RBI cuts SLR by 50 bps, leaves Repo, CRR unchanged
The Reserve Bank of India, in its third bi-monthly monetary review for 2014-15 held, kept the repo rate unchanged at 8%, while the reverse repo rate was remained stable at 7%. The central bank has however cut the SLR by 50 bps (basis points) to 22%.
RBI governor Dr Raghuram Rajan said on the basis of an assessment of the current and evolving macroeconomic situation, it has decided to:
- Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8%;
- Keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL);
- Reduce the statutory liquidity ratio (SLR) of scheduled commercial banks by 50 basis points from 22.5% to 22% of their NDTL with effect from August 9, 2014; and
- Continue to provide liquidity under overnight repos at 0.25% of bank-wise NDTL and liquidity under 7-day and 14-day term repos of up to 0.75% of NDTL of the banking system.
Consequently, the reverse repo rate under the LAF will remain unchanged at 7%, and the marginal standing facility (MSF) rate and the Bank Rate at 9%. Repo is the rate at which the RBI lends money to banks. A reduction in the repo rate helps banks get money at a cheaper rate and vice versa. CRR is the amount of funds that the banks have to park with the RBI, which should not be less than 4%. If the central bank decides to increase the CRR, the available amount with the banks comes down. The RBI uses the CRR to drain out excess money from the system. The repo rate also refers to the interest rate, which borrowers pay to the banks, when they take loan from them. The banks charges interest that is higher than the existing repo rate. Hence, lower repo rates could induce banks to lower their interest rates which they charge to their home or auto loan borrowers—thereby making loans more affordable. The country's key inflation based on the Wholesale Price Index (WPI) was recorded at 6.01% in May.
Data released by the Central Statistics Office (CSO), showed that retail inflation based on Consumer Price Index (CPI) declined to 7.31% in June from 8.28% in the previous month. In the last policy review in June, the RBI retained the policy rate, making it the second consecutive time that Governor Raghuram Rajan kept interest rates unchanged. The cash reserve ratio (CRR) was also kept unchanged at 4%. The statutory liquidity ratio (SLR), the mandatory amount of bonds lenders must keep with the RBI, was cut by 0.5% to 22.5% of their net demand and time liabilities (NDTL) with effect from June 14.
Expert Views on RBI cuts SLR, leaves repo, CRR unchanged
The Reserve Bank of India, in its third bi-monthly monetary review for 2014-15, kept the repo rate unchanged at 8%, while the reverse repo rate remained stable at 7%. The bi-monthly monetary policy of RBI came in-line with market's expectations as most analysts expected the central bank to hold the key rates due to the weak monsoon and geopolitical tensions that pressurize global crude oil prices. Interestingly, statutory liquidity ratio (SLR) for bank reduced to 22% of their NDTL. Given the government’s fiscal consolidation road map, it means more money/ liquidity for corporate sector, which is looking to turn around. There has been a cut of HTM ceiling to 24%, which implies banks have reduced margin to keep securities under HTM bucket, as result, they have to value the securities at regular intervals and take a hit (MtM) if there are any adverse movement in valuations. Overall, the policy continues government’s stance on targeting inflation rate to a comfort level and then gradually easing the interest rate.
In line with the street estimate, the RBI kept the benchmark interest rate (repo rate) unchanged at 8%. All other key policy rates, barring SLR, also remain unchanged. The RBI kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL). Consequently, the reverse repo rate under the LAF will remain unchanged at 7%, and the marginal standing facility (MSF) rate and the Bank Rate at 9%. The statutory liquidity ratio (SLR) of scheduled commercial banks has been reduced by 50 basis points from 22.5% to 22%, thereby increasing funds available with banks for lending to the private sector...Read More
Third Bi-Monthly Monetary Policy Statement 2014-15: More hawkish than what meets the eye
Policy rate unchanged; another 50bps SLR reduction
As expected, the repo rate and CRR were left unchanged at 8% and 4% respectively. Following 50bps reduction in the June policy, RBI announced another 50bps cut in SLR requirement for banks to 22% of NDTL. With the banking system SLR holdings at 4-6% higher than statutory requirements, announced SLR reductions are unlikely to benefit banks until credit demand picks-up vigorously and excess SLR comes-offs. Further, to enhance liquidity in the money and debt markets, RBI lowered the SLR investments ceiling within HTM category by 50bps to 24.5% of NDTL. Banks will now have to mark-to-market the released portfolio.
