In the fast lane! Motherson Sumi Systems Q2 profit soars 174.8%

The company’s total income has increased by 14.7 per cent to Rs. 9202.9 crore for the quarter under review from Rs.8021.5 crore for the quarter ended September 30, 2014.

Motherson Sumi Systems has announced the following results for the quarter ended September 30, 2015

The company reported 174.8 per cent rise in its net profit of Rs. 286.9 crore for the quarter ended September 30, 2015 as compared to Rs. 104.4 crore for the quarter ended September 30, 2014.

The company’s total income has increased by 14.7 per cent to Rs. 9202.9 crore for the quarter under review from Rs.8021.5 crore for the quarter ended September 30, 2014.

On a standalone basis, the company has posted a net profit of Rs. 196.9 crore for the quarter ended September 30, 2015 as compared to Rs. 144.6 crore for the quarter ended September 30, 2014. Total Income has increased from Rs. 1312.7 crore for the quarter ended September 30, 2014 to Rs. 1462.9 crore for the quarter ended September 30, 2015.

Royal show! Eicher Motors Q3 PAT at Rs. 255.5 cr

Total Income has increased from Rs. 22941.60 million for the quarter ended September 30, 2014 to Rs. 31351.60 million for the quarter ended September 30, 2015

Eicher Motors Ltd has announced the following results for the quarter ended September 30, 2015.

The Group has posted a net profit after tax & Minority Interest of Rs. 255.5 crore for the quarter ended September 30, 2015 as compared to Rs. 1650.30 million for the quarter ended September 30, 2014. Total Income has increased from Rs. 22941.60 million for the quarter ended September 30, 2014 to Rs. 31351.60 million for the quarter ended September 30, 2015.

On a standalone basis, the company has posted a net profit of Rs. 2285.10 million for the quarter ended September 30, 2015 as compared to Rs. 1409.80 million for the quarter ended September 30, 2014. Total Income has increased from Rs. 8339.40 million for the quarter ended September 30, 2014 to Rs. 13091.90 million for the quarter ended September 30, 2015.

BHEL Q2 net loss stands at Rs. 205 crore; sales down 3.2%

Total Income has decreased from Rs. 6,340.1 crore for the quarter ended September 30, 2014 to Rs. 6,311.2 crore for the quarter ended September 30, 2015.

Bharat Heavy Electricals Ltd has announced the following Unaudited Standalone results for the quarter ended September 30, 2015.

 The company has posted a net loss of Rs. 205 crore for the quarter ended September 30, 2015 as compared to net profit of Rs. 124.8 crore for the quarter ended September 30, 2014. Total Income has decreased from Rs. 6,340.1 crore for the quarter ended September 30, 2014 to Rs. 6,311.2 crore for the quarter ended September 30, 2015.

Bharat Heavy Electricals Ltd is currently trading at Rs. 188.3, down by Rs. 5.9 or 3.04% from its previous closing of Rs. 194.2 on the BSE.

The scrip opened at Rs. 195.1 and has touched a high and low of Rs. 196.9 and Rs. 184.35 respectively. So far 4853597(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 47532.39 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 299.5 on 04-Feb-2015 and a 52 week low of Rs. 192.1 on 29-Sep-2015. Last one week high and low of the scrip stood at Rs. 204.55 and Rs. 192.65 respectively.

The promoters holding in the company stood at 63.06 % while Institutions and Non-Institutions held 33.21 % and 3.73 % respectively.

The stock is currently trading above its 200 DMA.

State Bank of India Q2 net profit up 24% to Rs. 4,991.7 crore

Total Income has increased from Rs. 61,098.6 crore for the quarter ended September 30, 2014 to Rs. 66,585.8 crore for the quarter ended September 30, 2015.

State Bank of India has announced the following results for the quarter ended September 30, 2015.

