TOP CORPORATE NEWS - 12 AUG 2016

Hindalco Inds Q1 net profit at Rs294 cr

Hindalco Industries has announced the following Q1 Unaudited Standalone results for the quarter ended June 30, 2016:

The Company has posted a net profit of Rs294.07 crore Vs Rs61.10 crore (YoY).

Total Income decreased to Rs7716.53 crore Vs Rs8667.01 crore (YoY).

Sun Pharmaceutical Q1 consolidated net profit at Rs2034 cr

Sun Pharmaceutical Industries has announced the following Q1 results for the quarter ended June 30, 2016 (YoY):

Standalone (YoY)

The Company has posted a net loss of Rs151.46 crore Vs net loss of Rs396.35 crore.

Total Income decreased to Rs1904.70 crore Vs Rs2103.67 crore.

BOI posts Q1 net loss at Rs741 cr

Bank of India (BOI) has announced the following Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY):

The Bank has posted a net loss of Rs741.36 crore Vs net profit of Rs129.72 crore (YoY).

Total Income decreased to Rs10664.36 crore Vs Rs11659.16 crore (YoY)

SBI Q1 profit meet estimates

State Bank of India (SBI) has announced the following Q1 results for the quarter ended June 30, 2016

Standalone (YoY)

The Bank has posted a net profit of Rs2520.96 crore Vs Rs3692.43 crore.

Total Income has increased to Rs48928.60 crore Vs Rs44730.87 crore.

Bosch Q1 net profit disappoints

Bosch has announced the following Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY):

The Company has posted a net profit at Rs378.72 crore Vs Rs375.71 crore (YoY).

Total Income increased to Rs2698.43 crore Vs Rs2441.93 crore.

Aditya Birla Nuvo to merge with Grasim Industries

Aditya Birla group would undertake restructuring within group companies ABN and Grasim in two steps: First, ABN will merge with Grasim (existing shareholders of ABN will get 3 shares of Grasim for every 10 shares held). Second, each shareholder of combined Grasim entity would get 7 shares of hived off financial services entity, Aditya Birla Financial Services (ABFS; which will house NBFC, Insurance, AMC and other related businesses) for every 1 share held of Grasim.

From shareholders perspective, the restructuring will lead to existing ABN shareholders getting 3 shares of Grasim and 21 shares of ABFS for every 10 shares of ABN held by them. On the other hand, existing Grasim shareholders will get 70 additional shares of ABFS for every 10 shares of Grasim held by them.

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