Friday, 31 July 2015


Religare Enterprises Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 31, 2015, inter alia, has approved the following :

1. Raising of funds for an amount not exceeding Rs. 1,500 crores through issuance of Equity shares or equity linked securities to eligible investors through one or more modes of issuance subject to the approval of the members of the Company in the forthcoming Annual General Meeting pursuant to the provision of Section 62(1)(c) of the Companies Act, 2013 and other applicable provision of law and the constitutional documents of the Company.

2. Raising of funds for an amount not exceeding Rs. 1,000 crores through issuance of Non-convertible Debentures subject to the approval of the members of the Company in the forthcoming Annual General Meeting pursuant to the provision of Section 42 of the Companies Act, 2013 and other applicable provision of law and the constitutional documents of the Company.

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ICICI Bank 's first quarter net profit grew by 12 percent year-on-year to Rs 2,976 crore and net interest income rose by 13.9 percent to Rs 5,115 crore. Asset quality improved on sequential basis. 

The country's largest private sector lender has shown good improvement in its asset quality. Gross non-performing assets (NPA) fell by 10 basis points (up 63 basis points year-on-year) to 3.68 percent and net NPA declined by 3 basis points (up 59 bps on yearly basis) to 1.58 percent compared to March quarter.

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Shriram Transport Finance Corporation 's first quarter standalone net profit may fall 3.2 percent year-on-year to Rs 297 crore while net interest income is seen rising 5.6 percent to Rs 1,019 crore.

All eyes will be on consolidated earnings as it included the equipment finance subsidiary that had been the key disappointment in March quarter with consolidated profit falling over 70 percent and equipment finance subsidiary recording over Rs 230 crore loss with gross non-performing loans jumping to 15.7 percent (against 2.9 percent Q-o-Q).

However, construction equipment business is less than 10 percent of consolidated numbers of Shriram. The positive factor during the quarter was credit rating upgraded by CRISIL to AA+ from AA. This rating upgrade is likely to lead to cost of fund improvement of around 25 basis points over the next 12-24 months.

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Logistic firm Gati tumbled more than 9 percent intraday Friday. The company's first quarter consolidated net profit decreased 32.2 percent at Rs 7.8 crore against Rs 11.5 crore, in a year ago period. Its total income move up by 4.8 percent to Rs 416.2 crore from Rs 397 crore. However, EBITDA of the company declined 21 percent at Rs 29.86 crore versus Rs 37.9 crore. 

The company's employee expenses was up 20 percent, while the margins fell 230 bps at 7.2 percent versus 9.5 percent. The express distribution & supply segment contributes nearly 86 percent to sales. The total income of the segment was up 7 percent at Rs 359 crore versus Rs 336 crore. Meanwhile, EBIT was at Rs 24.1 crore against Rs 33.5 crore and Operating Profit Margins was at 7 percent versus 10 percent.

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Kotak Mahindra Bank, India's fourth-biggest private sector lender by assets, expects its credit costs to jump this fiscal year as it makes more provisions related to its purchase of smaller local rival ING Vysya Bank, it said on Thursday. Kotak Mahindra agreed in November to buy ING Vysya for USD 2.4 billion in what was the country's biggest bank takeover. The operations were combined effective April 1. Kotak Mahindra's credit costs will be about 80 basis points for the fiscal year to March 2016, compared with 30 basis points last year, Managing Director Uday Kotak said after the lender reported a 56 percent decline in its first-quarter profit.

Provisions including for bad loans and employee retirement benefits jumped 22 times from a year earlier, dragging down Kotak Mahindra's net profit to 1.89 billion rupees (USD 29.52 million) for the three months to June 30, from 4.29 billion rupees a year earlier. The lender had taken "some of the tougher calls" on provisioning which will continue for the rest of this fiscal year, billionaire Kotak told a news conference, adding he saw credit costs coming down to a "normalised" level from next year.

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Thursday, 30 July 2015


Public sector lender Bank of Baroda's first quarter earnings surpassed street expectations on Thursday but its asset quality deteriorated further. Profit fell 22.8 percent year-on-year to Rs 1,052 crore while net interest income grew by 4 percent to Rs 3,460 crore during the quarter. Profit was estimated at Rs 938.8 crore and net interest income at Rs 3,149.3 crore for the quarter.

Profitability was impacted by lower other income & operating profit and low growth in net interest income & higher provisions. During the quarter, other income (non-interest income) fell 5.6 percent to Rs 967.23 crore and operating profit dropped 11.2 percent to Rs 2,202 crore compared to the year-ago period. Provisions for bad loans increased by 13.85 percent year-on-year to Rs 599.7 crore in June quarter, but that fell 67 percent from Rs 1,817.5 crore in March quarter.

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Power Grid Corporation of India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on August 10, 2015, inter alia, to consider and approve the Unaudited Financial Results of the Company for the quarter ended June 30, 2015 after these results are reviewed by the Audit Committee.Further, the Trading Window of the Company will remain closed from July 31, 2015 to August 12, 2015 (both days inclusive) and will open on August 13, 2015.

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ZF Steering Gear (India) has reported a standalone total income from operations of Rs 84.25 crore and a net profit of Rs 8.93 crore for the quarter ended Jun '15. Other income for the quarter was Rs 0.35 crore. For the quarter ended Jun 2014 the standalone total income from operations was Rs 82.61 crore and net profit was Rs 9.44 crore, and other income Rs 0.25 crore. ZF Steering Gea shares closed at 1,388.75 on July 29, 2015 (BSE) and has given 68.20% returns over the last 6 months and 247.67% over the last 12 months.

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Gujarat Pipavav Port's first quarter profit after tax may increase 20.3 percent year-on-year to Rs 96.9 crore. Repayment of loans in FY15 and treasury income earned on its surplus cash may support bottomline.

However, volume growth may remain steady. They expect volume growth of 7-8 percent and bulk of the growth may be seen in container business. If container volumes disappoint, correspondingly margins may be a big disappointment because of high fixed costs.

Total income from operations is seen rising 10.7 percent to Rs 186 crore from Rs 168 crore during the same period. Operating profit (earnings before interest, tax, depreciation and amortisation) may grow 8.7 percent year-on-year to Rs 107.5 crore but margin may decline 110 basis points to 57.7 percent in the quarter gone by. Gross margin may be aided via higher contribution from liquid cargo.

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Share of Lincoln Pharmaceuticals gained 8.5 percent intraday Thursday on acquisition of stake in the subsidiary company. The company has acquired 36.58 percent stake in its subsidiary Lincoln Parenteral. With this additional investment, the total stake in the Lincoln Parenteral shall be at 98.58 percent in the capital of the company. Lincoln Pharmaceuticals is exporting more than 45 countries along with domestic market in the more than 20 states in India. The company has own manufacturing plant facility for tablets, capsules, ointment etc.

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