EPFO has decided to make all payments to its beneficiaries through electronic mode from September 2014. At present, 93% of the benefits are transferred electronically. Under this facility, benefits, such as PF withdrawals, are directly credited to the beneficiaries’ account and no cheque or bank draft is issued.
Making electronic payment will not only improve the efficiency of the EPFO, but will also reduce unnecessary paperwork. Digitising of pension data is expected to be completed by August 2014. EPFO is also contemplating providing permanent or universal account numbers to all its active members by October 2014.
If 6700 holds over the next two days, Nifty put in a bounce
A few minutes at the beginning of the session on Tuesday, was the only time when the benchmark traded in the positive. Soon both BSE 30-share Sensex and NSE 50-share Nifty made a quick slide down in the negative and traded in the red for the entire day. Their effort to recover was met by further pull down when the indices hit their day’s low towards the end of the session.
The Sensex opened at 22,654 and surged to the high of 22,682 while the Nifty opened at 6,769 and hit a high of 6,780. Both the Sensex and Nifty hit their lowest since 17 April 2014 and closed near to the day’s low. Sensex hit a low of 22,444 and closed at 22,466 (down 165 points or 0.73%) while Nifty hit a low of 6,709 and closed at 6,715 (down 46 points or 0.68%). The NSE recorded a higher volume of 85.01 crore shares.
Coal India was in the news over its plans to take a further step to develop mines in Mozambique for which it has invited bids for the third phase of drilling in the African nation. The stock was among the top two gainers in the Sensex 30 pack.
The Supreme Court indicated it would pass an interim order on a plea for stopping illegal mining activities in Odisha and the priority before it would be to halt 40 out of 56 iron ore mines operating under deemed-renewed leases. Tata Steel was the top loser in the Sensex 30 stock.
Wockhardt on Monday said that the drug regulator of Himachal Pradesh has revoked a suspension it imposed on the manufacture and sale of a combination drug for pain treatment. The company last week had said that the drug regulator had suspended the manufacture, sale or distribution of fixed dose combination of Dicyclomine Hydrochloride IP 10mg, Tramadol Hydrochloride IP 50mg and Acetamenophen IP 325mg. The stock was the top gainer in ‘A’ group on the BSE.
Poor March quarter results of Jindal Steel & Power pulled the stock down. The company was the top loser in the ‘A’ group on the BSE.
US indices pulled back into the green after a sharp sell off earlier in the session on Monday. A report by the National Association of Realtors showed contracts to purchase previously owned US homes climbed in March by the most in almost three years, showing residential real estate was starting to stabilise entering the spring selling season. The pending home sales index rose 3.4%, the first gain in nine months, after a 0.5% drop in February that was smaller than initially reported.
Straits Times (0.15%) and Seoul Composite (0.23%) all the other Asian indices which were trading today closed in the positive. Hang Seng (1.45%) was the top gainer.
European indices were trading in the green. US Futures too were trading higher.
UK gross domestic product expanded 0.8% from the final three months of 2013, when it grew 0.7%, the Office for National Statistics said today in London.
During the March quarter, Dabur India reported a net profit of Rs235.29 crore on robust sales growth in its health supplements, digestives and oral care business
Dabur India Ltd (Dabur), the country’s fourth largest fast-moving consumer goods (FMCG) company, posted a 17.3% higher fourth quarter net profit on strong volume-led growth across key categories like health supplements, digestives, shampoos, toothpastes, foods & home care segments.
For the quarter to end-March, Dabur India said its consolidated net profit grew 17.3% to Rs235.29 crore from Rs200.55 crore, while its total revenues, including sales, grew 15.5% to Rs1,769.02 crore from Rs1,531.09 crore, same quarter last year.
“The business has performed well on all operating parameters. Our strong performance reflects the robustness of our business model and our ability to efficiently manage the emerging challenges. Going forward too, our focus will be on pursuing an aggressive and profitable growth strategy,” Sunil Duggal, chief executive of Dabur said in a statement.
Category wise growth
Digestives category posted a 23% growth during the fourth quarter of 2013-14, Hajmola and its Anardanana variant grew in strong double digits. Dabur Pudin Hara performed well and launched new lemon fizz variant.
Health supplements business saw a 17.6% growth during the quarter. Dabur Chyavanprash performed well driven by new variants and promotions. Dabur Honey performed across the regions and channels.
Oral Care business grew by 17.3% in march quarter. The toothpaste business led by Dabur Red Paste reported a 20.7% growth. Meswak also posted double digit growth.
Home care category grew by 13% during fourth quarter. Perfume brand Odonil grew in double digits. However mosquito repellent- Ododmos sales fell during march quarter.
Skin care business grew 10% followed by double digits growth of Gulabari and Fem Bleaches. However HRC and hand wash variants of Fem reported slightly lower growth during march quarter.
Food business riding on strong demand for its packaged juices ended the period with a 20.6% growth. Real brand continued to perform well in double digits and crossed $100 million mark in sales.
Hair Care portfolio reported growth of 6%, while the shampoo business grew by 19%. Newly launched Vatika variants also received good response.
“Dabur’s International Business continues to be a key growth driver, recording a robust 20% growth during the fourth quarter of 2013-14, led by strong performance in GCC, Egypt and Levant (comprising Yemen, Jordan, Lebanon & Syria) markets. During the full year 2013-14, the Levant business reported a strong 32% growth, while sales in Egypt grew by 20% and GCC markets by 17%,” says Dabur India Ltd Group Director, PD Narang.
For the 12 months to end-March, Dabur said its consolidated net profit increased 19.7% to Rs913.92 crore from Rs763.42 crore, its total sales grew 15.1% to Rs7,073.21 crore from Rs6,146.38 crore a year ago period.
Dabur India declared final dividend of Re1 per share.
Dabur India closed Tuesday 1.36% down at Rs177.70 on the BSE, while the 30-share Sensex ended the day flat at 22,487.
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