TCS and Hero MotoCorp unveil Q2 results today, 16 October 2014.
Bajaj Auto reported 29.41% fall in net profit to Rs 590.90 crore on 14.67% rise in total income to Rs 6076.70 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours on Tuesday, 14 October 2014. The Q2 September 2014 net profit was weighed by an exceptional item of Rs 340.29 crore of National Calamity Contingency Duty (NCCD). Excluding exceptional item, profit after tax, would have rose 1.91% to Rs 853 crore in Q2 September 2014 over Q2 September 2013, Bajaj Auto said.
It may be recalled that Bajaj Auto had filed a writ petition before the Uttarakhand High Court in October 2011, claiming benefit of exemption from payment of NCCD by Pantnagar plant. On 9 October 2014, the court ruled otherwise, the company said. Accordingly in Q2 September 2014, the company recognised liability for the last seven and a half years (1 April 2007 to 30 September 2014) aggregating to Rs 340.29 crore. This is a one time only charge and going forward, the monthly charge towards NCCD is expected to be around Rs 3 crore per month, it added.
The company's export revenue rose 28.75% to Rs 2736 crore in Q2 September 2014 over Q2 September 2013. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) before mark-to-market loss and CSR spends rose 3.65% to Rs 1248 crore in Q2 September 2014 over Q2 September 2013. Operating EBITDA margin before mark-to-market (MTM) gain/loss was reported at 20.8% in Q2 September 2014, lower than 23.1% in Q2 September 2013.
Total vehicles sales rose 9.8% to 10.55 lakh units in Q2 September 2014 over Q2 September 2013.
The company's cash and cash equivalents as on 30 September 2014 stood at Rs 8313 crore.
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Given the initial response to the Discover 150, the company looks forward to a very rewarding future, Bajaj Auto said.
Tata Steel has announced on 15 October 2014, the signing of a Memorandum of Understanding with Klesch Group to undertake detailed due diligence and negotiations for the potential sale of its Long Products Europe business and associated distribution activities. The memorandum covers several UK-based assets including Tata Steel's Scunthorpe steelworks, mills in Teesside, Dalzell and Clydebridge in Scotland, an engineering workshop in Workington and a rail consultancy in York, as well as other operations in France and Germany.
About 6,500 people are employed at Long Products Europe and its distribution facilities. Tata Steel employs 30,500 people across Europe, including 17,500 in the UK. The European steel industry is emerging from one of the most challenging economic periods in its history. Tata Steel has invested 1.2 billion in its UK operations and trained 1,200 UK apprentices and graduates since acquiring Corus in 2007, Tata Steel said.
Sesa Sterlite after market hours on Tuesday, 14 October 2014 in a clarification with regard to news item titled Sesa Sterlite slumps on Supreme Court Order" said that the latest developments in Supreme Court does not relate to Sesa Sterlite. The written order of the Supreme Court is still awaited, the company said. As per the company's understanding, the situation, which is prevailing since 21 April 2014 judgment of Supreme Court, remains the same even today, Sesa Sterlite said.
Bhushan Steel after market hours on Tuesday, 14 October 2014 in a clarification with regard to news item titled "Bhushan Steel is on Block. SBI Capital has been appointed as Lead Advisors for the process of Sale" said that the contents of the news item are incorrect and denied.
Tech Mahindra after market hours on Tuesday, 14 October 2014, said that Pursuant to Clause 17(C) of the Scheme of Amalgamation and Arrangement of Mahindra Engineering Services with Tech Mahindra and their respective shareholders and creditors ('the Scheme'), the company's board of directors has extended the validity of the scheme by a further period of three months i.e. upto 31 January 2015.
PSU OMCs and auto stocks will be in focus as petrol price was cut by Re 1 a litre with effect from 15 October 2014 excluding local sales tax or VAT. Petrol price in Delhi will come down by Rs 1.21 a litre (including VAT) to Rs 66.65 a litre with effect from 15 October 2014.
Since last price change, international petrol prices have continued to show a downward trend. However, the rupee-dollar exchange rate has depreciated. Despite rupee depreciation against the dollar, the fall in international oil prices warrant a decrease in selling price of petrol in the domestic market, Indian Oil Corporation said in a statement.
Pfizer after market hours on Tuesday, 14 October 2014 in a clarification with regard to news item titled "Pfizer wins patent for Voriconazole" said that the news article appeared to be attributable to its parent company Pfizer Inc., USA or its affiliates and not in respect of Pfizer.
With respect to news article appearing titled "NDTV Shares soars on buzz Adani Group's eyeing stake." Adani Enterprises has clarified before market hours the company keeps the exchange informed about events, information etc. including price sensitive information in accordance with regulatory requirements. In the present case, the company does not have any important information/announcement to be shared.
Bajaj Holdings & Investment's consolidated net profit rose 11% to Rs 510 crore on 133.76% rise in total income to Rs 215.67 crore in Q2 September 014 over Q2 September 2013.
Gujarat State Fertilizers & Chemicals' net profit rose 22.6% to Rs 124.31 crore on 4.2% rise in total income to Rs 1520.62 crore in Q2 September 014 over Q2 September 2013.
MindTree's net profit rose 6.2% to Rs 137.4 crore on 5.3% rise in revenue to Rs 888.60 crore in Q2 September 2014 over Q1 June 2014.
Empee Distilleries said that a meeting of the Board of Directors of the company will be held on 25 October 2014, to consider on further process on the composite Scheme of Amalgamation of Empee Sugars and Chemicals with the company, pending before the Hon'ble High Court, Andhra Pradesh. The announcement was made after market hours on Tuesday, 14 October 2014.
Sanwaria Agro Oils said that the Government of India, Ministry of Commerce and Industry has recognized the company as "Trading House" with effect from 1 April 2014.
Sadbhav Engineering said that the QIP Committee of the Board of Directors of the company at its meeting held on 14 October 2014 has decided to open the issue and set floor price for the issue at Rs 219.06 per share. The announcement was made after market hours on Tuesday, 14 October 2014.
Rain Commodities announced before market hours that after initial checks and verification, it has been observed that Hudhud cyclone has not caused any material damage to the manufacturing facilities of Rain CII Carbon (Vizag) (step-down wholly owned subsidiary Company) (RCCVL) situated at Visakhapatnam, Andhra Pradesh. However the power supply and communication systems have been disrupted. The cyclone has resulted in temporary stoppage of operations. After thorough checking of all the equipment, completion of repairs and other maintenance activities, RCCVL is expected to resume normal operations in about two to three weeks. There is adequate Insurance coverage subject to general deductibles.
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