Indian Overseas Bank shines on reporting over four fold jump in Q4 net profit

Indian Overseas Bank is currently trading at Rs. 61.00, up by 5.95 points or 10.81% from its previous closing of Rs. 55.05 on the BSE. The scrip opened at Rs. 57.10 and has touched a high and low of Rs. 61.25 and Rs. 55.90 respectively. So far 932421 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 65.65 on 20-May-2013 and a 52 week low of Rs. 37.15 on 19-Aug-2013. Last one week high and low of the scrip stood at Rs. 56.60 and Rs. 52.20 respectively. The current market cap of the company is Rs. 7171.20 crore. The promoters holding in the company stood at 73.80% while Institutions and Non-Institutions held 17.14% and 9.06% respectively. The bank has reported over four fold jump in its net profit at Rs 268.33 crore for the quarter as compared to Rs 58.87 crore for the same quarter in the previous year. Total income of the bank has increased by 9.79% at Rs 6,475.93 crore for quarter under review, as compared to Rs 5,898.15 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the bank has reported a rise of 6.08% in its net profit after tax at Rs 601.74 crore, as compared to Rs 567.23 crore for FY13. Total income has increased by 9.72% at Rs 24,853.07 crore for year under review as compared to Rs 22,649.63 crore for the year ended March 31, 2013.

Indian Overseas Bank reports over four fold jump in Q4 net profit

Indian Overseas Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has reported over four fold jump in its net profit at Rs 268.33 crore for the quarter as compared to Rs 58.87 crore for the same quarter in the previous year. Total income of the bank has increased by 9.79% at Rs 6,475.93 crore for quarter under review, as compared to Rs 5,898.15 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the bank has reported a rise of 6.08% in its net profit after tax at Rs 601.74 crore, as compared to Rs 567.23 crore for FY13. Total income has increased by 9.72% at Rs 24,853.07 crore for year under review as compared to Rs 22,649.63 crore for the year ended March 31, 2013.

Liberty Shoes to open 10 exclusive showrooms in Kerala: Report

Liberty Shoes, a leading shoe manufacturer, has reported that it will open 10 exclusive showrooms in Kerala during current financial year. The first will come up at Marine Drive in Kochi and the company would initially spend Rs 5 crore for setting up the showrooms. Liberty Shoes is amongst the top 5 manufacturers of leather footwear of the world producing more than 50,000 pairs a day using a capacity of more than 3 lakhs square feet of leather per month.

BHEL trades in pink of its health in early deals

Bharat Heavy Electricals (BHEL) is currently trading at Rs. 188.00, up by 1.30 points or 0.70% from its previous closing of Rs. 186.70 on the BSE. The scrip opened at Rs. 188.20 and has touched a high and low of Rs. 188.25 and Rs. 184.55 respectively. So far 70432 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 207.90 on 22-May-2013 and a 52 week low of Rs. 100.35 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs. 195.25 and Rs. 185.10 respectively. The current market cap of the company is Rs. 45880.26 crore. The promoters holding in the company stood at 63.06 % while Institutions and Non-Institutions held 32.61 % and 4.33 % respectively. Bharat Heavy Electricals (BHEL), a maharatna company, has won the ‘National Intellectual Property (IP) Award 2014’ for being the ‘Top Indian Public Limited Company in Patents’. Significantly, the company was also awarded the World Intellectual Property Organisation (WIPO) Award for Innovative Enterprises. BHEL has been committed to the nation's power development programme and has reaffirmed its commitment to the Indian Power Sector by equipping itself by way of contemporary technology, state-of-the-art manufacturing facilities and skilled technical manpower.

Physical rubber prices improved on Tuesday

Physical rubber prices improved on Tuesday on fresh buying and short covering in the absence of genuine and quantity sellers at lower levels.

Spot prices for RSS-4 variety improved to Rs 141.50/ kg compared to its previous closing of Rs 140/ kg, while RSS-5 variety closed at Rs 137/ kg compared to its previous close of Rs 135.50/ kg.

In the futures market, contract of May delivery firmed up to Rs 142.72 compared to its previous closing of Rs 142.16, while June delivery closed at Rs 145.75 compared to its previous close of Rs 145.01 on the National Multi Commodity Exchange (NMCE).

