TOP CORPORATE NEWS - 02 JUNE 2016

Reliance Industries invests $16 million in NetraDyne

Reliance Industries has invested US $16 million in Compulsorily Convertible Preferred Shares (40% stakes) in a technology start-up NetraDyne Inc., USA. NetraDyne is involved in high end technology driven product development of deep learning solutions and vision based analytics targeted at industries such as fleet management, automotive, security and surveillance.

Coal India gains on encouraging production

Shares of Coal India rose nearly 4% to Rs308.2, after the company announced production and sales data on provisional basis for May 2016.

Coal India and its subsidiaries and its subsidiaries on provisional basis achieved 95% of targeted production at 42.58 million tonnes in May 2016. Coal India and its subsidiaries on provisional basis achieved 89% of targeted offtake at 45.53 million tonnes in May 2016.

Hero Motocorp: May 2016 Volumes growth at 2.3%

Hero Motocorp: May 2016 Volumes growth at 2.3%; below estimates

Hero Motocorps May 2016 volumes grew 2.3% YoY. The numbers came in below estimates of 607,000 units.

A higher off take in the month of April 2016 due to Marriage season and regional festivals resulted in demand getting proponed to April 2016, thus dragging the volume growth for Mat 2016.

Jyothy Labs surges; Henkel to buy 26% stake

Jyothy Laboratories – Henkel AG might consider its option of pick up 26% stake in Jyothy Laboratories; it is said to be contemplating picking up the stake in Jyothy at Rs500-600 a share (CMP – Rs284) as per the media reports (excising of the option will expire on March 2017) – positive for Jyothy Labs as Henkel coming on board be positive for the company (introduction of Henkel’s global product in Indian market; re-defined strategies to improve the growth prospect).

PMI data shows manufacturing still subdued

The PMI data for manufacturing rose to 50.7 points, from the 50.50 in April. The index had shown an eight-month high of 52.4 in March. The seasonally adjusted index is a composite single figure indicator of manufacturing performance.

However, April still represented a fourth consecutive month of output growth mainly due to improvements in new export business remaining sustained, although growth was at a six-month low. Manufacturing had last contracted in December at 49.1.

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