TOP CORPORATE NEWS - 08 SEP 2016

IRB Infrastructure files for Rs4300 crore IPO

IRB Infrastructure files for Rs4300 crore IPO for its Infrastructure Investment Trust – Positive for the stock

IRB Infrastructure Developers has filed a draft offer document dated September 7, 2016, in relation to an initial public offer of units representing an undivided beneficial interest in the IRB InvIT Fund (the Trust), with the SEBI, the BSE Limited and the National Stock Exchange of India Limited, in accordance with the InvIT Regulations.

ONGC Q1 net dips 21% at Rs4, 232 crore

State-run Oil and Natural Gas Corporation ( ONGC) has announced that its standalone net profit for the first quarter ended June 30, 2016 fell by 21.16 per cent at Rs 4,232.54 crore from Rs 5,368.36 crore in the same period a year ago in the wake of falling oil prices and lower output .

Total income from operations fell 21.4 per cent at Rs 17,784.75 crore in Q1 FY 2016-17 from Rs 22,628.17 crore in the same period a year ago, ONGC said in a filing to the Bombay Stock Exchange (BSE).

Total expenses fell 19.18 per cent, year-on-year to Rs 12,094 crore in Q1 FY 2016-17, while other income rose 10.3 per cent to Rs 952 crore.

Aviation sector to see investment of $6 bn

Reports suggest that, investments worth $6 billion are expected in the country's airport sector in five years with around $1 billion to be utilised for reviving aerodromes.

Optimistic on future prospects of the domestic aviation sector, Civil Aviation Secretary R N Choubey said passenger growth is anticipated to be more than 30 per cent in the coming years.

Gail India Q1 net sees 3-fold jump to Rs1, 335.18 cr

Gail (India) Ltd has reported over three-fold jump in its standalone net profit after taxes (PAT) at Rs1,335.18 crore for the first quarter ended June 30, 2016, buoyed by a turnaround in petrochemical business and stake sale in Mahanagar Gas.

The standalone net profit after taxes (PAT) of the company stood at Rs388.09 crore during the same period a year ago.

Standalone total income declined 10 per cent to Rs11,457.2 crore during Q1 2016-17, as compared to Rs12,727.97 crore during the same period last year, due to lower gas prices.

Britannia to challenge Delhi HC order in ITC’s favour

Britannia Industries will challenge the Delhi High Court's order on Tuesday directing it to withdraw its NutriChoice Digestive Zero biscuits in its current packaging (Suit filed by ITC alleging that Britannia had copied the packaging of its Sunfeast Farmlite Digestive All Good biscuits).

Britannia will contest on the basis of the fact that Farmlite Digestive was very close to NutriChoice in design when it was launched in February 2016.

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