MCX Crude Flies Above Rs 3600 As INR Plunders To Three Month Low
MCX Crude oil futures tested highs above Rs 3600 per barrel in evening trades on a weakIndian Rupee and supportive undertone in global prices. WTI Crude edged up in afternoonafter strong results from global equipment giant Caterpillar. This kept the commodityafloat despite losses in European stocks. WTI Crude is quoting at $53.71 per barrel, up 56cents per barrel on the day. The Rupee plummeted 50 paise to 63.30 per US dollar followingthe firm undertone in the greenback overseas. This was the weakest mark in three monthsfor the Rupee and it helped MCX Crude futures to break above Rs 3600 levels. The countercurrently quotes at Rs 3612 per barrel, up Rs 44 per barrel or 1.12% on the day.
Caterpillar reported that earnings for the latest quarter rose to $1.11 billion, or$1.81 a share, from $922 million, or $1.44 a share, in the same period a year ago. Wedelivered solid results for the first quarter of this year, including higher profit thanin the first quarter of 2014. Our focus on operational improvement, including leanmanufacturing and cost management, is helping in what is a tough time for some of ourimportant cyclical businesses. We continue to execute on improving safety, quality,inventory turns, delivery performance and market position," said Caterpillar Chairmanand Chief Executive Officer Doug Oberhelman.
HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturingactivity, fell to a one-year low of 49.2 in April, compared with a final reading of 49.6in March. A reading above 50 indicates expansion from the previous month, while a readingbelow 50 indicates contraction. Production increased only marginally, but total newbusiness declined for the second straight month, HSBC said. This boosted hopes that theChinese economy could see a flurry of stimulus measures in coming weeks.
Commodities Buzz: Caterpillar Delivers Strong Result, Ups EPS View
Caterpillar, the heavy equipment maker giant reported that earnings for the latestquarter rose to $1.11 billion, or $1.81 a share, from $922 million, or $1.44 a share, inthe same period a year ago. We delivered solid results for the first quarter of this year,including higher profit than in the first quarter of 2014. Our focus on operationalimprovement, including lean manufacturing and cost management, is helping in what is atough time for some of our important cyclical businesses. We continue to execute onimproving safety, quality, inventory turns, delivery performance and marketposition, said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.However, he noted that out of the business segments, sales in mining remained weak andconstruction was down in most regions. The 2015 outlook for sales and revenues remainsunchanged at about $50 billion. The outlook for profit per share has improvedslightly. We now expect that profit per share will be $4.70, or $5.00 per share excludingrestructuring costs. The previous outlook for profit per share was $4.60, or $4.75excluding restructuring costs.
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