Q3 FY 14-15 - RESULTS SEASON - BOARDS MEETING DATES -UPDATED ON 24.01.15

Q3 FY 14-15 RESULTS  SEASON

BOARDS MEETING DATES

The Q2 FY 2014-15 is about to start. The Expected dates of announcement of results is given here. This will be updated periodically. Readers  can point out any suggestions /errors, for which this blog will remain grateful.

Company	Purpose	BrdMtngDat
Delta Corp .	Results	26-Jan-15
Eveready Industries India .	Results	27-Jan-15
Welspun Enterprises .	Results	27-Jan-15
Orbit Exports .	Results/Others	27-Jan-15
Union Bank of India	Results	27-Jan-15
Titan Company .	Results	27-Jan-15
Vinati Organics .	Results	27-Jan-15
Chennai Petroleum Corp .	Results	27-Jan-15
Vinyl Chemicals (India) .	Results	27-Jan-15
Idea Cellular .	Results	27-Jan-15
GHCL .	Results	27-Jan-15
Welspun Projects .	Results	27-Jan-15
Himachal Futuristic Communications .	Dividend	27-Jan-15
Cholamandalam Investment and Finance Company .	Results/Dividend	27-Jan-15
Transwarranty Finance .	Results	27-Jan-15
Godrej Properties .	Results	27-Jan-15
Aro Granite Industries .	Results	27-Jan-15
Amara Raja Batteries .	Results	27-Jan-15
SKM Egg Products Export (India) .	Results	27-Jan-15
Wendt (India) .	Results/Dividend	27-Jan-15
OCL India .	Results	27-Jan-15
Nucleus Software Exports .	Results	27-Jan-15
Onward Technologies .	Results	27-Jan-15
Hinduja Foundries .	Results/Others	27-Jan-15
Gujarat State Fertilizers & Chemicals .	Results	27-Jan-15
Intrasoft Technologies .	Results/Dividend	27-Jan-15
Maruti Suzuki India .	Results	27-Jan-15
The Karnataka Bank .	Results	27-Jan-15
Max India .	Restructuring	27-Jan-15
Karuturi Global .	Results	28-Jan-15
Snowman Logistics .	Results	28-Jan-15
8K Miles Software Services .	Others	28-Jan-15
Just Dial .	Results/Others	28-Jan-15
Welspun Investments and Commercials .	Results	28-Jan-15
Alkyl Amines Chemicals .	Results	28-Jan-15
Accelya Kale Solutions .	Results/Dividend	28-Jan-15
SIL Investments .	Results	28-Jan-15
Rico Auto Industries .	Others	28-Jan-15
Renaissance Jewellery .	Results	28-Jan-15
Ranbaxy Laboratories .	Results	28-Jan-15
Astral Poly Technik .	Results/Others	28-Jan-15
State Bank of Bikaner and Jaipur	Results	28-Jan-15
EIH .	Results	28-Jan-15
Havells India .	Results	28-Jan-15
Torrent Pharmaceuticals .	Results/Dividend	28-Jan-15
Alstom T&D India .	Results	28-Jan-15
Welspun Corp .	Results	28-Jan-15
Adani Ports and Special Economic Zone .	Results	28-Jan-15
Maral Overseas .	Results	28-Jan-15
Lumax Auto Technologies .	Results	28-Jan-15
Adani Power .	Results	28-Jan-15
Bharat Gears .	Results	28-Jan-15
Foseco India .	Results/Dividend	28-Jan-15
Sintex Industries .	Results	28-Jan-15
MRO-TEK .	Results	28-Jan-15
Aban Offshore .	Results	28-Jan-15
Ajanta Pharma .	Results	28-Jan-15
Pitti Laminations .	Results/Dividend/Stock-split	28-Jan-15
NOCIL .	Results	28-Jan-15
Geometric .	Results/Others	28-Jan-15
Lloyd Electric & Engineering .	Results/Others	28-Jan-15
JM Financial .	Results/Dividend	28-Jan-15
Noida Toll Bridge Company .	Results	28-Jan-15
Kalyani Forge .	Results	28-Jan-15
Pidilite Industries .	Results	28-Jan-15
AVT Natural Products .	Results/Dividend	28-Jan-15
Aditya Birla Money .	Results	28-Jan-15
Jyothy Laboratories .	Results	28-Jan-15
Granules India .	Results	28-Jan-15
Coral India Finance & Housing .	Results/Others	28-Jan-15
Emami .	Results	28-Jan-15
Esab India .	Results	29-Jan-15
Wonderla Holidays .	Results	29-Jan-15
IIFL Holdings .	Results/Others	29-Jan-15
Palred Technologies .	Results/Others	29-Jan-15
Sesa Sterlite .	Results	29-Jan-15
Transport Corp of India .	Results/Dividend	29-Jan-15
Tata Teleservices (Maharashtra) .	Results	29-Jan-15
MPS .	Results/Dividend	29-Jan-15
Vaibhav Global .	Results	29-Jan-15
Dalmia Bharat .	Results	29-Jan-15
Welspun India .	Results	29-Jan-15
Trent .	Results	29-Jan-15
Zodiac JRD- MKJ .	Results	29-Jan-15
Gateway Distriparks .	Results	29-Jan-15
Essel Propack .	Results	29-Jan-15
Dr. Reddy's Laboratories .	Results	29-Jan-15
Akzo Nobel India .	Results	29-Jan-15
Hitachi Home and Life Solutions (India) .	Results	29-Jan-15
Hikal .	Results	29-Jan-15
SKS Microfinance .	Results	29-Jan-15
Onelife Capital Advisors .	Results/Others	29-Jan-15
Microsec Financial Services .	Results	29-Jan-15
Usha Martin Education & Solutions .	Results	29-Jan-15
TCI Developers .	Results	29-Jan-15
Shriram City Union Finance .	Results	29-Jan-15
Gandhi Special Tubes .	Results/Dividend	29-Jan-15
