Moneycontrol Bureau12:50 pm Results: State-run infrastructure finance company Rural Electrification Corporation has reported a whopping 28 percent growth in third quarter profit at Rs 1,754 crore on year-on-year basis, driven by other income.
However, net interest income (calculated), the difference between interest earned and interest expended, fell 3.5 percent to Rs 2,200 crore during the quarter compared with Rs 2,281 crore in same quarter last year.
Other income in Q3 increased sharply to Rs 311.4 crore from Rs 19.5 crore on yearly basis.12:20 pm Earnings estimates: JSPL is expected to post a loss of Rs 606 crore in Q3FY17 against loss of Rs 573 crore in year-ago quarter due to depreciation and interest charges.
The company defaulted on interest repayments to its bondholders in in second half of last calendar year.
Revenue during the quarter may increase 19 percent year-on-year to Rs 5,200 crore while operating profit may jump 87 percent to Rs 1,030 crore and margin may expand 700 basis points to 20 percent, driven by higher steel volumes and improved realisations.
Analysts expect steel EBITDA per tonne to increase 4 percent QoQ aided by higher realisations. Impact of higher coking coal costs will be low for JSPL, they say.
Also read - Sun TV, Raj TV rally as SC convicts Sasikala in corruption case12:00 pm Market Check
Equity benchmarks continued to be rangebound in noon trade as investors look to the Federal Reserve chair's two-day congressional testimony starting Tuesday for hints of further Fed rate hike.
The 30-share BSE Sensex was down 36.41 points at 28315.21 and the 50-share NSE Nifty fell 16.35 points to 8788.70. About 1514 shares declined against 1002 advancing shares on the BSE.
Experts expect the Nifty to reclaim 9000 after current consolidation.
Indian stocks have "climbed the wall of worry" over the past few weeks, overcoming nervousness over demonetisation impact, RBI policy and the political situation, says Sanjay Dutt of Quantum Securities.
He says numbers on the economy have turned out to be fairly okay. "It means economy is quite resilient and was able to absorb this shock of demonetisation,” he says.
"People are actually looking for good ideas to put money in. I think this positive phase will continue," he feels
WPI inflation in January spiked to 5.25 percent against 3.39 percent in previous month and also ahead of expectations of 4.16 percent. Yesterday, however, retail inflation declined to 3.17 percent against 3.41 percent due to low demand after demonetisation.
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