TOP CORPORATE NEWS - 24 AUG 2016

Aurobindo rallies on in-line Q1FY17 results

Shares of Aurobindo Pharma surged 7% to Rs790 on NSE in an otherwise weak market post Q1FY17 results which were in-line with our expectations.

Total Operating Income up by 12.9% to Rs3, 725.9 Cr vs Rs3, 298.9 Cr

Operating Profit (EBIDTA) before Forex up 22.6% to Rs889.0 Cr vs Rs725.0 Cr; EBITDA margin at 23.9%

PAT up by 24.0% to Rs584.6 Cr vs Rs471.3 Cr.

Engineers India spurts on strong earnings growth

Shares of Engineers India Ltd (EIL) surged 10% to Rs254 on NSE in an otherwise weak market after the company reported a very strong earnings growth of 50% YoY to Rs80.3 crore in Q1FY2017, despite lower revenue.

The strong bottom-line performance was mainly driven by substantial jump in margin in turnkey projects, which is also reflected in sharp drop in construction material and subcontracting cost.

Strides Shasun gets USFDA nod for Ranitidine tablets

Strides Shasun announced that it has received approval from the United States Food & Drug Administration (USFDA) for Ranitidine Tablets.

Ranitidine Tablets USP, 150 mg and 300 mg is the first integrated product approval where the active pharmaceutical ingredients (API) and formulations will be manufactured at erstwhile Shashun Pharmaceutical's Cuddalore and Pondicherry facilities respectively. It may be recalled that Strides Arcolab had announced acquisition of Shasun Pharma on September 29, 2014 and the merged company's name was later changed to Strides Shasun.

IOCL board to consider bonus issue

Indian Oil Corporation Ltd (IOCL) rose nearly 5% to Rs569.7, after company scheduled a board meeting on August 29, 2016, to consider issue of bonus shares.

Board will also consider and approve the Unaudited Financial Results of the Company for the first quarter ended June 30, 2016.

Indusind Bank signs 3 year strategic agreement with IBM

Private-sector lender, Induslnd Bank has announced that it will use IBM's Cloud commerce solutions to transform customer engagements and enhance its cross-sell platforms, in line with the bank's strategy.

As a part of a three-year strategic agreement, IBM will provide a cloud and predictive analytics based multi-channel campaign management solution that enables the Bank to strengthen its online banking presence while improving the product holding per customer.

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