Times Guaranty .	Results	29-Jan-15
The Oudh Sugar Mills .	Results	29-Jan-15
Kokuyo Camlin .	Results	29-Jan-15
Ashok Leyland .	Results	29-Jan-15
Pilani Investment and Industries Corp .	Financial Results Updates	29-Jan-15
Asian Paints .	Results	29-Jan-15
Grindwell Norton .	Results	29-Jan-15
3M India .	Results	29-Jan-15
Swaraj Engines .	Results	29-Jan-15
IL&FS Investment Managers .	Results	29-Jan-15
Karur Vysya Bank .	Results	29-Jan-15
Housing Development Finance Corp .	Results	29-Jan-15
Blue Dart Express .	Results	29-Jan-15
Jagran Prakashan .	Results	29-Jan-15
Royal Orchid Hotels .	Results	29-Jan-15
IDFC .	Results	29-Jan-15
Hindustan Construction Company .	Results	29-Jan-15
Tata Metaliks .	Results	29-Jan-15
Tata Metaliks .	Results	29-Jan-15
Taj GVK Hotels & Resorts .	Results	29-Jan-15
Jenson & Nicholson (India) .	Results	29-Jan-15
Omaxe .	Results/Others	29-Jan-15
Oil Country Tubular .	Results	29-Jan-15
Ratnamani Metals & Tubes .	Results	29-Jan-15
National Steel And Agro Industries .	Results	29-Jan-15
VIP Industries .	Results/Dividend	29-Jan-15
Carborundum Universal .	Results/Dividend	29-Jan-15
EIH Associated Hotels .	Results	29-Jan-15
Indraprastha Medical Corp .	Results	29-Jan-15
ICRA .	Results/Others	29-Jan-15
Upper Ganges Sugar & Industries .	Results	29-Jan-15
The Tinplate Company of India .	Board Meeting Postponed	29-Jan-15
Oriental Bank of Commerce	Results	29-Jan-15
PNB Gilts .	Results	29-Jan-15
Sun TV Network .	Results/Dividend	30-Jan-15
Srikalahasthi Pipes .	Results	30-Jan-15
Intellect Design Arena .	Results	30-Jan-15
Fineotex Chemical .	Allotment of Securities	30-Jan-15
Thomas Cook  (India)  .	Results	30-Jan-15
Sun Pharma Advanced Research Company .	Results	30-Jan-15
Siemens .	Results	30-Jan-15
Binani Industries .	Results	30-Jan-15
Berger Paints (I) .	Results	30-Jan-15
Aegis Logistics .	Results/Dividend	30-Jan-15
Usha Martin .	Results	30-Jan-15
Tech Mahindra .	Results	30-Jan-15
Sundaram Finance .	Results/Dividend	30-Jan-15
Excel Industries .	Results	30-Jan-15
Dabur India .	Results	30-Jan-15
Adani Enterprises .	Results	30-Jan-15
HCL Technologies .	Results/Dividend/Bonus	30-Jan-15
Zee Learn .	Results/Others	30-Jan-15
Tata Global Beverages .	Results	30-Jan-15
Indiabulls Wholesale Services .	Results	30-Jan-15
Dalmia Bharat Sugar and Industries .	Results	30-Jan-15
Ashoka Buildcon .	Results/Dividend	30-Jan-15
Aarti Drugs .	Results/Dividend	30-Jan-15
Indowind Energy .	Results	30-Jan-15
Jayshree Tea & Industries .	Results	30-Jan-15
Neuland Laboratories .	Results	30-Jan-15
NEPC India .	Results	30-Jan-15
IFCI .	Results	30-Jan-15
Kirloskar Brothers .	Results	30-Jan-15
Motilal Oswal Financial Services .	Results/Dividend	30-Jan-15
Gujarat Narmada Valley Fertilizers and Chemicals .	Results	30-Jan-15
Bank of Baroda	Results	30-Jan-15
21st Century Management Services .	Results/Others	30-Jan-15
Gabriel India .	Results	30-Jan-15
Hotel Rugby .	Results	30-Jan-15
IFB Industries .	Results	30-Jan-15
Quintegra Solutions .	Results	30-Jan-15
NEPC  Agro Foods .	Results	30-Jan-15
Namaste Exports .	Results	30-Jan-15
JSW Steel .	Results	30-Jan-15
Grand Foundry .	Results	30-Jan-15
Paramount Communications .	Results	30-Jan-15
Mahindra Lifespace Developers .	Results	30-Jan-15
NTPC .	Results/Dividend	30-Jan-15
Heritage Foods .	Results	30-Jan-15
Thermax .	Results	30-Jan-15
Xpro India .	Results	30-Jan-15
LG Balakrishnan & Bros .	Results	30-Jan-15
PVR .	Results	30-Jan-15
Kansai Nerolac Paints .	Results/Stock Split	30-Jan-15
Shoppers Stop .	Results	30-Jan-15
Vijaya Bank	Results	30-Jan-15
Store One Retail India .	Results	30-Jan-15
Smartlink Network Systems .	Results	30-Jan-15
LGB Forge .	Results	30-Jan-15
ICRA .	Others	30-Jan-15
Max India .	Results	30-Jan-15
Jocil .	Results	30-Jan-15
Hinduja Ventures .	Results	30-Jan-15
Whirlpool of India .	Results	30-Jan-15
Sai Television .	Results	30-Jan-15
Indoco Remedies .	Results	30-Jan-15
Nepc Textiles .	Results	30-Jan-15
ICICI Bank .	Results	30-Jan-15
Monsanto India .	Results	30-Jan-15
Centum Electronics .	Results/Dividend	30-Jan-15
Andhra Bank	Results	30-Jan-15
eClerx Services .	Results	30-Jan-15
Engineers India .	Results	30-Jan-15
Ambika Cotton Mills .	Results	31-Jan-15
TECHINDIA NIRMAN .	Results	31-Jan-15
Nath Bio-Genes (India) .	Results	31-Jan-15
Agri-Tech (India) .	Results	31-Jan-15
Astec LifeSciences .	Results/Others	31-Jan-15
Time Technoplast .	Results	31-Jan-15
