Tech Mahindra Q3 beats forecast, net falls 7% to Rs 276 cr

Software services exporter Tech Mahindra 's consolidated net profit fell nearly 7 percent quarter-on-quarter, beating analysts' expectations, to Rs 275.8 crore in the third quarter of financial year 2012-13.

Consolidated income from operations increased nearly 10 percent to Rs 1,791 crore from Rs 1,631 crore during the same period.

Numbers were better-than-expectations on every parameter. Analysts on an average were expecting net profit at Rs 235 crore on revenues of Rs 1,750 crore for the quarter.

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Buy Jagran Prakashan; target of Rs 125: Angel Broking

Angel Broking is bullish on Jagran Prakashan and has recommnended buy rating on the stock with target price of Rs 125 in its February 4, 2013 research report.
 
"Jagran Prakashan (JPL) reported a robust 59.5% yoy growth in net profit to Rs66cr aided by tax benefit (due to accumulated losses at Nai Dunia) in 3QFY2013,. JPL's gross margin expanded by 129bp yoy to 65.5% as newsprint prices stabilized and Indian currency fluctuation minimized. However, the OPM came in flat yoy at 24.6% due to forex loss of Rs5.5cr."

"For 3QFY2013, JPL reported a moderate top-line growth of 7.8% yoy to Rs342cr, in-line with our expectation of Rs344cr. In spite of the festive season, the company posted a modest 7.1% yoy growth in its advertising revenue to Rs239cr (due to high base effect). The increase in circulation and 5% hike in cover price led to 12.2% yoy growth in subscription revenue to Rs70cr. During the quarter, the company's non-publishing businesses comprising event, outdoor and digital media grew by 6.6% yoy to Rs33cr."

"At the current market price, JPL is trading at 14.5x FY2014E consolidated EPS of Rs7.3. We maintain our buy view on the stock with a revised target price of Rs125, based on 17x FY2014E EPS, valuing it at 10% premium to our Sensex target valuation multiple. Downside risks to our estimates include 1) sharp rise in newsprint prices, 2) higher-than-expected losses on account of increase in turnaround period for Nai Dunia/ Mid-day," says Angel Broking research report.

Bodies Corporate holding more than 50% in Indian cos

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Mgf, natural resources cos to spend Rs 40.8K cr: Gartner

Indian manufacturers and natural resources companies will spend Rs 40,800 crore on IT products and services in 2013, an increase of 9.1 per cent over 2012, research firm Gartner today said.

These companies spent about Rs 37,400 crore in 2012 on internal IT (including personnel), hardware, software, external IT services and telecommunications, Gartner said in a statement.

The telecommunications category would remain the biggest spending vertical overall and is forecast to reach Rs 13,200 crore in 2013.

Software is likely to register the highest growth rate amongst the categories -- forecast to exceed 15 per cent in 2013 -- with strong growth expected in enterprise resource planning, customer relationship management, desktop software and manufacturing-specific applications, it added.

Banking, securities cos to spend Rs 41k cr on IT: Gartner

Gartner expects high demand for consulting services as manufacturers plan for these implementations, forecasting growth of over 22 per cent in 2013.

"Despite India's slowing economic growth, manufacturing and natural resources remain large and important sectors in the Indian economy, and they are attracting increased IT spending to improve productivity and competitiveness," Gartner Research Director (Manufacturing) Ken Brant said.

Indian manufacturers are seeking to use IT to make process improvements and information from across manufacturing operations more transparent and actionable, he added.

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Buy Multi Commodity Exchange: Motilal Oswal

Motilal Oswal is bullish on Multi Commodity Exchange (MCX) and has recommended buy rating on the stock in its February 02, 2013 research report. According to the research firm, the company is expected to post transaction fees at a CAGR of 14% over FY13-15E and EPS at a CAGR of 19% during this period.

