Shares of aviation companies will be watched after public sector oil marketing companies (PSU OMCs) hiked aviation turbine fuel (ATF) prices by a steep 6.9%. ATF price at Delhi was hiked by Rs 4,827.94 per kilolitre (kl), or 6.87%, to Rs 75,031.09 per kl. The increase has been effected from 1 September 2013. ATF constitutes over 40% of an airline's operating costs.
Shares of PSU OMCs will be in focus as the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas after reviewing international prices of crude oil and petroleum products during the second Fortnight of August 2013 said the under-recovery on High Speed Diesel (HSD) applicable for Ist fortnight of September effective 1 September 2013 increased to Rs 12.12 perlitre higher than Rs 10.22 per litre during 2nd fortnight of August 2013 from 16 August 2013. In the case of PDS Kerosene and Domestic LPG, under-recoveries for the month of September 2013 increased further to Rs 36.83 per litre and Rs 470.38 per cylinder respectively. The under-recoveries on during August 2013 on PDS Keorsene was Rs 33.54 per litre and Rs 412.00 per cylinder on Domestic LPG. OMCs, effective 1 September 2013, are incurring higher combined daily under-recovery of about Rs 470.38 crore on the sale of Diesel, PDS Kerosene and Domestic LPG. This was Rs 389.00 crore for the previous fortnight effective 16 August 2013.
Mahindra & Mahindra (M&M)'s Farm Equipment Sector (FES) reported 7% increase in total tractor sales at 14,158 units in August 2013 over August 2012. Domestic tractor sales rose 9% to 13,543 units in August 2013 over August 2012. Exports fell 27% to 615 units during the period under review.
Speaking on the monthly performance, Rajesh Jejurikar, Chief Executive, Tractor and Farm Mechanization, M&M said, "Our domestic growth of 9% in August 2013 and consistent performance over the last five months is heartening. We believe the Kharif sowing having crossed the 1000 lac hectare mark, normal monsoons and prospects of the approaching festive season are clear indicators of stronger growth for the overall agricultural sector in the coming months."
Steel Authority of India (Sail) announced that its sales rose 15.77% to 10.86 lakh tonnes in August 2013 over August 2012. Sail said in a statement that the rise in sales was mainly on account of increase in flat product sales, which went up by 26% during the period under review. While long products saw a growth of 3%, retail sales at 53,800 tonnes in the month were up by 62% on a month-to-month basis. Concerted efforts to harness the rising dollar materialised in a significant growth in exports to a level of 31,000 tonnes, a corresponding period last year (CPLY) growth of 36%, the company said in a statement.
Hero MotoCorp turns ex-dividend today, 3 September 2013, for a dividend of Rs 60 per share for the year ended 31 March 2013.
State Bank of India (SBI) said after market hours on Monday, 2 September 2013, that it acquired 23% shares of Bank State Bank of India, Indonesia (BSBII) in a recent deal with P. T. Ravindo Jaya. Currently, SBI holds 99% in BSBII and P. T. Ravindo Jaya holds 1%.
Religare Enterprises (REL) announced its decision to acquire Macquarie's stake in its wealth management joint venture - Religare Macquarie Wealth Management. The equal partnership joint venture (JV) was formed in 2007 to serve the fast growing Indian High Net Worth individuals (HNI) client base, leveraging Religare's local knowledge and Macquarie's global expertise.
The venture has made steady progress over the last 5 years and has positioned itself as an advisory led platform delivering 'Simplified Wealth Solutions' via its three core pillars of strong wealth advisors, best practice processes and world class investment solutions for HNI's in India . The open architecture platform has currently close to Rs 2800 crore of Assets Under Management (as on 31 March 2013) servicing over 4800 clients through its committed team of professional wealth advisors.
Post completion of the transaction and necessary formalities, the legal entity will be rechristened as Religare Wealth Management (RWML) and will form a part of the broader Capital Markets Business of Religare group. There will be no change in the management team and the team will report to Basab Mitra, CEO -Capital Markets and Wealth Management for Religare group, REL said in a statement.
Liquor maker Radico Khaitan has reportedly begun preliminary talks to sell a minority stake to Japan's oldest liquor company Suntory Holdings, underscoring the growing attraction of the local liquor market to foreign firms. The makers of Magic Moments vodka and 8 PM whisky is examining the option of offering 26% in the company to Suntory, a media report said.
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