Shares of public sector oil marketing companies (PSU OMCs) will be watched after PSU OMCs on Thursday, 31 July 2014, decided to cut retail petrol prices by Rs 1.09 a litre and increase retail diesel price by Rs 0.50 a litre (excluding VAT) with effect from midnight of 31 July 2014. PSU OMCs, however, reduced the diesel price for bulk consumers by Rs 0.72 a litre and price of non-subsidized LPG cylinder by Rs 2.50 for a 14.2 kg cylinder and that of commercial LPG cylinder by Rs 4 for a 19kg cylinder.
JSW Steel and Union Bank of India will announce their April-June 2014 results today, 1 August 2014. United Spirits will announce its results for the year ended 31 March 2014 today.
Tech Mahindra after market hours on Thursday, 31 July 2014, reported 2.7% growth in consolidated profit after tax at Rs 631 crore on 1.3% growth in revenue to Rs 5122 crore in Q1 June 2014 over Q4 March 2014. Operating profit (EBITDA) declined 13.4% to Rs 928 crore in Q1 June 2014 over Q4 March 2014. The company's cash and cash equivalents as on 30 June 2014 stood at Rs 3669 crore.
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra said: "The growth momentum for Tech Mahindra continues to be powered by strategic investments and capability building. Our agility to perform in rapidly changing economic conditions speaks volumes about the trust shown by our customers in us. The results are aligned favorably towards us becoming a 'partner of choice' for developing transformational solutions and making enterprises future ready".
CP Gurnani, MD & CEO, Tech Mahindra said: "Our robust performance during the quarter sets the tone for rest of the year. Our customers have shown a remarkable appetite for the "connectedness revolution" and are readying themselves for the disruptions in future. Tech Mahindra with telecom as a horizontal differentiator augurs well with the customers in this potentially disruptive landscape."
On a consolidated basis, DLF's net profit fell 29.48% to Rs 127.77 crore on 24.52% decline in total income to Rs 1,851.60 crore in Q1 June 2014 over Q1 June 2013. EBITDA (earnings before interest, taxes, depreciation and amortization) fell 18% to Rs 863 crore in Q1 June 2014 over Q1 June 2013.
Recognizing that the real estate/housing sector is a key contributor to the growth of GDP and employment, the Government has announced a slew of measures in the Budget that will result in stimulus to the real estate industry in the medium term. Additional tax exemptions for consumers, categorization of 'affordable' housing an infrastructure status, and tax benefits to the REITs will go a long way in the revival of the industry, DLF said in a statement.
The company said it expects the market conditions to be challenging and demanding in the short term. Whilst the company believes that the slowdown is bottoming out, it will take a couple of quarters for the ground situation to improve, it said.
DLF said it remains committed to its medium term strategy of continuing with its execution run rate thereby creating more stock which can result in better and faster realizations as the cycle turns. Additionally, it will continue to invest to improve the quality of land through payment of government charges and infrastructural improvements. The company also remains focused to improve the quality and pricing of debt through instruments such as CMBSs, DLF said.
Net profit of Castrol India declined 19.01% to Rs 124.40 crore on 6% rise in net sales to Rs 910.30 crore in Q2 June 2014 over Q2 June 2013.
Housing Development Finance Corporation (HDFC) after market hours on Thursday, 31 July 2014, in a clarification with regard to news item titled "Standard Life may Infuse More into HDFC Life" said that in the recent Union Budget, Finance Minister Arun Jaitley had proposed an increase in the composite cap in the insurance sector to 49% from the current level of 26%, with full management and control, through the FIPB route. On 24 July 2014, the Cabinet Committee on Economic Affairs headed by the Prime Minister Narendra Modi has cleared the said proposal and it is expected that the proposal will be tabled in Parliament in the current session. HDFC said it is monitoring the progress on this front and look forward to the details emerging.
In the meanwhile these developments have led to considerable speculation on HDFC's shareholding in its subsidiary, HDFC Standard Life Insurance Company (HDFC Life), HDFC said. The company said that there has been no decision on the change in the shareholding.
