position, ONGC at 17 and Coal India at 38. Last year, these three corporations were positioned at 22, 21 and 47 in global rankings which are based on assets, revenues, profits and return on invested capital for the prior fiscal year.

Coal India was rated as the largest pure coal mining company in the world.

Others in the list were Bharat Petroleum Corp Ltd, Indian Oil Corp Ltd, GAIL (India) Ltd, Power Grid Corp of India Ltd, Hindustan Petroleum Corp Ltd, Cairn India Ltd, Essar Oil Ltd, Reliance Infrastructure Ltd, NTPC Ltd and Oil India Ltd.        

S&P: Lower Oil Prices could put Asia-Pacific Oil and Gas Cos in a spot

"The ratings on 40% of the oil and gas companies we rate in Asia-Pacific and 60% of the stand-alone credit profiles will face downward pressure if oil prices fall 10% below US$50 per barrel without any signs of recovery," said Standard & Poor's credit analyst Mehul Sukkawala.

Asia-Pacific oil and gas companies may be called to take tough decisions if the fall in oil prices is prolonged. That's according to a report, titled "Another Decline In Oil Prices Could Have Asia-Pacific Oil And Gas Companies Over A Barrel," that Standard & Poor's Ratings Services published today.

"The ratings on 40% of the oil and gas companies we rate in Asia-Pacific and 60% of the stand-alone credit profiles will face downward pressure if oil prices fall 10% below US$50 per barrel without any signs of recovery," said Standard & Poor's credit analyst Mehul Sukkawala. "Overall, the ratings on Chinese state-owned enterprises and Australian companies are the most vulnerable, while the stand-alone credit profiles of the government-owned companies in countries such as Indonesia and Korea are at the greatest risk."

Oil and gas companies in Asia-Pacific are still better off than those in other regions where the energy sector has been a significant contributor to higher default rates. This is mainly because the Asia-Pacific energy companies that Standard & Poor's rates are generally large, have good financial positions despite the low oil prices, and benefit from close strategic relationships with their respective sovereigns.

Standard & Poor's current Brent crude oil price assumptions build in a gradual improvement. We forecast oil prices at US$55 in 2016, US$65 in 2017, and US$70 in 2018 and beyond.

"If the oil price outlook worsens, Asia-Pacific oil and gas companies will need to reassess projects, weigh returns, prioritize investments, and review shareholder distributions," said Mr. Sukkawala. "Defending creditworthiness in a tough environment will call for some difficult decision-making, particularly at the government-owned companies that dominate the sector."

Shasun Pharma surges 3% post Q2 earnings

The net profit for the quarter stands at Rs. 13.1 crore.

Shasun Pharma stock was up by 3% at Rs. 406. The net profit for the quarter stands at Rs. 13.1 crore. The consolidated total income is at Rs.339.3 crore.

The scrip opened at Rs. 400 and has touched a high and low of Rs. 410.65 and Rs. 397.2 respectively. So far 7924(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2663.32 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 415.95 on 20-Aug-2015 and a 52 week low of Rs. 196.55 on 27-Oct-2014. Last one week high and low of the scrip stood at Rs. 413.6 and Rs. 387.25 respectively.

The promoters holding in the company stood at 35.32 % while Institutions and Non-Institutions held 20.41 % and 44.27 % respectively.

The stock is currently trading below its 50 DMA.

Cairn India slips 3%

The merger proposal of Cairn India Ltd. and Vedanta Ltd. can be put to vote for shareholders approval by January 2016, Vedanta Resources Plc CEO Tom Albanese said.

Shares of Cairn India Ltd were lower by 3% at Rs. 153. The merger proposal of Cairn India Ltd. and Vedanta Ltd. can be put to vote for shareholders approval by January 2016, Vedanta Resources Plc CEO Tom Albanese said.

The scrip opened at Rs. 153.1 and has touched a high and low of Rs. 156 and Rs. 152.2 respectively. So far 924865(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 29632.05 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 292 on 27-Oct-2014 and a 52 week low of Rs. 121.25 on 24-Aug-2015. Last one week high and low of the scrip stood at Rs. 160.5 and Rs. 151.7 respectively.

The promoters holding in the company stood at 59.88 % while Institutions and Non-Institutions held 23.43 % and 16.69 % respectively.

The stock is currently trading below its 200 DMA.

MUDRA sanctions Rs. 100 crore refinance line at 10% per annum to SKS Microfinance

The development is expected to contribute to bringing down the cost of interest-bearing liabilities at SKS Microfinance.

MUDRA (Micro Units Development & Refinance Agency Limited), launched by the Government of India for financing micro entrepreneurs engaged in small business activities like manufacturing, processing, service sector and trade, has sanctioned a refinance line of Rs. 100 crore at 10% per annum to SKS Microfinance Limited.