BHEL wins National Intellectual Property Award 2014

Bharat Heavy Electricals (BHEL), a maharatna company, has won the ‘National Intellectual Property (IP) Award 2014’ for being the ‘Top Indian Public Limited Company in Patents’. Significantly, the company was also awarded the World Intellectual Property Organisation (WIPO) Award for Innovative Enterprises. BHEL has been committed to the nation's power development programme and has reaffirmed its commitment to the Indian Power Sector by equipping itself by way of contemporary technology, state-of-the-art manufacturing facilities and skilled technical manpower.

IFCI reports 14% rise in Q4 net profit

IFCI has reported results for fourth quarter and year ended March 31, 2014 The company has posted a rise of 13.57% in its net profit at Rs 170.29 crore for the quarter ended March 31, 2014 as compared to Rs 149.94 crore for the same quarter in the previous year. Total income of the company increased by 12.82% at Rs 829.72 crore for quarter under review as compared to Rs 735.38 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the company has posted a jump of 12.69% in its net profit at Rs 508.10 crore as compared to Rs 450.87 crore for the same period in the previous year. Total income of company improved by 6.95% at Rs 2951.26 crore for year under review as compared to Rs 2759.30 crore for the period ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the company has posted a rise of 0.79% in its net profit at Rs 536.23 crore as compared to Rs 532 crore in FY13. Total income of company increased by 14.14% at Rs 3639.64 crore for year under review as compared to Rs 3188.67 crore for the period ended March 31, 2013.

Tata Elxsi unveils RDK Reference Deployment Suite for operators

Tata Elxsi has unveiled its RDK Reference Deployment Suite to operators adopting RDK. The Reference Design Kit (RDK) is a pre-integrated software bundle that provides a common framework for powering customer-premises equipment (CPE) from TV service providers, including set-top boxes, gateways, and converged devices. The RDK is supported by more than 125 licensees, is being widely adopted by TV service providers, STB manufacturers and SoCs vendors across the globe. Tata Elxsi provides a comprehensive set of services which includes App Development, Localization, Porting & Validation, System Integration and Deployment support to customers in RDK space. Tata Elxsi has established its leadership in RDK space by directly participating in commercially deployed RDK solutions. With a pool of RDK experts, partnerships, necessary infrastructure and ready to use solutions; Tata Elxsi is well positioned to support to RDK ecosystem partners in developing and deploying RDK based solutions. Tata Elxsi’s RDK Reference Deployment Suite is a scalable reference implementation for RDK rollout, enabling operators to quickly adapt their client / back-office for RDK deployment. The package includes an HTML5 Application Framework, RDK specific servers and a set of HTML5 apps - and is aimed to enable operators to accelerate RDK deployment. Tata Elxsi provides system integration and software development. The company caters to various industries such as aerospace, consumer electronics, entertainment, FMCG, telecom etc.

Tata Chemicals strengthens on getting nod for merger of Homefield International with itself

Tata Chemicals is currently trading at Rs 296.90, up by 2.80 points or 0.95% from its previous closing of Rs. 294.10 on the BSE. The scrip opened at Rs 296.05 and has touched a high and low of Rs 297.50 and Rs 295.00 respectively. So far 8065 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 333.90 on 02-May-2013 and a 52 week low of Rs 234.50 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs 302.90 and Rs 281.00 respectively. The current market cap of the company is Rs 7492.38 crore. The promoters holding in the company stood at 31.06% while Institutions and Non-Institutions held 44.34% and 24.60% respectively. Tata Chemicals (TCL) has received an approval for scheme of amalgamation of Homefield International (Mauritius), a wholly owned subsidiary of the company with itself under the provisions of Companies Act, 1956. The High Court of Bombay vide its order dated March 7, 2014 has sanctioned for the same. Accordingly, in terms of the scheme, all assets and liabilities of Homefield International, under the provisions of Companies Act 1956, stands transferred to and vested in the company. As Homefield International is a wholly owned subsidiary, no shares of the company will be issued and allotted in lieu or exchange of the equity shares of Homefield International. Tata Chemicals, part of the Tata Group, is a leading manufacturer of chemicals, fertiliser and food additives. Tata Swach is a water purifier developed by Tata Chemicals.

SBI inks pack with Reliance Money Infrastructure: Report

State Bank of India (SBI) has reportedly inked pack with Reliance Money Infrastructure (RMIL), an Anil Ambani Group company, in a business correspondent deal to source a range of banking services. The deal authorizes RMIL to identify borrowers; collect, process, and submit loan applications; promote credit groups; take up post-sanction monitoring, follow-up, and recovery. As the service provider, RMIL will also collect small-value deposits; sell micro-insurance, mutual fund and pension products; and receive and deliver small-value remittances. The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.