Q2FY15 GDP growth came in ahead of estimates at 5.3%
The GDP growth for Q2FY15 came in ahead of estimates at 5.3% suggesting gradual recovery in economy. The manufacturing sector showed a moderated growth (0.1% Vs 3.5% QoQ), though agri sector showed a better growth (3.2% Vs 3.8%).Going ahead, focus will turn on RBIs, monetary policy on Tuesday as expectations have built in with respect to increased clarity on rate cuts (mainly due to sharp correction in crude prices).
Eicher Motors announces sales figures for subsidiary
Eicher Motors has announced the sales figures of VE Commercial Vehicles, a subsidiary of the Company for the month of November 2014.Accordingly, total sales stood at 2278 units in November 2014 as compared to 2244 units in November 2013, registering a growth of 23.8%. Domestic sales stood at 2233 units recording a growth of 15.8% in November 2014 over November 2013. Exports were 545 units, registering a growth of 72.5%, for the month of November 2014 over November 2013.
Jet Airways maintains uptrend
Shares of Jet Airways gained nearly 10% to Rs354, following drop in crude oil prices and ICRA upgrading the rating on the company's Rs3210 crore loan facility.
Ratings agency ICRA has upgraded the long-term rating assigned to the Rs3210 crore, fund-based bank facilities of Jet Airways to [ ICRA]BB from [ ICRA]C, a statement issued by Jet Airways (India) said.
M&M November 2014 volumes below estimates; stock down 2%
Mahindra & Mahindra November 2014 auto division volumes marginally below estimates; tractor dispatches disappointing Mahindra & Mahindra automotive division volumes in November 2014 were down 12.6% YoY to 34,292 units. Volumes across all segments except commercial vehicles posted a decline. The passenger vehicle segment volumes were down 17.9% YoY, while pick-up segment volumes were lower by 3.3%.The three wheeler segment witnessed a decline of 14.6%. The truck & bus volumes rose by 31.4% YoY. The declining trend in exports continued during the month with volumes lower by 26.8% YoY. Tractor volumes for the month of November were disappointing with domestic tractor dispatches down 36.4% YoY to 14,207 units. Tractor exports were the only bright spot and grew by 45.1% to 1,126 units.
Sun-Ranbaxy merger: CCI asks companies to provide remedy
competition commission of India ( CCI) has asked the Sun Pharma and Ranbaxy to suggest alternative remedy to ensure the competition in not hampered. The CCI is also working with the concerned parties to minimize the impact on competition before clearing the merger proposal. The tone of CCI seems conciliatory and that hints at likely clearance of merger by CCI with a minor change in terms. The proposed merger of Ranbaxy with Sun Pharma has obtained most of clearances except the CCI and competition commission body in USA.
Maruti Suzuki November 2014 volumes up 19.5% (YoY); beat estimates
Maruti Suzuki reported a strong 19.5% (YoY) growth in dispatches for the month of November 2014 to 110,147 units. Domestic volumes were higher by 17% (YoY) at 100,024 units. The domestic volumes were buoyed by the dispatches of the refreshed Swift launched in October and the new Alto K10, with auto transmission, launched in November. The mini segment volumes were flat (YoY) at 37,746 units, while the compact segment volumes rose 13.8% (YoY) to 37,339 units. The company continued to witness demand for the newly launched Ciaz which did volumes of 5,232 unit during the month.
JP Associates gains 2% on stake sale
Shares of JP Associates gain 2% on NSE after receiving Rs668 crore for Bokaro Jaypee Cement stake sale – positive for JP Associates completes sale of 74% stake in Bokaro Jaypee Cement JV and has received Rs667.6 crore for the same. The development is positive for JP Associates. SAIL also divested its 26% stake at Rs235 crore to Shri Rangam Securities and Holding (wholly owned subsidiary of Dalmia Cement).Both the deal works out at EV/tonne of around $71 per tonne. Development is positive for both JP Associates and Dalmia Cement.
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