TOP CORPORATE NEWS 25 July 2014

• PNB Q1 profit beats forecast, up 10% but asset quality weak

Punjab National Bank net profit jumped 10.2 percent on yearly basis to Rs 1,405 crore on account of fall in provisions but decline in other income limited the profitability .The asset quality worsened during April-June quarter of current financial year 2014-15. The bank reported growth in profit for the first time in last four quarters.

• Shriram Transport Finance Q1 PAT drops 10% to Rs 306 cr

Shriram Transport Finance Corporation April-June quarter (Q1FY15) net profit declined by 10 percent to Rs 306 crore from Rs 341 crore in corresponding quarter of last fiscal. However, total income was up by 6 percent to Rs 2,015.8 crore from Rs 1,891.3 crore, Y-o-Y.

• UCO Bank Q1 profit up 2%, other income falls significantly

UCO Bank has reported a net profit of Rs 520 crore in the first quarter (April-June) of current financial year, increased marginally (1.7 percent) compared to Rs 511 crore in same quarter last year on account of significant fall in other income that was the reason behind fall in share price.

• Allahabad Bank Q1 net profit tanks 73% but NII rises 23%

Allahabad Bank reported a 72.7 percent decline in net profit at Rs 112.7 crore in April-June quarter (Q1FY15) compared to Rs 413 crore in same quarter last year on account of higher provisions, tax cost and fall in other income but net interest income growth was very strong.

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TOP CORPORATE NEWS

·        TVS Motor Q1 misses estimates, profit up 39% to Rs 72.3 cr

TVS Motor Company missed street expectations with the first quarter April-June net profit rising 39.3 percent at Rs 72.3 crore compared to Rs 51.9 crore in the year-ago period impacted by higher expenses.

·        ACC LTD Q2 profit misses forecast, falls 7%

ACC Ltd second quarter (April-June quarter) net profit falling 7 percent at Rs 241 crore compared to Rs 259.1 crore in same quarter last fiscal on account of higher total expenses.

·        DHFL Q1 net profit up 22.5% at Rs 147.2 cr

Dewan Housing Finance Corporation April-June quarter Q1FY15 net profit rose by 22.5 percent at Rs 147.2 crore against Rs 120 crore in the same quarter last fiscal.   Total Income jumped from Rs 1,107.4 crore to Rs 1,426.6 crore, Y-o-Y, a growth of 29 percent.

·        Liberty Shoes dips on weak Q1 numbers

Liberty Shoes lost 6% after the company’s net profit surged 1% to Rs 3 crore on 10% decline in total income from operations to Rs 102 crore in Q1 June 2014 over the same period last year.

INDIAN BENCHMARKS ends on a negative note

INDIAN EQUITY BENCHMARKS erased all its early gains and ended in the red on the back of profit booking.

Further, Hindalco Industries net profit declined 48.5% to Rs 248.15 crore on 20.9% growth in net sales to Rs 8359.85 crore in Q4 March 2014 over Q4 March 2013. JSW Steel reported quarterly crude steel production at 3.10 million tons for Q1 FY2014-15 showing a growth of 8% over the corresponding quarter of previous year.

The crucial resistance for Nifty is now seen at 7730 and above this 7810.Support for the immediate term is now placed at 7480 and next support will be 7540.

Highlights of the budget presented by Finance Minister Arun Jaitley

·         FISCAL DEFICIT

Accepts fiscal deficit target of 4.1 percent of GDP for 2014/15

Fiscal deficit seen at 3.6 percent of GDP in 2015/16

Tax-to- GDP ratio must be raised

·         GROWTH

 Aims for sustained growth of 7-8 percent in the next 3-4 years

 Finance minister says he is bound to usher in policies for higher growth, lower inflation

·         TAXATION

Aims to approve goods and services tax by end of this year

Will not change rules on retrospective taxation

All pending cases of retrospective tax for indirect transfers to be examined by a high-level committee before action is taken

Proposes changes in transfer pricing mechanism

·         INVESTMENT

Raises limit on foreign direct investment in defence sector from 26 per cent to 49 per cent raises FDI limit in insurance sector to 49 percent

Earmarks 70.6 billion rupees to create 100 'smart cities'

Will provide the necessary tax changes to introduce real estate investment trusts and infrastructure investment trusts

Proposes 40 billion rupees for affordable housing through national housing bank and extends tax incentives for housing loans

·         SUBSIDIES

Plans to make food and petroleum subsidies more targeted

Rural job-guarantee scheme, which provides 100 days of paid employment a year, will become more focused on asset creation

Proposes 80 billion rupees for rural housing scheme

·         AGRICULTURE

Will focus on achieving 4 percent growths per year in agriculture

Sets farm credit target at 8 trillion rupees for 2014/15

Proposes a long-term rural credit fund with an initial corpus of 50 billion rupees

NEWS TO WATCH :

·         Watch out for Quaterly Earning of  Infosys  on 11 July 2014.