Sambhaav Media .	Results	31-Jan-15
EID Parry India .	Results	31-Jan-15
Delta Magnets .	Results	31-Jan-15
Torrent Power .	Results	31-Jan-15
Digjam .	Results	31-Jan-15
Aravali Industries .	Results	31-Jan-15
Astra Microwave Products .	Results/Others	31-Jan-15
Alicon Castalloy .	Results	31-Jan-15
Kirloskar Brothers Investments .	Results	31-Jan-15
Kirloskar Industries .	Results	31-Jan-15
Relaxo Footwears .	Results	31-Jan-15
State Bank of Travancore	Results	31-Jan-15
Titagarh Wagons .	Results	31-Jan-15
Patspin India .	Results	31-Jan-15
Murudeshwar Ceramics .	Results	31-Jan-15
The Andhra Sugars .	Results	31-Jan-15
Divi's Laboratories .	Results	31-Jan-15
Vardhman Special Steels .	Results	31-Jan-15
GTN Textiles .	Results	31-Jan-15
Ramkrishna Forgings .	Results	31-Jan-15
Exide Industries .	Results	31-Jan-15
Savita Oil Technologies .	Results	31-Jan-15
Grasim Industries .	Results	31-Jan-15
Vatsa Music .	Results	31-Jan-15
Thirumalai Chemicals .	Results	31-Jan-15
NCL Industries .	Results	31-Jan-15
Kewal Kiran Clothing .	Results/Dividend	31-Jan-15
PG Electroplast .	Results/Others	31-Jan-15
Munjal Auto Industries .	Results/Others	02-Feb-15
UPL .	Results	02-Feb-15
Lypsa Gems & Jewellery .	Results	02-Feb-15
Vardhman Acrylics .	Results	02-Feb-15
Uniphos Enterprises .	Results	02-Feb-15
Repco Home Finance .	Results	02-Feb-15
GIC Housing Finance .	Results	02-Feb-15
Cera Sanitaryware .	Results	02-Feb-15
Landmark Property Development Company .	Results	02-Feb-15
Summit Securities .	Results	02-Feb-15
Farmax India .	Results/Others	02-Feb-15
Shanthi Gears .	Results/Dividend	02-Feb-15
Redington (India) .	Results	02-Feb-15
Advanta .	Results/Others	02-Feb-15
JSW Energy .	Results	02-Feb-15
Arrow Textiles .	Results	02-Feb-15
Manugraph India .	Results	02-Feb-15
Ausom Enterprise .	Results/Others	02-Feb-15
Indian Bank	Results	02-Feb-15
Eimco Elecon (India) .	Results	02-Feb-15
Modi Rubber .	Results	02-Feb-15
Religare Enterprises .	Results	02-Feb-15
Automotive Stampings and Assemblies .	Results	02-Feb-15
Logix Microsystems .	Results	02-Feb-15
Bharat Forge .	Results	02-Feb-15
Subros .	Results	02-Feb-15
Strides Arcolab .	Results	02-Feb-15
Lakshmi Machine Works .	Results	02-Feb-15
Lupin .	Results	03-Feb-15
Monte Carlo Fashions .	Results	03-Feb-15
DCM Shriram .	Results	03-Feb-15
Nandan Denim .	Results/Dividend	03-Feb-15
TVS Motor Company .	Results/Dividend	03-Feb-15
Suprajit Engineering .	Results/Dividend	03-Feb-15
Suprajit Engineering .	Results	03-Feb-15
Subex .	Results	03-Feb-15
Bharti Infratel .	Results	03-Feb-15
Wheels India .	Results	03-Feb-15
Sundaram Brake Linings .	Results	03-Feb-15
Shree Cements .	Results	03-Feb-15
Britannia Industries .	Results	03-Feb-15
Indian Hume Pipe Company .	Results	03-Feb-15
GlaxoSmithKline Consumer Healthcare .	Results	03-Feb-15
Maars Software International .	Results/Others	03-Feb-15
Texmaco Infrastructure & Holdings .	Results	03-Feb-15
Tribhovandas Bhimji Zaveri .	Results/Others	03-Feb-15
Maithan Alloys .	Results	03-Feb-15
Kesar Terminals & Infrastructure .	Results/Dividend	03-Feb-15
Gyscoal Alloys .	Results	03-Feb-15
Hero MotoCorp .	Results	03-Feb-15
Indian Metals & Ferro Alloys .	Results	03-Feb-15
Texmaco Rail & Engineering .	Results	03-Feb-15
Kalyani Steels .	Results	03-Feb-15
Kalyani Investment Company .	Results	03-Feb-15
BF Investment .	Results	03-Feb-15
Gravita India .	Results	03-Feb-15
Elgi Rubber Company .	Results	03-Feb-15
Jamna Auto Industries .	Results	03-Feb-15
Manappuram Finance .	Results	03-Feb-15
ACC .	Results/Dividend	03-Feb-15
Jindal Steel & Power .	Results	03-Feb-15
NHPC .	Results	03-Feb-15
Punjab National Bank	Results	03-Feb-15
Marico .	Results/Dividend	03-Feb-15
Elecon Engineering Company .	Results	03-Feb-15
Ador Welding .	Results	03-Feb-15
Orient Paper & Industries .	Results	03-Feb-15
Deepak Fertilizers and Petrochemicals Corp .	Results	03-Feb-15
Saksoft .	Results	03-Feb-15
Jubilant Life Sciences .	Results	03-Feb-15
Crompton  Greaves .	Results	03-Feb-15
Kaveri Seed Company .	Results/Dividend	03-Feb-15
Timken India .	Results	03-Feb-15
LCC Infotech .	Results	03-Feb-15
Ramgopal Polytex .	Results	03-Feb-15
Power Finance Corp .	Results	03-Feb-15
BF Utilities .	Results	03-Feb-15
Deccan Cements .	Results	03-Feb-15
Nilkamal .	Results	03-Feb-15
Elgi Equipments .	Results	03-Feb-15
Canara Bank	Results	04-Feb-15
Gulf Oil Corp .	Results	04-Feb-15
Caplin Point Laboratories .	Results	04-Feb-15
