Key benchmark indices snapped four-day winning streak as weakness in European stocks hit investor sentiment adversely. The barometer index, the S&P BSE Sensex, lost 120.13 points or 0.62%, up close to 35 points from the day's low and off about 100 points from the day's high. The market breadth, indicating the overall health of the market, was negative. Index heavyweight Reliance Industries (RIL) dropped. Index heavyweight and cigarette major ITC was marginally lower.
Indian stocks snapped four-day winning streak today, 25 April 2013. The Sensex had risen 675.69 points or 3.61% in four trading days to settle at 19406.85 on 25 April 2013, from its close of 18,731.16 on 17 April 2013. The Sensex has risen 450.95 points or 2.39% in this month so far (till 26 April 2013). The Sensex has declined 139.99 points or 0.72% in calendar 2013 so far (till 26 April 2013). From a 52-week high of 20,203.66 on 29 January 2013, the Sensex has declined 916.94 points or 4.53%. From a 52-week low of 15,748.98 on 4 June 2012, the Sensex has surged 3,537.74 points or 22.46%.
Coming back to today's trade, ICICI Bank dropped on profit taking after the bank reported good Q4 results. Idea Cellular surged to hit 52-week high after strong Q4 results. Maruti Suzuki India jumped after the car major reported strong Q4 March results. LIC Housing Finance jumped on strong Q4 results. Castrol India gained after the company's board proposed reduction of capital. Realty stocks reversed intraday gains. Jindal Steel and Power (JSPL) slumped on weak Q4 results.
The market edged lower in early trade. The Sensex hovered in negative terrain in morning trade. The market trimmed losses after hitting fresh intraday low in mid-morning trade. The Sensex continued to hover in negative terrain in early afternoon trade. Key benchmark indices hovered in red in afternoon trade. The Sensex weakened once again after paring intraday losses in mid-afternoon trade. The market trimmed losses after hitting fresh intraday low in late trade.
The S&P BSE Sensex lost 120.13 points or 0.62% to settle at 19,286.72, its lowest closing level since 23 April 2013. The index declined 157.10 points at the day's low of 19,249.75 in late trade. The index fell 21.90 points at the day's high of 19,384.95 in early trade.
The CNX Nifty was down 44.85 points or 0.76% to 5,871.45, its lowest closing level since 23 April 2013. The index hit a high of 5,907.05 in intraday trade. The index hit a low of 5,860.50 in intraday trade.
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The BSE Mid-Cap index fell 0.64% and underperformed the Sensex. The BSE Small-Cap index declined 0.54% and outperformed the Sensex.
The BSE Auto index (up 0.84%), BSE Capital Goods index (up 0.29%), BSE Consumer Durables index (down 0.09%) and the BSE Teck index (down 0.52%), outperformed the Sensex. The BSE Realty index (down 2.2%), BSE Oil & Gas index (down 1.61%), BSE IT index (down 1.51%), BSE Bankex (down 1.39%), BSE Metal index (down 1.38%), BSE Power index (down 1.2%), BSE FMCG index (down 0.8%) and BSE HealthCare index (down 0.8%), underperformed the Sensex.
The total turnover on BSE amounted to Rs 2253 crore, lower than Rs 2457.36 crore on Thursday, 25 April 2013.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1,340 shares declined and 931 shares rose. A total of 136 shares were unchanged.
Among the 30-share Sensex pack, 19 stocks declined while rest of them rose.
Index heavyweight Reliance Industries (RIL) fell 3.19% to Rs 793.15. The scrip hit high of Rs 824.85 and a low of Rs 789.80. The company's telecom arm -- Reliance Jio Infocomm -- and Bharti Airtel on Tuesday, 23 April 2013, signed an agreement for international data connectivity under which Bharti will provide Reliance Jio data capacity on its i2i submarine cable. i2i connects India to Singapore and is wholly owned by Bharti. Reliance Jio will utilize a dedicated fiber pair on i2i. The high speed link will enable Reliance Jio to extend its network and service reach to customers across Asia Pacific region.
Earlier, at the time of announcement of its Q4 results, RIL in mid-April 2013 said that the company is working towards next wave of projects to exploit the undeveloped discovered resources in KG-D6 gas field targeted over the net 3-5 years. RIL has submitted an Integrated Block Development Plan (IBDP) for four discoveries in NEC -25 block (D-32, D-40, D-9 and D-10) proposing for a phased manner development. First gas is expected by mid-2019 subject to timely approvals.
