1:55 pm Interview:
1:45 pm Results: Jyothy Laboratories has posted a good July-September quarter, beating street estimates on all counts. The midcap company’s net profit jumped 54 percent to Rs 38.8 crore in Q2FY16 from Rs 25.1 crore in corresponding quarter last fiscal. During the period, revenues climbed 9 percent to Rs 401 crore compared to Rs 368 crore on annual basis.
1:55 pm Interview:New projects will help in improving capacity and increase income for SJVN , the company’s Chairman & Managing Director (CMD) RN Misra said. In an interview with CNBC-TV18, Misra said the company plans to increase capacity by 300 megawatt (MW) by FY17 and aims to become a 10,000 MW company by FY22. SJVN is working on two projects – a 500 MW and a 600 MW – in Bhutan. Besides this, the company has a project in Nepal, one in India and shutdown project in Uttarakhand area, which will be revived soon, Misra said.
According to a CNBC-TV18 poll, the company was expected to report net profit at Rs 30 crore on a revenue of Rs 397 crore in September quarter.
EBITDA in Q2 rose 47 percent at Rs 49.2 crore against Rs 33.5 crore while EBITDA margins was at 12.3 percent 9.1 percent (year-on-year). Margins were lifted by curtailed purchases and inventory costs. Soaps and detergent segment pushed overall revenues higher.
1:30 pm Shares of Nestle India rose 3 percent intraday on Tuesday after it has got clean chit from two states for its popular noodle brand Maggi. Both Gujarat and Karnataka have lifted ban on manufacturing and sale of Maggi.
Last week, the Indian arm of the FMCG major received favourable results from all three laboratories mandated by Bombay High Court to test noodles samples.
However, Nestle had said that it will start selling Maggi noodles only after the newly manufactured products are also cleared by the designated three laboratories.
Don’t miss: Q2 earnings impact: Motilal Oswal, SKS rally; Gati tanks
The market is still in positive terrain, as the Sensex is up 43.74 points or 0.2 percent at 27408.66. The Nifty is up 12.10 points or 0.1 percent at 8287.15. About 1537 shares have advanced, 979 shares declined, and 177 shares are unchanged.
Tata Motors, NTPC, TCS, Infosys and SBI are top gainers in the Sensex while Cipla, Vedanta, OnGC, HUL and Hindalco are among losers.
Oil prices rebounded in Asian trade as traders covered short positions after prices fell at least 3 percent in the previous session, but gains were capped by worries about oversupply and the health of the global economy.
Iran plans to increase crude production by 500,000 barrels per day within a week of the lifting of sanctions, a senior Iranian oil official was quoted as saying on Monday, selling the oil to traditional customers in Asia and Europe.
China’s GDP growth slowed to 6.9 percent in the third quarter, down on a 7-percent rise in the prior quarter, while implied oil demand was also lower, official figures and Reuters data on Monday showed.