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Infosys stock drops 2.5% after CFO Ranganath resigns
Shares of IT major Infosys lost 2.5% on the BSE following the company's announcement that its board has accepted the resignation of its Chief Financial Officer (CFO) Ranganath and other key managerial personnel of the company.
Ranganath will continue in his current position as CFO till November 16, 2018. The board will immediately commence its search for the next CFO. The announcement was made on Saturday, August 18, 2018.
Mangalore Chemicals stock spurts 10% on environmental clearance for plant
Shares of Mangalore Chemicals and Fertilizers were trading 10% up on Monday’s morning trade after receiving an approval from Ministry of Environment, Forest and Climate Change (MoEF&CC) for expansion and morderinsation of their fertilizer plant.
"MoEF&CC in its letter dated August 14, 2018, has accorded the Environmental Clearance (EC) to the project for expansion cum modernization of fertilizer plant," the company said in a press note to the exchanges, on Friday after market hours.
L&T stock rallies as board plans share buyback
Engineering and construction giant Larsen & Toubro (L&T) rallied 5% on the NSE in morning trade as the company informed the exchanges on August 18 that it is considering a share buyback proposal.
“The Board of Directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on Thursday, August 23, 2018,” L&T said in the statement to the BSE.
Cement sector Q1FY19 earnings review: volume growth remained robust, profitability impacted over rising costs
The cement sector’s performance for Q1FY19 was broadly in-line with estimates on the revenue front. Volume growth kept the sector afloat on expected lines amid pricing pressure and increasing costs. The stocks under our coverage reported revenue growth of 18.1% yoy against the expectation of 18.8% yoy. This was led by 18% yoy growth in volume, in-line with our expectations. As per the latest core industries data, cement production grew 14.2% yoy in Q1FY19.
UltraTech reported the strongest revenue growth in the pack at 28.2% yoy driven by ~35% yoy volume growth (led by higher utilization of JP Group’s acquired assets). It was followed by Shree Cement, The Ramco Cements Ltd. (TRCL), and Dalmia Bharat (DBL) at 19.1%, 18.6% and 15.8% yoy growth in revenue, respectively.
Indiabulls Real Estate ends buyback process; Purchases shares worth Rs443cr
Indiabulls Real Estate Ltd (IBREAL), a Mumbai based real estate company in a statement to the stock exchanges post market hours Friday, said that it has completed the buyback process after purchasing 2.6cr shares worth Rs443cr,. Shares of the IBREAL jumped over 3%.
In May this year, IBREAL said that it will buy back 2.6cr fully paid up equity shares of the company, at a price not exceeding Rs240/share, being less than 10% of the total paid up share capital and free reserves of the company.
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