Shares of Tata Group companies will be watched as Tata Sons, the holding company of the Tata Group, said its board of directors replaced Cyrus P. Mistry as chairman of Tata Sons. The decision was taken at a Board meeting held yesterday, 24 October 2016. The board named Ratan N. Tata as interim chairman of Tata Sons. The board has constituted a selection committee to choose a new chairman. The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.
Vedanta after market hours yesterday, 24 October 2016 issued clarification with regard to news item titled "Vedanta suspends work at Bicholim mine in Goa". The company said that Sesa Mining Corporation, a subsidiary of Vedanta, had suspended the work at Bicholim mines due to union agitation/activism. This a temporary closure of operations in the interest of safety and security of all employees at the Bicholim Mines, Vedanta said. The company added that the Bicholim Mine is one of the many mines operated by the subsidiaries of the company and the temporary suspension of the mine does not in any way impact the business deliverables.
Adani Enterprises' consolidated net profit fell 78.87% to Rs 63.09 crore on 18.49% decline in total income to Rs 7770.59 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016. Ameet Desai, Executive Director of Adani Enterprises and Group CFO said that this has been a good quarter with recurring financial performance despite multiple headwinds including market volatility for commodities. The company has well-rounded growth in volume at its mining, agro and city gas businesses during the quarter. With improving economic climate and business sentiment, the company expects to further boost its financial performance, Desai said.
Idea Cellular reported net loss of Rs 42.79 crore in Q2 September 2016 as against net profit of Rs 739.59 crore in Q2 September 2015. Net sales rose 6.78% to Rs 9223.78 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.
On a consolidated basis, net profit of Idea Cellular declined 88% to Rs 91.46 crore on 7.23% rise in net sales to Rs 9298.89 crore in Q2 September 2016 over Q2 September 2015.
On a consolidated basis, net profit of Rallis India rose 31% to Rs 66.52 crore on 20.78% rise in net sales to Rs 540.26 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.
On a consolidated basis, net profit of Tata Metaliks rose 7.41% to Rs 21.73 crore on 1.36% decline in net sales to Rs 321.48 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016.
Capital First announced after market hours yesterday, 24 October 2016 that the meeting of the Debenture Committee of the Board of Directors of the company will be held on 27 October 2016, inter alia, to consider and approve the private placement of rated, listed, secured/unsecured/perpetual, redeemable, non-convertible securities in the nature of debentures to be listed on the debt market segment of National Stock Exchange of India (NSE).
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