Shares of real estate developers and cement companies will be in focus after the Prime Minister's Office (PMO) yesterday, 21 January 2015, announced that Prime Minister Narendra Modi has directed all concerned departments to immediately finalise the programme and finalise the financing models for alternate sets of housing requirements with regard to the government's Housing for All Mission. The programme proposes to build 2 crore houses across the nation by 2022. At a review meeting of the Housing for All programme held yesterday, 21 January 2015, Modi has emphasized the need to ensure that there is no compromise in quality during the roll-out of this ambitious programme, the PMO said. The Prime Minister said that the first priority under the new scheme should be on towns and cities along the banks of the River Ganga and its tributaries.
Among key corporate earnings, Biocon, Cairn India, and Dish TV India are set to announce their October-December 2014 earnings today, 22 January 2015.
L&T Finance Holdings' consolidated profit after tax jumped 65.56% to Rs 181.60 crore on 23.19% growth in total income to Rs 1611.52 crore in Q3 December 2014 over Q3 December 2013. The result was announced after trading hours yesterday, 21 January 2014. Loans & Advances as on 31 December 2014 grew by 20% year on year (y-o-y) to Rs 45225 crore as compared to Rs 37820 crore as on 31 December 2013. The growth in Loans & Advances was aided by strong disbursement growth of 32% on a y-o-y basis across B2C products i.e. tractors, two wheelers, housing and microfinance in the retail business and operational projects in renewables, roads and non-infrastructure segments in the wholesale business.
On absolute basis, gross non-performing assets (NPA) edged up to Rs 1326.58 crore as on 31 December 2014, from Rs 1228.22 crore as on 30 September 2014 and Rs 1067.16 crore as on 31 December 2013. Gross NPA stood at 3.01% as a percentage of gross advances as on 31 December 2014, higher than 2.96% as on 30 September 2014. Net NPA stood at 1.98% as a percentage of gross advances as on 31 December 2014, lower than 2% as on 30 September 2014.
L&T Finance Holdings said that the company continued to make additional provisions in Q3 December 2014, increasing the provision coverage to 35% at the consolidated level. In line with the conservative provisioning policy, the company carries about Rs 190 crore of provisions in excess of RBI norms, L&T Finance Holdings said.
The investment management business continued to see accretion of equity assets on the back of both market movement and improved gross and net sales, L&T Finance Holdings said.
L&T Finance Holdings said that the focus of the management in the near term will remain on strengthening the balance sheet and be prepared to effectively take advantage of the upcoming growth cycle. After a significant asset accretion in the wholesale business in Q3 December 2014, the management expects a slight moderation in the company's asset growth in Q4 March 2015 on the back of sell down of certain underwritten projects. L&T Finance Holdings expects to achieve a healthy asset growth of around 20% for this financial year.
ING Vysya Bank's net profit fell 12.93% to Rs 145.69 crore on 13.8% increase in total income to Rs 1693.30 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 21 January 2015. Provisions and contingencies jumped 167.31% to Rs 61.51 crore in Q3 December 2014 over Q3 December 2013. Provisions and contingencies rose 23.86% to Rs 61.51 crore in Q3 December 2014 over Q2 September 2014.
On absolute basis, the bank's gross non-performing assets (NPAs) before technical write off edged up to Rs 764.01 crore as on 31 December 2014, from Rs 635.84 crore as on 30 September 2014 and Rs 582.69 crore as on 31 December 2013. The ratio of gross NPA to gross advances edged up to 1.86% as on 31 December 2014, from 1.59% as on 30 September 2014 and 1.68% as on 31 December 2013. The ratio of net NPA to net advances edged up to 0.66% as on 31 December 2014, from 0.42% as on 30 September 2014 and 0.21% as on 31 December 2013.
Warren Tea announced after market hours yesterday, 21 January 2015 that at the board meeting held on 21 January 2015, it has been decided that the company would explore real estate business including acquisition, development, construction, dealing with lands, buildings, offices, service flats, houses and other residential, commercial or industrial buildings.
With reference to the news item captioned "Sterlite to restart mining in Goa in 2 weeks", Sesa Sterlite has clarified after market hours yesterday, 21 January 2015, that the State Government of Goa vide its order dated 15 January 2015 has revoked its earlier order dated 10 September 2012 vide which mining was temporarily suspended. The company has received approval for renewal of all its mining leases in the state of Goa and expects to resume mining in near future once the entire process for resumption of mining, i.e. execution of leases including registration, environment clearance and other approvals/ consents is approved by the Government and other regulatory bodies.
Poddar Developers announced after market hours yesterday, 21 January 2015, that in respect of the qualified institutional placement (QIP), the Finance Committee of the company has at its meeting held on 21 January 2015, inter alia, passed the resolutions declaring the bid dosing of the QIP on 21 January 2015. It also determined and approved the issue price of Rs 1,125.21 per share for the QIP. It also approved and adopted the placement document dated 21 January 2015 in connection with the QIP.
Blue Star's net profit jumped 124.19% to Rs 6.30 crore on 8.21% rise in total income from operations to Rs 590.75 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 21 January 2015.
Blue Star also announced after market hours yesterday, 21 January 2015, that the board of directors of the company at its meeting held on 21 January 2015, based on the approval of the Audit Committee and deliberations at the board meeting, the board, subject to the approval of the shareholders of the company, considered and approved the related party transaction to transfer the Professional Electronics & Industrial Systems (PE&IS) undertaking of the company to Blue Star Electro-Mechanical (BSEML), a wholly owned subsidiary of the company, on a going concern basis at fair value estimated at about Rs 110.50 crore, determined by an independent valuer. BSEML will discharge the consideration for the said transfer by issue and allotment of fully paid up equity shares to Blue Star.
The board also approved the financial assistance to BSEML by means of loans and corporate guarantees to secure BSEML's borrowing not exceeding Rs 25 crore.
Raymond's consolidated net profit fell 1.44% to Rs 56.07 crore on 13.92% rise in total income to Rs 1396.26 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 21 January 2015.
Century Plyboards (India) announced after market hours yesterday, 21 January 2015, that the board of directors of the company at its meeting held on 21 January 2015, has approved a proposal for setting-up a particle board unit at Chennai with an approximate capital expenditure of Rs 60 crore.
Bank of Baroda turns ex-split today, 22 January 2015, for 5 for 1 stock split.
Corporation Bank turns ex-split today, 22 January 2015, for 5 for 1 stock split.
Symphony turns ex-dividend today, 22 January 2015, for interim dividend of Rs 4 per share for the financial year ending 31 March 2015 (FY 2015).
Wipro turns ex-dividend today, 22 January 2015, for interim dividend of Rs 5 per share for the financial year ending 31 March 2015 (FY 2015).
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