Daily Stock News Today – 14.08.2017
* ADANI ENTERPRISES: Reported Apr-Jun consolidated net profit of 1.6 bln rupees,
down 56.2% on year. Revenue from operations was at 87.8 bln rupees, down 1.6% on
year.
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Reported Apr-Jun
consolidated net profit of 7.0 bln rupees, down 14.7% on year. Revenue from
operations was at 27.5 bln rupees, up 50.3% on year.
* ARVIND LTD: Syntel Telecom, a unit of the company, has signed a deal to buy two
divisions of Enkay Technologies (India).
- Is opening up its e-commerce platform for brands outside of the group, three years
after it started building one for itself.
* ASHOKA BUILDCON: Aims to win about 50 bln rupees of infrastructure projects by
March, an official said.
* BAJAJ FINANCE: Has hired three investment banks and started work on a qualified
institutional placement to rise around $700 mln.
* BANK OF BARODA: Reported Apr-Jun net profit of 2.0 bln rupees, down 52.0% on
year. Total income was at 121.0 bln rupees, up 1.9% on year.
- Is set to invest $12 mln in Malaysian venture India International Bank (Malaysia)
Berhad to increase its stake to 51% from the current 40%, Managing Director and Chief
Executive Officer P.S. Jayakumar told.
- The bank has appointed Ramesh Gopalaratnam as chief financial officer, effective
from Monday.
* BHARAT PETROLEUM CORP: Reported Apr-Jun net profit of 7.4 bln rupees, down
71.6% on year. Revenue from operations was at 667.7 bln rupees, up 17.1% on year.
* CADILA HEALTHCARE: The company has received a tentative approval from the
US Food and Drug Administration to market mesalamine suppositories in 1,000 mg
strengths for rectal use.
* CESC: Reported Apr-Jun net profit of 1.8 bln rupees, up 2.3% on year. Revenue from
operations was at 21.8 bln rupees, up 8.6% on year.
* CG POWER AND INDUSTRIAL SOLUTION: The Company’s board has approved
sale of assets and shares, except switchgear operations, of its Hungary-based step-down
subsidiary CG Electric Systems Hungary Zrt.
* CIPLA: Will limit its spending on research and development for the rest of the current
financial year started April to 8% of its total sales, Managing Director and Global Chief
Executive Officer Umang Vohra said.
* CRISIL: The SEBI is examining the company's Jun 29 purchase of an 8.9% stake in
rival firm CARE Ratings after the latter complained the transaction was an attempt at a
potential hostile takeover.
* DIVI'S LABORATORIES: Has received environment clearance for modernisation of
its bulk drug unit in Visakhapatnam at a cost of 1 bln rupees.
* DLF: Posted a 58.4% on-year fall in consolidated net profit for Apr-Jun at1.1 bln
rupees, while revenue from operations rose 9.7% to 20.5 bln rupees.
- Promoters are likely to enter into an agreement this month with Singapore's
sovereign wealth fund GIC to sell their 40% stake in the rental arm in a deal estimated
around 130 bln rupees.
* GODREJ INDUSTRIES: Reported Apr-Jun consolidated net profit of 367.4 mln
rupees, down 42.4% on year. Revenue from operations was at 21.6 bln rupees, up 4.1%
on year.
* GUJARAT STATE PETRONET: Reported Apr-Jun net profit of 1.5 bln rupees, up
25.8% on year. Revenue from operations was at 3.0 bln rupees, up 14.8% on year. Has
revived its plan to sell stake in 20 of its onshore oil and gas blocks.
* HERO MOTOCORP: Plans to launch three new scooter models by next fiscal as part
of strategy to enhance its leadership position.
* HINDALCO INDUSTRIES: Reported Apr-Jun net profit of 2.9 bln rupees, down
1.6% on year. Revenue from operations was at 104.1 bln rupees, up 27.6% on year.
- The buoyancy in prices of aluminium is likely to sustain, given the supply-side
restrictions in China, strong industrial activity, and weakness in the dollar, the company
said.
