TATA Steel Q2 profit declines 87%; Misses estimates

The Markets Today in a nutshell

• Domestic benchmark indices ended with robust gains.
• Consumer durables, IT and Auto shares were in demand. India’s forex reserves dropped by $3.847 billion to $524.52 billion for the week ended October 21, the RBI said on Friday. The overall reserves had dropped by $4.50 billion to $528.37 billion in the previous reporting week, and have been declining for many months now.

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? TATA Steel Q2 profit declines 87%; Misses estimates  
Consolidated revenue for the company remained flat with a marginal decline of one percent year-on-year to Rs 59,878 crore. Realizations declined amidst a global meltdown in commodity prices even as a fall in volumes in Europe was negated by an increase in local volumes. A jump in input costs severely dented margins and profitability.

? LIC plans to pay dividends or issue bonus shares
The company plans to transfer nearly $22 billion from policyholders’ funds into a fund earmarked to pay dividends or issue bonus shares. The move is aimed at shoring up both its own net worth and investor confidence

? Bharat Airtel results meets analyst estimates
Consolidated net profit for the September quarter rose 89 percent to Rs 2,145.2 crore from Rs 1,134 crore a year back. The figure was in line with analysts’ projections. Its total revenue came in at Rs 34,526.8 crore, up 22 percent from Rs 28,326.4 crore reported in the corresponding quarter last year. Analysts had estimated a 75 to 110 percent year-on-year (YoY) growth in net profit while revenue growth was pegged at around 20 percent.

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• Udaan raises $120 mn in funding winter, plans IPO in 12-18 months

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