Risks to 8% CPI January 2015 target seems more balanced
The central bank expects sustained deceleration in CPI in the very near term on account of fall in crude prices, benign outlook on non-oil commodity prices and still muted corporate pricing power. However, it assigns credible probability to retail inflation clawing back towards 8% by January 2015 due to upside risks from pass-through of administered price increases, sub-par performance of monsoon, geo-political concerns impacting oil prices and currency and stronger-than-expected growth revival in the face of continuing supply constraints.
… but risks to 6% CPI January 2016 target remain high
As per RBI, the balance of risks around the medium-term inflation path is still on the upside and government’s action on improving food supply and accelerating project execution and completion would be critical to offset pressure from strengthening of aggregate demand on the back of a pick-up in consumer and business confidence.
Pause to be more prolonged; expect no rate cut in FY15
Less perturbed about achieving its January 2015 inflation target of 8%, RBI is now staunchly focused on guiding inflation towards 6% by January 2016. With singular aim ofs ensuring sustained disinflation over the medium term, the central bank is likely to hold rates through the remainder of the fiscal. Further, the timing of initiating rate easing in FY16 would be contingent on evolution of a lower risks scenario to its stated inflation target.
Third Bi-Monthly Monetary Policy Statement, 2014-15
On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to:
- Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0%;
- Keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0% of net demand and time liabilities (NDTL);
- Reduce the statutory liquidity ratio (SLR) of scheduled commercial banks by 50 basis points from 22.5% to 22.0% of their NDTL with effect from the fortnight beginning August 9, 2014; and
- Continue to provide liquidity under overnight repos at 0.25% of bank-wise NDTL and liquidity under 7-day and 14-day term repos of up to 0.75% of NDTL of the banking system.
- Consequently, the reverse repo rate under the LAF will remain unchanged at 7.0%, and the marginal standing facility (MSF) rate and the Bank Rate at 9.0%.
Since the second bi-monthly monetary policy statement of June 2014, global economic activity has been picking up at a modest space from a sharp slowdown in Q1. Investor risk appetite has buoyed financial markets, partly drawing strength from assurances of continuing monetary policy support in industrial countries. Portfolio flows to emerging market economies (EMEs) have risen strongly. This implies, however, that EMEs remain vulnerable to changes in investor risk appetite driven by any reassessment of the future path of US monetary policy or possible escalation of geopolitical tensions...Read More
Obama authorizes air strike in Iraq
U.S. President Barack Obama reportedly that he’s authorized "targeted airstrikes" in Iraq to protect American personnel.
"We do whatever is necessary to protect our people," Obama said.
Obama said that he’d directed the military to take targeted strikes against Islamist militants "should they move towards the city."
Obama acknowledged that many Americans are concerned about military action in Iraq, says report.
Earlier on Thursday, The UN Security Council condemned attacks by the Islamic State group and called for international support for Iraq after the 15-member body held an emergency meeting on the situation, report says.
Domestic car sales up 5.04% in July: SIAM
SIAM reportedly said that the domestic passenger car sales grew 5.04% to 1,37,873 units in July this year.
The motorcycle sales last month grew 6.17% to 8,59,290 units from 8,09,386 units, says SIAM.
The total two-wheeler sales in July 2014 was up 13.73% to 12,87,462 units, reports SIAM.
Total sales of commercial vehicles were down by 13.64 per cent to 47,765 units from 55,310 units in the year-ago period, SIAM said.
Sugato Sen, deputy director-general, Siam, reportedly said the July numbers would have been better, but for panic buying in June on fears of an excise duty increase.
Sen said that the new government has given all the right signals so far, report says.
India's July services activity grows at slower clip: HSBC PMI
The headline HSBC Composite Output Index posted 53.0 in July, down from June's 16-month high of 53.8. The latest figure was indicative of a solid expansion in private sector activity, and was the second highest reading since February 2013. Output growth accelerated to a 17-month peak in the manufacturing sector, while activity rose for a third consecutive month at services companies. Adjusted for seasonal factors, the HSBC Services Business Activity Index stood at 52.2 in July, down from June?s 17-month peak of 54.4. The latest reading indicated a third successive monthly expansion and was consistent with a modest rise in business activity. However, the pace of output growth slowed from June and was below the long-run series average. A number of panellists associated rises in activity with improving demand. Among the six monitored sub-sectors, only Hotels & Restaurants and Transport & Storage companies registered reductions in activity.
