IT stocks may gain on positive economic data in US, the largest outsourcing market for the Indian IT firms. The Institute for Supply Management's US services sector index rose to 55.2 in April, the fastest pace in eight months and easily topping forecasts. A reading above 50 indicates expansion. The data added to evidence that the US economy is emerging from a particularly harsh winter-induced slowdown and provided a welcome offset to worries about China.
Asian Paints announced that it has offered a Voluntary Retirement/Separation Scheme along with an alternate option of relocation to other factories/establishments of the company to all the workmen at the Bhandup plant in Mumbai. All workmen have accepted either the Voluntary Retirement/Separation Scheme or relocation to another factory/establishment of the company. The company has discontinued manufacturing activities at the plant with effect from 5 May 2014.
MT Educare will be watched after Kotak Mahindra (UK) A/C - Banyantree Growth Capital II LLC acquired 18 lakh shares of the company at Rs 95.14 each on the BSE on Monday, 5 May 2014. Simultaneously, Helix Investments Company - FDI sold 17.67 lakh shares of MT Educare at Rs 95.02 on BSE.
Astra Microwave Products will be in focus after HDFC Mutual Fund acquired 4.42 lakh shares of the company at Rs 78.47 each on the NSE on Monday, 5 May 2014.
Shares of City Union Bank will be in focus. The Reserve Bank of India on Monday, 5 May 2014, notified that Foreign Institutional Investors (FIIs), through primary market and stock exchanges, can now purchase up to 35% of the paid up capital of City Union Bank under the Portfolio Investment Scheme (PIS). City Union Bank has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs.
This approval is given subject to the condition that the onus of compliance with FDI policy and FEMA regulations including downstream investment would continue to remain on the Indian company, City Union Bank.
It is also advised that for FII/RFPI/QFI and NRI under Portfolio Investment Scheme, individual ceiling shall be 5% respectively and aggregate limit for all RFPI/FII/QFI shall be 35%.
City Union Bank will have to monitor individual limits of FII/FPI/QFI and NRI and also ensure that at no time its total foreign investment (direct as well as indirect) exceeds 49%, beyond which, it should seek prior FIPB approval.
Further, RBI notified that the foreign share holding by FIIs, in City Union Bank have gone below the revised threshold limit stipulated under the extant Foreign Direct Investment (FDI) Policy. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Shares of Credit Analysis & Research will be in focus. RBI on Monday, 5 May 2014, notified that FIIs, through primary market and stock exchanges, can now purchase up to 74% of the paid up capital of Credit Analysis & Research under the Portfolio Investment Scheme (PIS). Credit Analysis & Research has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing to enhance the limit for the purchase of its equity shares and convertible debentures by FIIs.
HDFC, Gillette India and Titan Company, among others, will announce their January-March 2014 quarter results on Tuesday, 6 May 2014.
On a consolidated basis, Emami reported a 18.26% rise in net profit to Rs 111.15 crore on 1.32% fall in total income to Rs 464.14 crore in Q4 March 2014 over Q4 March 2013.
Eveready Industries India reported a net profit of Rs 1.25 crore in Q4 March 2014 compared with a net loss of Rs 2.15 crore in Q4 March 2013. Operating income rose 13% to Rs 257.43 crore in Q4 March 2014 over Q4 March 2013.
On a consolidated basis, Piramal Enterprises reported a net loss of Rs 311.35 crore in the quarter ended March 2014 as against net loss of Rs 200.41 crore during the previous quarter ended March 2013. Total income rose 16.8% to Rs 1107.10 crore in the quarter ended March 2014 as against Rs 947.84 crore during the previous quarter ended March 2013.
In a separate announcement, Piramal Enterprises said that its board has approved a Scheme of Amalgamation for merger of three step-down wholly-owned subsidiaries -- PHL Capital, Piramal Pharmaceutical Development Services and Oxygen Bio Research -- with the company. Since all the transferor companies are step down wholly owned subsidiaries of the Company, no shares are proposed to be issued pursuant to the merger. This Scheme is subject to requisite approvals, including under the Listing Agreement and by the High Courts. The merger being of step down wholly owned subsidiaries into the Company, a specific dispensation will be sought from the High Courts from filing the application / petition by the Company and accordingly, the Company may not be required to file petition with the High Court.
Net profit of Tube Investments of India rose 45.80% to Rs 30.40 crore in the quarter ended March 2014 as against Rs 20.85 crore during the previous quarter ended March 2013. Sales rose 6.61% to Rs 841.69 crore in the quarter ended March 2014 as against Rs 789.53 crore during the previous quarter ended March 2013.
Pantaloons Fashion & Retail reported net loss of Rs 70.75 crore in the quarter ended March 2014 as against net loss of Rs 59.52 crore during the previous quarter ended March 2013. Sales rose 2.02% to Rs 400.61 crore in the quarter ended March 2014 as against Rs 392.66 crore during the previous quarter ended March 2013.
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