HUL: Hindustan Unilever has posted disappointing June quarter results with muted volume growth. Its net profit rose 9.8 percent at Rs 1174 crore in April-June quarter from Rs 1069.2 crore in year-ago period. This was aided by a one-time write back of provision benefits arising from plan amendments.
In Q1, its total income was up marginally 3.6 percent at Rs 8128.2 crore compared to Rs 7844.5 crore year-on-year.
HUL's net profit was in-line with estimates but total income was below expectations while the company says near-term market growth is likely to remain muted going ahead. Its volume growth in Q1 was at 4 percent from 6 percent on annual basis but unchanged on sequential basis.Mindtree: Midcap IT company Mindtree missed analysts' expectations on profit front but revenue was in line during April-June quarter. Profit fell sharply by 7.1 percent sequentially to Rs Rs 123.5 crore in quarter ended June 2016.
Revenue increased marginally to Rs 1,327.6 crore from Rs 1,320.3 crore and revenue in dollar terms also rose 1.7 percent to USD 199 million from USD 195.6 million on QoQ basis.
Profit was estimated at Rs 155 crore on revenue of Rs 1,351 crore while dollar revenue was expected at USD 202 million for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Operating profit fell 11.6 percent quarter-on-quarter to Rs 195.1 crore and margin contracted by 200 basis points to 14.7 percent in quarter gone by, which also missed estimates of Rs 227 crore and 16.8 percent, respectively.Exide: Battery manufacturer Exide Industries' first quarter (April-June) bottomline and topline slightly beat analysts' expectations while operational performance was in line. Net profit grew by 25.9 percent year-on-year to Rs 196.05 crore and revenue increased 11.1 percent to Rs 2,011.1 crore in Q1.
Operating profit (earnings before interest, tax, depreciation and amortisation) rose by 18.6 percent to Rs 315 crore and margin expanded by 100 basis points to 15.7 percent compared with year-ago period.
Profit was estimated at Rs 192 crore on revenue of Rs 1,965 crore and operating profit was expected at Rs 314 crore with margin of 16 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.JSW Energy: JSW Energy is to acquire 500 MW Bina Thermal Power Plant from Jaiprakash Power Ventures. The enterprise value of the Bina plant is put at Rs 2700 crore.After JSW Energy announced purchase of Jindal Steel & Power's Chhattisgarh thermal power plant for around Rs 6,500 crore in May, this is the second purchase of a power plant by the company. JSW Energy envisages an electricity generation capacity of 10,000 MW by 2020. JSW Energy also said that it has agreed to consider acquisition of 100 per cent equity in Minerals & Energy Swaziland (Pty). It has prospecting rights over a coal bearing area admeasuring 8000 hectares in Swaziland.Elder Pharma: CBI arrested 4 persons including Director General-Corp Affairs on Saturday. CBI arrests on charges of bribery. Main accused, BK Bansal & Vishwadeep Bansal allegedly sought a bribe of Rs 9 lakh from company. CBI Officials: Bansal had been dealing with co for the last few days. CBI Officials: Bansal allegedly sought bribe to fix violations committed by company. Gruh Finance: Gruh Finance, a subsidiary of HDFC Ltd, has reported 19.6 per cent rise in net profit at Rs 60.18 crore for the first quarter ended June 30.
Company's net profit stood at Rs 50.31 crore in the same April-June quarter of 2015-16.
"Total income has increased to Rs 350.12 crore for the quarter ended June 30, 2016 from Rs 296.74 crore year ago", it said in a regulatory filing.
Gruh Finance offers affordable housing loans in the rural and semi urban locations.
As on March 31, 2015 company's cumulative disbursements were at Rs 15,215.12 crore.Asian Oilfield: Oilmax Energy Pvt Ltd offers to buy 26 percent in co from public shareholders at Rs 32.40/share. Open offer size to be around Rs 18 crore. Camlin Fine Sciences receives environmental clearance to set up manufacturing facility at Dahej in Gujarat. Environmental nod by State Level Environment Impact Assessment Authority.Other stocks in news are M&M Financial Services and AB Fashions.
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