IT major TCS reported a 4.3% growth in its consolidated net profit at Rs 6586 crore on 0.1% decline in revenue to Rs 29284 crore in Q2 September 2016 over Q1 June 2016. The result was announced after market hours yesterday, 13 October 2016.
Commenting on the company's Q2 performance, CEO and MD, N Chandrasekaran said it has been an unusual Q2 for TCS. Growing uncertainties in the environment is creating caution among customers and resulted in holdbacks in discretionary spending this quarter, he said. In addition, volatility in markets like India and Latin America also muted revenue growth, he said. It has been a good quarter from a profitability perspective where despite multiple headwinds the company's disciplined approach and focus on operations has helped it deliver a strong margin performance, Chandrasekaran said.
Rajesh Gopinathan, Chief Financial Officer of TCS said that Q2 September 2016 has been a quarter of good financial performance with sequential improvement in profitability and strong cash generation despite multiple headwinds including global currency and market volatility through the quarter.
Infosys announces Q2 results today, 14 October 2016.
Wipro announced the launch of Treasury DNA Decisions and Analytics platform that will digitally enable global treasuries using cloud technologies. Treasury DNA is powered by BELLIN's tm5, a leading treasury management systems provider. The announcement was made yesterday, 13 October 2016.
Yes Bank announced that a meeting of the board of directors of the bank will be held on 20 October 2016, to consider Q2 results and to update on QIP and fund raising by way of QIP and debt issues, under the current shareholders approval which is valid till 6 June 2017. The announcement was made yesterday, 13 October 2016.
PSU OMCs will be in focus. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, approved the mechanism for revision of ethanol price for supply to Public Sector Oil Marketing Companies (OMCs) to carry out the Ethanol Blended Petrol (EBP) Programme. For the next sugar season 2016-17 during ethanol supply period from 1st December, 2016 to 30th November, 2017, the administered price of ethanol for the EBP Programme will be Rs 39 per litre. Additionally, charges will be paid to the ethanol suppliers as per actuals in case of Excise Duty and VAT/GST and transportation charges as decided by OMCs. If the need arises to increase/reduce the retail selling price of petrol by PSU OMCs, then such increase/reduction would proportionately factor in the requirement of maintaining the fixed cost of purchase of ethanol during the ethanol supply year.
The prices of ethanol will be reviewed and suitably revised by Government at any time during the ethanol supply period that is from 1st December, 2016 to 30th November, 2017 depending upon the prevailing economic situation and other relevant factors. The revision in ethanol prices will facilitate the continued policy of the Government in providing price stability and remunerative prices for ethanol suppliers.
Lux Industries said that the company's rating for Long Term Bank Facilities have been revised by CARE from CARE A (Single A) to CARE A+ (Single A plus). The rating for Short Term Bank Facilities have been revised by CARE from CARE A1 (A One) to CARE A1 + (A One plus). The announcement was made after market hours yesterday, 13 October 2016.
Shreyas Shipping & Logistics said that the company's wholly owned subsidiary Shreyas Relay Systems has decided to sell its stake of 51% in SRS Freight Management to BSL Freight Solutions. The announcement was made after market hours yesterday, 13 October 2016.
Future Enterprises announced that the committee of directors of the company at a meeting held on 13 October 2016, considered, approved & allotted of 250, 9.75% secured redeemable non-convertible debentures (NCDs) of Rs 10 lakh each (NCD Series XV - A) and 250, 9.8% secured redeemable NCDs of Rs 10 lakh each, (NCD Series XV - B) aggregating to Rs 50 crore, on private placement basis. The announcement was made yesterday, 13 October 2016.
Reliance Industrial Infrastructure's net profit fell 19.33% to Rs 3.38 crore on 7.72% rise in total revenue to Rs 26.10 crore in Q2 September 2016 over Q2 September 2015. The result was announced yesterday, 13 October 2016.
Karnataka Bank has fixed 25 October 2016 as record date for issue of shares on rights basis. The announcement was made after market hours yesterday, 13 October 2016.
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