Power Grid Corporation of India's (PGCIL) net profit fell 7.7% to Rs 1042.04 crore on 8.85% rise in total income to Rs 3799.31 crore in Q3 December 2013 over Q3 December 2012. The result was announced after market hours on Wednesday, 5 February 2014.
Bank of Baroda, ACC and Ambuja Cements, among others, will announce their October-December 2013 earnings today, 6 January 2014.
Bank shares will be watched as government bonds are expected to gain. In view of government's comfortable liquidity position, the Reserve Bank of India (RBI) has cancelled Rs 15000 crore bond auction and switched Rs 27000 crore worth of papers into longer tenor gilts.
On review of the Government of India (GoI)'s cash position and funding requirement, it has been decided to cancel the deferred auction scheduled on 17 January 2014 amounting Rs 15000 crore. This would result in decrease in government market borrowing programme for 2013-14 to that extent, RBI said in statement.
The Union Budget 2013-14 has provided Rs 50000 crore for buyback/switching. In this regard, securities from 2014-15 and 2015-16 maturity buckets for face value of about Rs 27000 crore have been successfully switched to longer tenor security with an institutional investor last week, RBI said.
A rise in bond prices, which move inversely to yields, will boost the value of bond holdings of banks. Profits from trading in government bonds form a substantial part of revenue of commercial banks.
State Bank of India (SBI) will be in focus as shares allotted by the state-run bank to institutional investors under the recently concluded qualified institutional placement (QIP) will be admitted for trading on the bourses tomorrow, 7 February 2014. SBI had raised Rs 8031.64 crore from issue of 5.13 crore equity shares to institutional investors at a price of Rs 1,565 per share.
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GAIL (India) will be in focus as a meeting of the board of directors of the company has been scheduled today, 6 February 2014, to consider proposal of interim dividend for the year ending 31 March 2014. The company has fixed 11 February 2014 as record date for interim dividend if announced by the board.
Persistent Systems on 5 February 2014, entered into a strategic agreement to acquire entire stock of CloudSquads Inc. through Persistent Systems, Inc., wholly-owned subsidiary of Persistent Systems. This is subject to customary closing conditions.
Multi Commodity Exchange of India (MCX) said its board will meet on 7 February 2014 to consider and decide the future course of action with respect to FMC letter no. 4/5/2013-MKT-I/B (PF) dated 31 January 2014. FMC had earlier directed Financial Technologies India (FTIL) to reduce stake in MCX to 2%.
Net profit of Praj Industries rose 28.33% to Rs 29.85 crore in the quarter ended December 2013 as against Rs 23.26 crore during the previous quarter ended December 2012. Sales rose 15.25% to Rs 215.77 crore in the quarter ended December 2013 as against Rs 187.22 crore during the previous quarter ended December 2012.
Net profit of Tata Investment Corporation rose 1.98% to Rs 32.95 crore in the quarter ended December 2013 as against Rs 32.31 crore during the previous quarter ended December 2012. Operating income rose 3.2% to Rs 44.10 crore in the quarter ended December 2013 as against Rs 42.73 crore during the previous quarter ended December 2012.
Net profit of DCM Shriram Industries rose 29.34% to Rs 4.32 crore in the quarter ended December 2013 as against Rs 3.34 crore during the previous quarter ended December 2012. Sales rose 25.14% to Rs 371.62 crore in the quarter ended December 2013 as against Rs 296.96 crore during the previous quarter ended December 2012.
Net profit of Astral Poly Technik rose 100.94% to Rs 21.32 crore in the quarter ended December 2013 as against Rs 10.61 crore during the previous quarter ended December 2012. Sales rose 28.35% to Rs 264.96 crore in the quarter ended December 2013 as against Rs 206.43 crore during the previous quarter ended December 2012.
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