* HINDUSTAN ZINC: Will soon become the first listed Indian company to be
accredited by the London Bullion Market Association as a manufacturer of London
good delivery bars for silver.
* ICICI BANK: To rise up to 100 bln rupees via tier-1 bonds for its capital base and
business growth.
* IDEA CELLULR: American Tower Corp, Brookfield group, and IDFC Project
Equity Infra have submitted bids worth $1.1 bln-$1.2 bln each to buy towers from the
company and Vodafone India.
* INDIAN BANK: Has cut its rates on savings deposits up to 5 mln rupees by 50 basis
points to 3.50%, following in the footsteps of STATE BANK OF INDIA, BANK OF
BARODA, KARNATAKA BANK, and AXIS BANK. The change is effective from
Aug 16.
* INDIAN OIL CORP: Has bought the country's first shale oil from the US and is
looking to step up imports from America as part of its crude diversification strategy.
* LARSEN & TOUBRO: The Maharashtra government has decided to form an inquiry
committee to investigate alleged irregularities by the company, while redeveloping land
at Powai in Mumbai.
* LUPIN: Manju Deshbandhu Gupta has been appointed as chairman the company.
* MAHINDRA & MAHINDRA: Subsidiary Mahindra Overseas Investment Co
(Mauritius) has agreed to sell its entire 51% stake in China-based joint venture
company Mahindra Yeuda Yancheng Tractor Co to the Yueda Group.
* MERCATOR: Is planning to carve out its dredging operations into a separate unit and
plans to rise as much as $200 mln for that business.
* MMTC: The commerce ministry has commissioned a study to work out a new
structure for three state-owned trading firms-the company, STC and PEC.
* NATIONAL MINERAL DEVELOPMENT CORP: Taking note of delay in setting up
of a 3-mln tn steel plant by the company in Chhattisgarh, a parliamentary panel has
asked the Ministry of Steel to ensure the job is done by December.
* OIL INDIA: Reported Apr-Jun net profit of 4.5 bln rupees, down 8.9% on year.
Revenue from operations was at 23.3 bln rupees, up 5.0% on year.
* ORACLE FINANCIAL SERVICES SOFTWARE: Reported Apr-Jun consolidated
net profit of 3.7 bln rupees, up 62.1% on quarter. Revenue from operations was at 12.0
bln rupees, up 14.5% on quarter.
* PENNAR INDUSTRIES: Has entered into an agreement to sell its stake in subsidiary
Pennar Renewables to Greenko Solar Energy.
* PI INDUSTRIES: Posted a 21.1% on-year fall in net profit to 1 bln rupees in Apr-Jun.
Income from operations was also down 14.4% at 5.8 bln rupees.
* RAIN INDUSTRIES: The board has approved setting-up a vertical shaft kiln calcined
petroleum coke plant in Andhra Pradesh Special Economic Zone by a step-down
subsidiary Rain CII Carbon Vizag to produce 370,000 tn per annum.
* RAJESH EXPORTS: Reported Apr-Jun consolidated net profit of 3.0 bln rupees, up
nearly 10% on year. Net sales were at 504.08 bln rupees, down 14.4% on year.
* RELIANCE CAPITAL: Has received approval from the National Company Law
Tribunal for demerger of Reliance Home Finance.
* RURAL ELECTRIFICATION CORP: Reported Apr-Jun net profit of 13.0 bln
rupees, down 8.4% on year. Revenue from operations was at 55.7 bln rupees, down
6.4% on year.
* STATE BANK OF INDIA: Has reduced its staff headcount by 6,622 in the first
quarter of 2017-18 to 273,000 from 280,000 at the beginning of the quarter due to
retirements and a voluntary retirement scheme.
* STEEL AUTHORITY OF INDIA: Reported Apr-Jun net loss of 8.0 bln rupees as
against 5.4-bln-rupee loss a year ago. Revenue from operations was at 129.8 bln rupees,
up 25.6% on year.