Mercedes S 500 L: One knows you have arrived!
Among all the luxury cars that one can see in India, it is unmistakably Mercedes that has the highest recall value. And the S-class is the jewel in the crown for the three-pointed star from Stuttgart – their flagship luxury saloon, and a car that showcases the latest in technology that Mercedes has to offer in road-going cars. The S-class had lost a bit of sheen over the past few years with the advent of sportier (and more contemporary looking) models from the competition (especially BMW and Audi), and the 2014-launched W222 base S 500 L is Mercedes’ attempt at setting the record straight.
Combined with the recent launch of the India-assembled S350, Mercedes aims to regain the marquee status among those who have the money to splurge on such luxury, and would like to indulge in this luxury while being chauffeured around. The new S 500 has a dual task of keeping the S-class flag flying high and taking the legend to a whole new benchmark, while also ensuring that the now-mothballed Maybach brand is not missed by moneybags. And Mercedes is now extending the S-Class range into an extra-long super-luxurious model to protect its image as a brand for the elite...Read More
Union cabinet approves FDI in defence, railways
The Union Cabinet approves proposal to set the composite cap for foreign investment in the defence sector at 49%, compared with the current 26% foreign direct investment (FDI) ceiling. Report said that some railway operations and projects were allowed to receive up to 100% FDI.
This move came after the Cabinet approved similar proposal to set the composite foreign investment cap for private insurance firms at 49%.
Following the cabinet plan to raise the amount of FDI in defence and railways industries, stocks associated with defence and railways will be on investors’ radar.
Plan the perfect home loan
Getting the best deal possible is a result of good planning rather than luck. A home loan creates a long term relationship between the lender and borrower. To make this relationship most rewarding you must invest some time and effort to get the best possible terms for your home loan. In Indian culture, owning a house is considered to be the ultimate asset. Most young couple will strive at investing in property. Just like most people who are about to get married, Avinash Raniwal was pleased to have a secure job after doing his MBA and now was looking forward to getting married. But first, he wanted to invest in some an apartment for his future family. Avinash wanted to make sure that his loan application went through without hitch. As he spoke to friend and family he realised that to take a favourable home loan means he needs to pre-plan for it months before...Read More
Three reasons to Consider Index Funds
Indexing is an investment approach which simply tracks an index to provide exposure to a market or segment of a market. For the three reasons listed below, it may be a viable complement or substitute to actively managed investments. Firstly, indices outperform the majority of actively managed funds. The SPIVA Australia Scorecard, which is published twice a year, tracks the number of actively managed Australian mutual funds that were outperformed by their comparable benchmarks over different timeframes. The year end 2013 SPIVA Australia Scorecard showed that benchmark indices outperformed the majority of their comparable actively managed funds over three- and five-year horizons. Similar findings are also observed in the U.S., Canada and Europe SPIVA Scorecards...Read More
Why so many worry about inflation
Inflation fears are everywhere except in the data. While the Fed keeps reminding us that the inflation rate is below their 2% target, analysts keep arguing that the Fed will be miss signs of inflation. Any hint of rising prices anywhere – from the CPI to oil to the money supply – is highlighted while reports of little change are ignored. Is there actually less threat of inflation than most perceive? Why do so many investors expect inflation to appear any moment? The numbers: The latest figures for the CPI and the Core (excluding food & energy) CPI are 2.1% and 1.9% in the 12 months ended in June. The Fed uses the personal consumption expenditure (PCE) and Core PCE deflators which show slightly lower 12 month numbers of 1.6% and 1.5%, also as of June. The chart shows all four series over the last five years, there isn’t much of a trend either up or down. Whatever the numbers show, some will point out that we’re looking at the past and what matters is the future. True, but the key factors that drive inflation don’t give any reason for worry. Wages, salaries and benefit costs are one inflation factor – if employment costs rise, businesses will try to recover their costs in price increases. However, the government’s Employment Cost Index for total compensation doesn’t give any hints of impending inflation. Since 2010 it has averaged 1.9%, the last figure was 2.1%, the same pace reported in third quarter of 2010 and the second quarter of 2011. The price of oil is another key determinant of inflation. While oil prices are volatile, they don’t show massive inflation dangers. Prices recently at a bit below $100 per barrel for WTI have ranged between $95 and $113 since August 2010...Read More
Does active management work in Europe?
