Net sales of the company declined moderately by 6.04 per cent at Rs 303.31 crore for the quarter ended June 30, 2017 as against Rs 322.80 crore in the corresponding period last year.
During Apr-Jun quarter, operating expenses dropped by 0.87 per cent to Rs 252.26 crore from Rs 254.48 in year ago period.
Other Income dipped by 11.94 per cent at Rs 11.43 crore versus (Jun’16 Rs 12.98 crore).
Operating Profit slipped by 27.88 per cent to Rs 51.05 crore as against Rs 70.78 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 23.26 per cent in Jun quarter.
Interest grew by 4042.86 per cent y-o-y to Rs 2.90 crore, while Taxation decreased by 45.05 per cent at Rs 12.76 crore (Jun’16 Rs 23.22 crore).
Net Profit during the quarter fell by 34.08 per cent to Rs 35.03 crore from Rs 53.14 crore in the previous year quarter.
“The board of directors of the company at its meeting on June 28, 2017, approved buyback proposal for purchase by the company of its own fully paid equity shares of Rs 10 each not exceeding 43.20 lakh equity shares, being 2.57 per cent of the total paid up equity share capital, at aprice not exceeding Rs 625 per share for an aggregate amount of Rs 270 crore,” Mindtree said in a filing to BSE.
The buyback would be carried out via the tender offer route under the board approval route, said the company in the filing.
The board has also approved July 11, 2017, to be the Record Date for determining the entitlement and the names of the equity shareholders, it added.
Meanwhile, shares of company closed day’s trade at Rs 531.20 apiece, up 0.82 per cent, on the BSE.
“A meeting of the board of directors of the company will be held on June 28, 2017 to consider the proposal to buyback the fully paid-up equity shares of the company,” said Mindtree in a filing to the Bombay Stock Exchange.
Further, pursuant to company’s code for prevention of insider trading, the trading window of the company will be closed from June 26, 2017 to June 30, 2017 (both the days inclusive) for the designated Persons and others, it informed the exchange.
Meanwhile, shares of company closed day’s trade at Rs 520.35 apiece, up 0.21 per cent, on the BSE.
The shares are expected to begin trading on the New York Stock Exchange on April 13, 2017, under the symbol “YEXT,” and the offering is expected to close on April 19, 2017, subject to customary closing conditions. Yext, Inc. has granted the underwriters a 30-day option to purchase up to an additional 1,575,000 shares of common stock to cover over-allotments, if any.
Morgan Stanley, J.P. Morgan and RBC Capital Markets are acting as the bookrunners for the offering. Pacific Crest Securities, a division of KeyBanc Capital Markets, and Piper Jaffray are acting as co-managers.
Indian global IT services company HCL Technologies Ltd on Thursday said it has won the Everest Group PEAK Matrix ‘Service Provider of the Year 2017’award for its Healthcare & Life–Sciences practice.
In a filing to the Bombay Stock Exchange, the company said, “HCL wins Everest Group award for Life–Sciences & Healthcare IT Services.”
It was recognized as ‘Star Performer of the Year’ under this category.
The Everest Group ‘Service Provider of the Year’ awards recognize consistent top performers across 21 PEAK Matrix IT Services evaluations over the last year, featuring 73 service providers across all evaluations.
These evaluations are based on a comprehensive framework and set of parameters expected to be most conducive to success in providing IT services across various segments.
Commenting on the development, HCL Technologies Ltd, Senior Corporate Vice President –Consumer & Commercial Services, Karan Puri said, “HCL is proud to be recognized for life–sciences and healthcare by Everest Group. As one of the early movers in this space, HCL has invested in unique business solutions and IPs across the value chain, enabling superior patient experience.” Meanwhile, shares of the company were trading at Rs 845.90 apiece, down 0.11 per cent, from previous close on BSE at 13:58 hours.
Complimenting NBCC for sustained increase in turn over and profits over the last few years, Naidu asked the company management to further expand and diversify its business profile by forging partnerships with State Governments and other agencies.
The minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs 35,000 cr, recently approved by the Union Cabinet. Naidu discussed in detail the progress of ongoing projects and future initiatives of NBCC.
A.K.Mittal, Chairman and Managing Director of NBCC informed the minister that the company has acquired new project orders for Rs 17,516 cr during 2015-16 and with total work orders of over Rs 70,000 cr, NBCC is the second largest construction company in the country. The company has declared a total dividend of Rs 120 cr for 2015-16 of which the Government’s share was Rs 108 cr.