This is the first refinance limit sanctioned to SKS Microfinance Limited by MUDRA. The development is expected to contribute to bringing down the cost of interest-bearing liabilities at SKS Microfinance Limited. Earlier, with the cost of its interest-bearing liabilities dropping to 11.9% in Q1-FY16 from 13.6% in FY14 on account of downward adjustments in risk premium, the Company could reduce the interest rate charged to borrowers on three occasions since October 2014. With an overall reduction of 3.8% since October 2014, SKS Microfinance Limited charges 20.75% on all its disbursements with effect from October 1, 2015.

“MUDRA is trying to make an impact in funding micro enterprises by making available credit facilities at affordable cost through the existing financial channels,” said Jiji Mammen, CEO, MUDRA. “I am happy that SKS Microfinance Limited, which is availing of its first refinance limit from MUDRA, will make use of the same in bringing down its cost of micro loans to the bottom of the pyramid for their comprehensive economic and social development. Pursuing our vision of being an integrated financial and support services provider for the bottom of the pyramid universe for their comprehensive economic and social development, we have extended a refinance line of Rs. 100 crore to SKS Microfinance Limited, and are confident that the Company will strive harder to bring about greater gains for its borrowers at the grassroots.”

“This is the first refinance line availed by us,” said S. Dilli Raj, President, SKS Microfinance Limited. “At a rate of 10%, this is lower than regular term loans from conventional lenders, and reinforces our assertion in the recent past that the Non Banking Financial Company – Micro Finance Institution (NBFC-MFI) structure does not preclude us from availing dedicated refinance lines at a lower rate of interest. We are already the lowest cost lender in the MFI segment, and will pass on this benefit to our microfinance borrowers at an appropriate juncture.”

Wipro wins 5-year contract from Coop Norge Handel

As a part of the agreement, Wipro will transform Coop Norge enterprise SAP software landscape.

Wipro Ltd has announced that it has bagged  5-year contract from Coop Norge Handel.

As a part of the agreement, Wipro will transform Coop Norge enterprise SAP software landscape.

Wipro Ltd ended at Rs. 575.2, up by Rs. 5.9 or 1.04% from its previous closing of Rs. 569.3 on the BSE.

The scrip opened at Rs. 566.1 and touched a high and low of Rs. 577 and Rs. 566.1 respectively. A total of 3101469(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 142071.43 crore.

The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 676.9 on 11-Mar-2015 and a 52 week low of Rs. 512.55 on 24-Apr-2015. Last one week high and low of the scrip stood at Rs. 579.25 and Rs. 565.25 respectively.

The promoters holding in the company stood at 73.36 % while Institutions and Non-Institutions held 15.29 % and 9.38 % respectively.

The stock traded below its 200 DMA.

Weak Start! Rupee opens lower by 10 paise at 65.04/$

On global cues, market participants will prefer to remain on the sidelines ahead of US FOMC policy meeting statement today.

Indian Rupee today opened lower by 10 paise at 65.04/$ in early trade on Wednesday. On global cues, market participants will prefer to remain on the sidelines ahead of US FOMC policy meeting statement today. Markets will also keep an eye on US advance Q3 GDP reading tomorrow.

The rupee closed at 64.96/$, changing little from its previous close of 66.97/$ on Wednesday. The currency touched a high and low of 65.06$ and 65.08/$ respectively.

The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.95 and for Euro stood at 71.84 on October 27, 2015. While, the RBI’s reference rate for the Yen stood at 53.83, the reference rate for the Great Britain Pound (GBP) stood at 99.7324.

20 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Maruti Suzuki India: The auto company reported a net profit of Rs. 1,225.6 crore for the second quarter ended September 30, 2015, up 42 per cent compared with Rs. 862.54 crore in the corresponding period last year. 

Vedanta: The company posted a drop of 40.54 per cent in its consolidated net profit to Rs 973.97 crore for the second quarter ended September 30, 2015 as continued weakness in commodity prices in global markets impacted its earnings from oil and gas and mining operations. Its net profit was at Rs 1639.93 crore in the corresponding quarter last year.  

Axis Bank Ltd: The bank has posted a net profit of Rs. 19156.40 million for the quarter ended September 30, 2015 as compared to Rs. 16107.10 million for the quarter ended September 30, 2014. 

Lupin Ltd: The pharma company has posted a net profit after taxes & minority interest of Rs. 4088.40 million for the quarter ended September 30, 2015 as compared to Rs. 6300.40 mn for the quarter ended September 30, 2014. 

Tata Communication Ltd: The company has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 60.20 mn for the quarter ended September 30, 2015 as compared to Rs. 923.90 mn for the quarter ended September 30, 2014. 

Thermax Ltd: The company reported a net profit of Rs. 648.324 mn for the quarter ended September 30, 2015 as compared to Rs. 860.110 mn for the quarter ended September 30, 2014.

Jubilant Life Sciences Ltd:The Board of Directors of the company to consider the proposal to issue securities which may include equity shares and/or instruments or securities convertible into, exchangeable with or otherwise linked to the equity shares of the Company, up to an amount of USD 200 million or Rs. 1,300 crores approx.

