TOP CORPORATE NEWS- 20 May 2016

IRB Infra Q4 consolidated net profit at Rs151 cr

IRB Infrastructure Developers 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 Rs94.37 crore Vs Rs12.33 crore (YoY).

Total Income increased to Rs972.66 crore Vs Rs529.96 crore (YoY).

Lupin cracks as FDA overhang continues

Shares of Lupin cracked 9% to Rs1505 on NSE despite strong outlook as the FDA overhang continues; retain Hold with PT revised to Rs1,850

Strong operating performance:

For Q4FY2016, Lupin’s sales grew by 35.8% to Rs4,181.2 crore; operating profit improved by 73.2% to Rs1,367.4 crore and profit grew of 47.5% to Rs807 crore.

The strong set of numbers was aided by two months’ exclusivity sales from gGlumetza coupled with price hikes in Fortamet.

Profit was affected (compared with growth in operating profit) due to higher tax rate of 33.6% in Q4FY2016 against 19.5% in Q4FY2015. Also, the interest cost has gone up due to increase in debt (taken for funding Gavis acquisition).

Pidilite Inds Q4 consolidated net profit up 89% (YoY)

Pidilite Industries Ltd has announced the Q4 & FY16 audited following 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 Rs115.04 crore Vs Rs77.22 crore.

Total Income increased to Rs1101.10 crore Vs Rs975.93 crore.

Allcargo Logistics rallies on plans to buy majority stake in CCI

Shares of Allcargo Logistics surged 5.4% to Rs153.10 on BSE on back of reports that the company has plans to buy majority stake in CCI for Rs130 crore – Positive for Allcargo Logistics.

The deal will lead to the formation of a new entity in which Allcargo will hold 62%, while the rest is held by CCI.

Force Motors to invest Rs300 cr in FY17 for expansion

Force motors has announced an expansion plan for FY17 with an investment of Rs300 Cr towards new facilities and product enhancement.

The company which supplies engines to marque luxury car maker like BMW and Mercedes is planning to set up a new plant in Chakan (Pune) for manufacturing engines for Mercedes Benz with the investment of Rs150 crore.

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Castrol India drops as promoter divests 7% stake

CESC Q4FY2016: In line numbers; earnings remain flat

CESC Q4FY2016 result first cut: In line numbers; earnings remained flat at Rs248 crore in this quarter

CESC reported flattish earnings in line with our estimate; PAT was at Rs 248 crore in Q4FY2016 Vs Rs244 Cr (YoY)

EBITDA Margin At 32.2%

Total Income At Rs.1,479 Cr

The revenue was up by 5% YoY; investor should take a note that this quarter result includes one off for period tariff adjustment like that of in Q4FY2015.

Lupin Q4 beats estimates

Lupin 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 Rs924.93 crore Vs Rs407.70 crore.

Total Income has increased from Rs2198.12 crore Vs Rs3295.03 crore.

Castrol India drops as promoter divests 7% stake

Shares of Castrol India dropped over 3% to Rs373 on NSE on reports that the promoter (BP) is divesting 7% stake in the company viz 34.62 million shares with an upside option of 3.5% stake viz 17.31 million shares in the price range of Rs355-385.25 per share.

The lower price ranged it as a discount of about 8% to the closing price of Rs385.25. Stake sale by promoters is negative for the company.

Indiabulls Housing Finance to raise fund via debentures

Indiabulls Housing Finance said that it will raise Rs50 crore through issue of debentures on private placement basis.

The company proposes to issue 500 Secured Non-Convertible Redeemable Debentures with a face value of Rs10 lakh each aggregating to Rs50 crores plus Greenshoe Option, on Private Placement basis.

The issue will open on May 23 and will also close on the same day.

Torrent Power Q4 consolidated net profit down 85% (YoY)

Torrent Power has announced the following Q4 & FY16  results for the quarter & year ended March 31, 2016

Standalone

For the Quarter ended March 31, 2016 (Unaudited)

The Company has posted a net profit of Rs17.06 crore Vs Rs369.43 crore.

Total Income is Rs2513.70 crore Vs Rs2694.63 crore.

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TOP CORPORATE NEWS- 18 May 2016

Tata Comm surges on plans to divest 75% stake in ST Telemedia

Shares of Tata Communication surged around 6% to Rs 456 on NSE in an otherwise weak markets on back of plans to divest 75% of its stake in its data business to Singapore Technologies Telemedia (ST Telemedia), and the proceeds from the deal would be used to deleverage the balance sheet.This is positive read through for Tata Communication.

