TOP CORPORATE NEWS - 27 May 2016

IOC Q4 Net Profit comes at Rs1,236 Cr

IOC Q4 Net Profit comes at Rs1, 236 Cr

Total Income at Rs.80, 449.7 Cr

EBITDA at Rs.10, 044 Cr

EBITDA Margin At 5%

GRM At $3/bbl Vs $6/bbl (QoQ)

Canara Bank Q4: Net Loss at Rs3,905 Cr

Canara Bank Q4: Net Loss at Rs3, 905 Cr

Gross NPA At 9.4% Vs 5.84% (QoQ)

Gross NPA +59.7% at Rs.31, 638 Cr Vs Rs.19, 813 Cr (QoQ)

Net NPA At 6.42% Vs 3.90% (QoQ)

Tax Write-back At Rs.779.5 Cr Vs Expense of Rs.110 Cr (YoY)

Provisions at Rs.6, 331 Cr Vs Rs.1, 429 Cr (QoQ)

NII -4.5% at Rs.2, 374 Cr Vs Rs.2, 486 Cr (YoY)

SBI Q4FY16: Mixed Bag performance, Asset quality worsens

State Bank of India Q4FY16 results first cut: Mixed Bag performance

SBI Q4: Net Profit -66.2% At Rs.1,264 Cr Vs Rs.3,742 Cr (YoY)

Gross NPA +34.9% At Rs.98,172 Cr Vs Rs.72,791 Cr (QoQ)

Gross NPA At 6.5% Vs 5.1% (QoQ)

Net NPA At 3.81% Vs 2.89% (QoQ)

Net NPA +38.7% At Rs.55,807 Cr Vs Rs.40,249 Cr (QoQ)

Slippages At Rs.30,312 Cr Vs Rs.20,692 Cr (QoQ)

Provisions For NPA At Rs.12,139.2 Cr Vs Rs.7,644.6 Cr (QoQ)

Lupin gains on receiving EIR for Mandideep facility

Shares of Lupin gained 3% to Rs1507 on NSE on back of reports that the company has got Establishment Inspection Report (EIR) for its Mandideep facility.

This is sentimentally positive for Lupin; stock is up by 3%; USFDA clearance for Goa plant will be key to watch for going forward.

Torrent Pharma in talks to buy Glochem Industries for Rs300 crore

Torrent Pharma in talks to buy Glochem Industries for Rs300 crore – Long term positive for Torrent if deal goes thru

Torrent Pharma is in advanced talks to buy bulk drugs supplier Glochem Industries for about Rs300 crore.

Glochem is a medium-sized company that makes bulk drugs, or active ingredients, which are used as raw material for medicines and has USFDA approved sites in Hyderabad and Vizag where oral bulk actives are manufactured.

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TOP CORPORATE NEWS- 26 May 2016

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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TOP CORPORATE NEWS- 25 May 2016

Ashok Leyland Q4FY2016: Operating results in line with estimates

Ashok Leyland Q4FY2016 results: Operating results in line with estimates; dimunition in value of investments dents profits severely

Ashok Leyland Ltd 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 after tax of Rs77.02 crore Vs Rs229.97 crore.

Total Income has increased to Rs5987.23 crore Vs Rs4542.95 crore.

Cipla cracks on weak quarterly results

Shares of Cipla cracked 6% to Rs465 on weak results on account of one-offs; maintain Hold with unchanged PT of Rs581

Result synopsis: Sales for the quarter grew by 5.6% to Rs3, 266.5 crores; operating profit declined by 57% to Rs219 crore; operating profit margin (OPM) declined by 971BPS to 6.7% and profit for the quarter declined by 69% to Rs81 crore.

The domestic sales grew by 15.9% to Rs1, 258 crore; export formulation grew by 3% to Rs1, 744 crore and active pharmaceutical ingredient (API) exports remained flat at Rs204 crore.

Tech Mahindra rallies as Q4FY16 profit beats street

Shares of Tech Mahindra rallied 11% to Rs532 on NSE post Q4FY16 results led by in line performance, profit beat led by forex gain and lower tax rate.

Revenues for the quarter was up by 1.3% QoQ on CC term and 0.8% on a reported basis to $1,022.6 mn (in line with expectations).

The growth was led by enterprise side of business especially BFSI vertical, which was higher by 8.7% qoq on CC basis, while Telecom growth remain muted on sequential basis.

Bajaj Auto Q4FY2016 inline; lower other income lead to Net profit miss

Bajaj Auto Q4FY2016 results: Operationally inline; lower other income lead to Net profit miss

Bajaj Auto Ltd has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016 (YoY)

Net Profit rose by 29.18% to Rs803.06 crore Vs Rs621.62 crore.

Total Income increased by 13.11% to Rs5535.56 crore Vs Rs4893.61 crore.

Cadila gets USFDA nod for Variconazole tablets

Cadila gets USFDA nod for Variconazole tablets; an anti-fungal drug; to be manufactured at Baddi facility – Sentimentally positive for Cadila.

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MCX rallies as RBI allows overseas investors to buy stake

Dish TV Q4 consolidated net profit at Rs483 cr

Dish TV India Ltd 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 Rs116.42 crore Vs Rs35.01 crore.

Total Income is at Rs536.42 crore Vs Rs743.59 crore.

Britannia Industries slumps on mixed Q4FY2016 performance

Shares of Britannia Industries tanked over 8% to Rs2696 on NSE post Q4FY2016 consolidated results which saw mixed performance; revenue growth slide down to single digits but better operational efficiencies drove margins

Britannia Industries total revenues grew by 7.2% to Rs2211.4crore; volume growth must have slide down to high single digit.

ITC rallies as Cigarette business delivers better Q4 performance

Shares of FMCG major ITC rallied over 5% to Rs347 on NSE as Cigarette business delivered better performance; maintain Buy (TP – Rs375)

Better operating performance; higher tax rate restricted PAT growth:

For Q4FY2016, ITC’s net revenues grew by 10.7% YoY to Rs10, 168.7 crore. Its core cigarette business revenues grew by 10%, while non-cigarette FMCG business revenues grew by just 5.4% during the quarter.

The gross profit margin (GPM) improved by 72BPS YoY to 60.9% and the operating profit margin (OPM) improved by 210BPS YoY to 36.3% (better than our expectation).

The operating profit grew by 17.5% YoY to Rs3, 687.1 crore. However, higher incidence of tax led to 10% Y-o-Y growth in PAT to Rs2, 495.2 crore in Q4FY2016.

CESC becomes distributor for Kota and Bharatpur

CESC has been appointed by Jaipur Vidyut Vitaran Nigam Limited as distribution franchisees for the cities of Kota and Bharatpur, Rajasthan for distribution and supply of electricity for a term of twenty years each.

MCX rallies as RBI allows overseas investors to buy stake

Shares of MCX surged 4% to Rs916.95 on NSE in an otherwise weak market on reports that the RBI has allowed overseas investors to buy stake, removed from FII Investment caution limit.

The Reserve Bank has allowed overseas investors to buy equity shares in Multi Commodity Exchange (MCX) after foreign shareholding in the bourse fell below the prescribed threshold caution limit.

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