Academic arguments may well have "proven" the theoretical advantages of passive investing. But theory is nothing without experiment; a comprehensive and impartial assessment of where and when active managers have delivered the promised "alpha" – or not – is a necessary and critical component of the debate.
Our S&P Index Versus Active scorecard and associated Persistence reports have – for twelve years – quantitatively examined the performance of active mutual funds in the U.S. versus their relevant benchmarks. Yet many questions regarding the global picture have so far been left unanswered, and the publication last week of the first SPIVA scorecard dedicated to the performance of the European fund industry is accordingly of great interest.
The overall conclusion for Europe is entirely familiar: broadly speaking, the majority of funds fail to beat their benchmarks...Read More
Affordable Housing: A second look at Budget 2014
Over the past decade, the construction industry has been hit hard by economic slowdowns and extreme market fluctuations. Construction and infrastructure play a significant role in a country’s economy, but rigid contractual policies and very high construction costs (among other factors) have been constricting the growth of this sector in India. Needless to say, growth in construction in infrastructure will not only result in more connected, streamlined and future-ready cities - it also means the creation of millions of new jobs and overall growth of the economy. The new government did attempt to provide increased impetus to the construction and infrastructure sectors with additional allocation to infrastructure projects in the recent budget. However, sizeable budgetary allocations are nothing new in the Indian context. Everything looks good on paper until the funds for large projects hit bureaucratic hurdles on the road to implementation. Considering its complexity, clearing the opaque jungle of red tape that has been created in India over the decades is in any case not an easy task even for the most determined government.
If viewed from a market-level perspective, Budget 2014 has in fact not delivered any tangible means to reduce construction costs. The cost of construction materials has been increasing at a rate of 15-16% over the past three years, and this has seriously impeded developers’ ability to generate sufficient profits to launch new projects. While this does not significantly impact larger developers who tend to launch residential projects for the mid-income and high-income segments of buyers, it is a challenge to smaller developers who typically cater to the needs of home buyers with smaller budgets. In other words, the high cost of construction remains a serious challenge to the affordable housing sector...Read More
The rise of the dual homes concept
Dual Homes are a lifestyle. In a modern global economy, work, entertainment, family, and leisure are reasons that take people from one place to another. In recent years, more and more people work in a certain place and have family in another. More than one place has become home for many of us. In this day and age, the new age home is no longer one home. Many of us have more than one home, we have homes. Dual homes are equally operational and have now become a part and parcel of people working in metro cities and having homes in other cities. This concept has helped people to get more of ‘me’ time and attain a better Work Life balance.
And some of us are constantly living the dual home lifestyle.
People living close to the metros and capital cities are examples of the dual home lifestyle. Entrepreneurs or business owners often have a head office and an operations office based out of two cities. And both cities become home, thus making it more convenient and easier
Dual homes require a sibling connection with two cities. Routes where people travel at large and juggle between two homes are Delhi- Chandigarh, Delhi- Sonipat, Delhi- Dehradun, Delhi- Aligarh, Delhi- Lucknow, Delhi- Kanpur, Delhi- Allahabad etc...Read More
Demand for engineers remains high but employers struggle to find staff
Demand for engineers remains high but more than half of employers are having difficulties recruiting the staff they need for their businesses to expand. Half (51%) of employers said they were recruiting engineering staff this year and of those, more are finding it difficult to recruit the people they need compared to 2013. The findings are revealed in the Institution of Engineering and Technology’s (IET) ninth annual Engineering and Technology: Skills & Demand in Industry report.
The proportion of engineers who are female has not significantly improved since 2008 and currently stands at just 6% of the workforce. Despite this poor record, the survey suggests that 43% of employers are not taking any specific action to improve workplace diversity.
