Tech Mahindra's consolidated net profit fell 3.4% to Rs 759 crore on 1.3% increase in revenue to Rs 6701 crore in Q3 December 2015 over Q2 September 2015. The sequential decline in bottom line was due to a sharp fall in non-operational income or the so called other income. The other income dropped 61.43% to Rs 63.94 crore in Q3 December 2015 over Q2 September 2015. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 3.2% to Rs 1136 crore in Q3 December 2015 over Q2 September 2015. The EBITDA margin edged higher to 16.95% in Q3 December 2015 from 16.64% in Q2 September 2015. The result was announced after market hours yesterday, 1 February 2016.
In US dollar terms, Tech Mahindra's net profit fell 3.7% to $115 million on 0.4% growth in revenue at $1015 million in Q3 December 2015 over Q2 September 2015. EBITDA rose 2.5% at $172 million in Q3 December 2015 over Q2 September 2015. The EBITDA margin stood at 16.9% in Q3 December 2015, an increase of 30 basis points on sequential basis. In constant currency terms, Tech Mahindra's revenue rose 1.2% on sequential basis in Q3 December 2015.
Interest rate sensitive banking, auto and realty stocks will be in spotlight as the Reserve Bank of India (RBI) is scheduled to announce its sixth bi-monthly monetary policy for the year 2015-16 at 11:00 IST today, 2 February 2016. In the fifth bi-monthly monetary policy on 1 December 2015, the RBI kept its benchmark interest rate viz. the repo rate unchanged at 6.75% and the cash reserve ratio (CRR) for commercial banks unchanged at 4% of net demand and time liability (NDTL).
Hero MotoCorp's two-wheeler sales rose 0.89% at 5.63 lakh units in January 2016 over January 2015. Riding on the success of scooter range, driven by the new Maestro Edge and Duet, the company continues to expand its market share in the scooter segment, Hero MotoCorp said. Hero MotoCorp scooter sales rose 20% in January 2016 over January 2015. The announcement was made by the company after market hours yesterday, 1 February 2016.
Mahindra & Mahindra (M&M) announced that it has completed the sale of equity shares in its subsidiary Swaraj Automotives. M&M said it has received a consideration of Rs 24.83 crore from the sale of shares. The announcement was made after market hours yesterday, 1 February 2016.
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Coal India and its subsidiaries on provisional basis achieved 94% of targeted production at 52.86 million tonnes in January 2016. Coal India and its subsidiaries on provisional basis achieved 95% of targeted offtake at 48.32 million tonnes in January 2016. The announcement was made after market hours yesterday, 1 February 2016.
Sun Pharmaceutical Industries announced the launch of Imatinib Mesylate Tablets (therapeutic equivalent to Gleevec for indications approved by the FDA) in US market. The announcement was made by the company after market hours yesterday, 1 February 2016. Sun Pharma's subsidiary received final approval for Imatinib Mesylate from United States Food & Drug Administration (USFDA) in December 2015. Being a First-to-File product, it was granted 180 days of marketing exclusivity by FDA from the time of its launch.
As part of this launch, in addition to strengthening distribution in USA, the company has rolled-out unique Sun Pharma Imatinib Mesylate Savings Card program. This program aims to deliver greater access to the drug for patients who have a commercial insurance but their out-of-pocket may exceed an affordable amount. The savings card will reduce patient's co-payment (out-of-pocket) to $10. In line with its philosophy of putting patients first, Sun Pharma's Imatinib Mesylate Savings Card will also offer patients additional savings benefit of up to $700 for a 30-day fill to offset any additional out-of-pocket cost should they be required to meet their deductible or co-insurance. Participating pharmacies across USA can use the patient's Sun Pharma's Imatinib Mesylate Savings Card as part of this program.
Separately, Sun Pharmaceutical Industries announced after market hours yesterday, 1 February 2016 that Strides Shasun has completed the acquisition of CNS divisions of erstwhile Ranbaxy Laboratories. It may be recalled that Sun Pharma had acquired Ranbaxy Laboratories.
Tata Motors said total sales of Tata Motors passenger and commercial vehicles rose 10% at 47,034 vehicles in January 2016 over January 2015. The announcement was made by the company after market hours yesterday, 1 February 2016. The domestic sales of Tata commercial and passenger vehicles rose 7% at 41,398 units in January 2016 over January 2015. In commercial vehicles, medium & heavy commercial vehicles (M&HCV) sales grew 30% at 14,693 units in January 2016 over January 2015. The light & small commercial vehicle sales has witnessed a growth of 12% at 15,977 units in January 2016 over January 2015. The overall commercial vehicles sales for Tata Motors in the domestic market rose 20% at 30,670 units in January 2016 over January 2015. This significant increase has been enabled by light commercial vehicles (LCV) growth supplementing the already prevailing MHCV growth. This is the second consecutive month of growth in LCVs, after many months, and if sustained, could see return of growth in this segment, albeit on a low base, company said.
Tata Motors passenger vehicles sales fell 18% at 10,728 units in January 2016 over January 2015. The company's sales from exports rose 42% to 5,636 units in January 2016 over January 2015.
Escorts said that total sales of its agri machinery segment fell 7.3% to 3,140 units in January 2016 over January 2015. Domestic sales fell 4.7% to 3,089 units in January 2016 over January 2015 and exports slumped 65.1% to 51 units in January 2016 over January 2015. The announcement was made by the company after market hours yesterday, 1 February 2016.
Atul said that sales rose 1.98% to 3,708 units in January 2016 over January 2015. The announcement was made by the company after market hours yesterday, 1 February 2016.
Century Textiles & Industries announced that the board of directors of the company at its meeting held on 1 February 2016 has decided that activities relating to real estate development presently being carried under different divisions of the company should be consolidated and undertaken under a new division viz. 'Birla Estates' for development of surplus land available with the company located at its various divisions and also to undertake business activities such as builders, promoters/developers for land & buildings etc. including purchase of land anywhere in India. It will be subject to all approvals, permissions etc. as may be required for the purpose. The announcement was made by the company after market hours yesterday, 1 February 2016.
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