MCX's 3QFY13 revenues at INR1.25b (-3.9% YoY, -4.9% QoQ) was in line with our estimate. EBITDA margin at 58% was marginally below our estimate of 58.9%. PAT at INR758.7m (+10% YoY but -6.8% QoQ) was higher than our estimate of INR667.7m, on the back of other income (INR372.5m, v/s our estimate of INR271.5m).

Lower revenues YoY was on the expected lines as the total value of volumes declined to INR37t in 3QFY13 by 3.6% YoY, from INR38.4t in 3QFY12. Although employee costs at 5.4% of revenues declined 50bp QoQ (110bp below our estimate), administration and other expenses increased 230bp QoQ (+110bp v/s our estimate) to 19.6% and offset the gain from the former.

Over 9MFY13, volumes stood at INR112.7t, down by 5.9% YoY. The decline is led by silver (-31.1% YoY) and gold (-14.6% YoY), offset only partially by crude oil (+28.9% YoY) and copper (+8.7% YoY). Near-monopolistic market share continued, with 9MFY13 share at 87% v/s 86% in FY12. Average daily turnover at the exchange in 3QFY13 was INR481b, down from INR510b in 2QFY13 and INR503b in FY12.

Current CFO Mr Mahesh Joshi resigned and Mr Hemant Vastani, Head-Finance & Accounts has been named the acting CFO of the company.

We expect MCX to post transaction fees at a CAGR of 14% over FY13-15E and EPS at a CAGR of 19% during this period. We separately value MCX's stake (including warrants) in MCX-SX. The standalone exchange's business is valued at 20x FY15E earnings and attribute INR110 (under revision, likely to be revised upwards) as the value to its stake in MCX-SX. Maintain Buy," says Motilal Oswal research eport.

What stocks does Morgan Stanley hold?

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Sensex closes sub 6K, midcaps butchered; Sun Pharma up 4%

16:18

Moneycontrol Bureau
Bad corporate results, poor global cues and weak domestic economic situation kept investors in the sidelines once again, leading to a very sluggish Tuesday. The Sensex closed 91.37 points at 19659.82, and the Nifty ended the day 30.35 points lower at 5956.90.

Jaiprakash Associates, BHEL, Bank of Baroda, Sterlite Industries, Tata Motors, ITC, Bhart Airtel and BPCL stand as biggest loser of the day. The stocks lost between 1.5 percent to 4 percent. Jaiprakash Associates lost 4.4 percent today, and 22 percent year-to-date. Bank of Baroda lost 10 percent in 2 days. BHEL fell for the third consecutive session, down 3 percent due to disappointing Q3 results.

NTPC, which is expected to announce its OFS for Thursday in order to mop uo Rs 12000-Rs 13,000 cr, fell marginally to 0.06 percent on the NSE.

Sun Pharma was the biggest gainer. It rose 4 percent after posting better-than expected numbers, backed by Taro's numbers. Realty major DLF too  supported the markets today with nearly 1 percent gains. Despite seeing occasional bad days, the stock has made newer tops and bottoms.

A host of midcap stocks lay butchered due to extremely poor   quarterly numbers. Jubilant Foods, Jain Irrigation and UCO Bank tumbled 5-8 percent on lower-than-expected quarterly numbers.

Meanwhile, United spirits rose nearly 2 percent after Sebi approved Diageo, USL open offer. It now awaits clearance from the CCI.

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Opto Circuits (India) clarifies on news of pledge shares

Tue, Feb 05, 2013 at 16:19

Opto Circuits (India) Ltd has informed that none of the Promoters shares have ever been pledged.

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MPS board to consider interim dividend

Tue, Feb 05, 2013 at 16:19

MPS board meeting will be held on February 14, 2013, to consider the unaudited financial results for the quarter and nine months ended December 31, 2012, along with limited review report of the statutory auditors and may also consider an Interim Dividend.

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MPS board to consider interim dividend

MPS board meeting will be held on February 14, 2013, to consider the unaudited financial results for the quarter and nine months ended December 31, 2012, along with limited review report of the statutory auditors and may also consider an Interim Dividend.

