Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 2.50 points at the opening bell. Hindalco Industries, HPCL, MMTC, Oil India, Oracle Financial Services Software, Reliance Capital, Reliance Communications and Tata Global Beverages, among others will announce their June-September 2013 quarter results today, 12 November 2013.
Novelis, the US subsidiary of Hindalco Industries on Monday, 11 November 2013 reported net income attributable to its common shareholder of $23 million for the second quarter of fiscal 2014. Excluding certain tax-effected items, net income was $37 million for the quarter.
Adjusted EBITDA for the second quarter of fiscal 2014 was $228 million compared to $277 million reported for the same period a year ago. Sequentially, adjusted EBITDA improved 12% compared to the $204 million reported in the first quarter of fiscal 2014, in part due to initial success from the company's rolling expansion in South America. Excellent project execution allowed Novelis to meet strong market demand and puts the South America region on track to achieve record shipments this fiscal year.
"We are nearing an inflection point in the transition of our business from investment to growth," said Phil Martens, President and Chief Executive Officer for Novelis. "We have invested heavily in expanding our rolling, recycling and automotive finishing assets over the last three years to solidify our leadership position ahead of the strong market growth we expect, and we are beginning to see these results materialize. In fact, with the contribution from our expansions in South America and Asia, we expect results in the second half of fiscal 2014 to be stronger than the first half."
Martens also highlighted the company's stable business performance in North America, despite the challenging dynamics related to overcapacity in the North American can market which affected year-over-year results. "The reallocation of some hot mill capacity towards high-growth, high-margin automotive sheet in this region is not only a key piece of our growth strategy, it also will help rebalance the North American can market," said Martens. "We are aggressively increasing finishing capacity globally to support strong growth in the automotive flat rolled products market. Our two North American finishing lines are on track to produce commercial product by the end of this fiscal year and we are already evaluating additional investments."
Shipments of aluminum rolled products totaled 713 kilotonnes for the second quarter of fiscal 2014, down one percent compared to 719 kilotonnes for the same period last year but up one percent from the first quarter. Net sales for the second quarter of fiscal 2014 were $2.4 billion, flat compared to both the prior year and prior quarter.
For the second quarter of fiscal 2014, Novelis reported liquidity of $843 million. Free cash flow was $178 million for the second quarter of fiscal 2014 and capital expenditures totaled $184 million. "As expected, we generated positive free cash flow in the second quarter despite meaningful investments in growth, primarily due to significant improvements in working capital," said Steve Fisher, Chief Financial Officer for Novelis. "We will continue this diligent focus on cash generation and expect to drive positive free cash flow in the second half of this fiscal year as a result of working capital efficiencies and other cash improvement actions."
Asian Paints said after market hours on Monday, 11 November 2013 that it has closed its open offer for buying the shares of Berger International, Singapore (BIL) and has acquired 96.48% stake in the latter.
The open offer made by its Mauritius-based wholly owned subsidiary Asian Paints International (APIL) was closed on November 8, Asian Paints said in a filing to BSE.
"The total numbers of shares owned, controlled, acquired or agreed to be acquired by APIL together with valid acceptances of the offer, amounts to an aggregate of 100,242,365 shares, representing approximately 96.48% of the total number of issued shares of BIL as at the date of this announcement. Further the offer is no longer for acceptances," Asian Paints said.
On October 1, Asian Paints had said that it has increased holding in BIL to 90.44 per cent through its ongoing open offer. The offer would close on October 9, 2013 or such later date as may be announced from time to time by APIL.
"APIL owns and holds approximately 90.44%, of the total number of issued shares of Berger International, Singapore - indirect subsidiary of Asian Paints, as at the date of this announcement, together with the valid acceptances received in terms of the aforesaid Offer," it had said.
On August 21, APIL, which already held 50.1 per cent stake in BIL, raised it to 75.82 per cent by buying shares for Singaporean dollar (SD) 0.25 (Rs 12.66) per share, totalling SD 6.68 million (Rs 33.81 crore).
After that it had announced to come out with a voluntary cash offer to acquire the balance 24.18 per cent shares of BIL with an intention to make BIL a wholly-owned subsidiary of APIL and delist from Singapore Exchange Securities Trading Ltd.
APIL had said the delisting of BIL would provide greater flexibility to manage, develop and optimise the use of the management and capital resources and facilitate the implementation of any operational change. Asian Paints said it has no present intention to introduce any major changes to the businesses of Berger.
Godrej Industries' consolidated net profit rose 22% to Rs 94 crore on 2% growth in total income to Rs 2083 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Monday, 11 November 2013.
Godrej Industries' consolidated profit before depreciation, interest, taxation (PBDIT) rose 31% to Rs 191 crore in Q2 September 2013 over Q2 September 2012. Profit before tax (PBT) rose 38% to Rs 139 crore.
