Tech Mahindra's consolidated net profit rose 12.8% to Rs 943 crore on 2.2% rise in revenue to Rs 7776 crore in Q3 December 2017 over Q2 September 2017. Earnings before interest, tax and depreciation (EBITDA) margin rose 1.8% to 16.3% in Q3 December 2017 compared with Q2 September 2017. The announcement was made after market hours yesterday, 29 January 2018.
Vineet Nayyar, Vice Chairman, Tech Mahindra, said that the focus on digital transformation, continuous reskilling of workforce to meet the future demands of market space is showing encouraging results. The quarter results also demonstrate company's focus on execution, which is key in an otherwise unpredictable macro business environment.
C P Gurnani, CEO & MD, Tech Mahindra, said that the company has continued to clock steady growth in the quarter across revenue, profits and new business. The company's commitment to 'DAVID' strategy (digitization, automation, verticalization, innovation, disruption) has yielded marquee deals in the digital space.
On a consolidated basis, Wockhardt reported loss after tax of Rs 41 crore in Q3 December 2017, lower than loss after tax of Rs 54 crore in Q3 December 2016. Sales rose 1.01% Rs 1005 crore in Q3 December 2017 over Q3 December 2016. The announcement was made after market hours yesterday, 29 January 2018.
MOIL said that the meeting of board of directors of the company will be held on 5 February 2018, to consider the proposal for buy back of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 29 January 2018.
IOCL announces Q3 results today, 30 January 2018.
Shares of Amber Enterprises India will be listed on the bourses today, 30 January 2018. The issue price of the initial public offer (IPO) was fixed at Rs 859 per share. Overall, the IPO of the company had received bids for 81.5 crore shares as against 49.27 lakh shares on offer. The IPO was subscribed 165.42 times. The company had fixed the price band of Rs 855 to Rs 859 per equity share. The IPO was open for subscription from 17 January 2018 to 19 January 2018. Amber Enterprises India is the leading room air conditioner (RAC) original equipment manufacturer (OEM) and original design manufacturer (ODM).
KPIT Technologies' board of directors approved a draft composite scheme for amalgamation of Birlasoft (India) with the company and demerger of the engineering business of the company into KPIT Engineering (KEL), a wholly owned subsidiary of the company, to be renamed as KPIT Technologies, in terms of the draft scheme and an implementation agreement, and other agreements that are to be executed between the company, Birlasoft and other parties. The announcement was made after market hours yesterday, 29 January 2018.
Pursuant to the proposed merger, shareholders of Birlasoft will receive 22 equity shares of the combined KPIT-Birlasoft for every 9 equity shares of Birlasoft, and the combined KPIT-Birlasoft will be engaged in the ITSS business, and pursuant to the proposed demerger, KEL's shares will be listed and shareholders of combined KPIT-Birlasoft will receive one share of KEL for every one share they hold in the combined KPIT-Birlasoft.
After the proposed demerger, the existing promoters of the company propose to acquire sole control and substantial shareholding in KEL from the Birlasoft promoters.
The board has also approved the company executing an agreement, pursuant to which Birlasoft's promoters propose to acquire joint control over the company along with the company's existing promoters, subject to an open offer being made under the provisions and such other terms and conditions that have been agreed between them.
Welspun Corp said that it has received additional orders for supply of 232 kilo metric tonnes (MTs) pipes, including a large order. With these additions, the company has current order book of 1,279 KMTs valued at Rs 8200 crore. The announcement was made after market hours yesterday, 29 January 2018.
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