Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 16 points at the opening bell. The government will today, 14 August 2013, unveil the data on inflation based on the wholesale price index (WPI) for July 2013. Asian stocks were mixed on Wednesday, 14 August 2013.
Tata Steel's consolidated net profit jumped 90.46% to Rs 1139 crore on 3% fall in turnover to Rs 32805 crore in Q1 June 2013 over Q1 June 2012. The result was announced after market hours on Tuesday, 13 August 2013. This improvement was on the back of robust performance by the Indian operations and improved performance at the European operations, Tata Steel said.
Earnings before interest, taxation, deprecation and amortization (EBITDA) rose 4.85% to Rs 3755 crore in Q1 June 2013 over Q1 June 2012. The EBITDA margin edged up to 11.4% in Q1 June 2013, from 10.6% in Q1 June 2012.
Commenting on the first quarter results, Tata Steel Managing Director, Mr HM Nerurkar said: "The Indian operations delivered a steady performance in a subdued market environment with deliveries growing at an enhanced pace over the comparable period of last year. Our retail focus, customer relationship and brand building efforts are supporting growth despite increased competition in the market place and we are intensifying our focus on efficiency improvements and delivering enhanced value to our customers. Work on the greenfield project in Odisha continues in full swing. The South East Asian operations are robust and we continue to invest in improving the underlying performance."
Tata Steel Europe MD & CEO Dr Karl-Ulrich Kler said: "Our European facilities recorded higher production volumes after we completed some major plant refurbishment last year, which gave us a more stable production platform and greater operational flexibility. As a result we are better placed to supply our customers with the high-quality steel they demand. We see signs that our strategy is enhancing bottom-line performance, despite continued subdued European demand. There have recently been encouraging signs of improving economic conditions in some European economies, the UK in particular, and we are poised to capitalise should these translate more strongly into increased demand from steel-intensive sectors."
Bajaj Auto said after market hours on Tuesday, 13 August 2013, that the company has received, a notice from the workmen's union viz. Vishwa Kalyan Kamgar Sanghatana stating that the stoppage of work at Chakan plant has been withdrawn and all the workmen at Chakan plant will resume their duty in their respective shifts from 14 August 2013. The company had earlier informed on 25 June 2013, that it had received a notice from the workmen's union of its Chakan plant viz., Vishwa Kalyan Kamgar Sanghatana stating that they propose to call for a stoppage of work by all the workmen employed in Chakan plant from the morning shift of 28 June 2013. The workmen at Chakan Plant had however, stopped coming from 25 June 2013 itself, without assigning any reason.
BPCL reported net profit of Rs 150.32 crore in Q1 June 2013, compared with net loss of Rs 8836.75 crore in Q1 June 2012. Total income rose 7.67% to Rs 59074.74 crore in Q1 June 2013 over Q1 June 2012. The company announced Q1 result after market hours on Tuesday, 13 August 2013.
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BPCL said market sales rose 1.05% to 8.59 MMT in Q1 June 2013 over Q1 June 2012.
BPCL's average Gross Refining Margin (GRM) surged to $4.05 per barrel in Q1 June 2013, from $2.62 a barrel in Q1 June 2012.
During the quarter ended June 2013, BPCL received discount of Rs 3666.36 crore in respect of crude oil/products purchased from upstream oil companies. The discount was higher than Rs 3662.61 crore in Q1 June 2012.
Based on the approval received from the Government of India, the company has accounted for Budgetary Support amounting to Rs 1916.57 crore for Q1 June 2013 as against Nil in Q1 June 2012 towards under-recoveries on sale of sensitive petroleum products.
The company suffered a net under-realisation of Rs 544.95 crore in Q1 June 2013, lower than Rs 7964.18 crore in Q1 June 2012, on sale of sensitive petroleum products.
The company reported forex loss of Rs 944.48 crore in Q1 June 2013, which was much lower than forex loss of Rs 1611.34 crore in Q1 June 2012.
The stock market remains closed tomorrow, 15 August 2013, on account of Independence Day.
Inflation based on the wholesale price index (WPI) is seen accelerating further in July 2013. WPI inflation is seen edging up to 5% in July 2013, from 4.9% in June 2013, as per the median estimate of a poll of economists carried out by Capital Market. The government will unveil the WPI inflation data for July 2013 today, 14 August 2013.
Key benchmark indices surged on Tuesday, 13 August 2013, as the rupee recovered in choppy trade after the government raised import duty on gold and silver ahead of peak festival-season demand as part of efforts to curb dollar outflows and narrow a wide current-account deficit. The S&P BSE Sensex jumped 282.86 points or 1.49% to 19,229.84, its highest closing level since 1 August 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 227.08 crore on Tuesday, 13 August 2013, as per provisional data from the stock exchanges.
Asian stocks were mixed on Wednesday, 14 August 2013. Key benchmark indices in China, Indonesia and South Korea were up by 0.2% to 0.44%. Key benchmark indices in Japan, Taiwan and Singapore were down by 0.01% to 0.62%. The morning trading session in Hong Kong was canceled because of a storm.
US stocks rose on Tuesday, 13 August 2013, with technology pacing the gains, after investor Carl Icahn touted his large position in Apple Inc.
A report released by the Commerce Department showed retail sales rose 0.2% in July after a 0.6% gain in June that was larger than initially estimated. Retail sales excluding cars, gasoline and building materials climbed at their fastest pace in seven months.
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