IDBI Bank Q2 net profit flat at Rs. 119.5 cr; Gross NPA At 6.92%

Total Income has increased from Rs. 7,610.5 crore for the quarter ended September 30, 2014 to Rs. 7,913.6 crore for the quarter ended September 30, 2015.

IDBI Bank Ltd recorded a rise of 0.84% in its net profit of Rs. 119.5 crore for the quarter ended September 30, 2015 as compared to Rs. 118.5 crore for the quarter ended September 30, 2014. Total Income has increased from Rs. 7,610.5 crore for the quarter ended September 30, 2014 to Rs. 7,913.6 crore for the quarter ended September 30, 2015.

IDBI Bank Ltd is currently trading at Rs. 85, up by Rs. 0.4 or 0.47% from its previous closing of Rs. 84.6 on the BSE.

The scrip opened at Rs. 85.5 and has touched a high and low of Rs. 85.55 and Rs. 82 respectively. So far 10581641(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 13569.49 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 89.75 on 30-Oct-2015 and a 52-week low of Rs. 52.45 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 89.75 and Rs. 83.65 respectively.

The promoters holding in the company stood at 76.5 % while Institutions and Non-Institutions held 13.88 % and 9.63 % respectively.

The stock is currently trading below its 50 DMA.

Auto stocks on higher gear; Tata Motors accelerates 5.6%

Tata Motors has jumped 5.6% to Rs. 403.50 after the company reported October JLR sales in US surged 76.1 percent at 8,187 units from 4,650 units yoy. Land Rover US sales were up 97.6% at 7,199 units in October from 3,643 yoy.

Auto stocks are getting on higher gear on the street. Tata Motors has jumped 5.6% at Rs. 403.50 after the company reported October JLR sales in US surged 76.1 percent at 8,187 units from 4,650 units yoy. Land Rover US sales rallied 97.6 percent at 7,199 units in October from 3,643 yoy. However, Jaguar's sales dipped moderately by 1.9% and clocked 988 units from 1,007 units (Y-o-Y).

Ashok Leyland has gained 2.8% at Rs.93. The company is scheduled to announce its September quarter earnings today.

Bajaj-Auto, Cummins India and Hero MotoCorp trading up 1% respectively.

Indusind Bank appoints Pramod Kasat as new country head for Investment Banking

Prior taking his responsibilities with Indusind Bank he was the investment banking head at Pioneer Investcorp Ltd. in Mumbai. Kasat was also served as director at Credit Suisse and in Deutche Bank’s global markets team and with Citibank.

Pramod Kasat is the new country head for investment banking advisory of Indusind bank, India. With this new responsibility in Indusind Bank, Kasat will look after structured finance - onshore/offshore/Sponsor finance, ECM and DCM Opportunities ,FCCB/ECB syndication, QIP/GDR issuance, cross border M&A / JV’s.
 
He is having over two decades of experience in structured finance, Investment Banking and credit with exceptional track record of leadership. Prior taking his responsibilities with Indusind Bank he was the investment banking head at Pioneer Investcorp Ltd. in Mumbai. Kasat was also served as director at Credit Suisse and in Deutche Bank’s global markets team and with Citibank. In his tenure with IL&FS he worked as national head for origination for Investment banking and also as regional head of financial services and held a variety of positions in client coverage, structuring and credit evaluation.
 
Kasat has extensive deal experience in India in sectors like Infrastructure, real estate, Pharma, industrials and in logistics amongst others. Mr Kasat spearheaded successful deal investments and exits worth more than US$1 billion with specialization in deal origination and structuring of transactions for Indian enterprises with deep insight pertaining to the Private Equity and Structured Finance regime in India.
 
He has done MMBA specialising in Finance from Sydenham Institute of Management Studies of  Mumbai University. He is also having Bachelor of Engineering degree in Electronics Engineering ( Hons) from BITS , Pilani.

SpiceJet announces direct flight from Chennai to Bangkok

SpiceJet is offering an exciting all inclusive introductory promotional return fare of just Rs. 9999 (Chennai-Bangkok-Chennai) / THB 5400 (Bangkok-Chennai-Bangkok) for a limited period. Booking for tickets are open now, and seats are limited, so hurry, book now!

