Wipro's consolidated net profit as per International Financial Reporting Standards (IFRS) jumped 30% to Rs 2100 crore on 14% growth in total revenue to Rs 11140 crore in Q1 June 2014 over Q1 June 2013. IT services revenue was $1.74 billion in Q1 June 2014, a sequential increase of 1.2% and year on year (YoY) increase of 9.6%. IT services revenues in rupee terms was Rs 10510 crore in Q1 June 2014, an increase of 18% YoY. IT services earnings before interest and tax (EBIT) was Rs 2400 crore in Q1 June 2014, an increase of 35% YoY. Non-GAAP constant currency IT services revenue in dollar terms was $1.725 billion in Q1 June 2014, which was within the company's guidance range of $1.715 billion to $1.755 billion.
Wipro expects revenue from IT services business to be in the range of $1.77 billion to $1.81 billion in Q2 September 2014.
T K Kurien, Executive Director & Chief Executive Officer, Wipro, said that the company continues to win large deals, particularly in the application and infrastructure space. These wins demonstrate confidence of clients in Wipro's transformational capabilities, he said. Suresh Senapaty, Executive Director & Chief Financial Officer, Wipro said that Wipro's operating margins for Q1 June 2014 was on expected lines, impacted largely due to wage hikes.
Ambuja Cements after market hours on Thursday, 24 July 2014 reported 26.06% rise in net profit to Rs 408.70 crore on 16.61% rise in total income to Rs 2858.14 crore in Q2 June 2014 over Q2 June 2013. Operating earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 12.4% to Rs 588 crore in Q2 June 2014 over Q2 June 2013.
Cement sales, by volume, increased by 7.8% to 5.79 million tonnes in Q2 June 2014 over Q2 June 2013.
In its outlook, Ambuja Cements said that although macro-economic condition remains challenging, construction activity is expected to pick up pace considering favorable announcement in the Union Budget for infrastructure and housing. The company continues to work on improving efficiencies and focus on customer and commercial excellence. The company believes that these initiatives will help to preserve and also improve performance, Ambuja Cements said.
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Ambuja Cements' board of directors at its meeting held on Thursday, 24 July 2014, has approved payment of interim dividend of Rs 1.80 per share.
On a consolidated basis, Biocon's net profit rose 10.06% to Rs 102.91 crore on 2.60% increase in total income to Rs 741.95 crore in Q1 June 2014 over Q1 June 2013.
Commenting on the quarterly performance and highlights, Chairman and Managing Director, Kiran Mazumdar-Shaw stated, "Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets especially in the Middle East. We are working towards diversifying our regional dependencies to diminish the impact of such externalities. However, we have sustained our operating margins and profits despite increase in costs. Our business profitability has remained intact indicating the benefits of portfolio optimization. Our development pipeline across biosimilars and novel candidates continues to progress well. We remain committed towards improving our performance in the coming quarters."
In its outlook, Biocon said that the inherent growth drivers for its business remain intact and will play out over the course of this year. The progress in its development pipeline (across biosimilars and novel molecules) will help some of its molecules to enter the clinic. However, these milestones are subject to various external dynamics including the business and clinical trial environment in the country. The company said it continues to make investments across infrastructure and people, to support its growth and work steadfastly to deliver strong, sustained value growth to our stakeholders.
Punjab National Bank unveils Q1 result today, 25 July 2014.
Glenmark Pharmaceuticals after market hours on Thursday, 24 July 2014 reported 43.65% rise in consolidated net profit to Rs 184.84 crore on 20.04% rise in total income to Rs 1490.40 crore in Q1 June 2014 over Q1 June 2013. Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 38.16% to Rs 342.33 crore in Q1 June 2014 over Q1 June 2013.
We have delivered strong results backed by good performances by our India, Rest of the World, Europe and Latin America (LATAM) businesses. While we outperformed in the Indian Pharmaceutical market with a growth of over 20%; our Rest of the World business led by Russia and LATAM operations bounced back strongly in this quarter with growth rates of over 20% and 30% respectively; said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals. We have been making steady progress in our innovation pipeline and now have three first-in-class monoclonal antibodies (mAb) in clinical development. It is encouraging to note that very few companies around the world have three first-in-class mAbs in clinical development. The inauguration of a new monoclonal antibody manufacturing facility in Switzerland was an important development during this quarter which now gives us end-to-end capabilities for the discovery and development of novel monoclonal antibodies; he added.
