Larsen and Toubro (L&T) has tanked nearly 8% to Rs 1,512 on National Stock Exchange after reporting the consolidated net profit of Rs 967 crore for the quarter ended June 2014 (Q1), mainly on account of one-time gain of Rs 249 crore on disinvestments and stake sale in one of its project.

The company had reported a net profit of Rs 459 crore in the corresponding quarter of last fiscal and Rs 2,840 crore in March quarter.

Tata Motors is trading lower by 2.3% at Rs 443, extending its past two-days fall, on reports that Jaguar Land Rover (JLR) has reduced its prices on three of its high end models in response to an pricing and anti-monopoly investigation in China.

The stock has declined nearly 9% in past three trading sessions from Rs 486 on July 24 on National Stock Exchange, compared to 1.1% decline in benchmark CNX Nifty.

Private life insurer SBI Life Insurance posted a year-on-year rise of 14 per cent in net profit for the first quarter of FY15. The insurer posted a net profit of Rs 241 crore, against Rs 212 crore during the corresponding quarter of last year.

Total premium grew 17 per cent to Rs 1,676 crore during the period. The collection of renewal premium recorded a growth of 32 per cent at Rs 937 crore over the corresponding quarter of last year.

Meeting Street expectations, tobacco-to-hospitality major ITC has reported net profit of Rs 2,186.4 crore in the June quarter - a growth of 15.6 per cent compared to Rs 1,891.3 crore in the year-ago period.

Net sales grew 25 per cent to Rs 9,164.4 crore against Rs 7,338.5 crore in June 2013.

Mumbai: With investors starting to look at Indian assets more favourably, the debt-laden GMR Group is moving quickly to strengthen its balance sheet.

The Bangalore-based infrastructure conglomerate, which has accumulated debt of Rs.33,599 crore, plans to raise funds by selling shares in at least two group companies, even as it continues to consider selling some of its assets.

Mumbai: State Bank of India (SBI), the country’s largest lender, is considering share sales in its insurance and asset-management units to meet tighter capital requirements.

“We are in talks with our joint-venture partners regarding the listing of the insurance units,” chairman Arundhati Bhattacharya said in an interview at her office in Mumbai on 25 July. The lender is also in discussions with Paris-based Amundi Asset Management, which holds a stake in SBI Funds Management Pvt. Ltd, for a potential equity issue, she said without elaborating as a final decision has yet to be made.

The benchmark BSE Sensex was today trading almost flat amid volatility ahead of monthly expiry of derivative contract on July 31.

The market momentum witnessed heavy fluctuation with bouts of selling pressure in realty, oil & gas, teck, FMCG and healthcare sectors along with shares of midcap and smallcap companies.

n Net sales grew 6.9% year-on-year on 6% realisation growth. Net sales grew to R52.5 bn, while volumes grew marginally by 0.9% y-o-y (5.6% q-o-q) to 9.88 million units.

n Adjusted margin declined 70 basis points q-o-q to 18.9% on higher RM (raw material) cost pressures: RM cost rose 70 bp y-o-y to 70.1% on higher material cost pressures. Employee cost increased by 40 bp y-o-y on negative operating leverage.

RIL reported a 6% year-on-year growth in standalone profit after tax to Rs 56.5 bn (estimate of R54.4 bn). Consolidated earnings (reported for the first time quarterly) were at R59.6 bn, growth of 14% y-o-y, led by US shale and retail turnaround.

Refining margins at $8.7/bbl marginally beat est of $8.6/bbl, driving Ebit of R37.7 bn (+28% y-o-y, 3% above the rest) But petchem disappointed with Ebit of R18.9 bn (-10% quarter-on-quarter) well below estimates.

CABINET meetings in the two-month-old NDA government are turning out to be a tutorial for many ministers in the art of governance. Unlike his predecessor Manmohan Singh, Prime Minister Narendra Modi is quite vocal at these meetings, spelling out his priorities and policy prescriptions and also the dos and don’ts for his ministers.

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