SpiceJet today announced new direct international flights to Bangkok from Chennai, flying 6 days a week. Flight services on this route will commence from December 10, 2015, and this will be SpiceJet’s second direct international flight from Chennai.

SpiceJet is offering an exciting all inclusive introductory promotional return fare of just Rs. 9999 (Chennai-Bangkok-Chennai) / THB 5400 (Bangkok-Chennai-Bangkok) for a limited period. Booking for tickets are open now, and seats are limited, so hurry, book now!

Announcing the new international flight, Shilpa Bhatia, Senior VP and Head of Sales & Distribution, SpiceJet Ltd, said, “It gives us immense pleasure, to announce our second international flight to Bangkok, our first Bangkok flight started from Kolkata last year and had an excellent market response. We strongly believe that there is a tremendous potential in the southern markets too and this flight will help us to connect passengers form rest of India to Bangkok via Chennai”.

SpiceJet will be operating to Bangkok’s state-of-the-art Suvarnabhumi airport from Chennai, from where numerous onward domestic and international connections are available. The airline will deploy Boeing 737 Next Generation aircraft on this route. Booking can be made on www.spicejet.com, through SpiceJet Mobile app or through online travel portals and agents.

Service Expansion! India Oct Nikkei services PMI stands at 52.6

The latest improvement was driven by services, as goods producers saw growth of production wane. Posting an eight-month high of 53.2 in October (September: 51.3), the seasonally adjusted Nikkei Services Business Activity Index indicated that output across the sector rose at a faster rate.

Rising from 51.5 in September to 52.6 in October, the seasonally adjusted Nikkei India Composite PMI Output Index pointed to a stronger expansion in private sector activity across the country that was the joint-fastest since March. The latest improvement was driven by services, as goods producers saw growth of production wane.

Posting an eight-month high of 53.2 in October (September: 51.3), the seasonally adjusted Nikkei Services Business Activity Index indicated that output across the sector rose at a faster rate. Activity growth was noted in three of the six surveyed categories, led by Post & Telecommunication.

Underpinning growth of services activity was a quicker increase in new business inflows. Incoming new work expanded at a solid pace that was the most pronounced since February. According to panellists, demand conditions improved. Order book volumes in the manufacturing economy also rose, albeit at the weakest pace in the current 24-month sequence of expansion.

October data indicated that service sector employment was unchanged. Approximately 98% of survey members reported no change in payroll numbers since the preceding month. Goods producers signalled higher staffing numbers, but the rate of job creation was only marginal. Meanwhile, unfinished business levels in theservice sector were broadly unchanged, with the respective index registering only fractionally above the no-change mark of 50. Manufacturers posted a third consecutive monthly reduction in backlogs, signalling ongoing spare capacity in the sector.

Amid reports of higher prices paid for petrol and food, input costs faced by service providers rose in October. Nonetheless, the rate of increase was relatively muted in the context of historical data. Purchase prices at manufacturers rose for the first time in three months and at a rate that, although modest, was the quickest since May.

Services companies in India lowered their selling prices for the second successive month in October. That said, the pace of reduction was only marginal. Efforts to improve competitiveness was the main reason cited by respondents for the latest decline in tariffs. Three of the six monitored categories registered falling charges, these being Post & Telecommunication, Transport & Storage and ‘Other Services’. The reduction in selling prices at services firms offset higher charges at goods producers, and tariffs across the private sector as a whole fell for the second month running. 

Services business sentiment regarding the 12- month outlook for activity remained positive in October. In fact, the degree of confidence signalled was the strongest since July. Underpinning optimism were expectations of a pick up in demand. The strongest levels of confidence were seen in the ‘Other Services’ and Hotels & Restaurants categories.

Commenting on the Indian Services PMI survey data, Pollyanna De Lima, economist at Markit, which compiles the survey, said, “India’s economic growth shifted into a higher gear in October, driven by the service sector. Although manufacturing production continued to expand, growth eased and was sluggish by historical standards.

“The upwards trend in private sector output reflected stronger inflows of incoming new work, one that was the most marked since March. Services companies saw a faster rise in new business than their manufacturing counterparts, with data implying that price discounts supported growth of new projects.

“Private sector firms remained wary of costs and left payroll numbers, once again, unchanged. Average input prices rose in both the service and manufacturing sectors, although at rates that were relatively weak.”

