Tata Power Company's consolidated net profit fell 87.63% to Rs 24.46 crore on 2.98% rise in total income to Rs 9313.19 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Friday, 5 February 2016.
Wipro announced before trading hours today, 8 February 2016, that it has won an IT infrastructure transformation contract from the ASSA ABLOY Group, headquartered in Sweden. ASSA ABLOY is the global leader in door opening solutions. As part of the five-year agreement, Wipro will consolidate ASSA ABLOY's existing data centers in the EMEA region and implement a cloud-based service model, which will include IaaS (Infrastructure as a Service) and PaaS (Platform as a Service). The deployment will leverage Wipro's BoundaryLess Data Center offering and will provide a full suite of IT infrastructure management services to ASSA ABLOY's global organisation. This solution will bring in a high level of agility, and a consumption-based IT service model powered by an user-friendly service catalog, Wipro said.
Steel stocks may extend gains registered during the previous trading session after the government set floor price or Minimum Import Price (MIP) on import of a total of 173 steel products into the country in a bid to restrict cheap steel imports which has adversely affected the domestic steel industry. As per a notification issued by Directorate General of Foreign Trade on Friday, 5 February 2016, the government has imposed MIP ranging from $341 per tonne to $752 per tonne on various steel products. The MIP will be in place for a period of 6 months.
Bank of India announced on Saturday, 6 February 2016 that a meeting of the Board of Directors of the bank will be held on 11 February 2016, inter-alia to discuss the capital raising plans of the bank.
Rallis India announced after market hours on Friday, 5 February 2016 that the board of directors of the company at its meeting held on 5 February 2016, has approved increase of the company's stake in Metahelix Life Sciences (Metahelix), subsidiary of the company, from 80.51% to 100%. The stake will be acquired for a cash consideration of Rs 73.33 crore. Consequently Metahelix will become a wholly owned subsidiary of the company, on completion of the acquisition of the balance shares in Metahelix. The indicative time of completion of the acquisition is February 2016. Metahelix is a seeds company. Metahelix reported net profit of Rs 16.52 crore on revenue from operations of Rs 309.99 crore for financial year 2014-15.
Rico Auto Industries announced after market hours on Friday, 5 February 2016 that the board of directors of the company at its meeting held on 5 February 2016 accorded its approval for the merger of company's wholly owned subsidiary, Uttarakhand Automotives with the company.
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Sobha's consolidated net profit fell 46.58% to Rs 32.10 crore on 41.62% fall in total income to Rs 400.90 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours on Friday, 5 February 2016. Revenue declined on account of higher volume of sales from projects which are yet to meet the revenue recognition threshold. The company's new sales volume rose 22% at 8.06 lakh square feet in Q3 December 2015 over Q3 December 2014. New sales value rose 12% to Rs 478.30 crore in Q3 December 2015 over Q3 December 2014.
Shares of Precision Camshafts will make debut on the bourses today, 8 February 2016. The issue price has been set at Rs 186 per share, at the top end of the Rs 180 to Rs 186 per share price band of the initial public offer (IPO). The IPO was subscribed 1.91 times. Precision Camshafts, promoted by first generation entrepreneurs Yatin Shah and Suhasini Shah, is one of the world's leading manufacturers of camshafts, a critical engine component in passenger vehicles.
The NSE has notified on Friday, 5 February 2016 that the futures and options contracts will be available for trading on additional seven securities namely; Indo Count Industries, PC Jeweller, Tata Elxsi, Granules India, Cummins India, United Spirits and KPIT Technologies from 26 February 2016.
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