Key benchmark indices surged on the last trading session of the month, with market sentiment boosted by data showing that foreign funds remained net buyers of Indian stocks on Wednesday, 30 October 2013. The barometer index, the S&P BSE Sensex, settled at record high above the psychological 21,000 mark. The 50-unit CNX Nifty settled at its highest level in nearly three years. The Sensex surged 130.55 points or 0.62%, off 40.92 points from the day's high and up 172.54 points from the day's low. The market breadth, indicating the overall health of the market, was positive.
Indian stocks gained for the third day in a row today, 31 October 2013. The Sensex garnered 1,784.75 points or 9.2% in October 2013. The Sensex has gained 1,737.81 points or 8.95% in calendar 2013 so far (till 31 October 2013). From a 52-week low of 17,448.71 on 28 August 2013, the Sensex has risen 3,715.81 points or 21.3%.
Dr Reddy's Laboratories fell on profit booking after reporting strong Q2 result. Most bank stocks gained. State Bank of India (SBI) rose after the bank announced reduction in interest rates on bulk deposits (Rs 1 crore and above) across maturities. Bank of Baroda shrugged off weak Q2 result. Bank of India surged after strong Q2 earnings. DLF edged higher in choppy trade, with the stock shrugging off the company's weak Q2 results.
The market was volatile as traders rolled over positions in the futures & options (F&O) segment from the near month October 2013 series to November 2013 series. The October 2013 derivatives contracts expired today, 31 October 2013.
The market sentiment was boosted by data showing that foreign funds made substantial purchases of Indian stocks on Wednesday, 30 October 2013. Foreign institutional investors (FIIs) bought shares worth a net Rs 1035.50 crore from the secondary equity markets on Wednesday, 30 October 2013, as per data from Securities & Exchange Board of India.
The S&P BSE Sensex garnered 130.55 points or 0.62% to settle at 21,164.52, a record closing high. The index jumped 171.47 points at the day's high of 21,205.44 in late trade. The index fell 41.99 points at the day's low of 20,991.98 in early trade.
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The CNX Nifty jumped 47.45 points or 0.76% to settle at 6,299.15, its highest closing level since 9 November 2010. The index hit a high of 6,309.05 in intraday trade. The index hit a low of 6,235.90 in intraday trade.
The total turnover on BSE amounted to Rs 2474 crore, higher than Rs 1951.05 crore on Wednesday, 30 October 2013.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,319 shares rose and 1,161 shares fell. A total of 177 shares were unchanged. The breadth alternatively swung between positive and negative terrain from early afternoon trade.
The BSE Mid-Cap index rose 1.43%, outperforming the Sensex. The BSE Small-Cap index gained 0.53%, underperforming the Sensex.
Among the 30-share Sensex pack, 18 stocks rose and rest of them fell.
Index heavyweight Reliance Industries (RIL) gained 1.77% to Rs 913.45. The stock hit high of Rs 915.80 and low of Rs 897.
Infosys fell 0.99%. The company after trading hours on Wednesday, 30 October 2013, said that the company has completed a civil settlement that concludes the investigation by the US Attorney's Office for the Eastern District of Texas and resolves all issues with the US Department of State, Immigrations and Customs Enforcement and the US Department of Homeland Security relating to I-9 paperwork errors and visa matters that were the subject of the investigation. There were no criminal charges or court rulings against the company, Infosys said. Furthermore, there are no limitations on the company's eligibility for federal contracts or access to US visa programs as a result of the settlement, Infosys said.
In the settlement, Infosys has agreed to pay $34 million to resolve all allegations, for which the company had already taken a reserve of $35 million which included attorney's fees. The settlement is focused on historical I-9 paperwork errors from 2010-2011 that Infosys began correcting before the investigation began. There is no evidence that the I-9 paperwork violations allowed any Infosys employee to work beyond their visa authorization. As reflected in the settlement, Infosys denies and disputes any claims of systemic visa fraud, misuse of visas for competitive advantage, or immigration abuse, the software major said in a statement. The company's use of B-1 visas was for legitimate business purposes and not in any way intended to circumvent the requirements of the H-1B program, Infosys said. Only 0.02% of the days that Infosys employees worked on US projects in 2012 were performed by B-1 visa holders.
