Reliance Industries' (RIL) consolidated net profit rose 25.5% to Rs 9445 crore on 25.7% growth in net sales to Rs 99810 crore in Q3 December 2017 over Q3 December 2016. The result was announced after market hours on Friday, 19 January 2018.
Mukesh D. Ambani, Chairman and Managing Director, RIL said that the quarter marks the culmination of its petrochemical expansion projects and the first positive net profit contribution from its newest business line - Digital Services (Jio). Jio's strong financial result reflects the fundamental strength of its business, significant efficiencies and right strategic initiatives, he said. Ambani further added that the company is excited about the prospects of its energy and consumer businesses due to strong growth in Indian markets and constructive macro environment.
Wipro's consolidated net profit fell 11.85% to Rs 1930.10 crore on 1.82% growth in net sales to Rs 13669 crore in Q3 December 2017 over Q2 September 2017. The result was announced after market hours on Friday, 19 January 2018.
The company's revenue from IT services in dollar terms in Q3 December 2017 remained flat sequentially and increased by 5.8% YoY. The company expects revenue from IT Services business to be in the range of $2,033 million to $2,073 million for Q4 March 2018.
Abidali Z. Neemuchwala, CEO and member of the board said, the company continued to improve its growth trajectory driven by strong momentum in BFSI and uptick in Healthcare. This is also reflected in its outlook for Q4 March 2018. Wipro's leadership in Digital continues to strengthen with over 25% of its revenues now coming from Digital, Neemuchwala added.
Jatin Dalal, Chief Financial Officer said, the company has made strong progress in its client mining with number of clients contributing revenues over $50 million increasing from 33 to 41 in the last 1 year. In the first 9 months of FY 2018, Wipro generated robust operating cash flows over the same period last year, Dalal added.
ONGC and HPCL will be in spotlight. ONGC on 19 January 2018, approved acquisition of the entire 51.11% shareholding of Government of India (GoI) in HPCL, at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36915 crore. The parties expect to complete the transaction before end of January 2018. The announcement was made on Saturday, 20 January 2018.
Bank of India said that its board at a meeting held on 20 January 2018, approved capital raising plan for issue of equity shares and Tier-I and Tier-II capital bonds to be raised at appropriate times. The board also approved convening of extra-ordinary general meeting on 20 February 2018, for issue of fresh equity shares to Government of India through preferential issue in respect of share application money of Rs 2257 crore received on 29 December 2017. The announcement was made on Saturday, 20 January 2018.
Cipla said it has completed the divestment of entire equity stake held by its wholly owned subsidiary Cipla Holdings B.V., Netherlands in Cipla Croatia d.o.o, Croatia. Consequently, Cipla Croatia d.o.o has ceased to be a subsidiary of Cipla Holding B.V. with effect from 19 January 2018. The announcement was made after market hours on Friday, 19 January 2018.
Tata Steel said its committee at a meeting held on 19 January 2018, approved rights issue of the simultaneous but unlinked issue of up to 15.53 crore fully paid-up ordinary shares not exceeding Rs 8000 crore at Rs 510 per share in the ratio of 4:25 and up to 7.76 crore partly paid-up ordinary shares not exceeding Rs 4800 crore at Rs 615 per share in the ratio of 2:25. The issue opens on 14 February 2018 and closes on 28 February 2018. The announcement was made after market hours on Friday, 19 January 2018.
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