TOP CORPORATE NEWS- 2 May 2016

TVS Motor receives approval for Rs310 crore expansion plan

TVS Motor has received an approval from Karnataka Government for its proposed Rs310 crore expansion plan for its Mysore facility.

The approval comes in line with the company’s plans to expand its production capacities. Positive for TVS Motor Company.

HDFC Q4 profit boosted by sale of Investment

Housing Development Finance Corporation (HDFC) has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016 (Unaudited)

Net Profit rose by 39.98% to Rs2607.05 crore Vs Rs1862.43 crore (YoY).

Total Income increased by 23.72% to Rs9225.72 crore Vs Rs7456.43 crore.

Ujjivan IPO gets oversubscribed 1.22 times

The IPO of Ujjivan Financial Services has been oversubscribed 1.22 times during the morning trade on the last day of the offer today, as per report.

The Rs885-crore public issue received bids for 3, 61, 64,170 shares against the total issue size of 2, 96, 63,706 shares, data available with the NSE till 10:30 hrs showed.

Ujjivan's issue, which is scheduled to close today, comprises fresh issuance of shares worth Rs358.16 crore and an offer for sale of up to 24,968,332 shares by the existing shareholders, as per reports.

Price band for the offer has been fixed at Rs207-210.

Petrol Price hikes by Rs1.06/Ltr, Diesel by Rs2.94/Ltr

Petrol price was today hiked by Rs1.06 per litre and diesel by Rs2.94 a litre.

Petrol in Delhi will cost Rs62.19 per litre from midnight tonight as against Rs61.13 currently, said Indian Oil Corporation (IOC), the nation's largest fuel retailer.

Similarly, a litre of diesel will cost Rs50.95 compared to Rs48.01 at present.

RBI allows up to 60% Foreign Holding in Yes Bank

Reserve Bank of India (RBI) has allowed foreign investors to buy up to 60% stake in Yes Bank. The Bank passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from existing 49% up to 60% of the paid up capital of the bank under the Portfolio Investment Scheme (PIS).

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Idea Cellular slumps post Q4FY16 earnings

Shriram Trans Q4: Net Profit at Rs144 Cr

Shriram Trans Q4: Net Profit at Rs144 Cr: Shriram Tran 927.75 -3.79% NII at Rs1,475 Cr

Total Income at Rs2918 Cr Vs Rs2312.33 Cr (YoY)

FY16 net profit at Rs1178.20 Cr vs Rs1237.81 Cr (YoY)

FY16 total income at Rs10245.26 Cr vs Rs8644.73 Cr (YoY)

ICICI Bank Q4FY16 results: Asset quality deteriorates

ICICI bank has reported deteriorated asset quality for Q4FY16 as G NPA rose by 110 BPS to 5.82% QoQ as accounts worth around Rs7000 crore slipped into NPA, however RBI’s AQR has been completely taken into account.

The Bank reported a modest 6.4% growth in Net interest income while the non interest income was up by 46.1% YoY. Provisions rose sharply by 147.4% YoY owing to Rs3600 crore additional contingent provisioning done during the quarter.

Profit during the quarter came in at Rs702 crore (down 76% YoY) owing to higher provisioning. We currently have a hold rating on the stock and would come out with detailed note post management interaction.

Lupin surges on re-introducing Methergine Oral Tablets

Lupin rose over 2%, touching to Rs1617.65, after the company announced that its US subsidiary has re-introduced Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage.

Lupin and its US subsidiary, Lupin Pharmaceuticals, Inc. have announced the re-introduction of Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage (PPH). Methergine is the only FDA-approved oral uterotonic and is a preferred oral agent in the management of PPH, according to guidelines issued by the American Congress of Obstetricians and Gynecologists (ACOG).

Idea Cellular slumps post Q4FY16 earnings

Shares of Idea Cellular slumped 6% to Rs119.35 on NSE post Q4FY16 earnings which beat estimates but share price fell as volume growth remained soft.

Idea cellular posted strong operational performance, its operating profit grew by 15.6% on a sequential basis, backed by pricing growth in voice (+4.7% qoq) as well as data(+2.7% qoq) segment, but the growth volume growth tapered for both the segments at 1.2% and 1.5% qoq).Higher depreciation & interest cost resulted in 24.7% qoq decline in net earnings.

Ajanta Pharma Q4 consolidated net profit up 43% (YoY)

Ajanta Pharma has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone (YoY)

For the Quarter ended March 31, 2016

The Company has posted a net profit of Rs135.71 crore Vs Rs84.31 crore.

Total Income increased to Rs443.26 crore Vs Rs371.68 crore.

