Car major Maruti Suzuki India after trading hours on Monday, 28 October 2013, said its net profit jumped 194.7% to Rs 670.20 crore on 26.5% growth in net sales to Rs 10211.80 crore in Q2 September 2013 over Q2 September 2012. The company said that low base effect aided strong growth in bottomline in Q2 September 2013 -- the company's performance in Q2 September 2012 was adversely impacted by labour problems at its Manesar plant. Higher localization and cost reduction initiatives by the company also contributed significantly to bottomline growth in Q2 September 2013, Maruti said. The overall impact of foreign exchange was positive during the quarter, Maruti said.
Maruti said that the company's new diesel engine facility at Gurgaon and the third assembly facility at Manesar went on stream during Q2 September 2013. With this, the company's total capacity for vehicle assembly has risen to 1.5 million vehicles per annum.
Shares in interest-rate sensitive sectors such as banking, real estate and automobiles will be in focus as the Reserve Bank of India (RBI) announces Second Quarter Review of Monetary Policy 2013-14 today, 29 October 2013.
NTPC unveils Q2 results today, 29 October 2013. Ranbaxy Laboratories also unveils its Q3 September 2013 result today, 29 October 2013.
Reliance Industries (RIL) will be watched after a media report sugested that the oil ministry has approved a decision to take back five discoveries made by RIL in the KG-D6 block off the Andhra coast on grounds of missed timelines, but allowed the company to retain three other finds for conducting further tests to judge their commercial viability.
The ministry has slapped a penalty of over $1.7 billion for the missed production target and is preparing to deny the higher price approved by the government from April till the supply shortfall is made up, the report added.
Also Read
TVS Motor Company said it will seek shareholders' approval on a proposal for fixing an aggregate limit of upto Rs 2000 crore for the purpose of making any loan / giving any guarantee or providing security / acquiring by way of subscription, purchase or otherwise the securities of anybody corporate.
The proposed aggregate limit is inclusive of loan already made / guarantee or security already provided / investment already made in subsidiaries including exempted investment in wholly-owned subsidiaries (WoS), within the permissible limit under the act and is enabling in nature in view of any further loan / investment, if any, made in WoS will also be reckoned for the limit under the provisions of the Companies Act 2013, TVS Motor Company said in a statement.
Punjab National Bank said that its Chairman and Managing Director has approved issuing equity shares worth upto Rs 500 crore on preferential basis to the Government of India, subject to necessary approvals.
Omaxe has fixed Rs 130 as the floor price for the proposed offer for sale of shares by members of the promoter group of the company. The sellers propose to sell an aggregate of 1.10 crore equity shares of Omaxe, representing 6.35% of the total paid up equity share capital of the company. The offer will take place on a separate window of stock exchange today, 29 October 2013 at 9:15 IST and will close on the same date at 3:30 IST.
Suzlon Energy said that a committee of the board approved allotting 18.47 crore equity shares to one of the promoter group entities upon conversion of 203 compulsory convertible debentures of face value of Rs 1 crore each.
On a consolidated basis, EID Parry (India)'s net profit declined 96.4% to Rs 3.88 crore on 23.9% fall in net sales to Rs 2476.74 crore in Q2 September 2013 over Q2 September 2012.
NHC Foods said that its board will meet on 30 October 2013 to consider increasing foreign institutional investors (FII) limit in the paid up share capital of the company from 24% to 49%.
Suryalakshmi Cotton Mills said that normal production operations have been restored in its denim division in Maharashtra from 28 October 2013, consequent on the resolution of the labour disputes.
Powered by Capital Market - Live News