Cipla may drop on weak Q2 outcome

Cipla's consolidated net profit dropped 34.75% to Rs 354.34 crore on 8.39% rise in total income to Rs 3778.25 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Cipla said that Q2 September 2016 reflected improved profitability in base business driven by better product and geography mix. The company launched 6 new products during this quarter in the US market and continues to invest in building a niche and differentiated product portfolio, Cipla said. Commenting on the results, Umang Vohra, MD and Global CEO, Cipla said that the company continues to stay focused on building operational efficiencies and strengthening presence in priority markets.

Bosch's net profit rose 79.2% to Rs 703.74 crore on 9.59% rise in total income to Rs 3026.96 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Power Grid Corporation of India's net profit rose 32.01% to Rs 1872 crore on 29.86% rise in total income to Rs 6480.20 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

Tata Consultancy Services announcd before market hours today, 10 November 2016, that the company has received a letter dated 9 November 2016 from Tata Sons nominating Ishaat Hussain as the Chairman of the board of directors of the company in place of Cyrus P. Mistry with immediate effect. In view of this, Mistry has ceased to be the Chairman of the board of directors of the company and Hussain is the new Chairman of the company. The company has been further informed that Hussain shall hold office as Chairman of the company until a new Chairman is appointed in his place. Tata Sons has issued a special notice and a requisition for convening an extraordinary general meeting of shareholders of the company to consider a resolution for the removal of Cyrus P. Mistry as Director of the company. It may be recalled that Tata Sons, promoters of the company, had replaced Cyrus Mistry as Chairman of Tata Sons with immediate effect. Ratan Tata was appointed as Interim Chairman of Tata Sons.

HDFC announced after market hours yesterday, 9 November 2016 that the company will issue secured, senior, redeemable non-convertible debentures worth Rs 2000 crore on private placement basis on 11 November 2016. The debentures carry coupon of 7.8% and tenor of 3 years. The proceeds would be utilized for financing/refinancing the housing finance business requirements of the company.

DCM Shriram announced after market hours yesterday, 9 November 2016 that the company has on 8 November 2016 commissioned additional captive power generation capacity at its chlor-alkali unit in Bharuch (Gujarat). The total coal based captive power generation at the Bharuch (Gujarat) unit now stands at 115 megawatts (MW). The increased power generation capacity will meet the power requirements of its chloro-alkali unit at Bharuch (Gujarat) wherein the expansion of chlor-alkali capacity to 1013 tonnes per day (TPD) was completed in October 2016.

Pidilite Industries' consolidated net profit rose 13.1% to Rs 231 crore on 9.1% rise in gross sales to Rs 1522 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

JK Tyre & Industries consolidated net profit dropped 13.54% to Rs 100.15 crore on 5.26% rise in total income to Rs 2077.24 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 9 November 2016.

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