Asian Paints reports marginal fall in Q3 consolidated net profit

Asian Paints has reported results for third quarter ended December 31, 2013.

The company has registered a fall of 1.46% in its net profit at Rs 307.47 crore for Q3FY13 as compared to Rs 312.03 crore in the corresponding quarter previous year. However, the total income of the company has also increased by 12.07% to Rs 2877.72 crore for the quarter under review as compared to Rs 2567.66 crore in the same period last year.

On the consolidated basis, the company has reported 1.75% fall in its net profit at Rs 329.35 crore for the quarter ended December 31, 2013 as compared to Rs 335.23 crore for the same quarter in the previous year. However, the total income of the company has increased by 13.03% at Rs 3481.99 crore for quarter under review as compared to Rs 3080.40 crore for the quarter ended December 31, 2012.

Nifty re-conquers 6300 mark

The Indian equity market started off the week with smart gains as the NSE Nifty managed to once again close above the 6300 mark. Sentiment got a boost after heavyweights like Reliance Industries, HDFC Bank and Wipro delivered better than expected quarterly results. While ITC was inline with market expectations. 

Today’s upswing was so strong that barring the oil and gas index all the other BSE sectoral indices ended with smart gains. The IT, telecom and the FMCG stocks led from the front. The banking, power and realty stocks were among the other major gainers.

Even the mid-cap and the small-cap stocks participated in todays rally.

HDFC Bank’s third quarter profit rose 25%. Net profit increased to Rs. 2,326 crore, or Rs.9.7 per share, in the three months ended 31 December from Rs. 1,859 crore, or Rs.7.8, in the year-earlier period. 

Commenting on the same, Amar Ambani, Head of Research at IIFL said, “HDFC Bank delivered a better than expected loan growth of 18% yoy. Deposits growth was strong 23% yoy with the bank raising FCNR (B) deposits worth ~US$3.4bn under the concessional swap facility of the RBI.Versus our expectation of 10bps improvement, HDFC Bank’s NIM declined by 10bps qoq to 4.2.On the back of benign slippages, the increase in Gross NPLs was modest at 2.6% qoq.We estimate HDFC Bank’s RoA to remain at historically high level of 1.9% in FY15/16 supported by robust NIMs and resilient asset quality. Absolute valuation does not look expensive in the context of elevated RoA delivery, so we remain bullish.”

Finally, BSE Sensex closed at 21,205 up 141 points, while NSE Nifty closed at 6,304 up 42 points over the previous close.

LIC sells over 2% stake in Biocon

Life Insurance Corporation of India (LIC) has sold more than 2% stake in Biocon for over Rs 162 crore. Post stake sale, the country’s largest insurer’s stake in Biocon has come down to 3.01% from 5.02% earlier.

LIC has offloaded 4,031,002 shares, for Rs 162.58 crore in Biocon through open market transactions.

Biocon is India’s largest and Asia’s leading Biotechnology Company with a strategic focus on biopharmaceuticals and research services.

Dewan Housing Finance gains on reporting 52% rise in Q3 net profit

Dewan Housing Finance Corporation has reported results for third quarter ended December 31, 2013.

The company has reported 51.68% rise in its net profit at Rs 138.39 crore for the quarter as compared to Rs 91.24 crore for the same quarter in the previous year. Total income from operation of the company has increased by 54.78% at Rs 1301.37 crore for quarter under review as compared to Rs 840.80 crore for the quarter ended December 31, 2012.

Dewan Housing Finance Corporation (DHFL) is among the oldest private sector Housing Finance Companies (HFC) in India.

City Union Bank inaugurates 3 branches in Tamil Nadu

City Union Bank has inaugurated three new branches in state of Tamil Nadu on January 20, 2014. The bank has opened the first branch at Swami Nagar, Main Road, Thiruvalanjuli while the second and third branch is been opened at Main Road, Devananchery and Easwar School Premises, Koranattu karuppur in state of Tamil Nadu.