On a consolidated basis and as per International Generally Accepted Accounting Principles (IGAAP), Bharti Infratel reported 29.41% rise in net profit to Rs 462.80 crore on 6.56% rise in total income to Rs 2959.90 crore in Q1 June 2014 over Q1 June 2013. Consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) grew by 13% to Rs 1185 crore in Q1 June 2014 over Q1 June 2013. The result was announced after market hours on Thursday, 24 July 2014.
Akhil Gupta, Chairman, Bharti Infratel said, "One of the key focus areas for the industry as well as the Government is internet connectivity across India. Industry expects clear road map for spectrum auctions in all bands, spectrum sharing and trading. All these steps shall accelerate the growth of data networks, users and usage which should result in growing demand for towers and higher sharing by operators. Bharti Infratel with its superior network footprint and service quality standards has the potential to be a major beneficiary of this growth." The company's board of directors declared an interim dividend of Rs 4.50 per share.
Ranbaxy Laboratories announced that it has signed a licensing agreement with Cipher Pharmaceuticals Inc. to exclusively market, sell and distribute Cipher's isotretinoin capsules in Brazil. The agreement extends the current relationship with Cipher, under which Ranbaxy is marketing and distributing Cipher's isotretinoin product in the United States under the brand Absorica.
Under the terms of the agreement, Cipher will receive an upfront payment and is eligible for additional pre-commercial milestone payments. Cipher will be supplying the product and Ranbaxy will be responsible for gaining regulatory approval of the product in Brazil, Ranbaxy said in a statement.
Commenting on the partnership, Sanjeev I Dani, Executive Vice President & Head, Global Strategy, Ranbaxy said, "We are pleased to take this novel formulation of isotretinoin to the additional large market of Brazil. I am sure it would prove to be a valuable option for dermatologists and patients who suffer from severe recalcitrant nodular acne. We will utilise our strong front-end capabilities in making this product available in Brazil."
Ranbaxy said it plans to promote the product through a brand dermatology division in Brazil. The isotretinoin formulation is expected to be a flagship product in Ranbaxy's dermatology franchise in Brazil, once it achieves regulatory approval.
Cipher's isotretinoin product is a novel formulation of isotretinoin, which is used in the treatment of severe recalcitrant nodular acne. Isotretinoin is the most effective severe acne therapy available to teenagers who suffer from acne. The product is marketed in the United States by Ranbaxy as Absorica, the company said.
TVS Motors Company announced that its board has approved increasing the borrowing limit of the company to Rs 1500 crore from the existing Rs 1250 crore.
The board also approved creating mortgages of the company's immovable properties and fixed assets for purpose of such borrowings. However, it would be subject to shareholder's approval, it added.
The company further informed that its board has also approved to delist its shares from Madras Stock Exchange. TVS shares would will continue to remain listed on BSE and NSE.
Tech Mahindra turns ex-dividend today, 25 July 2014, for dividend of Rs 20 per share for the year ended 31 March 2014.
Brigade Enterprises turns ex-dividend today, 25 July 2014, for dividend of Rs 2 per share for the year ended 31 March 2014.
Graphite India turns ex-dividend today, 25 July 2014, for dividend of Rs 3.50 per share for the year ended 31 March 2014.
Lakshmi Vilas Bank turns ex-dividend today, 25 July 2014, for dividend of Re 1 per share for the year ended 31 March 2014.
National Peroxide turns ex-dividend today, 25 July 2014, for dividend of Rs 15 per share for the year ended 31 March 2014.
Birla Precision Technologies said that State Bank of India (Mumbai) has taken symbolic possession of a property situated at Nasik and one of the property out of three situated at Aurangabad.
Zuari Global after market hours on Thursday, 24 July 2014 said that a meeting of the Board of Directors of the company will be held on 30 July 2014, to consider funds raising through issue of equity shares on rights basis.
La Opala RG after market hours on Thursday, 24 July 2014 said that meeting of the Board of Directors of the company will be held on 29 July 2014, to consider the proposal to raise fund by issuance of equity shares on preferential basis.
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