TOP CORPORATE NEWS - 29 AUG 2016

Infosys to split business into smaller units
Infosys to split business into smaller units. Infosys plans to split its business into smaller units, which will be managed by the company's next rung of management.

The smaller units, with revenues between $500 million and $700 million each, could have from a handful to a couple of dozen clients — a structure that would give Sikka and his presidents the ability to zoom in on the particular needs of a particular cluster of clients.

IOC Q1 earnings above street estimates

Indian Oil Corporation (IOC) has announced Q1 Unaudited Standalone results for the quarter ended June 30, 2016 (YoY)

Net Profit rose by 25.46% to Rs8268.98 crore Vs Rs6590.83 crore (YoY).

Total Income decreased by 5.71% to Rs107670.95 crore Vs Rs114200.24 crore (YoY).

GRM at $9.98/bbl.

EBITDA at Rs13, 683.6 crore Vs Rs4, 749.6 crore (QoQ)

EBITDA Margin at 12.8% Vs 4.8% (QoQ)

Finance Cost down 37.3% at Rs680 Cr Vs Rs1, 085 crore (QoQ)

IOC board approves 1:1 Bonus Issue.

RIL-Annual report review, capex benefits to reflect on earnings soon

In FY2016, consolidated earnings of Reliance Industries (RIL) grew by 17% YoY, largely driven by strong GRM (at $10.3/bbl - $3.3 premium over Singapore complex GRM) in the Refining business. Performance of the Petrochemicals and Retail businesses also improved due to margin expansion and revenue growth, respectively. However, a weak energy price environment impacted the profitability of the Oil & Gas business. RIL continued to generate cash from operations (CFO) in FY2016 (~Rs54, 000 crore; +7% YoY) on a reported EBITDA of Rs52, 503 crore.

Coal India to invest Rs7765 cr in rail infra, power plants

Coal India has announced that it will invest around Rs7, 765 crore towards capital expenditure in the ongoing fiscal and Rs5, 069 crore in various projects, including railway infrastructure, super critical thermal power plant and solar power.

Commenting on the issue a Coal India Official said that the capital expenditure for the year 2016-17 has been set at Rs7,765 crore.

Vakrangee consolidated net profit up 40% in Q1

Vakrangee has reported a robust growth of 40% in its consolidated net profit at Rs121.49 crore for the first quarter ended June 30, 2016.

The consolidated net profit of the company stood at Rs86.79 crore during the same period a year ago.

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