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MPS board to consider interim dividend

MPS board meeting will be held on February 14, 2013, to consider the unaudited financial results for the quarter and nine months ended December 31, 2012, along with limited review report of the statutory auditors and may also consider an Interim Dividend.

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MPS Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on February 14, 2013, to consider the unaudited financial results for the quarter and nine months ended December 31, 2012, along with limited review report of the statutory auditors and may also consider an Interim Dividend.Source : BSE

Read all announcements in MPS

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Munjal Showa standalone Dec '12 sales at Rs 390.84 crore

Tue, Feb 05, 2013 at 16:19

Munjal Showa has reported a sales standalone turnover of Rs 390.84 crore and a net profit of Rs 15.99 crore for the quarter ended Dec '12

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Munjal Showa standalone Dec '12 sales at Rs 390.84 crore

Munjal Showa has reported a sales standalone turnover of Rs 390.84 crore and a net profit of Rs 15.99 crore for the quarter ended Dec '12

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Munjal Showa standalone Dec '12 sales at Rs 390.84 crore

Munjal Showa has reported a sales standalone turnover of Rs 390.84 crore and a net profit of Rs 15.99 crore for the quarter ended Dec '12

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Munjal Showa has reported a standalone sales turnover of Rs 390.84 crore and a net profit of Rs 15.99 crore for the quarter ended Dec '12. Other income for the quarter was Rs 0.29 crore. For the quarter ended Dec 2011 the standalone sales turnover was Rs 398.49 crore and net profit was Rs 13.17 crore., and other income Rs 0.31 crore. Munjal Showa shares closed at 65.50 on February 04, 2013 (NSE) and has given -8.96% returns over the last 6 months and -9.34% over the last 12 months.

Munjal Showa Standalone Quarterly Results -------- in Rs. Cr. --------

Dec '12 Sep '12 Jun '12 Sales Turnover 390.84 374.26 419.88 Other Income 0.29 0.51 0.51 Total Income 391.13 374.77 420.39 Total Expenses 362.98 350.81 396.73 Operating Profit 27.86 23.45 23.15 Profit On Sale Of Assets -- -- -- Profit On Sale Of Investments -- -- -- Gain/Loss On Foreign Exchange -- -- -- VRS Adjustment -- -- -- Other Extraordinary Income/Expenses -- -- -- Total Extraordinary Income/Expenses -- -6.14 -- Tax On Extraordinary Items -- -- -- Net Extra Ordinary Income/Expenses -- -- -- Gross Profit 28.15 23.96 23.66 Interest 1.92 1.74 1.87 PBDT 26.23 16.08 21.80 Depreciation 6.69 6.56 6.62 Depreciation On Revaluation Of Assets -- -- -- PBT 19.54 9.52 15.18 Tax 3.55 0.72 1.66 Net Profit 15.99 8.80 13.52 Prior Years Income/Expenses -- -- -- Depreciation for Previous Years Written Back/ Provided -- -- -- Dividend -- -- -- Dividend Tax -- -- -- Dividend (%) -- -- -- Earnings Per Share 4.00 2.20 3.38 Book Value -- -- -- Equity 8.00 8.00 8.00 Reserves -- -- -- Face Value 2.00 2.00 2.00 Source : Dion Global Solutions Limited

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Chelsea crash to late defeat at Newcastle

By Martyn Herman

LONDON (Reuters) - Chelsea surrendered another three points in their quest for a top-four Premier League finish as Newcastle United's new signing Moussa Sissoko struck in the last minute to grab a 3-2 win that left Rafa Benitez's side reeling.

It was another late horror show for third-placed Chelsea, who had led 2-1 with goals from Frank Lampard and Juan Mata before capitulating for the second time in a week, having conceded twice in the dying minutes at Reading on Wednesday.

