Sun Pharma may drop on weak Q1 results

Sun Pharmaceutical Industries' consolidated adjusted net profit excluding the Modafinil settlement fell 74% at Rs 526 crore on 23% decline in sales to Rs 6167 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Friday, 11 August 2017.

Net profit for the quarter was adversely impacted by settlements with certain plaintiffs related to the Modafinil antitrust litigation in the US, with the settlement amounting to Rs 950 crore. Net profit for Q1 June 2016 included the benefit of the 180-day exclusivity for Imatinib which expired in July-2016.

Dilip Shanghvi, Managing Director of the company said that Q1 performance was not good and not in line with the past performance due to the combined impact of increasing investments in global specialty business, temporary disruption in India business due to GST implementation, a challenging US generic pricing environment and the Modafinil settlement. The company expects performance to gradually improve in the second half of this year.

Adani Ports & Special Economic Zone's consolidated net profit fell 13.7% to Rs 710.25 crore on 50.3% rise in net sales to Rs 2745.14 crore in Q1 June 2017 over Q1 June 2016. The announcement was made on Saturday, 12 August 2017.

Bank of Baroda's net profit fell 52% to Rs 203.39 crore on 1.9% rise in total income to Rs 12103.86 crore in Q1 June 2017 over Q1 June 2016. The announcement was made after market hours on Friday, 11 August 2017.

Bank of Baroda also allotted Basel III compliant unsecured, perpetual bonds worth Rs 850 crore.

Mahindra & Mahindra (M&M) said that its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) (MOICML) has agreed to sell its entire shareholding of 51% in Mahindra Yueda Yancheng Tractor Company (MYYTCL), China. Upon receipt of requisite regulatory approvals and completion of other formalities, MYYTCL will cease to be a subsidiary of MOICML and in turn of M&M. The announcement was made after market hours on Friday, 11 August 2017.

Coal India, Grasim Industries and Tata Power Company will announce Q1 results today, 14 August 2017.

BPCL's net profit fell 71.6% to Rs 744.56 crore on 21.7% growth in net sales to Rs 57125.80 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours on Friday, 11 August 2017.

Tata Steel will be in focus. Tata Steel UK on Friday, 11 August 2017 announced it had signed the documentation for a Regulated Apportionment Arrangement (RAA) with the Trustee of the British Steel Pension Scheme, offering more sustainable outcomes for pensioners, employees and the business. When the RAA takes effect the British Steel Pension Scheme will be separated from Tata Steel UK and a number of affiliated companies. The announcement was made after market hours on Friday, 11 August 2017.

Indian Bank has introduced a two tier interest rate structure for savings bank customers, offering interest at 4% per annum for incremental balance above Rs 50 lakhs and 3.50% per annum for balance upto Rs 50 lakhs. The announcement was made after market hours on Friday, 11 August 2017.

Spice Mobility announced that Omnia Pte. Limited, Singapore (Omnia), a step down foreign subsidiary of the company, has approved to purchase entire stake in PT Spice Digital Indonesia, (Indonesia), another step down foreign subsidiary of the company, from Spice Global Services Pte. Limited, Singapore ('SGS'). Consequently, 'Indonesia' will become a subsidiary of 'Omnia' and step down subsidiary of 'SGS'. All these three companies will continue to be the step down subsidiaries of the company. The announcement was made on Saturday, 12 August 2017.

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