TOP CORPORATE NEWS :- 14 Jul 2017

Corporate News

TOP Headlines Of The Day :- 14 Jul 2017

• Infosys Q1FY2018 results: Beat estimates, maintain guidance
• TCS Q1 net profit at Rs5945 cr
• Aurobindo sets target action date for gRenvela on July 17; stock up
• HDFC may call off proposed takeover of Max Life
• Biocon surges as USFDA approves Mylan’s trastuzumab biosimilar
• Adani Ports in fray for buying stake in Dredging Corp

Infosys Q1FY2018 results: Beat estimates, maintain guidance
Infosys reported higher than expected revenue growth performance of 2.7% QoQ on CC basis at $2,628 million, driven by 1.7% QoQ volume growth. On a reported basis, the company’s revenues were up by 3.2% QoQ at $2,651 million (vs our estimates of $2,635 million).
The EBITDA margins improved by 21bps QoQ to 26.7%, above our expectations. Net profits during the quarter declined by 3.3% QoQ to Rs3, 483 crores.
Infosys has maintained its revenue growth guidance for FY2018 at 6.5-8.5% in constant currency as well as operating margin guidance at 23-25%. We have been cautious on
IT sector due to uncertainties in the demand environment owing to industry transition phase and regulatory overhang in US.

TCS Q1 net profit at Rs5945 cr
TCS net Profit fell by 10% to Rs5, 945 Cr Vs Rs6, 608 Cr (QoQ);
Rupee Revenue dips 0.2% to Rs29, 584 Cr Vs Rs29, 642 Cr (QoQ)
Q1 EBIT Margin at 23.4% Vs 25.7% (QoQ)
TCS Q1 BFSI Rev Up 2.3% in Constant Currency
Retail & CPG Up 2%
Lifescience & Healthcare up 4.7% in CC Terms
Manufacturing Up 3.8%.

Aurobindo sets target action date for gRenvela on July 17; stock up
Aurobindo has a target action date for gRenvela on 17th July 2017 (Monday). Aurobindo has earlier received approval for suspension form of gRenvela.
However tablet approval could come in on Monday which can be a big trigger as currently Aurobindo is the only player apart from innovator in the
market.
If the approval comes thru it can lead to upward revision of earnings and multiple for next two years.

HDFC may call off proposed takeover of Max Life
HDFC, Max Financial: HDFC Life Insurance may call off its proposed takeover of the Max group’s life insurance business as the two have not been able to arrive at a mutually agreeable alternative structure for the transaction, which the regulator had rejected in its current form.
This is negative for Max Financial Services.

Biocon surges as USFDA approves Mylan’s trastuzumab biosimilar
Shares of Biocon surged 9% to Rs400.20 on NSE after USFDA oncology drug advisory committee approved Mylan & Biocon’s trastuzumab biosimilar (Herceptin). Herceptin has global sales of $ 6 bn+ and in US the market size is $2.5 bn.
However Biocon now awaits GMP approval from USFDA (as it has received 483 observation for its Bangalore facility) as well as product approval – Positive for Biocon; USFDA approval of facility and product will be next key triggers to monitor.

Adani Ports in fray for buying stake in Dredging Corp
Adani Ports is in the fray for buying stake in Dredging Corporation of India (DCI). The GOI has 73.47% stake in DCI.
A formal proposal on disinvestment in DCI is likely to be put up before the Cabinet soon as per media reports.

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