On a consolidated basis as per Indian GAAP, TCS reported 5.8% fall in net profit to Rs 5244 crore on 7.7% growth in revenue to Rs 23816 crore in Q2 September 2014 over Q1 June 2014. The result was announced after market hours on Thursday, 16 October 2014.
TCS said that growth in Q2 September 2014 was broad-based with all industries growing on a sequential basis. The impact of the integration of newly merged entity in Japan also provided additional growth to units like manufacturing, hi-tech. All core markets like North America, Europe and UK grew smartly. Emerging markets continued to be volatile with India growing while Latin America faltered in Q2 September 2014. There was balanced growth across IT and other service lines led by Infrastructure Services and Engineering Services, TCS said.
Commenting on the Q2 performance, Chief Executive Officer and Managing Director, N Chandrasekaran said: Driven by strong volumes and robust utilization rates, this has been a quarter of steady, consistent performance. Our well-rounded showing has been highlighted by broad-based growth in our key markets, industries and services as we continued to deepen our engagement with customers.
On a consolidated basis, CMC reported 30.07% rise in net profit to Rs 75.99 crore on 4.05% growth in income from operations to Rs 616.68 crore in Q2 September 2014 over Q1 June 2014. The result was announced after market hours on Thursday, 16 October 2014.
Meanwhile, CMC after market hours on Thursday, 16 October 2014 said that the Board of Directors of the company at its meeting held on Thursday, 16 October 2014, have approved the Scheme of Amalgamation of the Company with the Tata Consultancy Services (TCS), based on the recommendation of the Audit Committee. As per the terms of the scheme, shareholders of CMC (other than TCS) will receive 79 equity shares of Rs 1 each of TCS for every 100 equity shares of Rs 10 each of CMC held by them.
CMC said that on the recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company in its meeting held on 16 October 2014 has appointed Mr. N. Chandrasekaran as an Additional Director of the Company. Further, the Board accepted the resignation of Mr. S. Ramadorai, Chairman of the Company effective from 17 October 2014.
Axis Bank on Thursday, 16 October 2014, said that the bank has reduced its base rate by 10 basis points to 10.15% per annum (p.a.) from 10.25% with effect from 15 October 2014. The bank attributed the reduction in base rate to decline in cost of funds. The cost of funds has eased due to softening of interest rates based on improving liquidity and other macroeconomic developments, Sidharth Rath, President (Treasury, Business Banking & Capital Markets), said.
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Axis Bank unveils Q2 results today, 17 October 2014. HCL Technologies also announces Q1 results today, 17 October 2014.
Hero MotoCorp's net profit jumped 58.56% to Rs 763.37 crore on 21.69% growth in total income to Rs 7108.85 crore in Q2 September 2014 over Q2 September 2013. The result was announced after market hours yesterday, 16 October 2014.
Tata Steel after market hours yesterday, 16 October 2014 said that its 100% indirect subsidiary Tata Steel UK Holdings (TSUKH) executed agreements for the refinancing of its bank debt through term loan and revolving credit facilities of euro 3.05 billion. The debt was originally incurred in relation with the acquisition of Corus Group plc in 2007. The new financing structure consists of a 5-year loan of euro 370 million, a 6 year revolving credit facility for working capital purposes of 700 million pounds and a 7-year loan of euro 1.8 billion, with more favourable terms and pricing relative to the earlier debt, Tata Steel said.
Further, Tata Steel Global Holdings Pte (TSGH), another 100% indirect subsidiary of Tata Steel incorporated in Singapore has also executed agreements today for loan facilities of US$1.5 billion comprising of a 5 year loan of $700 million and a 7 year loan of $800 million. The proceeds of this loan will be used to repay term debts, term out working capital and fund investment needs of the Tata Steel Group outside India, Tata Steel said.
Ranbaxy Laboratories after market hours yesterday, 16 October 2014 in a clarification with regard to a news item titled "Sun, Ranbaxy may be asked to sell some business for CCI approval to merger" said that the news article suggests that the Competition Commission of India (CCI) may ask the parties to the merger to sell parts of their businesses as a pre-condition to approve the merger. As on date, the company has not received any such communication from the CCI to divest any part of the business(s), Ranbaxy said. The parties have made certain submissions to the CCI on which decision of the CCI is awaited, it added.
UltraTech Cement after market hours yesterday, 16 October 2014 in a clarification with regard to news item titled "UltraTech eyes Holcim-Lafarge assets to cement global position" said that in the course of business, the company evaluates various proposals on a regular basis. There is no proposal which has reached the stage which would trigger Clause 36 of the Listing Agreement, the company said.
