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Reliance Industries' (RIL) consolidated net profit rose 12.52% to Rs 6720 crore on 33.8% decline in turnover to Rs 75117 crore in Q2 September 2015 over Q2 September 2014. The result was announced after market hours on Friday, 16 October 2015. A strong showing of the refinery business and increase in profit margins of the petrochemicals business led to a stronger-than-expected growth in RIL's bottom line in Q2 September 2015. RIL's gross refining margins (GRM) hit a seven year high of $10.6 per barrel in Q2 September 2015. The GRM was $8.3 per barrel in Q2 September 2014. The profitability of the petrochemicals business improved due to a combination of strong volume growth, product mix improvement and lower energy costs.
RIL's bottom line was also boosted by exceptional one-time gain of Rs 252 crore in Q2 September 2015. This was a net impact of gains of Rs 2911 crore (net of taxes) on sale of investment in EFS Midstream LLC and provision for impairment in US shale gas assets amounting to Rs 2659 crore (net of tax). It may be recalled that Reliance Holding USA, Inc, a subsidiary of RIL concluded the sale of its interest in EFS Midstream LLC to an affiliate of Enterprise Products Partners L.P. in July 2015. EFS Midstream provides natural gas gathering, treating, compression and condensate processing services in the Eagle Ford Shale.
According to RIL, the near term outlook for the US shale gas business remains challenging due to weak macro environment. The long term outlook for the business remains promising.
With regard to the progress of the roll out of the broadband business, RIL said that the network roll-out across the country is substantially complete. RIL's subsidiary Reliance Jio Infocomm (RJIL) is implementing the ambitious broadband project. FY 2017 (year ending 31 March 2017) will be the first full year of commercial operations of RJIL.
Meanwhile, RIL also announced in its Q2 September 2015 investor presentation that RJIL and Reliance Communication have decided to share spectrum in 800 MHz band in 7 telecom circles.
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Maruti Suzuki India announced after market hours on Friday, 16 October 2015, that it has introduced all-new Ertiga packed with several new features and technologies on Friday, 16 October 2015. The petrol variant of the vehicle is available from Rs 5.99 lakh to Rs 8.26 lakh while the diesel variants are available from Rs 7.55 lakh to Rs 9.25 lakh ex-showroom Delhi.
Infosys announced after market hours on Friday, 16 October 2015, a collaboration with IBM, in which Infosys will tap Bluemix, IBM's Cloud platform to rapidly prototype, develop and deploy the next generation of Cloud apps for its global client base. The collaboration includes the launch of Bluemix-powered Innovation Lab for co-creation of apps with clients; training of Infosys developers on Bluemix and cloud app development skills; as well as Infosys' adoption of Bluemix Dedicated to leverage its vast library of cognitive computing and analytics solutions and other services to build client apps.
IBM launched Bluemix with a $1 billion investment in 2014, that matured quickly to become the largest Cloud Foundry deployments in the world, and providing a developer-friendly catalog of over 120 tools and software-services, combining the most prominent open-source, IBM and third-party technologies.
Indian Hotels Company announced after market hours on Friday, 16 October 2015, that a meeting of the board of directors of the company will be held today, 19 October 2015, to consider and if thought fit, approve the amalgamation of the company with Lands End Properties Private Limited (LEPPL), a wholly owned subsidiary, by way of a scheme of arrangement between the company, LEPPL and their respective shareholders and creditors. The board will also consider and if thought fit, approve on that day the amalgamation of the company with International Hotel Management Services LLC (IHMS), a wholly owned subsidiary incorporated in the State of Delaware, United States of America, by way of a scheme of arrangement between the company, IHMS and their respective shareholders and creditors.
CRISIL's consolidated net profit rose 8.1% to Rs 76.87 crore on 14.09% rise in total income to Rs 374 crore in Q3 September 2015 over Q3 September 2014. The company announced results on Saturday, 17 October 2015.
The company said that the board of directors of the company at its meeting held on 17 October 2015 approved the Scheme of Amalgamation of its three wholly owned subsidiary companies, viz., Pipal Research Analytics and Information Services India Private Limited, Coalition Development Systems (India) Private Limited and Mercator Info-Services India Private Limited with the company and their respective shareholders and creditors. The appointed date for the merger shall be 1 April 2016. As per the Scheme, no shares are proposed to be issued pursuant to the merger, since all the transferor companies are wholly-owned subsidiary companies of the company. The Scheme is subject to requisite consent of the High Court at Bombay, the permission or approval of the Stock Exchanges or any other statutory or regulatory' authorities or institution(s), which by law may be necessary for the implementation of the Scheme.
CRISIL also said that the board of directors of the company at its meeting held on 17 October 2015 approved the proposal to invest in financial technology companies in areas/sectors that are deemed strategic for CRISIL. A Committee of senior executives has been designated to identify companies, evaluate and finalise actual investment proposals and decide the optimum methodology for the investments. The board has approved an investment of upto Rs 30 crore for such investments.
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