Shares of companies whose fortunes are linked to orders from Indian Railways and defence equipment makers will be in focus on reports the Cabinet has on Wednesday, 6 August 2014 approved a plan to raise the amount of foreign direct investment allowed in its defence and railways industries. The government has increased the foreign investment limit in the defence industry to 49% from 26%. A total 100% of foreign investment in railway infrastructure will be allowed. Both the proposals were announced by the Finance Minister Arun Jaitley in the Union Budget 2014-15 on 10 July 2014.
IT stocks may decline after global information technology, consulting, and business process outsourcing services provider Cognizant Technology Solutions Corp. unexpectedly cut its full-year revenue growth forecast to 14% from 16.5%, the slowest pace in its 20-year history, indicating an annual revenue growth of $10.1 billion. The management said that the company was facing client specific challenges.
Bharti Airtel, the promoter of Bharti Infratel will offer to sell up to 4.5 crore shares of Bharti Infratel today, 7 August 2014 through a sale on the separate window provided by the stock exchanges. In addition to the sale of shares, Bharti Airtel may also sell up to 4 crore shares in the sale. The sale of shares will commence at 9:15 IST and end at 15:30 IST today, 7 August 2014. The floor price of share sale shall be Rs 250 a share.
On a consolidated basis, Jindal Steel & Power (JSPL)'s net profit fell 20% to Rs 402 crore on 10% increase in turnover to Rs 4978 crore in Q1 June 2014 over Q1 June 2013.
EBITDA (earnings before interest, taxes, depreciation and amortization) rose 25% to Rs 1629 crore in Q1 June 2014 over Q1 June 2013. EBITDA margin increased to 33% in Q1 June 2014 compared with 29% in Q1 June 2013.
Total production of steel products rose 13% to 800,522 MT on 11% increase in sales to 737,471 MT in Q1 June 2014 over Q1 June 2013, JSPL said in a statement.
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Jindal Power's net profit fell 39% to Rs 195 crore on 9% increase in turnover to Rs 702 crore in Q1 June 2014 over Q1 June 2013. EBITDA rose 1% to Rs 427 crore in Q1 June 2014 over Q1 June 2013. EBITDA margin increased to 61% in Q1 June 2014 compared with 65% in Q1 June 2013. Power generation increased 29% to 1,682 kWh in Q1 June 2014 over Q1 June 2013.
Jubilant FoodWorks, Neyveli Lignite Corporation and Oracle Financial Services will unveil Q1 June 2014 results on Thursday, 7 August 2014.
Ador Fontech turned ex-dividend today, 7 August 2014, for dividend of Rs 3.50 per share for the year ended March 2014.
GHCL turned ex-dividend today, 7 August 2014, for dividend of Rs 2 per share for the year ended March 2014.
LIC Housing Finance turned ex-dividend today, 7 August 2014, for dividend of Rs 4.50 per share for the year ended March 2014.
Munjal Showa turned ex-dividend today, 7 August 2014, for dividend of Rs 3.50 per share for the year ended March 2014.
UPL turned ex-dividend today, 7 August 2014, for dividend of Rs 4 per share for the year ended March 2014.
Venky's (India) turned ex-dividend today, 7 August 2014, for dividend of Rs 5 per share for the year ended March 2014.
VST Tillers Tractors turned ex-dividend today, 7 August 2014, for dividend of Rs 15 per share for the year ended March 2014.
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