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Sunday, February 2, 2014



TOP CORPORATE NEWS

·        IDBI Bank Q3 profit falls 75% on lower other income

IDBI Bank's third quarter net profit dropped 75 percent to Rs 104 crore compared to same quarter last year, dented by a steep fall in non-interest income and slow growth in net interest income. Asset quality of the bank worsened during the quarter. Provisions and contingencies increased to Rs 1,033 crore from Rs 879 crore.

·        TVS Motor gains after decent sales in January

TVS Motor Company rose 1.48% after the company’s total sales rose 6% to 186,313 units in January 2014 over January 2013. TVS Motor net profit surged 31.2% to Rs 68.80 crore on 12.9% growth in net sales to Rs 2034.71 crore in Q3 December 2013 over Q3 December 2012. Total exports surged 39% to 28,875 units in January 2014 over January 2013.

·        Tata Power exits its stake in Arutmin Coal & retains KPC mines

Tata Power announced sale of its 30% stake in Indonesian coal company PT Arutmin for US$500mn to cut its debt. The development comes in the wake of the company's Mundra UMPP project facing under recovery challenges and cash flow concerns.

·        Sobha Developers Q3 PAT at Rs581mn

Sobha Developers Limited, on a consolidated basis, registered a turnover of Rs. 5.45 bn during the 3rd Quarter of FY 2013-14. The Profit before Tax stood at Rs. 884 million, and the Profit after Tax was Rs. 581 million on a consolidated basis. The revenues increased by 26% and both PBT and PAT increased by 11% and 10% respectively, YoY.

·        Bajaj Auto gains on highest ever January export sales


Share of Bajaj Auto were up over 1% after company announced highest ever export sales for January. Exports rose 7% to 1.37 lakh units in January 2014 over January 2013. Total commercial vehicles sales declined 20% to 36,781 units in January 2014 over January 2013.

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