ICICI Bank said that the committee of executive directors at its meeting held on 10 May 2017, approved the proposed offshore borrowing plan for the financial year 2017-18. The announcement was made after market hours yesterday, 10 May 2017.
Two-wheeler major Hero MotoCorp's net profit fell 13.9% to Rs 717.75 crore on 7.9% decline in net sales to Rs 6915.20 crore in Q4 March 2017 over Q4 March 2016. The result was announced after market hours yesterday, 10 May 2017.
Hero MotoCorp said it took a proactive approach towards the launch of BS IV-compliant vehicles, and liquidated large BS III inventory, leading up to 29 March 2017. In the last two days of the month, the company took some tactical steps to assist its dealers and incentivise the customers with an objective to liquidate the remaining BS Ill stocks, resulting in a one-time impact to the margins of the fourth quarter.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin stood at 12.79% in Q4 March 2017, lower than 14.66% in Q4 March 2016.
Hero MotoCorp's retail sales have been outpacing wholesale numbers, as a result of which the company has now been able to maintain healthy dealer inventory. Meanwhile, input costs have been on an upward trend. To partially offset the commodity costs, Hero MotoCorp raised prices ranging from Rs 500 to Rs 2200 on some of the models, with effect from 1 May 2017.
Hindalco Industries will be watched. Novelis Inc, an overseas subsidiary of Hindalco Industries, announced 46% jump in net income at $73 million in Q4 March 2017. Net sales increased 9% to $2.6 billion for the fourth quarter of fiscal 2017, driven by higher average aluminum prices and increased shipments of higher conversion premium products, including a 26% increase in automotive shipments.
Mahindra & Mahindra (M&M) said that India Ratings and Research (Ind-Ra) has affirmed the company's long-term issuer rating at IND AAA. The outlook is stable. Ind-Ra continues to take a consolidated view of M&M after excluding its financial services subsidiary Mahindra & Mahindra Financial Services. The announcement was made after market hours yesterday, 10 May 2017.
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Edelweiss Financial Services said that ratings agency CRISIL has assigned the rating of 'CRISIL A1+' (CRISIL A one plus) to the proposed short term debt issue aggregating to Rs 5000 crore of the company. The announcement was made after market hours yesterday, 10 May 2017.
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