ITC: Q3 results disappoint; net profit at Rs. 2652 crore

The total income stands at Rs. 9,176.7 crore.

ITC Ltd has posted results for the third quarter ended 31st December, 2015.

The net profit for the quarter stands at Rs. 2652 crore.

The total income stands at Rs. 9,176.7 crore.

Ratan Tata invests in Firstcry.com and other top startup news of the day

Round up of the major headlines that dominated the Startup sector, nationally and internationally.

India’s venture capitalists have a new benefactor—the government. Last Saturday, Prime Minister Narendra Modi announced that the central government would create a fund of funds that would invest in private venture capital funds. Part of a bunch of measures that constitute the action plan for the government’s Start-up India initiative, the fund of funds’ proposed Rs.10,000 crore (about $1.5 billion) corpus will be deployed in tranches of Rs.2,500 crore over a period of four years.

Chennai-based angel network The Chennai Angels has announced it has invested Rs 3.5 crore ($500,000 million) in home automation company Silvan Innovation Labs, a company providing technology-enabled security and entertainment amenities at homes.

Going by the observations of the Delhi High Court in the arrest of a senior official of travel portal makemytrip.com, the taxman’s tendency to be coercive doesn’t seem to have reduced. Last fortnight, the official was arrested for allegedly not paying Rs 75 crore of service tax.

Uber India Systems, a local unit of the taxi aggregator, has made a marginal profit in both the years it's been present in the country. Startups generally burn through cash in the initial years as they acquire scale and customers.

Top industrialist Ratan Tata has invested in baby care eCommerce platform FirstCry, continuing the slew of investments he has made in various startups globally.

EasyPolicy, online ecommerce company in the insurance web aggregation space has raised Rs 15 crore from Ronnie Screwvala's Unilazer and other investors.

Online real estate classifieds company Housing.com said it had received Rs 100 crore ($14.7 million) in fresh funding from its largest investor, SoftBank Group Corp.

ShabdaNagari, a Hindi social networking portal, has raised Rs 1.2 crore in angel investment from Kanpur Angels and a clutch of other investors.

CREO, a Bangalore based consumer technology company has raised $ 3 million funding from Sequoia India, Beenext Ventures and India Quotient.

RBI says Banks to get commission for unlocking household gold and other top Banking news of the day

Round up of the major headlines that dominated the Banking sector, nationally and internationally.

The government will pay banks a 2.5% commission to unlock the country’s massive stash of gold under a new monetisation scheme, the Reserve Bank of India (RBI) said, as the ambitious plan received a poor response from banks and customers.

Private sector RBL Bank today launched a platform to provide end-to-end banking services to the emerging entrepreneurial community.

The Reserve Bank of India has put in place a central fraud registry, which is a searchable database to help banks detect instances of fraud by borrowers early on, the central bank said in a notification on Thursday.

As the WEF debates ways to master the fourth industrial revolution, top banker Chanda Kochhar today said financial sector has rapidly adopted the new technology and ICICI bank is targeting total transactions worth Rs 80,000 crore through mobile banking by the end of this fiscal. 

The Kotak group will launch a $500-600 million fund, along with the Canadian pension fund manager, to buy stressed assets on the books of India’s banks, two people familiar with the plan said.

Barclays Plc will shut its cash equities division in India, in line with a decision to exit this business across the Asian region, said two people familiar with the developments.

Securitisation will continue to be instrumental for the eight micro finance institutions turned small Indian finance banks, as it will take time for them to develop a retail deposit franchise, says a report by rating firm Moody's. 

The Central Bureau of Investigation has registered a case of cheating and criminal conspiracy against two Gujarat-based private firms and others for allegedly causing a loss of Rs.38.53 crore to the Union Bank of India. 

Reliance Capital gains 2%; Q3 net profit up 10%

The company posted a net profit after taxes, minority interest and share of profit of associates of Rs. 2350 mn for the quarter ended December 31, 2015 as compared to Rs. 2130 mn for the quarter ended December 31, 2014.

Shares of Reliance Capital Ltd were up by 2% at Rs. 369.The company posted a net profit after taxes, minority interest and share of profit of associates of Rs. 2350 mn for the quarter ended December 31, 2015 as compared to Rs. 2130 million for the quarter ended December 31, 2014. 

