Infosys in focus ahead of its Q2 results today, 10 October 2014. Investors will keenly watch Infosys' commentary regarding changes in its strategy under the new CEO, Dr. Vishal Sikka, when the company unveils its Q2 September 2014 results. At the time of announcing Q1 June 2014 results in July 2014, Infosys had forecast 7% to 9% growth in the company's revenue in dollar terms for the year ending 31 March 2015 (FY 2015). At that time, the company had forecast 5.6% to 7.6% growth in revenue in rupee terms for FY 2015. The guidance was based on rupee dollar exchange rate of 60. With deprecation of rupee against the dollar since that time, there is a room for upward revision in revenue guidance in rupee terms.
Shares of public sector oil marketing companies (PSU OMCs) will be watched after Brent crude prices dipped below $90 a barrel for the first time in more than two years on Thursday, 9 October 2014. Brent crude November futures settled down $1.33, or 1.5%, at $90.05 a barrel on ICE Futures Europe, the lowest price since 21 June 2012. Lower crude oil prices could reduce under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol.
The board of Jindal Steel & Power approved the acquisition of remaining 10.20 lakh equity shares of for an aggregate amount of Rs 1.02 crore, representing 51% equity stake in 'JB Fabinfra' (JBFAB) from its existing shareholders. JBFAB is a joint venture company in which the company holds 49% of equity share capital and after the proposed acquisition it will become a wholly owned subsidiary of the company. JBFAB is engaged in the business of manufacturing of pre-fabricated structures out of light guage steel (LGS) for residential constructions. JSPL also has Construction Materials business vertical bringing all construction materials under one umbrella and acquiring JBFAB manufacturing business will strengthen the existing portfolio.
Larsen and Toubro (L&T) is reportedly exploring a listing of its infrastructure assets including toll roads in the local market via a newly created investment trust.
Kesoram Industries clarified after market hours on Thursday, 9 October 2014, with respect to news article titled "Kesoram Industries puts Birla Tyre on the block; appoints BofA-ML for sale process". that the company is not aware of any of the developments indicated in the news stream. This makes the contents of the news stream speculative, it added.
Global Offshore Services announced after market hours on Thursday, 9 October 2014, that the company has entered into a memorandum of agreement for the acquisition of one anchor handling tug cum supply vessel, which is scheduled for delivery in first quarter of the year ending 31 March 2016 (FY 2016).
Insecticides (India) announced after market hours on Thursday, 9 October 2014, that the credit rating agency, CRISIL has reaffirmed bank loan ratings to the company's bank facilities for long-term rating (fund based as cash credit / term loan / overdraft and working capital facility) as CRISIL A with negative outlook and short-term rating (non-fund based as letter of credit / buyer's credit) with CRISIL A2+.
Viceroy Hotels clarified after market hours on Thursday, 9 October 2014, with reference to the news item titled "Viceroy Hotels to Exit Upcoming Bangalore Project", that the article has been published without the company's knowledge and the company was unaware of any such information and the news published was false and that there are no such negotiations that were taking place.
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