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STOCKS: Hcl Tech says margins to remain in 21-22% in FY16

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Copper Aug futures slip 0.54% to Rs 333.65/kg on weak China demand vs open of Rs 335/kg

Soybean drops to lowest level since Oct 27, 2014

still down side open

STOCKS: Bharat Forge Q1 net profit surges 35% on higher sales; Shares jump

 STOCKS: Bharat Forge Q1 net profit surges 35% on higher sales; Shares jump

 

Bharat Forge Ltd., a Pune-based forging company, Monday said fiscal first quarter net profit surged 35% on higher sales. Shares of the company jumped.

  Net profit rose to Rs 1.95 billion in the three months ended June 30 compared to Rs 1.44 billion in the corresponding period a year ago, Bharat Forge said in statement to the stock exchanges today.

  Net sales of the company rose 14.4% to Rs 11.03 billion while other income climbed 19% to Rs 288.3 million in the first quarter.

  Revenues from America business reported a 33.3% growth to Rs 4.39 billion while Asia Pacific revenue increased by 44.1% to Rs 482 million but Europe business fell 4.9% to Rs 1.79 billion during the same period last year.

  "Looking ahead in to second quarter, we anticipate demand to be higher compared to the same period last year with positive automotive demand while the challenging demand environment in the industrial sector will continue for some more time as the global economies adjust to the lower commodity prices," said B.N. Kalyani, chairman & MD, Bharat Forge.

   EBITDA margin of the forging company expanded to 31.8% in the quarter compared to 29.4% in the same period last year.

  The company's finance costs fell 33% to Rs 212.9 million in the Apr-Jun quarter.

  At 11:05AM, Bharat Forge rose 3.1% to Rs 1,182.40 on the Mumbai stock exchange. The 30-share Sensex index rose 0.26% to 28,185.85.

Sun Tv Network issues "Clarification sought from Sun TV Network Ltd" press release on BSE

The following is the text of a press release issued by Sun Tv Network :        The Exchange has sought clarification from Sun TV Network Ltd with reference to the news article appeared in Business Standard as on August 01, 2015 captioned "Sun TV to invest Rs 450 Crs in buying movie rights"        The reply is awaited.

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03/08/2015

10:28:36

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Mahindra July auto sales dn 6% led by decline in passenger vehicles

  Mahindra & Mahindra Saturday said its auto sales fell 6% to 34,652 units in July compared with same month a year ago due to decline in its passenger vehicle sales.

  The leading SUV maker said its passenger vehicles segment sales declined 13% in July to 14,456 units from 16,569 units same month a year ago.

  The company's domestic sales stood at 31,087 units during July 2015 as against 33,047 units during July 2014.

  However exports for July 2015 rose 41% to 3,565 units, the company said in a filing to exchanges on Saturday.

  "While the auto industry is currently seeing muted growth, we do believe that the launch of some exciting new products will help it turn the tide. In addition, with the advent of a good monsoon till date and reduction in fuel prices, we expect sentiments to improve, leading to overall growth in auto sales," said Pravin Shah, president and chief executive (Automotive) at Mahindra & Mahindra.