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TOP CORPORATE NEWS – 10 FEB 2020

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CORPORATE NEWS

MRF stock gains 3% despite the decline in Q3 net profit.

MRF registered a consolidated net profit of Rs241.3cr, with a decline of 17% yoy in the quarter ended December 2019 as against Rs290.8cr during the previous quarter ended December 2018. The revenue of the company fell marginally by 0.47% to Rs4,075.75cr in the quarter ended December 2019 as against Rs4,095.03cr during the previous quarter ended December 2018.

Cadila receives EIR from USFDA for Ahmedabad facility.

Cadila Healthcare informed the exchanges today that the company’s topical manufacturing facility located at Ahmedabad, India has received an Establishment Inspection Report (EIR) from the USFDA signifying the successful closure of the audit. The topical manufacturing facility had completed the USFDA audit from 16th to 20th December 2019 with zero 483 observations.

Gail (India) posts higher net profit by 12.9% yoy in Q3FY20.

Gail (India) posted a consolidated net profit which was higher by 12.9% yoy at Rs2,029.5cr for Q3FY20 as against a profit of Rs1,797cr in the same period last year. However, its consolidated revenue came down by 11.5% to Rs17, 898.2cr during the quarter under review. The company has declared the payment of Interim Dividend at 64% or Rs6.40 per share on the paid-up equity share capital of the company for the FY2019-20.

BHEL commissions two hydro power generating units in Arunachal Pradesh.

Bharat Heavy Electricals Limited (BHEL) has successfully commissioned two units of 4×150 MW Kameng Hydroelectric Project (HEP) in Arunachal Pradesh. Notably, this is the largest unit rating (150 MW) for hydropower generating sets in the state of Arunachal Pradesh. Being developed by North Eastern Electric Power Corporation Limited (NEEPCO), the Greenfield Hydro project is located in West Kameng district of Arunachal Pradesh. Kameng HEP is a run-of-the-river scheme which will utilize the flow from Bichom and Tenga rivers.

Bharat Forge registers 59% yoy decline in profit in Q3.

Bharat Forge Ltd registered a net profit declined by 59% at Rs127.8cr in Q3FY20 as against Rs310cr in the same period last year. The company consolidated revenue was down 36.4% yoy to Rs1,076.7cr in the quarter ended December 2019.B.N. Kalyani, Chairman & Managing Director said that the quarter gone by was a repeat of the previous quarter in terms of weak end-market demand and financial performance. Domestic and export revenues were down more than 30% in Q3FY20 compared to the same quarter previous year.


Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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