03:15pm Symphony Q1 earnings
Air
coolers maker Symphony surpassed street expectations on every parameter with
the first quarter (July-September) standalone net profit rising 51 percent to
Rs 21.6 crore on the back of strong growth in revenue and operational income.
Profit in the year-ago period was Rs 14.3 crore.
According to CNBC-TV18 poll estimates,
analysts had expected the company to report profit of Rs 18 crore on revenue of
Rs 96 crore for the quarter.
Net sales
grew 42.5 percent to Rs 102.7 crore in the quarter ended September 2014
compared to Rs 72.1 crore in same quarter last year.
Operating
profit or EBITDA climbed 71.4 percent on yearly basis to Rs 23.8 crore and
margin expanded by 390 basis points to 23.2 percent during the quarter, which
were expected at Rs 19.9 crore and 20.7 percent, respectively.
02:58pm Brent Crude check
Brent crude fell to just above USD 88 a barrel
in a well-supplied market as expectations faded that OPEC could cut output in
an effort to shore up prices.
The global
oil benchmark has declined more than 20 percent from the 2014 high in June as
supplies rose and demand slowed in the United States, Europe and China.
Investors
expecting a production cut from OPEC to support prices were disappointed as
Saudi Arabia and Kuwait played down the possibility of the Organization of the
Petroleum Exporting Countries reducing output.
OPEC,
which produces about 40 percent of the world's crude oil, is due to meet in
late November to discuss output targets, reports Reuters.
02:30pm Interview
Videocon
Industries is looking to raise money via its D2H business. The company is
planning to launch an initial public offering (IPO) worth Rs 700 crore by
January-February 2015, said CMD Venugopal Dhoot, in an interview to CNBC-TV18.
The IPO will value company at Rs 5,400 crore.
The
Mumbai-headquartered company currently has a D2H base of around 90 lakh users
which is likely to double over the next five years.
The company
had earlier in the year sold 10 percent stake in its Mozambique plant to Oil
India and ONGC Videsh for nearly Rs 15,000 crore. The board is yet to decide
about how to use that money. The company may also look to cut down debt which
currently stands at around Rs 22,000 crore.
Meanwhile,
Dhoot says Videocon is likely to focus more on its Brazilian operations as the
field there has 10 million barrel of oil and equivalents. He expects oil and
gas discovery in Brazil. The Brazilian fields are expected to start production
from FY16.
02:00pm Market Check
Equity
benchmarks continued to trade in a tight range with the Nifty consolidating in
7850-7900 band ahead of Maharashtra and Haryana state elections that will be
Wednesday. Banks and healthcare stocks supported the market while technology
and HDFC twins remained under pressure.
The Sensex
rose 13.94 points to 26398.01 while the Nifty declined 4.15 points to 7880.10.
About 1309 shares have advanced, 1466 shares declined, and 107 shares are
unchanged.
Shares of Axis
Bank, State Bank of India, Bajaj Auto, BHEL, HUL, Hindalco and Tata Power
topped the buying list, up 2-3.5 percent followed by Reliance Industries,
Bharti Airtel, Gail and Coal India with 1 percent loss.
However,
ITC, HDFC, TCS, Tata Motors, ONGC and Sesa Sterlite fell 1-1.7 percent.
DLF, BF
Utilities, SBI, Sesa Sterlite, Axis Bank, Reliance Industries and Infosys were
most active shares on exchanges.
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