The News International Team
03:30 pm Market closing
The Sensex ended up 184.28 points or 0.71 percent at 26103.23, and the Nifty was 52.15 points or 0.67 percent at 7791.70.
02:59pm RCF worried about gas prices and interest cost
Commenting on the company’s increase in net profit for the first quarter ended June, 2014, RG Rajan CMD, Rashtriya Chemicals and Fertilisers said the Thal and Trombay plants performed at full 100 percent capacity and would perform well in second quarter as well. However, the concern on gas prices and interest costs for the company still remain, said Rajan.
According to him the Budget provisions of subsidy are not enough, and subsidy of around Rs 2000 crore is still pending from the government. However, the company is hopeful of better and timely subsidy from the government this fiscal, which will help reduce their interest costs.
RCF reported manifold increase in net profit to Rs 83.95 crore for the first quarter ended on June 30 on account of higher income.
Kohinoor Foods, one of the largest basmati rice exporters from India, aims to clock turnover of Rs 1,475 crore in FY15. Speaking to CNBC-TV18 about the financial performance of the company in Q1FY15 and the road ahead, managing director Satnam Arora said the company expects 15 percent jump in overall basmati production for FY15.
He further added that its export markets continue to perform well and Kohinoor Foods has managed to make a good entry into Iran market. “The order inflows are growing with steady momentum from Iran market,” he said. However, its domestic growth continues to remain sluggish, Arora said.
02:20pm Hindalco Industries in News
World’s largest aluminium rolling company Hindalco Industries missed street expectations with the first quarter net profit falling 30.9 percent year-on-year to Rs 327.5 crore dented by higher power and fuel, finance, and raw material costs. Profit in the corresponding quarter of last fiscal was Rs 474.1 crore.
Total income from operations jumped 37 percent to Rs 7,996 crore in the quarter ended June 2014 from Rs 5,838 crore in same quarter last year supported by both copper as well as aluminium businesses.
“Copper revenue grew by 37.3 percent on yearly basis to Rs 4,990.3 crore with earnings before interest and tax (EBIT) rising 28.5 percent while aluminium business reported 36.2 percent growth at Rs 3,011.30 crore with EBIT increasing nearly 4 times,” said the company in its filing.
02:00pm Equity benchmarks extended rally in afternoon trade with the Sensex gaining 166.81 points at 26085.76 and the Nifty rising 41.90 points to 7781.45 supported by private banks, oil & gas, auto (select), steel and healthcare stocks.
About 1495 shares have advanced, 1278 shares declined, and 127 shares are unchanged.
Shares of ICICI Bank, HDFC Bank, Tata Motors, Sesa Sterlite, GAIL and Tata Power rallied 2-3 percent followed by Larsen and Toubro, ONGC, Sun Pharma, Axis Bank, Tata Steel and NTPC with 1-1.7 percent.
Drug maker Cipla gained over a percent ahead of Q1 earnings. Net profit is expected to decline 28 percent year-on-year to Rs 347.8 crore while revenue may increase by 23 percent to Rs 2830.4 crore in the quarter ended June 2014.
However, Hero Motocorp dropped 2.5 percent after MSCI reduced stock’s weightage to 0.62 percent from 1.24 percent in its India Equity Index. HDFC fell nearly 2 percent.