Coal India (CIL) will be in focus after the Ministry of Corporate Affairs after trading hours yesterday, 27 October 2014, said that the Competition Commission of India (CCI) has issued two separate orders against CIL and its subsidiaries for abusing their dominant position. In one of the cases, the CCI inter alia found that the buyer of coal from CIL and its subsidiaries is saddled with penalty by way of forfeiture of Earnest Money Deposit (EMD) for non-lifting of coal after successful participation in the e-Auction without any corresponding liability upon CIL and its subsidiaries for failure to deliver coal in respect of accepted bids. Apart from issuing a cease and desist order, the CCI has ordered modification of the terms and conditions of the scheme suitably. In another case, the CCI held that CIL and its subsidiaries operate independently of market forces and enjoy undisputed dominance in the relevant market of production and supply of non-coking coal to the thermal power producers in India. The CCI inter alia found that CIL and its subsidiaries were imposing unfair conditions in fuel supply Agreements (FSAs) with the power producers for supply of non-coking coal. In both these cases, the CCI has not imposed any monetary penalty on CIL.
Among corporate earnings, ABB, ING Vysya Bank, Jubilant Life Sciences, Lupin, Nestle India, and PII Industries will announce their July-September 2014 earnings today, 28 October 2014
TCS after market hours yesterday, 27 October in a clarification with regard to media news item titled "TCS Sees digital services as over $5b opportunity" said that TCS is a global company and the largest company in terms of market capitalization. There is lot of interest in the company from the media and analyst community. The company said it does not have any specific comment to offer with regard to this news item.
NHPC after market hours yesterday, 27 October 2014 in a clarification with regard to media news item titled "NHPC to set up first Solar project" said that the information regarding signing of Memorandum of Understanding with Uttar Pradesh New & Renewable Energy Development Agency, Dapartment of Additional Sources of Energy, Govt. of Uttar Pradesh had already been submitted to the exchange vide letter no NH/CS/199-NSE dated 14 August 2013. The agreement has now been signed with the above-said agency. Accordingly, the information required under the listing agreement has already been furnished, NHPC said.
Jindal Steel & Power (JSPL) after market hours yesterday, 27 October 2014 in a clarification with regard to media news item titled "Coal Scam : CBI files fresh case against Jindal Steel" said that CBI has, based on the preliminary enquiry initiated by it on directions from Central Vigilance Commission (CVC), registered an FIR in connection with the allotment of coal block in Chhattisgarh to the company. JSPL further said that all its actions are in keeping with the legal framework of the country & that it complies with the law in letter & in spirit. JSPL continues to co-operate with all the authorities in a responsive manner, it added.
Esaar India's board of directors at its meeting held yesterday, 27 October 2014, approved the allotment of bonus shares in the ration of 3:2 i.e. three new equity shares against two existing shares. The company has fixed 22 October 2014 as record date for bonus issue.
On a consolidated basis, Bharti Infratel's net profit rose 67.70% to Rs 465.20 crore on 11.06% increase in total income to Rs 3043.80 crore in Q2 September 2014 over Q2 September 2013.
On a consolidated basis, Indiabulls Housing Finance's net profit rose 21.43% to Rs 448.24 crore on 15.71% increase in total income to Rs 1705.75 crore in Q2 September 2014 over Q2 September 2013.
Lakshmi Machine Works' net profit declined 10.28% to Rs 46.84 crore on 4.77% growth in total income to Rs 615.58 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 27 October 2014.
Raj Television Network's net profit declined 78.32% to Rs 0.75 crore on 9.43% growth in total income from operations to Rs 20.07 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 27 October 2014.
State Bank of Mysore's net profit jumped 238.76% to Rs 101.90 crore on 12.61% growth in total income to Rs 1900.52 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 27 October 2014.
Astral Poly Technik's net profit rose 27.71% to Rs 20.69 crore on 18.85% growth in total income from operations to Rs 303.52 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 27 October 2014.
Sutlej Textiles and Industries (STIL), a leading manufacturer of value added dyed yarns (synthetic & cotton mange) and home textiles, announced that the company has issued additional Commercial Paper (CP) of Rs 35 crore. Post this offering, the company has issued CP aggregating to Rs 60 crore.
The CP issue has been rated CARE A1+ by Credit Analysis & Research Limited, (CARE). Instruments with the aforesaid rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.
The rating derives strength from the experience of the promoters in the Textile industry (especially the dyed yarn segment) and business profile being amongst India's leading player in the dyed spun yarn and value added / speciality yarn.
The Bombay Stock Exchange (BSE) has revised circuit filters of 14 stocks with effect from today, 28 October 2014. These scrips include Stone India, Srinivasa Hatcheries, and ARSS Infrastructure Projects.
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