Cairn India's consolidated net profit fell 70.46% to Rs 672.67 crore on 39.95% decline in total income to Rs 2743.28 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Wednesday, 21 October 2015.
Cairn India's revenue fell 44% to Rs 2242 crore in Q2 September 2015 over Q2 September 2014, mainly due to decline in crude prices.
In the wake of sustained low crude price environment, Cairn India said that it is actively engaging with the government along with other industry players on various strategic issues, which include a revision of the cess charged on oil production to be in-line with crude prices, PSC Extension policy and fair price realization of domestically produced hydrocarbons amongst others. Cairn India expects that these policy revisions will enhance the investment climate for the oil & gas sector in India.
Mayank Ashar, Managing Director and CEO of Cairn India said that with good visibility in near term on multiple projects in the pipeline, the management is optimistic of meeting its production projections for FY 2016.
With regard to its proposed merger with Vedanta, Cairn India said that both NSE and BSE have provided their no objection to the proposed merger vide their observation letters dated 10 September 2015. The validity of the observation letter is six months, within which the scheme of amalgamation is required to be submitted to the High Court, Cairn India said.
Wipro's consolidated net profit rose 7% to Rs 2240 crore on 7% growth in gross revenue to Rs 12510 crore in Q2 September 2015 over Q2 September 2014. The results are as per International Financial Reporting Standards (IFRS). The company announced the results after market hours on Wednesday, 21 October 2015.
Wipro's revenue from IT services business rose 2.1% to $1.83 billion in Q2 September 2015 over Q1 June 2015. The sequential growth stood at 3.1% in constant currency terms. Wipro expects revenue from its IT services business to be in the range of $1.84 billion to $1.87 billion in Q3 December 2015. The company added 67 new customers in its IT services business in Q2 September 2015.
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Idea Cellular's consolidated net profit rose 7.06% to Rs 809.26 crore on 13.48% growth in total income to Rs 8722.72 crore in Q2 September 2015 over Q2 September 2014. Earnings before interest, taxation, depreciation, and amortization (EBITDA) rose 22.7% to Rs 3057 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Wednesday, 21 October 2015.
Idea Cellular will launch its 4G LTE services in 10 service areas, covering 750 large and small towns by the first half of 2016.
Asian Paints announces Q2 results today, 23 October 2015.
Sun Pharmaceutical Industries (Sun Pharma) after market hours on Wednesday, 21 October 2015 said that the company along with its subsidiary has entered into a settlement agreement with Acorda Therapeutics. Inc. to resolve the pending patent litigation involving Ampyra (dalfampridine) extended-release tablets in the United States. The pending patent litigation was filed by Acorda Therapeutics in the US District Court for the District of Delaware in response to Sun Pharma's submission of an abbreviated new drug application (ANDA) to the US Food and Drug Administration (FDA), seeking marketing approval for a generic version of Ampyra. As a result of the settlement agreement, Sun Pharma will be permitted to market a generic version of Ampyra in the United States at a specified date in 2027, or potentially earlier under certain circumstances, the company said. Details of the settlement are confidential, and the parties will submit the agreement to the Federal Trade Commission and the Department of Justice, as required by federal law, Sun Pharma said. As per IMS MAT July 2015 data, Ampyra recorded annual sales of approximately $325 million in the US.
Majesco after market hours on Wednesday, 21 October 2015, announced the new release of the Majesco Distribution Management solution. Majesco Distribution Management is designed to uniquely support all lines of its business and is pre-integrated with Majesco Business Analytics and Majesco's digital portal and mobile capabilities.
Maxwell Industries after market hours on Wednesday, 21 October 2015 said that its board of directors will meet on 26 October 2015, inter alia, to discuss and approve the conversion of 30 lakh warrants (issue and allotted on 14 February 2015) into 30 lakh equity shares of Rs 2 each at premium of Rs 36 each to promoter and promoters group.
Financial Technologies (India) announced after market hours on Wednesday, 21 October 2015 that the company has concluded the sale of 5.46% equity stake in Indian Energy Exchange (IEX) on fully diluted basis with Agri Power and Engineering Solutions and accordingly 16.55 lakh shares has been transferred to the purchaser from the Escrow Account with Axis Bank. With the conclusion of the transaction, the company has completed the sale of 19.06% stake in lEX on fully diluted basis. The company will adhere to the directions of Supreme Court in the subject matter of divestment in IEX.
Shriram Transport Finance Co. will be in focus. The Reserve Bank of India has on 21 October 2015 notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 74% of the paid up capital of Shriram Transport Finance Co. under the Portfolio Investment Scheme (PIS). The Reserve Bank has further advised that the foreign shareholding by FIIs/RFPIs in Shriram Transport Finance Co. have gone below the revised threshold limit. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
The Reserve Bank has stated that the company has 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. The purchases could be made through primary market and stock exchanges.
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