* SUN PHARMACEUTICAL INDUSTRIES: Reported Apr-Jun consolidated net loss
of 4.3 bln rupees as against a 20.3-bln-rupee profit a year ago. Total revenue from
operations was at 62.1 bln rupees, down 24.8% on year. One of its wholly-owned
subsidiaries has completed the acquisition of 15.9% stake in US-based Krystal Biotech
Inc. Said one of its wholly-owned subsidiaries has completed the acquisition of 15.9%
stake in US-based Krystal Biotech Inc.
* SUN TV NETWORK: Reported Apr-Jun net profit of 2.5 bln rupees, up 8.0% on
year. Revenue from operations was at 7.9 bln rupees, up 3.4% on year.
* SUZLON ENERGY: Reported Apr-Jun consolidated net profit of 490.8 mln rupees,
as against 2.6-bln-rupee loss a year ago. Revenue from operations was at 26.8 bln
rupees, up 61.9% on year.
- The board has approved raising 9 bln rupees through non-convertible debentures, for
replacement of existing debt.
* SYSCO INDUSTRIES: The Company had moved the National Company Law
Appellate Tribunal after the National Company Law Tribunal initiated insolvency
proceedings against it.
* TATA CONSULTANCY SERVICES: Has conveyed to the Uttar Pradesh
Government that it was not retrenching any staff, but only consolidating its operations
to a bigger centre in Noida.
* TATA MOTORS: The arm TAL Manufacturing Solutions has launched a welding
robot, under its TAL Brabo range of robots, priced at 850,000 rupees.
* TATA POWER CO: The Tata Group is said to be exploring plans to hive off the
strategic engineering division of the company as part of a strategy to consolidate its
defence businesses.
* TATA STEEL: Has signed a new deal with trustees of the pension scheme of its UK
operations. The scheme if approved will have lower future annual increases for
pensioners because of an improved funding position.
* TRIDENT: The board has approved the payment of an interim dividend of 0.60 rupee
per share and rising of up to 5.0 bln rupees through securities.
* VINATI ORGANICS: To buy back shares through the tender offer route at a price of
1,200 rupees each for an approximate amount of 240 mln rupees.
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* ADANI ENTERPRISES: Reported Apr-Jun consolidated net profit of 1.6 bln rupees,
down 56.2% on year. Revenue from operations was at 87.8 bln rupees, down 1.6% on
year.
* ADANI PORTS AND SPECIAL ECONOMIC ZONE: Reported Apr-Jun
consolidated net profit of 7.0 bln rupees, down 14.7% on year. Revenue from
operations was at 27.5 bln rupees, up 50.3% on year.
* ARVIND LTD: Syntel Telecom, a unit of the company, has signed a deal to buy two
divisions of Enkay Technologies (India).
- Is opening up its e-commerce platform for brands outside of the group, three years
after it started building one for itself.
* ASHOKA BUILDCON: Aims to win about 50 bln rupees of infrastructure projects by
March, an official said.
* BAJAJ FINANCE: Has hired three investment banks and started work on a qualified
institutional placement to rise around $700 mln.
* BANK OF BARODA: Reported Apr-Jun net profit of 2.0 bln rupees, down 52.0% on
year. Total income was at 121.0 bln rupees, up 1.9% on year.
- Is set to invest $12 mln in Malaysian venture India International Bank (Malaysia)
Berhad to increase its stake to 51% from the current 40%, Managing Director and Chief
Executive Officer P.S. Jayakumar told.
- The bank has appointed Ramesh Gopalaratnam as chief financial officer, effective
from Monday.
* BHARAT PETROLEUM CORP: Reported Apr-Jun net profit of 7.4 bln rupees, down
71.6% on year. Revenue from operations was at 667.7 bln rupees, up 17.1% on year.
* CADILA HEALTHCARE: The company has received a tentative approval from the
US Food and Drug Administration to market mesalamine suppositories in 1,000 mg
strengths for rectal use.
* CESC: Reported Apr-Jun net profit of 1.8 bln rupees, up 2.3% on year. Revenue from
operations was at 21.8 bln rupees, up 8.6% on year.
