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TOP CORPORATE NEWS-2 Feb 2015

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Gabriel India dips 4% as Q3FY15 PAT comes below estimates
Shares of Gabriel India dropped 4% to Rs100 on NSE post Q3FY15 results as topline disappoints; PAT below estimate. After growing at nearly 20% in H1FY2015, the topline growth for Gabriel India in Q3FY15 faltered. The revenue growth at 5.9% YoY was below our estimates. EBITDA margins for the quarter were flat sequentially at 8.0% (120BPS YoY expansion) and were in line with our estimates. Operating profit grew 25.1% YoY to Rs28.8 crore.

Sterlite Tech announces $100,000 seed fund for broadband research
Sterlite Technologies announces $100,000 (Rs150cr) seed fund for broadband research innovation; positive for the stock.The company has also set up Centre of Excellence (CoE) in Aurangabad with the total investment of Rs55 crore.The CoE will adjoin company's 20-millon kms optical plant in Auragabad.  According to Sterlite, the CoE is the only such facility in India dedicated to research and development of fibre-optic broadband technologies. It is seeing focus of telecom operators now coming to data (internet) business which will push demand for optical fibre cable (OFC).

M&M January 2014 auto division volumes ahead of estimates
Mahindra & Mahindra January 2014 auto division volumes ahead of estimates; tractor dispatches in-line with estimates. Mahindra & Mahindra automotive division volumes for January 2015 were down 6.5% YoY to 39,930 units. The passenger vehicle segment volumes, although down 5% YoY, grew by 8.6% of a sequential basis and were above our estimates.

Dabur India up as Nomura raises target price
Shares of Dabur India rose over 2%, touching to Rs262.8, after Nomura raises price target to Rs296 from Rs251, retains ' Buy' rating. Dabur is one of the conviction Buy ideas in the mid-cap space within the sector – Nomura. Diversified portfolio of the company should continue to deliver consistent and profitable performance - Nomura Securities

Government releases revised estimates of GDP
Government releases revised estimates of GDP with new base year. The central statistics office ( CSO) has come out with a new series of national accounts with 2011-12 as base year for computing economic growth rate. Post the revision, FY14 GDP growth stands at 6.9% (from 4.7%) and FY13 at 5.1%.This changes are done once in five years to keep pace with the changes in the economy. Henceforth, CSO will measure growth by gross value-added at basic prices, instead of by GDP at factor cost.

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