Ashok Leyland reports 8.73% dip in sales in May

Sales of medium and heavy commercial vehicles in May 2014 marginally dipped to 4,884 units as against 4,932 units sold during the corresponding month of the previous year.

Hinduja Group company  Ashok Leyland has reported a 8.73 percent decline in total sales in May 2014, selling 6,632 units. The city-based commercial vehicle maker had sold 7,267 units during the same month of the previous year, a company statement said.

For the period April-May 2014, total sales declined by 15 percent to 12,529 units from 14,754 units sold during the same period of the previous year. Sales of medium and heavy commercial vehicles in May 2014 marginally dipped to 4,884 units as against 4,932 units sold during the corresponding month of the previous year.

Sales of Medium and Heavy Commercial vehicles in April-May 2014 declined to 9,407 units from 10,183 units sold during the same period of the previous year, the company said. However, sales of Light Commercial Vehicles witnessed a 25.1 percent decline in May 2014 to 1,748 units from 2,335 units sold during the same month of previous year. For the period April-May 2014, sales of LCVs slipped to 31.6 percent to 3,122 units from 4,571 units sold during the corresponding period of the previous year, the statement added.

Also Read: Cheer for Maruti, TVS, Hero in May; exports lift Bajaj nos

Ashok Leyland stock price

On June 02, 2014, Ashok Leyland closed at Rs 32.85, up Rs 0.55, or 1.70 percent. The 52-week high of the share was Rs 35.75 and the 52-week low was Rs 11.82.

The company's trailing 12-month (TTM) EPS was at Rs 0.11 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 298.64. The latest book value of the company is Rs 16.85 per share. At current value, the price-to-book value of the company is 1.95.

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Rs 1,000 minimum monthly pension to be a reality this week

As per a proposal, pensioners were to get the benefit with effect from April 1 this year. The government will have to provide an additional amount of around Rs 1,217 crore to ensure a minimum pension of Rs 1,000, starting 2014-15.

A minimum pension of Rs 1,000 a month under a scheme run by retirement fund body EPFO will be a reality this week, a development that will benefit 28 lakh pensioners, who get less than this amount at present.

As per a proposal, pensioners were to get the benefit with effect from April 1 this year. The government will have to provide an additional amount of around Rs 1,217 crore to ensure a minimum pension of Rs 1,000, starting 2014-15. "The previous government's decision to ensure a minimum monthly pension of Rs 1,000 to subscribers of Employees' Pension Scheme-95 (EPS-95) will be implemented this week as elections got over now.  The Labour Ministry will notify it some time this week," an official source told PTI.

Also Read: PFRDA selects 8 cos to manage pension funds of pvt sector

According to the source, the Ministry will also notify the decision of the EPFO trustees to enhance the wage ceiling for covering organised sector workers under EPFO ambit to Rs 15,000 per month from existing Rs 6,500. Another decision to reduce administrative charges paid by employers to EPFO will also be notified.

The decisions could not be implemented earlier because the model code of conduct came into force after the general election dates were announced on March 5. The decision to provide the entitlement under EPS-95 run by the Employees' Provident Fund Organisation (EPFO) was taken by the Union Cabinet in its meeting held on February 28.

After the Cabinet approval, the decision to provide this entitlement was to be notified by the Labour Ministry, but for the model of code of conduct. This will immediately benefit about 28 lakh pensioners, including 5 lakh widows. In all, there are 44 lakh pensioners under the EPFO scheme.

The EPFO's apex decision making body the Central Board of Trustees (CBT) met on February 5 and decided to amend the EPS-95 scheme for the purpose.

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Rupee stability essential for corporate turnaround: Ind Ra

It said the sectors expected to do better in FY15 account for 11.8 per cent of the banking system's loans, while those with a stable outlook amount to 28.04 per cent of the banking industry exposure and those with a negative outlook are at 23.2 percent.

Stating that it does not expect credit metrics to deteriorate in 2014-15, India Ratings today said stability in the rupee is one of the most important factors essential for corporate turnaround during the fiscal.

"We do not expect corporate credit metrics for FY15 to deteriorate from FY14 levels...currency stability (is) key to corporate turnaround in FY15," it said in a note. The agency said it had given a positive credit outlook to eight of the 22 sectors covered by it, which are expected to do better during the fiscal, as compared to the previous fiscal.

Also Read: Flows into India to pick up if Budget is reformist, says Nomura

It said the sectors expected to do better in FY15 account for 11.8 per cent of the banking system's loans, while those with a stable outlook amount to 28.04 per cent of the banking industry exposure and those with a negative outlook are at 23.2 percent. The agency stressed that the exposure to sectors with stable outlook has increased from 26.3 percent in the year ago, while the same to negative outlook sectors has decreased from 30.7 percent in the year ago period.

On the rupee front, it said 70 per cent of the aggregate balance sheet debt of BSE 500 companies, excluding those in the banking and financial services space, belongs to net importers and every one percentage point depreciation in the rupee causes a 1.3 percent margin compression, affecting the credit profiles.

