TOP CORPORATE NEWS - 31 MAY 2016

Sun Pharma drops on lower than expected Q4FY16 profit

Shares of Sun Pharma dropped 6% to Rs760 on NSE as the Q4FY16 profit was lower than expectation due to forex loss (in Taro); Buyback expectations could support valuations in the near term.

India sales at Rs1, 807 crores, up by 17% over Q4 last year.

US finished dosage sales at US$ 580 million up by 19% over Q4 last year. US sales include the benefit of the 180-day exclusivity for gGleevec which commenced from 01-Feb-2016.

Emerging Markets sales at US$ 124 million. Rest of World sales at US$ 79 million.

R&D investments at Rs711 crore, 9.6% of net sales

EBITDA at Rs2, 300 crore, resulting EBITDA margin of 31%.

Net profit for the quarter was at Rs1, 714 crore.

Bata India Q4: Net Profit -52.2% at Rs27.9 Cr

Bata India Q4: Net Profit -52.2% at Rs 27.9 Cr Vs Rs 58.4 Cr (YoY)

Total Income +10.9% at Rs 545.7 Cr Vs Rs 491.3 Cr

EBITDA +17.9% At Rs 55.3 Cr vs Rs 46.9 Cr (YoY)

EBITDA Margin At 10.2% Vs 9.5% (YoY)

L&T's arm enters into agreement with Parsons

Leading Engineering & Construction Company, L&T Hydrocarbon Engineering (LTHE) has announced that it has entered into a teaming agreement with Parsons to provide engineering and design solutions for onshore and offshore projects across the hydrocarbon, fertilizer, chemicals, and modular plant sectors.

LTHEs' broad range of offerings across the hydrocarbon spectrum coupled with Parsons' strong program management capabilities in the Americas will provide a compelling value proposition to our customers.

SAIL Q4: Net Loss at Rs1, 230.9 Cr Vs Profit of Rs334.2 Cr (YoY)

SAIL Q4: Net Loss at Rs1, 230.9 Cr Vs Profit of Rs334.2 Cr (YoY)

EBITDA Loss at Rs 1,123.4 Cr Vs EBITDA Profit Of Rs 10,914 Cr (YoY)

Total Income -1.9% at Rs 11,371.7 Cr Vs Rs 11,590.6 Cr (YoY)

GAIL starts drilling 2nd exploratory well at Cambay basin

GAIL (India) Ltd has said that it has started drilling its second exploratory well as an operator in its New Exploration Licensing Policy – IX block at the Cambay Basin.

The well is situated in the Nabhoi village in Tarapur Tehsil of Anand District in Gujarat. The ‘spudding’ operations started on May 27.

The first well was spud in this block on March 27. Drilling of a target depth of 2,200 meters of this well is scheduled to be completed in 30 to 35 days.

                                       

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