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Wednesday Stock Updates From Sbaasl

May 07, 2014 12:05 PM ET
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Commenting on the financial performance, Mr. Bhaskar Bhat, Managing Director, Titan Company said: The year 2013-14 was a challenging year given the economic environment that was subdued. The year also witnessed other adverse factors like the regulatory changes that impacted our jewellery business. The company will however continue to invest in strategic initiatives taking into account our long term and sustainable growth plans. Given the expectations of our stakeholders and aspirations of our employees, we move confidently into the new financial year with aggressive plans.

Gati rose 6.25% after consolidated net profit surged 83% to Rs 13.80 crore on 20% increase in turnover to Rs 386.50 crore in Q3 March 2014 over Q3 March 2013. The company announced the result after market hours on Tuesday, 6 May 2014.

Gati's consolidated earnings before interest taxes depreciation and amortization (EBITDA) rose 43% to Rs 32.20 crore in Q3 March 2014 over Q3 March 2013.

Commenting on the company's quarterly performance, Mr. Mahendra Agarwal, Founder & CEO, Gati said, "Gati has continued to be resilient to the economic slowdown due to high operational efficiency, specialised service offerings, aggressive stance on new business development and time-definite delivery services. Our foray in the e-commerce segment and innovation by offering value-added services has opened up opportunities that are we are harnessing to realise to full potential."

"Going forward, we are upbeat on the performance of EDSC and e-commerce businesses with the opening up of the market to new players and a pick-up in trade," he added.

Gujarat Pipavav Port surged 12.53% after net profit jumped 72.51% to Rs 61.02 crore on 25.49% growth in total income from operations to Rs 156.20 crore in Q1 March 2014 over Q1 March 2013. The Q1 result was announced after market hours on Tuesday, 6 May 2014. Exceptional item in Q1 March 2014 represents payment made by the company in January 2014 amounting to Rs 10.22 crore towards mobilization and other services in relation to the dredging activity undertaken as part of the port expansion project. Consequent to the revision in the said port expansion plan approved by the Board of Directors of the company in its meeting dated 17 April 2014, this amount is fully written off, Gujarat Pipavav Port said.

In the foreign exchange market, the rupee edged higher against the dollar on speculation Federal Reserve Chair Janet Yellen will reiterate a pledge to keep US interest rates low in testimony later in the global day today, 7 May 2014. The partially convertible rupee was hovering at 60.02, compared with its close of 60.11/12 on Tuesday, 6 May 2014.

GDP growth across the 34-member OECD is projected to accelerate to a 2.2% rate in 2014 and 2.8% in 2015, according to the Outlook. The world economy will grow at a 3.4% rate in 2014 and 3.9% in 2015.

Among the major advanced economies, recovery is best established in the United States, which is projected to grow by 2.6% in 2014 and 3.5% in 2015. The euro area will see a return of positive growth after three years of contraction: 1.2% in 2014 and 1.7% in 2015. In Japan, growth will be dented by the launch of much-needed fiscal consolidation measures, and is expected to hover at 1.2% in 2014 and 2015.

The BRICS (Brazil, China, India, Indonesia, Russia and South Africa) are projected to see GDP growth of 5.3% this year on average and 5.7% in 2015. China will again have the fastest growth among these countries, with rates just below 7.5% in 2014 and 2015.

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