24 April 2015 TOP CORPORATE NEWS

TOP CORPORATE NEWS

EPFO may invest up to Rs90,000 cr in equities

The Union labour ministry has allowed investing 5-15 % of Employees' Provident Fund Organization (EPFO)'s incremental corpus of about Rs6 lakh crore in equity-related instruments, in the form of exchange-traded funds. This means Rs90,000 crore of the EPFO's corpus could find its way to equity markets. Currently, the EPFO doesn't invest in equity and equity-related instruments. This is positive for equity markets.

Suven Life secures product patents for NCEs

Suven Life Sciences has secured a total of five product patents one each from Australia, Europe, Hong Kong, Israel and Norway corresponding to the new chemical entities ( NCEs) for the treatment of disorders associated with neurodegenerative diseases.

Cairn India drops on suffering loss of Rs240 cr in Q42015

Shares of Cairn India dropped 2% to Rs209 on NSE as the company suffered loss of Rs240 cr in Q42015 vs Rs3035 cr profit in Q42014. The stock opened at Rs202 which was also its days low and hit an intraday high of Rs211 on NSE so far. Cairn India suffered loss in the March quarter on the back of a steep fall in global crude oil prices. Revenue was down 47% (Yoy) at Rs2677cr compared to Rs5049 cr and it reported loss of Rs240 crore.

M&M Finance gains as Q4 sees strong recovery in asset quality

Shares of Mahindra & Mahindra Finance gained 2% to Rs285 on NSE in otherwise weak markets post Q4FY15 results led by strong recovery in earnings and asset quality .The stock opened at Rs289.75 and hit an intraday high of Rs292 on NSE so far. Mahindra Finance reported  better than expected numbers for Q4FY15 as net profits grew by 7.3% YoY and 144% QoQ to Rs333 crores. This was driven by a steady growth in net interest income (up 16% YoY) and strong growth in non interest income (up 61% YoY). Asset quality improved on sequential basis as gross NPAs declined to 5.9 from 7.1% in Q3FY15 due to increased collections performance.

                                                       

Gujarat Gas Q4 consolidated net profit at Rs63 cr (YoY)

Standalone: The Company posted a net profit of Rs61.91 crore Vs Rs49.39 crore (YoY). Total Income is at Rs563.65 crore Vs Rs792.97 (YoY).

The Company has posted a net profit of Rs312.09 crore Vs Rs419.85 crore. Total Income at Rs2590.32 crore Vs Rs3989.12 crore.

Consolidated: The Group has posted a net profit of Rs62.67 crore Vs Rs49.27 crore (YoY). Total Income at Rs564.39 crore Vs Rs793.97 crore (YoY).

Cadila Healthcare ties up with US for Kala-Azar

Cadila Healthcare subsidiary Etna Biotech will collaborate with US-based National Institute of Allergy and Infectious Diseases (NIAD) to develop a vaccine against visceral leishmaniasis (VL), known as Kala-Azar in India. Etna Biotech will also donate USD 2,40,000 for advancing research under the NIH leishmaniasis programme.

Maruti Suzuki to continue rural expansion despite forecast of weak monsoon

In a media interaction, the Maruti Suzuki management has stated that it will continue to drive its rural expansion despite the forecast for a below average monsoon rainfall for the year. However, it said that a bad monsoon is a concern as it would impact the economy as a whole and not just Maruti. The growth rate projected for the current year by SIAM is 5-6%. The company witnessed a 23% growth in its rural sales in FY15 and in the current year it plans to expand presence to 150,000 villages as against 125,000 villages in FY15.

Travel companies look to score big this IPL

Travel companies like RedBus, Cox & Kings and Thomas Cook India look to score big this IPL by offering interesting packages and deals around the matches in key destinations – positive for Cox & Kings and Thomas Cook India.

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