Reliance Industries is scheduled to announce its Q3 December 2015 results today, 19 January 2016.
Asian Paints' consolidated net profit rose 25.82% to Rs 463.28 crore on 13.92% rise in total income to Rs 4195.82 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 18 January 2016. The company has made an assessment of the fair value of investment made in its subsidiary, Sleek International Private Limited (Sleek) taking into account the past business performance, prevailing business conditions and revised expectations of the future performance given the understanding built up since acquisition. Based on these factors and as a matter of prudence, the company has recognised an impairment loss on the 'goodwill on consolidation' of Rs 52.50 crore, which was recognized on acquisition of Sleek, in Q3 December 2015. This has been considered as an exceptional outgo during the quarter.
The Q3 results include financials of Kadisco Paint and Adhesive Industry Share Company, (Ethiopia) in which the company's wholly owned subsidiary, Berger International Private, Singapore acquired 51% stake on 9 February 2015.
Asian Paints after market hours yesterday, 18 January 2016 announced that as part of the company's plan to consolidate its investments in the overseas subsidiaries, Asian Paints (International) Limited (APIL), Mauritius, a wholly owned subsidiary of the company has transferred its entire holding of 54.07% held in the subsidiary company, Asian Paints (South Pacific) Limited, Fiji, to Berger International Private Limited, Singapore, a wholly owned subsidiary of APIL.
Separately, Asian Paints after market hours yesterday, 18 January 2016 announced that as a further step to creating a complete bathroom solutions over time, the company shall be launching a comprehensive sanitaryware range by end of January 2016 under the brand name "Ess Ess by Asian Paints. This is a step further towards the company's vision to move from being a paints company to being a provider of complete decor solution to help customers create their dream homes, the company said.
Tata Motors has appointed Guenter Butschek as Chief Executive Officer & Managing Director for a period of 5 years. Butschek will lead all operations of Tata Motors in India and in international markets including South Korea, Thailand, Indonesia and South Africa. Jaguar Land Rover would continue to be managed by its Chief Executive Officer and Director, Dr Ralf Speth, who is also on the Board of Tata Motors. Butschek is expected to join the company by 15 February 2016. The announcement was made after market hours yesterday, 18 January 2016.
Tata Motors announced that the board of directors of the company at its meeting held on 18 January 2016, approved the buy-back of unsecured non-convertible debentures (NCDs), as part of its debt restructuring programme to ensure balanced maturity profile and/or better terms that would include lower cost of debt. NCDs aggregating Rs 200 crore (2,000 NCDs of face value of Rs 10 lakhs each) due to mature on 30 November 2018 and NCDs aggregating Rs 250 crore (2,500 NCDs of face value of Rs 10 lakhs each) due to mature on 28 May 2019 will be bought back as part of the programme.
Tata Steel after market hours yesterday, 18 January 2016, said that its indirect subsidiary Tata Steel UK has announced cost-saving proposals to improve the competitiveness of its UK business. The plans would lead to the loss of 1,050 jobs - 750 jobs at its Port Talbot-based Strip Products UK business, 200 jobs in support functions and a further 100 jobs at steel mills in Trostre, Corby and Hartlepool, Tata Steel said. The proposed changes follow continued fall in the European steel price caused by a flood of cheap imports, particularly from China, the company said.
Mindtree's consolidated net profit declined 4.6% to Rs 150.90 crore on 3.9% growth in revenue to Rs 1214.50 crore in Q3 December 2015 over Q2 September 2015. The result was announced after market hours yesterday, 18 January 2016.
Mindtree's board of directors at its meeting held yesterday, 18 January 2016, recommended an issue of 1:1 bonus shares. The Board also recommended interim dividend of Rs 4 per share for the year ending 31 March 2016.
Mindtree after market hours yesterday, 18 January 2016, announced that it has signed a definitive agreement to acquire Magnet 360, a Salesforce Platinum consulting partner. Magnet 360 brings strong expertise across Salesforce Sales, Service and Marketing Cloud implementations, Mindtree said. Combined with Mindtree's established Salesforce practice, this acquisition positions the company for leadership in addressing the fast-growing cloud-based services market, the company said in a statement.
The deal is expected to be completed in Q4 March 2016. The total deal value is $50 million. It includes upfront payment of $37 million and earn out and additional payouts of up to $13 million over the next 2 years. Magnet 360 reported revenue (excludes revenue from discontinued operations) of $25 million in calendar year (CY) 2015.
Separately, Mindtree after market hours yesterday, 18 January 2016, announced top-level organization changes effective 1 April 2016. The Board has announced the appointment of Rostow Ravanan as the CEO and Managing Director, and Krishnakumar Natarajan as the Executive Chairman. Subroto Bagchi steps down as Executive Chairman but continues on the Board as a non-executive director.
Rallis India's consolidated net profit fell 19.92% to Rs 20.41 crore on 19.85% decline in total income to Rs 311.11 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 18 January 2016.
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