Estimating that the rupee will be trading at the 57-58 levels by the end of the fiscal, it said 22 percent of the 'investment' grade corporates may suffer a rating downgrade if the rupee shoots up to over 60 against the dollar for a sustained period of time.

However, there will not be any defaults by these corporates, it said, adding that the defaults will set in only if the rupee breaches the 65 level against the USD. The rupee, which has gained a lot of lost ground in the last few weeks on a surge in inflows, closed 4 paise higher at 59.15 against the dollar at the end of the trading session today.

 

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Maha legislators demand relief for Campa Cola residents

As the deadline to vacate the flats passes today, residents are still hopeful that they will be able to save their houses from demolition.

Members from both ruling and opposition benches in the Legislative Council today asked the Maharashtra government to provide relief to residents of the Campa Cola society in Mumbai, who are supposed to vacate their illegally built flats today.

Deputy Chief Minister Ajit Pawar assured the Council that he would convey members' sentiments to the Chief Minister Prithviraj Chavan. Leader of Opposition Vinod Tawde (BJP) raised the issue; BJP MLC Ashish Shelar suggested that government seek the help of the newly-appointed Attorney General Mukul Rohatgi.

Pawar said the state cabinet would take up the issue. As the deadline to vacate the flats passes today, residents are still hopeful that they will be able to save their houses from demolition. The Brihanmumbai Municipal Corporation, the local civic body, has said it would move the Supreme Court if the residents of 96 illegal flats did not vacate.

The apex court had refused to stay demolition of the illegal 96 flats in the Campa Cola complex.

Also Read: 'Prime Property' discusses Campa Cola predicament

 

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First week of PM Modi: How did he fare?

A week is a short period to assess how the new government will function over its full term, but if early signs are anything to go by, prime minister Narendra Modi is planning significant changes to the way government has been functioning

A week is a short period to assess how the new government will function over its full term, but if early signs are anything to go by, prime minister Narendra Modi is planning significant changes to the way government has been functioning - from scrapping EGoM and GoMs to asking ministers and bureaucrats to work for six days a week - the prime minister wants to change the work culture of bureaucrats and ministers.

Needless to say that the Modi government made a good beginning, but AK Bhattacharya editor of Business Standard believes it could have been better.

Also Read: Modi-Jaya meeting: Why will NDA want a difficult ally?

He feels abolition of EGoMs is a progressive step, which effectively means the PMO will become all powerful once again.

The Modi government has also set up a SIT on black money, which will hold its first meeting on Wednesday - June 4. Bhattacharya says it is a move in the right direction and will send good signal to tax payers.

He doesn't see any problem on proposed reforms in the insurance sector, but is not confident about transferring of government stake in PSU banks to holding companies. Instead Bhattacharya feels the government should try and reduce its stake in PSU banks from 51 percent to 33 percent and thereafter to 26 percent.

On the matter of asking bureaucrats and ministers to work six days a week, he believes instead of making changes in laws, a simple directive will do the trick.

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SIT on black money holds its first meeting

Without elaborating on the roadmap, the statement said the next meeting of the SIT will be convened shortly to take stock of the follow-up of the decisions taken at today's parleys.

The Special Investigation Team (SIT) set up by the Centre to probe black money stashed by Indians abroad had its first meeting today during which the roadmap on how to proceed further was decided. Sources privy to the meeting said that the SIT headed by former Supreme Court Judge M B Shah decided to examine whether some of the black money cases could be put on fast-track.

After nearly two-hour long deliberations, the Finance Ministry came out with a brief statement saying that "during the meeting, detailed modalities of proceeding further with the Supreme Court mandate were discussed and the roadmap decided."

Also Read: SIT probe on black money a positive, says Ex-CBDT chairman

Without elaborating on the roadmap, the statement said the next meeting of the SIT will be convened shortly to take stock of the follow-up of the decisions taken at today's parleys. However, sources in the meeting said that probe agencies like Enforcement Directorate, the CBI and other financial probe agencies were asked to submit the number of black money and money laundering cases pending before them and the progress of the probe.

The meeting was chaired by 75-year-old Shah and attended by former Supreme Court Justice (retd) Arijit Pasayat as its vice chairman and top officials of 11 high-profile agencies and departments including Intelligence Bureau, Research and Analysis Wing, CBI and Enforcement Directorate. According to the sources, framing of policy for tackling the menace of black money and the status of ongoing probes and available inputs with all the departments in this regard was discussed.

Neither Shah nor 69-year-old Pasayat spoke about the deliberations at the meeting to the waiting journalists outside North Block which houses the Finance Ministry. "It was a good meeting," was all that Shah said. The Terms of Reference for the SIT states that the elite team will investigate all matters "with respect to unaccounted monies being stashed in foreign banks by Indians or other entities operating in India that may arise in the course of such investigations and proceedings."

