Exide Industries' net profit rose 4.4% to Rs 158.80 crore on 4.8% rise in net sales to Rs 1626.34 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Monday, 15 July 2013.
Ascribing the rise in the profitability in Q1 to better margin management, judicious product mix and cost reduction through value engineering, Mr P. K. Kataky, MD & CEO, Exide Industries said, The improved financial performance is largely due to increased sales growth in the after-market segment of the automotive battery business. Our emphasis on value engineering also paid rich dividends to improve margins. These efforts will continue across all levels so that the momentum is carried into the future.
Mr. Kataky added, The improved performance during the quarter is all the more significant because it comes at a time when the automotive OE business has suffered severely due to slack in demand from the industry. In the coming months, the depreciation of the rupee will increase the cost of imported lead. Performance of the industrial batteries business also remained damp due to overall stagnation in both the world as well as Indian economy. Even Home UPS battery sales were depressed during the quarter due to advance onset of the monsoon. Batteries for solar applications, however, are showing an encouraging growth trend.
On a consolidated basis, Oberoi Realty's net profit rose 1.01% to Rs 101.82 crore on 3.70% increase in total income to Rs 239.40 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Monday, 15 July 2013.
Tata Motors' global wholesales, including Jaguar Land Rover, were 84,458 units in June 2013. Global wholesales of all commercial vehicles - Tata, Tata Daewoo and the Tata Hispano Carrocera range -- were 41,577 units. Global wholesales of all passenger vehicles in June 2013 were 42,881 units. Global wholesales of Tata passenger vehicles in June 2013 were 12,345 units. Global wholesales for Jaguar Land Rover were 30,536 vehicles. Jaguar wholesales for the month were 6,182 vehicles, while Land Rover wholesales for the month were 24,354 vehicles.
Crompton Greaves after trading hours on Monday, 15 July 2013, said that the revised date of commencement of the proposed share buyback program by way of open market purchases is 16 July 2013. Earlier, the company had announced postponement of the date of commencement for the proposed share buyback of program which was initially set as 15 July 2013 since the stock market regulator Securities & Exchange Board of India (Sebi) had advised the company to fulfill certain additional requirements emanating from Sebi's revised guidelines on share buyback announced on 25 June 2013.
Pharma major Cipla after trading hours on Monday, 15 July 2013, said Mr. Subhanu Saxena has been designated as managing director and global chief executive officer with effect from 16 July 2013. Mr. Saxena joined Cipla as its chief executive officer on 1 February 2013. Cipla also said that Mr. M. K. Hamied has been designated as executive vice-chairman. Mr. Hamied has been reappointed as a whole time director for a fresh term with effect from 16 July 2013.
Banks stocks will be watched after the Reserve Bank of India (RBI) announced measures to restore stability to the foreign exchange market.
RBI recalibrated the Marginal Standing Facility (MSF) rate with immediate effect to be 300 basis points above the policy repo rate under the Liquidity Adjustment Facility (LAF). Consequently, the MSF rate will now be 10.25%. Accordingly, the Bank Rate also stands adjusted to 10.25% with immediate effect.
The overall allocation of funds under the LAF will be limited to 1% of the Net Demand and Time Liabilities (NDTL) of the banking system, reckoned as Rs 75000 crore for this purpose. The allocation to individual banks will be made in proportion to their bids, subject to the overall ceiling. This change in LAF will come into effect from 17 July 2013.
RBI said it would conduct Open Market Sales of Government of India Securities of Rs 12000 crore on 18 July 2013.
RBI added that it would continue to closely monitor markets, the liquidity situation and the macroeconomic developments and will take such other measures as may be necessary, consistent with the growth-inflation dynamics and macroeconomic stability
Infrastructure sector stocks will be in focus after the Prime Minister's Office (PMO) on Monday, 15 July 2013, said that as a part of Prime Minister Dr. Manmohan Singh's initiatives to accelerate infrastructure investments, the first meeting of the Steering Group to accelerate infrastructure investment will be held on Friday, 19 July 2013 and chaired by the Principal Secretary to the Prime Minister. Secretaries in the departments of Ministries of Finance, Planning Commission, Economic Affairs, Road, Transport & Highways, Shipping, Civil Aviation, Power and Chairman Railway Board have been invited to monitor the preparation and award of infrastructure projects with an estimated cost of Rs 1 lakh crore, the PMO said.
To clear backlog of sanctioned projects in the Railways the Prime Minister has approved the constitution of an Inter Ministerial Group consisting of Chairman, Railway Board, Finance Secretary and Secretary, Planning Commission. The group will come up with a creative financing-cum-implementation mechanism for enhancing investment and for clearing backlog of sanctioned projects in the Railways, with an estimated investment of Rs 2 lakh crore, in a prioritized manner, the PMO said.
Ashok Leyland, Development Credit Bank, NIIT Technologies and S Kumars Nationwide, among others, will declare their April-June 2013 quarter results today, 16 July 2013.
Titan Industries turns ex-dividend today, 16 July 2013, for dividend of Rs 2.10 per share for the year ended 31 March 2013 (FY 2013).
Novartis India turns ex-dividend today, 16 July 2013, for dividend of Rs 10 per share for the year ended 31 March 2013 (FY 2013).
TTK Healthcare turns ex-dividend today, 16 July 2013, for dividend of Rs 4 per share for the year ended 31 March 2013 (FY 2013).
Ador Welding turns ex-dividend today, 16 July 2013, for dividend of Rs 6 per share for the year ended 31 March 2013 (FY 2013).
Agro Tech Foods turns ex-dividend today, 16 July 2013, for dividend of Rs 2 per share for the year ended 31 March 2013 (FY 2013).
Kirloskar Oil Engines turns ex-dividend today, 16 July 2013, for final dividend of Rs 5 per share for the year ended 31 March 2013 (FY 2013).
Mcleod Russel India turns ex-dividend today, 16 July 2013, for dividend of Rs 7 per share for the year ended 31 March 2013 (FY 2013).
Praj Industries turns ex-dividend today, 16 July 2013, for dividend of Rs 1.62 per share for the year ended 31 March 2013 (FY 2013).
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