Shares of Bharti Airtel surged 4.06%, with the stock advancing for the second straight day.
Index heavyweight and cigarette major ITC declined 0.2% to Rs 319.50 on profit booking. The scrip hit high of Rs 319.75 and a low of Rs 316.75. The stock had hit record high of Rs 323.85 in intraday trade on Thursday, 25 April 2013. West Bengal chief minister Mamata Banerjee on Wednesday, 24 April 2013, announced a 10% hike in the value-added tax (VAT) on cigarettes to 25% from 15% to raise money for a relief fund for those depositors who have lost money in the Saradha chit fund scam.
Earlier, the Centre raised the excise duty on cigarettes by about 18% on all cigarettes except cigarettes of length not exceeding 65 mm in Union Budget 2013-14, which was unveiled on 28 February 2013.
Maruti Suzuki India surged 5.26% after the company reported strong Q4 results. The company said its net profit, excluding the effect of the merger of Suzuki Powertrain India (SPIL), jumped 79.8% to Rs 1147.50 crore on 9.4% rise in net sales to Rs 12566.60 crore in Q4 March 2013 over Q4 March 2012. Suzuki Powertrain India was merged with the company during the year ended 31 March 2013 (FY 2013) and the effect of the merger was given in the books of accounts in Q4 March 2013. Maruti announced the results during market hours today, 26 April 2013.
Maruti said that the increase in net profit during the quarter was on account of higher sales of new models such as Ertiga, DZire and Swift, cost reduction and localization efforts and the benefit of a favourable exchange rate.
Tata Motors gained 1.02%. Tata Motors' subsidiary Tata Technologies which is a leading global provider of engineering services and manufacturing enterprise IT, today, 26 April 2013, announced that it has signed definitive agreements for the acquisition of US-based Cambric Corporation, a premier engineering services company providing turnkey engineering services to its customers. The partnership will strengthen Tata Technologies' global footprint and domain capabilities to provide high-end engineering services to a diverse set of existing and new clients, especially in Europe. It will also provide Cambric access to the Asia Pacific region.
Cambric is a US headquartered global engineering services company with a significant footprint in Eastern Europe. The company has three development centres in Romania and its customers include some of the world's marquee heavy machinery, agricultural, off-highway and automotive companies. Cambric provides system level engineering and design capabilities in engine, powertrain, chassis/structures, body, electrical and hydraulic systems to its global customers. Cambric is a privately held company with private equity investors holding majority stake in the company. Cambric had revenues of $25 million as of 31 December 2012 with majority of revenues coming from the construction and heavy equipment sector.
Mahindra & Mahindra (M&M) declined 2.06%. M&M on 22 April 2013 said that the tool down strike at the company's Igatpuri plant, which started on 9 April 2013 has been withdrawn by the workers and production will soon be restored to normalcy. Considering the pipeline of stocks as also assembly of higher number of engines at other plant locations, there was no material impact on sales volume and going forward the company expects to build up the pipeline stock, M&M said.
The Minister of Heavy Industries & Public Enterprises has requested the Ministry of Finance either to withdraw the additional 3% excise duty imposed on SUVs in the current Union Budget or to exempt all such vehicles classified as SUV that have an assessable value up to Rs 10 lakh. Giving this information in written reply to a question in the Rajya Sabha on 23 April 2013, the Minister of Heavy Industries & Public Enterprises Mr. Praful Patel said that the auto industry in the country is going through difficult times and the notification issued by the Finance Ministry for the levy of additional 3% excise duty will further impact the industry and will also discourage the consumers as the commonly used vehicles in rural and semi-urban area have come under this additional 3% excise duty.
Shares of two-wheeler makers were mixed. Hero MotoCorp declined 1.42%. The company's net profit fell 4.86% to Rs 574.23 crore on 1.79% rise in total income to Rs 6250.26 crore in Q4 March 2013 over Q4 March 2012. The company announced its Q4 results after market hours today, 26 April 2013.
Bajaj Auto jumped 3.35%.
PSU OMCs announced cut in petrol price by Re 1 per litre, excluding value added tax (VAT) on 15 April 2013 because of fall in international oil prices. The recent cut in petrol price comes on the back of 85 paise a litre reduction in rates on 2 April 2013 and Rs 2 a litre decrease effected on 16 March 2013.
