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Sunday, 20 October 2013
Tuesday, 15 October 2013
TCS Q2 PAT at Rs 4702 crore versus Rs 3796.2 crore, up 24.7%
Beating market expectations (TCS), India's number one IT services exporter on Tuesday reported a Profit After tax (PAT) of Rs 4702 crore versus Rs 3796.2 crore in Q1. This is a rise of 24.7% quarter-on-quarter.
The dollar revenues for Q2 were reported at $3.33 billion versus $3.16 billion QoQ. Q2 sales stood at Rs 20,980 crore versus Rs 17,987 crore QoQ. The foreign exchange loss for Q2 was reported at Rs 377 crore.
While the Q2 utilisations excluding trainees came in at 83.4%, the gross employee addition was at 17,362. The number of $100 million plus clients rose to twenty-two from 19. The Q2 volume growth stood at 7.3%.
Commenting on the results, N Chandrasekaran, TCS CEO said, "We continue to see robust demand pipeline across markets. TCS has demonstrated all-round strong growth across markets."
Ahead of the Q2 results, shares in TCS closed the day at Rs 2218.15, up 0.16% on the Bombay Stock Exchange. The stock hit an intra-day high of Rs 2258.05 and a low of Rs 2202.00.
The stock of Tata Consultancy Services has earned 36% return in three months and over half of it in just a month. The counter of the nation's largest IT exporter has been hitting a new high over the past few weeks.
There are three factors that have driven the stock's valuation: a robust performance by the company in the past three years compared to peers, the benefit of weakening rupee given its high proportion of export revenue and lack of avenues for investors due to abysmal growth in the domestic economy.
Being an export oriented company with over 83% of the revenue from the US and Europe, TCS serves as a hedge for investors against weakening trend in the domestic economy.
In addition, considering its relatively faster pace of revenue and profit growth over the past three years, the company is in a position to benefit more from the depreciating rupee against major currencies.
Analysts expect RBI to hike repo by 25 bps, cut MSF by 25 bps
With headline inflation inching up to 6.46 per cent and signs of stability in the currency market, analysts said RBI Governor Raghuram Rajan could hike repo rate by 0.25 per cent and cut the MSF rate by a similar margin in the October 30 monetary policy review.
"In his maiden policy review, Rajan stressed on inflation control as his priority. With inflation now out of RBI's comfort zone for four months in a row, we expect a 0.25 per cent repo rate hike," rating agency Crisil said in a note.
According to the research arm of the country's largest lender State Bank of IndiaBSE -2.09 %, with stability in the currency, Rajan is likely to lower the marginal standing facility (MSF) rate, at which the RBI lends to the banks, once the lenders exhaust their overnight repo borrowing limits.
"We expect repo hike of 0.25 per cent and MSF downward recalibration of 0.25 per cent," it said in a note.
Official data released yesterday showed wholesale price inflation for the the month of September inching up to 6.46 per cent from 6.10 per cent for August.
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"In his maiden policy review, Rajan stressed on inflation control as his priority. With inflation now out of RBI's comfort zone for four months in a row, we expect a 0.25 per cent repo rate hike," rating agency Crisil said in a note.
According to the research arm of the country's largest lender State Bank of IndiaBSE -2.09 %, with stability in the currency, Rajan is likely to lower the marginal standing facility (MSF) rate, at which the RBI lends to the banks, once the lenders exhaust their overnight repo borrowing limits.
"We expect repo hike of 0.25 per cent and MSF downward recalibration of 0.25 per cent," it said in a note.
Official data released yesterday showed wholesale price inflation for the the month of September inching up to 6.46 per cent from 6.10 per cent for August.
FREE SEMINAR ON AUTOMATED TRADING WITH TRADING STRATEGIES AND ADVANCED TRADING SOLUTION ON 23RD NOVEMBER 2013,10.30 AM AT NEHRU CENTER,MUMBAI. FOR REGISTRATION VISIT WWW.INTELLECTSOFTWARES.COM
HDFC BANK RESULTS (Read the Article and get to attend a FREE Seminar)
Private sector lender HDFC Bank today reported 27.1 per cent jump in net profit to Rs 1982.3 crore for the July-September quarter.