* CG POWER AND INDUSTRIAL SOLUTION: The Company’s board has approved
sale of assets and shares, except switchgear operations, of its Hungary-based step-down
subsidiary CG Electric Systems Hungary Zrt.
* CIPLA: Will limit its spending on research and development for the rest of the current
financial year started April to 8% of its total sales, Managing Director and Global Chief
Executive Officer Umang Vohra said.
* CRISIL: The SEBI is examining the company's Jun 29 purchase of an 8.9% stake in
rival firm CARE Ratings after the latter complained the transaction was an attempt at a
potential hostile takeover.
* DIVI'S LABORATORIES: Has received environment clearance for modernisation of
its bulk drug unit in Visakhapatnam at a cost of 1 bln rupees.
* DLF: Posted a 58.4% on-year fall in consolidated net profit for Apr-Jun at1.1 bln
rupees, while revenue from operations rose 9.7% to 20.5 bln rupees.
- Promoters are likely to enter into an agreement this month with Singapore's
sovereign wealth fund GIC to sell their 40% stake in the rental arm in a deal estimated
around 130 bln rupees.
* GODREJ INDUSTRIES: Reported Apr-Jun consolidated net profit of 367.4 mln
rupees, down 42.4% on year. Revenue from operations was at 21.6 bln rupees, up 4.1%
on year.
* GUJARAT STATE PETRONET: Reported Apr-Jun net profit of 1.5 bln rupees, up
25.8% on year. Revenue from operations was at 3.0 bln rupees, up 14.8% on year. Has
revived its plan to sell stake in 20 of its onshore oil and gas blocks.
* HERO MOTOCORP: Plans to launch three new scooter models by next fiscal as part
of strategy to enhance its leadership position.
* HINDALCO INDUSTRIES: Reported Apr-Jun net profit of 2.9 bln rupees, down
1.6% on year. Revenue from operations was at 104.1 bln rupees, up 27.6% on year.
- The buoyancy in prices of aluminium is likely to sustain, given the supply-side
restrictions in China, strong industrial activity, and weakness in the dollar, the company
said.
* HINDUSTAN ZINC: Will soon become the first listed Indian company to be
accredited by the London Bullion Market Association as a manufacturer of London
good delivery bars for silver.
* ICICI BANK: To rise up to 100 bln rupees via tier-1 bonds for its capital base and
business growth.
* IDEA CELLULR: American Tower Corp, Brookfield group, and IDFC Project
Equity Infra have submitted bids worth $1.1 bln-$1.2 bln each to buy towers from the
company and Vodafone India.
* INDIAN BANK: Has cut its rates on savings deposits up to 5 mln rupees by 50 basis
points to 3.50%, following in the footsteps of STATE BANK OF INDIA, BANK OF
BARODA, KARNATAKA BANK, and AXIS BANK. The change is effective from
Aug 16.
* INDIAN OIL CORP: Has bought the country's first shale oil from the US and is
looking to step up imports from America as part of its crude diversification strategy.
* LARSEN & TOUBRO: The Maharashtra government has decided to form an inquiry
committee to investigate alleged irregularities by the company, while redeveloping land
at Powai in Mumbai.
* LUPIN: Manju Deshbandhu Gupta has been appointed as chairman the company.
* MAHINDRA & MAHINDRA: Subsidiary Mahindra Overseas Investment Co
(Mauritius) has agreed to sell its entire 51% stake in China-based joint venture
company Mahindra Yeuda Yancheng Tractor Co to the Yueda Group.
* MERCATOR: Is planning to carve out its dredging operations into a separate unit and
plans to rise as much as $200 mln for that business.
* MMTC: The commerce ministry has commissioned a study to work out a new
structure for three state-owned trading firms-the company, STC and PEC.
* NATIONAL MINERAL DEVELOPMENT CORP: Taking note of delay in setting up
of a 3-mln tn steel plant by the company in Chhattisgarh, a parliamentary panel has
asked the Ministry of Steel to ensure the job is done by December.
* OIL INDIA: Reported Apr-Jun net profit of 4.5 bln rupees, down 8.9% on year.