Pharma stocks edged lower. Ranbaxy Laboratories gained declined 0.53%.
Dr Reddy's Laboratories fell 0.13% to Rs 1990.05. The stock reversed gains after hitting record high of Rs 2008.30 in intraday trade today, 26 April 2013.
Sun Pharmaceutical Industries fell 1.99% to Rs 955.85. The stock had scaled a record high of Rs 980.30 in intraday trade on Thursday, 25 April 2013.
Lupin declined 0.5%. Lupin announced after market hours today, 26 April 2013 that its subsidiary Lupin Pharmaceuticals Inc. (collectively Lupin) has received final approval for its Pirmella 7/7/7 (Norethindrone and Ethinyl Estradiol Tablets USP, 0.5 mg/0.035 mg, 0.75 mg/0.035 mg and 1mg/0.035 mg) and Pirmella 1/35 Tablets (Norethindrone and Ethinyl Estradiol Tablets USP, 1 mg/0.035 mg) from the United States Food and Drugs Administration (US FDA) to market a generic version of Janssen Pharmaceuticals, Inc.'s Ortho-Novum 7/7/7 Tablets and Ortho-Novum 1/35 tablets. Lupin would commence shipping the product shortly. Lupin's Pirmella 7/7/7 and Pirmella 1/35 Tablets is indicated for the prevention of pregnancy in women who elect to use the product as a method of contraception. The combined annual sales of Ortho Novum 7/7/7 and Ortho Novum 1/35 Oral Contraceptive Tablets stands at $96.5 million (as per IMS MAT December 2012 data).
Cement stocks edged lower. ACC, Ambuja Cement and UltraTech Cement shed by 0.7% to 1.5%.
NTPC shed 0.23%. The company during market hours today, 26 April 2013, said that unit-III of 500 megawatt (MW) of Indira Gandhi Super Thermal Power Station at Jhajjar of Aravali Power Company, a joint venture of NTPC, Haryana Power Generation Corporation, Government of Haryana and Indraprastha Power Generation Company, Government of Delhi is declared on commercial operation with effect from 26 April 2013. With this the total commercial capacity of Indira Gandhi Super Thermal Power Station has become 1,500 MW and that of NTPC Group 39,684 MW.
Tata Steel slipped 2.46%. Tata Steel said after market hours on Thursday, 25 April 2013, Abja Investment Co. Pte, a wholly owned subsidiary of the company incorporated in Singapore, has priced an issue of Singapore dollar 300 million 4.95% Senior Unsecured Notes due 2023. The notes are guaranteed by Tata Steel.
Jindal Steel and Power (JSPL) slumped 4.77% on weak Q4 results. The company's consolidated net profit after tax and before minority interest and share of profit/loss of associates declined 35% to Rs 752.75 crore on 3% growth in income from operations to Rs 5648.44 crore in Q4 March 2013 over Q4 March 2012. The company announced the results after market hours on Thursday, 25 April 2013.
JSPL's consolidated net profit after exceptional item declined 27.25% to Rs 2911.62 crore on 9% growth in income from operations to Rs 19806.78 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). Net profit before exceptional item declined 14% to Rs 3485.74 crore in FY 2013 over FY 2012.
JSPL said that it has maintained a double digit growth in its steel business despite a global economic slowdown and subdued steel market. The company with its relentless commitment to operational excellence achieved 100% utilization of steel and pelletisation capacity, JSPL said in a statement. Several new countries and customers were added to expand the market share of JSPL, the company said. New sources of raw material were established and made operational, it added. The company, which hitherto focused mainly on B to B business, made an impressive foray into the retail market for its standard products, JSPL said. The company said it has also reorganized its operations to bring more focus on individual business segments and business units. Specific attention has been paid to strengthen the internal process and systems, the company added. As the organizations steps into 2013-14, it is ready and well poised for an orbital jump to a much larger volume of activity as envisaged in the company's Vision 2020 plan, JSPL said in a statement. JSPL's number of customers increased to 2,758 in FY 2013 from 2,139 in FY 2012.
JSPL said its pallet production has reached its full capacity. Exports by value surged 30% in FY 2013. The company said that it has achieved impressive gain in market share particularly in long products segment. The production of coking coal started in Mozambique.
The company said it has achieved 100% liquid steel capacity. Production of steel rose 11% in FY 2013. Sales by value rose 12.2% in FY 2013.