Other findings include:
- 59% of companies indicated concerns that a shortage of engineers would be a threat to their businesses
- 53% of employers believe they should get more involved with schools, colleges and universities to help change the perception of engineering among young people
- 44% of engineering, IT and technical recruits do not meet the employer’s expected levels of skills
- 52% of organisations anticipate employing more apprentices in 4 to 5 years’ time
- Since 2013, the number of Intermediate Apprenticeships (Level 2) offered by employers has more than doubled but the number of Higher Apprenticeships (Level 4) has remained static...Read More
SBI Q1 net profit at Rs. 3,349 crore
The State Bank of India net profit for the first quarter ended 31 June 2014 increased to Rs. 3349 crore from Rs. 3241 crore in the same quarter previous year. During the period under review, the company's total expenditure stood at Rs. 31951 crore as against Rs. 28641 crore. Operating Profit increased by 16.37% from Rs. 7,551 crores in Q1FY14 to Rs. 8,788 crores in Q1FY15. Net interest income increased by 15.12% from Rs. 11,512 crores in Q1 FY 14to Rs. 13,252 crores in Q1 FY 15. Fee income increased by 10.90% from Rs. 2,558 crores in Q1 FY 14 to Rs. 2,837 crores in Q1 FY 15. Operating income increased by 9.50% from Rs. 15,986 crores in Q1 FY 14 to Rs. 17,504 crores in Q1 FY 15.
Total Interest Income increased from Rs. 31,718 crores in Q1FY14 to Rs. 36,487 crores in Q1FY15.(15.03% YoY growth). Interest Income on Advances increased from Rs. 23,846 crores in Q1FY14 to Rs. 27,560 crores in Q1FY15. ( 15.57% YoY growth). Interest Income on Resource Operations increased from Rs. 7,474 crores in Q1FY14 to Rs. 8,649 crores in Q1FY15 (15.73% YoY growth). Interest Expenses on Deposits increased from Rs. 18,086 crores in Q1FY14 to Rs. 20,906 crores in Q1FY15.(15.59% YoY growth)...Read More
M&M Q1 net profit at Rs8817.80 mn
Mahindra & Mahindra Ltd has posted a net profit after tax of Rs. 8817.80 mn for the quarter ended June 30, 2014 where as the same was at Rs. 9379.10 mn for the quarter ended June 30, 2013. Total Income is Rs. 104514.10 mn for the quarter ended June 30, 2014 where as the same was at Rs. 101867.50 mn for the quarter ended June 30, 2013.
Marico Q1 cons net profit at Rs1.85bn
Marico Ltd has posted a net profit of Rs. 1852.787 mn for the quarter ended June 30, 2014 where as the same was at net profit of Rs. 1577.262 mn for the quarter ended June 30, 2013. Total Income is Rs. 16414.501 mn for the quarter ended June 30, 2014 where as the same was at Rs. 13963.124 mn for the quarter ended June 30, 2013. EBITDA at Rs 267 crore (USD 45 mn) has grown by 20%. EBITDA margin continued to be healthy at 16.4%. Profit After Tax for the quarter was INR 185 crore (USD 31 million) and grew by 19%. Operating margin (before corporate allocation) for the India business was at 18.8% in Q1FY15 as against 20.9% in Q1FY14. International operating margins improved from 13.3% in Q1FY14 to 18.2% (before corporate allocation) in Q1FY15 reflecting a structural shift in international margins based on the cost management projects undertaken last year... Read more
Punj Lloyd Q1 total income at Rs1123 crores
Punj Lloyd Ltd, the diversified engineering, procurement and construction conglomerate, announced its financial results for the first quarter of FY15 at the meeting of its Board of Directors.Total income in Q1 FY15 stands at Rs1,123 crores. Speaking on the occasion, Atul Punj, Chairman – Punj Lloyd Group said, "While the revenue and profitability show an underperformance this quarter, I believe that the impact of the series of steps taken to strengthen the business, recovery of long pending claims from customers, new order inflows, as well as the positive outlook for the sector, would see the company coming back into a profitable trajectory at a fairly quick pace. The Company’s leadership in the energy sector is adequately demonstrated by the recent strong wins in the order position in this space. The Company sees development of a strong opportunity in the highways and civil infrastructure space in India and from the Middle East regions and has strengthened the organisation to seize such opportunities."
Jindal Steel & Power Q1 net profit at Rs4181.30 mn
Jindal Steel & Power Ltd has posted a net profit/(loss) after taxes, minority interest and share in profit/(loss) of associates of Rs. 4181.30 mn for the quarter ended June 30, 2014 as compared to Rs. 4942.80 million for the quarter ended June 30, 2013. Total Income has increased from Rs. 45935.50 million for the quarter ended June 30, 2013 to Rs. 50687.90 million for the quarter ended June 30, 2014.
