The market is likely to extend its recent rally triggered by Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) securing landslide victory in Lok Sabha election. Trading of CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell. Most Asian markets edged higher on Wednesday.
Essar Oil's consolidated net profit surged 404.6% to Rs 1,008 crore on 7.5% rise in gross revenue to Rs 27,691 crore in Q4 March 2014 over Q4 March 2013. The company reported a consolidated net profit of Rs 126 crore in the year ended 31 March 2014 (FY 2014) as compared to a net loss of Rs 1180 crore in the year ended 31 March 2013 (FY 2013). Gross revenue rose 10.7% to Rs 107190 crore in FY 2014 over FY 2013. The result was announced after market hours on Tuesday, 20 May 2014.
Throughput was up 2.3% to 20.23 million metric tonnes (MMT) in FY 2014 over FY 2013. Current price gross refining margin (CP GRM) for the year was at $7.98/bbl compared to $7.96/bbl in FY 2013. Premium over benchmark IEA margin for the full year was at $8.82/bbl against $6.80/bbl in FY13. This was achieved on the back of improved crude diet93% heavy and ultra heavy crude processed in FY14 vs 86% in FY13and a stable product slate.
Essar Oil's CP GRM for Q4 March 2014 was at $10.12/bbl, compared to $9.06/bbl in Q4 March 2013. The Vadinar Refinery, at 20 million metric tonnes per annum (MMTPA) capacity and 11.8 complexity, is India's second largest single site refinery and amongst the most complex globally for a facility of this scale. During the quarter, it processed 5.05 MMT of crude, which was almost at the same level of 5.08 MMT processed during Q4 March 2013. Vadinar Refinery continues to operate above 100% capacity post expansion.
Speaking about the results, Mr LK Gupta, Managing Director and CEO, Essar Oil, said: "We are happy to report that the company has returned to profitability for the full year. Having breached the rupees one lakh crore revenue mark, Essar Oil is today one of India's top 10 companies by topline, having achieved this distinction in a relative short span of five years of beginning commercial production. Operationally we continue to do well with the refinery further optimizing on its crude diet and product slate, which has resulted in the company delivering healthy GRMS at $10.12/bbl."
Mr Suresh Jain, CFO, Essar Oil, said, "This is the first full year of operations of our expanded refinery. We are happy to share that our company has demonstrated excellent financials backed by solid operating performance, which has resulted in improved GRMs, EBIDTA, and PAT for the quarter, and closed our financial year with a profit of Rs 126 crore."
Binani Industries said after market hours on Tuesday, 20 May 2014 that Mr. Sunil Sethy, Executive Vice Chairman & Managing Director of the company, shall be retiring from the Board of Directors of the company at the close of working hours on 31 May 2014.
With reference to the news captioned "India Inc. invested $5.58 billion in overseas markets in April" in various newspapers, mentioning, inter alia, that Elder Pharmaceuticals had committed $1.3 billion in the form of loans to its wholly owned subsidiary in the United Arab Emirates, Elder Pharma has clarified that there is no such proposal or commitment made by Elder Pharmaceuticals with respect to its wholly owned subsidiary in Dubai.
Thomas Cook (India) turns ex-dividend today, 21 May 2014, for the final dividend of 38 paise a share for the year ending 31 December 2013 (FY 2013).
Key benchmark indices eked out small gains after witnessing high intraday volatility on Tuesday, 20 May 2014. The S&P BSE Sensex garnered 13.83 points or 0.06% to settle at 24,376.88, a record closing high for the index.
Foreign institutional investors (FIIs) sold shares worth a net Rs 104.53 crore on Tuesday, 20 May 2014, as per provisional data from the stock exchanges.
The Bharatiya Janata Party Parliamentary party on Tuesday, 20 May 2014, elected Narendra Modi as its leader, officially making him the Prime Minister-in-making. Modi will be sworn in as India's next Prime Minister on Monday, 26 May 2014, evening at the Rashtrapati Bhawan.
After Bharatiya Janata Party (BJP) led National Democratic Alliance's (NDA) landslide victory in the recently concluded Lok Sabha election, investors are expecting measures from the incoming government to revive the Indian economy. There are expectations that Gujarat chief minister and Prime Minister-designate Narendra Modi will be in a position to replicate the economic success he enjoyed in Gujarat state when he takes over as the country's Prime Minister. Gujarat's economy expanded by 10.1% a year, on average and adjusting for inflation, from 2001 and 2012, compared with 7.7% growth a year for India's economy as a whole. India's GDP growth slowed sharply at 4.7% in Q3 December 2013. Investors hope that a BJP-led government would be able to accelerate policy reforms and overhaul the country's poor infrastructure. Investors will now be keenly watching policy announcements from the new government to drive a turnaround in the investment cycle.
Ever since NDA's victory in the election last week, speculation has been rife about the likely allocation of key ministerial portfolios in the Modi-led NDA government.
The first budget of the new government is expected by July 2014. An interim budget was presented by P. Chidambaram in February this year. Essentially, in the nature of a vote on account, the interim budget was intended to get Parliament approval for expenditure to be incurred during the first few months of fiscal year 2014-15 due to Lok Sabha elections.
The Reserve Bank of India (RBI) next undertakes monetary policy review on 3 June 2014. The RBI left its main lending rate viz. the repo rate unchanged at 8% after a monetary policy review on 1 April 2014, as consumer-price inflation eased to a two-year low and as the rupee firmed up against the dollar.
Most Asian markets edged higher on Wednesday. Key benchmark indices in Taiwan, Hong Kong, China and South Korea rose by 0.03% to 0.29%. Key benchmark indices in Singapore, Japan and Indonesia fell by 0.17% to 0.29%.
US stocks ended Tuesday with broad-based losses after disappointing earnings from TJX Companies, Inc, Staples, Inc. and weak sales numbers from Caterpillar Inc. weighed on investor sentiment. Selling intensified in the afternoon after comments from Philadelphia Fed President Charles Plosser, who said that Fed may need to act sooner rather than later should the economy accelerate.
The Federal Reserve releases minutes from the April 29-30 meeting of Federal Open Market Committee today, 21 May 2014. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 17-18 June 2014. The Fed on 30 April 2014 said after a monetary policy review that it will keep the benchmark interest-rate target at almost zero for a "considerable time" after its bond-buying program ends. The FOMC also reduced monthly debt purchases to $45 billion, its fourth straight $10 billion cut, and said further reductions are likely in "measured steps" if the economy continues to improve.
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