In the settlement agreement, the US Government acknowledged that Infosys demonstrates a commitment to compliance with the immigration laws through its current visa and I-9 practices. This settlement removes the uncertainty of prolonged litigation and allows the management to continue to focus on delivering measurable results for the company's clients, Infosys said.
Sesa Sterlite rose 1.82% ahead of its Q2 results today, 31 October 2013.
Cadila Healthcare rose 0.15% to Rs 675.30 after consolidated net profit surged 93.75% to Rs 183.37 crore on 13.18% increase in total income to Rs 1759.02 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours.
Glenmark Pharmaceuticals rose 1.63%. The company after market hours today, 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.
"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.
Asian Paints rose 1.72% to Rs 537 after hitting record high of Rs 540 in intraday trade.
Nestle India rose 0.18% after Q2 result. The company's net profit rose 6.62% to Rs 285 crore on 11% growth in net sales to Rs 2348.30 crore in Q3 September 2013 over Q3 September 2012. The result hit the market after trading hours on Wednesday, 30 October 2013. Nestle India said its net domestic sales rose 8% in Q3 September 2013, contributed by net realizations and volume growth in certain products. Exports jumped 73.9%, mainly due to exports to affiliates coupled with a favourable impact of the rupee depreciation.
Expenses under the head Depreciation and Amortization rose due to expansion of production capacities, amortization of capitalised borrowing costs, and exchange differences, partially offset by lower depreciation of certain lines that had lower run-time. Finance costs also rose on year-on-year (YoY) basis in Q3 September 2013 due to base effect -- finance costs in Q3 September 2012 were favorably impacted by a one-off reversal of exchange differences amounting to Rs 17.86 crore, Nestle India said in a statement. This reversal was due to the first time application of a government notification effective September 2012 that treats all exchange differences on long term foreign currency borrowings for fixed assets as capital expenditure. Tax expenses rose in September 2013 on YoY basis mainly due to the increase in income-tax surcharge from 5% to 10% effective 1 April 2013.
Nestle India will continue to improve operational efficiencies despite a challenging economic environment, said Etienne Benet, the recently appointed managing director of the company. "We will continue to focus on reinforcing the fundamentals of our growth drivers, further improve operational efficiencies, and keep rationalizing our SKUs (stock keeping units). I am confident of our strategy to deliver long-term sustainable profitable growth, despite the short-term challenges. I am satisfied that we have maintained double digit (sales) growth in the current business environment," Benet said.
Pidilite Industries rose 2.93%, with the stock extending Wednesday's 5.29% gains triggered by good Q2 result. The company's consolidated net profit rose 23.9% to Rs 118.48 crore on 21.6% increase in net sales to Rs 1094.07 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Tuesday, 29 October 2013.
Realty major DLF shrugged off weak Q2 results. The stock rose 1.8% to Rs 151.95. The stock hit high of Rs 152.50 and low of Rs 145. The company's consolidated net profit declined 27.76% to Rs 100.05 crore on 3.14% growth in total income to Rs 2224.61 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013.
DLF's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) almost remained flat at Rs 863 crore in Q2 September 2013 as against Rs 864 crore in Q2 September 2012.
DLF said it has witnessed an enthusiastic response to its luxury development-Camellias in DLF 5, Gurgaon. In Q2 September 2013, the company sold approximately 0.09 million square feet (msf) of the project at an average realization of Rs 28,055 per sq. ft.
DLF has appointed the construction major L&T as the general contractor to build the luxury residential development -- The Crest and Leighton Welspun, an Australian construction major as the general contractor to build luxury residential development -- The Camellias. The execution of both the projects Crest and Camellias has commenced, DLF said.
