Sterlite Industries (India)'s consolidated net profit declined 27% to Rs. 1202 crore on 8% growth in net sales/income from operations to Rs. 10591 crore in Q1 June 2012 over Q1 June 2011. Sterlite said its earnings before interest, taxation, deprecation and amortization (EBITDA) declined 15% to Rs. 2337 crore Q1 June 2012 over Q1 June 2011. Sterlite said increased sales realization on account of steep rupee depreciation was offset by lower metal prices, lower volume of zinc, lower power sales at Balco and higher cost of production. The bottom line was additionally impacted by mark-to-market loss of Rs. 217 crore on account of foreign currency loans and higher interest cost of Rs78 crore, Sterlite said. Depreciation cost jumped 23.33% to Rs. 518 crore in Q1 June 2012 over Q1 June 2011 due to the capitalization of new plants at Zinc India operations and Sterlite Energy (SEL), Sterlite said.
Cement major ACC said after market hours on Thursday, 26 July 2012, its consolidated profit after tax jumped 26.33% to Rs. 414.52 crore on 15% growth in turnover to Rs. 2918.98 crore in Q2 June 2012 over Q2 June 2011. ACC said there was a steep escalation in major input costs, including slag, fly ash, gypsum and power in Q2 June 2012. Further, the sharp hike in railway freight rates with effect from 6 March 2012 substantially impacted both inward and outward costs, ACC said. The cement market has been growing steadily and barring seasonal fluctuations the demand for cement is expected to maintain the steady pace of growth in the near term, ACC said with regard to future business outlook. The company's board of directors declared interim dividend of Rs. 11 per share for the year ending 31 December 2012.
July 25, 2012, 2:53 pm
The Indian gold futures zoomed today as the Indian Rupee tumbled by half percent to near a 4-week low of 56.425 against the greenback as sentiment was hurt on concerns that Spain might require a bailout.
MCX August gold futures are trading up more than Rs. 100 at Rs. 29677 per 10 grams. The Indian gold futures have been holding well above Rs. 29000 recently and a move above Rs. 29800 may again head it towards its nearly 1 month high mark of Rs. 30000. It had last fallen below Rs. 29000 in mid may and since then it had been frequently hitting Rs. 30000 in entire month of June.
The rupee on Wednesday fell by 18 paise to 56.29 against the US dollar in early trade at the Interbank Foreign Exchange market, extending its losing streak for the fourth straight session as the American currency gained strength against other currencies overseas.
The rupee had ended lower by 14 paise at 56.11 against the dollar on Tuesday due to continued dollar buying by importers. Meanwhile, the BSE benchmark Sensex fell by 140 points, or 0.83 per cent, at 16,779.
In other currencies, the U.S. dollar faded a bit in Asian trading hours on Wednesday, after hitting a two-year high in the previous session on intensified concerns about Europe's troubles. The ICE dollar index fell to 83.954, from 84.009 in late North American trading Tuesday, when it reached a two-year high after a report that Greece will require additional debt restructuring.
Maruti: Police continue to investigate the riot
July 23, 2012, 12:52 pm
Shares of carmaker Maruti Suzuki tanked as the company’s Manesar plant remained closed after last week’s violence with no indication as to when the plant would reopen, reports said.
On Wednesday, over 90 workers attacked the managers of the Manesar plant and the burnt parts of the plant after a disciplinary incident with a single employee.
Maruti chairman R.C. Bhargava said on Saturday that he could not say when the factory would reopen, as police continue to investigate the riot and over 20 officials injured during the violence remain in hospital.
Maruti will not be able to import extra vehicles or shift lost production to another plant, Bhargava added, raising the risk of supply constraints for the carmaker, which saw its sales slump last year due to weeks of strikes at the same plant.
"Following the incidents of violence and arson at the Manesar factory, the Management believes that if employees are asked to report for work at the facility, their lives will be endangered," the company said in a statement on Saturday.
Shares of Maruti Suzuki were trading at Rs. 1,085.15, down 5.2% over the previous close. It had touched a day’s high of Rs. 1,107 and a day’s low of Rs. 1,082.50. The total traded quantity of the shares stood at 1.44 lakh shares on the BSE.
WBMS estimated a surplus of 26000 tonnes in Nickel
July 20, 2012, 12:14 pm
World Bureau of Metal Statistics (WBMS) estimated a surplus of 26000 tonnes in Nickel during January-May 2012 period. The surplus in whole of 2011 was only 7000 tonnes. LME showed a rise of 9400 tonnes in the total stocks in May ending from December 2011. Total refined production of Nickel was 0.71 million tonnes in Jan-May 2012, while the demand was 0.685 million tonnes in the same period. The demand was 60000 tonnes higher than previous year.
Total Nickel mine production was 0.79 million tonnes, up 132000 tonnes. In Japan, refinery output increased by 1700 tonnes compared to 2011. Apparent demand in Japan was 7600 tonnes lower in Jan-May compared to same period last year.
LME three month forward Nickel prices closed at $ 16175 per tonne, up $ 135 per tonne on Thursday. The prices are under marginal pressure today trading at $ 16067 per tonne.
Key Benchamark Today
July 19, 2012, 2:31 pm
The key Indian equity benchmarks have maintained their hold in late morning trade, buoyed by a strong undercurrent across other Asian markets and overnight rally in the US markets. The European markets also ended higher on Wednesday. The sentiment in India is also upbeat on expectations of some reform-oriented measures from the Government after the completion of Presidential election this week. A hike in diesel prices and revival of the FDI in multi-brand retail are among the two major reforms that the markets are looking at At 10:48am (IST), the BSE Sensex was at 17,268, up 83 points over the previous close.It had earlier touched a day’s high of 17,317 and aday’s low of 17,262. It opened at 17,288.
NSE Nifty was quoting at 5,242 up 25 points over the previous close. It had earlier touched a day’s high of 5257 and aday’s low of 5239.It opened at 5249.