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TOP CORPORATE NEWS- 28 Apr 2016

Dabur India Q4 consolidated net profit up 17% (YoY)

Dabur India has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016 (YoY)

The Company has posted a net profit of Rs289.03 crore Vs Rs212.94 crore.

Total Income increased to Rs1566.89 crore Vs Rs1429.21 crore.

DLF launches Mall of India at investment of Rs1700 croresa

DLF launches Mall of India (2 million sq ft built at an investment of Rs1700 crore) – Positive for DLF

As per media reports, DLF officially launched Mall of India in Noida. The mall built at an investment of Rs1700 crore is spread across 2 million square feet.

As much as 95% of the space in the mall has been leased out with as many as 14 anchor partners.

ACC Q1 consolidated net profit down 4% (YoY)

ACC Ltd has announced the following results for the quarter ended March 31, 2016

Standalone

For the Quarter ended March 31, 2016 (YoY)

The Company has posted a net profit of Rs232.19 crore Vs Rs240.55 crore.

Total Income has decreased to Rs3039.52 crore Vs Rs3139.22 crore.

Ceat Q4 consolidated net profit up 11% (YoY)

Ceat has announced the following Q4 & FY16 audited results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016 (YoY)

The Company has posted a net profit of Rs102.23 crore Vs Rs89.44 crore.

Total Income decreased to Rs1397.55 crore Vs Rs1431.77 crore.

Aurobindo gets tentative nod from USFDA for Tadalafil

Aurobindo gets tentative nod from USFDA to manufacture and market Tadalafil, used in treating erectile dysfunction and for treatment of pulmonary hypertension – Positive for Aurobindo.

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TOP CORPORATE NEWS- 27 Apr 2016

Alembic Pharma Q4: Cons Net Profit +29.6% at Rs91.2 Cr

Alembic Pharma Q4: Cons Net Profit +29.6% At Rs.91.2 Cr Vs Rs.70.3 Cr (YoY)

Cons Total Income +24.6% At Rs.626.6 Cr Vs Rs.503 Cr (YoY)

Cons EBITDA At Rs.143.3 Cr Vs Rs.98 Cr (YoY)

Cons EBITDA +46.3% At Rs.143.3 Cr Vs Rs.98 Cr (YoY)

India Generic Biz Revenue -46% At 17.4 Cr Vs Rs.32.1 Cr (YoY)

India Branded Biz Revenue +12% At 259.6 Cr Vs Rs.232.1 Cr (YoY)

Intl Biz Revenue +20% At 190.2 Cr Vs Rs.158.3 Cr (YoY)

Axis Bank drops post Q4FY16 results

Shares of Axis Bank dropped 3.4% to Rs464 on NSE post Q4FY16 result update where business growth remained healthy; Asset quality stable; PT revised to Rs590.

NII up 19.8%; Margins expand: Axis bank reported a strong 19.8% growth in Net interest for Q4FY16 owing to 20.5% jump in the advances and expansion in Net Interest Margins (up 16 BPS Yo and 18 BPS QoQ). Non-interest income growth was flat as treasury profit declined by 65.4% YoY, however retail fee income showed a growth of 15.1% YoY. Provisions for Q4FY16 surged by 64.6% YoY owing to Rs300 crore contingent provisions made during the quarter.

Yes Bank reports robust operating performance; Asset quality deteriorates

Yes Bank has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

The Bank has posted a net profit of Rs702.11 crore Vs Rs550.99 crore (YoY).

Total Income increased to Rs4331.11 crore Vs Rs3678.83 crore (YoY).

M&M launches bigger variant of Bolero pick-up truck

M&M launches bigger variant of the Bolero pick-up truck; to further consolidate leadership in pick up category,M&M launched the new “Big Bolero” pick-up truck in two variants on with 1,250 Kg payload and the other with 1,500 Kg payload.

The pick-up is powered by the proven MDI Turbo charged engine. The vehicle is priced at Rs6.15 lakh (BS3 ex showroom Pune) and Rs6.3 lakh (BS4 ex-showroom Pune).

Aurobindo Pharma receives USFDA approval for Oxymorphone Tablets

Aurobindo Pharma receives USFDA Approval for Oxymorphone Hydrochloride Tablets – Positive for Aurobindo.

Aurobindo gets final approval from USFDA to manufacture and market Oxymorphone Hydrochloride Tablets, used to help relieve moderate to severe acute pain where the use of an opioid is appropriate.

The approved product has an estimated market size of US$ 55.5 million for the twelve months ending February 2016 according to IMS.

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