INDIAN EQUITY MARKET STRATEGY-10 JULY 2014

INDIAN BENCHMARK have opened flat after the sharp fall in the previous two sessions even as market participants adopted a wait-and-watch stance ahead of Finance Minister Arun Jaitley's maiden Budget presentation later today.

FURTHER, ITC is likely to remain in focus after Union health minister Harsh Vardhan urged Finance Minister Arun Jaitley to raise tax on cigarettes in the upcoming final Union Budget for 2014-15 to deter people from smoking. Sebi imposed a fine of Rs10.3mn on Apollo Tyres for allegedly failing to comply with buyback regulations.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Wednesday while the DIIs were net sellers of Rs. 265cr, as per the provisional figures released by the NSE.

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INDIAN BENCHMARKS slip on caution ahead of the Budget.

INDIAN EQUITY BENCHMARKS ended lower amid volatile trading session as the domestic and global investors turn cautious ahead of the Union Budget to be presented by the Finance Minister tomorrow in the Parliament.

Further, Shares of Tata Power dropped on reports that Tata Power and Reliance Power are betting big on renewable energy and are willing to spend about Rs 1,500 crore each on clean energy projects. ONGC Videsh raised US$2.23bn from global markets through long term bonds to refinance loans for acquiring stake in oil field in Mozambique.

The crucial resistance for Nifty is now seen at 7670 and above this 7730.Support for the immediate term is now placed at 7555 and next support will be 7510.

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TOP CORPORATE NEWS

·        Axis, Union Bank among 5 new entrants to UK banking space

Two banks from India Axis Bank and Union Bank are among the five new entities authorized to do banking business in the UK during the last fiscal, as per latest statistics released by the British regulators.

·        ONGC drops on buzz government may offload 5-10% stake

ONGC lost 4.11% on reports the government is planning to sell a 5 to 10% stake in state-run oil & gas exploration firm.

                                                                                                        

·        Cairn India drops along with crude oil price

Cairn India lost 1.89% as oil prices traded lower on reports that the militant insurgency hasn't spread to Iraq's south, the source of more than three-quarters of its oil output.

·        Siemens bags order worth Rs 52 crore from NTPC

Siemens has bagged an order worth Rs 52 crore from NTPC for supply of Distributed Control System to their power plant in Bihar.

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INDIAN BENCHMARKS record highest percentage fall in a day since Jan '14

INDIAN EQUITY BENCHMARKS slumped, recording their largest drop in percentage terms since January 27, 2014, as investors turned cautious and booked profits ahead of the Budget session on Thursday.

Further, Shares of Aban Offshore surge as much as 9.8 percent, their highest level since May 14, 2010, on hopes the country's largest offshore drilling company may enjoy higher rig rates in the coming quarters. ONGC has okayed an expenditure sanction of an additional Rs 3,085.54 crore for hiring of five more offshore jack-up rigs for a period of three years.

The crucial resistance for Nifty is now seen at 7755 and above this 7820.Support for the immediate term is now placed at 7595 and next support will be 7540.

 

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INDIAN BENCHMARKS end at record all time highs… IT shares up 2.44%

INDIAN EQUITY BENCHMARKS ended on positive territory in the anticipation of a growth-oriented Budget. Both domestic and foreign investors are closely eyeing the Rail Budget and the Union Budget as these two parameters are expected to decide the future course of Indian markets.

Further, IDFC has surged over 7% on back of heavy volumes after Morgan Stanley raises its price target for the company to Rs 175 from Rs 115. NMDC Ltd may spend nearly AUD 12.1 million to subscribe a rights issue planned by its Australian arm Legacy Iron Ore Ltd.

The crucial resistance for Nifty is now seen at 7795 and above this 7820.Support for the immediate term is now placed at 7755 and next support will be 7660.

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