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Thursday 26 May 2016

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TOP CORPORATE NEWS- 26 May 2016

Nifty Futures Tips
L&T rallies on stellar Q4FY16 result, ahead of estimate
Shares of Larsen & Toubro rallied around 15% to Rs1480 on NSE post Q4FY16 results which came ahead of estimate and encouraging guidance; PT revised to Rs1,550
Beats the Street with healthy execution and margin expansion:
For Q4FY2016, Larsen & Toubro (L&T) reported a very healthy performance, much ahead of our as well as Street estimate.
The consolidated earnings grew by 22% YoY to Rs2, 405 crore, (14% better than our estimate), backed by a revenue growth of 18% and 178BPS margin expansion YoY.
A very healthy revenue growth was mainly driven by strong growth in infrastructure (up 19%) despite higher base, ~50% growth in power and developmental projects segments each.
Further, with the benefit of lower commodity prices, better execution and favorable job mix the operating profit margin (OPM) expanded by 178BPS YoY to 14.7%.

Engineers India Q4 net profit at Rs70 cr
Engineers India has announced the following Q4 & FY16  results for the quarter & year ended March 31, 2016:
Standalone
For the Quarter ended March 31, 2016
The Company has posted a net profit of Rs69.91 crore Vs Rs108.86 crore.
Total Income decreased to Rs352.70 crore Vs Rs568.45 crore.

YES Bank gets Cabinet nod to increase FII limit
YES Bank has received Cabinet nod to increase foreign investment limit – Positive for Yes Bank
The Cabinet Committee on Economic Affairs (CCEA) has approved YES Bank’s proposal to increase foreign investment limit to 74.0%, from the existing foreign equity of 41.8%.
The Mode of investment include QIP, ADR, GDR, QFI, and FPI under the Portfolio Investment Scheme (PIS) by acquisition of permissible securities on stock.

Dr Reddy’s buys 6 OTC brands from Ducere Pharma
Dr Reddy’s Laboratories buys 6 OTC brands from Ducere Pharma – Long term Positive for Dr Reddy.
Dr Reddy’s Laboratories Limited (DRL), has entered the branded consumer health arena with the acquisition of six over-the-counter (OTC) brands from Ducere Pharma LLC, which manufactures, markets and distributes more than eight drugs in the US.
The brands, acquired for an undisclosed amount, include Doan’s, Bufferin, Nupercainal ointment, Cruex nail gel, comtrex and myoflex, which are indicated for the treatment of cough-and-cold, pain and dermatology issues.

India Cements Q4 net profit at Rs51 cr
India Cements has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016
Standalone
For the Quarter ended March 31, 2016
The Company has posted a net profit of Rs51.21 crore VS Rs36.60 crore.
Total Income is Rs1154.14 crore Vs Rs1043.10 crore.

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