Shares of public sector oil marketing companies (PSU OMCs) and auto stocks will be in focus after PSU OMCs cut petrol prices by a rupee from midnight of Monday, 1 April 2013. The price cut, which was made possible because of fall in international oil prices, is excluding local sales tax or VAT. The government deregulated petrol prices in June 2010.
Tata Motors' total sales (including exports) of Tata commercial and passenger vehicles in March 2013 were 72,712 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for March 2013 were 69,160 units.
The company's sales of commercial vehicles in March 2013 in the domestic market were 56,813 units, the highest monthly sales in FY 12-13. LCV sales were 41,961 units, while M&HCV sales stood at 14,852 units.
The Tata Pick-Ups (Tata Super Ace, Tata Xenon and Tata 207) recorded highest ever monthly sales at 6,981 units. Tata SCVs (Tata Ace and Tata Magic range) recorded highest ever monthly sales at 29,960 units.
Sales of passenger vehicles for March 2013 were at 12,347 units. Sales of the Nano/ Indica/ Indigo range in March 2013 were 8,903 units. The Sumo/ Safari/ Aria/ Venture range sales were 3,444 units. Cumulative sales of passenger vehicles were 222,112 units. Cumulative sales of the Nano/ Indica/ Indigo range were at 174,692 units. Cumulative sales of the Sumo/Safari/ Aria/ Venture range were 47,420 units.
The company's sales from exports were 3,552 vehicles in March 2013, Tata Motors said in statement.
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Coal India said after market hours on Monday, 1 April 2013 that Coal India and subsidiary companies achieved 108% of targeted coal production at 54.24 million tonnes in March 2013. Coal India and subsidiary companies achieved 103% of targeted offtake at 45.85 million tonnes in March 2013.
L&T said at the fag end of the trading session Monday, 1 April 2013, that media reports of Polaris Financial Technology having the approached the company to sell its services unit, are purely speculative in nature, and as a policy, the company does not confirm or deny market speculations.
Dr. Reddy's Laboratories after market hours Monday, 1 April 2013, said that based on recommendations of the Nomination, Governance and Compensation Committee, its board of directors have appointed GV Prasad, presently Vice-Chairman as the "Chairman and CEO" and Satish Reddy as "Vice-Chairman" in addition to his present role of Managing Director and COO, effective from 30 March 2013.
Wipro announced after market hours on Monday, 1 April 2013 that the scheme of arrangement for the demerger of diversified business of Wipro approved by the board of directors on 1 November 2012 is effective from 31 March 2013. Further, the company has fixed 11 April 2013 as the record rate for the purpose of determining the members of the company to whom notice will be sent and Securities of the Resulting Company will be allotted and who will be entitled to the Exchange Right pursuant to the Scheme of Arrangement. It is likely to take six weeks from the record date for the whole process to be completed.
In relation to media report that Polaris Financial Technology has approached Wipro to sell its services unit, Wipro after market hours Monday, 1 April 2013 clarified that it does not comment on market speculation. The company further said that as a part of the company's strategy, it is constantly in discussion and consultations with various parties for acquisitions, deals etc.
Bharat Electronics (BEL) said it ended the fiscal year 2012-13 with Rs 6010 crore turnover. BEL registered a record turnover of Rs 6010 crore (provisional) for the last fiscal with a growth of 5% over the turnover of Rs 5704 crore during 2011-12. It achieved exports of $35 million. With a healthy order book of around Rs 25000 crore, the company said it is all set to continue its good run in the next financial year.
Steel Strips Wheels said net sales of steel wheel rims rose 5.12% to Rs 92.63 crore in March 2013 over March 2012. Gross sales rose 5.16% to Rs 102.31 crore in March 2013 over March 2012. The company sold 9.17 lakh wheel rims during the period under review. Exports sales grew 36.41% to 1.50 lakh wheel rims in the period.
Steel Strips Wheels said in the new financial year it is targeting to improve the product mix to maximise the revenue and contribution per wheel, along with achieving sales numbers. The ongoing exercise of improving product mix will yield better profits going into next financial year. However ongoing change in product mix may lead to slight drop in sale in April month and the company is expected to achieve sale of 8.32 lakh steel wheel rims, the company said.
Steel Strips Wheels said it is expecting the agriculture segment to contribute growth with slight recovery expected in commercial segment. The company said it will start few new commercial supplies from April 2013 and is hoping to improve the performance in fiscal year 2013-14 with more new businesses to come for commercial production.
Jindal Stainless after market hours on Monday, 1 April 2013 said that the process of restructuring of existing $ 250 million External Commercial Borrowing (ECB) of the company has been successfully completed during the quarter ended 31 March 2013 with the consent of all Lenders.
Indiabulls Power said it has successfully conducted the boiler light up for second 270 megawatts (MW) unit of its Amravati thermal power plant subsequent to successful oil and coal synchronisation of first 270 MW unit of its 1350 MW thermal power plant at Amravati, Maharashtra.
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