At an appropriate stage after Parliament approves and notifies the proposed amendments, HDFC may consider a revision in the shareholding pattern of HDFC Life in consultation with its joint venture partner, Standard Life Plc, HDFC said.
Gulf Oil Corporation (GOCL) after market hours on Thursday, 31 July 2014 said that Gulf Oil Lubricants India (GOLIL) was on 31 July 2014 listed on BSE and NSE, post the requisite approvals. With the demerger of the lubricants business of GOCL to GOLIL, the new lubricant company GOLIL will manage the standalone lubricant business in India under Gulf Oil brand. The lubricant business has reached the size and scale to take up its future growth journey in a more focused manner independently, the statement said. GOLIL, which will be a company with a pure lubricants play, will bring in additional focus & resources to increase its business revenues & market shares in the lubricant space in India. Given the positive outlook for the economy - Gulf Oil is well placed to increase its market shares in Automotive and Industrial lubricants, the statement said.
Mr. Sanjay. G. Hinduja, Chairman, Gulf Oil International said, Gulf Oil Lubricants India aims to realize its vision of becoming one of the top 3 lubricant brands in the industry with expected support from the growing Indian economy. The company will continue to outperform the industry's growth by enhancing its distribution, investing in the brand & securing more OEM tie-ups. Further, this is in line with our global vision of being one of the largest independent downstream players in Lubricants & Speciality Chemicals in the world.
Mr. Ravi Chawla, Managing Director, GOLIL said, In the past 5-6 years, our strategies of leveraging our longer drain technological prowess, increasing our distribution reach & innovative brand building initiatives have resulted in volumes, revenues and profits growing multi-fold. The lubricant business has attained CAGR growth of about 15% in revenues and about 42% in profits before taxes over last 6 years. The Lubricant business has delivered an EBIDTA margin of over 12% consistently & the volume growth rates are more than double the industry growth rates during this period, to emerge as one of the fastest growing lubricant majors in India. With this demerger we have plans to further expand our current 7% market share in the 'open market' namely the bazaar channel & in the B2B related - OEM, Industrial & Infrastructure segments.
SpiceJet after market hours on Thursday, 31 July 2014 in a clarification with regard to news item titled "Caterers sues SpiceJet over Rs 8 Crores bill said that the matter is sub-judice and SpiceJet is defending the claim made by the caterer under appropriate proceedings of the Court. It may further be noted that the company has a claim of an amount exceeding the claim of the caterer owing to damage caused by the caterer to one of its Q400 aircraft and this is a resultant counter-blast to the claims made by the company on the caterer, SpiceJet said.
AstraZeneca Pharma India after market hours on Thursday, 31 July 2014 in a clarification with regard to news item titled AstraZeneca buys Almirall lung drugs" said that the aforesaid acquisition is not a acquisition made by the listed legal entity in India - AstraZeneca Pharma India. Rather, it comes under a separate legal entity established under the laws outside India, AstraZeneca Pharma India said.
Artson Engineering after market hours on Thursday, 31 July 2014 said it has received a letter of award (LOA) from Cairn India. The company's scope of works includes procurement, construction, installation and commissioning of crude oil storage tank at Hazira, Gujarat and the estimated order value is Rs 8.61 crore, Artson Engineering said.
Channel Nine Entertainment after market hours on Thursday, 31 July 2014 said it has fixed 14 August 2014 as record date for the purpose of determining the entitlement to the rights offer of 77.63 lakh equity shares of Rs 10 each for cash at par to be issued in the ratio of one equity share for every two equity share held by shareholders on the record date.
Emami turns ex-dividend today, 1 August 2014, for final dividend of Rs 4 per share for the year ended 31 March 2014.
Kirloskar Oil Engines turns ex-dividend today, 1 August 2014, for final dividend of Rs 5 per share for the year ended 31 March 2014.
Monsanto India turns ex-dividend today, 1 August 2014, for final dividend of Rs 30 per share for the year ended 31 March 2014.
Godrej Consumer Products turns ex-dividend today, 1 August 2014, for interim dividend of Rs 1 per share for the year ending 31 March 2015.
The board of Dishman Pharmaceuticals and Chemicals will meet on 13 August 2014, to consider matter relating to issue of shares to qualified institutional investors.
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