LATEST BUSINESS NEWS

Today (22.07.16) foll cos. will declare Q1 results :
Atul, Tata Metalik, Vijaya Bank, TIL, Thyrocare, Rallis, Sanofi, Praj Ind, Rane Madras, KSB Pumps, Parry Sugar, L&T Finance, M&M Finance, Oriental Carbon, Equitas, Federal Bank, Axis Bank
source: ventura

 

On Monday, (25.07.16) foll cos. will go ex dividend:
Bharat Forge Rs.0.50, EIH Associated Hotels Rs.1, Esab India Rs.1, Kesar Terminal Rs.1, Lupin Rs.7.50, Navbharat Ventures Rs.3, TCS Rs.6.5, Vinati Organics Rs.0.50, Wabco Rs.6
source: ventura

 

Zensar Technologies to establish branch office in Malaysia

The company has received approval for establishing the branch considering potential overseas opportunities in Malaysia

Zensar Technologies has received an approval for establishment of branch office in Malaysia considering potential overseas opportunities in Malaysia. The board of directors at its meeting held on July 21, 2016 has approved for the same.

Zensar Technologies operates as a software service company. It is engaged in software development, networking, e-commerce, and systems integration services. It also provides consulting, collaboration services and business process outsourcing services.
source: ventura

 

ITC reports 10% rise in Q1 net profit

Total income of the company increased by 8.61% to Rs 13673.58 crore for the quarter under review

ITC has reported results for first quarter ended June 30, 2016.

The company has reported 10.09% rise in its net profit at Rs 2384.67 crore for the quarter ended June 30, 2016 as compared to Rs 2166.09 crore for the same quarter in the previous year. Total income of the company increased by 8.61% to Rs 13673.58 crore for the quarter under review from Rs 12589.14 crore for the corresponding quarter of the previous year.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products
source: ventura

 

Cairn India reports 28% fall in Q1 consolidated net profit

Total Income of the company increased by 21.57% to Rs 2288.71 crore for the quarter under review

Cairn India has reported results for first quarter ended June 30, 2016.

The company has reported a 29.66% fall in its net profit at Rs 254.69 crore for the quarter ended June 30, 2016 as compared to Rs 362.07 crore for the same quarter in the previous year. The company’s total income decreased by 23.08% to Rs 1271.88 crore for the quarter under review from Rs 1653.50 crore for the corresponding quarter of the previous year.

On the consolidated basis, the company has reported 28.27% fall in its net profit after taxes, minority interest and share of profit of associates and Joint Ventures at Rs 359.55 crore for the quarter ended June 30, 2016 as compared to Rs 501.27 crore for the same quarter in the previous year .Total Income of the company decreased by 21.57% to Rs 2288.71 crore for the quarter under review from Rs 2918.26 crore for the same quarter ended June 30, 2015.
source: ventura

 

Biocon reports 34% rise in Q1 consolidated net profit

Total income of the company increased by 22.73% at Rs 1023.30 crore for the quarter under review

Biocon has reported results for first quarter ended June 30, 2016.

The company has reported 38.90% rise in its net profit at Rs 141.40 crore for the quarter ended June 30, 2016 as compared to Rs 101.80 crore for the same quarter in the previous year. Total income of the company increased by 15.83% to Rs 725.20 crore for the quarter under review from Rs 626.10 crore for the same quarter ended June 30, 2015.

On the consolidated basis, the company has reported 34.46% jump in its net profit after taxes, minority interest and share of profit of associates at Rs 166.60 crore for the quarter ended June 30, 2016 as compared to Rs 123.90 crore for the same quarter in the previous year. Total income of the company increased by 22.73% at Rs 1023.30 crore for the quarter under review as compared to Rs 833.80 crore for the same quarter ended June 30, 2015.
source: ventura

 

Power Grid receives nod to invest Rs 2,731 crore in various projects

The company’s board approved as many as 11 proposals in its meeting held on July 20

Power Grid Corporation has received its board’s approval to invest Rs 2,731 crore in various projects, including setting up of a transmission system for solar park at Bhadla in Rajasthan for Rs 1,429.38 crore. The company’s board approved as many as 11 proposals in its meeting held on July 20.

The transmission system for solar park at Bhadla in Rajasthan at an estimated cost of Rs 1,429.38 crore with commissioning schedule of 30 months from the date of investment approval is among the approved proposals. The investment approval also include transmission system strengthening for independent power projects in Chhattisgarh and other generation projects in Western region at an estimated cost of Rs 333.17 crore with commissioning schedule progressively by March, 2019.

