Grasim Industries to be watched after announcing Q1 earnings

 Grasim Industries' consolidated net profit surged 63.55% to Rs 830.22 crore on 9.16% growth in total income to Rs 9278.13 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016.

Grasim Industries' board of directors at a meeting held yesterday, 11 August 2016, approved 5-for-1 stock split.

Aditya Birla Nuvo's (ABNL) consolidated net profit declined 56.79% to Rs 305.15 crore on 1.62% growth in total income to Rs 3318.68 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016.

Meanwhile, in separate announcements, Grasim Industries and ABNL said that the board of directors of the companies have approved a composite scheme of arrangement between Grasim Industries, ABNL and Aditya Birla Financial Services and their respective shareholders. The announcement was made after market hours yesterday, 11 August 2016.

Among key corporate earnings, Bosch, Hindalco Industries and Sun Pharmaceutical Industries are scheduled to announce their June 2016 quarter earnings today, 12 August 2016.

PTC India's net profit rose 13.46% to Rs 56.45 crore on 13.53% growth in total income to Rs 3684.05 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016.

MRF's net profit rose 2.37% to Rs 490.93 crore on 1.01% rise in total income to Rs 3555.53 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016.

Rural Electrification Corporation announced that it has fixed 29 September 2016 as the record date for the purpose of ascertaining entitlement of eligibility of shareholders for 1:1 bonus issue of shares. The announcement was made after market hours yesterday, 11 August 2016.

JK Lakshmi Cement reported net profit of Rs 28.64 crore in Q1 June 2016 compared with net loss of Rs 23.48 crore in Q1 June 2015. Total income rose 32.33% to Rs 787.64 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 11 August 2016.

Bharti Airtel said after market hours yesterday, 11 August 2016 that the transaction to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum of Aircel has been successfully concluded for Orissa circle following the receipt of all necessary approvals and satisfying all the conditions (including conditions stated in the Spectrum Trading Guidelines). With this, the company has completed the transaction in 7 out of 8 circles namely Tamil Nadu (including Chennai); Bihar, Jammu & Kashmir, West Bengal, Assam, North East and Orissa. Bharti Airtel in April this year said it had acquired rights to use 4G spectrum of Aircel in eight telecom circles.

Piramal Enterprises announced that at the meeting of administrative committee of the board of directors held yesterday, 11 August 2016, the committee approved the issue of secured non-convertible debentures (NCDs) aggregating upto Rs 550 crore on private placement basis. The announcement was made after market hours yesterday, 11 August 2016.

Indiabulls Housing Finance announced that it has allotted secured, redeemable, non-convertible debentures aggregating Rs 1915 crore (Rs 400 crore plus Greenshoe of Rs 1515 crore). The announcement was made after market hours yesterday, 11 August 2016.

S. P. Apparels (SPAL) makes its debut on the secondary equity markets today, 12 August 2016. The company had priced its initial public offer (IPO) at Rs 268 per share, the top end of the Rs 258-268 per share price band for the IPO. SPAL is a leading manufacturer and exporter of knitted garments for infants and children. From the proceeds of the fresh issue, SPAL has earmarked Rs 70 crore towards expansion and modernization of manufacturing facility at Tamil Nadu, Rs 63 crore towards repayment of debt, Rs 27.85 crore towards opening of new stores for sale of Crocodile brand, Rs 4.90 crore towards balancing machinery for existing dyeing unit in Perundurai and rest towards for general corporate purpose. SPAL's consolidated profit after tax (PAT) jumped 245% to Rs 34.71 crore on 13% growth in net sales to Rs 532.83 in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015). Hatsun Agro Product turns ex-dividend today, 12 August 2016 for interim dividend of Rs 1 per share for the year ending 31 March 2017 (FY 2017).

Indian Hotels Company turns ex-dividend today, 12 August 2016 for dividend of Rs 0.30 per share for the year ended 31 March 2016 (FY 2016).

Kajaria Ceramics turns ex-dividend today, 12 August 2016 for dividend of Rs 5 per share for the year ended 31 March 2016 (FY 2016).

L&T Finance Holdings turns ex-dividend today, 12 August 2016 for dividend of Rs 0.80 per share for the year ended 31 March 2016 (FY 2016).

