Asian Paints after market hours reported 1.75% fall in consolidated net profit to Rs 329.35 crore on 13.03% rise in total income to Rs 3481.99 crore in Q3 December 2013 over Q3 December 2012. Asian Paints said that results for Q3 December 2013 include unaudited consolidated financials of Sleek International in which the company acquired 51% stake on 8 August 2013. In view of this, the results for Q3 December 2013 are not comparable with the corresponding previous periods, Asian Paints said.
"The decorative paints business in India did well considering the challenging and uncertain macro environment. Raw material prices were marginally higher in the third quarter. Industrial paints segment continued to be impacted by sluggish manufacturing environment in the economy, with no major capes activity. Automotive coatings growth was affected due to the subdued demand in the automotive sector. International Business registered good growth. Middle East and Asia have done well even though some countries continued to be affected by political events and macro economic uncertainty," said K.B.S. Anand, Managing Director & CEO, Asian Paints.
Ashok Leyland, Colgate-Palmolive (India), Kotak Mahindra Bank, Tata Coffee, Thermax and Torrent Pharma will announce their October-December 2013 earnings today, 21 January 2014.
On a consolidated basis, Emami's net profit rose 31.1% to Rs 150.68 crore on 6.6% increase in net sales to Rs 584.67 crore in Q3 December 2013 over Q3 December 2012.
Shares of power generation firms will be watched on reports the Maharashtra state government will cut electricity tariffs by 15% to 20%. The state cabinet had accepted the recommendation of a panel of ministers to cut tariff, television channels reported after market hours on Mondday, 20 January 2014. The move follows the decision by the Aam Aadmi Party (AAP) government in Delhi, earlier this month to subsidise power tariffs for lower usage customers.
Tata Motors on Monday, 20 January 2014, announced the launch of the REVOTRON Series -- the next generation petrol engine family that will power its future models in the passenger vehicle market. The company unveiled the first petrol engine from its REVOTRON series - the Turbocharged Intercooled Multi-point Fuel Injected (MPFi) Petrol Engine, REVOTRON 1.2T. Tata Motors said that the REVOTRON Series has been designed based on extensive feedback from car owners, car enthusiasts and expert drivers from across the globe; observing their driving habits followed by extensive testing in gruelling climatic conditions in India as well as in countries like the UK and Korea.
The REVOTRON Series has been developed by Tata Motors with inputs from renowned global players in the area of combustion, boosting, friction and calibration, to deliver class-leading performance, the company said in a statement. Tata Motors also worked closely with global engine consultant AVL (Austria) and key technology partners like Bosch, Honeywell, Mahle and INA to bring in the latest technology for the new engine series. REVOTRON 1.2T has been tested for global standards along with a testing car by TEnergy of Korea to ensure that the engine performance is best-in-class, Tata Motors said. The engine has been manufactured to be light on weight and low on friction, delivering high performance and fuel economy. The REVOTRON series will include 3-and 4-cylinder petrol engines to offer superior performance as well as high fuel efficiency to our customers, Tata Motors said.
Announcing the launch, Mr. Ranjit Yadav, President, Passenger Vehicle Business Unit, Tata Motors said: "With the launch of REVOTRON 1.2T, Tata Motors passenger vehicles business is making a strategic shift towards a more complete portfolio. The name itself, an amalgamation of Revolution and the French word "tronel", meaning "balance", conveys the essence of this engine brand that uses key technological advances to revolutionize and balance great driving manoeuvrability, without compromising on power or fuel efficiency. We are enhancing our portfolio with the next generation petrol engines - REVOTRON series".
The REVOTRON 1.2T has been engineered to deliver optimum balance of power, performance and fuel economy, Tata Motors said. Developed using a range of eco-friendly and future-oriented technologies, the next-generation petrol engine incorporates latest know-how like multi-drive modes, allowing the best of economy and driving pleasure. The Advance Engine Management Systems (AMS) provides a digitally precise control for vehicle performance and emissions and offers the design of reciprocating components to ensure the best out of every drop of fuel. With enhanced customer benefits for the best driving experience, the REVOTRON series is therefore positioned to be a revolution in Performance, Refinement and Economy, the three pillars of the REVOTRON series, Tata Motors said.
The Reserve Bank of India (RBI) on Monday, 20 January 2014, barred banks from offering gold loans worth more than 75% of the value of gold jewellery and ornaments.
As a prudential measure, it has been decided to prescribe a loan-to-value (LTV) ratio not exceeding 75% for banks' lending against gold jewellery (including bullet repayment loans against pledge of gold jewellery), RBI said in a notification.
Initially, RBI had restricted the LTV ratio for gold loan non-bank financial companies (NBFCs) at 60%. But last week, it had increased the cap to 75%. Banks, on the other hand, had no such LTV cap on their advances against gold.
Hindustan Zinc will be watched on reports the government on Monday, 20 January 2014, approved a stake-sale in the company. The government holds a 29.5% stake in Hindustan Zinc that is controlled by London-listed Vedanta Resources Plc.
Oil India's board will meet on 28 January 2014, to consider the declaration of interim dividend for the year ending March 2014.
Canara Bank said after market hours on Monday, 20 January 2014, that the board of directors of the bank at its meeting held on 20 January 2014, has approved the payment of interim dividend of Rs 6.50 per share or 65% for the year ending 31 March 2014 and permitted the payout date of dividend as 31 January 2014 (i.e., the date of dividend warrant would be 31 January 2014).
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