TOP CORPORATE NEWS:- 1 Nov 2017

Corporate News

TOP Headlines Of The Day:- 1 Nov 2017

Fertilizer shares gain post-cabinet approval of subsidy payment
TVS Motor Company Q2FY18 standalone net profit rises 20.2% yoy: Mixed Estimates
Bharti Airtel rings loud, stock shoots up by 10%
Godrej Consumer Products Q2FY18 consolidated net profit rises 12.6% yoy
Union Bank of India up 3% after inviting bids for sale of NPAs
Alembic Pharma gains on acquisition of US-based Orbit Labs

Fertilizer shares gain post-cabinet approval of subsidy payment
Fertilizer companies witnessed an upward push. The push came after the Union Cabinet announced approval of payment of outstanding subsidy of Rs 10,000 Cr to fertilizer companies.
Post the news built up, stocks of Fertilizer companies were trading up.

TVS Motor Company Q2FY18 standalone net profit rises 20.2% yoy: Mixed Estimates
TVS Motors reported standalone results for the quarter came in mixed versus street estimates.
Revenue for the quarter came in 0.6 % lower than the estimated figure of Rs. 4076 crore.
EBITDA for the quarter came in 6.4 % higher than the estimated figure of Rs. 329 crore.
And lastly, net profit for the quarter came in 1.5 % higher than the estimated figure of Rs. 210 crore.
TVS Motors standalone revenue for the quarter came in at Rs. 4052.4 crores, registering 8.8% yoy increase. This was primarily driven by 16.3% volume growth.
EBITDA for the quarter rose by 26.6% YoY to Rs. 350.3 crore with a corresponding margin expansion of 121 bps. EBITDA margin for the quarter stood at
8.6%.
The PAT for the quarter came in at Rs. 213.2 crores, yoy increase of 20.2%.

Bharti Airtel rings loud, stock shoots up by 10%
Shares of Bharti Airtel shot up by 10% to Rs 542 after media reports stated that the company said it has been approached by a few global investors for acquiring controlling stake in Infratel. Bharti Airtel holds 58% stake in Infratel.
The stock had opened at Rs 518. It hit an intraday high of Rs 544.7 and an intraday low of Rs 510. Total traded volumes on the stock were approximately at 2.16 cr shares.

Godrej Consumer Products Q2FY18 consolidated net profit rises 12.6% yoy
Godrej Consumer Products Ltd revenue for the quarter came in at Rs. 2506.6 crores, registering 2.8% yoy increase. This was primarily driven by 3.4% and 8% yoy increase in revenues from Indian and African business.
EBITDA for the quarter rose by 13.4% yoy to Rs. 570.3 crore with a corresponding margin expansion of 214 bps. EBITDA margin for the quarter stood at 22.8%. This margin expansion was aided by 4.5% yoy decline in cost of raw material consumed.
The PAT for the quarter came in at Rs. 361.9 crore, yoy increase of 12.6%.
Board has declared interim dividend of Rs.1 per share of Rs. 1 each.

Union Bank of India up 3% after inviting bids for sale of NPAs
Union Bank of India was up 3% at around 12:30 PM today after the company invited initial bids from asset reconstruction companies, banks and non-banking finance companies for the proposed sale of 10 non-performing assets worth Rs 7.21 billion.
EBITDA for the quarter rose by 15.3% yoy to Rs. 798 crore with a corresponding margin expansion of 186 bps. EBITDA margin for the quarter stood at 48%.
The PAT for the quarter came in at Rs. 638 crore, yoy decline of 17.5%. This was due to 19% yoy decline in other income.

Alembic Pharma gains on acquisition of US based Orbit Labs
Alembic Pharma completes acquisition of US based generic drug developer Orbit Laboratories LLC along with real estate, owned by Okner Realty LLC.
Alembic Pharmaceuticals, a leading pharmaceutical company, is a market leader in the macrolides segment of anti-infective drugs. Its manufacturing units are located in Vadodara and Baddi. The company derives ~43% of revenues from International Formulations, out of which US accounts for ~75%.

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