TOP CORPORATE NEWS : -17 April, 2017

corporate

Top Headlines :

• Hero Motocorp launches New Glamour 125 at Rs65,700
• Bajaj Corp Q4FY2017 revenues stand almost flat on YoY basis
• Sun Pharma drops on 11 observations after USFDA audit
• Dr Reddy gains as USFDA completes audit
• DCB Bank Q4 net profit down 24%

TOP CORPORATE NEWS : -17 April, 2017

Hero Motocorp launches New Glamour 125 at Rs65,700
Hero MotoCorp unveiled the all-new Glamour priced at Rs 65,700, on-road, Delhi. According to the dealers, the booking has started and the new Hero Glamour is expected to reach showrooms by 18th April, 2017.
The all-new Glamour is available in three variants- disc, drum FI and meets the BSIV emission norms.
The 2017 Glamour’s carbureted unit is powered by a 124.7cc air-cooled, single cylinder, OHC, ASFS (Advanced Swirl Flow Induction System) engine that
delivers 11.3 hp of power and 11 Nm of torque.
The engine is mated to a 4-speed gearbox and is equipped with the Hero patented i3S (Idle-Stop-Start system) technology.

Bajaj Corp Q4FY2017 revenues stand almost flat on YoY basis
Bajaj Corp revenues declined by marginal 2.0%yoy to Rs204.5 crore on account of ~7% decline in overall sales volume, while realisation led growth stood at 5%. The sales volume in core Almond drop hair oil decline by 7%; while Nomarks and Amla hair oil saw substantial improvement in the sales on y-o-y basis.
As anticipated the gross margins stood higher by 287BPS to 67.3% on back of lower raw material cost. However the higher other expenses (including promotional expenses) led to 381BPS decline in the OPM
This along with lower other income led to 17% decline in the adjusted PAT to Rs52.7crore.

Sun Pharma drops on 11 observations after USFDA audit
Sun Pharma: As per media sources, Sun Pharma’s Dadra unit has received 11 observations after USFDA audit; Dadra facility is second biggest unit after Halol for Sun – Negative for Sun; nature of observation is yet not clear.

Dr Reddy gains as USFDA completes audit
Dr Reddy’s Laboratories rose over 3%, touching to Rs2721.95, after company announced that the US drug regulator has completed the audit of its API plant at Srikakulam in Andhra Pradesh.
Dr Reddy’s Laboratories (DRL) announced that the audit of its API Srikakulam plant in Andhra Pradesh by the US Food and Drug Administration (USFDA) was completed on Friday, 14 April 2017, with no observations.

DCB Bank Q4 net profit down 24%
DCB Bank on Friday reported net profit of Rs53 crore, a drop of 24%, during the quarter ended on March 31, as against of Rs70 crore in the previous quarter.
The profit before tax (PBT) was at Rs81 crore in Q4FY17, an increase of 17% as compared to Rs70 crore in Q4FY16.
For the full financial year, the bank registered PAT of Rs200 crore, a rise of just 3% as compared to Rs300 crore during the financial year 2015- 2016. However, the PBT for FY17 was at Rs307 crore, also a rise of 17% as against Rs261 crore in FY16.
The net interest income of the bank rose by 29% to Rs797 crore in FY17, while non-interest income was up by 13% to Rs220 crore in the last fiscal.
The gross non-performing asset (NPA) ratio was at 1.59% as on March, 2017 as compared to 1.51% as on March, 2016. The net NPA remained at 0.79% as on FY17 from 0.75% as on FY16.

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