Tide Water Oil Company (India) .	Results	04-Feb-15
Tata Power Company .	Results	04-Feb-15
Bombay Burmah Trading Corp .	Results	04-Feb-15
B. L. Kashyap and Sons .	Results	04-Feb-15
Aurobindo Pharma .	Results/Dividend	04-Feb-15
Alembic Pharmaceuticals .	Results	04-Feb-15
Rossell India .	Results	04-Feb-15
Sundaram Clayton .	Results/Dividend	04-Feb-15
Tube Investments of India .	Results/Dividend	04-Feb-15
Thangamayil Jewellery .	Results	04-Feb-15
Tainwala Chemical and Plastic (I) .	Results	04-Feb-15
Sundram Fasteners .	Results	04-Feb-15
Dolphin Offshore Enterprises (India) .	Board meeting Rescheduled	04-Feb-15
Cheslind Textiles .	Results	04-Feb-15
Century Textiles & Industries .	Results	04-Feb-15
Bombay Dyeing & Mfg Company .	Results	04-Feb-15
Jai Corp .	Results	04-Feb-15
Ingersoll Rand (India) .	Results	04-Feb-15
Gujarat Pipavav Port .	Results	04-Feb-15
DIC India .	Results/Dividend	04-Feb-15
GeeCee Ventures .	Results/Others	04-Feb-15
Central Bank of India	Results	04-Feb-15
Poly Medicure .	Results	04-Feb-15
Industrial Investment Trust .	Results	04-Feb-15
APL Apollo Tubes .	Results	04-Feb-15
KEC International .	Results	04-Feb-15
DS Kulkarni Developers .	Results	04-Feb-15
Williamson Magor & Company .	Results	04-Feb-15
MT Educare .	Results	04-Feb-15
JB Chemicals & Pharmaceuticals .	Results	04-Feb-15
JK Lakshmi Cement .	Results	04-Feb-15
Bharti Airtel .	Results	04-Feb-15
Wockhardt .	Results	04-Feb-15
Magma Fincorp .	Results	04-Feb-15
Magma Fincorp .	Results	04-Feb-15
National Fertilizers .	Results	04-Feb-15
Transformers And Rectifiers (India) .	Results	04-Feb-15
Century Enka .	Results	04-Feb-15
PTC India .	Results	05-Feb-15
Gulf Oil Lubricants India .	Results	05-Feb-15
Cineline India .	Results	05-Feb-15
The Ramco Cements .	Results	05-Feb-15
Pantaloons Fashion & Retail .	Results	05-Feb-15
The Ruby Mills .	Results	05-Feb-15
Vardhman Textiles .	Results	05-Feb-15
TIPS Industries .	Results	05-Feb-15
TVS Electronics .	Results	05-Feb-15
Cybertech Systems And Software .	Results	05-Feb-15
Birla Corp .	Results	05-Feb-15
Prism Cement .	Results	05-Feb-15
Manali Petrochemicals .	Results	05-Feb-15
CEAT .	Results	05-Feb-15
Tamilnadu PetroProducts .	Results	05-Feb-15
Hinduja Global Solutions .	Results	05-Feb-15
SJVN .	Results/Dividend	05-Feb-15
Talwalkars Better Value Fitness .	Results/Others	05-Feb-15
Shasun Pharmaceuticals .	Results	05-Feb-15
Dhanuka Agritech .	Results	05-Feb-15
JMC Projects (India)  .	Results	05-Feb-15
Greaves Cotton .	Results	05-Feb-15
Kriti Industries (India) .	Financial Results Updates	05-Feb-15
Ballarpur Industries .	Results	05-Feb-15
PTL Enterprises .	Results	05-Feb-15
Merck .	Results/Dividend	05-Feb-15
Godrej Consumer Products .	Results/Dividend	05-Feb-15
Indian Overseas Bank	Results	05-Feb-15
AIA Engineering .	Results	05-Feb-15
Indo Tech Transformers .	Results	05-Feb-15
Ramco Industries .	Results	05-Feb-15
Apar Industries .	Results	05-Feb-15
OnMobile Global .	Results	05-Feb-15
TIL .	Results	05-Feb-15
HEG .	Results	05-Feb-15
Allahabad Bank	Results	05-Feb-15
Nitco .	Results	05-Feb-15
Jubilant Foodworks .	Results	05-Feb-15
Greenply Industries .	Results	05-Feb-15
Automotive Axles .	Results	05-Feb-15
Gujarat Alkalies and Chemicals .	Results	05-Feb-15
Ponni Sugars (Erode) .	Results	06-Feb-15
Camlin Fine Sciences .	Results	06-Feb-15
Marico Kaya Enterprises .	Results	06-Feb-15
Themis Medicare .	Results	06-Feb-15
Tata Chemicals .	Results	06-Feb-15
Take Solutions .	Results	06-Feb-15
Sutlej Textiles and Industries .	Results	06-Feb-15
Dolphin Offshore Enterprises (India) .	Results	06-Feb-15
TV Today Network .	Results	06-Feb-15
Gujarat Mineral Development Corp .	Results	06-Feb-15
Apollo Tyres .	Results	06-Feb-15
Balmer Lawrie & Company .	Results	06-Feb-15
Rupa & Company .	Results	06-Feb-15
SML Isuzu .	Results	06-Feb-15
Balaji Telefilms .	Results	06-Feb-15
Accel Frontline .	Results	06-Feb-15
Tata Steel .	Results	06-Feb-15
NMDC .	Results/Dividend	06-Feb-15
Jet Airways (India) .	Results	06-Feb-15
Dynamatic Technologies .	Results	06-Feb-15
Dhunseri Tea & Industries .	Results	06-Feb-15
D-Link (India) .	Results	06-Feb-15
Chambal Fertilizers & Chemicals .	Results	06-Feb-15
HeidelbergCement India .	Results	06-Feb-15
New Delhi Television .	Results	06-Feb-15
Pricol .	Results	06-Feb-15
Precot Meridian .	Results	06-Feb-15
Munjal Showa .	Results	06-Feb-15
Pioneer Embroideries .	Results	06-Feb-15