The bank reported 21.66 per cent rise in its net profit at Rs. 4,991.7 crore for the quarter ended September 30, 2015 as compared to Rs. 4,023.8 crore for the quarter ended September 30, 2014. Total Income has increased from Rs. 61098.6 crore for the quarter ended September 30, 2014 to Rs. 66585.8 crore for the quarter ended September 30, 2015.

On a standalone basis, the bank has posted a net profit of Rs. 3879 crore for the quarter ended September 30, 2015 as compared to Rs. 3100.4 crore for the quarter ended September 30, 2014. Total Income has increased from Rs. 41833.3 crore for the quarter ended September 30, 2014 to Rs. 46854.8 crore for the quarter ended September 30, 2015.

Power lenders shares plunge as rescue package may affect margins

According to traders, the package is a long term positive but would compress lenders' margins significantly in short term. The compression in margins can affect profits by 10 per cent in the medium term.

     

At 11.06 am, REC and PFC shares were trading 8.51 per cent and 7.06 per cent down at Rs 243.50 and 234.20. Sensex was up 8.13 points at 26,312. (Photo: Reuters)

Shares of power sector lender Rural Electrification Corporation (REC) and Power Finance Corporation (PFC) plunged as much as 12.83 per cent and 11.05 per cent on Friday after the government approved a turnaround plan for state electricity boards that is likely to impact the lenders’ margins.

According to traders, the package is a long term positive but would compress lenders’ margins significantly in short term. The compression in margins can affect profits by 10 per cent in the medium term.

At 11.06 am, REC and PFC shares were trading 8.51 per cent and 7.06 per cent down at Rs 243.50 and 234.20. Sensex was up 8.13 points at 26,312.

As per the plan cleared by the Cabinet on Thursday, states will have to take over 75 per cent of the SEBs’ loans as of September 30, 2015, by FY17-end, and 50 per cent by the end of March 2016 itself. The states will have the facility of a concessional interest rate of about 9 per cent in servicing the loans, compared with the present 13-14 per cent interest rate on SEBs’ outstanding debt. The states will issue bonds at 0.5 per cent above the G-Secs.

Nomura in a research note said, “As of March 2015, the power distribution companies accumulated losses of Rs 3.8 trillion (2.8 per cent of GDP) with their outstanding debt nearly doubling over the last three years to Rs 4.3 trillion. The plan unveiled by the government is expected to wipe out Discom losses by March 2019.”

JLR's UK October total sales rallies 47.7%

Jaguar sales showed a surge of 71.2% with the sale of 1,929 units as against 1,127 units YoY.

Tata Motors owned JLR published its UK sales for the month of October'15.

Total sales rallied 47.7% as the company sold 7,121 units against 4,822 units YoY.

Jaguar sales showed a surge of 71.2% with the sale of 1,929 units as against 1,127 units YoY.

Land Rover sales clocked 5,192 units for the month of Oct'15 as against 3,695 units YoY, thus rallying 40.5%.

Dr. Reddy's falls after warning letter by US FDA

The scrip opened at Rs. 4255 and has touched a high and low of Rs. 4294.15 and Rs. 4180 respectively.

Dr Reddys Laboratories Ltd is currently trading at Rs. 4200.05, down by Rs. 52.55 or 1.24% from its previous closing of Rs. 4252.6 on the BSE.

The scrip opened at Rs. 4255 and has touched a high and low of Rs. 4294.15 and Rs. 4180 respectively. So far 54,327 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 72544.47 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 4382.95 on 20-Oct-2015 and a 52 week low of Rs. 3010 on 09-Feb-2015. Last one week high and low of the scrip stood at Rs. 4375.3 and Rs. 4232.55 respectively.

The promoters holding in the company stood at 25.51 % while Institutions and Non-Institutions held 41.91 % and 14.35 % respectively.

The stock is currently trading below its 50 DMA.

Tata Steel slips; profits boosted by sale of investments in Tata Motors, Titan

The company reported 21.8% rise in its net profit at Rs. 1,528.7 crore for the quarter ended September 30, 2015 as compared to Rs. 1,254.3 crore for the quarter ended September 30, 2014.