The company will also invest in transmission system strengthening associated with Mundra Ultra Mega Power Project (Part-B) at an estimated cost of Rs 300.94 crore, with commissioning schedule of 29 months from the date of investment approval. The projects also include Western Region Strengthening Scheme XVI at an estimated investment cost of Rs 150.99 crore, with commissioning schedule of 24 months from the date of investment approval.
source: ventura

 

Reliance Defence inks Sub-Concession pact with Gujarat Maritime Board

The SCA is for a period of 30 years expiring in June 2046 and the said term of SCA may be further extended

Reliance Defence and Engineering has signed Sub-Concession Agreement (SCA) with Gujarat Maritime Board and Gujarat Pipavav Port at Gandhinagar, Gujarat. The SCA is for a period of 30 years expiring in June 2046 and the said term of SCA may be further extended.

The SCA inter alia grants sub-concession, right and authority to Reliance Defence and Engineering to build, operate and manage Defence / Commercial Shipyard Activities on the terms and conditions mentioned therein.

Reliance Defence and Engineering is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).
source: ventura

 

All PSU Banks due to high provisioning requirements are likely to incur losses or very muted profit numbers. Recent increase in share prices expected to trace back during Aug 2016.

 

Agreed it is dangerous to buy PSU stocks now of Banks.

 

Havells India reports 36% rise in Q1 net profit

The company’s total income increased by 17.98% to Rs 1497.49 crore for the quarter under review

Havells India has reported results for first quarter ended June 30, 2016.

The company has reported 36.27% rise in its net profit at Rs 145.58 crore for the quarter ended June 30, 2016 as compared to Rs 106.83 crore for the same quarter in the previous year. The company’s total income increased by 17.98% to Rs 1497.49 crore for the quarter under review from Rs 1269.30 crore for the corresponding quarter of the previous year.

Havells India is engaged in manufacturing and marketing of electrical and power equipments. It offers industrial and domestic circuit protection switchgear, cables and wires, motors, fans, power capacitors, lamps, luminaries for domestic, commercial and industrial applications, modular switches and bath fittings.
source: ventura

 

Gujarat Fluorochemicals enters into an agreement for disinvestment in its JVC

Consequently, Xuancheng Hengyuan Chemical Technology Company, China will cease to be JVC of the company

Gujarat Fluorochemicals has entered into an agreement for sale of its stake in its Joint Venture Company (JVC) - Xuancheng Hengyuan Chemical Technology Company, China. In view of the same, Xuancheng Hengyuan Chemical Technology Company, China will cease to be a JVC of Gujarat Fluorochemicals on receipt of approval from the relevant regulatory authorities and transfer of Gujarat Fluorochemicals’ shareholding in the JVC.

Gujarat Fluorochemicals, part of the $2 billion INOX group of companies, is engaged in manufacturing of chloro-fluorocarbon refrigerant gases and hydrous hydrofluoric acid. The INOX group has interests in areas of industrial gases, refrigerants, chemicals, carbon credits, cryogenic engineering, renewable energy and entertainment.
source: ventura

 

Hinduja Ventures concludes acquisitions of shares of IMCL

The company has completed the purchase of 43,03,000 equity shares and 7,03,60,000 preference shares from GIL

Hinduja Ventures has completed the purchase of 43,03,000 equity shares and 7,03,60,000 preference shares of Induslnd Media and Communications (IMCL), a subsidiary of the company from Grant Investrade (GIL), a wholly owned subsidiary of the company, on July 22, 2016.

Formerly known as Hinduja TMT, Hinduja Ventures is part of the Hinduja Group companies. It is an outsourcing company that provides IT services and BPO/contact center services to customers.
source: ventura

 

Glenmark receives final approval for Triamcinolone Acetonide Ointment

The Triamcinolone Acetonide Ointment USP, 0.5% market achieved annual sales of approximately $4.4 million

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Triamcinolone Acetonide Ointment USP, 0.5%, the generic version of Triamcinolone Acetonide Ointment USP, 0.5% of Perrigo New York, Inc.

The Triamcinolone Acetonide Ointment USP, 0.5% market achieved annual sales of approximately $4.4 million, according to IMS Health sales data for the 12 month period ending May 2016.

