Online I-T Filing Up 68%
Over 12.3 million taxpayers filed their income-tax returns online by 5th August—the extended tax deadline this year. The number is 68% higher.
Credit Applications Up 150%
Demand for loans has increased 150% since 2010, says Credit Information Bureau of India (CIBIL). CIBIL is the largest credit bureau in India and holds credit information of 930 institutions.
HDFC Bank Ups Rate by 0.2%
The country’s second largest private sector lender, HDFC Bank, has raised its lending rates by 20 basis points, making its floating-rate loans costlier. The base rate thus stands at 9.80%, up from 9.60%, with effect from 3rd August.
Amara Raja Batteries looks well positioned to benefit from strong growth in replacement automotive battery demand in India in the long term. This coupled with a strong technology partner, growing brand awareness, and cost advantage give it an edge over its peers, feels Nomura
Amara Raja Batteries’ June quarter revenues increased by 29% y-o-y versus the market expectation of around 15%, driven by continued robust performance in the replacement segment, the benefit of price increases, and strong volume traction in the telecom segment.
According to the company, there was some sales loss in the industrial segment due to capacity constraint. Margins surprised positively, as the stronger revenue growth led to operating leverage benefits. The company took a 5% price increase in the replacement segment in July, which should largely take care of the recent increase in lead prices.
Nomura Financial Advisory and Securities (India) Private Ltd said it believes that Amara Raja has strong pricing power for further hikes if required and the company will maintain margins at around 16%. Overall, it is expected that the company will sustain its strong performance and deliver a 19% revenue CAGR and 16% EPS CAGR during FY13-15, estimates, Nomura said in a research note.
According to Nomura, Amara Raja Batteries looks well positioned to benefit from strong growth in replacement automotive battery demand in India in the long term. A strong technology partner, growing brand awareness, and cost advantage give it an edge over its peers.
Overall, Nomura has given Amara Raja Batteries’ share a ‘buy’ recommendation in the stock market with a target price of Rs350. As the company increases its scale of operations, the stock’s multiples will improve, forecasts Nomura. Nomura’s estimates with respect to the company are given below:
“We expect strong operating cash flows over the next three years. Potential high capex in FY14F for capacity expansion will impact free cash flows, though,” Nomura said.
The ‘kanwarias’ or devotees of Lord Shiva were on the tracks after alighting from the Samastipur-Saharsa passenger when they were run over by the Saharsa-Patna Rajyarani Express at Dhamara Ghat station in Bihar
A speeding express train ran over devotees waiting on tracks, leaving 35 persons dead in Bihar on Monday. This led to angry protests by locals who attacked the train driver and set afire the train coaches besides the engine of another train at Dhamara Ghat Station in Khagaria district.
According to officials, the ‘kanwarias’ (devotees of Lord Shiva) were on the tracks after alighting from the Samastipur-Saharsa passenger when they were run over by the Saharsa-Patna Rajyarani Express travelling at 80kmph.
Railway Board chairman Arunendra Kumar told reporters that the train was not supposed to halt at Dhamara Ghat and was given clearance to pass through the area but the devotees were on the tracks thinking they could stop the train. He said that it was a case of trespassing as the pilgrims were illegally trying to cross the tracks.
Though the driver applied emergency brakes, it was too late by then, he said, adding that an internal inquiry has been ordered into the incident.
The pilgrims were going to nearby Katyani Sthan temple to offer ‘jalabhishek’ to Lord Shiva on the fourth and final Monday of the holy month of Shrawan when the accident took place.
Soon after the accident, local people attacked the train driver. The engine of the Samastipur-Saharsa passenger train and an AC coach of Saharsa-Patna Rajyarani Express were set on fire by the enraged locals.