Technocraft Industries (India) .	Results	06-Feb-15
Rashtriya Chemicals and Fertilizers .	Results	06-Feb-15
Balrampur Chini Mills .	Results	06-Feb-15
Sicagen India .	Results	06-Feb-15
R Systems International .	Results/Dividend	07-Feb-15
Seshasayee Paper and Boards .	Results	07-Feb-15
Techno Electric & Engineering Company .	Results	07-Feb-15
Antarctica .	Results	07-Feb-15
Rushil Decor .	Results	07-Feb-15
Hindustan Motors .	Results	07-Feb-15
VA Tech Wabag .	Results/Others	07-Feb-15
Rajdarshan Industries .	Results	07-Feb-15
La Opala RG .	Results	07-Feb-15
JK Cement .	Results	07-Feb-15
Gujarat Ambuja Exports .	Results/Others	07-Feb-15
IPCA Laboratories .	Results	07-Feb-15
Gujarat Industries Power Company .	Results	07-Feb-15
FDC .	Results	07-Feb-15
Sterling Tools .	Results	09-Feb-15
Navneet Education .	Results	09-Feb-15
Asian Granito India .	Results	09-Feb-15
Aarti Industries .	Results/Dividend	09-Feb-15
Styrolution ABS (India) .	Results	09-Feb-15
Rane Holdings .	Results	09-Feb-15
Zydus Wellness .	Results/Others	09-Feb-15
Excel Infoways .	Results	09-Feb-15
Asian Hotels (West) .	Results	09-Feb-15
Meghmani Organics .	Results	09-Feb-15
Orient Abrasives .	Results	09-Feb-15
Larsen & Toubro .	Results	09-Feb-15
Southern Petrochemicals Industries Corp  .	Results	10-Feb-15
Dhunseri Petrochem .	Results	10-Feb-15
Tokyo Plast International .	Results	10-Feb-15
Sanghvi Movers .	Results	10-Feb-15
Mayur Uniquoters Ltd	Results/Dividend	10-Feb-15
Zuari Agro Chemicals .	Results	10-Feb-15
Credit Analysis And Research .	Results/Dividend	10-Feb-15
ZUARI GLOBAL .	Results	10-Feb-15
RSWM .	Results	10-Feb-15
GTN Industries .	Results	10-Feb-15
3i Infotech .	Results	10-Feb-15
BEML .	Results	10-Feb-15
The Ugar Sugar Works .	Results	10-Feb-15
Mandhana Industries .	Results	10-Feb-15
Cadila Healthcare .	Results/Others	10-Feb-15
ABB India .	Results/Dividend	10-Feb-15
Motherson Sumi Systems .	Results	10-Feb-15
BSL .	Results	10-Feb-15
Nesco .	Results	10-Feb-15
PSL .	Results	10-Feb-15
TRF .	Results	10-Feb-15
Goa Carbon .	Results	10-Feb-15
Aditya Birla Nuvo .	Results	10-Feb-15
The State Trading Corp of India .	Results	11-Feb-15
Chennai Petroleum Corp .	Board meeting Rescheduled	11-Feb-15
Bata India .	Results	11-Feb-15
Zodiac Clothing Company .	Results	11-Feb-15
AstraZeneca Pharma India .	Results	11-Feb-15
Punjab Chemicals & Crop Protection .	Results	11-Feb-15
Servalakshmi Paper .	Results	11-Feb-15
Nitesh Estates .	Results	11-Feb-15
kwality .	Results	11-Feb-15
kwality .	Results	11-Feb-15
Shreyas Shipping & Logistics .	Results	11-Feb-15
Godrej Industries .	Results	11-Feb-15
Bharat Petroleum Corp .	Results	11-Feb-15
Kothari Petrochemicals .	Results	11-Feb-15
IVP .	Results	11-Feb-15
Power Finance Corp .	Board meeting Rescheduled	11-Feb-15
Harita Seating Systems .	Results	11-Feb-15
Bombay Rayon Fashions .	Results/Others	12-Feb-15
Swelect Energy Systems .	Results	12-Feb-15
Shrenuj & Company .	Results	12-Feb-15
Gillette India .	Results	12-Feb-15
Shriram EPC .	Results	12-Feb-15
Megasoft .	Results/Others	12-Feb-15
Kothari Sugars And Chemicals .	Results	12-Feb-15
GKW .	Results	12-Feb-15
KNR Constructions .	Results	12-Feb-15
Page Industries .	Results/Dividend	12-Feb-15
Infinite Computer Solutions (India) .	Results	12-Feb-15
Procter & Gamble Hygiene and Health Care .	Results	12-Feb-15
Bajaj Electricals .	Results	12-Feb-15
Rajshree Sugars & Chemicals .	Results	13-Feb-15
PDS Multinational Fashions .	Results	13-Feb-15
Mahindra & Mahindra .	Results	13-Feb-15
Cinevista .	Results	13-Feb-15
MphasiS .	Results	13-Feb-15
The Motor & General Finance .	Results	13-Feb-15
GVK Power & Infrastructure .	Results	13-Feb-15
Nagarjuna Oil Refinery .	Results	13-Feb-15
LT Foods .	Results	13-Feb-15
Gangotri Textiles .	Results	13-Feb-15
Khaitan Electricals .	Results	13-Feb-15
Sudarshan Chemical Industries .	Results	13-Feb-15
Sical Logistics .	Results	13-Feb-15
MIRC Electronics .	Results	13-Feb-15
KCP .	Results	13-Feb-15
Paras Petrofils .	Results	14-Feb-15
Superhouse .	Results	14-Feb-15
Eurotex Industries and Exports .	Results	14-Feb-15
Cox & Kings .	Results	14-Feb-15
Surana Industries .	Results	14-Feb-15
IFGL Refractories .	Results	14-Feb-15
Apollo Hospitals Enterprise .	Results	14-Feb-15
Good Luck Steel Tubes .	Dividend	16-Feb-15
Ambuja Cements .	Results	18-Feb-15
Sanofi India .	Results/Dividend	20-Feb-15
Madhav Marbles and Granites .	Results	23-Feb-15
Vesuvius India .	Results	24-Feb-15

