Shares of public sector oil marketing companies (PSU OMCs) will be in focus as petrol price was on Thursday cut by Rs 1.15 a litre, while diesel prices were raised by 50 paise per litre. The price changes announced by oil companies are excluding local sales tax or VAT and will be effective from Friday, 1 November 2013.
Auto and cement stocks will be in focus as the companies from these sectors start unveiling their monthly sales volume data for October 2013 from today, 1 November 2013.
Sesa Sterlite's consolidated net profit jumped 358.65% to Rs 2394.37 crore on 8410.59% jump in total income to Rs 26266.22 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 31 October 2013. Consequent to the restructuring exercise, the results for the quarter ended 30 September 2013 are not comparable with the corresponding period of the previous year.
Sesa Sterlite's Chairman, Anil Agarwal, said: "The merger of Sterlite Industries and Sesa Goa has created one of the world's largest global diversified natural resources companies. Sesa Sterlite is the Indian flagship of our group and with its world class assets, efficient operations and our strong track record, we are well placed to deliver superior returns for shareholders. Despite volatile commodity prices and temporarily suspended iron ore operations at Goa and Karnataka, the company has delivered a strong operational and financial performance during the quarter, with production growth at our Oil & Gas, Zinc and Aluminium businesses. We expect to recommence mining in Karnataka soon and are hopeful that the Goa mining suspension will be resolved by the Supreme Court soon, which will be helpful for the government exchequer and the local economy."
Trading in shares of Marico begins today, 1 November 2013, as a pure FMCG company. It may be recalled that Marico had announced demerger of its skin care business under the Kaya brand into a separate company called Marico Kaya Enterprises (MaKE). The board of directors of Marico and MaKE have fixed 5 November 2013 as the record date for determining the shareholders to whom 1 fully paid share of MaKE with a face value of Rs 10 each shall be issued for every 50 fully paid shares held in Marico.
IDFC's consolidated net profit rose 2.33% to Rs 486.75 crore on 5.33% growth in total income to Rs 2149.01 crore in Q2 September 2013 over Q2 September 2012. The result hit the market after trading hours on Thursday, 31 October 2013.
Glenmark Pharmaceuticals after market hours on Thursday, 31 October 2013, reported 1.56% fall in consolidated net profit to Rs 154.29 crore on 16.56% increase in revenue to Rs 1463 crore in Q2 September 2013 over Q2 September 2012.
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"Despite challenges in the operating environment, we have managed to register decent sales growth of 17% on the back of good performances by our US and India businesses. We have been also making steady progress on the Innovation R&D front with our 4 NCE & NBE molecules in clinical trials. Although the operating environment continues to remain challenging in emerging markets, we are reasonably confident of continuing on the same growth trajectory, said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals.
Jignesh Shah, the founder and non-executive vice chairman of Multi Commodity Exchange of India (MCX), resigned on Thursday, 31 October 2013, from the board of MCX, India's largest commodity bourse.
L&T after market hours on Thursday, 31 October 2013, said it is looking to sell upto 1.71 crore shares or 1% stake in subsidiary L&T Finance Holdings in the next three months to enable the L&T Finance Holdings comply with the minimum public shareholding norms.
Tata Motors and HCL Technologies will in focus after the Reserve Bank of India (RBI) on Thursday, 31 October 2013, allowed a hike in foreign institutional investors (FII) investment limit in both the companies.
In case of Tata Motors, RBI permitted increase in FII investment limit through differential voting right (DVR) shares up to 75%. FIIs may now purchase up to 75 per cent of the company's equity shares with Differential Voting Rights or 'A' Type ordinary shares paid up capital through the primary market and stock exchanges under the portfolio investment scheme, RBI said in a statement. However, the FII limit for ordinary shares of Tata Motors will remain unchanged at 35%.
In a separate statement, RBI allowed enhancing the limit for purchase of HCL Technologies equity shares and convertible debentures by FIIs under the Portfolio Investment Scheme, up to 49%. Earlier the limit was 30% of the paid up capital of HCL Technologies. Under the scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India.
Telecom shares will be watched after India's second largest telecom operator, Vodafone India, reportedly slashed its mobile internet rates by 80%, across the country. Customers of Vodafone who opt to pay for internet depending on usage rather than in a fixed pack will now pay 2 paise per 10 KB even while roaming in India. Previously, the rate was 10 paise per 10 KB. This is common across 2G and 3G data usage, and will become effective from today, 1 November 2013, for both pre-paid and pre-paid customers, media reports added.
Bank of India said after market hours on Thursday, 31 October 2013, that the board of directors of the bank at its meeting held on 31 October 2013, have approved the raising of Tier-1 capital by issue of fresh equity shares to the Government of India (Promoters) aggregating Rs 1000 crore (inclusive Premium amount), on preferential basis, subject to necessary approvals.
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