Sun Pharmaceutical Industries' consolidated net profit surged 117.25% to Rs 2235.14 crore on 19.98% rise in total income to Rs 8384.52 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 November 2016.
Dilip Shanghvi, Managing Director of Sun Pharmaceutical Industries said that the synergies from the Ranbaxy acquisition are gaining momentum and the company is on track to achieve the targeted benefits. These synergies will continue to help in funding emerging specialty businesses. Post the close of Q2 September 2016, the company has further strengthened its branded ophthalmic pipeline through the acquisition of Ocular Technologies.
BPCL and Mahindra & Mahindra (M&M) will announce Q2 results today, 11 November 2016.
Cipla said before market hours today, 11 November 2016, that as part of its growth strategy, the board of the company's subsidiary, Cipla Quality Chemicals Industries (CiplaQCIL) is evaluating its initial public offering. The certain shareholders may consider selling down part or all of their stake to enable sufficient free flat and liquidity while Cipla group intends to continue holding the majority stake and control in CiplaQCIL.
Tata Motors said that its group global wholesales rose 9% to 1.01 lakh units in October 2016 over October 2015. The announcement was made after market hours yesterday, 10 November 2016. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range rose 18% to 36,921 units in October 2016 over October 2015. Global wholesales of all passenger vehicles rose 4% to 64,145 units in October 2016 over October 2015.
Apollo Tyres signed a memorandum of understanding (MoU) with the Government of Andhra Pradesh government to set up a state of art manufacturing facility. The company is looking at investing about Rs 525 crore towards setting up this facility in Andhra Pradesh. The announcement was made after market hours yesterday, 10 November 2016.
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NHPC said that the board of directors of the company in its meeting scheduled to be held on 18 November 2016, will consider the proposal for raising of Rs 2250 crore through issuance of V series corporate bonds on private placement basis. The proposed issue is out of Rs. 4500 crore already approved by the shareholders in their 40th Annual General Meeting held on 22 September 2016. The announcement was made after market hours yesterday, 10 November 2016.
Shoppers Stop said that the company has closed "Shoppers Stop" stores at Inorbit Mall-Pune and Nirmal Lifestyle-Mulund, due to lower than expected businesses and its low profitability. During the last financial year, sales from Inorbit Mall-Pune was Rs 24.91 crore which is 0.66% of the turnover of the company and sales from Nirmal Lifestyle - Mulund was Rs 16.67 crore which is 0.44% of the turnover of the company. With these closures, the company has now 81 Shoppers Stop (including six airport stores) stores under its operations. And also, inform that our 51% subsidiary company; Hypercity Retail (India); has closed Hypercity store at Inorbit Mall-Pune due to lower than expected business and its low profitability. The sale from this store for the last financial year was Rs 13.27 crore which is 1.40% of the turnover of the Hypercity. With the closing of this store, there are now 19 'Hypercity' stores. The announcement was made after market hours yesterday, 10 November 2016.
Jain Irrigation Systems reported consolidated net profit of Rs 28 crore in Q2 September 2016 compared with consolidated net loss of Rs 5.4 crore in Q2 September 2015. Total income rose 8.69% to Rs 1464.60 crore in Q2 September 2016 over in Q2 September 2015. The result was announced after market hours yesterday, 10 November 2016.
IFB Agro Industries announced after market hours yesterday, 10 November 2016, that West Bengal Excise Authority has increased the excise duty on Country Liquor (IMIL) with effect from 8 November 2016 vide notification dated 28 October 2016. Accordingly the company has increased the prices of its IMIL brands with requisite approval from West Bengal Excise Authority with effect from 9 November 2016.
Wockhardt's consolidated net profit dropped 81.59% to Rs 17.02 crore on 6.53% rise in total income to Rs 1284.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 November 2016.
Wockhardt said that the board of directors of the company, at a meeting held on 10 November 2016, approved the acquisition of 100% stake in Wockhardt France (Holdings) S.A.S. ('WFH') (an existing step down subsidiary of the company) from Wockhardt Bio AG ('WBG'), a subsidiary of the company. By virtue of the said acquisition, WFH shall become a direct wholly owned subsidiary of the company from erstwhile step down subsidiary. WBG continues to be a direct subsidiary of the company.
Tata Chemicals' consolidated net profit rose 0.08% to Rs 293.04 crore on 17.35% decline in total income to Rs 3522.29 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 10 November 2016.
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