Tech Mahindra Q3 consolidated net profit up 11% (YoY)
Tech Mahindra has announced the following audited consolidated results for the quarter ended December 31, 2016 (YoY):
The Company has posted a net profit of Rs844.86 crore Vs Rs759.49 crore.
Total Income increased to Rs7712.68 crore Vs Rs6763.03 crore.
Q3 Forex Gain at Rs90.4 Cr Vs Rs86.3 Cr (QoQ)
IT Attrition at 18% Vs 19% (QoQ)
IT Utilisation at 77% Vs 78% (QoQ).
Vodafone in discussion with AB Birla group for merger of Idea Cellular
Vodafone PLC confirmed discussion with AB Birla Group for all shares merger of Idea Cellular with Vodafone, if the merger goes through, Vodafone will become the biggest player in the Indian Telecom space, leaving behind Bharti Airtel at Number 2nd spot, as per industry report combined entity would have 43% revenue share in the market by FY19CL against 33% of Bharti Airtel and 13% for Reliance Jio. Postive for Idea, Bharti and RCom and Grasim, AV Nuvo (Holding company for Idea Cellular).
HDFC Q3 net profit in-line with street estimates
Housing Development Finance Corporation Ltd (HDFC) has announced the following results for the quarter ended December 31, 2016:
The Company has posted a net profit of Rs1701.21 crore Vs Rs1520.51 crore.
Total Income increased to Rs8148.61 crore Vs Rs7280.17 crore.
Grasim Inds Q3 consolidated net profit up 14% (YoY)
Grasim Industries Ltd has announced the following Q3 results for the quarter ended December 31, 2016 (YOY):
The Company has posted a net profit of Rs331.35 crore Vs Rs271.88 crore.
Total Income increased to Rs2793.64 crore Vs Rs2575.45 crore.
Reliance Defence wins Rs916 cr contract
Reliance Defence and Engineering Ltd (RDEL) surged over 8%, touching to Rs61.9, after the company signed a contract with Ministry of Defence for construction of fourteen fast patrol vessels for Indian Coast Guard.
Reliance Infrastructure ( RInfra) promoted Reliance Defence and Engineering ( RDEL) has signed a contract with Ministry of Defence (MOD), Government of India for design and construction of fourteen fast patrol vessels (FPVs) for Indian Coast Guard, for an amount of Rs916 crore.
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