Research Report Equity By Ways2Capital 29 July 2014

INDORE, India - July 29, 2014 - PRLog -- Cabinet clears insurance FDI to 49%; to fetch Rs 25k crore funds
The Cabinet on Thursday gave go-ahead to FDI cap hike in insurance to 49 per cent with a rider that management control will remain in the hands of Indian promoters, thus paving way for inflow of as much as Rs 25,000 crore foreign funds in the sector.

FII sub-limit in G-secs raised by $5bn
The RBI on Wednesday said the FII limit for investment in government securities has been increased by $5 billion within the total cap of $30 billion. The central bank said in a notification the limit has been enhanced by reducing the investment limit for long-term investors from $10 billion to $5 billion. Long-term investors include sovereign wealth funds (SWFs), multilateral agencies, pension, insurance funds and foreign central banks registered with Sebi.

Tata Power generation up by 24%
Tata Power has generated 45,210 MUs (million units) of power collectively from all its power plants in the year 2013- 14, compared to 34,683 MUs in the previous fiscal. This marks a significant increase of more than 24 % in generation, with the total power generation capacity of Tata Power.

CBI registers preliminary probe against Adani Group
CBI has begun an inquiry into the alleged inflated credit facility Adani Group got from banks by over-invoicing imported power sector equipment to the tune of Rs 2,300 crore. CBI sources said the Adani Group had allegedly taken credit facilities from several public sector banks for equipment for power infrastructure. When contacted, Adani group officials said they were not aware of any such development and no such communication has been received from CBI in this regard.

TVS Q1 net up 39%
TVS Motor Company saw its net profit surge 39% in the quarter ended June 2014 but its scrip was buffeted by volatility in the stock market. The two-wheeler major's profit before tax during the quarter grew 46% from Rs 69.1 crore last Q1 to Rs 100.5 crore this time round. Profit after tax for the quarter ended June 2014 grew from Rs 51.9 crore in June 2013 to Rs 72.3 crore this time round. Quarter on quarter, too, the net profit jump has been similar - up just under 39% from Rs 52.12 crore in the March 2014 quarter.

Tata Steel raises $1.5bn via debt
Tata Steel raised $1.5-billion dollars of debt from international investors on Thursday. It raised $500 million through five-and-a-half year papers at an yield of 4.85% per annum while another $1 billion was raised through 10 year papers at 5.95%. The debt raising plan generated a book size worth $10 billion, sources said. The bonds were rated BB+ by both S&P and Fitch. About 58% of the total allocation was made to Asian investors while the balance was distributed among investors from Europe and offshore US investors.
Cairn India gives $1.25bn loan to parent, stock tanks
Shares of India's largest private sector oil explorer Cairn India tanked 7%, its sharpest fall in five years, after a surprise disclosure in an analyst call of a $1.25-billion loan to Sesa Sterlite, a subsidiary of its parent Vedanta Resources.Cairn India's claims of doubling its in-place hydrocarbon reserves at its Rajasthan block from current 3 billion barrels to 6 billion barrels during its AGM on Wednesday didn't help. Shocked by the lack of transparency, investors dumped shares of the cash-rich firm.

Wipro Q1 profit up 29.6%, slightly lags estimates
India's third-biggest IT services exporter Wipro posted a 29.6 per cent rise in quarterly profit, slightly lagging estimates, on the back of higher spending by overseas clients. For the quarter ended June 30, Wipro posted a consolidated net profit of 21.03 billion rupees ($349.9 million), compared with 16.23 billion rupees in the year-ago quarter.

MRF Q3 net up 1.29% at Rs 230.22 crore
Tyre maker MRF Ltd reported a marginal 1.29 per cent increase in standalone net profit at Rs 230.22 crore for the third quarter ended June 30, 2014. The Chennai-based tyre manufacturer had posted a net profit of Rs 227.28 crore in the same period last fiscal.

ING Vysya profit down
ING Vysya Bank's net profit for the quarter ended June was down by 18% at Rs 143.4 crore compared to Rs 175.1 crore in the corresponding quarter of the previous year. Net interest income increased by 8.8% to Rs 463.1 crore, from Rs 425.4 crore. This was after interest reversal of Rs 20.5 crore in a few large stressed accounts. Adjusting for the interest reversals, net interest income increased by 13.7%. The adjusted net interest margin is 3.52% compared to 3.56% in the year-ago quarter. Total income increased to Rs 690.7 crore compared to Rs 669.9 crore.

Carnival Group acquires Leela Infopark for Rs 280 crore
Carnival Group on Tuesday said that it has acquired Leela Infopark in Kochi for around Rs 280 crore. The companies executed the transaction through a share purchase agreement between Leela Soft Pvt Ltd, the developer of Leela Infopark, and Asian Business Connection, a company of Carnival Group.Leela Soft is a co-developer of Infoparks Kerala, a society set up by Kerala government for developing IT infrastructure in the state.

Dish TV posts loss of Rs 16.05 crore in Q1
Direct-to-home (DTH) service provider Dish TV India on Tuesday reported a standalone net loss of Rs 16.05 crore for the first quarter ended June 30, 2014. The company had registered a standalone net profit of Rs 31.73 crore for the April-June quarter of the last fiscal.

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