City Union Bank was started at the temple town of Kumbakonam as a part of Swadeshi Movement to support Local Agriculture and Commerce in the year 1904 and entered the 110th year of service to the nation on October 31, 2013. The bank proudly dedicates this milestone to the participants in the Swadeshi Movement, Freedom Fighters and Customers / Stake holders / Employees of the bank -past, present and future.

Ultratech Cement reports 38% fall in Q3 net profit

Ultratech Cement has reported results for third quarter ended December 31, 2013.

The company has reported 38.46% fall in its net profit at Rs 369.76 crore for the quarter as compared to Rs 600.81 crore for the same quarter in the previous year. Total income from operation of the company has decreased by 1.32% at Rs 4817.85 crore for quarter under review as compared to Rs 4882.07 crore for the quarter ended December 31, 2012.

UltraTech manufactures and markets Ordinary Portland Cement, Portland Blast Furnace Slag Cement and Portland Pozzalana Cement. The company has 11 integrated plants, one white cement plant, one clinkerisation plant in UAE, 15 grinding units 11 in India, 2 in UAE, one in Bahrain and Bangladesh each and five terminals, four in India and one in Sri Lanka.

Sandur Manganese & Iron Ores resumes mining operations from January 20

Sandur Manganese & Iron Ores has resumed Mining Operations from January 20, 2014 after getting approval from Competent Authorities, the Government of Karnataka.  Earlier, as on January 01, 2014, the company had suspended all activities in its mining leases. The company has taken this step after the Forest Department directed suspension of mining operations without taking cognizance of the deemed renewal provisions.

The company had mining leases granted under the provisions of Mines & Minerals (Development & Regulation) Act, 1957 (MMDR Act) for a period of 20 years effective from January 01, 1994 and the same period has expired on December 31, 2013.

Sandur Manganese & Iron Ores (SMIORE), the flagship company of the Sandur Group, was founded by former ruler of the Princely State of Sandur, Yeshwanthrao Hindurao Ghorpade in 1954.  The major activities of SMIORE are mining of finest low grade, low phosphorous, manganese and iron ores, facility for production of ferroalloys and management of hydro-electric power generation.

Reliance MediaWorks to delist its shares from the bourses

Reliance MediaWorks is planning to delist its shares from the bourses. In this regard the board of directors of the Anil Dhirubhai Ambani Group Company is scheduled to meet on January 20 to consider delisting of equity shares of the company from the stock exchanges.

Bodies corporate are the major non-promoter shareholders held 13.22% stake in a film and entertainment services company. Individual shareholders held 12.43%, while 1.05% stakes are with the foreign investors and domestic institutional investors. The promoters held 73.30% stake as on September 30 2013, the shareholding pattern data shows.

Reliance MediaWorks has a leading and comprehensive presence in Film and Media Services: Motion Picture Processing and DI; Film, Audio Restoration and Image Enhancement; 3D; Digital Mastering: Studios and Equipment rentals; Visual Effects; Animation; Broadcast and TVC Post Production with presence across India, USA and the UK.

Tata Sponge Iron reports 18% jump in Q3 net profit

Tata Sponge Iron has reported results for third quarter ended December 31, 2013.

The company has reported 18.12% rise in its net profit at Rs 24.31 crore for the quarter as compared to Rs 20.58 crore for the same quarter in the previous year. However, total income from operation of the company has decreased by 0.68% at Rs 198.42 crore for quarter under review as compared to Rs 199.78 crore for the quarter ended December 31, 2012.

Tata Sponge Iron is engaged in business of manufacturing high-grade sponge iron that is consistent in quality.  The company has an annual manufacturing capacity of 390,000 tonnes of sponge iron from its three kilns. Its production plant is situated at Bilaipada in Orissa.

Force Motors reports net loss of Rs 8.37 crore in Q3

Force Motors has reported results for third quarter ended December 31, 2013.

The company has reported net loss of Rs 8.37 crore for the quarter as compared to net profit of Rs 8.13 crore for the same quarter in the previous year. However, total income of the company has increased by 9.89% at Rs 479.48 crore for quarter under review as compared to Rs 436.32 crore for the quarter ended December 31, 2012.

Force Motors is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.