Indian Oil Corporation (IOC) after market hours yesterday, 16 October 2014 in a clarification with regard to news item titled "IOC to Invest $4 b in British Columbia Province in Canada" said that the company, through its wholly owned affiliate Indoil Montney., Canada had signed transaction agreements with Progress Energy Canada (Progress Energy Canada), PETRONAS Carigall Canada BV (PCC BV) wholly owned affiliates of PETRONAS for the acquisition of a 10% interest in Progress Energy Canada's LNG-destined natural gas reserve in British Columbia and in the proposed Pacific North West LNG Project on 7 March 2014. IndianOil shall offtake 1.2 MMTPA of LNG from the project. Hence, we do not foresee impact of this article on the company at present, IOC said.
Tata Motors Group global wholesales in September 2014, including Jaguar Land Rover (JLR), were 80,104 units. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in September 2014 were 34,918 units. Global wholesales of all passenger vehicles in September 2014 were 45,186 units. Global wholesales of Tata Motors' passenger vehicles in September 2014 were 12,328 units.
Global wholesales for Jaguar Land Rover for September 2014 were 32,858 vehicles. Jaguar wholesales for September 2014 were 5,715 vehicles, while Land Rover wholesales for the month were 27,143 vehicles.
On a consolidated basis, Crompton Greaves reported 19.14% rise in net profit to Rs 69.59 crore on 6.16% growth in total income to Rs 3475.79 crore in Q2 September 2014 over Q2 September 2014. The result was announced after market hours on Thursday, 16 October 2014.
Crompton Greaves said that the Scheme of demerger of the Consumer Products Business Unit of the company into Crompton Greaves' wholly owned subsidiary Crompton Consumer Products was approved by the Board of Directors at its meeting held on Thursday, 16 October 2014. The Scheme will come into effect from the Appointed Date of 1 April 2015, subject to receipt of all Regulatory approvals.
The Board also approved an increase in the investment limit for Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) upto 100% of the paid-up equity share capital of the Company pursuant to the provisions of Foreign Exchange Management Act, 1999, and the Foreign Exchange Management (Transfer or issue of Security by a Person Resident Outside India) Regulations, 2000.
As part of its continuous asset optimisation initiatives, the Board of Directors of the company has approved entering into a definitive agreement for sale of a portion of its land parcel at Kanjurmarg, admeasuring approx 8 acres to Evie Real Estate for an aggregate sum of Rs 302.26 crore, Crompton Greaves added.
Shares of Sasken Communication Technologies turn ex-dividend today, 17 October 2014 for a special dividend of Rs 20 per share for the year ending 31 March 2015.
Insecticides (India) said that a meeting of the Board of Directors of the company will be held on 30 October 2014, to consider and recommend on issue of bonus shares.
Sharon Bio-Medicine after market hours on Thursday, 16 October 2014 said that the United Kingdom Medicine & Health Care Product Regulatory Agency [UKMHRA] team has conducted the inspection for Good Manufacturing Practices [GMP] for the company's recently expanded Formulation Plant area located at Selaqui, Uttarakhand. The intimation from the authorities is expected to be received by November 2014, Sharon Bio-Medicine said.
In the view of above it should be noted that after the expansion the production capacity of our Formulation plant located at Selaqui, Uttarakhand has been doubled in the term of production recently. It would be worth revealing that the company had already received the approval from UKMHRA team for Good Manufacturing Practises for Tablets and Capsules for existing formulation plant located at Selaqui, Uttarakhand, Sharon Bio-Medicine added.
Delta Corp reported a consolidated net loss of Rs 3.55 crore in Q2 September 2014 compared to consolidated net profit of Rs 5.52 crore in Q2 September 2013. Total income declined 47.48% to Rs 76.29 crore in Q2 September 2014 over Q2 September 2013.
Carborundum Universal announced after market hours on Thursday, 16 October 2014, that on 16 October 2014 the company has completed the acquisition of Cellaris, Israel's 49% share in Cellaris Refractories India (CRIL). With this acquisition CRIL has become a wholly owned subsidiary of Carborundum Universal. The company on 4 August 2014 had executed a letter of intent with Cellaris, Israel for the purchase of their 49% share in CRIL,
Rallis India's consolidated net profit fell 1.76% to Rs 73.43 crore on 6.25% rise in total income to Rs 642.71 crore in Q2 September 2014 over Q2 September 2013.
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