TOP CORPORATE NEWS:- 25 Jul 2017

Corporate News

TOP Headlines:- 25 Jul 2017

Tata Elxsi may merge with TCS soon
IRB Infra posts healthy Q1 performance
Asian Paints Q1 profit below estimates
M&M to launch 3 utility vehicles to regain market share
UPL plans bid of $4 bn to acquire Platform Specialty agro biz
Govt plans anti-dumping duty on Chinese truck and bus tyres imports

 

Asian Paints Q1 profit below estimates
Asian Paints Q1 earnings for Quarter ended June 30, 2017
Consolidated Net Profit at Rs440.7 crore
Consolidated Total Income at Rs4,228 crore
Consolidated EBITDA at Rs665.4 crore
Consolidated Margin at 17.4%
Upward trend in material prices had impact on margins
Decorative Business registers low single digit Volume growth in Q1
Asian Paints Q1 FY18 Paint Margin at 16% Vs 21% YoY.

M&M to launch 3 utility vehicles to regain market share
M&M to launch 3 utility vehicles (new products/upgrades) in a bid to regain market share; Positive read thru
M&M has planned to launch three vehicles (including new products and upgrades) in a bid to regain its lost market share in the utility vehicle segment.
As per the media reports, a MPV – codenamed U321 would be launched in 2017 and would be positioned below the XUV 5OO and compete with Tata Hexa and Toyota Innova.
Secondly, a SUV based on Tivoli platform to take on the llikes of Toyota Fortuner and Ford Endeavour is also in the pipeline. Thirdly, M&M will launch a coupe version of the existing XUV 5OO.

IRB Infra posts healthy Q1 performance
IRB Infrastructure Developers Q1FY2018 Results Review: A healthy performance backed by strong execution for IRB in Q1FY2018; retain Buy
IRB Infrastructure Developers witnesses healthy revenue growth of 19.7% yoy and posts better than expected earnings growth of 31% yoy backed by robust execution and good BOT performance, despite a sharp rise in tax costs.
Visibility of healthy growth construction revenue with a strong order backlog of Rs 8911 crore for FY2018-2019.

UPL plans bid of $4 bn to acquire Platform Specialty agro biz
UPL is exploring a bid of around $4 bn to acquire the agrochemicals business of Platform Specialty Products Corp (US based specialty Chemical and agro- chemical company) to expand its global footprint.
UPL has cash position of Rs2895 Cr, which could be utilized for the acquisition. Further it is in talks with New Mountain Capital LLC as well to team up for the offer. We await confirmation and other details from UPL on the possible deal.
Positive, if the deal goes thru, as the acquisition could further strengthen the company’s presence in the global agrochemical markets.

Govt plans anti-dumping duty on Chinese truck and bus tyres imports
Tyres: Government is planning to impose anti-dumping duty on Chinese truck and bus tyres imports with a view to guard domestic rubber and tyre players.
This is positive for domestic tyre players (MRF, Apollo Tyres, JK Tyres and Ceat).

Tata Elxsi may merge with TCS soon
Tata Elxsi is likely to be merged with Tata Consultancy Services very soon.
The company has divisions like Embedded Product Design, Industrial Design, System Integration and Professional Services and Visual Computing Labs.

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