Riding on Jaguar! Tata Motors surge 5% on back of robust US October sales

October JLR sales in US surged 76.1 percent at 8,187 units from 4,650 units yoy. Land Rover US sales rallied 97.6 percent at 7,199 units in October from 3,643 yoy. However, Jaguar's sales dipped moderately by 1.9% and clocked 988 units from 1,007 units (Y-o-Y).

Backed by strong JLR sales in USA in the month of October 2015, shares of Tata Motors have rallied 5.67% intraday.

October JLR sales in US surged 76.1 percent at 8,187 units from 4,650 units yoy. Land Rover US sales rallied 97.6 percent at 7,199 units in October from 3,643 yoy. However, Jaguar's sales dipped moderately by 1.9% and clocked 988 units from 1,007 units (Y-o-Y).

In India, Tata Motors continued to witness strong year-on-year growth in certain key segments in October 2015, with passenger cars (excluding UVs), M&HCV and Exports, growing by 15%, 20% and 13%, respectively. Total sale of Tata Motors passenger and commercial vehicles (including exports) were at 43,486 vehicles, higher by 1%, over 42,862 vehicles, sold in October 2014. The domestic sale of Tata commercial and passenger vehicles for October 2015 were at 38,917 nos., remained flat, over vehicles sold in October 2014.

The scrip opened at Rs. 389 and has touched a high and low of Rs. 405.65 and Rs. 389 respectively. So far 7675175(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 123505.67 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 605.57 on 03-Feb-2015 and a 52 week low of Rs. 279.15 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 396.9 and Rs. 381 respectively.

The promoters holding in the company stood at 33.01 % while Institutions and Non-Institutions held 39.16 % and 8.38 % respectively.

The stock is currently trading below its 200 DMA.

GST is 'Just A Question Of Time,' says Arun Jaitely

States have been responding positively to economic measures, says Arun Jaitley.

Finance Minister Arun Jaitley stated that the confidence in Indian Economy is restored as states have been responding positively to economic measures, says FM. 

Jaitley also stated that GST is 'Just A Question Of Time'. We are confident that GST will be approved by Parliament . 

The Congress-ruled states too have supported GST, Jaitley was quoted as saying. 

Lavasa IPO to lapse on 6th Nov - 2nd time in 4 years

SEBI’s approval for IPOs is valid for one year, and the approval for the Lavasa Corp IPO will expire on 6th November, according to the financial newspaper.

The regulatory approval for the initial public offering (IPO) of Lavasa Corporation is set to lapse for the second time in four years, reports a business daily.

SEBI’s approval for IPOs is valid for one year, and the approval for the Lavasa Corp IPO will expire on 6th November, according to the financial newspaper.

Lavasa is unlikely to refile the draft red herring prospectus (DRHP) with SEBI anytime soon, the paper quoted one investment banker as saying. The company wants to wait for 2-3 years as the IPO is unlikely to get subscribed at the current valuations, the banker told the daily.

Lavasa had initially filed its DRHP in September 2010 to raise ~INR 2,000 crore, for which it received SEBI's approval in November 2010. However, adverse market conditions forced the company to shelve its IPO plans. 

The company again filed its DRHP in July 2014, this time to raise INR 750 crore, and received the SEBI nod in November 7, 2014.

As of 3rd November, there are 16 companies with valid SEBI approvals to launch their IPOs, according to Prime Database. The total estimated value of these 16 IPOs is more than INR 9,000 crore. 

In addition, 18 companies have filed their draft prospectus with SEBI and are still awaiting the regulator's nod.

Reliance Power climbs 3%; Q2 net profit up 37%

The company posted a net profit after taxes, Minority Interest and Share of Profit/(Loss) of Associates of Rs. 3456.30 mn for the quarter ended September 30, 2015 as compared to Rs. 2530.70 mn for the quarter ended September 30, 2014.

Reliance Power Ltd stock were higher by 3% at Rs. 51. The company posted a net profit after taxes, Minority Interest and Share of Profit/(Loss) of Associates of Rs. 3456.30 mn for the quarter ended September 30, 2015 as compared to Rs. 2530.70 mn for the quarter ended September 30, 2014.

