Commodities Buzz: EIA Crude Inventories Witness Third Consecutive Drop

Crude oil inventories in the US continued their drop, the US Energy InformationAdministration said Wednesday. US commercial crude inventories decreased by 2.7 millionbarrels last week, maintaining a total US commercial crude inventory of 482.2 millionbarrels. This is the third consecutive drop in crude supplies though the inventories atthis time of the year remain at their highest in eight decades. US Gasoline stockpilesalso dropped 2.8 million barrels to 223.9 million barrels, the lowest in five months.Distillate stocks, which include heating oil and diesel fuel, slipped by 500,000 barrelsas well. For the past week, crude imports averaged 7.2 million barrels a day, up by318,000 barrels a day compared with the previous week. Refineries were running at 92.4% ofcapacity, with daily input of over 16.2 million barrels, about 245,000 barrels a day abovethe previous week’s average.

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ABG Shipyard stock slumps 18%

The company has clarified that they are working within the framework of Corporate Debt Restructuring (CDR) Scheme and our principal repayment of loans are yet to start.

Shares of ABG Shipyard were lower by 18% to Rs. 140.

The stock has hit a high of Rs. 173 and a low of Rs. 137.

The company has clarified that they are working within the framework of Corporate Debt Restructuring (CDR) Scheme and our principal repayment of loans are yet to start. Therefore, the news article in 'Economic Times’ may be their views.

The Exchange had sought clarification from ABG Shipyard Ltd with respect to news appearing in The Economic Times on May 15, 2015 titled "ABG Defaults on Restructured Loan."

Claris Lifesciences stock surges 9%

Cadila Healthcare is planning to acquire the generic sterile injectables business of Claris Lifesciences , says report.

Shares of Claris Lifesciences were higher by 9% to Rs 307 on reports that Cadila Healthcare is planning to acquire the generic sterile injectables business of the company.

The stock has hit a high of Rs. 331 and a low of Rs. 306.

A formal announcement is expected early next month, says report.

Sterlite Technologies zooms 4% backed on Q4 earnings

Revenues for the Q4, FY15 stood at Rs. 979 crores, an increase of 52% with respect to same period last year. Full year revenues stood at Rs. 3030 crores.

Shares of Sterlite Technologies Ltd ended higher by 4% at Rs. 66 post Q4 results.
The stock has hit a high of Rs. 69 and a low of Rs. 63.
The Board of Directors of the Company at its meeting held on May 18, 2015, has approved a Corporate Restructuring Plan.

Revenues for the Q4, FY15 stood at Rs. 979 crores, an increase of 52% with respect to same period last year. Full year revenues stood at Rs. 3030 crores.
Q4 2015 EBITDA at Rs. 131 crores continues to show sequential growth on a Quarter on Quarter basis.
On full year basis, the standalone EBITDA for FY15 stood at Rs. 386 crores against Rs. 271 crores.
 EBITDA margin improved from 10% last year to 13% this year.
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SBI to e-auction distressed properties every quarter

The first e-auction for distressed properties will take place in mid-June

State Bank of India on Thursday said it has decided to hold e-auctions of distressed properties in the middle of the last month of every quarter, according to a media report.

The first e-auction for distressed properties will take place in mid-June. The Bank has decided to conduct e-auction of distressed properties every quarter separately for retail properties.

SBI will hold these auctions in the middle of the last month of every quarter. Thus, mid-June will see a new auction.

These properties came to SBI as they were collaterals plegded by borrowers for housing or other business loans. But the borrowers defaulted on repayment, forcing the bank to take over them under the Security and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.

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Capital First gains on Q4 earnings

Total income also jumped by 33.7 percent to Rs. 385 crore from Rs. 288 crore for the above mentioned period.

 

Capital First is trading on a positive note on recording a net profit of Rs. 36.5 crore in Q4FY15, as against Rs. 29.8 crore in a year ago period.

Total income also jumped by 33.7 percent to Rs. 385 crore from Rs. 288 crore for the above mentioned period.

The stock so far has jumped 3.3 percent to a high at Rs. 413 and is now up 1.2 percent at Rs. 405. On the BSE counter, so far, 30,000 shares are traded, against two-week daily average volume of 41,000 shares.

Meanwhile, the Sensex has shed 118 points at 27,133.

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Lupin plunges 3%, misses street estimates on Q4 earnings

The company’s Q4 standalone net profit declined by 28.7 percent to Rs. 407 crore as against Rs. 571.17 crore in the corresponding quarter a year ago.

Lupin reversed gains in late trades and plunged 3.5 percent to Rs. 1,687.

The company’s Q4 standalone net profit declined by 28.7 percent to Rs. 407 crore as against Rs. 571.17 crore in the corresponding quarter a year ago. 

Total income too was down 11.1 percent at Rs. 2,198 crore from Rs. 2,472 crore.

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