The News International Team
1:50 pm Results: ABB India has registered a whopping 42.4 percent growth in profit at Rs 84 crore for October-December quarter. The bottomline growth was driven by strong execution, enhanced productivity, other income and cost take out programs.
“We will continue to push profitable growth initiatives, introduce new products to the market and offer state of the art technology solutions catering to the evolving customer needs,” said Bazmi Husain, managing director.
Earnings beat expectations on bottomline and operating income front but revenue was tad below estimates. A CNBC-TV18 poll estimated profit of Rs 82.8 crore on revenue of Rs 2,286 crore for the quarter.
1:30 pm Buzzing: Shares of Hindalco jumped 5 percent intraday after its subsidiary Novelis delivered strong December quarter earnings. The world leader in aluminum rolling and recycling reported a 250 percent growth in net profit in December quarter to USD 46 million from USD 13 million posted in the year-ago period.
Its adjusted EBITDA for the third quarter of fiscal 2015 was USD 236 million, a 16 percent increase compared to the USD 203 million reported for the prior year. “The increase was primarily driven by higher shipments as a result of strategic capacity expansions in Asia and South America, favorable product mix, and cost benefits from using recycled metal inputs,” Novellis said in a company statement.
Novelis’Q3 of fiscal 2015 revenues climbed 18 percent to USD 2.8 billion compared to USD 2.4 billion for the third quarter of fiscal 2014.
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The market is consolidating as the Sensex is up 118.83 points at 28346.22. The Nifty is up 38.90 points at 8565.25. About 1490 shares have advanced, 1010 shares declined, and 216 shares are unchanged.
Hindalco, ICICI Bank, M&M, SBI and Tata Motors are gainers in the Sensex. Among the losers are Sun Pharma, HDFC, Wipro, TCS and HUL.
RBI Deputy Governor HR Khan today said though the country’s forex kitty was at an all time high of USD 330 billion, there should be no complacency as no amount of reserves may be enough to fight extreme volatility. “Foreign currency reserves have improved. Right now we’re at USD 330 billion, highest ever.
But there is also a view that no amount of foreign exchange reserves can cushion when there is extreme volatility or external shocks,” Khan said, days after weekly data showed an over USD 6 billion jump in forex to an all-time high. “We are much better placed. In terms of fool proofing our balance sheet we have done quite a few things,” Khan said, referring to the jump in reserves.