JSW Steel: Moody's Investors Service has affirmed the Ba1 corporate family rating and senior unsecured ratings on JSW Steel Limited (JSW). At the same time the outlook on all the ratings has been changed to negative from stable.

Aptech Ltd: The company has announced that they are enetering the formal K-12 school business. The maiden school will come up in Kabul, Afghanistan and will seek students in March 2016.

Bharat Forge: The company said it is reorganising operations of its European subsidiaries to reduce costs and facilitate tax and fiscal consolidation.

Bharti Airtel: Bharti Airtel said it had sold its telecom towers in Burkina Faso to independent tower company, Eaton Towers.  

CG: Avantha Group Company CG announces the sale of its Canadian Power Transformer (CPT) business to PTI Holdings Corporation for an enterprise value of Canadian $20 million subject to post-closing adjustments.

Yes Bank: The bank has announced that pursuant to the approval received from the Reserve Bank of India, it has operationalised its IFSC Banking unit in the Gujarat International Finance Tec City.

Mastek: The company has bagged a multi-year contract from National Credit Guarantee Trustee Company (NCGTC) to deliver a ‘digital guarantee-processing platform’ thereby enabling banks, FIs, referred to as MLs (Member Lending Institutions) to participate in various credit guarantee schemes of Government of India. It is a nationwide initiative of extending collateral free loans to various underprivileged sections of the society.

Deepak Nitrite: Deepak Nitrite Ltd has received supplier excellence award in the outstanding performance category from Bayer Crop Science for the year 2015.

Mahindra Holidays: The net profit for the quarter stands at Rs. 28.9 crore.The total income for the quarter is at Rs.233 crore.

TVS Motors: The Company has posted a net profit of Rs. 1164.10 million for the quarter ended September 30, 2015 as compared to Rs. 948.10 mn for the quarter ended September 30, 2014.

Alembic Pharma Ltd: The pharma company has posted a net profit after tax and share of profit of associates of Rs. 2889.00 mn for the quarter ended September 30, 2015 as compared to Rs. 772.70 mn for the quarter ended September 30, 2014. 

Shasun Pharma: The net profit for the quarter stands at Rs. 13.1 crore. The consolidated total income is at Rs.339.3 crore.

L&T Finance: The company has appointed Sachinn Joshi as the Chief Financial Officer of the Company w.e.f. October 26, 2015.

Reliance Industries became the first corporate to sign the revised listing agreement with the BSE as mandated under the newly introduced Listing Regulation notified by SEBI.(HBL)

Spicejet: The aviation company announced another discount sale offer with ticket prices starting as low as Rs 749 for base fare (excluding taxes) in the domestic, and Rs 3,999 all in for the international sectors respectively. 

Bharat Forge: The company said it is reorganising the operations of its European subsidiaries to reduce costs and facilitate tax and fiscal consolidation.  

Dish TV India: The company posted a consolidated net profit of Rs 89.96 crore for second quarter ended September 30. 

Outlook for the day

Indices will remain lower even as investors mull their moves ahead of the F&O expiry. Global cues are offering no support. Wall Street ended lower and Asian markets too are mostly in the red. US crude oil saw a fall of over 1.5%.

Sentiment continues to remain subdued in stock markets worldwide even as markets await a policy statement from the US Federal Reserve later this evening. Back home, the Government has cut its disinvestment target for this fiscal citing global commodity showdown. Finance Minister Arun Jaitley has announced a new committee to simplify the Income-Tax Act, 1961. And highways building through PPP mode is set to take a leap with government planning to launch 100 such projects next year, Union Minister Nitin Gadkari said. In a major boost to the image of the Modi-government, India has climbed 12 positions to 130th on a list of 189 countries, in the World Bank's rankings in terms of 'ease of doing business'. Improvement increase of starting a business and securing an electricity connection are the reasons for the upgrade.

The outlook is a weak start. Indices will remain lower even as investors mull their moves ahead of the F&O expiry. Jet Airways and JK Tyre results will be in focus. No one is talking of a Diwali rally as yet even as investors come to terms with the results underway. Global cues are offering no support. Wall Street ended lower and Asian markets too are mostly in the red. US crude oil saw a fall of over 1.5%.

The Government is reportedly considering a proposal to increase the maximum amount that foreign investors can own in public sector banks (PSB) to 49% from the current 20%, reports a financial daily. The finance ministry and the department of industrial policy & promotion are in discussions regarding the increased limit, according to the daily. A higher cap would help PSBs in raising equity to comply with Basel III regulatory standards.

Finance Minister Arun Jaitley reportedly said that there is no cause for concern on fiscal deficit. Jaitley said that India wants its economy to grow much faster. India has decided to set up a project development company in Africa.

Deepak Nitrite Ltd has bagged an annual Contract of sizeable amount for the year 2016 for supply of a major agro intermediate to Bayer Crop Science.