GAIL (India)'s net profit jumped 244.03% to Rs 1335.18 crore on 9.98% decline in total income to Rs 11457.20 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 7 September 2016.
Meanwhile, shares of GAIL (India) turn ex-dividend today, 8 September 2016, for final dividend of Rs 3 per share for the year ended 31 March 2016 (FY 2016).
ONGC's net profit dropped 21.15% to Rs 4232.54 crore on 20.23% decline in total income to Rs 18737.18 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 7 September 2016.
HDFC announced that it intends to raise Rs 1000 crore from issue of non-convertible debentures on private placement basis. The debentures will carry a coupon rate of 7.7% per annum and will have a tenor of 1 year 5 months. The issue opens and closes for subscription on the same day tomorrow, 9 September 2016. The announcement was made after market hours yesterday, 7 September 2016.
Wipro issued a press release after market hours yesterday, 7 September 2016 regarding updates on the company's engagement with Employees' State Insurance Corporation (ESIC). In March 2009, Wipro had entered into a seven-year agreement with ESIC as a systems integrator for Project Panchdeep to set up a healthcare administration program under the build, own, operate and transfer model. Wipro said it had completed its obligations under the contract. However, ESIC has withheld certain amounts due to the company in an ad-hoc and arbitrary manner, which has resulted in a significant delay in collections for the company, Wipro said. The company has disputed this non-payment and is engaged with ESIC to recover the amounts due. If the company is not able to resolve this amicably in a reasonable time, it will take all necessary legal steps available to it, Wipro said. The agreement with ESIC expired on 8 June 2016 post which Wipro had no obligation to provide any services to ESIC, the company said. In spite of ESIC's failure to make timely payments, Wipro at the request of ESIC and given the critical nature of the services for the citizens, agreed to provide support services for an additional period of three months, it said. As contractually agreed, Wipro will handover this project close of business hours on 8 September 2016, the company said.
Ashok Leyland after market hours yesterday, 7 September 2016, announced a restructuring agreement with Nissan Motor Co. that will enable both companies to enter into a new phase in their business interaction. Nissan has agreed to sell to Ashok Leyland all of Nissan's shares in three joint venture (JV) companies that were formed in 2008. These JVs focus on technology development, and manufacturing of powertrains and vehicles. Under the agreement, these JVs will become wholly-owned Ashok Leyland subsidiaries, upon receipt of all necessary approvals from the regulatory authorities in India. The process is expected to be concluded later this year, Ashok Leyland said. Ashok Leyland's Managing Director Vinod Dasari said that the company has decided to acquire Nissan's stake in the three JV companies, and this will help Ashok Leyland's efforts to concentrate on its core business initiatives and its customers. Ashok Leyland will continue its relationship with Nissan under the new arrangement, Dasari added.
Solar Industries India's consolidated net profit rose 13.13% to Rs 47.11 crore on 10.8% rise in net total income from operations to Rs 461.45 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 7 September 2016.
Orient Paper & Industries announced that a meeting of the board of directors of the company will be held on 15 September 2016, to consider raising capital by way of rights issue of shares.The board will also consider various options for business restructuring of the company. The announcement was made after market hours yesterday, 7 September 2016.
Motherson Sumi Systems said that MSSL Manufacturing Hungary Kft., a subsidiary of MSSL GmbH, which in turn is a subsidiary of Motherson Sumi Systems is acquiring the Automotive Business Unit of Abraham es Tarsa Kft. (Abraham and Co. Ltd) located in Turkeve, Hungary on a going concern basis and would also give on lease part of acquired assets to SMR Hungary. With this transaction, which is expected to be completed in October 2016, MSSL through its 100% subsidiary, MSSL Manufacturing Hungary Kft., would acquire the land, building and machinery of Abraham es Tarsa Kft for a purchase price consideration of EUR 10.4 million.
Abraham es Tarsa is an expert for plastic processing and high quality products for car makers across Europe. SMR Hungary, a subsidiary of SMRP BV, holding 98.5% in SMR Hungary, which is ultimately held by MSSL, has for many years been the primary customer of Abraham es Tarsa Kft.
The integration of this business would allow to generate a number of operational synergies with SMR. This acquisition will increase the in house capability of SMR Hungary, and therefore will support SMR's position as technology and market leader for automotive mirrors in Hungary and Europe. The acquired unit will be further expanded to achieve group synergies through supplies to SMR and to the new facilities being set up by SMP in Europe to meet the demand for new orders from customers. The announcement was made after market hours yesterday, 7 September 2016.
NTPC turns ex-dividend today, 8 September 2016, for final dividend of Rs 1.75 per share for the year ended 31 March 2016 (FY 2016).
NHPC turns ex-dividend today, 8 September 2016, for final dividend of Rs 0.58 per share for FY 2016.
NBCC turns ex-dividend today, 8 September 2016, for dividend of Rs 2 per share for FY 2016.
Escorts turns ex-dividend today, 8 September 2016, for dividend of Rs 1.20 per share for FY 2016.
Cyient turns ex-dividend today, 8 September 2016, for special dividend of Rs 2.50 per share for FY 2016.
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