India moves bill to let insurers sell ULIPs without SEBI nod

July 28, 2010 By Leave a Comment

July 27 (Reuters) – India on Tuesday introduced a bill in parliament to allow insurers to sell unit-linked insurance plans (ULIPs), without seeking the capital markets regulator’s approval.

The Securities and Exchange Board of India (SEBI) and the insurance regulator had locked horns on who should regulate ULIPs, mutual fund instruments with an added life cover, given the products combined insurance and investments.

The bill will seek to formalise an earlier presidential decree which permitted such sales. (Reporting by Manoj Kumar; editing by Malini Menon)

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UPDATE 1-Amcol International Q2 results top Wall Street view

July 24, 2010 By Leave a Comment

July 23 (Reuters) – Specialty minerals company Amcol International Corp (ACO.N) posted better-than-expected quarterly results, partly helped by an increase in volumes at its core mineral segment, and said it expects a top-line growth in the remainder of 2010.

The company also raised concerns over the drilling moratorium in the U.S. Gulf of Mexico during its third quarter.

“We are still focused on expanding our business outside of the United States, but it will take some time to impact the performance,” Chief Executive Larry Washow said in a statement.

In the latest second quarter, the company posted a net income of $ 16.1 million, or 51 cents a share, compared with $6.1 million, or 20 cents share, a year ago.

Sales increased 29 percent to $220.7 million.

Analysts, on average, were expecting earnings of 36 cents a share, before items, on revenue of $196.4 million, according to Thomson Reuters I/B/E/S.

The majority of revenue improvement was due to increased volumes, principally in domestic and Asian metalcasting markets, resulting from increased demand for castings for automobiles and heavy equipment,” the company said.

Shares of the Hoffman Estates, Illinois-based company closed at $27.95 Thursday on the New York Stock Exchange. (Reporting by Vinay Sarawagi in Bangalore; Editing by Roshni Menon)

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India cabinet approves share sale in Power Grid

July 23, 2010 By Leave a Comment

July 22 (Reuters) – India’s cabinet approved share sale in the state-run power transmission utility Power Grid Corp (PGRD.BO) on Thursday, a government spokeswoman said.

The Indian government plans to raise roughly $8.5 billion from share sales in state-run firms in the current fiscal year that ends in March 2011. [ID:nSGE64R0BK]

($1=47.3 rupees)

(Reporting by Nigam Prusty; editing by Malini Menon)

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India fuel inflation at 14.27 pct y/y as at July 10

July 23, 2010 By Leave a Comment

July 22 (Reuters) – India’s fuel price index rose 14.27 percent in the year to July 10, while the food price index climbed 12.47 percent, government data released on Thursday showed.

Fuel price inflation was flat on the previous week’s annual rise, while the pace of food price inflation accelerated from last week’s 12.81 percent.

The primary articles index was up 16.48 percent, compared with the previous week’s reading of 16.25 percent.

While normal rains would cool food inflation after last year’s spike following the worst drought in nearly four decades, a fuel price hike last month would keep pressure on the headline inflation.

Wholesale prices INWPI=ECI, the most closely watched inflation gauge in India, rose 10.55 percent in June from a year earlier, remaining above 10 percent for the fifth straight month. (Reporting by Rajesh Kumar Singh; editing by Malini Menon)

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India mkt regulator panel for hiking open offer trigger

July 20, 2010 By Leave a Comment

July 19 (Reuters) – India’s market regulator’s takeover panel on Monday recommended hiking the open offer trigger to 25 percent from 15 percent.

It also recommended raising the minimum open offer size to 100 percent from 20 percent currently.

(Reporting by Prashant Mehra & Aniruddha Basu; editing by Malini Menon)

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UPDATE 1-Tech firm IQE sees H1 ahead of market view

July 16, 2010 By Leave a Comment

July 15 (Reuters) – British technology firm IQE Plc (IQE.L) said it expected first-half performance to be significantly ahead of market expectations, driven by robust wireless product sales and increasing demand for optoelectronic and silicon-based wafers.

IQE also remained positive on its outlook for the second half, with sales volumes expected to grow further, driven by increasing demand for smartphones and high-speed wireless technology, the company said in a statement.