Government had notified the creation of the SIT on May 27 after the Supreme Court had asked it to constitute the high-profile team comprising top bosses of the country's premier investigation, enforcement and intelligence agencies. SIT was constituted in the first Cabinet decision of the Narendra Modi government to implement the decision of the Apex Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.
 

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Weather forecast for major indian cities on Tuesday

According to the latest weather update by Skymet Meteorology Division in India, Delhi will be the hottest city in India tomorrow while the coolest will be Bangalore. City of dreams Mumbai which has eagerly been waiting for some rain could get lucky on Tuesday. Here's a look at the weather forecast for major Indian cities on Tuesday, 3rd June.

Cities Maximum Temperature Minimum Temperature Conditions Delhi 42°C 26°C Day will turn hot and dry in the absence of any rain. Sky is expected to be mainly clear. Mumbai 34°C 28°C Morning and evening will be sultry and humidity will be as high as 80%. Light rain in pockets may bring some relief. Kolkata 35°C 27°C Day will be hot and humid and this heat may trigger some thundershowers. Chennai 38°C 29°C A partly cloudy day will not be observed. Both day and night will be very warm. Bangalore 33°C 22°C Maximum and minimum temperatures will be the lowest among all other major cities. Light rain expected. Hyderabad 40°C 27°C Afternoon will be scorching. Partly cloudy sky could bring rain and thundershowers  

By: Skymetweather.com

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Bourses extend deadline for common contract note till Aug

A contract note is a record of transactions executed by a stock broker, having information like order number, time of a trade, quantity and kind of security purchased or sold and brokerage and taxation rates.

Leading stock exchanges NSE and BSE have extended the deadline for introducing common contract notes across segments by brokers till August this year.

Earlier, the deadline for launch of common contract notes was April 1.

A contract note is a record of transactions executed by a stock broker, having information like order number, time of a trade, quantity and kind of security purchased or sold and brokerage and taxation rates.

Different segments such as capital market, currency derivatives and futures and options would have a common contract note.

"... based on the feedback received from the market participants, the date of implementation of the common contract note is extended till August 1, 2014.

"Members are hereby advised to comply with the requirements from August 1, 2014," the exchanges said in similar-worded circulars.

Currently, trading members have to issue different contract notes for different exchanges, as well as for different segments within the same bourse.

NSE and BSE, in November last year, had announced for having common contract note across segments and across all exchanges. The decision was taken after consulting Sebi (Securities and Exchange Board of India), other exchanges and member association.

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Anil Dua quits Hero MotoCorp; to pursue career abroad

Dua will continue in his current role till June 24, Hero MotoCorp Ltd said in a statement.

Country's largest two-wheeler maker  Hero MotoCorp today said its Senior VP (Sales & Marketing) Anil Dua has put in his papers. Dua will continue in his current role till June 24, Hero MotoCorp Ltd said in a statement.

Confirming the development, Dua said: "I have accepted an exciting opportunity outside of the country to begin a new chapter in my professional career."

"Anil's contribution towards the growth of the company is highly appreciated. He played an important role in doubling of sales volumes and increasing market share during the past eight years," Hero MotoCorp Ltd Managing Director & CEO Pawan Munjal said.

The two-wheeler maker said the national marketing and sales functions will continue to be headed by Sanjeev Shukla and A Srinivasu respectively, while the national dealer development and after-sales service functions will remain with Ajay Dikshit and Rajesh Mukhija, respectively.

Hero Motocorp stock price

On June 02, 2014, Hero Motocorp closed at Rs 2385.10, up Rs 41.35, or 1.76 percent. The 52-week high of the share was Rs 2775.05 and the 52-week low was Rs 1565.95.

The company's trailing 12-month (TTM) EPS was at Rs 105.62 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 22.58. The latest book value of the company is Rs 356.32 per share. At current value, the price-to-book value of the company is 6.69.

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Tata Motors sales dip 24%

Domestic passenger as well as commercial vehicle sales declined by 24 percent to 34,334 units in May, down from 45,430 units a year earlier.

Tata Motors  today reported 24 percent decline in total vehicle sales to 37,525 units last month. It had sold 49,304 vehicles in May 2013.

Domestic passenger as well as commercial vehicle sales declined by 24 percent  to 34,334 units in May, down from 45,430 units a year earlier.

Sales of passenger vehicles in May 2014 stood at 9,230 units, down 17 percent , from 11,134 vehicles sold in the same month of last year.

The company sold 6,932 units of Nano, Indica and Indigo cars and 2,298 units of Sumo, Safari, Aria and Venture vehicles in May, the company said in a statement.

In the commercial vehicles segment, domestic sales declined by 27 percent  to 25,104 units from 34,296 units in May last year.

Tata Motors stock price

On June 02, 2014, Tata Motors closed at Rs 421.10, up Rs 5.65, or 1.36 percent. The 52-week high of the share was Rs 464.20 and the 52-week low was Rs 263.10.

The company's trailing 12-month (TTM) EPS was at Rs 1.04 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 404.9. The latest book value of the company is Rs 59.47 per share. At current value, the price-to-book value of the company is 7.08.

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