Recovery in earnings would take longer than expected, says IIFL and downgrades stock to Reduce with a revised price target of Rs. 211

Tata Steel’s consolidated results were quite weaker than estimates due to an operating loss in its European division.  Tata Steel has slipped 4% at Rs. 216.75 on BSE. The company reported 21.8% rise in its net profit at  Rs. 1,528.7 crore for the quarter ended September 30, 2015 as compared to Rs. 1,254.3 crore for the quarter ended September 30, 2014.

Tata Steel’s consolidated results were quite weaker than estimates due to an operating loss in its European division.

Domestic operations reported strong volume growth, however, this impact on operating profit was offset by a rise in raw material costs.

Outperformance in bottomline was on account of profit from sale of quoted investments in Tata Motors and Titan.

In standalone results, raw material costs increased on a qoq basis due to purchase iron ore as the company’s Naomundi mines was shut during the quarter. Contribution from the FAMD division would increase from H2 FY16 as all mines are operational from second half of Q2 FY16, says a note by IIFL.

European operational performance was weak due to the sharp depreciation against the Dollar and pressure on prices from cheaper imports. The company reported a loss at adjusted EBIDTA/ton of US$7/ton against US$26/ton in Q1 FY16.  Operations in Europe are expected to remain weak due to pressure from cheaper imports and lower spreads in UK.

Performance of South East Asia operations improved on a qoq basis, but remained subdued due to dumping of material from China
Management expects H2 FY16 to be better for domestic operations as Naomundi mine has resumed operations, full benefits of FAMD division, volume push from Kalinganagar and lower raw material costs, the IIFL note added.

IIFL lowered estimates factoring in the sharp correction in steel prices. The brokerage has also lowered volume guidance in Europe as demand remains weak in the region and imports remain high.

Recovery in earnings would take longer than expected and downgrade the stock to Reduce with a revised price target of Rs. 211

Down at start! Rupee opens weaker by 5 paise at 65.75/$

The currency touched a high and low of 65.96 and 66.07 respectively.

The Indian rupee opened lower by 5 paise  at 65.75/$ in early trade on Friday. The domestic unit has been victim of the strength in US dollar against the basket of currencies. After the deterioration in Euro, British Pound also lost ground after Bank of England indicated that there is no immediate need to hike interest rates in United Kingdom, considering the fact that global economic conditions remain gloomy. Meanwhile, markets are trying to reinforce the perception of US Federal Reserve hiking interest rates in December. Recently, Fed chief Janet Yellen hinted that a rate hike in December is quite a possibility as US economy is performing well at the moment. Effectively, US dollar index has surged towards 98 levels.

The currency touched a high and low of 65.96 and 66.07 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 65.67 and for Euro stood at 71.34 on November 05, 2015. While, the RBI’s reference rate for the Yen stood at 54.05, the reference rate for the Great Britain Pound (GBP) stood at 101.0221.

Bank of Baroda plunges 4.7% post Q2 results

The bank has posted a net profit of Rs. 124 crore for the quarter ended September 30, 2015 as compared to Rs. 110.4 crore for the quarter ended September 30, 2014.

Bank of Baroda has plunged 4.7% to Rs.152 on BSE. Earlier, it had crashed by as much as 10%. The Bank has posted a net profit of Rs. 124 crore for the quarter ended September 30, 2015 as compared to Rs. 110.4 crore for the quarter ended September 30, 2014. Total Income has increased from Rs. 11817.3 crore for the quarter ended September 30, 2014 to Rs. 12300.4 crore for the quarter ended September 30, 2015.

The scrip opened at Rs. 159 and has touched a high and low of Rs. 159 and Rs. 143.55 respectively. So far 120,31,085 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 36751.35 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 228.9 on 23-Jan-2015 and a 52 week low of Rs. 137.5 on 29-Jun-2015. Last one week high and low of the scrip stood at Rs. 165.3 and Rs. 156.85 respectively.