Siemens turns ex-dividend today, 12 August 2016 for interim dividend of Rs 27.50 per share for the year ending 30 September 2016 (FY 2016).


Source:-business-standard
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Pak Govt. permits terror leader Syed Salahuddin to threaten nuke war against India

The Pakistan Government has again encouraged terror leader Syed Salahuddin, the head of the Hizbul Mujahideen, to threaten war against India over the Kashmir issue, and this time, Salahuddin has threatened a nuclear attack on India.

Speaking to reporters in Karachi Salahuddin said there is a great chance of a nuclear war taking place between India and Pakistan over the Kashmir issue.

"Pakistan is duty bound, morally bound, politically bound and constitutionally bound to provide concrete, substantial support to the ongoing freedom struggle on the territory of Kashmir. And, if Pakistan provides this support, there is a great chance of a nuclear war between the two powers," he added.

He said three wars have already been fought between the two countries over the Kashmir issue, adding that he can predict a fourth war with certainty because Kashmiris are no longer willing to compromise under any circumstances.

"Whether the world supports them or not; whether Pakistan stands by them or not; whether the United Nation performs its duty or not; they have taken a pledge to fight up to the last drop of their blood," he added.

Salahuddin warned that if the international community did not pay heed to the ongoing violence in Kashmir, Kashmiris from both sides of the divided valley would be forced to take things into their own hands.

"If God forbid, the international community continues to cold shoulder and ignore this issue and Pakistan's efforts are not fruitful, and India does not stop its atrocities, a big incident can occur. Our base camp in liberated Azad Kashmir and the Kashmiris from this side will announce the trampling of the Bloody Line (of Control)," he said.

Salahuddin further stated that there would be no ceasefire line, no international rules and no consideration for the United Nations observers.

"Bleeding Kashmiris will come from that side, these Kashmiris will go from this side, and God willing a decision will take place on the bloody line," he added.

He said the Kashmiri people have reached this conclusion that they have no second option except to go ahead with an armed struggle and an armed jihad.

"Neither is the international community doing its duty, nor are the international organisations trying to stand by their resolutions, nor is the Modi government ready to give any leeway. So, what remains with Kashmiri suppressed, bleeding people? Nothing less than target-oriented armed struggle. God willing, all this is already present there, but a new dimension will enter it now, which will prove very dangerous for India, god willing," Salahuddin said.

He asserted that the movement was now gaining strength every day and night.

"After the martyrdom of Burhan Muzaffar Wani, why did the entire state come out on to the streets against India? Actually Burhan is not the name of a person; it is the name of an ideology, a goal, the name of a dedication and a sentiment. At this point in time, the Indian troops are faced with Burhan in every street and lane. Every old person is Burhan, every child is Burhan, every young man is Burhan and every mother, daughter and sister is Burhan," he added.

Kashmir has been on the boil after security services on July 8 gunned down 22-year-old Hizbul Mujahideen commander Burhan Muzaffar Wani.

Around 60 people have been killed and more than 5,000 wounded, including the security forces, since protests erupted in Kashmir after the killing of Wani.

Pakistan marked 'black day' earlier on July 20 to express solidarity with the Kashmiri people and condemn the violence.

Pakistan Prime Minister Nawaz Sharif on July 22 chaired a high-level meeting of the National Security Council in Islamabad to discuss regional security and termed the ongoing situation in Kashmir a violation of international law and UN Security Council resolutions.

The meeting resolved to approach the United Nations Human Rights Council on its own and also on behalf of the Organisation of Islamic Cooperation (OIC) contact group on Kashmir to request the body to send a fact-finding mission to Kashmir.
Source:-businessstandard
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Taxi apps Uber, Ola are useful for short distances

Banker couple Nirav Gajra and his wife, who work in the same office, used their own car to commute until about four months back. Now, they use an app-based taxi service for the cost benefit it offers. "We usually choose the ride share option. For a 15-16 km commute, we pay around Rs 150 for two persons one way, if there's no surge pricing. This comes to Rs 300 for both ways," says Gajra. If he takes his own car, he spends around Rs 200 only on fuel and Rs 80 on parking. Several factors are driving the move towards car sharing. "As urban clusters witness greater ...
Source:-businessstandard
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Rajnath Singh anguished over ‘total anarchy’ in Uttar Pradesh

Putting the Samajwadi Party government on the dock over “poor” law and order in Uttar Pradesh, Union Home Minister Rajnath Singh on Sunday said there was “total anarchy” in the state and rape incidents have increased.