Adani Power Q1 cons net loss at Rs3032.90mn
Adani Power Ltd has posted a net loss after taxes, minority interest and share of profit / (loss) of associates of Rs. (3032.90) mn for the quarter ended June 30, 2014 as compared to net loss of Rs. (11982.90) mn for the quarter ended June 30, 2013. Total Income has increased from Rs. 25716.60 mn for the quarter ended June 30, 2013 to Rs. 52484.20 million for the quarter ended June 30, 2014.
Crompton Greaves Q1 cons net profit at Rs640.20 mn
Crompton Greaves Ltd has posted a profit after taxes, minority interest and share of profit / (loss) of associates of Rs. 640.20 mn for the quarter ended June 30, 2014 as compared to Rs. 600.80 million for the quarter ended June 30, 2013. Total Income has increased from Rs. 32301.10 mn for the quarter ended June 30, 2013 to Rs. 34801.10 mn for the quarter ended June 30, 2014.
Power Grid Corp Q1 net profit at Rs11365.10mn
Power Grid Corporation of India Ltd has posted a net profit of Rs. 11365.10 million for the quarter ended June 30, 2014 as compared to Rs. 10403.40 mn for the quarter ended June 30, 2013. Total Income has increased from Rs. 36340.30 mn for the quarter ended June 30, 2013 to Rs. 40751.10 mn for the quarter ended June 30, 2014.
Cognizant Q2 revenue at $2.52 bn, lowers guidance
Cognizant Technology Solutions Corporation, a leading provider of information technology, consulting, and business process outsourcing services, today announced its second quarter 2014 financial results. Second quarter revenue of $2.52 bn was up 16.5% from the year-ago period and up 3.9% sequentially. GAAP diluted EPS was $0.61, up from $0.49 in the year-ago period. Non-GAAP diluted EPS was $0.66, up from $0.58 in the year-ago period. Net headcount addition for the quarter was approximately 8,800. Revenue for the second quarter of 2014 rose to $2.52 billion, up 16.5% from $2.16 billion in the second quarter of 2013. GAAP net income was $371.9 million, or $0.61 per diluted share, compared to $300.4 million, or $0.49 per diluted share, in the second quarter of 2013. Non-GAAP diluted earnings per share was $0.66 compared to $0.58 in the second quarter of 2013. GAAP operating margin for the quarter was 19.4%. Non-GAAP operating margin was 21.0%, higher than the Company's target range of 19-20%. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.
Petronet LNG Q1 net profit at Rs1566mn
Petronet LNG Ltd has posted a net profit of Rs. 1566.00 mn for the quarter ended June 30, 2014 as compared to Rs. 2253.20 mn for the quarter ended June 30, 2013. Total Income has increased from Rs. 84594.40 mn for the quarter ended June 30, 2013 to Rs. 101961.40 million for the quarter ended June 30, 2014.
Piramal Enterprises Q1 net profit at Rs28963.20 mn
Piramal Enterprises Ltd has posted a net profit of Rs. 28963.20 mn for the quarter ended June 30, 2014 as compared to Net Loss of Rs. (1466.60) mn for the quarter ended June 30, 2013. Total Income has increased from Rs. 10842.10 mn for the quarter ended June 30, 2013 to Rs. 12829.00 million for the quarter ended June 30, 2014. Total operating income for Q1FY2015 was higher by 22.6% at Rs1,182.6 Crores. The operating profit for Q1FY2015 was higher at Rs 156.1 Crores against Rs. 140.7 Crores in Q1FY2014. In April 2014, PEL sold 11% stake it owned in Vodafone India for Rs8,900 Crores; recording a gain of Rs3,036 Crores. Interest expense for the quarter was lower at Rs147.9 Crores as the total debt was reduced to Rs 4,808 Crores as on June 30, 2014 compared to Rs9,552 Crores as on March 31, 2014.
Tata Communications Q1 net loss at Rs213.80mn
Tata Communications Ltd has posted a net loss of Rs. (213.80) mn for the quarter ended June 30, 2014 where as the same was at net profit of Rs. 945.20 mn for the quarter ended June 30, 2013. Total Income is Rs. 51759.90 mn for the quarter ended June 30, 2014 where as the same was at Rs. 45243.40 mn for the quarter ended June 30, 2013.
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