NBCC has recorded the highest revenue of Rs 5,838 cr during 2015-16, marking an increase of 32 per cent over the previous fiscal.
The lender has fixed its MCLRs for loans of different time intervals ranging from ‘overnight’ to ‘one-year’ duration. These rates are varing in the range of 9.50 per cent to 9.90 per cent.
The bank has finalised 9.50 per cent rate for its ‘overnight’, ‘one-month’ and ‘three-month’ MCLR benchmark, the bank said in a filing to the BSE.
On the other hand, the private sector lender has set 9.70 per cent rate for its ‘six-month’ period MCLR while ‘one-year’ period MCLR has been set at 9.90 per cent.
Meanwhile, shares of the bank closed at Rs 476.90 apiece, up 0.07 per cent, from previous close on BSE.
He will replace Rani Singh Nair, who retires this month-end.
Chandra, a 1980 batch officer of Indian Revenue Service (Income Tax cadre), is currently Member (Investigation) of the CBDT.
The Appointments Committee of the Cabinet approved the appointment of Chandra as Chairperson of the CBDT to replace Nair, who is superannuating on October 31, an order issued by Department of Personnel and Training said.
IIT graduate Chandra’s tenure will last till May next year, official sources said.
Nair, a 1979 batch IRS officer, had taken over as CBDT chief on August 1 this year, said the media report.
The CBDT is headed by a chairman and can have a maximum of six members.
The key domestic benchmark indices were trading higher in the morning trading session tracking a buoyant trend across markets in Asia and a strong finish at Wall Street overnight as a rally in crude oil prices boosted energy stocks while upbeat US services data signaled strength in the world’s biggest economy, boosting risk taking appetite.
A better outlook for Asia’s third biggest economy amid the 25 basis points interest rate cut by the Reserve Bank of India (RBI) this week which may help revive investment and boost consumption may support sentiment at Dalal Street.
At 10:15 AM, the Bombay Stock Exchange bellwether Sensex was at 28309 up by 88.02 points or by 0.31 per cent, while the NSE Nifty was at 8771.75 points, trading higher by 27.8 points or by 0.32 per cent.
The BSE Sensex touched an intraday high of 28326.73 and an intraday low of 28238.09 while the NSE Nifty touched an intraday high of 8774.8 and an intraday low of 8741.35
The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 411.65,+2.75 per cent), Reliance Industries Ltd. (Rs. 1114.95,+2.35 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 270.55,+1.42 per cent), Hindustan Unilever Ltd. (Rs. 880.40,+1.04 per cent), Tata Motors Ltd. (Rs. 561.90,+0.68 per cent), among others.
Meanwhile, Axis Bank Ltd. (Rs. 529.60,-1.14 per cent), Infosys Ltd. (Rs. 1034.35,-0.65 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 264.85,-0.34 per cent), State Bank of India (Rs. 259.80,-0.29 per cent), Coal India Ltd. (Rs. 320.85,-0.28 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2188 shares traded, 1490 shares advanced, 603 shares declined while 95 were unchanged.
On the global front, Asian stocks were trading higher today as bets rose that the US Federal Reserve may cut interest rates this year as data suggested that the US economy was regaining momentum. US stocks closed higher in the previous trading session as investors cheered upbeat US services data and a slight advance in August factory orders.
“This microgrid, with a rooftop photo voltaic field at the company’s biggest manufacturing location in India with around 3,000 employees, will help ensure uninterrupted power supply,” ABB India Ltd said in a filing to the Bombay Stock Exchange on October 05, 2016.
Microgrids are considered a viable and cost-efficient solution to not only improve access to electricity, but also to address other pressing issues related to energy supply, including growing demand, climate change, energy security and reliability for both industries and villages.
The company’s containerized microgrid installation in Vadodara includes a 600 kW rooftop solar photovoltaic (PV) field and a PowerStore Battery grid stabilizing system together with a Microgrid Plus dedicated control system, to help maximize the use of solar energy.
The energy generated during the day will augment power from the grid and reduce dependency on diesel generators in case of grid outages. It results in substantial savings on electricity bills while helping to reduce carbon footprint.
Meanwhile, shares of the company closed at Rs 1,170.20 apiece, down 0.09 per cent, from previous close on BSE.