Total Income has increased from Rs. 21060 mn for the quarter ended December 31, 2014 to Rs. 23180 million for the quarter ended December 31, 2015.

The scrip opened at Rs. 372 and has touched a high and low of Rs. 373.75 and Rs. 363.5 respectively. So far 1255754(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 9157.94 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 515 on 13-Mar-2015 and a 52 week low of Rs. 250.8 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 418.35 and Rs. 339.55 respectively.

The promoters holding in the company stood at 52.64 % while Institutions and Non-Institutions held 27.67 % and 19.45 % respectively.

The stock is currently trading above its 50 DMA.

Siemens bags order worth Rs. Rs.155 crore

The scrip opened at Rs. 992 and has touched a high and low of Rs. 1004.85 and Rs. 981.65 respectively.

Siemens Ltd has announced that it has bagged Order worth Rs.155 crore from PSI International for supply of Air Insulated Substations.

Siemens Ltd is currently trading at Rs. 1003, up by Rs. 25.1 or 2.57% from its previous closing of Rs. 977.9 on the BSE.

The scrip opened at Rs. 992 and has touched a high and low of Rs. 1004.85 and Rs. 981.65 respectively. So far 95086(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 34825 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1558 on 06-Aug-2015 and a 52 week low of Rs. 958.1 on 21-Jan-2015. Last one week high and low of the scrip stood at Rs. 1110 and Rs. 971.4 respectively.

The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 13.98 % and 11.02 % respectively.

The stock is currently trading above its 200 DMA.

VST Industries jumps 5.6% on strong Q3 nos

The company’s standalone total income from operation of Rs. 217.17 crore, up by 9.60% yoy.

VST Industries jumped 5.6% to Rs.1,1716 after the company reported standalone net profit of Rs. 41.1 crore for the quarter, registering growth of 35.37% yoy. The company’s standalone total income from operation of Rs. 217.17 crore, up by 9.60% yoy. 

The scrip opened at Rs. 1690 and has touched a high and low of Rs. 1780 and Rs. 1690 respectively. So far 7131(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2509.08 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1930 on 23-Jan-2015 and a 52 week low of Rs. 1400 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 1716.15 and Rs. 1585 respectively.

The promoters holding in the company stood at 32.16 % while Institutions and Non-Institutions held 26.51 % and 41.33 % respectively.

The stock is currently trading below its 50 DMA.

Idea Cellular Q3 earnings: 7 things that mattered

Idea Cellular, third largest telecom operator of the country announced its financial results for the quarter ended December 2015 on January 21.

Idea Cellular, third largest telecom operator of the country announced its financial results for the quarter ended December 2015 on January 21. Here are 7 things that mattered the most:

Revenue growth: The company reported a marginal decrease in net profit at Rs. 764 crore for the third quarter that ended on December 31, 2015 as compared to IIFL estimates of 5.2% decline Y-o-Y to Rs. 767.1 crore.

The company had reported a net profit of Rs.767 crore for the corresponding quarter last year, it said in a filing to the BSE.

The company's total income has increased by 10.9% at Rs. 9,040.5 crore for the quarter against Rs. 8,150.1 crore in the corresponding quarter of the previous year.

Pricing pressure: CEO Himanshu Kanapia said “The company is experiencing pricing pressure in both voice and data services. For voice, it is because of IUC charges and lowering cap of roaming, SMS charges and impact of taxes. However, the company will bottom down voice prices.” Talking on 3G data, he said that there is pressure on data prices because of punching of supply increase. There is aggressive competition to cater to expand 3G and 4G services. Many first time customers have been added who need trial plans which has pressurized data pricing. The fall in prices and hence the pressure is likely to continue however not at the existing intensity. 

Declining PAT: Profit after Tax (PAT) has been on a decline for three consecutive quarters. However it will further decline till Q1 FY17, the company informed in earnings press conference. The company said that amortization of spectrum is one of the main causes behind declining PAT.

Capex guidance: The company has revised its Capex guidance from Rs. 6500 crore to Rs. 7500 crore. The reason for increase in Capex being infrastructure and other investments with regards to launch of 4G services.

