ACC on Thursday said its cement dispatches declined 6.46% to 1.88 million tones in July 2012 over July 2011. Production declined 8.37% to 1.86 million tones in July 2012 over July 2011.
Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, announced that Ziraat Bank, Turkey, has selected the TCS BaNCS core banking platform for a multi-country implementation as part of its international growth strategy. This transformational engagement, which commenced in July 2012, follows a 'model office solution' approach towards the deployment across multiple countries in Europe.
Sun Pharmaceutical Industries is reportedly looking for acquisitions in Europe, including a possible takeover of German generic drug maker Stada Arzneimittel AG. Reports quoted a spokesman for Sun saying that the company wasn't in talks to buy Stada while a spokesman for Stada declined to comment on a potential deal.
Mahindra Satyam may edge higher after strong Q1 results. Mahindra Satyam's consolidated net profit declined 34.1% to Rs 352 crore on 12.8% growth in revenue to Rs 1880 crore in Q1 June 2012 over Q4 March 2012. Earnings before interest, taxation, deprecation and amortization (EBITDA) jumped 39.8% to Rs 408 crore in Q1 June 2012 over Q4 March 2012. EBITDA margins rose sharply to 21.7% in Q1 June 2012 from 17.5% in Q4 March 2012. The sequential decline in bottom line was due to base effect. The company's bottom line in Q4 March 2012 was boosted by exceptional income of Rs 109.40 crore as also due to tax credit of Rs 94 crore.
The merger of Tech Mahindra and Mahindra Satyam, announced on 21 March 2012, is progressing on schedule, the company said in a statement.
Commenting on the first quarter results, Vineet Nayyar, Chairman, Mahindra Satyam, said, With this quarter, we have successfully ended our 3-year transformational journey, recording progress on the back of strong fundamentals, focus and investments. Global business realities continue to be unpredictable. However we are confident of taking forward our momentum. Speaking on the occasion, CP Gurnani, CEO, Mahindra Satyam, said, We compete in the marketplace today with investments in services, markets and our differentiators. Our plans to convert some of these bullets into cannonballs is a reflection of our performance this quarter.
Legacy Iron, the Australian arm of state-rum iron ore miner NMDC, has reportedly finalised the purchase of two of six highly prospective tenements in Queensland for quality coking and thermal coal in Queensland, marking its first foray into the state's coal sector.
Telecom stocks may be in action on reports the Cabinet is likely to meet today, 3 August 2012 to discuss the reserve price and usage charges of spectrum that is to be auctioned as per the Supreme Court order.
Glenmark Pharmaceuticals' consolidated net profit plunged 62.47% to Rs 78.27 crore on 19.83 % growth in revenue to Rs 1040.40 crore in Q1 June 2012 over Q1 June 2011. The net profit for the quarter is not comparable due to out-licensing income of Rs 111.23 crore received Q1 June 2011 and also due to marked-to-market (MTM) losses to the extent of Rs 55 crore recorded in Q1 June 2012, the company said in a statement.
Commenting on the first quarter results, Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals said: Both our generics and specialty business registered good growth. The US business did exceptionally well recording a growth in excess of 55% on the back of product launches in niche competition categories while the India business performed well and gained market share in focus segments. We are witnessing good growth in our businesses across geographies and are confident of maintaining this trajectory in the coming quarters.
Berger paints' consolidated net profit rose 19.4% to Rs 44.40 crore on 15.9% rise in net sales to Rs 803.40 crore in Q1 June 2012 over Q1 June 2011.
Shasun Pharmaceuticals net profit rose 102.3% to Rs 13.82 crore on 30.1% rise in net sales to Rs 249.99 crore in Q1 June 2012 over Q1 June 2011.