On a consolidated basis, HCL Technologies' net income rose 41.8% to Rs 854 crore on 13.5% increase in revenues to Rs 5919 crore in Q4 June 2012 over Q3 March 2012.
On a consolidated basis, Jindal Steel & Power's profit after tax tumbled 58.68% to Rs 385.48 crore on 19% increase in turnover to Rs 4701.47 crore in Q1 June 2012 over Q1 June 2011. The dip in net profit can be attributed to the fact that the company made a provision of Rs 574 crore during the quarter for its investment in Bolivia. The result was announced after market hours on Tuesday, 24 July 2012.
ING Vysya Bank's net profit rose 38.40% to Rs 130.12 crore on 32.7% increase in operating income to Rs 1342.36 crore in Q1 June 2012 over Q1 June 2011.
On a consolidated basis, Sesa Goa's net profit rose 15% to Rs 964 crore on 18% fall in net sales to Rs 1733 crore in Q1 June 2012 over Q1 June 2011. Net Profit before associate income for Q1 was at Rs 199 crore, a decrease of 76% as compared to the corresponding prior quarter. The profit declined due to lower volumes, higher export duty, higher interest cost, foreign exchange losses, and decline in iron ore price, which was partly offset by rupee depreciation.
Sesa Goa said in a statement that during Q1 June 2012, iron ore production and sales were 3.4 million tonnes and 2.9 million tonnes respectively. The decrease in production and sales volumes was primarily on account of Karnataka mining ban and continued logistical constraints in Goa. The South Goa District Collector imposed a temporary restriction on transportation of iron ore from mid-June 2012 until mid-September 2012.
In July 2012, the Central Empowered Committee gave its concurrence to Reclamation and Rehabilitation plan for Sesa Goa.s mine in Chitradurga, Karnataka for a provisional annual permissible production capacity of 2.29 million tonnes. The approval of commencement of mining from the Supreme Court is awaited.
During Q1, pig iron sales and production volumes were at 44,800 tonnes and 39,248 tonnes, a decline of 22% and 37% respectively, as compared with the corresponding prior quarter. The decline in production and sales volumes is on account of planned relining of the blast furnace and low availability of iron ore from Karnataka.
Expansion of the pig iron capacity to 625 ktpa and the associated expansion of metallurgical coke capacity to 560 ktpa are undergoing commissioning trials, Sesa Goa said.
Power Grid Corporation of India unveils Q1 results today, 25 July 2012.
Tata Consultancy Services (TCS), announced after market hours on Tuesday that TCS BaNCS has signed an agreement with Sawis, a CenturyLink Company and global leader in cloud infrastructure and hosted IT solutions for enterprises, that will allow the TCS BaNCS suite of products to be offered on a cloud-enabled hosted environment in North America.
The National Stock Exchange (NSE) has decided to remove 51 stocks from the derivatives segment after the September series expiry. However, the existing unexpired contracts for the month of July, August and September 2012 would continue to be available for trading till their respective expiry and new strikes would also be introduced in these existing contract months.The circular shall be effective from 27 July 2012.
Some of the 51 stocks that will be excluded from the NSE F&O segment are, Aban Offshore, Alstom India, Bajaj Hindusthan, Bajaj Holdings & Investment, Balrampur Chini Mills, Bharat Electronics, BEML, BF Utilities, BGR Energy Systems, Bombay Dyeing & Mfg Company, Bosch, Core Education & Technologies, Cummins India, Development Credit Bank, Delta Corp, Educomp Solutions, Escorts, Essar Oil, Fortis Healthcare, Great Eastern Shipping Company, Glaxosmithkline Pharmaceuticals, Gujarat Mineral Development Corporation, Hindustan Construction Company, Hindustan Oil Exploration Company, India Infoline, Indian Bank, Jet Airways (India), Jindal Saw, JSW Ispat Steel, Lanco Infratech, Max India, Mangalore Refinery and Petrochemicals, Mahanagar Telephone Nigam, Oil India, Onmobile Global, Orchid Chemicals & Pharmaceuticals, Patel Engineering, Polaris Financial Technology, Praj Industries, Rolta India, Ruchi Soya Industries, S. Kumars Nationwide, Sobha Developers, SREI Infrastructure Finance, Sterlite Technologies, Tata Coffee, TTK Prestige, Tata Teleservices (Maharashtra), TVS Motor Company, Videocon Industries and VIP Industries.
The move comes after Securities and Exchange Board of India (Sebi) tightened the criteria for retaining and including stocks in the derivatives segment.
Bosch has proposed to suspend the manufacturing operations at its Jaipur plant from 25 July 2012 to 4 August 2012 with a view to avoid unnecessary buildup of inventory.
Shares of drug makers will be watched after the National Pharmaceutical Pricing Authority (NPPA) revised the prices in respect of 154 formulation packs. Of these, Ceiling Prices have been fixed in respect of 138 drug formulation packs, which are applicable to all manufacturers. Company specific Non-ceiling prices have been fixed in case of 16 packs of drug formulation.
As per the notification by the NPPA dated 19 July 2012, formulations packs whose prices were revised are based on bulk drugs like aspirin, cefotaxime, chlorpromazine, vitamine E (Tocopheryl), streptomycin with penicillin, norfloxacin, sulphadoxine, dexamethasone, metronidazole, prednisolone, and insulin.