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INFLATION MANAGEMENT VS RBI MONETARY POLICY VS GROWTH MANAGEMENT Need of the Hour- to Reduce Rates significantly

INFLATION MANAGEMENT

VS

RBI MONETARY POLICY

VS

GROWTH MANAGEMENT

Arun Jaitley had said something about Inflation, Growth and Monetary policy; but the Indian Media  felt that he specifically wanted RBI to reduce rates. Arun Jaitley has stated now that he never referred to RBI or its Governor.

When P.Chidambaram was the FM, he too, I remember, had suggested for Reduction in lending Rates to promote Growth. Now, Jaitley has also articulated the same need  but nobody wants to criticize the RBI for its Monetary Policy, which is primarily the instrument through which RBI has raised rates to the current High levels.

But, I don’t see any reason why RBI or its Governor must be treated like Judges who should not be criticized for their Policies.  The  very evolution of economic policies and prescriptions depends on keen watching of such policies in real world and learning the lessons therefrom. Therefore, any fair criticism and any honest suggestion from any quarter to either the Government or the RBI is essential. Non-criticism of any Policy leads to its eventual decay of the theory behind the policy and that is what is what is happening to Monetary Policies across the world. Monetary Policy is fast becoming like religious beliefs - Unquestionable!! Scientific spirit with which Keynes and others propounded their theories warrants that the scientific spirit of questioning is kept alive so that economics remains a science and art and does not degenerate into a Blind Belief system.

