TOP CORPORATE NEWS - 23 MAY 2016

Dish TV Q4 consolidated net profit at Rs483 cr

Dish TV India Ltd has announced the following audited Q4 & FY16 results for the quarter & year ended March 31, 2016

Standalone

For the Quarter ended March 31, 2016

The Company has posted a net profit of Rs116.42 crore Vs Rs35.01 crore.

Total Income is at Rs536.42 crore Vs Rs743.59 crore.

Britannia Industries slumps on mixed Q4FY2016 performance

Shares of Britannia Industries tanked over 8% to Rs2696 on NSE post Q4FY2016 consolidated results which saw mixed performance; revenue growth slide down to single digits but better operational efficiencies drove margins

Britannia Industries total revenues grew by 7.2% to Rs2211.4crore; volume growth must have slide down to high single digit.

ITC rallies as Cigarette business delivers better Q4 performance

Shares of FMCG major ITC rallied over 5% to Rs347 on NSE as Cigarette business delivered better performance; maintain Buy (TP – Rs375)

Better operating performance; higher tax rate restricted PAT growth:

For Q4FY2016, ITC’s net revenues grew by 10.7% YoY to Rs10, 168.7 crore. Its core cigarette business revenues grew by 10%, while non-cigarette FMCG business revenues grew by just 5.4% during the quarter.

The gross profit margin (GPM) improved by 72BPS YoY to 60.9% and the operating profit margin (OPM) improved by 210BPS YoY to 36.3% (better than our expectation).

The operating profit grew by 17.5% YoY to Rs3, 687.1 crore. However, higher incidence of tax led to 10% Y-o-Y growth in PAT to Rs2, 495.2 crore in Q4FY2016.

CESC becomes distributor for Kota and Bharatpur

CESC has been appointed by Jaipur Vidyut Vitaran Nigam Limited as distribution franchisees for the cities of Kota and Bharatpur, Rajasthan for distribution and supply of electricity for a term of twenty years each.

MCX rallies as RBI allows overseas investors to buy stake

Shares of MCX surged 4% to Rs916.95 on NSE in an otherwise weak market on reports that the RBI has allowed overseas investors to buy stake, removed from FII Investment caution limit.

The Reserve Bank has allowed overseas investors to buy equity shares in Multi Commodity Exchange (MCX) after foreign shareholding in the bourse fell below the prescribed threshold caution limit.

                                              

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