Analysts on average are expecting the company to post a pretax profit of 4.2 million pounds ($6.41 million) on revenue of 61.7 million pounds for fiscal 2010, according to Thomson Reuters I/B/E/S.

IQE, whose semiconductor wafer products are used in mobile handsets, Wi-Fi, WiMAX, DVDs, laser printers and photocopiers, said it expects first-half revenue to grow over 50 percent to about 32.8 million pounds.

Shares of IQE, whose customers include TriQuint Semiconductor Inc (TQNT.O), RF Micro Devices Inc (RFMD.O) and Anadigics Inc (ANAD.O), were indicated up 9 percent at 20.5 pence at 0653 GMT on Thursday on the London Stock Exchange. ($1=.6550 Pound) (Reporting by Anirban Sen in Bangalore; Editing by Roshni Menon) ((anirban.sen@thomsonreuters.com; within UK +44 207 542 7717; outside UK +91 80 4135 5800; Reuters Messaging: anirban.sen.reuters.com@reuters.net))

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India approves merger of State Bank of Indore with SBI

July 16, 2010 By Leave a Comment

July 15 (Reuters) – India’s cabinet on Thursday approved the merger of State Bank of Indore with State Bank of India (SBI.BO), the country’s largest lender, Information and Broadcasting Minister Ambika Soni told reporters.

(Reporting by C.K. Nayak; editing by Malini Menon)

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India fuel inflation at 14.27 pct y/y as at July 3

July 16, 2010 By Leave a Comment

July 15 (Reuters) – India’s fuel price index rose 14.27 percent in the year to July 3, while the food price index climbed 12.81 percent, government data released on Thursday showed.

Fuel price inflation eased from the previous week’s annual rise of 18.02 percent, while the pace of food price inflation edged up marginally from last week’s 12.63 percent.

The primary articles index was up 16.25 percent, compared with the previous week’s reading of 16.08 percent.

Wholesale prices INWPI=ECI, the most closely watched inflation gauge in India, rose 10.55 percent in June from a year earlier, remaining above 10 percent for the fifth straight month. (Reporting by Rajesh Kumar Singh and Matthias Williams; editing by Malini Menon)

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UPDATE 1-Interquest sees H1 fee income up

July 15, 2010 By Leave a Comment

July 14 (Reuters) – British IT staffing company Interquest Group Plc (ITQ.L) forecast first-half net fee income rising by 14 percent, helped by growth in the private sector that offset relatively weaker demand from the public sector.

The company said it had seen strong trading in the first six months to end-June, with increased demand in both permanent and contract recruitment.

“We believe that with activity levels returning and the enlargement of the group, we are in a strong position as we head into the second half of the year,” Executive Chairman Gary Ashworth said in a statement.

Jobs in Britain’s public sector are set to contract following the government’s budget which announced spending cuts of 6.2 billion pounds ($9.41 billion) in the 2010-2011 financial year. [ID:nLDE65M0VY]

Shares in Interquest closed at 58.5 pence on Tuesday on the London Stock Exchange. ($1=.6588 Pound) (Reporting by Aditi Samajpati in Bangalore; Editing by Roshni Menon)

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India plan panel deputy sees inflation at 5-6 pct by Dec

July 15, 2010 By Leave a Comment

July 14 (Reuters) – India’s wholesale price inflation will ease to 5 percent to 6 percent by December, deputy chairman of planning commission Montek Singh Ahluwalia told reporters on Wednesday.

While India is on track to grow at 8.5 percent in the fiscal year that ends in March 2011, it is grappling with wholesale price index (WPI) inflation that has hit 10.55 percent in June.

Markets widely expect India’s central bank to raise policy rates by 25 basis points in its scheduled policy review on July 27.

(Reporting by Manoj Kumar; editing by Malini Menon)

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UPDATE 1-Low & Bonar profit rises; keeps upbeat FY view

July 14, 2010 By Leave a Comment

July 13 (Reuters) – British specialist materials group Low & Bonar Plc (LWB.L) posted a 31 percent rise in adjusted first-half pretax profit, helped by growth in transport and leisure sectors, and kept an upbeat full-year trading outlook.

The company, which supplies yarn, fabric and fibre to end-markets like civil engineering, transport, sport and leisure, said it would pay an interim dividend of 0.5 pence.

“The much improved sales pattern established throughout the second quarter, has continued into the start of the second half,” Chief Executive Steve Good said in a statement.