Data subscribers: The company had 28 million of 3G and 4G data subscribers prior to December quarter. They added more 28 million subscribers in Q3 and the count went up to 55 million subscribers at the end of December 2015, almost doubling in a single quarter. However the company said that only 38% of the total subscribers are currently active and the percentage will increase as they improve further on data services.

Future focus: The company plans to focus on expanding and improving services and monetizing current assets. The telco also plans to focus on voice realization.

Payment bank: The company has been working towards creating a payment bank and will launch it in the second half of CY16.

L&T Construction bags order worth Rs. 1,213 crore

The scrip opened at Rs. 1113.3 and has touched a high and low of Rs. 1123.35 and Rs. 1110.3 respectively.

L&T Construction has announced that it has bagged order worth Rs. 1,213 crore.

Larsen & Toubro Ltd is currently trading at Rs. 1123, up by Rs. 20.7 or 1.88% from its previous closing of Rs. 1102.3 on the BSE.

The scrip opened at Rs. 1113.3 and has touched a high and low of Rs. 1123.35 and Rs. 1110.3 respectively. So far 240020(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 102647.8 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1892.95 on 04-Mar-2015 and a 52 week low of Rs. 1070 on 19-Jan-2016. Last one week high and low of the scrip stood at Rs. 1142 and Rs. 1070 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 55.28 % and 42.36 % respectively.

The stock is currently trading above its 200 DMA.

Block Deal on IDFC Bank; rallies 2.2%

Around 90.9 lakh shares were traded in a single block at Rs. 44.35 on the NSE.

Shares of IDFC Bank were trading higher 2.2% at Rs.58.95 on NSE today. Around 90.9 lakh shares were traded in a single block at Rs. 44.35 on the NSE.

The scrip opened at Rs. 44.35 and has touched a high and low of Rs. 45.4 and Rs. 44 respectively. So far 9508924(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 14757.91 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 73.45 on 06-Nov-2015 and a 52 week low of Rs. 43.15 on 21-Jan-2016. Last one week high and low of the scrip stood at Rs. 50.05 and Rs. 43.15 respectively.

The promoters holding in the company stood at 53 % while Institutions and Non-Institutions held 33.8 % and 13.2 % respectively.

The stock is currently trading above its 50 DMA.

Alembic Pharma gains 4%; Q3 net profit soars

The company posted a net profit at Rs. 2694.90 mn for the quarter ended December 31, 2015 as compared to Rs. 706.60 mn for the quarter ended December 31, 2014.

Alembic Pharma Ltd stock was higher by 4% at Rs. 653. The company posted a net profit after tax and Share of Profit / (Loss) of Associates of Rs. 2694.90 mn for the quarter ended December 31, 2015 as compared to Rs. 706.60 mn for the quarter ended December 31, 2014.

 Total Income has increased from Rs. 5119.10 mn for the quarter ended December 31, 2014 to Rs. 9245.30 million for the quarter ended December 31, 2015.

The scrip opened at Rs. 639 and has touched a high and low of Rs. 656 and Rs. 637 respectively. So far 120385(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 11793.5 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 791.7 on 15-Jul-2015 and a 52 week low of Rs. 381.9 on 26-Feb-2015. Last one week high and low of the scrip stood at Rs. 671 and Rs. 573.55 respectively.

The promoters holding in the company stood at 74.13 % while Institutions and Non-Institutions held 12.6 % and 13.28 % respectively.

The stock is currently trading above its 100 DMA.

Rupee up 22 paise against dollar

The currency touched a high and low of 67.79 and 68.01 respectively.On the global front, Mario Draghi and the ECB Chief provided the much needed relief rally to the broader markets.

Indian Rupee opened at 67.80/$,up 22 paise in early trade on Friday as against the previous close of 68.02/$. Indian rupee has managed to regain lost ground in the overnight trading session, as global equities surged higher after ECB policy meeting. On the global front, Mario Draghi and the ECB Chief provided the much needed relief rally to the broader markets. Meanwhile, emerging market currencies continue to lose ground, with Russian ruble collapsed to a fresh low of 84, Mexican peso moved towards 19 levels. Brazilian real gets no respite as the country's central bank does not intend to hike interest rates to combat inflation.

