1:55 pm Result:
BPCL has posted net profit at Rs 2376 crore in April-June quarter, up 95.3 percent from Rs 1216.3 crore in corresponding quarter last fiscal. During the quarter, total income was down 22.2 percent at Rs 51966 crore compared to Rs 66794 crore in year-ago period.
According to CNBC-TV18, BPCL was expected to report net profit at Rs 1700 crore in April-June quarter while EBITDA was seen at Rs 2800 crore in Q1.
The oil marketing company (OMC) saw a strong gross refining margins (GRMs) in the quarter. Its GRMs were at USD 8.55 per barrel versus USD 3.38 per barrel year-on-year.
1:40 pm Rupee check: The rupee recovered from initial losses against the American currency quoting at 65.15 on fresh selling of dollars by banks and exporters on the back of smart recovery in the equity market.
The rupee resumed lower at 65.19 as against yesterday’s closing level of 65.10 and dropped further to 65.34 on initial dollar demand from banks and importers in view of a firm dollar in the overseas market. However, it recovered from initial losses to 65.05 before quoting at 65.15 at 1218 hours.
It moved in a range of 65.05 and 65.34. Overseas, the dollar edged higher yesterday, extending its gains earlier in the session and snapping a six-session losing streak against the euro after a spate of strong economic data in the US. Oil prices looked set for their seventh weekly fall in Asia today, with US crude tumbling to fresh six-year lows as investors are worried a global supply glut is set to last.
1:30 pm Stake hike: In a significant move, Tata Sons will hike its stake to 41.06 percent in low cost carrier AirAsia India. The airline, which is facing stiff competition, is also set for top management reshuffle with CEO Mittu Chandilya expected to be elevated as Managing Director in addition to his current responsibility.
“We are in the process of subscribing to the capital of AirAsia India which will take up our stake to 41.06 percent from the current 30 percent,” a Tata Sons spokesperson said.
While specific details could not be immediately ascertained, Tata Sons is likely to acquire the additional stake from Arun Bhatia’s Telestra Tradeplace which currently holds 21 percent stake in AirAsia India. The no-frills carrier is a three-way joint venture in which Malaysia’s AirAsia Berhard owns 49 percent. AirAsia India is expected to soon effect its first management revamp since commencing operations in June last year.
Don’t miss: Consumer mood glum; double digit growth unlikely in FY16, says Jubilant Food
On expectations of some reform announcement, PSU bank are driving the market. The Sensex is up 461.71 points or 1.7 percent at 28011.24 and the Nifty is up 149 points or 1.8 percent at 8504.85. About 1680 shares have advanced, 911 shares declined, and 115 shares are unchanged.
The Finance Minister and the Financial Services Secretary are expected to address the media today. The market is expecting captial infusion details and names of PSU bank chiefs. Any concrete steps for reduction of non-performing loans (NPLs) will be the icing on the cake.
Vedanta, Reliance, Bajaj Auto, Sun Pharma and HDFC are top gainers while Dr Reddy’s Labs, Axis Bank and Coal India are among losers in the Sensex. Midcap and Smallcap indices are also rallying.
The Wholesale Price Index (WPI) contracted sharply year-on-year in July to touch -4.05 percent against a drop to -2.4 percent in June, therby worsening deflationary trend on account of easing commodity and food prices. The July number, which marks the ninth straight month of fall, was greeted by the street as out-of-turn rate cut expectations strengthened.
The consumer price index (CPI) data, which was much better than what the street was expecting had already raised expectations that the Reserve Bank of India (RBI) could move even before the policy date of September 29.
Silver prices declined 0.19 percent to Rs 35,937 per kg in futures trade today as speculators reduced their exposure amid a weak trend in global markets. In the international market, silver prices fell 0.30 per cent to 15.39 an ounce in Singapore.