TOP CORPORATE NEWS :- 17 Jul 2017

Corporate News

TOP Headlines:- 17 Jul 2017

• Jubilant Food Q1 profit beats estimate
• ONGC may not pay premium to purchase stake in HPCL
• Gruh Finance Q1 net profit up 20% to Rs72 cr
• ICICI Bank surges after subsidiary files DRHP for IPO
• IOCL likely to buy government’s 66.13% stake in Oil India

Jubilant Food Q1 profit beats estimate
Jubilant Foodworks Q1 profit up 25.5% at Rs24 crore (YoY)
Total income up 11.5% at Rs679 crore (YoY)
EBITDA up 37.8% at Rs79.6 crore
EBITDA Margin at 11.7%
Tax Expense at Rs12.5 crore Vs Rs9.2 crore (YoY)
Jubilant Food CFO & President Sachin Sharma resigns.

Reliance to set up LNG retail outlets electric vehicles
Reliance Industries ( RIL) is planning to set up LNG retail outlets and charging stations for electric vehicles at its existing fuel retail outlets (1,221 operationally currently out of 1,470 outlets).

Gruh Finance Q1 net profit up 20% to Rs72 cr
Gruh Finance Q1 Earnings:
Q1 net profit up 20% at Rs72.2 crore Vs Rs60.18 crore (YoY)
Total income up 14% at Rs 398.12 crore versus Rs346.34 crore (YoY)
Aggregate NPAs of the company was at 0.64% of the loan assets as on June 30, 2017 as against 0.56% as on June 30 2016 and the net NPAs was at 0.16% against 0.27%.

ICICI Bank surges after subsidiary files DRHP for IPO
ICICI Bank rose over 2% to Rs304.15, after the bank said that its subsidiary, ICICI Lombard General Insurance Company filed draft red herring prospectus ( DRHP) with market regulator for public offer.
ICICI Bank: ICICI Lombard General Insurance Company has filed draft prospectus with Sebi. In the IPO, ICICI Bank will sell up to 31,761,478 equity shares and Fairfax Holdings will sell up to 54,485,709 equity shares. – Sentimentally positive.

IOCL likely to buy government’s 66.13% stake in Oil India
Indian Oil Corp (IOCL) is likely to buy government’s 66.13% stake in Oil India as part of government’s plan to create integrated oil company as per media reports.
This is long term positive for IOCL as the likely acquisition would provide IOCL entry into upstream business.

ONGC may not pay premium to purchase stake in HPCL
Oil and Natural gas Corp (ONGC) may not be required to pay a premium to purchase government’s 51.11% stake in Hindustan Petroleum (HPCL) as HPCL is widely traded and fairy valued by the market as per ONGC management.
Earlier there were media reports that Government has asked ONGC to pay 40%-50% premium over the current market price for buying government’s entire stake in HPCL – negative for HPCL and Positive for ONGC.

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