When John Meynard Keynes propounded his theories on various economic options including Monetary Policy, I think, one of his basic assumptions was  that there exists full employment or near full employment of resources. When production exceeds demand, prices fall ; when demand exceeds production, prices rise. If we depress demand, then, prices will fall and production adjusts to demand. 

To depress demand, money supply on the demand side of the market must be depressed – and one instrument for doing so is the Interest Rates. This, in theory looks impressive. But the catch is – which demand, which production, which rates and which Inflation? These must exist in a related circle. Else, the policy prescriptions are not only not valid but will work like - shooting the visitors instead of the targets. Food Inflation cannot be tackled by increasing Interest Rates for steel production! Or for the Auto sector.

If Inflation is in food articles, it only means that (i) food production is not adequate or equal to demand or (ii) production costs and market mechanics are such that  there is no way to reduce food prices. The same thing holds good for inflation in any other sector.

Today, food consumption in India is a very, very small fraction of the food consumption in advanced countries like USA. There is HUGE MALNUTRITION among females and among males too. There is need to place more food into the hands of India’s poor and undernourished. MNREGA and other schemes are precisely for that, though, their implementation has been woefully suspect and ridden with corrupt practices. And, they did not have a strong productivity element attached to them. 

That said, India most certainly needs to achieve 2 things urgently (i) It must feed its population well (ii) it must make its population work hard. Neither of these is happening right now.

Which means, food production (and fair distribution) must go up significantly and immediately. Which, in turn, means, it should also become cheaper. Which also means, credit for food production processes at all stages must be available at cheap rates. 

But, with Repo rates at over 8%, how can this happen?

When Repo rates were going up every two months once, like anyone else who studied Economics, I also felt that Food prices and manufactured articles prices are going to come down. It didn’t happen. It’s very opposite was happening all the time. As repo rates went up, prices also went up, every time. Instead of an inverse relation between the two, I was observing  a DIRECT RELATIONSHIP  between the two. After 2 years of prices  and Rates chasing each other, I strongly felt, there was some factor that made this economic theory wrong, or inapplicable, or, some factor was obstructing the rates from influencing prices inversely.

In Indian context, High Rates, in my opinion, can never bring down prices, be it food prices or prices of manufactured articles. On the other hand, what has happened so far is – cheap Chinese and other foreign articles have driven out our all Indian manufactured articles from INDIAN MARKET itself. High Rates alone may not be the single factor which did it. But, in my view, it is definitely ONE FACTOR, which did it. 

The other factors are – bad production practices, low skills, bad marketing practices and the largely prevalent  stupidity in many of us that anything FOREIGN is better than anything Indian. India did not build enough Nationalism at least – to “Buy Indian”, even if it is a little costlier, since, overall, for the country, and for the Individual, this is the only thing that assures employment for all of us, for Indian materials and for Indian production and therefore, ultimately cheaper

Indian Interest rates, are not helping Indian Production to be competitive - in a globalized environment. We must not forget that Indian Interest Rates cannot impact Chinese production which is swarming the Indian market. Our Rates depress our market and our production - not Chinese production. To that extent, Monetary Policy theory also needs adjustment in Globalised environment.

Indian Rates, in any case, are not contributing to improving the Indian employment. Indian Rates do not tend to make prices cheaper but tend to make them costlier – costlier than, for instance, Chinese products, which are swarming the Indian markets. If Interest Rates are close to zero in China and over 8% in India - India can't fight China even within India. Real Interest Rates, as we know, are even much higher than this in India.

I am not one to seek reduction in interest rates because Inflation has come down. I am one who feels Interest Rates must come down to international levels quickly so that Indian production becomes cheaper and possible.  High Interest Rates, in my view, can never bring down either food Inflation or Inflation in Manufactured articles.   

The one strong reason for this is , there is Huge unemployment of all resources in India – especially labour. There is acute lack of consumption and India must not depress it any further. We must promote  consumption of more food, more steel, more cement, more of almost everything. With so much of unemployment and under-consumption, High Interest rates can only work to raise prices and make all articles out of bounds for ordinary consumer.

Now, price Index has fallen. Question is, has it fallen due to RBI’s rate policy? All of us know that many international factors reduced prices of oil etc. Government policies reduced prices of some articles within India. Now, waiting to see if Oil prices hold at current low prices and then to act on Interest Rates in India does not seem to be LOGICAL AT ALL. Ditto for other article prices. They too did not fall due to High Interest Rate Policy. 

I don’t think any of these prices will go up, if RBI reduces interest Rates. The only thing that will happen is, cost of capital will come down and more and more Indian industries can become more profitable and less loss-making. This will encourage Indian production and possibly, it may become more competitive than Chinese, at least within India. India can’t have its steel making Industries, auto Industries, Infrastructure industries and possibly its food Industry struggling as at present to make the two ends meet.

That said, I can say  that RBI is Hundred percent right in theory - to enhance rates when prices go up. That has been the theory and therefore, RBI is right in that. But, that theory itself does not hold good, when so much of unemployment and under-consumption is staring India. That is the point I am making.

If production goes up, prices will automatically come down. Production will go up, if cost of capital comes down. We must (i) at least match Chinese prices and quality within India and (ii) then, aim to beat Chinese prices and quality in China.