With fourth-placed Tottenham Hotspur in action on Sunday, Everton had the chance to move above them but drew 3-3 at home to struggling Aston Villa, who led 3-1 before Marouane Fellaini's double spared Everton's blushes.

Lukas Podolski scored in the 78th minute to hand Arsenal a 1-0 victory at home to Stoke City, a result that helped the Gunners close in on the Champions League qualification places.

Leaders Manchester United were aiming to move 10 points clear of Manchester City when they met Fulham in the late kickoff.

Any thoughts of the title race are long gone for Chelsea, who have now managed just one win from their last six games in all competitions - a run that will increase the pressure on Benitez.

Worryingly for Chelsea, they are leaking goals, and that was the case again on Saturday as Sissoko turned the match on its head after Chelsea seized control.

Jonas Gutierrez gave Newcastle the lead after 41 minutes with a header but Chelsea replied after the break with Lampard's fierce shot and a curler from Mata.

Former Toulouse midfielder Sissoko, one of several French signings for Newcastle during January, tapped in an equaliser after 68 minutes after Petr Cech had parried Papiss Cisse's shot.

Sissoko then crowned a superb home debut when he crashed home a 90th-minute winner after a cut-back from Davide Santon.

Chelsea remain in third place with 46 points from 25 games, with Tottenham in fourth spot on 42 points from a game less.

Everton also have 42 with Arsenal in sixth on 41.

At the bottom of the table a missed penalty from Adel Taarabt cost relegation-threatened Queens Park Rangers victory against Norwich City as they drew 0-0 at Loftus Road.

QPR's fourth league draw in a row meant they are now six points from safety after Reading beat Sunderland 2-1.

Southampton drew 2-2 at Wigan Athletic, meaning none of the six sides at the bottom of the table before kickoff lost.

West Ham United beat Swansea City 1-0 thanks to a goal from on-loan Liverpool striker Andy Carroll.

(Reporting by Martyn Herman, editing by Stephen Wood)

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Whatmore praises "incredible pace bowling" by South Africa

By Nick Said

JOHANNESBURG (Reuters) - Pakistan coach Dav Whatmore believes an onslaught by the South African pace bowlers in the morning session on day two of the second test at the Wanderers on Saturday was the best he has ever seen.

Dale Steyn took six for eight as Pakistan collapsed to their lowest test score of 49. He was ably supported by Jacques Kallis, Vernon Philander and Morne Morkel in what Whatmore said was a mixture of pace and skill.

"I have never seen two hours of such relentless attack, it was incredible pace bowling," Whatmore, who was born in Sri Lanka and represented Australia, told a news conference.

"Most of our batsman were out to terrific balls. I think we scored something like 34 runs in the first session? It is unheard of."

Whatmore had special praise for Steyn, who he said was nearly unplayable.

"His pace and skill on this pitch is what makes him so special. I am obviously unhappy with the result of today, but there were reasons for it. It was incredible bowling," he said.

South Africa were 207 for three at the close, a lead of 411.

Steyn played down his performance, saying the whole team had responded to a dressing-down from captain Graeme Smith after they were bowled out for 253 on Friday.

"Graeme sat the guys down this morning and said he wanted a 100 percent day from us. He felt we didn't give that yesterday," Steyn said. "We don't have to have many of these chats so I think it had a hand in our performance."

The world's number one fast bowler said after his initial success in removing three of Pakistan's top order, he returned to find he could extract even more out of the pitch to clean up the tail.

"I think the ball actually swung a bit more as it got older, and the wicket assisted it also. It was a great effort from all the bowlers, even Morne, who didn't get a wicket, was hitting the gloves and bowling really well," he said.

Steyn said Smith's decision to bat again instead of enforcing the follow-on had nothing to do with giving the bowlers a rest.

"We just felt we wanted to put Pakistan completely out of the game. The pitch is easier to bat on in the afternoons so we wanted to take advantage of that," he said.

(Editing by John Mehaffey)

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