Shares of Hindustan Aeronautics will debut on the bourses today, 28 March 2018. The initial public offer (IPO) of Hindustan Aeronautics received bids for 3.37 crore shares, National Stock Exchange of India (NSE) data showed. The issue was subscribed 0.99 times. The company had issued shares at the lower end of the IPO price band of Rs 1,215 to Rs 1,240 per share. The IPO had opened on 16 March 2018 and closed on 20 March 2018.
State Bank of India (SBI) announced that the committee of directors for capital raising approved allotment of 29.25 crore equity shares on preferential basis to the Government of India, at Rs 300.82 per share, aggregating to Rs 8799.99 crore. The announcement was made after market hours yesterday, 27 March 2018.
Avanti Feeds said that commercial production of the additional capacity of 1,75,000 MT of shrimp feed plant at Bandapuram, West Godavari District, Andhra Pradesh was commenced on 19 March 2018. The announcement was made after market hours yesterday, 27 March 2018.
GlaxoSmithkline Consumer Healthcare said that the announcement by GlaxoSmithKline plc (GSK) of its intent to carry out a strategic review of GSK's Horlicks and its other consumer nutrition products which will include an assessment of its 72.45% shareholding in the company. The announcement was made after market hours yesterday, 27 March 2018.
Persistent Systems said it is expecting a decline in IP revenues during Q4 March 2018 (current quarter). This will impact revenue and EBIDTA margin for the quarter. IP revenues have seasonality and tend to fluctuate on a sequential quarter-on-quarter basis.
While the company continues to see good overall growth for its IP revenue portfolio, relative quarter-on-quarter decline follows a strong Q3 December 2017 (last quarter of calendar year 2017). The firm expects the sequential drop in IP revenues to be about $8 million for this quarter.
The company's focus on data, digital and IoT is aligned with customers as they implement their transformation roadmap as evidenced by a strong pipeline of business opportunities. Overall, the business outlook for the upcoming year (FY 2018-2019) remains strong with revenue growth expected to exceed NASSCOM guidance for the industry. The announcement was made after market hours yesterday, 27 March 2018.
Tejas Networks announced that it has received a new purchase order of Rs 336 crore from BSNL for expansion of BharatNet, the world's largest rural broadband project. Tejas Networks designs, develops, manufactures and sells high-performance optical and data networking products, which are used to build high-speed communication networks over optical fiber. The announcement was made after market hours yesterday, 27 March 2018.
Sanjay Nayak, managing director and CEO of Tejas Networks said that for the fiscal year 2018, the company earlier expected its revenue growth to be around 5%. However, due to delay in receiving certain large orders, the company expect its revenues for fiscal year 2018 to show a year-on-year decline. However, the company continues to see strong growth potential for its business over the next few years, especially from its customers in India, driven by the exponential growth in data traffic and robust capex investments on broadband infrastructure. Given the healthy order pipeline and strong business momentum, the company is well set for strong revenue and profitability growth for the coming fiscal year.
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