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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Kotak Mahindra Bank Q4 consolidated net profit at Rs1055 cr

Asian Paints Q4 profit In-Line with estimates

Asian Paints has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone (Audited)

For the Quarter ended March 31, 2016 (YoY)

The Company has posted a net profit of Rs386.95 crore Vs Rs339.82 crore.

Total Income increased to Rs3262.67 crore Vs Rs2936.36 crore.

Cadila Healthcare gets USFDA approval for Glyburide tablets

Pharma major, Cadila Healthcare Ltd said that it has received final approval from the USFDA to market Glyburide Tablets USP in strengths of 1.25, 2.5 and 5 mg.

Glyburide, which is an anti-diabetic drug will be produced at the group’s formulations manufacturing facility at Baddi, the company said in a filing to the Bombay Stock Exchange.

Kotak Mahindra Bank Q4 consolidated net profit at Rs1055 cr

Kotak Mahindra Bank has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016

Standalone

For the Quarter ended March 31, 2016 (Audited)

The Bank has posted a net profit of Rs695.78 crore Vs Rs527.14 crore (YoY).

Total Income is Rs4947.32 crore Vs Rs3249.08 crore (YoY).

Havells Q4FY16 Result update: Largely in-line with street estimates

Havells Q4: Net Profit at Rs.366.5 Cr Vs Rs.122 Cr (YoY)

Total Income +9.3% at Rs.1, 475 Cr Vs Rs.1, 349 Cr (YoY)

Exceptional Gain at Rs.202.4 Cr

EBITDA +21.5% at Rs.220 Cr Vs Rs.181 Cr (YoY)

EBITDA Margin At 14.8% Vs 13.4% (YoY)

Havells Q4FY16 Result update: Largely in-line with street estimates.

Vakrangee Q4: Cons Net Profit at Rs110.8 cr

Vakrangee Q4: Cons Net Profit at Rs.110.8 Cr Vs Rs.102.8 Cr (QoQ)

Total Income at Rs.880 Cr Vs Rs.819 Cr (QoQ)

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TOP CORPORATE NEWS- 10 May 2016

Kaveri Seed Q4 consolidated net loss at Rs7 cr (YoY)

Kaveri Seed Company 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 loss of Rs9.76 crore Vs net profit of Rs2.30 crore (YoY).

Total Income increased to Rs36.31 crore Vs Rs34.12 crore (YoY).

Crompton Greaves signs share purchase agreement with First Reserve

Crompton Greaves has signed a share purchase agreement with First Reserve to sell its international Transmission & Distribution business.

The transaction is expected to be complete by 31st October 2016, subject to shareholders and regulatory approvals. Earlier in March Company had announced that it has accepted the offer.

JSW Steel among 7 bidders short-listed for Tata Steel UK asset

JSW Steel fell over 2%, touching to Rs1292, on reports that the company is among seven bidders shortlisted for Tata Steel's UK assets.

Tata Steel has announced that it has accepted seven expressions of interest for the sale of its UK business. Tata Steel Europe has not disclosed details of bidders. On April 11, 2016, Tata Steel Europe announced that the company has commenced the formal process for the divestment of its entire holding in its British subsidiary Tata Steel UK. Tata Steel Europe has decided to sell its entire holding in Tata Steel UK due to the deteriorating financial performance of the UK subsidiary.

Arvind to raise fund via NCDs

Textiles to retail conglomerate Arvind said that it is planning to raise up to Rs500 crore through issuance of non-convertible debentures on a private placement basis.

The Board will consider the matter regarding fund raising options available to the Company by way of issue of non-convertible debentures up to Rs500 crore on a private placement basis subject to approval of shareholders.

Tata Motors drops on below than estimate JLR Sales

Shares of auto major Tata Motors dropped 4% to Rs389 on NSE as its Jaguar Land Rover Retail Sales grew 11% YoY in April 2016 which were below estimates. Negative for Tata Motors.

Jaguar Land Rover, reported April 2016 retail sales of 41,341 vehicles, up 11% YoY. The sales were below estimates (we had estimated growth of 17-18% on yoy basis). The company sold 200,154 vehicles in the first four months of 2016, which is up 24% YoY.

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TOP CORPORATE NEWS- 3 May 2016

TVS Motor slumps as Q4 earnings miss estimates

Shares of TVS Motor dropped over 12 % to Rs280 on NSE after its Q4 Net Profit rose 30.1% at Rs117.8 Cr Vs Rs90.5 Cr (YoY)

TVS Motors Q4FY16 results review: Operating performance misses estimates; Net Profit in line due to higher other income and lower taxation.

Total Income +15.2% at Rs.2, 815 Cr Vs Rs.2, 443 Cr (YoY)

EBITDA +19.4% at Rs.178.5 Cr Vs Rs.149.5 Cr (YoY)

EBITDA Margin At 6.3% Vs 6.1% (YoY)

Other Income at Rs.24.2 Cr Vs Rs.10 Cr (YoY).

MRF Q4 net profit up 13% (YoY)

MRF 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 Rs375.90 crore Vs Rs332.62 crore (YoY).

Total Income increased to Rs3456.48 crore Vs Rs3332.77 crore (YoY).

Century Textiles Q4 net profit down 22% (YoY)

Century Textiles & Industries Ltd has announced the following Standalone Q4 & FY16 results for the quarter & year ended March 31, 2016:

The Company has posted a net profit of Rs9.16 crore Vs Rs11.81 crore (YoY).

Total Income decreased to Rs2059.28 crore Vs Rs2109.54 crore (YoY).