With regard to the divestment of the non-core assets, DLF said it has closed the divestiture of the Wind business and Star Alubuild to Lixil. The company has also signed a share purchase agreement with Dewan Housing Finance for sale of shareholding in DLF Pramerica Life Insurance, which is currently awaiting regulatory approvals. Given the pipeline of divestitures, the company remains committed to reduce its net debt to Rs 17500 crore by end of FY 2014, DLF said.
DLF said it expects a slow absorption of product in the market amid current economic and high interest rate environment. Despite these adverse conditions, the company has managed to more than double it sales bookings in first half of FY 2014 compared to corresponding period of last year, DLF said. The company said it remains hopeful in achieving its sales booking target for the year. On the leasing front, the company has achieved leasing of 1 msf in first half of FY 2014 compared to 1.14 msf for the entire FY 2013.
Oberoi Realty rose 1.43%, with the stock reversing intraday fall. The company's consolidated net profit fell 48.4% to Rs 64.14 crore on 28.66% decline in revenue to Rs 201.67 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013. Oberoi Realty's consolidated profit before tax (PBT) declined 45.08% to Rs 91.90 crore in Q2 September 2013 over Q2 September 2012.
Commenting on the results, Mr. Vikas Oberoi, CMD, Oberoi Realty said, "Though the overall economic environment continues to remain challenging for the industry at large, we believe this will create opportunities for companies like us who have been financially prudent. Of late, the Mumbai market has experienced some sluggishness in volumes for under construction projects though there continues to be demand for ready projects. With the buoyancy in the stock markets being one of the key drivers of buyer sentiment, we expect the momentum to catch on gradually for the real estate sector and further strengthen our sales".
Most bank stocks gained. ICICI Bank rose 1.96%. But, HDFC Bank fell 0.13%..
Bank of Baroda surged 10.76%, with the stock shrugging off weak Q2 result. The bank's net profit declined 10.24% to Rs 1168.10 crore on 9.38% increase in total income to Rs 10447.31 crore in Q2 September 2013 over Q2 September 2012. The bank announced the result during market hours.
Bank of Baroda (BoB)'s ratio of gross non-performing assets (NPAs) to gross advances increased to 3.15% as on 30 September 2013, from 2.99% as on 30 June 2013 and 1.98% as on 30 September 2012. The ratio of net NPAs to net advances increased to 1.86% as on 30 September 2013 from 1.69% as on 30 June 2013 and 0.82% as on 30 September 2012.
BoB's provisions and contingencies jumped 33.17% to Rs 860.83 crore in Q2 September 2013 over Q2 September 2012. Provision coverage ratio stood at 61.68% as on 30 September 2013.
BoB's deposits grew 18.81% to Rs 484931 crore as on 30 September 2013 from Rs 408149.50 crore as on 30 September 2012. Advances rose 16.31% to Rs 339855.30 crore as on 30 September 2013 from Rs 292180.90 crore as on 30 September 2012.
The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 12.32% as on 30 September 2013 as against 12.7% as on 30 June 2013 and 12.91% as on 30 September 2012. CAR as per Basel III norms stood at 12.07% as on 30 September 2013.
Allahabad Bank jumped 13.34% on decent Q2 result. The bank's net profit rose 17.76% to Rs 275.81 crore on 15.72% growth in total income to Rs 5303.06 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced during trading hours today, 31 October 2013.
Allahabad Bank's operating profit surged 43.78% to Rs 1154 crore in Q2 September 2013 over Q2 September 2012. Net interest income rose 11.49% to Rs 1309 crore. Net interest margin (NIM) stood at 2.75% in Q2 September 2013.
Allahabad Bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 4.94% as on 30 September 2013 as against 4.78% as on 30 June 2013 and 2.95% as on 30 September 2012. The ratio of net NPAs to net advances stood at 3.83% as on 30 September 2013 as against 3.87% as on 30 June 2013 and 2.1% as on 30 September 2012.
