TCS' consolidated net profit rose 5.4% to Rs 6413 crore on 4% rise in revenue to Rs 28449 crore in Q4 March 2016 over Q3 December 2015. TCS has recommended a final dividend of Rs 27 per share for the year ended 31 March 2016 (FY 2016). The result was announced after market hours on Monday, 18 April 2016. Operating profit rose 2.1% to Rs 7380 crore in Q4 March 2016 over Q3 December 2015. Earning per share (EPS) stood at Rs 32.54 in Q4 March 2016 compared with Rs 30.88 in Q3 December 2015. Q4 March 2016 saw a broad based growth with the core portfolio performing strongly led by BFSI, retail and manufacturing.
TCS' top management in a post Q4 result conference call stated that with most of the headwinds behind, the company is well placed to deliver a strong performance in FY 2017. The management believes that TCS' scale and digital capability positions the company strongly to become the preferred digital partner for more and more clients and win a disproportionate share of their incremental digital spending. BFSI, North America and Continental Europe have shown very good resilience and have grown very well in Q4 March 2016 with a good exit, building up strong momentum going into FY 2017. The business in Latin America has turned the corner and has done very well during the last couple of quarters.
Wipro is scheduled to announce its Q4 March 2016 results today, 20 April 2016.
MindTree's consolidated net profit rose 3.4% to Rs 156 crore on 9% rise in revenue to Rs 1324.20 crore in Q4 March 2016 over Q3 December 2015. MindTree has recommended a final dividend of Rs 3 per share for the year ended 31 March 2016 (FY 2016). The company has added 1,020 employees during Q4 on gross basis. The result was announced after market hours on Monday, 18 April 2016.
HDFC before market hours today, 20 April 2016, announced that it intends to sell up to 10% of the paid-up share capital of its subsidiary HDFC Standard Life Insurance Company (HDFC Life) through offer for sale (OFS) in the initial public offer (IPO) of HDFC Life subject to market conditions as well as receipt of various applicable approvals including that of Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (IRDAI) to the extent applicable or required. As on 31 March 2016, HDFC held 61.63% of the issued and paid-up share capital of HDFC Life. Post the sale of shares, HDFC Life would continue to be a subsidiary of HDFC.
HDFC Life reported profit after tax of Rs 818 crore on total income of Rs 17954 crore in the year ended 31 March 2016 (FY 2016). It reported gross premium income of Rs 16313 crore in FY 2016. Net worth as on 31 March 2016 was Rs 3150 crore.
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Dr Reddy's Laboratories announced that its subsidiary Promius Pharma LLC has commercially launched ZEMBRACE SymTouch in the United States. ZEMBRACE SymTouch is a prescription medicine used to treat acute migraine headaches with or without aura in adults who have been diagnosed with migraine. The announcement was made on Tuesday, 19 April 2016, when the stock market was closed for a holiday.
Tata Steel announced changes in leadership at Tata Steel UK. Bimlendra Jha, an Executive Committee member of Tata Steel Europe has been appointed as the Chief Executive Officer of Tata Steel UK. Jha is currently Executive Chairman of Tata Steel Europe's Long Products Europe business and has successfully led the divestment process that resulted in the signing of a sale and purchase agreement with Greybull Capital on 11 April 2016. The announcement was made after market hours on Monday, 18 April 2016.
Meanwhile, Tata Steel Europe has appointed Standard Chartered Bank as an additional adviser for the divestment of its entire holding in its British subsidiary Tata Steel UK. On 11 April 2016, Tata Steel Europe announced that the company has commenced the formal process for the divestment of its entire holding in its British subsidiary Tata Steel UK. Tata Steel Europe has decided to sell its entire holding in Tata Steel UK due to the deteriorating financial performance of the UK subsidiary.
Tata Communications announced on Tuesday, 19 April 2016 that it will be expanding its partnership with Asian Television Network (ATN) Canada, the country's largest South Asian broadcaster, to bring the network's content to Canadian viewers, with potential for further international expansion. Using Tata Communications' Media Ecosystem, ATN Canada will deliver a mix of news, sports and entertainment content to Canadian viewers on virtually any device later this summer, according to a combined statement issued by both the companies.
Gruh Finance's net profit rose 18.57% to Rs 87.82 crore on 20.3% growth in total income to Rs 366.91 crore in Q4 March 2016 over Q4 March 2015. The result was announced on Tuesday, 19 April 2016, when the stock market was closed for a holiday.
CRISIL's consolidated net profit rose 39.55% to Rs 78.60 crore on 18.61% growth in total income to Rs 368.57 crore in Q1 March 2016 over Q1 March 2015. The result was announced on Tuesday, 19 April 2016, when the stock market was closed for a holiday.
IFCI announced that it is opening an issue of secured, redeemable, non-convertible bonds in the nature of debentures of upto Rs 575 crore by way of private placement on 25 April 2016. The issue closes on 29 April 2016. The tenure of bonds is 5.5 years and will carry coupon of 8.55% per annum semi-annual. The bonds are proposed to be listed on BSE. IFCI said that credit enhancement for the non-convertible debentures (NCD) issue has been carried out by way of structured payment mechanism, backed by G-Secs (special security issued by Government of India) of Rs 400 crore, with lien by debenture trustee on its cash flows, to ensure the timely payment of interest & principal obligations on the NCD issue. The announcement was made after market hours on Monday, 18 April 2016.
Eveready Industries India (EIIL) announced that credit ratings agency Credit Analysis & Research (CARE) has upgraded the company's long term bank facilities in respect of term loan from ICICI Bank from CARE A to CARE A+. The announcement was made after market hours on Monday, 18 April 2016. CARE in its report dated 14 April 2016 said that the revision in the rating assigned to the bank facilities of EIIL takes into account the improvement in financial performance in FY 2015 and nine months of FY 2016 marked by improvement in profitability margins and capital structure. The rating continues to draw strength from the long track record of operations, significant experience of the management, established brand presence with leadership position in the battery and flashlight segments, wide product range and strong distribution network, CARE said. The ratings continue to be constrained by the volatility in the price of raw materials and foreign exchange fluctuation risk, it said. The ratings also take note of the recent foray of EIIL in the kitchen appliances segment and risk associated with the ongoing expansion project, the ratings agency said. Successful completion of the ongoing project, maintaining profitability margins and capital structure along with increase in scale of operations through successful diversification into new segments are the key rating sensitivities, CARE said in its report.
BEML announced after market hours on Monday, 18 April 2016 that by leveraging the infrastructure and technology base developed for mining & construction machinery, it has entered into dredging business. With an objective of strengthening the "Make in India" initiative by Government of India, BEML has signed a Memorandum of Understanding (MoU) with Dredging Corporation of India for indigenous design, development and manufacture of spares for dredgers. The MoU is for supply of various types of spares for the existing dredgers and also supply of backhoe excavators for new dredgers. Spares include heavy fabricated and machined components and hydraulic aggregates.
Shipping Corporation of India announced after market hours on Monday, 18 April 2016 that it has signed Memorandum of Agreement (MOA) with Greatship Global Offshore Services, Singapore for acquisition of one second hand Platform Supply Vessel (PSV),having deadweight of about 3,000 tons with DP-2 capabilities.
Reliance Defence and Engineering announced after market hours on Monday, 18 April 2016 that a meeting of the board of directors of the company will be held on 22 April 2016, to consider augmenting long term resources by issue of equity shares by way of rights issue.
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