IT stocks may gain on positive economic data in US, the biggest outsourcing market for the Indian IT firms. Data from the Commerce Department showed sales of new US single-family homes rose more than expected in April and the supply of houses on the market hit a 3-1/2 year high. A day ago, another report showed existing home sales rebounded in April.
Sun TV Network's net profit rose 11% to Rs 197.57 crore on 10% growth in revenue to Rs 520.18 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Friday, 23 May 2014. The company's EBITDA rose 15% to Rs 400.03 crore in Q4 March 2014 over Q4 March 2013. Sun TV Network's net profit rose 5% to Rs 716.96 crore on 15% growth in revenue to Rs 2096.78 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). EBITDA rose 6% to Rs 1463.38 crore in FY 2014 over FY 2013. On consolidated basis, Sun TV Network's net profit rose 5% to Rs 748.01 crore on 16% growth in revenue to Rs 2223.62 crore in FY 2014 over FY 2013. EBITDA rose 7% to Rs 1509.71 crore in FY 2014 over FY 2013.
GAIL (India), Rural Electrification Corporation, Britannia Industries, Canara Bank, City Union Bank, Jaypee Infratech, Jubilant Life Sciences, Praj Industries, Prestige Estates, Sundaram Finance and Wockhardt, among others, will announce their January-March 2014 earnings today, 26 May 2014.
Reliance Industries (RIL) will be watched. RIL clarified that it is saddened by the statement attributed to ONGC Chairman and Managing director Mr DK Sarraf by the media on Tuesday, 20 May 2014. RIL denies the claim of apparent theft of gas from G4 & KG DWN 98/2 Block by RIL and can only attribute it to the likelihood of some elements in ONGC misleading the new CMD, Mr Sarraf, in order to hide their own failure to develop discoveries made over the last 13 years in these blocks.
ONGC approached RIL in mid-2012, to examine the possibility of sharing RIL's KG D6 infrastructure in order to commercialize some of the discoveries in these blocks and an MoU was signed between RIL & ONGC in July 2013. The company said it continues to see ONGC as a valued Industry peer, worthy of collaboration, to whom we will continue to provide assistance to help develop its discoveries and start production of valuable gas locked beneath the Indian Ocean to the benefit of the people of India.
It was only in August 2013, that ONGC brought the issue of possible connectivity between reservoirs in RIL & ONGC blocks, to the notice of RIL through DGH. Since then, as per international practice, ONGC and RIL have been engaged in the process of appointing an independent agency to investigate the issue of possible reservoir connectivity across the blocks. The two had met on 9 May 2014 and exchanged drafts regarding the scope of work to be assigned to such agency. On 23 May 2014, the parties again met and finalized the enquiry notice to be sent to four agreed international expert agencies. It was decided to issue the Enquiry Notice on 26 May 2014. Since the process for appointing this agency as per international practice was already well underway it is indeed unfortunate that some elements in ONGC forced invocation of the Delhi High Court at this juncture, RIL said in a statement.
Resolution of such complex techno-commercial matters, that are not un-common in the Oil & Gas industry, is best done through the help of experts rather than public posturing. In any case, ONGC having already filed a petition in the Delhi High Court, RIL would have expected greater restraint in a matter that has been made sub-judice by them, RIL said.
Shares in Sun Pharmaceuticals Industries and Ranbaxy Laboratories will be watched on reports the Andhra Pradesh high court on Saturday, 24 May 2014, lifted a temporary stay it imposed on the merger of both the companies, paving the way for both companies to complete the $3.2 billion deal.
Engineers India's net profit fell 42.69% to Rs 103.55 crore on 7.61% decline in total income to Rs 571.61 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Friday, 23 May 2014. Engineers India's net profit declined 23.67% to Rs 479.76 crore on 23.48% decline in total income to Rs 2159.59 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). On consolidated basis, Engineers India's net profit fell 23.64% to Rs 482.73 crore on 23.31% decline in total income to Rs 2182.39 crore in FY 2014 over FY 2013.