JSPL said that the company is all set to increase its steel capacity from 3.5 MTPA to 7 MTPA in 2013-14. The company also said it plans to double its power production capacity to 4,969 megawatts (MW) during 2013-14.
JSPL's board of directors at a meeting held on Thursday, 25 April 2013, recommended dividend of Rs 1.60 per share for FY 2013.
IT stocks declined. Wipro dropped 1.52%. Wipro issued weak revenue outlook at the time of announcement of Q4 March 2014 results on 19 March 2013. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013. At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company.
Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012.
Infosys dropped 0.66%. Infosys has forecast a tepid 6% to 10% growth in revenue in both rupee terms and dollar terms for the year ending 31 March 2014 (FY 2014) as the company says that global economic uncertainties remain challenging for the IT industry. The revenue growth outlook is lower than industry body Nasscom's projection of 12% to 14% growth in IT exports in the current fiscal year. Infosys has not given full year earnings guidance this time. Infosys had earlier stopped offering quarterly guidance in July 2012.
HCL Technologies slumped 4.84% to Rs 683.65. The stock had hit a record high of Rs 809 in intraday trade on 17 April 2013 after the company reported strong Q3 results. Consolidated net profit as per US accounting standards rose 7.8% to Rs 1040 crore on 2.4% growth in revenue at Rs 6425 crore in Q3 March 2013 over Q2 December 2012.
Tata Consultancy Services (TCS) declined 2.42%. TCS posted good Q4 results last week. Its consolidated net profit rose 1.9% to Rs 3616 crore on 2.2% growth in revenue to Rs 16430 crore in Q4 March 2013 over Q3 December 2012. Net profit jumped 33.6% to Rs 13917 crore on 28.8% growth in revenue to Rs 62989 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). The company clocked volume growth of 16.8% in FY 2013 over FY 2012.
At a post result conference call held on 17 April 2013, TCS' management said it expects FY 2014 to be better year than FY 2013 and anticipates defending the margins in narrow band despite the headwinds from the wage hikes through other levers.
Asian Paints rose 1.11% after the company after market hours on Thursday, 25 April 2013, said it has scheduled a board meeting on 9 May 2013 to consider sub-division of equity shares along with Q4 March 2013 and year ended 31 March 2013 (FY 2013) results.
Siemens declined 2.73% on weak Q2 results. The company's net profit fell 89.94% to Rs 29.94 crore on 26.27% decline in total income to Rs 2968.03 crore in Q2 March 2013 over Q2 March 2012. The company said that the difference in net profit is primarily accounted for by a charge of Rs 90 crore in the Q2 March 2013 on account of revised estimates of revenues, costs and project related provisions as against credit during Q2 March 2012 of Rs 265.98 crore. The company's new orders rose 52% to Rs 2814.10 crore in Q2 March 2013 over Q2 March 2012. The company announced Q2 results during market hours today, 26 April 2013.
Dr. Armin Bruck, Managing Director, Siemens said, "The results of the current quarter bear the impact of the prolonged slowdown in the economy. The significant improvement in new orders is positive. However, profits are under pressure due to continued delays by our customers in project completion leading to updates in project costs. Further, the volatility in commodity and foreign exchange rates which, when marked to market, have also resulted in additional costs. The company is continuing its measures to realise synergies from the acquisitions made in the last couple of years to optimise further its cost position to increase its competitiveness in these challenging times."
Among the highlights of the second quarter, Siemens IC Sector won an order worth over Rs 350 crore to supply traction motors for Diesel Locomotive Works, Siemens Energy Sector won Rs 100 crore order from BSRM (the highest private sector-funded GIS project in Bangladesh) and Siemens Industry Sector won a significant order worth Rs 97 crore from Surana Industries for its pelletization plan. Siemens Healthcare Sector installed India's firth simultaneous PET-MRI at Indraprastha Apollo Hospital's PET Suite, which features PET-MRI and ultra HD PET CT under one roof.
During Q2 March 2013, the company completed the amalgamation of Winergy Drive Systems India.
Bank stocks fell on profit booking after recent gains triggered by expectations that the Reserve Bank of India will cut its key policy rate viz. the repo rate to boost economic growth at a time when wholesale price inflation is slowing. Shares of India's biggest commercial bank in terms of branch network, State Bank of India (SBI) declined 1.78%.