The bank's Capital Adequacy Ratio (CAR) as on 30 September 2013 stood at 11.07%.
Provision coverage ratio as on 30 September 2013 works out to 45.99%.
The bank's total deposits grew 11.38% to Rs 180396 crore as on 30 September 2013 from Rs 161957 crore as on 30 September 2012.
Bank of India vaulted 21.26% after net profit surged 105.98% to Rs 621.77 crore on 16.18% increase in total income to Rs 10339.55 crore in Q2 September 2013 over Q2 September 2012. Net interest income rose 15.07% to Rs 2527 crore and non-interest income rose 23.04% to Rs 1100 crore in Q2 September 2013 over Q2 September 2012. The result was announced during trading hours.
Bank of India (BoI)'s operating profit rose 13.43% to Rs 2103 crore in Q2 September 2013 over Q2 September 2012. Net interest income (NII) rose 15.07% to Rs 2527 crore in Q2 September 2013 over Q2 September 2012. Non-interest income grew 23.04% to Rs 1100 crore.
Global net interest margin (NIM) improved to 2.39% in Q2 September 2013 from 2.35% in Q2 September 2012. Domestic NIM improved to 2.93% in Q2 September 2013 from 2.7% in Q2 September 2012.
Global deposits grew 29.93% to Rs 432282 crore as on 30 September 2013 from Rs 332694 crore as on 30 September 2012. Advances rose 29.36% to Rs 336823 crore as on 30 September 2013 from Rs 260379 crore as on 30 September 2012.
CASA deposits rose 13.85% to Rs 95828 crore as on 30 September 2013 from Rs 84170 crore as on 30 September 2012.
Gross non-performing assets (NPA) ratio improved to 2.93% as on 30 September 2013 from 3.04% as on 30 June 2013 and 3.42% as on 30 September 2012. Net NPA ratio improved to 1.85% as on 30 September 2013 from 2.1% as on 30 June 2013 and 2.04% as on 30 September 2012.
Provision coverage ratio improved to 63.29% as on 30 September 2013 from 60.96% as on 30 September 2012.
The bank's Capital Adequacy Ratio (CAR) under Basel II norms stood at 11.3% as on 30 September 2013. CAR as per Basel III norms stood at 10.77% as on 30 September 2013 (including additional capital infusion of Rs 1000 crore approved by Government of India).
Canara Bank jumped 10.82%.
State Bank of India (SBI) rose 4.33%. The bank announced during trading hours today, 31 October 2013, that it has decided to revise its interest rates on bulk (Rs 1 crore and above) and retail term deposits (below Rs 1 crore) with effect from Friday, 1 November 2013. The bank has revised interest rate downwards on bulk deposits of all tenors. Interest rate on bulk term deposits for the period 1 year to less than 2 years has been reduced to 8.25% from 8.75%.
The bank has decided to increase interest rate on retail term deposits of maturity period of 180 days to 210 days to 7% from 6.8%.
SBI announced after market hours on Wednesday, 30 October 2013, that its central board has approved raising upto Rs 2000 crore through preferential allotment of equity shares in favour of the Government of India.
Dr Reddy's Laboratories fell 2.64% on profit booking after reporting strong Q2 result. The company's consolidated net profit jumped 76% to Rs 690.30 crore on 17% increase in revenue to Rs 3357.50 crore in Q2 September 2013 over Q2 September 2012. The result hit the market during trading hours.
Consolidated EBITDA (earnings before interest taxes depreciation and amortization) rose 27% to Rs 950 crore in Q2 September 2013 over Q2 September 2012.
The company said revenues from global generics segment rose 32% to Rs 2650 crore in Q2 September 2013 over Q2 September 2012, driven by growth in North America, Russia and other emerging markets. Revenues from the pharmaceutical services and active ingredients (PSAI) segment fell 19% to Rs 640 crore in Q2 September 2013 over Q2 September 2012.
