HCL Technologies after market hours yesterday, 22 December 2014 said that during Q2 December 2014, US dollar continued to strengthen against almost all global currencies like British Pound, Euro, AUD and so on. Since the company's revenues are derived in multiple currencies, the revenues for the quarter to be reported in US Dollar would have adverse impact of about 210 basis points (bps) on account of strengthening of US dollar against various global currencies. This impact has been computed using the exchange rate as on 18 December 2014, HCL Technologies said in a statement.
Last quarter (Q1 September 2014), while the company posted 1.9% QoQ growth in US dollar terms, this was after taking into account the adverse impact of 130 bps on account of movement in various currencies and that the company had delivered constant currency growth of 3.2%, HCL Technologies said.
At the beginnning of quarter (Q2 December 2014), the company had estimated foreign exchange loss of $2.5 million on account of cash flow hedges based on exchange rates prevailing as on September 2014 end, HCL Technologies said. However, taking into account the foreign exchange rate as on 18 December 2014, the company now expects to post foreign exchange gain of about $2 million covering the impact of both cash flow hedges and mark-to-market of the foreign currency assets and liabilities, HCL Technologies said. This foreign exchange gain or loss would continue to be reported after EBIT, HCL Technologies said in a statement.
For the last quarter (Q1 September 2014), the company had reported treasury income of $33.4 million. The treasury income is likely to be lower by about 5% in Q2 December 2014, HCL Technologies said. In Q1 September 2014, HCL Technologies had also recorded capital gains of $25.2 million on property sale. That being one off event would not be there in this quarter, the company said in a statement.
HCL Technologies said it expects effective tax rate to be in the guided range of 21% to 22%.
With respect to news titled "Huawei Bags 4G Network Deal from Bharti Airtel", Bharti Airtel clarified after market hours yesterday, 22 December 2014, that this is a routine ordinary course of business transaction that does not have a material or a significant impact on the operations of the company. Bharti Airtel has a long term strategic partnership with Huawei for network equipment for more than a decade. Huawei serves multiple technologies to Airtel including 2G, 3G and TD-LTE across various circles in India. As part of ongoing business requirements, Airtel has engaged with Huawei for supply of base stations and other equipment for its FD-LTE network in Karnataka and Tamil Nadu Telecom circles, Bharti Airtel said.
Jet Airways (India) after market hours yesterday, 22 December 2014 said it has successfully concluded a five-year syndicated loan facility of $150 million.
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Allahabad Bank after market hours yesterday, 22 December 2014 said that its board of directors at a meeting held on 22 December 2014, approved in principle the raising of capital of the bank through preferential/QIP issue in compliance with the applicable laws, rules and regulations, Govt. of India Guidelines and in such a manner that the equity shareholding of the Government of India shall not go below 52%.
Orchid Chemicals & Pharmaceuticals after market hours yesterday, 22 December 2014 said that the Allotment Committee of the Board of Directors at their meeting held on 22 December 2014, allotted 1.48 crore equity shares of Rs 10 each at Rs 49.79 per share (including a premium of Rs 39.79 per share) as the first tranche to the promoter group company Orchid Healthcare on preferential basis as per the Corporate Debt Restructuring (CDR) Scheme approved by the CDR Empowered Group in terms of CDR Scheme.
Bank of Baroda announced after market hours yesterday, 22 December 2014, that 23 January 2015, has been fixed as the record date for 5 for 1 stock split.
Videocon Industries before market hours today, 23 December 2014 said it has closed the global depository receipt (GDR) issue and allotted 1.57 crore underlying equity shares of face value of Rs 10 each, represented by 1.57 crore GDR at a price of $2.88 per GDR, equivalent to Rs 181.61 per equity share aggregating to $45.21 million. The exchange rate considered is as per the RBI dollar to rupee reference rate as on 19 December 2014 which is Rs. 63.07. The GDRs are proposed to be listed on Luxembourg Stock Exchange.
Seamec announced after market hours yesterday, 22 December 2014, that the vessel SEAMEC I after due modifications has been mobilized for undertaking air diving job with ONGC for a period of 5 years. The vessel was mobilized on 21 December 2014.
Lloyd Electric & Engineering announced after market hours yesterday, 22 December 2014, that the board of directors of the company at its meeting held on 22 December 2014, have considered and approved raising of funds for an amount not exceeding Rs 250 crore through issuance of securities including shares or equity linked securities, including through qualified institutional placement and/or issuance of shares through convertible bonds, depository receipts and/or any other instruments convertible or exchangeable into shares and or other securities with or without warrants, to eligible investors.
Puravankara Projects at the fag end of trading session on 22 December 2014, announced that 99acres.com, India's premier real estate portal has partnered with Puravankara Projects and its subsidiary-Provident Housing to offer online booking services for their homes. 99acres.com has entered into a strategic partnership for the first time to offer this service to potential customers. The 'Greatest Christmas Offer' is on from 21 December to 27 December 2014. The partnership with Puravankara will allow customers to view property on 99acres.com's 3D rendering platform to experience a virtual site visit and explore available units. Puravankara has listed two projects-Purva 270 and Provident Rays of Dawn, two of Bengaluru's high growth residential projects, for the offer.
Mukand announced after market hours yesterday, 22 December 2014, that board of directors of the company at its meeting held on 22 December 2014, has approved a proposal to transfer its Special & Alloy Steel Business, having an installed capacity of 3.7 lakh metric tonne per annum, as a going concern by way of slump sale to a subsidiary company (to be formed) for an enterprise value of approximately Rs 1590 crore, subject to deduction of debt and net working capital adjustment as on the date of transfer. The bet consideration will be paid in cash as per the terms of the Business agreement to be executed in this regard. The above restructuring proposal is intended to facilitate the possible introduction of a strategic partner. The board has constituted a committee of directors to finalise the above referred transfer agreement.
SKS Microfinance announced after market hours yesterday, 22 December 2014, that the company issued Commercial Papers of an aggregate amount of Rs 25 crore on 19 December 2014, which have been rated A1+ by a leading rating agency. Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk. The aggregate Commercial Paper outstanding as on date is Rs 175 crore SKS said.
Suzlon Energy will be in focus as shares allotted by the company on conversion of foreign currency convertible bonds at a conversion price of Rs 15.46 per share are admitted for trading on the bourses today, 23 December 2014. A total of 4.34 crore shares will be admitted for trading. Shares of Suzlon Energy had jumped 7.83% to settle at Rs 13.77 on BSE yesterday, 22 December 2014.
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