The promoters holding in the company stood at 59.24 % while Institutions and Non-Institutions held 33.21 % and 7.55 % respectively.

The stock is currently trading above its 50 DMA.

Oracle Financial Q2 PAT marginally higher at Rs. 323 cr; sales dip 5%

Total Income has decreased from Rs. 1093.9 crore for the quarter ended September 30, 2014 to Rs. 1069.6 crore for the quarter ended September 30, 2015.

Oracle Financial Services Software Ltd has announced the following results for the quarter ended September 30, 2015.

The company has posted a net profit of Rs. 323 crore for the quarter ended September 30, 2015 as compared to Rs. 317.8 crore for the quarter ended September 30, 2014. Total Income has decreased from Rs. 1093.9 crore for the quarter ended September 30, 2014 to Rs. 1069.6 crore for the quarter ended September 30, 2015.

Its net sales declined by 5% at Rs.1,003 crore vs Rs.1,056 crore.

On standalone basis, the company has posted a net profit of Rs. 242.6 crore for the quarter ended September 30, 2015 as compared to Rs. 275.3 crore for the quarter ended September 30, 2014. Total Income has decreased from Rs. 958.2 crore for the quarter ended September 30, 2014 to Rs. 883.3 crore for the quarter ended September 30, 2015.

Gold schemes step towards unlocking $800 bn of India's gold wealth: Chanda Kochhar

The gold monetization scheme will constitute a new source of income for households for whom the metal served as a passive investment earlier, yielding no return, Chanda Kochhar said.

The launch of the gold schemes is an important step towards unlocking USD 800 billion of the country’s gold wealth and channelising it towards development. The sovereign gold bond scheme serves as an effective financial investment instrument and still provides the benefits that Indian consumers usually buy physical gold for, Chanda Kochhar, MD & CEO, ICICI Bank said.

This will help to rebalance the profile of household savings from more traditional forms of gold purchase towards a more productive form. The gold monetization scheme will constitute a new source of income for households for whom the metal served as a passive investment earlier, yielding no return. This also has the additional benefit of reducing storage costs and eliminating security concerns, Chanda Kochhar says.

Tata Sponge to enter steel making business

The company's Board has recently approved a proposal to go for forward integration of the sponge iron plant with facilities to manufacture 0.7 mtpa long products, it adds.

Tata Sponge Iron Ltd. (TSIL) is planning to enter the steel making business, with an investment of INR 2,200 crore, reports a business daily.

The company's Board has recently approved a proposal to go for forward integration of the sponge iron plant with facilities to manufacture 0.7 mtpa long products, it adds.

At present, Tata Sponge has a 4 million tonne-per-annum (mtpa) sponge iron plant in Odisha’s Keonjhar district. 

The steel making business foray would be through the sponge iron route, the daily reports. 

As part of the steel plant, facilities like billet caster and waste-based power plant would be developed, according to the financial newspaper.

While the present sponge iron plant capacity would be enhanced with setting up an electric arc furnace and two additional kilns, Tata Sponge would not require additional land, as the integrated steel plant would come up over the 310-acre premises of the sponge iron plant, the paper adds.

Ashok Leyland to write down Rs. 157 cr in John Deere JV

The write-down would not have an impact on the bottomline in a major way, as the company could offset it with around Rs. 151.82 crore profit on sale of long-term investments in IndusInd Bank, CFO Gopal Mahadevan told reporters in Chennai on Thursday.

Ashok Leyland Ltd. has decided to write down Rs. 157 crore in its accounts as diminution in the value of investments made in the earthmoving equipment joint venture with John Deere.

The write-down would not have an impact on the bottomline in a major way, as the company could offset it with around Rs. 151.82 crore profit on sale of long-term investments in IndusInd Bank, CFO Gopal Mahadevan told reporters in Chennai on Thursday.

