Mahindra & Mahindra, Tata Motors' Q1 net profit, margins to fall

 

 Mahindra & Mahindra Ltd., India's biggest sports utility vehicle maker, and Tata Motors Ltd., the maker of the Jaguar-Land Rover luxury car, are expected to says profit fell in the fiscal first-quarter and operating profit margin narrowed.

   Mahindra & Mahindra's margins are expected to be weak at 11.4% compared to 12.4% in the same period last year, Emkay Global said in a report.

  The automaker is expected to report a 11% drop in net profit to Rs 7.84 billion while net sales are expected to fall 2.8% to Rs 99.73 billion in the quarter.

  Meanwhile, Tata Motors is expected to report EBITDA margins at 15.2% in the first quarter compared to 18.2% in the same period last year, the report added.

  The company's net profit is expected to fall 44.9% to Rs 29.36 billion while net sales is expected to drop 6.7% to Rs 603.3 billion in the first quarter.

  At 11:15AM, Mahindra & Mahindra rose 1.21% to Rs 1,411.10 while Tata Motors climbed 1.50% to Rs 388.75 on the Mumbai stock exchange.The 30-share Sensex index rose 0.02% to 28,299.43.

Bombay Dyeing slips on reporting Q1 net loss on higher costs

  : Bombay Dyeing & Manufacturing Company Ltd., the flagship company of Wadia Group, slipped after reporting net loss in the fiscal first quarter on higher finance costs and weak sales.

  Net loss of the company stood at Rs 533.7 million in the three months ended Jun 30 compared to loss of Rs 536.3 million a year earlier and profit of Rs 1.78 billion a quarter ago, Bombay Dyeing said in a statement to the stock exchanges on Thursday after market hours.

  The company's net sales slipped 27.4% to Rs 3.93 billion in the Apr-Jun period while finance cost climbed 15.5% to Rs 628 million in the quarter.

  Other income of the company declined to Rs 40.2 million in the three months ended June compared to Rs 114.1 million a year earlier.

  Revenue from textile segment declined 34.7% to Rs 878.9 million in the quarter while revenue from polyester slipped to Rs 2.74 billion from Rs 3.94 billion a year earlier.

  At 11:35AM, Bombay Dyeing slipped 5.06% to Rs 82.60 on the Mumbai stock exchange.  

 

TNS STOCKS:Sun Pharma spurts as unit Taro's Q1 profit surges over one-fold

  Sun Pharmaceuticals Ltd, India's biggest drugmaker, gained Friday after its Israel unit Taro posted strong earnings for the first quarter.

  Thursday, Taro said that its first quarter profit surged 125% to $103.6 million in the June quarter from $46 million in the same period a year ago.

  Revenues in the quarter surged 65% to $215 million compared to 130.2 million in the same period a year ago.

  However, sales volumes declined 10% as a result of increase in competitor activity in United States.

  Parent Sun Pharma will unveil its first quarter earnings on Aug 11.

  At 11PM, shares of Sun Pharma gained 0.77% to Rs 853 on the Mumbai stock exchange.

   

Uflex surges as Q1 group profit spurts 22% amid strong sales

 

 Uflex Ltd, a local packaging company, jumped Friday after the company said that fiscal first quarter group profit climbed 22% on strong sales.

  Group profit climbed to Rs 756 million in the Apr-Jun quarter from Rs 620 million in the same period a year ago.

  Group sales jumped Rs 15.69 billion in the first quarter from Rs 14.95 billion in the same period a year ago.

  Total expenses declined 3% to Rs 14.56 billion while finance costs dropped 4.2% to Rs 467.8 million in the same period a year ago.

  At 11:25AM, shares of Uflex jumped 3.2% to Rs 180.80 on the Mumbai stock exchange.     

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Jeera(Cumin Seed) in Rajkot Physical Market Started the Day Weak

At Rajkot market in Rajkot(Guj.), Jeera(Cumin Seed) Loose started weak at Rs. 11000-14375 per quintal, lower by 2.14 per cent from previous dayn#39;s price level. Arrivals were reported at 200 quintal, up by 70 quintal as against previous day. Jeera(Cumin Seed) in Rajkot(Guj.) Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Rajkot Jeera(Cumin Seed) Loose 11000-14375 -315 nnbsp; Note: The above mentioned prices are in Rs. per quintal and arrivals are in quintal.

Red Chilli in Physical Market Began Steady in Khargone

At Bedia market in Khargone, Red Chilli No. 12 began at Rs. 11500-11800 per quintal, unchanged as compared to previous close. Red Chilli Indu 2070 started the day at Rs. 11500-12000 per quintal, steady against previous close. Red Chilli MICO (Teja) at Bedia market started at Rs. 12000 per quintal, unchanged as compared to previous close. Red Chilli in Khargone Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Bedia Red Chilli No. 12 11500-11800 0 Bedia Red Chilli Indu 2070 11500-12000 0 Bedia Red Chilli MICO (Teja) 12000 0 nnbsp;