On Thursday, the rupee ended at 68.02/$, weaker by 7 paise.The currency touched a high and low of 67.79 and 68.01 respectively.The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 68.06 and for Euro stood at 74.16 on January 21, 2016. While, the RBI’s reference rate for the Yen stood at 58.30, the reference rate for the Great Britain Pound (GBP) stood at 96.5567.

Sun Pharma gets CCI approval to sell CNS unit to Strides Shasun

Sun Pharmaceutical Industries received order under the Competition Act, 2002 from the Competition Commission of India approving the proposed transaction.

Sun Pharmaceutical Industries Ltd has now informed BSE that the Company has, on January 21, 2016 received order under the Competition Act, 2002 from the Competition Commission of India (CCI) approving the proposed transaction.

With this approval, all necessary regulatory approvals have been obtained.

Stock Commentary:

 Sun Pharmaceuticals Industries Ltd is currently trading at Rs. 778.1, up by Rs. 4.85 or 0.63% from its previous closing of Rs. 773.25 on the BSE.

The scrip opened at Rs. 775 and has touched a high and low of Rs. 782.75 and Rs. 774.25 respectively. So far 99962(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 186095.45 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1200.7 on 07-Apr-2015 and a 52 week low of Rs. 706.4 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 803.4 and Rs. 762.45 respectively.

The promoters holding in the company stood at 54.71 % while Institutions and Non-Institutions held 35.62 % and 9.68 % respectively.

The stock is currently trading below its 200 DMA.

Arun Jaitley says focusing on reviving private investments

Jaitley exuded confidence that the stuck reform measures like GST would go through.

Minister Arun Jaitley reportedly said it needs some additional growth engines and the focus is on reviving private investments.

Jaitley exuded confidence that the stuck reform measures like GST would go through.

Jaitley was speaking at a breakfast session on ‘India — The next growth engine of the world’.

“We have a very noisy democracy… But I am finding that there are more people who want to support the growth and the others are very minuscule minority,” Jaitley was quoted as saying.

EPFO may hike interest rate to 8.95% for FY16

The proposal has to be endorsed by the Central Board of Trustees (CBT) before the Finance Ministry notifies it.

The Employees Provident Fund Organisation's (EPFO) finance panel has recommended raising the interest rate for more than 5 crore subscribers to 8.95% from 8.75% during FY16, reports a national daily.

The proposal has to be endorsed by the Central Board of Trustees (CBT) before the Finance Ministry notifies it. 

If it goes through, it will be the highest interest rate on EPF since the 9.5% paid in 2010-11, according to the daily.

Meanwhile, the Finance Ministry is expected to lower interest rates on several small savings schemes such as public provident fund (PPF) or National Savings Certificate (NSC) by up to 50 basis points to signal lower interest rate regime, reports the daily.

The Government and the Reserve Bank of India (RBI) are looking to reduce deposit rates so that banks can cut lending rates.

The EPFO is hoping to convene a meeting of the CBT headed by Labour Minister Bandaru Dattatreya at the earliest for the interest rate proposal, according to the newspaper. 

Tata Steel suspends operations at Canadian iron ore project

“This action is in response to presently challenging conditions in the steel and iron ore markets and is expected to be reviewed on an ongoing basis. The number of TSMC employees affected will be based on operational needs, including services and maintenance,” the Toronto Stock Exchange-listed NML said in a filing

Tata Steel has suspended operations at its Canadian iron ore mining and processing project, reports a financial newspaper.

Though the company has not disclosed any reason for the suspension, its junior partner in Canada, New Millennium Iron Corp (NML) announced that Tata Steel Minerals Canada (TSMC) temporarily scaled down winter operations, including stabilisation activities of the all-season ore processing plant at its direct shipping ore (DSO) project, reports the paper.

“This action is in response to presently challenging conditions in the steel and iron ore markets and is expected to be reviewed on an ongoing basis. The number of TSMC employees affected will be based on operational needs, including services and maintenance,” the Toronto Stock Exchange-listed NML said in a filing. 

Tata Steel holds a 94 per cent stake in TSMC.

Tata Steel’s Canadian DSO project comprises 25 hematite deposits with a resource potential of 122 million tonnes.

The DSO project, located in the sub-arctic zone of eastern Canada, comprises mining, crushing, washing, screening and drying to produce 4.2 million tonnes per year of sinter fines and pellet feed.