Ashok Leyland gets patent for light weight composite articles

Ashok Leyland gets patent for light weight composite articles for auto industry.Ashok Leyland Ltd has received patent for an invention related to lightweight composite articles suitable for making structures for use in automobile industry, aerospace industry and for domestic panels.

The invention relates to light weight composite article which consists of at least two layers of adhesively bonded light weight fibres which may be filaments selected from jute, cotton, coir and the like.

SBI plans to merge five subsidiary banks with itself

SBI is looking to merge five subsidiary banks with itself – Positive read through, though integration and higher employees cost remain a challenge.SBI has passed a resolution to seek Govt. approval to merge five subsidiary banks and the still born Bharat Mahila Bank with itself.The benefits to the move will see the Consol balance sheet size increase by 32%, see better reach with (possible) branch re-alignment and rationalization as well as shoring up of Capital for the parent.

JSW Steel Q4 beats estimates

JSW Steel Ltd has announced the following 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 Rs372.19 crore Vs Rs188.73 crore.Total Income decreased to Rs9560.51 crore Vs Rs11143.46 crore.

Indusind Bank inks MoU with Honda Motorcycle & Scooter

Private-sector lender, Indusind Bank said that it has inked a Memorandum of Understanding (MoU) with Honda Motorcycle & Scooter India whereby the bank will be offering retail finance at an attractive rate of interest to customers on all Honda 2-wheeler models.With this MoU coming into effect from May 18, 2016, Honda’s customers can not only buy a Honda two- wheeler at an attractive rate of interest, but can reap benefits up to Rs7,500 through this retail finance scheme.

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Axis Bank allots 2,23,985 equity shares

Axis Bank allots 2,23,985 equity shares

Private-sector lender, Axis Bank said that it has allotted 2, 23,985 equity shares pursuant to exercise of options under its ESOP Scheme. The Bank has allotted 2, 23,985 equity shares of Rs2 each on May 16, 2016, pursuant to exercise of options under its ESOP Scheme. Consequent to the allotment, the paid up share capital of the Bank will increase from Rs477,09,27,186 (238,54,63,593 equity shares of Rs2 each) to Rs477,13,75,156 (238,56,87,578 equity shares of Rs2 each).  Shares of the Bank were trading at Rs503.40 apiece, up 3.49% from the previous close on BSE.

Voltas Q4 consolidated net profit up 49% (YoY)

M&M Voltas Ltd has announced the following results for the quarter & year ended March 31, 2016:For the Quarter ended March 31, 2016. Net Profit surged by 55.90% to Rs137.84 crore Vs Rs88.41 crore (YoY). Total Income increased by 6.23% to Rs1633.75 crore Vs Rs1537.93 crore (YoY).For the Year ended March 31, 2016 Net profit rose by 1.11% to Rs332.89 crore Vs Rs329.23 crore. Total Income increased by 0.64% to Rs5352.57 crore Vs Rs5318.06 crore.

Sun TV rallies as exit polls suggest DMK-Congress set to win

Shares of Sun TV gained 10% to Rs432 on NSE on the back of Recent exit poll results, the DMK-Congress coalition is set to win 120 seats of a possible 234 seats, according to the poll of polls - an aggregate of exit polls aired on different channels after voting ended for state elections. Chief Minister Jayalalithaa could end up with 103 seats, sentimentally positive for Sun TV.

Motherson Sumi Q4 consolidated net profit up 22%

Motherson Sumi Systems Ltd has announced the following results for the quarter & year ended March 31, 2016: For the Quarter ended March 31, 2016 (Unaudited) Net Profit rose by 61.11% to Rs235.45 crore Vs Rs146.14 (YoY). Total Income increased by 15.90% to Rs1488.98 crore Vs Rs1284.61 (YoY).For the Year ended March 31, 2016 (Audited) Net Profit rose by 38.25% to Rs711.85 crore Vs Rs514.88 crore.

Bharat Forge Q4FY2016 results: Below estimates

Bharat Forge Q4FY2016 results: Below estimates given the continued weakness in export markets and adverse product mix. Bharat Forge Ltd has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016:For the Quarter ended March 31, 2016 Net Profit fell by 19.02% to Rs164.52 crore Vs Rs203.18 crore. Total Income decreased by 17.15% to Rs1030.51 crore Vs Rs1243.92 crore.

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