Maruti Suzuki India (MSIL) reported 10.3% decline in total sales at 102,416 vehicles in January 2014 over January 2013. Domestic sales declined 6.3% to 96,569 units in January 2014 over January 2013. Export sales declined 47.7% to 5,847 units in January 2014 over January 2013. The company unveiled January sales numbers on Saturday, 1 February 2014.
Tata Motors on Saturday, 1 February 2014 said its total sales (including exports) in January 2014 were 40,481 vehicles. The company's domestic sales of Tata commercial and passenger vehicles for January 2014 were 36,657 units. The company's sales from exports were 3,824 units in January 2014.
Mahindra & Mahindra (M&M) on Saturday, 1 February 2014 said its total tractor sales rose 15% to 20,109 units in January 2014 over January 2013. Domestic tractor sales rose 18% to 19,389 units in January 2014 over January 2013. Exports declined 33% to 720 units in January 2014 over January 2013.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Tractor and Farm Mechanization, M&M said, "We have achieved a cumulative domestic growth till January 2014 of 23%. This is primarily due to a bumper Kharif crop and the anticipation of a good Rabi crop. We expect the good run to continue for the rest of the quarter."
Separately, M&M on Saturday, 1 February 2014 said its total auto sales declined 13.77% to 42,685 units in January 2014 over January 2013. Domestic sales declined 15.71% to 40,324 units in January 2014 over January 2013. Exports surged 42.05% to 2,361 units in January 2014 over January 2013.
The sales of Passenger Vehicles segment declined 25.46% to 19,792 units in January 2014 over January 2013. The four-wheeler commercial vehicle sales rose 4.49% to 15,100 units in January 2014 over January 2013. Three-wheeler sales declined 18.94% to 4,710 units in January 2014 over January 2013.
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Commenting on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, M&M said, "The first month of 2014 did not witness any improvement in the overall industry performance and the situation remains subdued. The recent repo rate hike will in coming months escalate the rate of interest on car loans impacting consumer sentiment. We hope the upcoming Auto Expo which will showcase new products and technology, will provide a trigger in giving a much needed boost to the auto industry and overall sentiment."
Jindal Steel & Power after trading hours on Friday, 31 January 2014, said that the company has utilized more than 50% of the amount earmarked for share buyback as specified in the resolution passed by the Board of Directors at its meeting held on 30 August 2013, i.e., the minimum buy-back size of Rs 500 crore. Accordingly, a meeting of the duly authorized sub-committee of directors of the company is being convened on 4 February 2014 in order to consider, inter alia, determining the closing date of the buy-back offer of the company's equity shares, being a date earlier than the last date for the completion of buy-back offer mentioned in the announcement, i.e. 15 March 2014, Jindal Steel & Power said.
On a consolidated basis, IDFC's net profit rose 10.02% to Rs 500.68 crore on 3.68% increase in total income to Rs 2122.84 crore in Q3 December 2013 over Q3 December 2012. Net interest income rose 1% to Rs 664 crore in Q3 December 2013 over Q3 December 2012. Non-interest income rose 9% to Rs 187 crore in Q3 December 2013 over Q3 December 2012. IDFC's balance sheet remained stable at Rs 70,073 crore as on 31 December 2013. Gross loan book increased 1% to Rs 54552 crore as on 31 December 2013, from Rs 54104 crore as on 31 December 2012.
Lupin announces its Q3 results today, 3 February 2014.
Telecom stocks will be in focus as the government has put up for sale 403 units of airwaves in 1800 Mhz band and 46 units in the 900 Mhz band for spectrum auction scheduled today, 3 February 2014.
Metal stocks may edge lower as China's Purchasing Managers' Index eased in January. China is the world's largest consumer of copper and aluminum.
Grasim Industries' consolidated net profit fell 39.55% to Rs 331.93 crore on 3.86% rise in total income to Rs 7226.18 crore in Q3 December 2013 over Q3 December 2012. The result was announced on Saturday, 1 February 2014. The company's performance was constrained due to subdued economic condition.
The company in its outlook said that the current difficult market conditions have affected the performance of both the businesses. The performance of cement business should improve with the expected recovery post general elections in India and of VSF business based on global rebalancing of excess capacity. The commissioning of major projects by the company will help improve volume and profitability.
PSU OMCs will be in focus as the price of diesel was on Friday hiked by 50 paise per litre, while that of petrol was kept unchanged. The hike, which will take effect from Saturday, is excluding local sales tax, or VAT. The actual increase will be higher and will vary from city to city. In January 2013, the government allowed PSU OMCs to raise diesel prices in small measures at regular intervals while completely deregulating diesel prices sold to institutional or bulk buyers. The government has already freed pricing of petrol.
Godrej Consumer Products (GCPL)'s consolidated net profit rose 13.68% to Rs 195.77 crore on 16.75% growth in total income to Rs 1999.60 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced on Saturday, 1 February 2014. GCPL said that current period figures are not comparable with corresponding previous period because of acquisition/amalgamations made since then.
