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TOP CORPORATE NEWS- 10 OCT 2017

Corporate News

Vedanta reports 42% increase in mined metal production at Zinc India

Vedanta Resources said that the mined metal production at its Indian zinc unit increased by 42% in the first half, boosted by higher ore production across all its mines.

The company, which mines zinc in the western Indian state of Rajasthan, said integrated zinc production rose 54% to 386,000 tonnes and integrated silver rose 30% to 8.2 million ounces during the period.

Strides Shasun stock rallies 4% after block deal

Strides Shasun stock rallied 4% after 17 lakh shares worth Rs 146 Crore change hands on block deal at Rs 867.6-869.2/sh.

The stock is currently trading at Rs 884.15, up by Rs 40.65 or 4.37% from its previous closing of Rs 846.5 on the BSE.

Tata Tele down 9%; no decision on company’s future

Teleservices Maharashtra share prices slumped for the fourth trading session and were down by 9% as investors sold the stock due to uncertainty about the company’s future. The stock prices plummeted after Tata Teleservices in a filing to stock exchanges said it has not made any firm decision on future plans for Tata Teleservices (Maharashtra).

Tata Sons Chairman N Chandrasekaran offered an explanation for the decision and said that turning Tata Teleservices around was an extremely difficult task and that he would take a call about the business during 2017-18 (Apr-Mar).

Infosys stock up 1%; sets Nov 1 as buyback record date

Infosys stock is trading up 1.3% as investors look to close arbitrage arising out of the company setting Nov 1 as the record date.

Infosys in filing with BSE informed that the company’s Buyback Committee has approved and fixed Wednesday, November 1, 2017, to be the Record Date.

The company will also the share the names of the equity shareholders to whom the Letter of OFfer will be sent and will be eligible to participate in the buyback. In addition, on the same day, the company will be declaring of interim dividend.

The share buyback, which will be the first in the company’s 36-year long history, will see Infosys buying back over 11.30 crore shares at Rs 1,150 apiece. On Aug 19, Infosys had approved a proposal to buy back 113.04 mln shares at 1,150 rupees apiece, aggregating 130 bln rupees.

RInfra, Adani Transmission stocks gain, following exclusivity agreement

Reliance Infrastructure Ltd (RInfra) announced that it has entered into a period of Exclusivity until 15th January 2018 in relation to discussions for the proposed sale of its integrated business of generation, transmission, and distribution of power for Mumbai City to Adani Transmission Limited (ATL).

The proposed transaction is subject to confirmatory diligence, definitive documentation, and customary approvals. Accordingly, there can be no certainty that a transaction will result. Further announcements will be made at an appropriate stage.

South Indian Bank Q2FY18 standalone net profit declines 96% yoy to Rs.4.32 crore

South Indian bank reported its Q2FY18 numbers today. NII for the quarter rose by 13.1% yoy to Rs.503 crore in Q2FY18 vs Rs.445 crore in Q2FY17. This was largely due to 6% rise in interest earned in Q2FY18 to Rs.1536 crore.

In terms of asset quality, GNPA for the quarter rose by 1% to Rs.1766 crore in Q2FY18 vs Rs.1745 crore in previous year corresponding quarter. In percentage terms GNPA’s for the quarter declined by 39 bps to 3.57% vs 3.96% in Q2FY17. Also, Net NPA for the quarter declined by 20 bps to 2.57% in Q2FY18 vs 2.77% in Q2FY17.

Provisions for the quarter more than doubled to Rs.453 crore in Q2FY18 vs Rs.128 crore in Q2FY17. This substantial rise in provisions led to slump in bottom-line by 96% to Rs.4.32 crore in Q2FY18 vs Rs. 110 crore in Q2FY17.

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