“In UP there is an atmosphere of total anarchy. Rape cases have increased by 161 per cent in the present regime. The state lagged in all the fronts and has become ‘Prashn’ (question) Pradesh from Uttar (answer) Pradesh,” he told the concluding session of BJP state executive meet in Jhansi.

“In past 13 years, SP and BSP ruled and both of them looted the state. The burning question now is how long people of the state will be trapped between these two parties. In the coming assembly elections, BJP will form majority government,” the senior BJP leader said. Singh voiced concern over “so much anarchy” in the state, where “corruption has become institutional” and “rapes are committed on highways”.

“The victims of calamities are not getting relief, youths are not getting employment. Why SP government does not fulfil its duties. People have these questions in their mind,” he said. Noting that in a federal structure Union and state governments have to work together, Singh said, “UP is creating hurdles in implementation of Centre’s developmental projects.”
Source;-telegraph
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Operating expenses to remain high in FY17: V Srinivasan

Axis Bank's June 2016 quarter earnings were dented by higher provisions as well as operating expenses. Going forward,the bank's management believes operating expense would be higher than that in FY16 even as it expects a large part of incremental bad loans from the watch list to accrue in the first half of this financial year. V Srinivasan, deputy managing director, Axis Bank, talks to Sheetal Agarwal about the bank's performance in the quarter gone by and the road ahead. Edited excerpt

Against the Street's expectations of a flattish net profit, the bank witnessed a sharp fall in the same. What went wrong?


Higher provisions as well as higher operating expenses impacted our bottom line in the quarter. The increase in operating expenses was primarily on account of investments in new branches. So, the cost of infrastructure as well as additional people was higher in the quarter. While operating expenses should soften a bit from here on, they will be higher when compared to FY16.

We should look at two aspects of our quarterly results. One is the operating performance, the second is in terms of bottom line. Bottom line performance has been affected by higher credit costs. But, we continue to do well on the operating level. We have gained market share in both deposits and loans in the June quarter.

In addition to the watch list, the bank is witnessing stress in healthcare and education sectors. Could we see further stress from outside the watch list in the coming quarters?

I would like to clarify that 92 per cent of corporate slippages came from exposures in the watch list. The slippages in the first quarter from sectors such as healthcare, education were also part of the watch list. Going forward, too, we expect that the bulk of the slippages would be from exposures in the watch list.

Q1 saw the watch list fall by 10 per cent. Will slippages from the watch list be similar in Q2, or will those be higher?

We expect about 60 per cent of the watch list exposures to slip through this financial year and the next. We had stated earlier that the slippages could be higher in the first couple of quarters of FY17. We reiterate that guidance.

The bank's net interest margin (NIM) contracted in the June quarter and it is likely to be lower in FY17 as well. What are the reasons?

We had earlier stated that our NIM for FY17 would be above 3.6 per cent and we reiterate that expectation. There was a marginal dip in NIM in Q1, which was on account of the higher amount of slippages.

Your credit costs stood high at 190 basis points in Q1. What is the outlook on credit costs for the full year?

We are maintaining our credit costs guidance of 125-150 basis points in FY17.

What has driven the strong growth in corporate loans in the quarter?

A large part of incremental corporate loans are towards working capital needs. Strong growth in corporate loans is also driven to a large extent by refinance loans. While SME (small and medium enterprises) loan growth has been good, bulk of the incremental lending is to companies which have credit rating of A and above.

In Q1, the number of your corporate borrowers having credit rating of below BBB/unrated increased. Please explain.
Eighty-two per cent of our incremental lending is to companies enjoying credit rating of A and above. The increase in sub-BBB rated segment is because we did a rating review of accounts in our watch list and a lot of companies in BBB have come down to below BBB. Beyond that, the ratings profile has remained largely stable.

What is your loan growth guidance for FY17?

We believe we can achieve 18-20 per cent loan growth in FY17. While the retail segment will grow the strongest at about 25 per cent, corporate and SME segment will also do well.

Are you witnessing signs of an uptick in private capex in select industries, if not all?

Private capex investment continues to stay muted as of now. We expect some pickup in the later part of FY17.
Source:-buisnessstandard
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