Glenmark’s current portfolio consists of 116 products authorized for distribution in the US marketplace and 61 ANDA’s pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
source: ventura

 

Today (25.07.16) foll cos. will declare Q1 results :

Canara Bank, Texmaco, Tex Infra, Tata Sponge, Supreme Petro, Sterlite Tech, TRIL, Rane Engine, Shanthi Gears, Kalyani Steels, KPR Mills, NELCO, Navin Fluoro, Infoedge, State Bank of Mysore, Pincon Spirit, JK Paper, Merck Ltd.,Maharashtra Scooters, Oriental Hotels, Hitachi Home, Hindustan Oil Exp, IndiaBull Housing Finance, Eimco Elecon, GHCL, Eveready Ind, Bajaj Corp
source: ventura

 

AXIS Bank reports 21% fall in Q1 net profit

Total income of the bank increased by 13.22% to Rs 13852.18 crore for the quarter under review

AXIS Bank has reported results for first quarter ended June 30, 2016.

The bank has reported a fall of 21.38% in its net profit at Rs 1555.53 crore for the quarter ended June 30, 2016 as compared to Rs 1978.44 crore for the same quarter in the previous year. However, total income of the bank increased by 13.22% to Rs 13852.18 crore for the quarter under review, from Rs 12234.41 crore for the corresponding quarter of the previous year.

The bank’s gross NPA for the April-June quarter of the current fiscal increased to 2.54%, as compared to 1.38% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 1.08% in Q1FY17.
source: ventura

 

Sanofi India reports 33% jump in Q2 net profit

Total income of the company increased by 11.58% at Rs 624.40 crore for the quarter under review

Sanofi India has reported results for the second quarter ended June 30, 2016.

The company has registered a surge of 32.87% in its net profit at Rs 85.30 crore for the quarter under review as compared to Rs 64.20 crore for the same quarter in the previous year. Total income of the company increased by 11.58% at Rs 624.40 crore for the quarter ended June 30, 2016 as compared Rs 559.60 crore for the corresponding quarter previous year.

Sanofi, a global and diversified healthcare leader, discovers, develops and distributes therapeutic solutions focused on patients’ needs. Sanofi has core strengths in the field of healthcare with seven growth platforms: diabetes solutions, human vaccines, innovative drugs, rare diseases, consumer healthcare, emerging markets and animal health.
source: ventura

 

Persistent Systems reports 31% rise in Q1 consolidated net profit

Total Income of the company increased by 40.79% to Rs 727.13 crore for the quarter under review

Persistent Systems has reported results for first quarter ended June 30, 2016.

The company has reported 5.17% rise in its net profit at Rs 79.67 crore for the quarter ended June 30, 2016 as compared to Rs 75.75 crore for the same quarter in the previous year. The company’s total income increased by 25.48% to Rs 442.07 crore for the quarter under review from Rs 352.30 crore for the corresponding quarter of the previous year.

On the consolidated basis, the company has reported 30.53% rise in its net profit after taxes, minority interest and share of profit of associates at Rs 73.29 crore for the quarter ended June 30, 2016 as compared to Rs 56.15 crore for the same quarter in the previous year . Total Income of the company increased by 40.79% to Rs 727.13 crore for the quarter under review from Rs 516.46 crore for the same quarter ended June 30, 2015
source: ventura

 

Federal Bank reports 18% rise in Q1 net profit

Total income of the bank has increased by 6.82% at Rs 2250.81 crore for quarter under review

Federal Bank has reported results for the first quarter ended June 30, 2016.

The bank has reported 18.33% rise in its net profit at Rs 167.31 crore for the quarter as compared to Rs 141.39 crore for the same quarter in the previous year. Total income of the bank has increased by 6.82% at Rs 2250.81 crore for quarter under review as compared to Rs 2107.09 crore for the quarter ended June 30, 2015.

The bank’s gross NPA for the April-June quarter of the current fiscal increased to 2.92%, as compared to 2.59% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 1.68% in Q1FY17.
source: ventura

 

HUL to launch a range of baby care products under Dove brand: Report

The company’s decision is part of a strategy to expand Dove

Hindustan Unilever (HUL) is reportedly planning to launch a range of baby care products under its Dove brand in the next few months to challenge the dominance of Johnson & Johnson in the Rs 4,000 crore market.

The company’s decision is part of a strategy to expand Dove that transformed itself from being just a bathing bar in 1993 to shampoo, deodorants, lotions, body and face wash last decade.

Hindustan Unilever is India’s largest Fast Moving Consumer Goods Company with a heritage of over 80 years in India and touches the lives of nine out of ten Indian households.
source: ventura