Multi Commodity Exchange of India (MCX) on Saturday, 1 February 2014 said that Dr. Manoj Vaish has joined the company as its MD & CEO with effect from 1 February 2014. It may be recalled that FMC vide its letter dated 16 January 2014 has conveyed its approval to the appointment of Dr. Manoj Vaish as MD & CEO of the company.
TVS Motor Company on Saturday, 1 February 2014 said its total sales rose 6% to 186,313 units in January 2014 over January 2013. The company's total exports surged 39% to 28,875 units in January 2014 over January 2013. Two wheeler exports registered a growth of 35% to 23,438 units in January 2014 over January 2013. Total two wheeler sales increased 5% to 179,576 units in January 2014 over January 2013. Domestic two wheeler sales accounted for 156,138 units in January 2014 as against 154,107 units registered in January 2013. Scooters sales grew 19% to 45,198 units in January 2014 over January 2013. Motorcycles sales grew marginally increasing from 64,555 units in January 2013 to 65,449 units in January 2014. Three wheeler sales surged 52% to 6,737 units in January 2014 over January 2013.
Jindal Poly Films said its board has approved raising Rs 250 crore through issue of Secured Redeemable Non-Convertible Debentures on private placement basis.
ING Vysya Bank's net profit rose 3.08% to Rs 167.34 crore on 4.37% growth in total income to Rs 1487.85 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 31 January 2014. The bank's provisions and contingencies declined 6.46% to Rs 23.01 crore in Q3 December 2013 over Q3 December 2012.
ING Vysya Bank's ratio of gross non-performing assets (NPAs) to gross advances declined to 1.68% as on 31 December 2013, from 1.72% as on 30 September 2013 and 1.77% as on 31 December 2012. The ratio of net NPAs to net advances stood at 0.21% as on 31 December 2013 as against 0.19% as on 30 September 2012 and 0.05% as on 31 December 2012.
The bank's Capital Adequacy Ratio (CAR) stood at 16.93% as on 31 December 2013 as against 16.75% as on 30 September 2013 and 12.47% as on 31 December 2012.
The Reserve Bank of India (RBI) has vide its circular dated 20 December 2013 advised all banks to create, as a matter of prudence, a Deferred Tax Liability (DTL) on Special Reserve created under Section 36(1)(viii) of Income Tax Act, 1961. Accordingly, the tax expense for the quarter and nine months ended 31 December 2013 includes proportionate nine month deferred tax charge of Rs 4.08 crore on Special Reserve at that date. Further, on the Special Reserve balance of Rs 74.70 crore at 31 March 2013, the bank created a DTL of Rs 25.39 crore by debiting opening Revenue Reserves, ING Vysya Bank said.
Tata Power after market hours on Friday, 31 January 2014 said it has decided to exit from PT Arutmin Indonesia (Arutmin) to get additional cash flow and to reduce its consolidated debt amid facing under-recovery challenges in its Mundra ultra mega power plant (UMPP) operations and cash flow concerns.
Considering the present coal price scenario, Arutmin, which is a mine spread over a number of pits in South Kalimantan, Indonesia, had started posing production and cost viability challenges in its operations, Tata Power said in a statement.
Tata Power, however, continues to hold its equity stake in PT Kaltim Prima Coal (KPC), which owns one of the largest thermal coal producing mines in the world. KPC will also continue to be a part of the supply chain for Tata Power Group's coal off-take requirements, Tata Power said in a statement.
Accordingly, Tata Power, through its wholly-owned subsidiaries, has signed an agreement to sell its 30% stake in Arutmin and associated companies in coal trading and infrastructure, to a Bakrie Group entity. The aggregate consideration for Tata Power's 30% stake is approximately $500 million, subject to certain closing adjustments. The sale is subjected to certain conditions and restructuring actions, which the company targets to complete in the next three months.
Mr. Anil Sardana, MD, Tata Power said, The current coal price scenario has presented a challenge to the entire coal mining sector. The proceeds from the sale of Arutmin will provide cash to meet the company's current challenges. We do not expect any impact on the coal supplies to our plants since we stay invested in KPC mines and our coal supply agreement continues as it is.
NHPC's net profit declined 16.81% to Rs 259.35 crore on 16.03% growth in total income to Rs 1397.01 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 31 January 2014.
Container Corporation of India (Concor)'s net profit rose 5.49% to Rs 249.57 crore on 13.81% growth in total income to Rs 1328.04 crore in Q3 December 2013 over Q3 December 2012. The Q3 result was announced after market hours on Friday, 31 January 2014. Concor's board of directors at a meeting held on Friday, 31 January 2014, declared interim dividend of Rs 7 per share for the year ending 31 March 2014. The record date for the payment of interim dividend is fixed as 14 February 2014.
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