Among other PSU bank stocks, Canara Bank, Union Bank of India, Bank of India, Bank of Baroda and Punjab National Bank shed by 1.21% to 3.99%.
Axis Bank fell 1.11% on profit booking after Thursday's 4.13% rally triggered by strong Q4 results. The bank's net profit rose 21.75% to Rs 1555.15 crore on 18.39% growth in total income to Rs 9054.72 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results on Wednesday, 24 April 2013. Axis Bank said that the bank is well capitalised with equity capital of Rs 5537 crore raised in Q4 March 2013. The bank said that it is well positioned for growth with a healthy capital adequacy ratio (CAR) of 17%, and Tier-I CAR at 12.23% as on 31 March 2013.
HDFC Bank declined 0.03% to Rs 689.15, with the stock declining for the third straight day on profit booking after the private sector bank reported strong Q4 results during trading hours on Tuesday, 23 April 2013. The stock had witnessed pre-result rally. The stock jumped 12.68% to settle at Rs 699.25 on BSE on Monday, 22 April 2013, from a recent low of Rs 620.55 on 9 April 2013.
HDFC Bank's net profit rose 30.06% to Rs 1889.84 crore on 21.08% increase in total income to Rs 11127.54 crore in Q4 March 2013 over Q4 March 2012. Net profit rose 30.18% to Rs 6726.28 crore on 24.54% increase in total income to Rs 41917.49 crore in the year ended March 2013 over the year ended March 2012.
ICICI Bank dropped 2.98% after Q4 results. The stock had witnessed pre-result rally. The stock had jumped 19.07% to settle at Rs 1,177.45 on Thursday, 25 April 2013, from a recent low of Rs 988.80 on 8 April 2013. The bank's net profit rose 21% to Rs 2304 crore on 10.26% rise in total income to Rs 12573.52 crore in Q4 March 2013 over Q4 March 2012. The bank announced Q4 results during market hours today, 26 April 2013.
The bank's gross non-performing asset ratio declined to 2.68% as on 31 March 2013 from 3.04% as on 31 March 2012. The bank's net non-performing asset ratio was 0.64% as on 31 March 2013 compared to 0.62% as on 31 March 2012. Net non-performing assets as on 31 March 2013 were Rs 2234 crore compared to Rs 2185 crore as on 31 December 2012 and Rs 1894 crore as on 31 March 2012. The bank's provision coverage ratio computed in accordance with the RBI guidelines was 76.8% as on 31 March 2013. Net loans to companies whose facilities have been restructured were Rs 5315 crore as on 31 March 2013 compared to Rs 4562 crore as on 31 December 2012 and Rs 4554 crore as on 31 March 2012.
Net interest income increased 22% to Rs 3803 crore in Q4 March 2013 from Rs 3105 crore in Q4 March 2012. The cost-to-income ratio reduced to 40% in Q4 March 2013 from 41.6% in Q4 March 2012.
Provisions were at Rs 460 crore in Q4 March 2013 compared to Rs 469 crore in Q4 March 2012.
Total advances increased by 14% year-on-year to Rs 290249 crore as on 31 March 2013 from Rs 253728 crore as on 31 March 2012. The year-on-year growth in domestic advances was 18%.
As on 31 March 2013, savings account deposits were Rs 85651 crore and current account deposits were Rs 36926 crore. During Q4 March 2013, savings account deposits increased by Rs 4188 crore and current account deposits increased by Rs 1252 crore.
The bank's current and savings account (CASA) ratio improved to 41.9% as on 31 March 2013 compared to 40.9% as on 31 December 2012. The average CASA ratio improved to 38.1% during Q4 March 2013 compared to 37.4% in Q3 December 2012.
The bank's capital adequacy as on 31 March 2013 as per Reserve Bank of India's guidelines on Basel II norms was 18.74% and Tier-1 capital adequacy was 12.80%, well above RBI's requirement of total capital adequacy of 9.0% and Tier-1 capital adequacy of 6%.
ICICI Bank's board of directors has recommended a dividend of Rs 20 per share for the year ended 31 March 2013.
IDBI Bank rose 0.85%, with the stock reversing intraday losses. The bank said after market hours on Thursday, 25 April 2013, that its net profit fell 28.15% to Rs 554 crore on 9.87% growth in total income to Rs 7544 crore in Q4 March 2013 over Q4 March 2012.
