TCS reported 8.57% rise in consolidated net profit to Rs 6460 crore on 2.67% rise in total income to Rs 31360 crore in Q2 September 2017 over Q1 June 2017. The result was announced after market hours yesterday, 12 October 2017.
TCS said that strong revenue growth was visible across verticals in the Q2 September 2017. With the exception of Retail and CMI, all industry verticals grew above the company average, led by Travel & Hospitality (up 8% Q-o-Q), Energy & Utilities (up 7.2% Q-o-Q) and Life Sciences & Healthcare (up 3.6% Q-o-Q). On a year on year basis, all industry verticals - with the exception of BFSI and Retail - grew above 9.5%.
Growth was led by Europe (up 5.3% Q-o-Q), Latin America (up 5.7% Q-o-Q), APAC (up 3% Q-o-Q) and UK (up 2.5% Q-o-Q). North America grew by 1.4% Q-o-Q with continued softness in Banking and Retail, TCS said.
Commenting on the Q2 performance, Rajesh Gopinathan, CEO and MD, said: the company experienced robust volume growth in Q2, driven by good demand across multiple industry verticals. Large deal wins this quarter, a good pipeline, and bottoming out of the retail sector softness positions the company well, Rajesh Gopinathan said.
Canara Bank launched a Tap Issuance of five year Medium Term Note (MTN) Bonds (issued earlier on 10 August 2017) to the extent of $200 million, through its London branch on 11 October 2017 value 17 October 2017 maturing on 10 August 2022. It is priced at five year US Treasury plus 119 basis points carrying a coupon of 3.25% fixed payable half yearly. The Bonds are listed in Singapore Stock Exchange and the funds raised are utilized for deploying in long term assets by the bank's foreign branches. The announcement was made after market hours yesterday, 12 October 2017.
Tribhovandas Bhimji Zaveri announced opening of 36th store and 5th franchise store at Bhopal, Madhya Pradesh today, 13 October 2017. The announcement was made before market hours today, 13 October 2017.
Telecom major Bharti Airtel and Tata, India's leading conglomerate, announced after market hours yesterday, 12 October 2017, that they have entered into an understanding to merge consumer mobile businesses (CMB) of Tata Teleservices (TTSL) and TTML into Bharti Airtel. The acquisition is subject to requisite regulatory approvals. As part of the agreement, Bharti Airtel will absorb Tata CMB's operations across the country in nineteen circles (17 under TTSL and 2 under TTML).
These circles represent bulk of India's population and customer base.
The proposed merger will include transfer of all the customers and assets of Tata CMB to Bharti Airtel, further augmenting Bharti Airtel's overall customer base and network. The merger is being done on a debt-free cash-free basis, except for Bharti Airtel assuming a small portion of the unpaid spectrum liability of Tata's towards the DoT, which is to be paid on deferred basis. The employees of Tata will be demerged on the lines of the two businesses i.e. CMB and EFL (enterprise and fixed line and broadband), and post an optimal manpower planning will be moved accordingly. Tata will retain its stake in Viom, and will take care of the liabilities associated with it.
Separately, Bharti Airtel said that its board approved the scheme of amalgamation between Tikona Digital Networks Private Limited and Bharti Airtel Limited and their respective shareholders and creditors.
Shriram EPC has won multiple orders aggregating Rs 349 crore. The first order amounting to Rs 311 crore from Bihar Urban Infrastructure Development Corporation involves improvement of water supply system in Gaya Municipal Corporation. The second order amounting to Rs 38 crore is from Karnataka Urban Infrastructure Development & Finance Corporation and entails construction of pipeline, overhead tank and distribution network at Byadgi along with operations and maintenance. The announcement was made after market hours yesterday, 12 October 2017.
Ruby Mills said that Bharat Shah has been granted a bail by the sessions court Thane on 10 October 2017 and he was released on 12 October 2017. On 3rd August 2017, the company had informed about the arrest of Bharat Shah, Managing Director of the company by the Central Bureau of Investigation. The announcement was made after market hours yesterday, 12 October 2017.
Andhra Bank said that it is issuing 7.98% unsecured, fully paid-up, non-convertible, redeemable, Basel III compliant , Tier - 2 bonds in the nature of debentures of Rs 10 lakh each for cash at par aggregating to Rs 1000 crore. The said issue will be opened for subscription on 24 October 2017 and will be closed on the same day, with the allotment date being 24 October 2017. The announcement was made after market hours yesterday, 12 October 2017.
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