Government of India and RBI both must be aiming for this. Right or wrong? Modi's MAKE IN INDIA may yet succeed, since the FDI which comes in may not look for bank Credit from Indian Banks, but, may seek it from Foreign banks at much lower rates. But, is this Good for Indian banking system?

I must clarify, like Arun Jaitley, that I am not for criticizing Raghuram Rajan or RBI or Government. I am only saying – RBI and Government both must enable India to produce more , better and at cheaper prices. For me, much higher consumption and much higher production by Indians is the need of the Hour. 

RBI and Government must look at the Huge Pain that the Poor and undernourished and underemployed in India are going through and do WHATEVER IT TAKES  to alleviate that. One measure RBI can take is – reduce Interest Rates drastically. In my view, prices will move neither up or down because of this measure, because these is unrelated ( in a scenario of Huge unemployment and under-consumption). Waiting for oil prices or any other prices to stabilize for this purpose, I think, is unreasonable.

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RATE CUT ENIGMA - WHAT WILL RBI DO THIS TIME? - IS THERE REALLY AN INVERSE RELATION BETWEEN INFLATION & RATES?

RATE CUT ENIGMA

Will there be a Rate Cut or will there not be? Will RBI respond positively this time to everyone’s wish?

This has been an Enigma for quite some time now. When rates were going up in last 3 years, there were no doubts in anybody’s mind. Inflation was going up. Therefore, rates must go up. This was and is an implicit assumption in everybody’s mind. These two are linked indelibly, inevitably – because the Economics Theory says so. When Inflation goes up, Rates must go up. But, if rates go up, will Inflation come down? Really? Did it ever happen? Have any of us seen this happening?

Well. I haven’t seen this happening. In fact, as rates went up, Inflation also went up further. Again, rates were pushed up further. Again, Inflation went up further. Again, Rates were pushed up further. This went on for almost 3-4 years in recent past. I haven’t witnessed even once, the inflation responding to Rates.

Yes. Inflation was seasonally coming down – when vegetable supplies increased. When crops cultivation went up. But, never did the Inflation respond to Rates.  

If at all there seemed to be some correlation between the two, Inflation always went up when Rates went up. It was a DIRECT RELATIONSHIP, not an inverse relationship. Why was this so – when economic theory says otherwise?

I was always wondering what on earth was happening because of the tussle between Rates and Inflation?

I strongly felt, that there was probably – probably, but not definitely -  a direct relationship between the two factors but definitely not an inverse relationship. If there was an inverse relationship, Inflation should have come down at some point when the Rates finally touched the ceiling. Ceiling, I say, because, at present levels, our Indian Rates seem to be at world No.1 Position. Is there any other developed or developing country, which has this High level of rates? I don’t think so.

If lending Rates are so High, they must definitely be High for fertilizer companies, seed suppliers,  Pest control suppliers, equipment suppliers, for Farmers, for Farm labourers and everybody down the line in agriculture, food and food related Industries. So, all input prices must be going up in the agriculture and food related activities. 

So, will food prices go up or down? They must go up. That, to me, seems absolute Logic! So, how will food Inflation come down when rates go up? No way, Unless 3 things happen due to extraneous factors.

(i)                Monsoons must be timely and sufficient; neither more nor less; nor untimely.

(ii)               The cultivated Acreage must go up significantly.

(iii)             Better food production techniques must be adopted.

Due to all these 3 factors, if Food production goes up significantly, and food supplies in the Market move closer to demand or move beyond that.

Food prices never went down until and unless these three things happened. They went up always, unmindful of what RBI was doing with its Rates. Like now, when Kerala is culling down all its chicken stock due to fears of Bird flu etc. Prices of chicken may go up , prices of eggs may go up , but demand for chicken may come down due to fears of Bird flu, but these are external factors to Rate Cuts. So, whatever RBI might or might not do with rates, it will have no impact on chicken and Egg prices.

If we look at Non-food Inflation, we all know that manufacturing has been coming down. Production is down. Capital assets building has slowed down very badly. Capital asset suppliers are experiencing slow down. We don't see any Primary market issues at all. 

Therefore, even future production capabilities are becoming suspect. Therefore, prices of non-food articles can only go up, if demand persists. Rate cut has no great influence on demand for products. It has deep influence only on production. But, production is getting depressed due to steep rates.

If Production is Higher, economies of scale will bring down prices of products. That is not happening because of higher lending rates. All that seems to be happening is – Cheap Chinese products are dominating all Indian markets, wiping out Indian production and Indian producers. Chinese lending Rates are LOW and Chinese are cutting the rates even further. So, their product prices are quite low and comparatively, Indian products are costlier. So Indian products are disappearing even from Indian Markets, leave alone getting exported.

I am not saying that lending rates are the only major criterion deciding final prices. Other prices such as labour wages and other input costs are also factors. But, Lending rates are one major enabling factor. In India, the lending Rates are very High.

Therefore, I strongly feel, our lending rates must come down to the levels of the Chinese. In my view, Inflation will not respond to it by going up. But, Growth will respond to it by going up. If RBI brings down rates – not by 0.25% but even by 2% - it will be healthy for both Inflation and for growth.

Will RBI oblige this time around? This is the million Dollar Question. In any case, I strongly feel that, there should be serious discussion on this Rates Vs Inflation Enigma. There should be fresh thinking on the subject. India can't afford to Grow at the current abysmal Rate, when the Potential to Grow is Huge.

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