TOP CORPORATE NEWS - 10 AUG 2016

Tata Chemicals surges on selling urea biz to Yara Fertilisers

Tata chemicals sold off its Urea business (revenue contribution of around 21%) to Yara on slump sales basis for total consideration of Rs2670 crore. Stock is already up by 8% in trade

Tata Chemicals said that it will sell its urea business to Yara Fertiliser for Rs2670 crore as part of value unlocking by the company.

M&M + MVML Q1: Cons Net Profit up 15.9% at Rs961.6 Cr (YoY)

M&M + MVML Q1: Cons Net Profit up 15.9% at Rs961.6 Cr (YoY)

Total Income Up 11.4% at Rs 10,525 Cr (YoY)

Cons EBITDA Up 10.7% at Rs 1,489 Cr (YoY)

EBITDA Margin At 14.1% Vs 14.2% (YoY).

Motherson Sumi Q1 consolidated net profit up 16% (YoY)

Motherson Sumi Systems has announced the following Q1 results for the quarter ended June 30, 2016 (YoY):

Standalone

Net Profit fell by 10.26% to Rs143.67 crore Vs Rs160.11 crore (YoY).

Total Income increased by 12.66% to Rs1432.03 crore Vs Rs1263.10 crore (YoY).

Aditya Birla Nuvo set for another round of restructuring

After consolidating its garments business into a single entity Aditya Birla Fashion and getting its listed last year, the $41-billion Aditya Birla Group is planning another round of corporate reorganization aimed at unlocking value of its financial services business (currently housed in Aditya Birla Nuvo) and also look at ways to strengthen balance sheet of Idea Cellular (to prepare it for spectrum auction and competition from Rel Jio).

SRF to invest Rs345 crore for business expansion

Leading manufacturer of technical textiles, chemicals and polymers SRF Ltd said that it will invest Rs345 crore to expand its business.

SRF board, in tune with the company's strategic intent of expanding its chemicals business, approved two separate capex proposals aggregating Rs345 crore.

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