Tech Mahindra in spotlight after Q1 results

Tech Mahindra's consolidated net profit rose 34.27% to Rs 791.79 crore on 0.17% growth in total income to Rs 7746.79 crore in Q1 June 2017 over Q4 March 2017. The result was announced after market hours yesterday, 31 July 2017.

Persistent Systems announced that its Germany-based wholly-owned subsidiary, Persistent Systems Germany GmbH, completed its acquisition of PARX Werk AG, Switzerland. PARX is a salesforce certified platinum partner in DACH region. The acquisition was subject to customary closing conditions which were expected to get completed within 3-4 weeks. The announcement was made after market hours yesterday, 31 July 2017.

Sobha said its board will meet on 4 August 2017 to consider a proposal for buyback of equity shares of the company, for an aggregate amount up to Rs 62 crore. The announcement was made after market hours yesterday, 31 July 2017.

Biocon will be watched. In response to some media queries regarding the US Food and Drug Administration (USFDA) visit to Biocon in May/June 2017, a company spokesperson informed that this USFDA visit was a part of the regular periodic audit for a small molecule injectable. The company has responded to the regulator with a Corrective and Preventive Action Plan (CAPA) and is on track to implement them in a timely manner. The announcement was made after market hours yesterday, 31 July 2017.

Parsvnath Developers said it acquired 10,000 equity shares of Rs 10 each at par of Farhad Realtors (FRPL), an associate company, from the existing shareholders of FRPL, consequent upon which FRPL has become wholly owned subsidiary of the company. The announcement was made after market hours yesterday, 31 July 2017.

Vascon Engineers has received letter of award from Transcon Sheth Creators, a domestic entity for the work of civil construction, finishing, electrical and fire fighting work of residential building no 3 and 4 (Ground plus 23 Floors) in Malad (West) amounting to Rs 80.41 crore. The work has to be completed within 24 months from the date of receipt of work order. The announcement was made after market hours yesterday, 31 July 2017.

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