IDBI Bank's operating profit rose 32.39% to Rs 1594 crore in Q4 March 2013 over Q4 March 2012. Net interest income (NII) grew by 18.92% to Rs 1440 crore in Q4 March 2013 over Q4 March 2012. Fee based income rose 34% to Rs 875 crore in Q4 March 2013 over Q4 March 2012.
Total business (deposits and advances) as of 31 March 2013 stood at Rs 423423 crore as against Rs 391065 crore as of 31 March 2012, registering a growth of 8.27%. Deposits increased to Rs 227116 crore at end-March 2013 from Rs 210493 crore at end-March 2012, with a growth of 7.9%. Advances increased by 8.71% to Rs 196306 crore at end March 2013 from Rs 180572 crore as at end March 2012. As of 31 March 2013, aggregate assets stood at Rs 322769 crore as against Rs 290316 crore as on 31 March 2012, registering a growth of 11.18%
LIC Housing Finance surged 6.31% on strong Q4 results. The company's net profit rose 24.66% to Rs 316.15 crore on 22.83% growth in total income to Rs 2074.74 crore in Q4 March 2013 over Q4 March 2012.
Idea Cellular surged 5.2% to Rs 123.35 on strong Q4 results. The stock hit 52-week high of Rs 128.70 in intraday trade today, 26 April 2013. The company said after market hours on Thursday, 25 April 2013, that consolidated net profit rose 28.95% to Rs 308.18 crore on 12.88% rise in total income to Rs 6061.38 crore in Q4 March 2013 over Q4 March 2012.
On standalone basis, the net profit rose 33.78% to Rs 254.16 crore on 12.67% growth in total income to Rs 5965.46 crore in Q4 March 2013 over Q4 March 2012.
The company said that it has returned strongly to its upwards revenue trajectory, with 8.6% sequential quarterly growth in Q4 March 2013 on the back of 5% QoQ growth in Q3 December 2012, reaffirming the increasing consumer preference for brand Idea. The company said it maintains its enviable track record of being the 'fastest growing large Indian mobile operator' with gross revenue of Rs 22594.90 crore for the year ended 31 March 2013 (FY 2013), an annual growth of 14.8%.
The high revenue growth is led by sharp expansion of Voice Minutes at 8.5% to 143.4 billion, on sequential quarterly basis, indicating consumer demand for mobile telephony is robust, Idea said in a statement. The VLR growth is back with the company clocking 8.3 million incremental quarterly growth and delivering over 40% of industry incremental VLR in first 11 months of FY 2013 (as per TRAI February 2013 report). Idea now serves 121.6 million quality customers.
Contrary to expectations, the ARPM (Average Realised Rate per Minute) was nearly flat at 41.2p against 41.1p in Q3 December 2012. While the challenges on Voice ARPM continue, the company improved 'Non Voice Revenue' to 15.2% (14.6% in Q3) led by data growth.
The Q4 March 2013 had the highest data adoption by Idea customers with 4.5 million sequential quarter addition, as the EoP base of data users grew to 26.2 million, now contributing 6.6% to service revenue, Idea said. The data volume expanded by 13.8% to 11.4 billion MB (10 billion MB in Q3) and data realised rate improved by 9.5% to 33.9p per MB in Q4 (31p in Q3). The active 3G subscriber base for the company stands at 5.1 million, helping overall 2G+3G data revenue growth on sequential quarterly basis by 24.6% and data ARPU reaching to Rs 55.
The overall exponential revenue growth has translated into EBITDA of Rs 1503.70 crore, margin improvement by 1.2% to 24.7%, inspite of accounting for one-off regulatory charge of Rs 76 crore reflecting in 'License and WPC Charges'. The EBITDA increased 23.8% to Rs 5371.40 crore in FY 2013 over FY 2012.
Idea Cellular said that that company generated healthy cash profit of Rs 4696.80 crore in FY 2013, registering a growth of 30.2% over FY 2012. After 16 years of start of operations, the board of Idea has recommended its maiden dividend of 3%.
The company said that it continues to strengthen its competitive standing by investing in long term value creators -- the company launched 2,432 GSM sites and 1,595 3G sites, expanded optical fibre network to 74,000 km and strengthened its presence in NLD, ILD, ISP, Data Services and Smartphone Device business. Idea Cellular said that the company is the biggest net gainer nationally in the Mobile Number Portability program, a strong indicator of the popular appeal of Idea mobile services.
