Tata Consultancy Services (TCS) after trading hours on Thursday, 17 July 2014, reported 3.9% growth in consolidated net profit to Rs 5568 crore on 2.6% growth in revenue to Rs 22111 crore in Q1 June 2014 over Q4 March 2014. The bottom line was boosted by an exceptional item viz. a write back of depreciation charge of Rs 489.75 crore (net) due to a change in deprecation policy. Operating profit dropped 6% to Rs 5935 crore in Q1 June 2014 over Q4 March 2014.
TCS said that the company added five new $50 million plus clients during the quarter. TCS Chief Executive Officer and Managing Director N Chandrasekaran said that the company has a strong demand pipeline in place. TCS Chief Financial Officer Rajesh Gopinathan said that the company's disciplined stance in operations helped it mitigate the impact of multiple headwinds like currency movements, accelerated depreciation norms and wage hikes during the quarter. He said that the company will continue to maintain operating margins in the desired band by operating efficiently.
In Q1 June 2014, TCS posted the highest incremental revenue of $191 million in the last 15 quarters driven by holistic growth across markets led by North America, the company said in a statement. Growth was seen across all industry segments led by Media & Information Services, Life Sciences, Retail and Telecom, with all non-BFS verticals growing in excess of five percent sequentially, TCS said.
Wipro announced that it has entered into a strategic alliance with Alberta-based ATCO, one of Canada's premier corporations. As part of this alliance, Wipro will provide total outsourcing solutions to ATCO in Canada and Australia. Wipro and ATCO have signed a series of Master Services Agreements under which Wipro will provide the complete suite of IT services to ATCO. The arrangement is projected to result in revenues of over CAD 120 million ($112 million) to Wipro annually, for the next ten years, up to December 2024.
Wipro's IT services delivery model will be further strengthened in North America and Australia by ATCO I-Tek, a subsidiary of ATCO with a presence in both these geographies, which will now become a part of Wipro for an all-cash consideration of CAD 210 million ($195 million). ATCO I-Tek has been providing IT Services to ATCO for the past 15 years, the company said in a statement.
MindTree's net profit rose 31.5% to Rs 129.40 crore on 24% increase in revenue to Rs 843.50 crore in Q1 June 2014 over Q4 March 2014.
Cipla said that Meditab Specialities (MSPL), a wholly owned subsidiary of the company, has acquired 75% stake in Mabpharm. The company was earlier holding 25% stake in Mabpharm. Consequent to the acquisition of the aforesaid stake, Mabpharm has now become 100% subsidiary of the company. Mabpharm is engaged in development of monoclonal anitbodies for treatment of cancer and auto-immune diseases, the company said.
Bajaj Electricals said that the engineering & project business unit of the company has bagged an order worth Rs 88.73 crore for a turnkey project from Bihar State Power Transmission Company (BSPTCL) for construction transmission lines.
City Union Bank announced after market hours on Thursday, 17 July 2014, that the qualified institutional placement (QIP) Management Committee of the bank has, at its meeting held on 17 July 17, 2014, declared the closure of the QIP on 17 July 2014 and finalised the issue price of Rs 75.05 per share, equal to the floor price of the QIP, to eligible qualified institutional buyers in the QIP.
Axis Bank announced after market hours on Thursday, 17 July 2014, that it has fixed 30 July 2014 as the record date for 5 for 1 stock split.
Bajaj Electricals announced after market hours on Thursday, 17 July 2014 that the Engineering & Project Business Unit of the company has bagged an order worth Rs 88.73 crore, for a turnkey project from Bihar State Power Transmission (BSPTCL) for construction of transmission lines.
JSW Steel clarified after market hours on Thursday, 17 July 2014 that the company has received no communication from the West Bengal government about cancellation of power purchase agreement by the state government of JSW Steel's Rs 35000 crore steel and power project in Bengal. The media report had stated that the government cancelled power purchase agreement of JSW's Bengal project and threatened to take back 4300 acres allocated to the company for the project. The news report is of a speculative nature, the company added. The company will keep the exchanges informed if there are any material developments in this regard. The company added it is committed to the Bengal project and have spent over Rs 600 crore.
Unfortunately, iron ore which is the critical input for steel making is not made available to steel companies which are set up after liberalisation for value addition within India. Instead, India granted mining concessions to merchant miners encouraging export of iron ore and import of steel. Compounding the problem, iron ore bearing states are now restraining the movement of iron ore to other states threatening the survival of steel companies in non-iron ore bearing states. In these circumstances, JSW Steel requested West Bengal government to facilitate long term sustainable supply of iron ore to take up active implementation of Bengal Steel project. West Bengal government is seized of the matter and JSW Steel is working along with the West Bengal Government to resolve this issue. The company is confident that the company along with West Bengal Government will find solution to this problem to enable it to take up the project implementation expeditiously, the company said.
Siti Cable Network said its board has given in-principle approved for raising upto $100 million for operations of the company through issuance of equity or equity-related instruments through private placement/qualified institutions placement (QIP)/external commercial borrowings (ECBs) with rights of conversion into equity shares/foreign currency convertible bonds (FCCBs)/American depository receipts (ADRs)/global depository receipts (GDRs) or any other securities convertible into or exchangeable for equity shares.
Arshiya said its board has allotted 4.50 crore equity shares of face value of Rs 2 each on preferential basis pursuant to the scheme of the Corporate Debt Restructuring Scheme (including any modification re-notification) approved by the CDR Empowered Group, to Ajay S. Mittal and Archana A. Mittal, both part of the promoter group.
Rolta India said that its wholly-owned subsidiary, Rolta Americas LLC, raised $300 million through bond offering.
Elecon Engineering Company turns ex-dividend today, 18 July 2014, for dividend of Rs 1 per share for the year ended 31 March 2014 (FY 2014).
Greaves Cotton turns ex-dividend today, 18 July 2014, for final dividend of Rs 0.60 per share for the year ended 31 March 2014 (FY 2014).
Ipca Laboratories turns ex-dividend today, 18 July 2014, for final dividend of Rs 2.50 per share for the year ended 31 March 2014 (FY 2014).
L&T Finance Holdings turns ex-dividend today, 18 July 2014, for dividend of Rs 0.75 per share for the year ended 31 March 2014 (FY 2014).
Shriram City Union Finance turns ex-dividend today, 18 July 2014, for final dividend of Rs 6 per share for the year ended 31 March 2014 (FY 2014).
Sintex Industries turns ex-dividend today, 18 July 2014, for dividend of Rs 0.70 per share for the year ended 31 March 2014 (FY 2014).
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