MOIL's net profit surged 35.67% to Rs 149.35 crore on 9.44% growth in net sales to Rs 292.01 crore in Q4 March 2014 over Q4 March 2013. The result was announced after market hours on Friday, 23 May 2014. MOIL's net profit rose 18.03% to Rs 509.56 crore on 5.6% growth in net sales to Rs 1021.28 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
Neyveli Lignite Corporation (NLC)'s net profit declined 19.57% to Rs 494.43 crore on 4.3% growth in total income to Rs 1938.41 crore in Q4 March 2014 over Q4 March 2013. NLC's net profit rose 2.88% to Rs 1501.88 crore on 13.26% growth in total outcome to Rs 6992 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). On consolidated basis, NLC's net profit rose 2.95% to Rs 1501.88 crore on 13.26% growth in total income to Rs 6992 crore in FY 2014 over FY 2013. With regard to the company's future plans, NLC said it is spreading its wings in new projects with fuels other than lignite. NLC forges ahead in all fronts and with its expansion activities the company is poised for substantial growth in the years to come, the company said in a statement.
Reliance Communications (RCom) will be in focus. With reference to news item appearing in the financial daily titled "Citic Telecom eyes JV with RCom", RCom clarified after market hours on Friday, 23 May 2014, that the company is engaged in various discussions with international players for strategic partnerships in relation to its Global business. As and when these discussions result in a disclosable event, the company will promptly inform the stock exchanges as required in law, it added.
DLF said after market hours on Friday, 23 May 2014, that DLF Emporio, a subsidiary of DLF, has successfully placed India's first Commercial Mortgage Backed Security (CMBS) issuance of Rs 525 crore, with a coupon rate of 10.90% per annum (p.a.) and legal maturity of 7.5 years. DLF Emporio owns and operates approximately 3 lakh square feet (sq. ft) of a Luxury Mall in New Delhi, India. The CMBS issue is rated CRISIL AA (SO). This is a landmark issuance, being the first of its kind in the country at a competitive pricing. This shall pave way for more such issuances in future, DLF said in a statement.
Shree Renuka Sugars will be in focus. With reference to the news item appearing in a leading financial daily titled "NSE to Buy 5% of Renuka Sugars Stake in NCDEX", Shree Renuka Sugars has clarified after market hours on Friday, 23 May 2014 that the company's proposed sale of 38.02 lakh shares of National Commodity & Derivatives Exchange (NCDEX), representing 7.5% of paid-up capital of NCDEX for a total sale consideration aggregating to Rs. 66.54 crores was subject to necessary approvals of Forward Market Commission (FMC) and NCDEX Board which the company received. The company has completed the aforesaid transactions on 22 May 2014. Subsequent to the said transaction, the company's stake stands reduced from 12.5% to 5% in NCDEX.
On 8 May 2014, the company had said that it has entered into agreements/Term Sheets for sale of 38.02 lakh shares of NCDEX, representing 7.5% of paid-up capital of NCDEX for a total sale consideration aggregating to Rs 66.54 crore, subject to necessary approvals of NCDEX Board and Forward Markets Commission (FMC).
Reliance Industrial Infrastructure (RIIL) turns ex-dividend today, 26 May 2014 for dividend of Rs 3.50 per share for the financial year ended 31 March 2014 (FY 2014).
Hindustan Motors has declared suspension of work at its Uttarpara Plant with effect from 6.00 IST of 24 May 2014. The company has been transparent in sharing updates about the worsening conditions at its Uttarpara Plant which include very low productivity, growing indiscipline, critical shortage of funds, lack of demand for its core product the Ambassador and large accumulation of liabilities. Given the present circumstances it has no alternative but to declare a suspension of work at its Uttarpara Plant till further notice. The suspension of work will enable the company in restricting mounting liabilities and restructure its organisation and finances and bring in a situation conducive to reopening of the plant, the company said.
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