It had posted a net profit of Rs 1,559.9 crore for the corresponding period last year. The bank's net interest income was up 15.3 per cent to Rs 4,476.5 crore from Rs 3,731.7 crore in the second quarter of the previous fiscal.
The non-interest income increased by 25.3 per cent to Rs 1,471.8 crore, HDFC Bank said in a statement. The net interest margin of the bank declined marginally to 4.3 per cent as against 4.4 per cent.
The bank's total income moved up to Rs 11,937.7 crore for the quarter, from Rs 10,146.7 crore in the corresponding period last year, it said. The second largest private sector lender saw its balance sheet size increase 14.2 per cent to Rs 4,31,166.77 crore at the end of the reporting quarter.
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Its net advances were up 16 per cent at Rs 2,68,617 crore as compared to the September 2012 figure, while deposits were up 14.2 per cent at Rs 3,13,011 crore. The bank scrip was trading at Rs 657.50, down 1.45 per cent, in the afternoon trade on theBSE.
It had posted a net profit of Rs 1,559.9 crore for the corresponding period last year. The bank's net interest income was up 15.3 per cent to Rs 4,476.5 crore from Rs 3,731.7 crore in the second quarter of the previous fiscal.
The non-interest income increased by 25.3 per cent to Rs 1,471.8 crore, HDFC Bank said in a statement. The net interest margin of the bank declined marginally to 4.3 per cent as against 4.4 per cent.
The bank's total income moved up to Rs 11,937.7 crore for the quarter, from Rs 10,146.7 crore in the corresponding period last year, it said. The second largest private sector lender saw its balance sheet size increase 14.2 per cent to Rs 4,31,166.77 crore at the end of the reporting quarter.
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Its net advances were up 16 per cent at Rs 2,68,617 crore as compared to the September 2012 figure, while deposits were up 14.2 per cent at Rs 3,13,011 crore. The bank scrip was trading at Rs 657.50, down 1.45 per cent, in the afternoon trade on theBSE.
Monday, 14 October 2013
No question of government taking over NSEL: P Chidambaram
Ruling out takeover of the crisis -ridden NSEL, Finance Minister P Chidambaram has said that its parent group Financial Technologies and another related entity MCX-SX are under watch and persons responsible for the alleged irregularities will have to pay the price.
"There is no question of the government taking over NSEL. The government is concerned about the regulated entities, one of them is MCX which is a commodity exchange, other is MCX-SX and the other is the promoter of the MCX and MCX-SX, which is the Financial Technologies. All three are under watch", he said in an interview to a news channel.
National Spot Exchange Limited (NSEL), promoted by Jignesh Shah-led Financial Technologies, is facing payment crisis of Rs 5,600 crore.
The Minister, who is here to attend the IMF-World Bank meetings, said that NSEL has been operating under an exemption order and "if it has defrauded any of its investors or clients, (it) must pay a price."
Chidambaram further said that the Economic Offences Wing ( EOW) of the Maharashtra Police had registered a case and was probing the alleged irregularities.
"They made one arrest before I left. I didn't know about the second arrest. Those who have committed the acts of malfeasance or misfeasance will pay a price," he added.
As far as MCX-SX, a stock exchange promoted by Financial Technologies, is concerned, the Minister said that SEBI had forced two of its directors to resign.
The MCX-SX, Chidambaram said, "is now managed by a board which does not have suspected or tainted people."
With regards to MCX, the Minister said, "the show-cause notice has been issued, the two weeks period is to expire and the FMC ( Forward Markets Commission) regulator will take action after he receives the reply to the show cause notice".
"There is no question of the government taking over NSEL. The government is concerned about the regulated entities, one of them is MCX which is a commodity exchange, other is MCX-SX and the other is the promoter of the MCX and MCX-SX, which is the Financial Technologies. All three are under watch", he said in an interview to a news channel.
National Spot Exchange Limited (NSEL), promoted by Jignesh Shah-led Financial Technologies, is facing payment crisis of Rs 5,600 crore.
The Minister, who is here to attend the IMF-World Bank meetings, said that NSEL has been operating under an exemption order and "if it has defrauded any of its investors or clients, (it) must pay a price."
Chidambaram further said that the Economic Offences Wing ( EOW) of the Maharashtra Police had registered a case and was probing the alleged irregularities.