Castrol India rose 3.43%. Castrol India's board of directors at a meeting held today, 26 April 2013, proposed a scheme of reduction of the company's share capital u/s 100 of the Companies Act, 1956 i.e. to reduce the face value of the company's equity shares from Rs 10 per share to Rs 5 per share and return the same to the shareholders.
Castrol India's net profit rose 1.13% to Rs 124.30 crore on 1.14% decline in total income to Rs 805.90 crore in Q1 March 2013 over Q1 March 2012.
Realty stocks reversed intraday gains. DLF, HDIL, D B Realty and Unitech dropped by 1.53% to 6.41%.
The focus of the market is on Q4 results. IDFC announces Q4 results on 1 May 2013. Bharti Airtel and Kotak Mahindra Bank unveil Q4 results on 2 May 2013. ACC and Ambuja Cements announce Q1 March 2013 results on 3 May 2013. Grasim and Jaiprakash Associates unveil Q4 results on 4 May 2013. HDFC unveils Q4 results on 8 May 2013. Ranbaxy announces Q1 March 2013 results on the same day. Asian Paints announces Q4 results on 9 May 2013. NTPC announces Q4 results on 10 May 2013. Dr Reddys Laboratories announces Q4 results on 14 May 2013. Bajaj Auto announces Q4 results on 16 May 2013. BPCL announces Q4 results on 29 May 2013. M&M announces Q4 results on 30 May 2013.
The Prime Minister's Economic Advisory Council (PMEAC) in a report released on 23 April 2013 projected 6.4% growth in India's GDP for the current fiscal year 2013/14, higher than an estimated 5% growth for the fiscal year 2012/13. In 2013-14, the headline WPI inflation is expected to be around 6%, compared with provisional figure at 5.96% at the end of 2012-13, the PMEAC said. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the PMEAC said.
The Reserve Bank of India (RBI) will announce the Monetary Policy Statement 2013-14 on 3 May 2013. The RBI cut its key policy rate viz. the repo rate by 25 basis points to 7.5% after a mid-quarter monetary policy review on 19 March 2013. Inflation based on the monthly wholesale price index (WPI) eased to the lowest level in 40 months at 5.96% in March 2013, and sharply lower than 6.84% in February 2013, data released by the government on 15 April 2013 showed. Non-food manufacturing inflation or core inflation slowed further to 3.41% in March 2013, the data showed.
The finance ministry in October 2012 announced a five-year plan to cut fiscal deficit. The government hopes to reduce the fiscal deficit to 3% by March 2017.
The government has lined up a number of key bills for consideration and passing during the ongoing Budget session of the parliament, which include The Forward Contracts (Regulation) Amendment Bill, 2010, The Pension Fund Regulator and Development Authority Bill, 2011, The Land Acquisition, Rehabilitation and Resettlement Bill, 2011, The National Food Security Bill, 2011 and The Insurance Laws (Amendment) Bill, 2008. The Budget Session of the Parliament ends on 10 May 2013.
European stock markets edged lower on Friday with investors staying cautious ahead of a closely watched report on US economic growth in the first quarter. Key benchmark indices in UK, France and Germany were down by 0.4% to 0.94%.
The European Central Bank's (ECB) Governing Council meets in Bratislava on 2 May 2013 to review euro area interest rates. The ECB is seen cutting euro area interest rates by 25 basis points to a record low of 0.5% amid the euro zone's worsening economic outlook and subdued inflation.
Most Asian stocks edged lower on Friday. Key benchmark indices in China, Indonesia, Japan and South Korea fell by 0.3% to 0.97%. Key benchmark indices in Hong Kong, and Singapore rose by 0.33% to 0.65%. Taiwan's Taiwan Weighted was flat.
The Bank of Japan held off on any new policy moves after a monetary policy meeting today, 26 April 2013, in the wake of major new easing initiatives at its previous meeting. In an unusually terse, two-sentence statement, the Japanese central bank only said that it "will conduct money-market operations so that the monetary base will increase at an annual pace of about 60 [trillion]-70 trillion yen," or roughly $610 billion to $710 billion, unchanged from its previous target.
Trading in US index futures indicated that the Dow could fall 35 points at the opening bell on Friday, 26 April 2013. US stocks edged higher on Thursday, buoyed by corporate-earnings reports and data showing a sharp drop in weekly jobless claims.
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