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Corporate NewsCyient Q2 earnings better than estimates

Cyient Q2 earnings highlights:

Net Profit surges 29% at Rs109.7 crore

Revenue up 6% at Rs965.4 crore

EBITDA up 23.4% at Rs139.8 crore

Ø Realty stocks in demand

Realty stocks after Finance Minister Arun Jaitley was quoted as stating that there is a strong case to bring real estate sector under the ambit of the Goods and Services Tax. Finance Minister Arun Jaitley was quoted as stating that there was a strong case to bring the real estate sector under the ambit of the goods and services tax (GST), identifying it as the one sector where maximum amount of tax evasion takes place. The matter will be discussed in the next meeting of the GST, which will be held on 9 November, in Guwahati, Jaitley reportedly said, while delivering a lecture at Harvard University.

Ø IndusInd Bank Q2 profit in-line

IndusInd Bank Key Q2 highlights:

Net Profit at Rs880.10 crore

Net interest income up 25% at Rs1,821 crore Vs Rs1,460 crore (YOY)

Gross NPA at Rs1345.3 crore Vs Rs1271.7 crore (QoQ)

Net NPA at Rs537 crore Vs Rs508.3 crore (QoQ)

Net NPA 0.44% Vs 0.44% (QoQ)

Gross NPA 1.08% Vs 1.09% (QoQ)

Provisions at Rs293.7 crore Vs Rs213.9 crore (YoY); Vs Rs310 crore (QoQ)

Reports steady asset quality in Q2

Ø Cadila gets USFDA nod for Desvenlafaxine extended-release tablets

Cadila Healthcare rose over 2% touching to Rs503, after U.S. drug regulator gave its final approval to market Desvenlafaxine extended-release tablets in strength of 50 and 100 mg in U.S.

The drug will be manufactured at company’s Moraiya facility.

Ø Hero MotoCorp sells over 20 lakh units in Q2 Sept 2017

Hero MotoCorp has announced that riding on robust sales of range of motorcycles and scooters, the company has set a new global record, clocking 20 lakh unit sales in the just-concluded Q2 September 2017.

This is the first time globally, that any two-wheeler company has crossed the 20 lakh sales mark in any quarter.

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