Steady Sentiment Witnessed in New Delhi Red Chilli Physical Market

At New Delhi market , Red Chilli Teja(Khamam) started at Rs. 11000-12000 per quintal, unchanged as compared to previous close. Red Chilli Pala 12 at New Delhi market started the day at Rs. 9500-9800 per quintal, unchanged as compared to previous close. Red Chilli 334 at New Delhi market opened at Rs. 9500-9800 per quintal, steady as against previous close. Red Chilli Fatki at New Delhi market started at Rs. 8000-8200 per quintal, steady against previous close. Red Chilli Packing at New Delhi market opened at Rs. 9500-9800 per quintal, unchanged as compared to previous close. Red Chilli in New Delhi Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute New Delhi Red Chilli Teja(Khamam) 11000-12000 0 New Delhi Red Chilli Pala 12 9500-9800 0 New Delhi Red Chilli 334 9500-9800 0 New Delhi Red Chilli Fatki 8000-8200 0 New Delhi Red Chilli Packing 9500-9800 0 nnbsp;

Gold trades flat ahead United States nonfarm payroll data, ETF outflows

 

   Gold traded flat in morning trades Friday ahead of United States nonfarm payroll data which may give Federal Reserve's stance on interest rate hike and on weak investment demand, said analysts.

  "Gold trades flat ahead of NFP data while ETF outflows showed weaker investor interest which put pressure on the prices," said Madhavi Mehta an analyst with Kotak Commodities.

  Prices of the yellow metal were flat as investors are cautious ahead nonfarm payroll data unemployment rate data to be released later today.

  United States jobless claims dropped indicating improving job scenario in the world's biggest economy.

  Jobless claims came at 270,000 for the week ended Jul 31 lower than analysts' estimate of 273,000 and 267,000 a week ago, a government data showed.

  On Tuesday, Dennis Lockhart, Federal Reserve President of Atlanta expressed his support for an interest rate hike in September.

  Lockhart, a voting member of Federal Open Market Committee this year, said to Wall Street Journal that it would take 'significant deterioration' in the United States economy for him not to support a September rate hike.

  In its latest policy review last month, the central bank reiterated its resolve to hike rates later this year as the economy was poised for expansion and labour market was expected to improve further. A pick-up in US economy, the world's biggest, augurs well for emerging market especially for exporting companies.

  The central bank said it was seeing 'solid' job gains and maintained its view that economic activity was expanding 'moderately', with the risks to the outlook 'nearly balanced'.

  However, subdued investment demand following sharp drop in SPDR Gold Trust holding put pressure on the yellow metal prices , said analysts.

  Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 667.93 tons on Thursday compared to 670.62 tons on Wednesday, its lowest level since September 2008.

  At 10:50AM gold for October delivery rose 0.09% to Rs 24,762 per 10 grams on the MCX. The yellow metal traded as high as at Rs 24,739 per 10 grams on the MCX.

 

Jaypee Infratech slips as Q1 net profit drops 43% on weak sales

 

   By GuruvaishnaviJaypee Infratech Ltd., a local infrastructure development and real estate company, slipped after fiscal first quarter net profit dropped 43.2% on weak sales and higher finance costs.

  Net profit fell to Rs 260.9 million in the three months ended Jun 30 compared to Rs 459.6 million in the corresponding period a year earlier, Jaypee Infratech said in a statement to the stock exchanges on Thursday after market hours.

  The company's net sales slipped 27% to Rs 5.13 billion in the Apr-Jun period while finance costs climbed 9% to Rs 2.3 billion in the quarter from Rs 2.11 billion a year ago.

  Other income of the company declined 72% to Rs 10.5 million in the first quarter.

  At 10:50AM, Jaypee Infratech slipped 6% to Rs 14.85 on the Mumbai stock exchange. 

Crude may snap 2-day fall Fri lower US inventories, short-covering

  Crude oil prices are likely to snap two-day fall in opening session Fri on falling United States stockpile and as investors may cover short positions at lower level, analysts said.

  "Lower US inventories and lower level buying which will push the prices," 

 US oil inventories rose by 2.4 million barrels to 459.6 million barrels for week ended Jul 31 against analysts' expectation for an increase by 1.1 million barrels, data by American Petroleum Institute (API) showed.

  US oil inventories rose by 4.2 million barrels to 463.9 million barrels for week ended Jul 31 against analysts' expectation for an increase by 1.2 million barrels, data by Energy Information Association (EIA) showed.

  Crude oil prices were also supported on short-covering after prices fell to over four-month low, analysts said.

  Domestic crude oil prices fell by more than 3% to Rs 2,847 per barrel in past two straight trading sessions, its lowest level since Mar 19 on weak demand from global markets and increasing supplies from OPEC, analysts said.

  Crude oil may also be supported after United States jobless claims dropped indicating improving job scenario in the world's biggest economy.

  Jobless claims came at 270,000 for the week ended Jul 31 lower than analysts' estimate of 273,000 and 267,000 a week ago, a government data showed.

  West Texas Intermediate, the US benchmark, for September delivery slumped1.09% to $44.66 a barrel on the New York Mercantile Exchange Thursday.

  Brent, European benchmark for September contract fell 0.14% to $49.52 per barrel, on the London-based ICE Futures Europe Exchange Thursday.

  Crude oil for August delivery fell 1.45% to Rs 2,847 per barrel, at the closing of trades Thursday on Multi-Commodity Exchange (MCX).

  Crude oil prices for August delivery are likely to find support at Rs 2,787 per barrel and resistance at Rs 2,925 per barrel today on Multi-Commodity Exchange (MCX).