NDPMS Wealth Management

Over the past two quarters, Tata Steel has reported strong growth in volumes in the domestic operations despite weak demand. Also, its European operations have been broadly better than expectations over the past three quarters indicating some stability and predictability from its European operations. We maintain our positive stance on Tata Steel as its earnings growth is likely to be driven by a) higher sales volume in FY2014-15 on the back of 2.9mn tonne brownfield expansion project in Jamshedpur and b) steady improvement in profitability of European operations. Source: Angel Broking

AHMEDABAD: Gujarat High Court has directed Oil and Natural Gas Corporation (ONGC) to pay dues worth Rs 5,000 crore to Rs 6,000 crore to the state government towards differences in royalty of crude the PSU has extracted since 2008.   A division bench headed by Chief Justice Bhaskar Bhattacharya and Justice JB Pardiwala yesterday directed ONGC to pay differences in royalty of crude within two months and also pay royalty, henceforth, to state government at market rate ..  Source: Economic Times

Analysts polled by Reuters had forecast growth of 4.6 percent. September's figure percent was the fourth successive quarter of economic growth below 5 percent. The economy grew a higher-than-expected 4.8 percent in the three months through September, helped by an uptick in agriculture and construction, government data showed on Friday.  The economy is struggling to rebound from a long slowdown. Economic growth virtually halved in two years to 5 percent in the fiscal year -- the lowest level in a decade -- and most economists surveyed by Reuters last month expect 2013/14 to be worse. Manufacturing rose an annual 1 percent during the quarter and mining fell by 0.4 percent, the data showed, while farm output rose 4.6 percent.