In June, the company had forecast full-year trading ahead of its own expectations.

Analysts on average expect Low & Bonar to post a full-year pretax profit of 18 million pounds ($27.1 million) on revenue of 329.4 million pounds, according to Thomson Reuters I/B/E/S.

For the six months to end-May, the company reported a pretax profit of 6.7 million pounds before amortisation and one-time items, compared with 5.1 million pounds a year ago.

Revenue rose 11.7 percent to 155.8 million pounds.

Low & Bonar lowered its net debt by almost 32 percent to 67.4 million pounds at the end of the period.

Shares of the company closed at 43 pence on Monday on the London Stock Exchange. ($1=.6655 Pound) (Reporting by Aditi Samajpati in Bangalore; Editing by Roshni Menon)

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UPDATE 1-Pork supplier Cranswick Q1 sales up

July 14, 2010 By Leave a Comment

(Reuters) – British pork supplier Cranswick Plc (CWK.L) said on Tuesday first-quarter sales rose 19 percent as most of its product categories delivered strong growth reflecting higher volumes.

The company, which supplies fresh pork and gourmet sausages to Britain’s food retailing and manufacturing sectors, said it started the current financial year in line with its expectations.

“Whilst there was a reduction in sales of continental products, there were substantial gains in fresh pork, bacon and sandwiches and continued growth in cooked meats and sausages,” the company said in a statement.

For the three months ended June 30, total sales came in at 198 million pounds ($297.5 million), excluding revenue from the pet business, which was sold in April 2009.

The increase in sales reflects organic growth of 6 percent, and 13 percent from CCF Norfolk which it acquired in June 2009, Cranswick said.

The company’s net debt at end-June stood at 54 million pounds, which was lower than the year-end levels and down 16 percent from a year ago.

Cranswick shares closed at 860 pence on Monday on the London Stock Exchange. ($1=.6655 Pound) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Roshni Menon)

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India adviser:FY11 industrial output to be at FY10 level

July 14, 2010 By Leave a Comment

July 13 (Reuters) – India’s industrial output in the current fiscal year INIPC=ECI will be similar to last fiscal’s 10.4 percent growth, C. Rangarajan, chairman of the Prime Minister’s Economic Advisory Council, said on Tuesday.

He also said the central bank would need to act if double-digit inflation persists.

“If the inflation level persists at double-digit level for several months together, some action on demand side is needed. So the action on the part of RBI (Reserve Bank of India) is required.”

(Reporting by C.J. Kuncheria; editing by Malini Menon)

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UPDATE 1-KSK Power posts higher profit

July 13, 2010 By Leave a Comment

July 12 (Reuters) – KSK Power Ventur Plc (KSK.L) posted a higher full-year pretax profit, driven mainly by forex gains, and said it remained on course to meet market expectations in 2011.

Analysts on average are expecting a pretax profit of $78.1 million on revenue of $186.4 million for fiscal 2011, according to Thomson Reuters I/B/E/S.

KSK, which operates power projects in India, said the pretax profit included a forex gain of $31.8 million, mainly due to a restatement of its foreign currency facilities.

For the year ended March 31, the company posted a pretax profit of $76.9 million, compared with $8.6 million in the year-ago period.

Operating profit increased nearly 118 percent to $23.1 million, while revenue was nearly flat at $52.9 million.

Shares of KSK were up 3.1 percent to 500 pence at 0715 GMT on Monday on the London Stock Exchange. (Reporting by Anirban Sen in Bangalore; Editing by Roshni Menon)

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UPDATE 1-Immunodiagnostic profit rises; CEO to step down

July 13, 2010 By Leave a Comment

July 12 (Reuters) – Britain’s Immunodiagnostic Systems Holdings (IDH.L) more than doubled its full-year pretax profit, helped by demand for its Vitamin D testing kits, and said Chief Executive Roger Duggan would step down in October.

The diagnostic testing kits maker, which recently got regulatory approval for its automated immunoanalyser IDS-iSYS and Vitamin D immunoassay, raised total dividend by 21 percent to 2 pence.

Immunodiagnostic also named Chief Operating Officer Ian Cookson as its new CEO.

Revenue for the first three months of the new year rose to 11.5 million pounds ($17.3 million) from 8.5 million pounds a year ago, Immunodiagnostic said.