Maruti to launch LCV in H1FY17; eyes annual sales of 30k units

Maruti Suzuki is set to launch its light commercial vehicle (LCV) by August-September this year. The LCV project, codenamed Y9T, was first announced by the company in FY15 but put on indefinite hold due to design issues.

The new LCV is likely to have an 800 cc engine and compete with Tata Motors Ace and M&M’s Gio. Maruti, has reportedly shared its plan with top vendors in Thailand last week and is likely to be eyeing annual volumes of 30,000 units from this business.

Dr Reddy gets tentative approval for gAvandia tablets

Dr Reddy gets tentative approval for gAvandia tablets (rosiglitazone maleate), an antidiabetic drug – Positive for Dr Reddy.

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TOP CORPORATE NEWS- 2 May 2016

TVS Motor receives approval for Rs310 crore expansion plan

TVS Motor has received an approval from Karnataka Government for its proposed Rs310 crore expansion plan for its Mysore facility.

The approval comes in line with the company’s plans to expand its production capacities. Positive for TVS Motor Company.

HDFC Q4 profit boosted by sale of Investment

Housing Development Finance Corporation (HDFC) has announced the following Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone

For the Quarter ended March 31, 2016 (Unaudited)

Net Profit rose by 39.98% to Rs2607.05 crore Vs Rs1862.43 crore (YoY).

Total Income increased by 23.72% to Rs9225.72 crore Vs Rs7456.43 crore.

Ujjivan IPO gets oversubscribed 1.22 times

The IPO of Ujjivan Financial Services has been oversubscribed 1.22 times during the morning trade on the last day of the offer today, as per report.

The Rs885-crore public issue received bids for 3, 61, 64,170 shares against the total issue size of 2, 96, 63,706 shares, data available with the NSE till 10:30 hrs showed.

Ujjivan's issue, which is scheduled to close today, comprises fresh issuance of shares worth Rs358.16 crore and an offer for sale of up to 24,968,332 shares by the existing shareholders, as per reports.

Price band for the offer has been fixed at Rs207-210.

Petrol Price hikes by Rs1.06/Ltr, Diesel by Rs2.94/Ltr

Petrol price was today hiked by Rs1.06 per litre and diesel by Rs2.94 a litre.

Petrol in Delhi will cost Rs62.19 per litre from midnight tonight as against Rs61.13 currently, said Indian Oil Corporation (IOC), the nation's largest fuel retailer.

Similarly, a litre of diesel will cost Rs50.95 compared to Rs48.01 at present.

RBI allows up to 60% Foreign Holding in Yes Bank

Reserve Bank of India (RBI) has allowed foreign investors to buy up to 60% stake in Yes Bank. The Bank passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.

Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest from existing 49% up to 60% of the paid up capital of the bank under the Portfolio Investment Scheme (PIS).

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Idea Cellular slumps post Q4FY16 earnings

Shriram Trans Q4: Net Profit at Rs144 Cr

Shriram Trans Q4: Net Profit at Rs144 Cr: Shriram Tran 927.75 -3.79% NII at Rs1,475 Cr

Total Income at Rs2918 Cr Vs Rs2312.33 Cr (YoY)

FY16 net profit at Rs1178.20 Cr vs Rs1237.81 Cr (YoY)

FY16 total income at Rs10245.26 Cr vs Rs8644.73 Cr (YoY)

ICICI Bank Q4FY16 results: Asset quality deteriorates

ICICI bank has reported deteriorated asset quality for Q4FY16 as G NPA rose by 110 BPS to 5.82% QoQ as accounts worth around Rs7000 crore slipped into NPA, however RBI’s AQR has been completely taken into account.

The Bank reported a modest 6.4% growth in Net interest income while the non interest income was up by 46.1% YoY. Provisions rose sharply by 147.4% YoY owing to Rs3600 crore additional contingent provisioning done during the quarter.

Profit during the quarter came in at Rs702 crore (down 76% YoY) owing to higher provisioning. We currently have a hold rating on the stock and would come out with detailed note post management interaction.

Lupin surges on re-introducing Methergine Oral Tablets

Lupin rose over 2%, touching to Rs1617.65, after the company announced that its US subsidiary has re-introduced Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage.

Lupin and its US subsidiary, Lupin Pharmaceuticals, Inc. have announced the re-introduction of Methergine (methylergonovine maleate) Oral Tablets 0.2mg in the US for the prevention and management of postpartum hemorrhage (PPH). Methergine is the only FDA-approved oral uterotonic and is a preferred oral agent in the management of PPH, according to guidelines issued by the American Congress of Obstetricians and Gynecologists (ACOG).

Idea Cellular slumps post Q4FY16 earnings

Shares of Idea Cellular slumped 6% to Rs119.35 on NSE post Q4FY16 earnings which beat estimates but share price fell as volume growth remained soft.

Idea cellular posted strong operational performance, its operating profit grew by 15.6% on a sequential basis, backed by pricing growth in voice (+4.7% qoq) as well as data(+2.7% qoq) segment, but the growth volume growth tapered for both the segments at 1.2% and 1.5% qoq).Higher depreciation & interest cost resulted in 24.7% qoq decline in net earnings.

Ajanta Pharma Q4 consolidated net profit up 43% (YoY)

Ajanta Pharma has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016:

Standalone (YoY)

For the Quarter ended March 31, 2016

The Company has posted a net profit of Rs135.71 crore Vs Rs84.31 crore.

Total Income increased to Rs443.26 crore Vs Rs371.68 crore.

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