Commenting on the company's Q2 performance Mr. A. B. Godrej, Chairman, Godrej Industries said, Our results for the second quarter have demonstrated the strength of our business model which captures a diverse range of businesses in some of the key growth sectors of the economy. In a challenging environment, our overall performance has been encouraging as some of the core operations registered sustained growth. Our agri businesses registered sustained momentum in revenues and marked improvement in profitability driven primarily by the agri-inputs segment and our agri joint ventures. The aqua feed business continued to record strong volumes in Q2 September 2013 followed by robust growth in layer feed volumes. The oil-palm segment has been incrementally adding acreage under cultivation each quarter. Overall, the outlook for all the agri. businesses is extremely favourable and we are positioned well to tap the prospects in the agri. sector in India. Godrej Properties has witnessed strong growth, a successful capital raise and the expansion of their development portfolio by adding joint venture projects in key markets across India. Godrej Properties continues to place tremendous emphasis on execution at all on-going projects and we are happy to deliver Phase 1 of Godrej Garden City, Ahmedabad on time in Q2 September 2013. In a challenging environment, Godrej Consumer has delivered 23% growth well ahead of FMCG industry growth. Along with healthy top line growth, we have also delivered good operating profit growth with 20% EBITDA growth. We continue to be aggressive in launching new innovations that have been well accepted by our consumers. We are backing our new launches with strong investments. At the same time, we continue to intensify our efforts in enhancing our distribution and improving productivity through technology. Our Chemicals business performance continues to reflect the impact of an adverse global economic environment and increasing price of natural gas. While we remain cognizant of the challenges, we believe that the tide should turn and the business will again be in a position to deliver healthy performance.
Reliance Power (RPower)'s consolidated net profit rose 4% to Rs 251 crore on 23% growth in total income to Rs 1457 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Monday, 11 November 2013.
RPower's consolidated operating revenue rose 22% to Rs 1321 crore in Q2 September 2013 over Q2 September 2012. EBITDA (earnings before interest, taxation, depreciation and amortization) rose 10% to Rs 431 crore.
RPower said it has maintained its growth momentum by registering strong operational and financial performances in Q2 September 2013.
RPower said that the progress at the second unit of 660 megawatts (MW) of Sasan ultra mega power project (UMPP) of 3,960 MW is on track and the unit is likely to be commissioned in November 2013. The work at 100 MW Concentrated Solar Power (CSP) project in Dhursar, Rajasthan is on stream and the project is expected to be commissioned in the current financial year, it said.
Reliance Infrastructure (RInfra)'s consolidated net profit rose 11.78% to Rs 427 crore on 9.05% decline in total income to Rs 5273 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Monday, 11 November 2013.
As on 30 September 2013, the consolidated networth of the company stood at Rs 26110 crore and is conservatively financed with debt to equity of 0.79, RInfra said.
NHPC's net profit fell 9.67% to Rs 707.58 crore on 3.13% decline in total income to Rs 1950.23 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Monday, 11 November 2013.
On macro front, the government will unveil industrial production data for September 2013 today, 12 November 2013. Industrial output is projected to jump 3.7% in September 2013, as per the median estimate of the poll carried out by Capital Market. Index of industrial production (IIP) rose 0.6% in August 2013, showing moderation in growth from 2.8% growth recorded in July 2013.
Data on inflation based on the consumer price index (CPI) for October 2013 will also be unveiled today, 12 November 2013. The headline CPI inflation (combined) is projected to increase to 10% in October 2013, as per the median estimate of the poll carried out by Capital Market. The headline CPI inflation (combined) for September 2013 was placed at 9.84% (y-o-y), which came in higher than 9.52% (y-o-y) seen in August 2013.
Key benchmark indices declined on first trading session of the week on Monday, 11 November 2013 as market sentiment was impacted adversely on concerns the Federal Reserve may reduce monetary stimulus for the US economy sooner than expected after latest data showed better than expected US October jobs report. The S&P BSE Sensex was down 175.19 points or 0.85% to 20,490.96 on that day, its lowest level since 17 October 2013.
Foreign institutional investors (FIIs) bought shares worth a net Rs 333.50 crore on Monday, 11 November 2013, as per provisional data from the stock exchanges.
Asian stocks rose for a second day on Tuesday, led by Japanese shares as the yen fell to a seven-week low. Key benchmark indices in China, Japan Taiwan and South Korea rose 0.11% to 1.66%. Key benchmark indices in Singapore, Hong Kong and Indonesia shed 0.02% to 0.75%.
President Xi Jinping and Chinese Communist Party leaders today, 12 November 2013 conclude a four-day gathering aimed at mapping out a blueprint for reform, after data yesterday showed the nation's broadest measure of new credit fell by more than estimated in October.
US stocks rose on Monday, with the Dow Jones Industrial Average extending a record, as investors awaited retailer earnings reports to gauge the strength of consumer demand and the likelihood of cuts to monetary stimulus.
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