“The increased market acceptance of the IDS-iSYS with its expanding menu will continue and bodes well for the future,” the company said in a statement.

For the year to end-March, the company reported a pretax profit of 11 million pounds, compared with 4.8 million pounds a year ago.

Revenue rose 49 percent to 37.2 million pounds.

Analysts on average had expected Immunodiagnostic to post a pretax profit of 10.8 million pounds on revenue of 37.1 million pounds, according to Thomson Reuters I/B/E/S.

Shares of the company closed at 745 pence on Friday on the London Stock Exchange. ($1=.6640 Pound) (Reporting by Aditi Samajpati in Bangalore; Editing by Roshni Menon)

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India May industrial output up 11.5 pct y/y-govt

July 13, 2010 By Leave a Comment

July 12 (Reuters) – India’s industrial output INIP=ECI in May rose at a slower-than-expected 11.5 percent from a year earlier, data showed on Monday.

The median forecast in a Reuters poll was for an annual rise of 16 percent.

Manufacturing output INMFG=ECI rose an annual 12.3 percent, the federal statistics office said in a statement.

Industrial output rose 10.4 percent in the 2009/10 fiscal year (April-March) INIPC=ECI, faster than the 2.8 percent clocked in the previous fiscal year. (Reporting by Rajesh Kumar Singh; editing by Malini Menon)

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Water level in Indian reservoirs higher than yr ago

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Water level in India’s main reservoirs rose to 15 percent of capacity, higher than 10 percent a year ago, government data showed on Friday.

Reservoirs had more water because last year’s June rainfall was about half of the long-term average, while this year the rainfall deficit in the month was 16 percent. (Reporting by Ratnajyoti Dutta; editing by Malini Menon)

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UPDATE 1-Brammer sees growing at rate ahead of market

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Industrial services group Brammer Plc (BRAM.L) said it saw an improving sequential trend throughout the first half and expected to continue growing at a rate substantially ahead of the market.

The supplier of mechanical parts and related services said second-quarter results were substantially ahead of the first quarter.

In the second quarter, group sales per working day on a constant currency basis rose 14 percent to 1.9 million pounds ($2.90 million) per working day. Group sales per working day stood at 1.8 million pounds in the first quarter.

First-half sales on a constant currency basis rose 8.1 percent, Brammer said in a statement.

The company said it continued to maintain gross profit margins at levels similar to last year.

It expects net debt at June end to remain unchanged from December-end levels of about 40 million pounds.

Shares of the company closed at 140 pence on Thursday on the London Stock Exchange. ($1=.6598 Pound) (Reporting by Shivani Singh in Bangalore; Editing by Roshni Menon)

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UPDATE 1-Charlemagne AuM fall in first half

July 10, 2010 By Leave a Comment

July 9 (Reuters) – Emerging markets equity specialist Charlemagne Capital (CHAR.L) said on Friday it had posted a sharp fall in assets under management in the first half of the year due to negative markets and outflows.

The boutique said in a statement that assets under management stood at $2.8 billion at the end of June, a 16 percent increase compared with the same period last year but a 9.5 percent decline since the beginning of the year.

The result is in line with a forecast issued by Singer Capital Markets.

In March Charlemagne said it had seen a recovery in client money flows at the beginning of the year. [ID:nLDE62A069] but since March emerging markets indices fell by around 8 percent.

The group said it had experienced “modest net outflows” in the first half but added that their OCCO hedge fund range was “attracting strong and continuing inflows”, while the group had recommenced fund raising for property specialist investments.

Broker Singer said outflows would not be “substantial”. Net management fees were up 24 percent on same period last year and 1 percent on the previous six months at $10.4 million compared to $8.4 million last year.

Charlemagne said it will pay ordinary and a special interim dividend for the first half of the year, adding further details would be given when the interim financial results are published in September. (Reporting by Cecilia Valente, Editing by Raji Menon)

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India monsoon advances to key grain-producing region

July 6, 2010 By Leave a Comment

July 5 (Reuters) – India’s monsoon rains have advanced into the country’s key grain-producing states of Punjab and Haryana and is forecast to progress further, the India Meteorological Department said on Monday. (Reporting by Himangshu Watts; editing by Malini Menon)

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