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Tuesday, February 3, 2015

TOP CORPORATE NEWS-3 Feb 2015

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RBI leaves key rates unchanged. Slashes SLR by 50 bps
After surprising the market by 25 bps repo rate cut recently, the RBI maintained status quo on policy rates till the Union budget is announced (28 Feb 2015).Having cut its policy interest rate just three weeks ago, the Reserve Bank of India (RBI) as expected kept rates steady at a policy review on Tuesday, leaving its next move until after the government presents its annual budget at the end of this month. Repo rate at 7.75%, Reverse repo rate stays at 6.75%.CRR maintained at 4% of NDTL.

Coal India records output of 46.60 million tonnes in January
Coal India, the world's largest miner of dry fuel, recorded an output of 46.60 million tonnes (targeted 50.09mn tonnes) in January, missing its target by 6.9% for the month. Sentimentally negative for Coal India.

Aditya Birla Nuvo applies for Payment bank license
Aditya Birla Nuvo applies for Payment bank license with RBI in partnership with Idea Cellular. Aditya Birla Nuvo has applied for payment bank license with RBI in partnership with Idea Cellular, under which NUvo will hold 51% stake while 49% stake would be held by Idea cellular.

Lupin consolidated Q3 net profit at Rs601 crore
Standalone: Net profit at Rs513.30 crore vs Rs533.38 crore (YoY).Total Income at Rs2406.03 crore vs Rs2430.56 crore (YoY).Consolidated.Net profit at Rs601.45 crore vs Rs476.13 crore (YoY).Total Income at Rs3261.04 crore vs Rs3054.41 crore (YoY).

Voltas plans to re-enter consumer durable space
Voltas, is planning to re-enter some of the brands in the consumer durable space, a move aimed at cutting its dependence on its traditional air-condition (ACs) and water cooler businesses in the white goods space. It may go for 2%-3% rise in room AC and air-cooler prices by this month. Positive read thru.

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