HCL Tech may decline after issuing revenue growth warning for Q1

HCL Technologies after market hours yesterday, 30 September 2015, through pre-earnings brief, highlighted that in the quarter ending 30 September 2015, its revenue growth is likely to be tepid on account of adverse currency impact, a client specific issue and skewness in revenue growth due to transition timelines for complex engagements particularly in infrastructure services. The company will unveil Q1 September 2015 results in the fourth week of October 2015.

During this quarter, revenues to be reported in US dollar would have an adverse impact of 80 basis points (bps) on account of sharp depreciation of multiple currencies against the US dollar, the company added.

Also, in one of the multi-million multi-year custom application development project being executed for one of the customers in the Public Services vertical by HCL Technologies, certain differences have arisen with reference to the program objectives. While the discussions are on with the customer and the firm is in the process of disengagement, as a matter of prudence the company is considering reserving up to $20 million this quarter, the company said.

Mahindra & Mahindra announced before market hours today, 1 October 2015, it has started strategic partnership with Mitsubishi Agricultural Machinery Co (MAM). MAM and M&M completed the transaction announced on 21 May 2015 as per schedule. The two companies entered into a capital tie up through a third party allocation of new shares. As a result of the capital infusion, as per the new shareholding, Mitsubishi Heavy Industries (MHI) holds 66.7% and M&M 33.3% in the company renamed and formed as Mitsubishi Mahindra Agricultural Machinery Co.

Jet Airways (India) announced before market hours today, 1 October 2015, that the committee of directors at its meeting held yesterday, 30 September 2015, has considered and allotted 6,989 rated, listed, taxable, unsecured, redeemable Non-convertible Debentures of Rs 10 lakh each for cash at par aggregating to Rs 698.90 crore on private placement basis.

Allahabad Bank announced before market hours today, 1 October 2015, that the bank has issued and allotted 2.91 crore equity shares for cash at an issue price of Rs 96.98 per equity share on preferential basis to Government of India (President of India). All the aforesaid new equity shares issued and allotted to Government of India will be under lock-in for a period of three years from the date of trading approval from all the stock exchanges i.e. NSE & BSE where the equity shares of the Bank are listed.

PSU OMCs hiked diesel price by 50 paise per litre after market hours yesterday, 30 September 2015, but there will be no change in petrol rates. Diesel will cost Rs 44.95 per litre with effect from 1 October 2015 as against Rs 44.45 currently.

Axis Bank announced after market hours yesterday, 30 September 2015, that the board of directors has allotted 15,000 Unsecured Redeemable Non Convertible Subordinated Debentures (Basel - III Compliant Tier II Debentures) (Series - 23) of the face value of Rs 10 lakh each for cash at par aggregating to Rs 1500 crore on a private placement basis. The debentures will be listed on the Wholesale Debt Market segment of the BSE and National Stock Exchange of India. The debentures are rated "AAA" by CRISIL, CARE and ICRA.

Dena Bank announced after market hours yesterday, 30 September 2015, that it raised Rs 407 crore by issuing 8.41 crore equity shares to the Government of India on preferential basis at Rs 48.39 per share.

Andhra Bank announced after market hours yesterday, 30 September 2015, that it raised Rs 377.99 crore by issuing 4.94 crore equity shares to the Government of India on preferential basis at Rs 76.42 per share.

Bank of Baroda (BoB) announced after market hours yesterday, 30 September 2015, that has decided to reduce base rate by 25 basis points from 9.9% per annum (p.a.) to 9.65% p.a. and also to reduce Benchmark Prime Lending Rate (BPLR) by 25 basis points from 14.15% p.a. to 13.90% p.a. The reduction in both rates will be effective from 5 October 2015.

GlaxoSmithKline Pharmaceuticals announced after market hours yesterday, 30 September 2015, that it has completed its transaction with Novartis Healthcare (Novartis India) on 30 September 2015 whereby the company has acquired Novartis' vaccines business and divested its marketed oncology portfolio to Novartis India. This follows a global transaction between GlaxoSmithKline plc, UK(GSK) and Novartis AG, Switzerland (Novartis), which was completed in March 2015 on the same basis.

The acquisition of the vaccines business of Novartis provides GSK with an exciting opportunity to build an even stronger, sustainable global vaccines business. The transaction will enhance GSK's vaccines portfolio and bring together its expertise in virology, bacterial infection and technological platforms to deliver a reliable supply of high quality vaccines, the company said in a statement.

Bharat Forge announced after market hours yesterday, 30 September 2015, that its subsidiary BF infrastructure Ventures has divested its 50% stake in its JV (David Brown Bharat Forge Gear Systems India) to its joint venture partner, David Brown Systems India (Holdings), for a sum of Rs 3.09 crore.

Kirloskar Pneumatic Company announced after market hours yesterday, 30 September 2015, that Pneumatic Holdings (PHL) is holding 69.94 lakh equity shares (54.45%) of Kirloskar Pneumatic Company with effect from 24 September 2015. As a result of this Pneumatic Holdings is the holding company of Kirloskar Pneumatic Company with effect from 24 September 2015.

IL&FS Engineering and Construction Company announced after market hours yesterday, 30 September 2015, that it has redeemed preference shares of Rs 44.25 crore. Accordingly, the preference share capital of the company stands at Rs 92.75 crore after the redemption.

Kalpataru Power Transmission (KPTL) announced after market hours yesterday, 30 September 2015, that it secured new orders worth over Rs 781 crore. It won transmission line projects in international geographies namely Malawi and Kuwait of approximately Rs 594 crore. It also won pipeline project of approximately Rs 187 crore from ONGC.

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