Banking stocks Banking stocks are likely to be in focus this week ahead of the Reserve Bank of India’s monetary policy review on May 3. According to a CNBC-TV18 poll, the central bank is likely to cut rates by 25 basis points (bps). Around 20 percent of the respondents see a cash reserve ratio (CRR) cut and nearly 80 percent expect banks to pass on the cut this time. The BSE Bankex closed down 1.4 percent on Friday.
Earnings corner These companies are likely to announce fourth quarter earnings next week: Exide Hindustan Unilever Sterlite Inds Dabur Marico Petronet LNG TVS Motor Bharti Airtel Canara Bank Kotak Mah Bank
Lupin Lupin has received final US approval for two oral contraceptive tablets.The two products are the generic version of Janssen Pharmaceuticals Inc’s Ortho-Novum 7/7/7 tablets and Ortho-Novum 1/35 tablets. Lupin would start shipping the products shortly. Despite being a generic, the two versions of the Ortho-Novum are being branded byLupin due to regulatory reasons. The firm has been aggressively pursuing the contraceptive market in the US. Lupin is gearing up for a commercial launch of generic version of Bayer's oral.
Suzlon REpower Systems SE, the Indian wind turbine maker Suzlon Group's German arm is going to slash upto 750 jobs across the world as part of its plan to achieve cost savings of about 100 million euros (USD130 million) in the current fiscal year. The Hamburg-headquartered company has 3,300 employees. The lenders of REPower's Indian parent, the world's fifth-largest wind turbine maker, in January approved a plan to restructure USD 1.8 billion of debt after Suzlon defaulted on a USD 200 million convertible bond redemption last October.
Cholamandalam Cholamandalam Investment and Finance Company’s fourth-quarter (January-March) consolidated net profit grew by 43.75 percent year-on-year, to Rs 87.4 crore. Consolidated income from operations rose nearly 40 percent to Rs 715.4 crore in fourth quarter FY13 from Rs 511.3 crore in a year ago period. The share gained 1.2 percent to close at Rs 269.40 on the Bombay Stock Exchange on Friday.
Future Venture Future Venture has picked up 33 percent stake in KFC Shoemaker. Future Ventures India Ltd (FVIL) has invested an undisclosed sum in KFC Shoemaker which has footwear brands like 'Trèsmode' and 'Solovoga'. This is the second investment by the firm in the footwear business. It had earlier put money in Clarks Future Footwear, a 50:50 JV with UK’s C&J Clark International. On completion of the investment, KFC Shoemaker would be an associate of FVIL. On approval of the on-going demerger process of FVIL, KFC Shoemaker will be part of investment of the new company Future Lifestyle Fashion Limited.
Motilal Oswal Motilal Oswal posted consolidated net profit of Rs 36.7 crore in the January-March quarter compared to Rs 29.2 crore in the previous quarter. During the period, its consolidated total income was at Rs 131.8 crore compared to Rs 113 cr quarter-on-quarter. Motilal Oswal has also okayed buyback offer of up to 75 lakh shares.
Federal Bank Public sector lender Federal Bank's fourth quarter (January-March) net profit fell by 6.6 percent year-on-year to Rs 221.9 crore. Net interest income (NII) declined 2.3 percent to Rs 479.8 crore from Rs 491.2 crore Y-o-Y. Provisions against bad loans increased to Rs 98.2 crore in March quarter FY13 as against Rs 74.4 crore December quarter. Meanwhile, gross non-performing assets (NPAs) slipped 41 basis points Q-o-Q to 3.44 percent. But net NPAs went up by 6 basis points Q-o-Q to 0.98 percent in March quarter.