TOP CORPORATE NEWS - 02 DEC 2016

Bajaj Auto reports weak sales in November

Bajaj Auto reported a 13% YoY decline in its total sales to 269,948 units for November 2016, due to the demonetization impact. The total domestic volumes declined by 10% YoY while the exports for the month were weak with the volumes dropping by 16% YoY. The sales numbers for the month however were ahead of estimates.

The motorcycles volumes for the month were dropped 12% YoY, while 3 wheeler volumes were down 17% YoY.

HCC board approves issue of shares on preferential basis

Hindustan Construction Company ( HCC) has announced that the board of directors at its meeting held December 02, 2016, approved issue of 25.19 crore equity shares of the company, representing 24.44% of the expanded share capital of the company and such and optionally convertible debentures (OCDs) of face value Rs1000 each not exceeding Rs2000 crore on preferential basis, to lenders, subject to shareholders' approval.

Eicher Motors highlights of demonetization conference call

Eicher Motors highlights of the demonetization conference call: Minimal impact of demonetization on Royal Enfield; CV sales under pressure. In the month of November 2016, Royal Enfield saw strong 41% growth in wholesale volumes. As per the management the bookings for Royal Enfield bikes dipped by 8% in the month of November 2016 as compared to corresponding period last years. However, the bookings recovered in the last week of November 2016 and the growth in the new bookings reached normal levels (normal booking growth rate is 30-40%) in the last week.

Wipro wins Infra deal from Australian firm

Wipro, a leading global information technology, consulting, and business process services company has said that it has been awarded a three-year IT infrastructure services and digital transformation contract by Woodside. Woodside is an Australian oil and gas company with a global presence, and is recognized for its world-class capabilities as an explorer, a developer, a producer and supplier. Leveraging its Service NXT platform, Wipro will provide Managed Services for IT Infrastructure across Woodside's global portfolio, with a focus on the larger sites of Perth and Karratha in Australia. The engagement includes delivering infrastructure services to offshore maritime facilities and potential exploration sites. Backed by deep domain experience in Oil & Gas, Wipro will also support Woodside with the digital transformation of its upstream operations.

Coal India Nov production at 323.57 MN tons

State-run behemoth Coal India Ltd (CIL) produced 323.57 million tonnes (MT) of coal in the first eight months of the current financial year. The world's largest coal miner had set a target of 360.84 MT during the April-November period of 2016-17 financial year. During November, the miner produced 50 MT of the fossil fuel against a target of 53.85 MT.

The offtake of the dry fuel by the coal PSU during the period was 340.32 MT, lower than the target of 381.55 MT.Last month's offtake stood at 48.16 MT against a target of 49.80 MT.

CIL, which accounts for over 80% of the domestic coal production, is eyeing 598 MT production in 2016-17 and targets to produce a billion tonnes by 2020.

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