Selling, general & administrative (SG&A) expenses, including amortization, rose 21% to Rs 970 crore in Q2 September 2013 over Q2 September 2012. The increase was primarily towards select brand building activities in the emerging market territories. SG&A expenses accounted for 29% to revenues in Q2 September 2013 compared with 27.8% to revenues in Q2 September 2012.
Research & Development (R&D) expenses rose 71% to Rs 300 crore, which is 9% to revenues in Q2 September 2013 compared with 6.1% to revenues in Q2 September 2012.
Titan Industries surged 4.15% after Q2 result. The company's net profit rose 3.7% to Rs 186.65 crore on 1.4% growth in income from operations to Rs 2258.29 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced during trading hours today, 31 October 2013.
Titan Industries said that the Watch and Eyewear businesses of the company, with a decent import content, continued to be affected by input cost increases and adverse currency movements. Despite the import cost challenge, the margins were well managed, Titan said.
The income for Watches was Rs 442.36 crore in Q2 September 2013 as compared to Rs 471.79 crore a year ago. On the other hand, jewellery business recorded an income growth of 4.3% to Rs 1798.07 crore in Q2 September 2013 over Q2 September 2012. Other businesses of the company comprising Precision Engineering, a B2B business, the Eyewear business and accessories grew by 17.2% in Q2 September 2013 over Q2 September 2012. The combined income of these businesses was Rs 114.07 crore in Q2 September 2013 as against Rs 97.37 crore in Q2 September 2012.
Mr. Bhaskar Bhat, MD, Titan Industries said, "This was a challenging quarter on account of weak consumer sentiments, particularly for discretionary purchase categories like Watches and Jewellery. The continued inflation and the weak rupee are affecting demand as well as costs and interest rates that continued to be at high levels. Regulatory issues on gold created a high demand supply gap in the market. The first half numbers for Titan Company looks healthy on the back of a good first quarter. Given the good monsoon across the country and a likely change in consumer sentiment driven by stock market movement, we are hopeful of a good second half".
Telecom stocks gained. Bharti Airtel rose 1.39%, with the stock extending Wednesday's post-result rally. The company's consolidated net profit declined 29% to Rs 512 crore on 9.9% increase in total revenue to Rs 21324 crore in Q2 September 2013 over Q2 September 2012. The company announced the result during market hours on Wednesday, 30 October 2013.
Bharti Airtel's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) jumped 15.1% to Rs 6832 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin increased to 32% in Q2 September 2013 from 30.6% in Q2 September 2012.
Among other telecom stocks, MTNL (up 2.33%), Reliance Communications (up 1.59%), and Idea Cellular (up 0.96%), gained.
IDFC surged 3.41% ahead of its Q2 results today, 31 October 2013.
Larsen & Toubro (L&T) fell 0.35% to Rs 966. L&T Finance Holdings rose 3.5% to Rs 82.80. L&T after market hours today, 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.
Adani Enterprises lost 1.8% on reverse turnaround in Q2 September 2013. The company reported a consolidated net loss of Rs 416.95 crore in Q2 September 2013, compared with net profit of Rs 320.21 crore in Q2 September 2012. Total income jumped 33% to Rs 13602 crore in Q2 September 2013 over Q2 September 2012. The company announced result during market hours.
Adani Enterprises said that its earnings before interest, taxation, deprecation and amortization rose 17% to Rs 1896 crore in Q2 September 2013 over Q2 September 2012. Adani Enterprises said that its port and coal trading businesses continue to grow on a steady basis. The company said that its performance in Q2 September 2013 was adversely impacted by currency volatility, non-availability of domestic coal and delay in compensatory tariff in power generation business. Mr. Gautam Adani, Chairman, Adani Group said that the company's financial results reflect the continued stress on the group's power business. He further said that the power business scenario is expected to improve in the ensuing quarters.
