TOP CORPORATE NEWS:- 14 Nov 2017

top corporate news

TOP Headlines Of The Day:- 14 Nov 2017

Havells signs MoU with Hyundai Electric & Energy Systems
Repco Home Finance zooms ~8% after posting strong set of quarterly earnings
India’s Oct WPI inflation rate at 3.59%
Airtel sells secondary share in Infratel for Rs 3,325 cr at Rs 400.6/sh
Tata Global Beverages Q2FY18 consolidated net profit rises 10.7% yoy

Havells signs MoU with Hyundai Electric & Energy Systems
Havells India has signed a Memorandum of Understanding (MoU) with Hyundai Electric & Energy Systems Co. Ltd to mutually explore and supply power and transmission devices.
As per the MoU, Hyundai Electric will supply low and medium voltage protection and be switching devices to Havells as Brand labeling.
Hyundai Electric will also grant manufacturing license and technology transfer for low‐capacity Magnetic Contactors (MC) and Molded Case Circuit Breakers (MCCBs) to Havells. Havells will supply equipment such as Miniature Circuit Breakers (MCBs) & Magnetic Contactors (MC) to Hyundai Electric.

Repco Home Finance zooms ~8% after posting strong set of quarterly earnings
The stock of Repco Home Finance spurted by more than 8% in early hours of today’s market session after posting a strong set of quarterly financial results on November 13, 2017.
The company’s standalone revenue for the quarter is Rs 279 crores, up by 7.3% as compared to corresponding quarter of previous year. The Net Interest Income grew by 17% to Rs 117 crores for the quarter.
Profit after Tax (PAT) of the company came at Rs 55.87 crores, up by 22% as compared to corresponding quarter of previous year.
The company sanctioned a loan of Rs 764.5 crores, up by 23% and loans disbursement of Rs 752.5 crores, up by 37% as compared to June 2017 quarter.

India’s Oct WPI inflation rate at 3.59%
The annual rate of inflation, based on monthly WPI, stood at 3.59% (provisional) for the month of October 2017 (over October 2016) as compared to 2.60% (provisional) for the previous month and 1.27% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.03% compared to a build-up rate of 3.53% in the corresponding period of the previous year.

Airtel sells secondary share in Infratel for Rs 3,325 cr at Rs 400.6/sh
Bharti Airtel via its wholly owned subsidiary, Nettle Infrastructure Investments Ltd announced the successful divestment of 83 million shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market.
The sale was for a total consideration of over Rs 3,325 crore ($ 510 million) and was executed at a price of Rs 400.6 per share, representing a discount of 3.6% to the previous day’s closing price.
The allocation was done to global investors, fund managers and long-only funds, including many repeat investors. Led by healthy investor appetite, the deal was upsized by over 25%.

Tata Global Beverages Q2FY18 consolidated net profit rises 10.7% yoy
Tata Global Beverages consolidated revenue for the quarter came in at Rs. 1692.14 crores, registering 4.4% yoy increase. This was primarily driven by 3.6% growth in its tea business and 11.2% growth in its coffee business.
EBITDA for the quarter rose by 15% YoY to Rs. 213.96 crore with a corresponding margin expansion of 117 bps. EBITDA margin for the quarter stood at 12.6%. This margin expansion was aided by 3.8% decline in its employee benefit expenses.

Unadjusted PAT for the quarter came in at Rs. 154.5 crores, yoy increase of 10.7%. This was due to 58.4% decline in its finance cost.

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