Whirlpool Q4 PAT up 44%

Total income of Rs. 666.3 Cr grew by 6% on a year-over-year basis Whirlpool of India, subsidiary of Whirlpool Corporation, the World’s No.1 Home Appliance Company today announced strong financial results for its fourth quarter of 2013-14. Total income of Rs. 666.3 Cr grew by 6% on a year-over-year basis, EBITDA margin at 10.2% was better by 1.8 points over the same quarter last year and 3.5 points better than the previous quarter. Fourth quarter Profit after Tax was Rs. 35.6 Cr compared to Rs. 24.7 Cr in Q4 of fiscal 2013 and Rs. 21 Cr. in Q3 of fiscal 2014, a growth of ~44%. The home appliances industry has seen unprecedented slowdown in demand in the last fiscal with the IIP Index for Consumer Durables reporting a decline of 12.5% for the period April ‘13-January ’14. Whirlpool has bucked the trend and grown net revenue by 7% in the second half of the year versus a decline of 3% in the first half, leading to ~1.5% growth on a year-on-year and a profit of Rs 122.9 Cr for fiscal 2014. Arvind Uppal, Chairman and Managing Director, Whirlpool of India Limited and President South Asia and Asia Pacific, Whirlpool Corporation said, “We are pleased with the improvement in our profitability. Our strong focus on operational excellence and product innovation is starting to deliver results and all business levers are trending in the right direction. We remain confident about the business results in the coming quarters.” One of the key pillars of Whirlpool’s winning strategy has been to consistently keep introducing new, advanced products. The company plans to introduce over 200 new models in 2014 and has already put into market a new range of Air Conditioners and Refrigerators. It is also focusing on enlarging its category footprint by aggressively expanding its high-end Built In range of kitchen appliances, including refrigerators, ovens, dishwashers and coffee makers, and its water purifier business.

ICICI Bank cuts home loan rates by 10bps

For loans above Rs 75 lakh, the bank will continue to charge between 10. 5% and 11.25%.

ICICI Bank has reduced home loan rates by up to 10 basis points (bps) for loans up to Rs 75 lakh. Under the new scheme, which will be offered till June 30 for new customers, interest on home loans up to Rs 75 lakh will be charged at 10.15% or 15 bps over the base rate. For loans above Rs 75 lakh, the bank will continue to charge between 10. 5% and 11.25%. This new rate is applicable only for salaried individuals. For self-employed consumers home loan rate remains the same at 10.25%. Foe women borrowers, the interest on home loans up to Rs 75 lakh is 10.10%. The revised rates are only applicable for new customers of ICICI Bank.

Reliance Power surges on commencing power generation from fourth 660 MW unit of Sasan UMPP

Reliance Power is currently trading at Rs. 88.10, up by 2.20 points or 2.56% from its previous closing of Rs. 85.90 on the BSE. The scrip opened at Rs. 87.15 and has touched a high and low of Rs. 89.50 and Rs. 85.55 respectively. So far 1973676 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 86.70 on 19-May-2014 and a 52 week low of Rs. 60.10 on 03-Mar-2014. Last one week high and low of the scrip stood at Rs. 86.70 and Rs. 72.35 respectively. The current market cap of the company is Rs. 24979.65 crore. The promoters holding in the company stood at 74.98% while Institutions and Non-Institutions held 11.72% and 13.28% respectively. Reliance Power has commenced power generation from the fourth 660 MW unit of the 3,960 MW Sasan Ultra Mega Power Project (UMPP) thus making 2,640 MW capacity operational at the project. The balance two units are in advanced stages of construction and will be commissioned over the next few months. With this unit, Reliance Power’s generation capacity has increased to 4,525 MW which includes 4,440 MW of thermal capacity and 85 MW of renewable energy based capacity. The Sasan Ultra Mega Power Project is the largest integrated power plant and coal mining project in the world. The coal production has already commenced from the 20 million tonnes Moher and Moher-Amlohri coal mines associated with the power project. Reliance Power is a part of the Reliance Anil Dhirubhai Ambani Group and is established to develop, construct and operate power projects domestically and internationally.

Safari Industries unveils stylish range of trolley bags

Safari Industries (India), manufacturer of travel and luggage bags, has unveiled a completely new and stylish range ‘Code’ which is derived and inspired by a streaming binary code. The ‘Code’ by Safari is a stylish and trendy range of 4 wheeler trolley bags which, besides being great looking is lightweight and durable, thus making the travel comfortable. The ‘Code’ range is priced between Rs 3,900 to Rs 6,400, while the ‘Code’ special range comes between Rs 4,700 to Rs 7,400. The range is made using tough polycarbonate and the product is available in three variants and 8 colour themes. Safari Industries (India) manufactures injection-moulded plastic articles and vacuum-formed plastic articles.

