Good Morning !!!
Sensex 20066 (-0.4%) Nifty 6104 (-0.1%)
Dow 15303 (-0.7%) S&P 1648 (-0.7%)
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- OECD slashes India's growth forecast to 5.3% for 2013
- RBI has announced auction of inflation-indexed bonds worth Rs 1,000 cr on June 4. The new 10-year inflation indexed bonds will be reckoned as an eligible investment in government securities by banks for the statutory liquidity ratio purpose.
- Ministerial panel gave its nod of Coal Regulator and the proposal has been passed on to Cabinet for its approval. Though the regulator will not have any say in fixing domestic prices the ministerial panel recommended need for power to counter the methods and practices of a monopolistic player through guidelines for fixing and revising coal prices.
- S&P has upgraded RIL rating sighting that rating agency is now more confident about the growth prospectus of the company over next 3-4 years and is more confident about better deployment of hitherto unused cash. RIL plans to deploy USD30bn capex over next 3 years primarily on exploration activities which the rating agency expects to reverse the decline in output from KGD6. S&P also anticipate RIL margins to improve secularly - pet coke gasification to improve refining margins whereas petchem margins to improve through higher share of value added products and vertical integration.
ONGC misses estimates but underlying performance was strong
- ONGC profits for 4th quarter declined 40% to Rs 3,387 cr from Rs5644 crs last year despite 14% rise in sales to Rs 21,389 cr and lower subsidy burden of Rs.12,312 cr compared to Rs 14,170 cr last year. The lower profit is due to ONGC bearing more expenses on statutory levies, higher operating costs due to rupee-dollar fluctuations, dry wells (failed exploration) and depletion costs, among others. The company has raised capex from Rs 35,049 cr in 2013-14, up from Rs 29,503 cr last year. The worst seems to be over for ONGC's overseas arm, OVL and the same would be a key catalyst for ONGC's growth ahead. http://www.business-standard.com/article/companies/global-business-will-be-ongc-s-growth-vehicle-d-k-sarraf-113052900876_1.html
- Hyundai to launch 4 new models to increase its domestic market share. This would include a sub 4 meter entry level sedan which would compete with Dzire and Amaze. Though sub 4 meter car would take some more time, a new sedan code named BA would get launched by September. The car would come with 1.1ltr diesel and 1.2ltr petrol engine options. Other 2 models are a compact SUV to fight gain share of growing pie of Duster & EcoSport (Maruti is also expected to launch a compact SUV in 2013-14) and an MPV which would be positioned against Ertiga.
Andhra Bank on expansion drive
Balmer Lawrie to acquire tour operator
TBZ profit triples
IndiGo expands flights
- Andhra Bank in bid to go national from local has imitated a rebranding exercise. It plans to change its slogan from 'Andhra Bank, for all your needs' to 'Andhra Bank, Where India banks'. It will also open 100 branches outside state of AP during 2013-14.
Balmer Lawrie to acquire tour operator
- Balmer Lawrie & Co Ltd plans to acquire a domestic company offering tour operating services. Balmer Lawrie plans to invest close to Rs 500 crore over next two-to-three years in new projects including the setting up of a logistics hub near Kolkata and Vishakhapatnam and a steel barrel plant in Navi Mumbai. It will soon acquire 55 acres of land for setting up the logistic hub near Kolkata. The estimated investment on the project is close to Rs 150 crore. The company has also entered into a joint venture with Visakhapatnam Port Trust for developing another logistic hub at an estimated investment of Rs 200 crore.
TBZ profit triples
- TBZ has tripped its net profit for the forth quarter of fiscal 2013 to Rs 25crs, the full year profit was Rs.85crs. Company has 26 showrooms across 20 cities. The board has declared a dividend of Rs.2.5 per share and approved proposal to merger its two wholly owned subsidiary Companies, viz. Tribhovandas Bhimji Zaveri (Bombay) Limited and Konfiaance Jewellery Private Limited with TBZ under the Scheme of Amalgamation.
- TCS bags Rs1100 crs system integration contract from Indian Post which would lead to computerisation and electronic linkages of 160000 post offices across the country. TCS is also expanding its footprint in US government business http://www.business-standard.com/article/companies/tcs-forays-into-us-govt-space-113052900937_1.html
IndiGo expands flights
- IndiGo has added 2 new routes to its network. The airline will operate its new daily direct flight between Mumbai and Jammu, and Chennai and Kochi.
- It would also launch second daily flights between Mumbai and Srinagar, Chennai and Thiruvananthapuram, Mumbai and Trivandrum, Jammu and Srinagar and third direct flight between Mumbai and Kochi, an official statement said.
- Hypercity’s new store in Bangalore is the first compact store in the hypermarket category with about 33,000 sq ft instead of the usual 55,000-60,000 sq ft. Mark Ashman, CEO, Hypercity, said, “30,000 sq feet is still a very big store, and we have taken out two categories that are more destination type. So, by default, this becomes more of a neighbourhood mall offer.”
”I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.”
....George Soros
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