Revenue from operations was at 23.3 bln rupees, up 5.0% on year.
* ORACLE FINANCIAL SERVICES SOFTWARE: Reported Apr-Jun consolidated
net profit of 3.7 bln rupees, up 62.1% on quarter. Revenue from operations was at 12.0
bln rupees, up 14.5% on quarter.
* PENNAR INDUSTRIES: Has entered into an agreement to sell its stake in subsidiary
Pennar Renewables to Greenko Solar Energy.
* PI INDUSTRIES: Posted a 21.1% on-year fall in net profit to 1 bln rupees in Apr-Jun.
Income from operations was also down 14.4% at 5.8 bln rupees.
* RAIN INDUSTRIES: The board has approved setting-up a vertical shaft kiln calcined
petroleum coke plant in Andhra Pradesh Special Economic Zone by a step-down
subsidiary Rain CII Carbon Vizag to produce 370,000 tn per annum.
* RAJESH EXPORTS: Reported Apr-Jun consolidated net profit of 3.0 bln rupees, up
nearly 10% on year. Net sales were at 504.08 bln rupees, down 14.4% on year.
* RELIANCE CAPITAL: Has received approval from the National Company Law
Tribunal for demerger of Reliance Home Finance.
* RURAL ELECTRIFICATION CORP: Reported Apr-Jun net profit of 13.0 bln
rupees, down 8.4% on year. Revenue from operations was at 55.7 bln rupees, down
6.4% on year.
* STATE BANK OF INDIA: Has reduced its staff headcount by 6,622 in the first
quarter of 2017-18 to 273,000 from 280,000 at the beginning of the quarter due to
retirements and a voluntary retirement scheme.
* STEEL AUTHORITY OF INDIA: Reported Apr-Jun net loss of 8.0 bln rupees as
against 5.4-bln-rupee loss a year ago. Revenue from operations was at 129.8 bln rupees,
up 25.6% on year.
* SUN PHARMACEUTICAL INDUSTRIES: Reported Apr-Jun consolidated net loss
of 4.3 bln rupees as against a 20.3-bln-rupee profit a year ago. Total revenue from
operations was at 62.1 bln rupees, down 24.8% on year. One of its wholly-owned
subsidiaries has completed the acquisition of 15.9% stake in US-based Krystal Biotech
Inc. Said one of its wholly-owned subsidiaries has completed the acquisition of 15.9%
stake in US-based Krystal Biotech Inc.
* SUN TV NETWORK: Reported Apr-Jun net profit of 2.5 bln rupees, up 8.0% on
year. Revenue from operations was at 7.9 bln rupees, up 3.4% on year.
* SUZLON ENERGY: Reported Apr-Jun consolidated net profit of 490.8 mln rupees,
as against 2.6-bln-rupee loss a year ago. Revenue from operations was at 26.8 bln
rupees, up 61.9% on year.
- The board has approved raising 9 bln rupees through non-convertible debentures, for
replacement of existing debt.
* SYSCO INDUSTRIES: The Company had moved the National Company Law
Appellate Tribunal after the National Company Law Tribunal initiated insolvency
proceedings against it.
* TATA CONSULTANCY SERVICES: Has conveyed to the Uttar Pradesh
Government that it was not retrenching any staff, but only consolidating its operations
to a bigger centre in Noida.
* TATA MOTORS: The arm TAL Manufacturing Solutions has launched a welding
robot, under its TAL Brabo range of robots, priced at 850,000 rupees.
* TATA POWER CO: The Tata Group is said to be exploring plans to hive off the
strategic engineering division of the company as part of a strategy to consolidate its
defence businesses.
* TATA STEEL: Has signed a new deal with trustees of the pension scheme of its UK
operations. The scheme if approved will have lower future annual increases for
pensioners because of an improved funding position.
* TRIDENT: The board has approved the payment of an interim dividend of 0.60 rupee
per share and rising of up to 5.0 bln rupees through securities.
* VINATI ORGANICS: To buy back shares through the tender offer route at a price of
1,200 rupees each for an approximate amount of 240 mln rupees.
