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During the December quarter, Elgi Equipments posted a net profit of Rs16.85 crore driven by healthy sales in international markets
Elgi Equipments Ltd, an air compressor manufacturer, reported a 22% growth in its third quarter net profit, mainly driven by healthy growth in overseas sales.
For the quarter to end-December Elgi Equipments said its net profit rose 22% to Rs16.85 crore from Rs13.8 crore, while its total revenues, including sales, increased marginally to Rs198.1 crore from Rs195.3 crore, a year ago period.
“Prevailing economic growth and political uncertainties continue to hamper the domestic market. However, international markets contributed to overall growth. Sales by automotive division declined 11% impacted due to sustained downturn in the domestic automotive market,” Elgi Equipment said in a regulatory filing.
Elgi Equipment closed Thursday marginally down at Rs88.50 on the BSE, while the 30-share Sensex ended the day flat at 20,310.
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Nifty has to keep itself above 6,000, for the upmove to continue
On Thursday, the stock market carried forward Wednesday’s positive momentum and opened in the positive. However, by the end of the first hour of the session, the benchmark indices made a sudden deep plunge into the negative and stayed in the red for almost the entire session. After that 6-8 minute crash, the benchmark moved up slowly and after lunch, moved into the green. The indices managed to stay above yesterday’s low.
The BSE 30-share Sensex opened at 20,286 moved up to 20,358, then crashed to 20,080 before closing at 20,311 (up 50 points or 0.25%). The NSE Nifty opened at 6,028 moved up to 6,048, then crashed to 5,965 and finally closed at 6,036 (up 14 points or 0.23%). The NSE recorded a volume of 55.74 crore shares.
The ministry of finance, on review of the Government's cash position and funding requirement, decided to cancel the deferred auction scheduled on 17 January 2014 for Rs15,000 crore. This would result in a decrease in the government market borrowing programme for 2013-14 to that extent, the ministry said in a statement.
Meanwhile, the Reserve Bank of India (RBI) announced that it has partially completed the debt-switching program at Rs27,000 crore with an institutional investor against budget proposal of Rs50,000 crore.
Controversy over Telangana, along with a number of other issues, washed out proceedings in Parliament for the second day, which also saw two members from Andhra Pradesh, including one from Congress and other from Telugu Desam Party (TDP), giving notices for a no-confidence motion against the government, in the Lok Sabha.
US indices closed marginally lower Wednesday, after being sharply down at one time. Growth picked up in the US services sector in January, with steady strength in private-sector hiring, suggesting the winter weather that socked the country over the last several weeks had a limited effect on the economy. Companies in the US boosted payrolls by 175,000 in January, according to ADP Research Institute before the government's monthly jobs data tomorrow, 7 February 2014. Payrolls rose 74,000 in December.
Philadelphia President Charles Plosser, who votes on policy this year, on Wednesday, 5 February 2014, said he expects the economy to expand 3% in 2014 as the jobless rate falls to 6.2% by year-end, warranting a quicker tapering to bond purchases by the central bank. Labour markets will continue to improve and inflation expectations will be relatively stable as price increases move up toward the Fed's 2% goal over the next year, Plosser said.
Except for Nikkei 225 (down 0.18%) all the other Asian indices which were trading today closed in the positive. Straits Times which was the top gainer, rose 0.95%. European indices were trading higher. US Futures were trading in the green.
German factory orders unexpectedly declined in December on weaker domestic demand, signaling that companies remain hesitant to invest as surrounding nations struggle to sustain a recovery. In a report, Deutsche Bundesbank said factory orders declined by a seasonally adjusted 0.5% in December, disappointing expectations for a pickup of 0.4%.
Factory orders rose by 2.4% in November, whose figure was revised upwards from a previously reported increase of 2.1%. Year-over-year, German factory orders increased at an annualised rate of 6% in December from a year earlier, below forecasts for a 6.3% gain, after rising at a rate of 7.2% in November. The European Central Bank (ECB) decided to keep rates unchanged.