JIK Industries opens retail outlet in South Mumbai
JIK Industries has informed that it has opened a retail outlet in South Mumbai of crystal and glassware products which form a part of Luxury Goods segment, inspired by world art glass designs and combining them with Indian traditional craft.
JIK is the single largest and sole producer and distributor of branded, hand-made, lead-free crystal glassware in India. It has combined Swedish manufacturing techniques and designs with abundant cheap and skilled labour in India to create exquisite Scandinavian hand-blown crystal glassware at prices that are Indian.
Business Confidence Index: Up 21.2%QoQ
Like many macro variables, the Oct 09 reading of the NCAER’s Business Confidence Index (BCI)1 indicates that sentiment is returning to pre-crisis levels. The index rose 21.2% on a QoQ basis and 19.8% on a YoY basis. While the uptrend can be attributed
to seasonality (Oct is the festive season), it is supported by trends in industrial production, PMIs and is a clear signal that a recovery is under way.
Most parameters have seen a strong and broad-based recovery both on an annual as well as quarterly basis. The upturn in the BCI is reflected across all sectors with services up 25.1%, consumers durables up 24.5%, non-durables up 18.7%, intermediate goods up 20.7% and capital goods up 19.2%. We expect sentiment to remain firm in coming months.
Peninsula Land receives Rs 275 crore from Alok Realtors
Peninsula Land, part of Ashok Piramal Group has received Rs. 275 crore from Alok Realtors Private Limited on November 19, 2009 for sale of 6.41 lakh sq. ft at Peninsula Business Park, Tower ‘B’, Lower Parel in Mumbai.
Of the total deal consideration of Rs 1,100 crore, the company has received a sum of Rs 465 crore till date.
Peninsula Business Park consists of two towers of 20 floors each and an exclusive 2-storey building.
FIIs net sellers of Rs 459.18 cr (prov) in the spot market on Thursday
Foreign institutional investors (FIIs) were net sellers of Rs 459.18 crore (provisional) in the spot market on Thursday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 2,056.64 crore, their gross sales stood at Rs 2,515.82 crore.
On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 116.79 crore (provisional) on the same day. While DIIs made gross purchases of Rs 1,235.81 crore, their gross sales aggregated Rs 1,119.02 crore. Read more
IIP continues to surge, hits 9.1% in September
India’s industrial production continues to surprise on the upside, giving strong indications of solid recovery going on in the Indian economy. The Index of industrial production (IIP) surged 9.1% in the month of September, compared with 10.4% in the previous month and 6% in the same month last year.
What is important is that the September IIP number, unlike the August double digit jump, has come on a much higher base. September’s 9.1% growth on top of 6% growth clearly shows strong sequential improvement compared with August’s 10.4% growth on top of poor base of 2.1% in the previous year. In other words, the continuous strength in the IIP numbers shows that it is not just the base effect that is pushing the IIP, but the recovery momentum is also playing a substantial role. Read more
Indian Steel companies cut prices by 3-5%
India’s steel majors cut prices between 3-5% on Tuesday in wake of softening global prices which has led to increased imports into the country. The decline was primarily in the flat products segment as the long products are already very competitively priced.
While the Steel Authority of India (SAIL), JSW Steel and Essar Steel have already announced the cuts, Tata Steel is yet to take a call on the issue. The industry is contending that the government was allowing India to be a dump yard for global steel makers by not raising the import duty. Read more
RBI Doubles NPA provisioning for real estate loans
The RBI Governor has finally woken up to the ground reality of Realty. The RBI announcement highlight was that it has increased the banks NPA provisioning for real estate loans from 0.4% to 1%. The increase in the provisioning norms has led to a sharp fall in the banking and real estate shares as Unitech plunged 6.66% and ICICI Bank slipped 4.57% as token for the melting counters. The biggest loser was the realty sector as the industry may see a roadblock in affordable housing dream.
The central bank has kept all the policy rates unchanged but has hiked SLR from 24% to 25%. The local stock markets could not give overwhelming response to the RBI’s loose money announcement and rather the picture got bleaker
Ranbaxy Lab PAT at Rs 186.08 crore for third quarter
Ranbaxy Laboratories has announced its unaudited results for the quarter ended September 2009.
The company has reported a net profit of Rs 186.08 crore for the July-September 2009 quarter, as against net loss of Rs 352.93 in the September 2008 quarter.
Total operating income of the company for the quarter under consideration stood at Rs 1365.19 crore against Rs 1202.22 crore in the year-ago period, up by 13.56% on a year-on-year (YoY) basis.
Ultratech Cement Results – Review
Ultratech Cement Ltd (UTCL) Q2FY10 net profit at Rs2.51 bn (up 53% yoy) is below our expectation (Rs2.75 bn), primarily on account of higher than freight & fuel cost. Revenues for the quarter increased by 8.7% yoy to Rs15.41 bn on the back of volumes (+by 3.9%) increase to 4.16 mt and realizations (+4.7% yoy) to Rs3704/ton. Though on sequential basis, domestic cement realization per tonne seems to have increased by Rs 70 per tonne, the net plant realization (excluding freight) seems to have declined by Rs 45/tonne, in lne with expectations. EBITDA for the quarter at Rs 4.7bn grew by 48.1% on y-o-y was below our expectation (Rs 4.9 bn), mainly on account of higher than expected power and coal cost as well as higher freight cost due to increased lead distance. Read more
Auto Rickshaws Cause 40% Pollution in Bangalore
The Karantaka Pollution Board [Government Body] took the opportunity given by Striking Arrogant and Reckless Auto Drivers of Bangalore who went off the road on Oct-12th to study the pollution levels across city. Pollution level came down by as much as 40% in some pockets of the Bangalore City. The following chart gives complete idea on the reduction level of various hazardous chemicals on October-12th. Read more