It may be recalled that earlier, Ashok Leyland had decided to write down around INR 224 crore invested in its joint venture with Nissan. 

Ashok Leyland John Deere Construction Equipment Company, formed to make backhoe loaders, has not been doing well. 

Ashok Leyland holds 50% in the JV, which reported a loss of Rs. 29.55 crore in FY2014-15.

JSW to invest Rs. 4,000 cr to boost port, cement capacity

JSW Infrastructure Ltd. plans to almost double its ability to handle cargo at its ports to 62 million tonnes, with a target to further increase it to 200 million tonnes by 2025, Group CFO Seshagiri Rao has been quoted as saying.

JSW Group plans to invest INR 4,000 crores (US$610 million) to boost its port and cement capacity in the next two years, reports a business daily.

JSW Infrastructure Ltd. plans to almost double its ability to handle cargo at its ports to 62 million tonnes, with a target to further increase it to 200 million tonnes by 2025, Group CFO Seshagiri Rao has been quoted as saying.

“Ports appear to be a very, very attractive investment as ports and inland waters have not at all been leveraged in India,” Rao told the financial newspaper.

Cement capacity is estimated to rise to 17 million tonnes in the next 24 months from 6 million tonnes, he says.

He also says that JSW group will build its own cement plants instead of acquiring an existing business.

PNB plans to sell NPAs to ARCs

The aim is to sell NPAs worth INR 1,000-1,500 crore in the third and fourth quarters of FY16, PNB ED Gauri Shankar told the newspaper on the sidelines of the State Level Bankers’ Committee Meeting in Chandigarh on Wednesday.

Punjab National Bank (PNB) wants to sell non-performing assets (NPA) to the asset reconstruction companies (ARCs), reports a business daily.

The aim is to sell NPAs worth INR 1,000-1,500 crore in the third and fourth quarters of FY16, PNB ED Gauri Shankar told the newspaper on the sidelines of the State Level Bankers’ Committee Meeting in Chandigarh on Wednesday.

PNB's gross NPAs stood at 6.74 per cent while the net NPAs stood at 4.06 per cent in the April-June quarter. 

The public sector bank is scheduled to announce its financial results for the July-September quarter on Friday.

The slippages were inevitable, as a large part had been raised by infrastructure companies and their projects have a long gestation period, according to Shankar.

Tata Motors, SBI, Mahindra & Mahindra, Bhel, Godrej Inds among results to watch today

The results which are expected today are State Bank Of India, Mahindra & Mahindra, Bhel, Godrej Industries, ONGC, Aarti Drugs, Abbott India, Bank Of Baroda,Eicher Motors, Punjab National Bank, Essar Oil, Claris Lifesciences, ABG Shipyard.

The results which are expected today are State Bank Of India, Mahindra & Mahindra, Bhel, RCOM, Godrej Industries, ONGC, Aarti Drugs, Abbott India, Bank Of Baroda,Eicher Motors, Punjab National Bank, Essar Oil, Claris Lifesciences, ABG Shipyard, Aurobindo Pharma,Astrazeneca Pharma, Ashoka Buildcon, Abc Bearings, Archies, Atlanta, Axiscades Engineering Technologies, Bafna Pharmaceuticals, Balmer Lawrie,Motherson Sumi Systems, Ballarpur Industries,Beml,Camlin Fine Sciences, Pc Jeweller, Dynacons Technologies, Essar Shipping, Excel Industries, Farry Industries, Finolex Industries, Gayatri Sugars, Gateway Distriparks, Godavari Drugs, Hathway Cable & Datacom, Hawkins Cookers, Hinduja Global Solutions, Hindustan Composites, Hotel Leelaventure, Kesoram Industries, Liberty Shoes, Max India, Mep Infrastructure Developers, MOIL, Info Edge (india, Oricon Enterprises, Voltas, Westlife Development, Zenotech Laboratories