TOP CORPORATE NEWS - 15 JULY 2016

LIC Operating performance in line with expectation

LIC Housing Finance has announced the following Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY)

Net Profit rose by 6.72% to Rs407.84 crore Vs Rs382.13 crore.

Total Income increased by 13.97% to Rs3379.86 crore Vs Rs2965.45 crore.

NIIT Tech Q1 net profit declines 70% (YoY)

NIIT Technologies has announced the following Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY)

Net Profit down 70.22% to Rs21.40 crore Vs Rs71.87 crore.

Total Income decreased by 3.17% to Rs382.26 crore Vs Rs394.81 crore.

Titan to pick stake in Carat Lane

Tata group firm Titan Co is acquiring 62% stake in online jewellery player Carat Lane for Rs357.24 crore.

The company, which in May had announced decision to buy a majority stake in Carat Lane, now said that it has signed a share purchase agreement for the same.

The purchase consideration required for the shares being acquired is Rs357.24 crore. Number of shares to be acquired is 1, 91, and 42,545 representing 62% of the company's (Carat Lane) share capital.

Infosys Q1 $ revenue sharply below street estimates; Cons net profit up 13% (YoY)

Infosys has announced the following Q1 Audited results for the quarter ended June 30, 2016 (YoY)

Standalone:

Net Profit rose by 9.99% to Rs3180.00 crore Vs Rs2891.00 crore (YoY).

Total Income increased by 12.79% to Rs15181.00 crore Vs Rs13459.00 crore (YoY).

Hexaware Tech drops on stake sale reports

Shares of Hexaware Technologies dropped over 4% to Rs218 on NSE post Clarification on the Media Report where the management has clarified that Barring is not at exclusive talk with PCCW to sell majority stake in Hexaware.

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