Total Income has increased from Rs. 18841.80 mn for the quarter ended September 30, 2014 to Rs. 28560.10 mn for the quarter ended September 30, 2015.

The scrip opened at Rs. 50.45 and has touched a high and low of Rs. 51.55 and Rs. 50.1 respectively. So far 1820555(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 13871.35 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 80.8 on 05-Nov-2014 and a 52 week low of Rs. 33.05 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 52.6 and Rs. 48.5 respectively.

The promoters holding in the company stood at 74.98 % while Institutions and Non-Institutions held 10.22 % and 14.78 % respectively.

The stock is currently trading below its 200 DMA.

Jain Irrigation Systems jumps 3.5% after bagging order from MSEDCL

The company has bagged MSEDCL most awaited tender for supply and installation of 8,959 Solar Agri Pumps.

Jain Irrigation Systems has jumped 3.5% at Rs. 66 on BSE. The company has bagged MSEDCL most awaited tender for supply and installation of 8,959 Solar Agri Pumps. The tender will be executed by projects division of the micro irrigation segment of the company and will also create additional sales opportunity for micro irrigation systems to individual farmers. The tender is expected to be serviced over next 6 to 12 months with further operational and maintenance to the farmers for next five years.

The scrip opened at Rs. 64.9 and has touched a high and low of Rs. 66 and Rs. 64.5 respectively. So far 1750588(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2896.87 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 92.8 on 03-Nov-2014 and a 52 week low of Rs. 50.55 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 66.15 and Rs. 61 respectively.

The promoters holding in the company stood at 28.69 % while Institutions and Non-Institutions held 40.14 % and 31.01 % respectively.

The stock is currently trading below its 200 DMA.

India leads in consumer confidence and other Top Economy News

Sugar mills are prioritising exports of low-quality white sugar, signalling that the world's second biggest producer is unlikely to emerge as a major raws exporter this season.

To mobilise overseas fund flows in Indian capital markets, a delegation of the US India Business Council (USIBC) will meet government officials this week to suggest streamlining procedures for foreign investors as well as increase their investment limits in listed companies.

Sugar mills are prioritising exports of low-quality white sugar, signalling that the world's second biggest producer is unlikely to emerge as a major raws exporter this season. 

Commerce Ministry has proposed cutting the import duty on gold to 2% from 10%, according to a government note, but a Finance Ministry official said it was unlikely to go through.

India continued to lead the global consumer confidence index in the third quarter with 131 points same as the previous quarter.

GAIL, Tech Mahindra, Power Grid among 20 Stocks in focus today

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

DLF: The company recorded a rise of 3.6% at Rs. 131.50 crore for the quarter ended September 30, 2015 as compared to Rs.109.06 crore for the quarter ended September 30, 2014. The company’s total income has decreased by 6.5% per cent to Rs.1,997 crore for the quarter under review from Rs.2,135.5 crore for the corresponding quarter of the previous year. Its EBITDA Margin stood at Rs. 939 crore Vs Rs. 796 crore, up 17.9%.

Tech Mahindra: The company has posted a profit after tax of Rs. 7856.30 mn for the quarter ended September 30, 2015 where as the same was at Rs. 7196.40 million for the quarter ended September 30, 2014. 

Hero MotoCorp : The company reported sales of 639,802 units in October – its highest ever sales in any month. This is a growth of 11.25% over the corresponding month last year when the company had sold 575,056 units.

GAIL India: The company reported a 66.19 per cent plunge in second quarter net profit on lower LPG and petrochemical prices. The gross margin stood at Rs 1,146 crore in the second quarter of the current financial year as against Rs. 2,311 crore in the corresponding period of previous year.

Power Grid Corporation of India Ltd: The company has posted a net profit of Rs. 14480.40 mn for the quarter ended September 30, 2015 as compared to Rs. 12012.70 mn for the quarter ended September 30, 2014.

Jain Irrigation: The company has signed a 3 year supply contract for supply of mango pulp with Hindustan Coca-Cola Beverages.

Indian Oil Corporation Ltd: IOC has posted a net loss of Rs. 3291.70 mn for the quarter ended September 30, 2015 as compared to net loss of Rs. 8984.60 mn for the quarter ended September 30, 2014.

Petronet LNG : The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 30 per cent of the paid up capital of Petronet LNG Limited under the Portfolio Investment Scheme (PIS).