In its coal mine development and operations business, the company is in the process of scaling up its operations. The company said it extracted 4.4 lac metric tones of coal in Q2 September 2013 from its Parsa Kente block in Chhattisgarh. The Environmental Impact Statement (EIS) and other approvals for the Carmichael Coal Mine and Rail Project in Australia are progressing well and are expected as per schedule, Adani Enterprises said in a statement.
Suzlon Energy hit a lower circuit limit of 5% at Rs 9.70 at on BSE after the company extended losses in Q2 September 2013. The company reported a net loss of Rs 782.37 crore in Q2 September 2013 compared with a net loss of Rs 807.74 crore in Q2 September 2012.
Suzlon Energy's total income fell 16.66% to Rs 4820.54 crore in Q2 September 2013 over Q2 September 2012.
The company said one time group-wide restructuring costs, under project transformation, stood at Rs 67 crore, and losses due to unfavourable currency fluctuations added Rs 70 crore in Q2 September 2013.
The consolidated group orderbook stood at 5.1 gigawatts (GW), approximately Rs 43834 crore, with an intake of 395 megawatts (MW) over Q2 September 2013.
Suzlon Group completed the divestment of 75% stake in its China manufacturing subsidiary for $28 million. The joint venture model serves a dual strategy by allowing the company to migrate to an asset light model in China, while maintaining a presence in this important market, the company said in a statement.
Mr Tulsi Tanti, Chairman - Suzlon Group, said: "Despite significant challenges our business is improving steadily. As part of our strategic initiatives, we have strengthened our product portfolio, adding a new turbine variant designed specifically for low wind sites in developed economies; we secured entry into Uruguay, one of the most promising Latin American markets; and, divested 75% of our China subsidiary, converting it into a joint venture which helps us maintain a foothold in the world's largest market. Looking ahead, we see an evolving - but promising - market for wind energy worldwide; and with the actions we are taking, we see a sustainable outlook for Group in the long term."
Mr Kirti Vagadia, Group Head of Finance, said: "While we continue to progress on the operational front, we reported a significant net loss primarily driven by lower volumes, the impact of the depreciating Rupee, and restructuring costs. We are, however, pleased to report a positive EBITDA (net of forex) in Q2 after five quarters. We continue our focus on increasing volumes while optimizing fixed costs, opex and working capital, which will enable us to improve our financial performance. We believe we are on the way to recovery, and while this has taken longer than envisaged, with the support of our key stakeholders we are on our way to achieve this."
Excel Crop Care was locked at 5% upper circuit at Rs 307.75 on BSE on strong Q2 result. The company's net profit jumped 206.19% to Rs 23.24 crore on 29.67% growth in total income from operations to Rs 272.80 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013.
Excel Crop Care said that the Competition Appellate Tribunal has pronounced an Order on the company's appeal challenging the penalty of Rs 63.90 crore imposed by the Competition Commission of India on it. The Tribunal has reduced the amount of the penalty to Rs 2.91 crore, Excel Crop Care said.
Excel Crop Care's board of directors at a meeting held on Wednesday, 30 October 2013, approved a scheme of arrangement between TML Industries (demerged company or TML) and Excel Crop Care (resulting company or ECCL) and their respective shareholders and creditors (scheme). The business rationale for the scheme is based on integration of the business of Chlorpyriphos (CPP). After withdrawal of Endosulfan from the domestic market in 2011, the company has been focusing on various other insecticides to regain its market presence. CPP is the largest selling organo phosphorous insecticide globally. CPP has emerged as one of the major insecticide products for the company and has partly captured Endosulfan share in the domestic market, Excel Crop Care said.
Lakshmi Machine Works surged 3.56% on strong Q2 result. The company's net profit jumped 44.62% to Rs 52.21 crore on 8.88% growth in total income from operations to Rs 561.05 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013.
Balaji Telefilms fell 1.46%, with the stock reversing intraday gain. The company's consolidated net profit surged 417.65% to Rs 12.32 crore on 229.31% spurt in revenues to Rs 194.16 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Wednesday, 30 October 2013. Consolidated EBITDA (earnings before interest taxes depreciation and amortization) spurted 141.72% to Rs 10.95 crore in Q2 September 2013 over Q2 September 2012.