Omax Autos spurts on foraying into truck assembly segment

Omax Autos is currently trading at Rs. 39.50, up by 2.65 points or 7.19 % from its previous closing of Rs. 36.85 on the BSE. The scrip opened at Rs. 39.90 and has touched a high and low of Rs. 39.90 and Rs. 38.85 respectively. So far 300 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 46.80 on 08-Jan-2014 and a 52 week low of Rs. 26.00 on 29-Jul-2013. Last one week high and low of the scrip stood at Rs. 40.00 and Rs. 34.05 respectively. The current market cap of the company is Rs. 83.09 crore. The promoters holding in the company stood at 56.24 % while Non-Institutions held 43.76 % of company’s stake. Omax Autos has entered into full-fledged truck assembly segment with plans to roll out 10,000 units in three years from its Bangalore plant. Meanwhile, the company has completed deliveries of an order of 20 vehicles for an undisclosed original equipment manufacturer. Moreover, the company has created a focussed assembly cell at its Bangalore plant where trucks are assembled and the company is aiming an annual volume of 10,000 vehicles in 3 years. The company manufactures a range of components for automobiles ranging from two-wheelers, three-wheelers, Off-Highway, passenger cars, commercial vehicles and railways.

Physical rubber prices improved on Monday

Physical rubber prices improved on Monday following sharp gains in stock markets and moderate recovery in domestic futures market. Further, lower arrivals in the local trading houses too supported rubber prices uptrend.

Spot prices for RSS-4 variety improved to Rs 145/ kg compared to its previous closing of Rs 142/ kg, while RSS-5 variety closed at Rs 141/ kg compared to its previous close of Rs 140/ kg.

In the futures market, contract of June delivery flared up to Rs 148.79 compared to its previous closing of Rs 144.46, while July delivery closed at Rs 150 compared to its previous close of Rs 145.70 on the National Multi Commodity Exchange (NMCE).

SCI utilizes Rs 582.45 crore raised though FPO for projects

Shipping Corporation of India (SCI) has fully utilized an amount of Rs 582.45 crore raised though FPO for the projects. The company had come out with a Follow-on-Public Offer (FPO) during Nov 2010. The amount was utilized towards the payment of installments to the Shipyards. However, SCI is in receipt of Rs 260 crore (out of which Rs 105 crore as part of the FPO proceeds) on cancellation of a ship building contract. The company is in process of taking appropriate steps towards alternate deployment of the funds. SCI is the only Indian shipping company operating break-bulk service, international container service, liquid / dry bulk service, offshore service, passenger service, in addition to manning / managing a large number of vessels on behalf of various government departments and organizations.

HDFC Bank to raise Rs 10,000 cr by next 1 yr

The issue is proposed to be completed within a period of one year from the date of Shareholders approval.

HDFC Bank said on Monday it will be raising Rs. 10,000 crore from the market over the next one year. The bank’s board has given approval to sell fresh equity shares in both domestic and foreign markets. “The proposed issue is to be made by creating, issuing, offering in the course of one or more public or private offerings in domestic or one or more international markets, equity shares and/or equity shares through depository receipts and/or securities convertible into equity shares at the option of the Bank and/or the holders of such securities, and/or securities linked to equity shares and/or any instrument or securities representing equity shares and/or convertible securities linked to equity shares,” HDFC Bank said in a filing to BSE. The final approval of the bank’s shareholder is needed which will be granted at the annual general meeting of the bank which is on June 25. The issue of capital is subject to the applicable laws, SEBI regulations and approvals of Reserve Bank of India and other regulatory authorities. The issue is proposed to be completed within a period of one year from the date of Shareholders approval.

Mahindra First Choice Services plans to open 72 workshops

Mahindra & Mahindra’s (M&M) business unit - Mahindra First Choice Services (MFCS) is planning to open another 72 workshops by the end of this fiscal. The company is also exploring regions such as Chandigarh and Amritsar, Patiala, Jalandhar, Ludhiana in Punjab along with Mumbai, Pune, Delhi and NCR and Karnataka to achieve its target of 100-plus workshops by the end of this fiscal. MFCS operates a total of 28 company-owned company-operated (COCO) workshops across the country. Mahindra First Choice Wheels (MFCWL) is the country’s preferred used car mart and is India’s number one multi-brand certified used car player. The company plans to expand this number to 600 outlets over the next two years.

Dr. Reddy’s Lab gains on launching skin care product

Dr. Reddys Laboratories is currently trading at Rs. 2311.45, up by 28.30 points or 1.24 % from its previous closing of Rs. 2283.15 on the BSE. The scrip opened at Rs. 2300.00 and has touched a high and low of Rs. 2315.20 and Rs. 2266.00 respectively. So far 6406 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2939.80 on 28-Feb-2014 and a 52 week low of Rs. 2012.00 on 21-May-2013. Last one week high and low of the scrip stood at Rs. 2743.05 and Rs. 2250.00 respectively. The current market cap of the company is Rs. 38838.41 crore.  The promoters holding in the company stood at 25.52 % while Institutions and Non-Institutions held 40.59 % and 15.87 % respectively. Dr Reddy’s Laboratories has unveiled daily moisturiser cream Rebask in the domestic market. The cream is an advanced ceramide dominant, non-greasy and quick absorbing formulation that helps in moisturisation of skin. It also forms a skin barrier that prevents loss of moisture through the skin. Skin barrier is a natural layer, offering protection against moisture loss through the skin surface that gets damaged in conditions such as atopic dermatitis and psoriasis. Dr. Reddy’s 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.