TOP CORPORATE NEWS - 11 AUG 2016

Escort hit Upper Circuit

Escorts will be divesting its OEM and export business of auto product division to Pune-based Badve Engineering Ltd in an all cash deal. The loss-making division will involve transfer of assets including plant and equipment to Badve, says Bharat Madan, Group Financial Controller of Escorts. The company has not divulged any sale value yet. Since, it is an asset sale, value will depend upon the closing day value of the assets, which is 45-60 days away. The value of assets on that day will be basis for the sale value, he said. The auto product division was in loss, which is the main reason for divestment, and the sale will help Escorts concentrate on its core business of agri machinery and construction equipment’s.

IRB Infrastructure Q1 consolidated net profit up 10% (YoY)

IRB Infrastructure Developers has announced the following Q1 results for the quarter ended June 30, 2016 (YoY)

Standalone

Net Profit declined by 69.50% to Rs26.27 crore Vs Rs86.15 crore (YoY).

Total Income increased by 56.58% to Rs927.33 crore Vs Rs592.22 crore (YoY).

Granules drops on lower than expected Q1FY17 results

Granules Q1FY17 result lower than expectation– Stock is down by 4% to Rs133.90 on NSE so far.

Sales for the quarter grew by 6.6% to Rs343.7 crore (lower than our expectation);

Operating profit grew by 10.5% to Rs69.3 crore (lower than our expectation);

Profit for the quarter grew by 45.5% (above our expectation due to Rs7 crore profit share from associates).

The company is hosting the management call on 12 August 2016 at 5 pm, post which we shall review our earnings estimates and view on the stock.

Q1 net profit of RECL down by 4% at Rs1421 cr (YoY)

Rural Electrification Corporation Ltd (RECL) has announced Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY)

Net Profit fell by 3.90% to Rs1420.86 crore Vs Rs1478.58 crore (YoY).

Total Income increased by 5.97% to Rs6050.73 crore Vs Rs5709.63 crore (YoY).

MRF Q1 net profit up 2% (YoY)

MRF has announced the following Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY):

Net Profit rose by 2.37% to Rs490.93 crore Vs Rs479.54 crore (YoY).

Total Income increased by 1.01% to Rs3555.53 crore Vs Rs3519.80 crore (YoY).

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