ABB India: The company reported 30 per cent rise in its net profit at Rs. 58.7 crore for the quarter ended September 30, 2015 as compared to Rs. 54 crore for the same quarter in the previous year. The company’s total income has increased by 6.7 per cent to Rs.1,969.5 crore for the quarter under review from Rs. 1,846 crore for the corresponding quarter of the previous year.

Berger Paints India: The company recorded a rise of 32.6% in its net profit of Rs. 88.9 crore for the quarter ended September 30, 2015 as compared to Rs. 67 crore for the quarter ended September 30, 2014. 

Akzo Nobel India: The leading paint manufacturer company reported standalone net profit of Rs. 40.9 crore for the quarter, registered growth of 14.56% yoy

Hexaware Technologies: The company reported PAT at Rs. 1116.143 mn for the quarter ended September 30, 2015 where as the same was at Rs. 860.202 mn for the quarter ended September 30, 2014. 

Asahi India: The net profit for the quarter stands at Rs. 20.5 crore as compared to Rs. 18.1 crore YoY. The total Income has increased by 2.5% at Rs. 561.8 crore as compared to Rs. 547.9 crore.

RPP Infra Projects Ltd: The company has signed a definitive agreement with HUNAN Construction Engineering Group Corporation, one of the largest state-owned companies in China, for infrastructure projects in India.

Prism Cement Ltd: The cement company reported net loss at Rs.33.26 crore for the quarter ended September 30, 2015 as compared to Rs.19.76 crore for the same quarter in the previous year.

TBZ: The company reported Q2 net loss at Rs. 12.1 crore. Its total income has increased by 13.3% at Rs. 483 crore as compared to Rs. 426.3 crore on y-o-y basis.

HSIL: The net profit for the quarter stands at Rs. 24.3 crore as compared to Rs. 19.1 crore YoY.

Nandan Denim: The company has reported a net profit of Rs.15.61 crore for the Q2 of FY 2015-16 as against Rs.11.95 crore in the corresponding period of 2014-15, a rise of 30.5%.  

Power Finance Corporation Ltd: The company has posted a net profit of Rs. 16953 mn for the quarter ended September 30, 2015 as compared to Rs. 14085.80 mn for the quarter ended September 30, 2014. 

Chambal Fertilisers & Chemicals Ltd: The company reported 19 per cent rise in its net profit at Rs.137 crore for the quarter ended September 30, 2015 as compared to Rs.115 crore for the same quarter in the previous year.

PVR: The net profit for the quarter stands at Rs. 41 crore as compared to Rs.9.2 crore YoY. The consolidated total income is at Rs.474.6 crore.

IPCA: IPCA is making an open offer as per market regulator Sebi requirements to acquire 35,73,515 equity shares, amounting to 26 per cent stake, of Rs 10 each at a price of Rs 54 per share for a total consideration of Rs 19.29 crore, it added.

Lupin:The pharma has received final approval from the US drug regulator to market generic Aricept tablets used for treatment of dementia.

Balrampur Chini Mills Ltd: Balrampur Chini has posted a net loss of Rs. 144.20 mn for the quarter ended September 30, 2015 as compared to net loss of Rs. 639 mn for the quarter ended September 30, 2014. 
 

Reliance Power Ltd: Reliance Power has posted a net profit at Rs. 3456.30 mn for the quarter ended September 30, 2015 as compared to Rs. 2530.70 mn for the quarter ended September 30, 2014. Total Income has increased from Rs. 18841.80 mn for the quarter ended September 30, 2014 to Rs. 28560.10 mn for the quarter ended September 30, 2015.

Tube Investments of India Ltd: The company has posted a net profit of Rs. 1069.10 mn for the quarter ended September 30, 2015 as compared to Rs. 1001.80 mn for the quarter ended September 30, 2014. 

 Electrosteel Steels: Bankers to Electrosteel Steels have decided to convert Rs. 2,507.57 crore of loans into shares at Rs. 10 per share. The move is part of a strategic debt restructuring (SDR), a scheme outlined by the Reserve Bank of India (RBI) earlier this month.

Marico, Reliance Infrastructure, Fortis, Godrej Properties, Ashok Leyland, IDBI Bank, Chennai Petro  are some of companies which to announce their earnings today