TOP CORPORATE NEWS - 30 OCT 2015

·Sun TV Board to consider proposal to buy-back shares

Sun TV Network: Company  has informed BSE that a meeting of the Board of Directors of the Company will be held on November 05, 2015, inter alia, to consider and if thought fit to approve a proposal to Buy-back the fully paid-up Equity Shares of the Company. Positive read-thru.

· HCC Q2 net profit at Rs38.44 crore

Hindustan Construction Company Ltd announced the following unaudited Standalone results for the quarter ended September 30, 2015. Net profit at Rs38.44 crore vs Rs6.76 crore (YoY)

Total Income at Rs979.79 crore vs Rs962.71 crore (YoY).

                                                                                                                                                                                                                                                        

·Ministry asks oil producers to switch to ad-valorem

The oil ministry has agreed to the demand of oil producers to switch from a fixed cess on oil production to ad-valorem. It is yet to be approved by the finance ministry. If approved it will help lower the duty oil producers. – Positive for ONGC & Cairn India.

                                                                                                                                                                                                                                                        

· HCL Tech acquires CRM Services Provider Power Objects

HCL Technologies announced today that it has acquired Minneapolis-based Power Objects - a leading North American provider of Microsoft Dynamics CRM. This will bolster HCL’s global  applications business, which offers transformational programs and complex application  management for a myriad of clients’ technology landscapes.

                                                                                                                                                                                                                                                      

· ITC sees yet another quarter of muted performance

ITC’s Q2FY2016 revenues stood flat at Rs8904.2crore. The revenues of core cigarette business grew by just 1% (expect volume decline to be in the range of 13-14%). The non-cigarette FMCG business grew by just 7%, while Agri business revenues declined by 10% during the quarter. The hotel business revenues grew by 11% during the quarter.The cigarette business PBIT margins were maintained at 68%, while the agri business margins PBIT margins improved by 200BPS to 16%.

                                                                                                                                                                              

·Cipla strengthens its focus on biotech

Cipla announces that it has entered into a definitive agreement to sell its entire 25% stake in Biomab Holding Limited, Hong Kong (“BHL”) to Biomab Brilliant Limited, British Virgin Islands which holds the remaining 75% stake in BHL, for a total consideration of ~ Rs 165-167 crore. Biomab Holding Limited is focused on developing Bio similars for the Chinese market. Going forward, the Company’s biological business will be consolidated under Cipla BioTec. It is long term positive news for the stock.

                                                                   

·ICICI Bank Q2 net profit meets estimates

ICICI Bank Q2FY16 results – Healthy earnings growth, marginal increase in NPAs, plans to sell 9% stake in ICICI Lombard .ICICI Bank reported steady set of numbers for Q2FY16 as net profits increased by 12% YoY, led by almost similar growth in the net interest income (up 12.8% YoY). Overall loan book grew by 13.3% YoY whereas margins remained stable (3.52% Vs 3.54% in Q1FY16)  which supported growth in NII.

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