Wipro in focus after announcing Q4 results

Wipro's consolidated net profit rose 2% to Rs 2270 crore on 4% growth in total revenue to Rs 12140 crore in Q4 March 2015 over Q4 March 2014. The result hit the market after market hours yesterday, 21 April 2015. The results are as per International Financial Reporting Standards (IFRS).

Wipro's IT Services segment revenue in rupee terms rose 6% to Rs 11240 crore in Q4 March 2015 over Q4 March 2014.

IT Services revenue rose 3.2% to $1.774 billion in Q4 March 2015 over Q4 March 2014. Non-GAAP constant currency IT Services revenue in dollar terms rose 1.2% to $1.817 billion, within the company's earlier guidance range of $1.814 billion to $1.850 billion.

Wipro expects its revenue from IT services business at between $1.765 billion to $1.793 billion in Q1 June 2015.

Commenting on the company's financial performance, Wipro's Chief Executive Officer and member of Wipro's board T K Kurien said that the company continues to execute on its strategy and have achieved improved customer satisfaction through better articulated solutions and improved delivery. The company is well-positioned to take advantage of the opportunities in the market, while tackling headwinds in certain areas, Kurien said. Wipro sees digital, open source and artificial intelligence as key levers for driving business change and reshaping the delivery model for the future, Kurien added.

Jatin Dalal, Chief Financial Officer of Wipro said that the company continues to maintain its focus on operational improvements and productiviy enhancements. This has resulted in margin expansion despite adverse cross-currency movements, Dalal said.

Meanwhile, Wipro yesterday, 21 April 2015 announced the appointment of Rishad Premji to its board of directors effective 1 May 2015. Rishad Premji joined Wipro in 2007 and has played a critical role in defining the company's strategy and driving its mergers and acquisitions function, Wipro said in a statement. Rishad will continue to run strategy and mergers & acquisitions in addition to his new responsibilities overseeing the Technology Office, Investor and Government Relations, and Wipro Ventures, the company said in a statement.

Yes Bank announces Q4 results today, 22 April 2015.

Kotak Mahindra Bank will be in focus. The Reserve Bank of India has yesterday, 21 April 2015, sanctioned the scheme of Amalgamation of ING Vysya Bank with Kotak Mahindra Bank and made it effective from 1 April 2015. Pursuant to the scheme of amalgamation, Kotak Mahindra Bank has on 21 April 2015 allotted the shares to the shareholders of the ING Vysya Bank. The Reserve Bank of India has stated that post allotment of the above shares, the aggregate foreign shareholding in Kotak Mahindra Bank has reached the threshold limit. Therefore no further purchase of shares of Kotak Mahindra Bank would be allowed through Stock Exchanges in India on behalf of Non-Resident Indian (NRI)/Persons of Indian Origin (PIO)/Foreign Institutional Investors (FII)/ Registered Foreign Portfolio Investor (RFPIs) and through Global Depository Receipt (GDR)/ American Depository Receipt (ADR)/Foreign Direct Investment (FDI).

Shares of fertilizer companies will be in focus. Minister of State for Chemicals and Fertilizers Hansraj Gangaram Ahir said in Lok Sabha yesterday, 21 April 2015 that New Urea Policy (NUP) - 2015 is under the consideration of the Government. There is no proposal to increase maximum retail price (MRP) of urea, Ahir said. The MRP of urea is statutorily fixed by the Government of India and at present it is Rs 5,360 per MT (exclusive of the central excise duty for domestically produced urea and countervailing duty for imported urea (which is 1% at present) and state VAT which differs from state to state). With respect to neem coated urea, it has been decided to restrict the extra 5% of MRP to be charged by the companies for future to the extent of 5% of the existing MRP of urea only i.e. Rs 5,360 per MT, Ahir said. There is no proposal of free supply of fertilizers to help dry land farmers to survive under various circumstances, the Minister said.

D B Realty will be in focus. With reference to the news captioned "DB realty to sign revenue sharing agreement with Man-infra Shangvi SPV, Man infra may invest 100 cr in SPV" D B Realty has after market hours yesterday, 21 April 2015, in its clarification has denied that DB Realty has signed any agreement with Man Infra and / or Dilip Sanghvi SPV. The news is speculative in nature, company said. D B Realty by itself and through its subsidiaries, associates and joint ventures is executing multiple projects and owns/ is developing several projects in the city of Mumbai and evaluates various proposals and opportunities on a continuous basis. Any discussion with any of the property consultants, Potential Partners/ Developers and Investors do not merit disclosures.

Gitanjali Gems announced that with a view to rationalize the existing group structure and create synergy of operations, Gitanjali group is presently undertaking consolidation exercise at group level for enabling restructuring of Group's business in a manner that will enable operating of it sourcing, manufacturing, distribution, exporting and retailing arms of the Group in the most beneficial manner by way of reduction in costs and improvement in cash flows. The resultant strategic business model which may help unlocking value in future. The company, in its meeting of Board of Directors held on 21 April 2015, approved the schemes of amalgamation of group companies namely, merger of Asmi Jewellery India and Spectrum Jewellery with Nakshatra Brands. All the three entities mentioned in the scheme are step down subsidiaries of the company. The board also approved the merger of Gitanjali Jewellery Retail and Gitanjali Lifestyle with GILI India. Gitanjali Jewellery Retail and Gitanjali Lifestyle are the wholly owned subsidiaries of the company, whereas Gili India Limited is the step down subsidiary of the company.

Freshtrop Fruits announced that the unseasonal rainfall has affected the grape export business of the company. The total exports of grapes for the season would be 30 to 35% less than last year but there is a significant improvement in the selling price. The unseasonal rainfall will have not any significant effect on the profit of the company for year ended31 March 2015 (FY 2015). The effect will be there in Q1 June 2015 but this could be mitigated by better price realization.

Sadbhav Engineering announced after market hours yesterday, 21 April 2015 that Sadbhav Infrastructure Project (SIPL), a company promoted by Sadbhav Engineering (SEL') has signed definitive share purchase agreement (SPA) for acquisition of 60% equity stake from HCC Concessions, a group company of Hindustan Construction Company in Dhule Palesnar Tollway.

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