"They made one arrest before I left. I didn't know about the second arrest. Those who have committed the acts of malfeasance or misfeasance will pay a price," he added.
As far as MCX-SX, a stock exchange promoted by Financial Technologies, is concerned, the Minister said that SEBI had forced two of its directors to resign.
The MCX-SX, Chidambaram said, "is now managed by a board which does not have suspected or tainted people."
With regards to MCX, the Minister said, "the show-cause notice has been issued, the two weeks period is to expire and the FMC ( Forward Markets Commission) regulator will take action after he receives the reply to the show cause notice".
Smart things to know about tax-free bonds
1. The tax-free bonds are issued by public-sector entities and have a high credit rating.
2. The interest earned from these bonds is tax-free, making them attractive on a tax adjusted basis for investors in the high tax brackets.
3. Individual investors, Hindu Undivided Families (HUFs), high net worth individuals, and corporates can invest in such bonds.
4. The investors applying for an amount of up to `10 lakh fall under the retail individual investor category, and are eligible for a marginally higher coupon rate.
5. The bonds are listed on stock exchanges within 15 days of the closure of the issue. Investors can sell the bonds in the demat form, subject to a lock-in period, if any.
2. The interest earned from these bonds is tax-free, making them attractive on a tax adjusted basis for investors in the high tax brackets.
3. Individual investors, Hindu Undivided Families (HUFs), high net worth individuals, and corporates can invest in such bonds.
4. The investors applying for an amount of up to `10 lakh fall under the retail individual investor category, and are eligible for a marginally higher coupon rate.
5. The bonds are listed on stock exchanges within 15 days of the closure of the issue. Investors can sell the bonds in the demat form, subject to a lock-in period, if any.
How to trade Reliance Industries ahead of Q2 results
Reliance Industries Ltd (RIL) is scheduled to report its earnings for the quarter ended September 30 post market hours on Monday.
The oil & gas major is expected to report nearly 1 per cent QoQ growth in its net profit number for the quarter ended September 30 at Rs 5,400 crore as against Rs 5,350 crore reported in the previous quarter, according to an ET Now Poll.
Net sales are expected to rise by over 16 per cent sequentially to Rs 1,02,000 crore as compared with Rs 87,650 crore reported in the previous quarter.
RIL has been an underperformer so far in year 2013, gaining just about 3 per cent as compared to over 5 per cent gain in the BSE Sensex.
BSE oil & gas sector also under-performed other sectoral indices so far in the year (up nearly 0.10%) as the government continues with its policy decision to hike diesel price by 50 paise per litre every month.
Investors are shy of the sector due to government's regulatory concerns and volatility in forex and oil prices, analysts say.
During the quarter, RIL and its partner BP received approvals from DGH to invest $3.2 billion in the R-series gas field. The production from KG-D6 block had declined to 18 mmscmd compared to its target to reach over 60 mmscmd.
According to analysts, the stock's upside has been capped due to lower production from KG-D6 basin over the last few years. Results are expected to be under pressure due to slower demand but a rise in GRMs could induce some bit of optimism in the stock.
The oil & gas major is expected to report nearly 1 per cent QoQ growth in its net profit number for the quarter ended September 30 at Rs 5,400 crore as against Rs 5,350 crore reported in the previous quarter, according to an ET Now Poll.
Net sales are expected to rise by over 16 per cent sequentially to Rs 1,02,000 crore as compared with Rs 87,650 crore reported in the previous quarter.
RIL has been an underperformer so far in year 2013, gaining just about 3 per cent as compared to over 5 per cent gain in the BSE Sensex.
BSE oil & gas sector also under-performed other sectoral indices so far in the year (up nearly 0.10%) as the government continues with its policy decision to hike diesel price by 50 paise per litre every month.
Investors are shy of the sector due to government's regulatory concerns and volatility in forex and oil prices, analysts say.
During the quarter, RIL and its partner BP received approvals from DGH to invest $3.2 billion in the R-series gas field. The production from KG-D6 block had declined to 18 mmscmd compared to its target to reach over 60 mmscmd.
According to analysts, the stock's upside has been capped due to lower production from KG-D6 basin over the last few years. Results are expected to be under pressure due to slower demand but a rise in GRMs could induce some bit of optimism in the stock.
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