Torrent Pharmaceuticals rose 4.32% after Q2 result. The company's consolidated net profit rose 4.62% to Rs 113 crore on 25% growth in revenue to Rs 972 crore in Q2 September 2013 over Q2 September 2012. The Q2 result was announced after market hours on Wednesday, 30 October 2013. Torrent Pharmaceuticals' consolidated profit before tax (PBT) rose 9.35% to Rs 152 crore in Q2 September 2013 over Q2 September 2012.
During Q2 September 2013, the domestic formulation business recorded revenues of Rs 297 crore, a 10% YoY growth. During the quarter there were disruptions in the market on account of various demands of the trade, subsequent to the notification of DPCO 2013 and related price notification, Torrent Pharmaceuticals said. This has impacted the overall market in the country with Torrent covered market as well as the overall Indian pharmaceutical market growing at only 3% as per AIOCD reports, the company said in a statement.
International revenues grew by 32% YoY to Rs 573 crore in Q2 September 2013. In the international operations, US business reported growth of 24%, Europe (incl. Heumann) 54%, Brazil growth 8% and Rest of the World, including Russia, CIS, Mexico & Canada 31%, Torrent Pharma said.
Mcleod Russel India fell 1.47% after Q2 result. The company's net profit rose 6.6% to Rs 245.49 crore on 11.8% increase in net sales to Rs 490.79 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Wednesday, 30 October 2013.
In the foreign exchange market, the rupee edged lower against the dollar, hurt by broad gains in the dollar. The partially convertible rupee was hovering at 61.50, compared with its close of 61.235/245 on Wednesday, 30 October 2013. The dollar rose against a basket of six major currencies after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast.
European stocks edged lower on Thursday, 31 October 2013, after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast. Key benchmark indices in France and Germany shed 0.18% to 0.45%. In France, the CAC 40 index rose 0.05%.
Asian stocks fell on Thursday, 31 October 2013, after the Federal Reserve fueled bets it may start paring stimulus sooner than previously forecast. Key benchmark indices in China, Japan, Hong Kong, Taiwan, Indonesia, Singapore, and South Korea shed 0.18% to 1.43%.
The Bank of Japan stuck with its campaign of unprecedented monetary easing as Prime Minister Shinzo Abe seeks to jolt the nation out of a 15-year deflationary malaise. Governor Haruhiko Kuroda's board maintained a pledge to expand the monetary base by 60 trillion to 70 trillion yen ($711 billion) a year, in a decision released in Tokyo today.
Trading in US index futures indicated that the Dow could fall 24 points at the opening bell on Thursday, 31 October 2013. US stocks fell on Wednesday, 30 October 2013, as investors assessed a Federal Reserve statement that largely matched forecasts, but also had some Fed watchers saying a policy change could come sooner than expected.
The Federal Reserve decided to press on with $85 billion in monthly bond purchases, saying it needs to see more evidence that the economy will continue to improve. "The recovery in the housing sector slowed somewhat in recent months," the Federal Open Market Committee (FDTR) said Wednesday at the end of a two-day meeting in Washington. "Fiscal policy is restraining economic growth. Taking into account the extent of federal fiscal retrenchment over the past year, the committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program as consistent with growing underlying strength in the broader economy," the committee said. The Fed repeated that it will "await more evidence that progress will be sustained before adjusting the pace of its purchases." The Fed's purchases will remain divided between $40 billion a month of mortgage bonds and $45 billion in Treasury securities.
US private-sector employers hired the fewest workers in six months in October while tepid domestic demand kept inflation benign last month, suggesting the economy was still in need of stimulus from the Federal Reserve. Employers in the private sector added 130,000 new jobs to their payrolls this month, the ADP National Employment Report showed on Wednesday. That was the lowest reading since April.
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