L&T's consolidated net profit rose 46% to Rs 610 crore on 9.1% growth in gross revenue to Rs 21874 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 29 July 2016.
L&T's consolidated order book increased by 8% on year-on-year (YoY) basis to Rs 2.57 lakh crore as on 30 June 2016. International order book constituted 29% of the total order book.
On future business outlook, L&T said that on the international front, the company will continue to target select prospects in the space of core infrastructure and oil & gas sector in the Middle East, Africa and other neighboring countries. The company said it has recently finalised its strategic plan for five years with a focus on profitable growth. L&T said it remains well placed to benefit from emerging opportunities with its execution capabilities and leadership position in various sectors.
ICICI Bank's net profit fell 24.99% to Rs 2232.35 crore on 6.06% increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 29 July 2016.
The bank's gross non-performing assets (NPAs) stood at Rs 27193.58 crore as on 30 June 2016 as against Rs 26221.25 crore as on 31 March 2016 and Rs 15137.61 crore as on 30 June 2015. The ratio of gross NPAs to gross advances stood at 5.87% as on 30 June 2016 as against 5.82% as on 31 March 2016 and 3.68% as on 30 June 2015. The ratio of net NPAs to net advances stood at 3.35% as on 30 June 2016 as against 2.98% as on 31 March 2016 and 1.58% as on 30 June 2015. The bank's provisions and contingencies (excluding tax provisions) rose 163.19% to Rs 2514.52 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank was at 57.1% as on 30 June 2016.
The bank said it continued to achieve robust growth in current and savings account (CASA) deposits. ICICI Bank's total CASA deposits increased by 18% to Rs 191348 crore as on 30 June 2016 over 30 June 2015. The bank's CASA ratio was 45.1% at 30 June 2016 compared to 45.8% at 31 March 2016 and 44.1% at 30 June 2015. The average CASA ratio was at 41.7% in Q1 June 2016 compared to 40.5% in Q4 March 2016 and 41.1% in Q1 June 2015. Total deposits increased by 15% to Rs 424086 crore at 30 June 2016 over 30 June 2015. The bank had a network of 4,451 branches and 14,073 ATMs at 30 June 2016.
On a consolidated basis, the bank's net profit fell 22.17% to Rs 2515.85 crore on 9.03% increase in total income to Rs 24483.75 crore in Q1 June 2016 over Q1 June 2015.
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Nestle India reported net profit of Rs 230.84 crore in Q2 June 2016 as against net loss of Rs 64.40 crore in Q2 June 2015. Net sales rose 16.66% to Rs 2256.09 crore in Q2 June 2016 over Q2 June 2015. Results for the quarter and half year ended 30 June 2016 are not entirely comparable with the results of the corresponding periods due to Maggi noodles issue in 2015, the company said in a statement.
The company said its net sales jumped on a base impacted by Maggi noodles issue in 2015. The company's domestic sales increased by 17.5% and exports increased by 7% in Q2 June 2016 over Q2 June 2015.
Suresh Narayanan, chairman and managing director of Nestle India, said it is heartening to see Maggi Noodles rebound to market leadership of about 57% after its reintroduction last November. To harness growth opportunities across all its categories, the company has unleashed significant innovation and renovation efforts by launching over 25 new products in the last couple of months. These launches and more to follow in due course of time, will contribute to the future growth of Nestle India, he added. The result was announced after market hours on Friday, 29 July 2016.
Shares of public sector oil marketing companies (PSU OMCs) and automobile makers will be watched after petrol price was cut by Rs 1.42 a litre and diesel by Rs 2.01 per litre in Delhi (including state levies) with corresponding price revision in other states. The price changes were effective from midnight of 31 July 2016. Petrol will cost Rs 61.09 a litre in Delhi as compared to Rs 62.51 a litre earlier. Similarly, diesel will cost Rs 52.27 per litre as against Rs 54.28 earlier.
NTPC said that its board approved issuing secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures (bonds/NCDs) upto Rs 15000 crore. The announcement was made after market hours on Friday, 29 July 2016.
Advanced Enzyme Technologies (AETL) makes its debut on the secondary equity markets today, 1 August 2016. The company had priced its initial public offer (IPO) at Rs 896 per share -- the top end of the Rs 880-896 per share price band for the IPO. The IPO had received a strong response from investors and the issue was heavily oversubscribed. The IPO of AETL was a combination of a fresh issue of shares and offer from promoter group selling shareholders, investor group selling shareholders and other selling shareholders. AETL is the largest Indian enzyme company engaged in the research & development, manufacturing and marketing of more than 400 proprietary enzyme products developed from 60 indigenous enzymes. AETL ranks among the top 15 global companies in terms of enzyme sales and has the second highest market share domestically, next only to the world's largest enzyme company Novozymes. AETL is an integrated company with presence across the enzyme value chain, covering the entire range of activities from research & development, commercial-scale manufacturing, to marketing of enzyme products and customized enzyme solutions which enables AETL to be cost effective and competitive.
From the proceeds of the fresh issue, AETL has earmarked Rs 40 crore for investment in Advanced Enzymes USA, a wholly owned subsidiary of the company, for repayment of certain loans availed by Advanced Enzymes USA. The rest Rs 10 crore is for general corporate purpose.
After three years of sluggish performance, AETL posted strong growth in the year ended 31 March 2016 (FY 2016). Consolidated net profit rose 57% to Rs 78.44 crore on 32% growth in net sales to Rs 293.76 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).
Motherson Sumi Systems said that its board will meet on 3 August 2016 to discuss and evaluate various fund raising options, including capital issuance. The announcement was made on Saturday, 30 July 2016.
Bharat Petroleum Corporation (BPCL) has entered into an agreement for acquiring a 21% stake (on a fully diluted basis) in the share capital of FINO PayTech for a consideration of Rs 251 crore in an all cash deal. The definitive agreements to this effect were signed on 29 July 2016 and the transaction is expected to be completed by 31 December 2016. FINO PayTech is one of the entities to have been granted an in principle approval by the Reserve Bank of India (RBI) for setting up a Payments Bank. FINO Pay Tech is a payments technology solutions provider to banks, financial institutions and MFIs. The result was announced after market hours on Friday, 29 July 2016.
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