Hero MotoCorp's net profit rose 0.6% to Rs 1010 crore on 7.3% growth in net revenue from operations to Rs 8362 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 1 November 2017.
Net revenue from operations on like-for-like basis (adjusted for GST accounting change on Haridwar sales) grew by 11.5% year on year (YoY) in Q2 September 2017. EBITDA margin declined slightly to 17.4% in Q2 September 2017, compared with 17.6% in Q2 September 2016.
The effective tax rate for the quarter (Q2 September 2017) is higher on account of phasing out of investment allowance and reduction in allowable deduction of R&D expenditure leading to lower PAT growth versus EBITDA growth.
Pawan Munjal, CMD and CEO of Hero MotoCorp said, the first half of FY 2018 has been exciting for the company. The industry rebounded in the festive quarter largely aided by the positive sentiment in the urban and rural markets. With a series of new product launches and significant brand building initiatives in the global markets, the company is confident of carrying forward the momentum in the second half of FY 2018 as well, Munjal said.
Among prominent companies, Power Grid Corporation of India (PGCIL) and Vedanta are set to announce July-September 2017 quarterly earnings today, 2 November 2017.
Bharti Airtel said that its board of directors at a meeting held on 31 October 2017, approved the scheme of arrangement between the company and its subsidiary Telesonic Networks and their respective shareholders and creditors for the transfer of the optical fiber cable business of Bharti Airtel to Telesonic Networks by way of a slump sale. The announcement was made after market hours yesterday, 1 November 2017.
Separately, Bharti Airtel said that iPhone X will go on sale on Airtel's newly launched Online Store starting 18:00 IST on 3 November 2017. Airtel's Online Store will be amongst the select digital platforms in India to retail iPhone X, which has seen unprecedented customer demand across the world ahead of its sale. The announcement was made after market hours yesterday, 1 November 2017.
ICICI Bank said that the committee of executive directors constituted by the board of the bank is scheduled to have a meeting on 6 November 2017 to consider domestic fund raising by way of issuance of senior unsecured long term bonds/Basel III compliant unsecured subordinated perpetual Additional Tier 1 bonds in single/multiple tranches on private placement basis. The announcement was made after market hours yesterday, 1 November 2017.
Shree Cement said it has participated in the auction for coal linkage of Coal India for captive power plant sub-sector and won the coal linkages in Chhattisgarh. The said coal linkage is for company's captive power plant at Raipur, Chhattisgarh. The announcement was made after market hours yesterday, 1 November 2017.
GAIL (India) will be in spotlight. The company's Chairman & Managing Director B C Tripathi yesterday, 1 November 2017 met Uttar Pradesh Chief Secretary, Rajive Kumar for soliciting state government support for expeditious implementation of piped natural gas (PNG) connectivity and compressed natural gas (CNG) vehicular conversions at Lucknow, Kanpur, Agra, Ferozabad, Kosi Kalan, Noida, Ghaziabad, Meerut and Greater Noida where GAIL is operating city gas distribution (CGD) networks through its subsidiary and joint venture companies.
Assuring the company of the Government's support in ensuring right of use (RoU) and other permissions of the state for expediting 'Pradhan Mantri Urja Ganga' Pipeline and also the Varanasi City gas projects, the Chief Secretary issued directions to the various district magistrates and commissioners for facilitating smooth and timely execution of capital investments under the natural gas projects in the state at an outlay of about Rs 4000 crore for over 800 kms trunk pipeline network scheduled to be completed 2018-19 and Rs 1000 crore per annum for city gas development in various authorized cities of UP.
Tripathi stressed on the need for expeditious grant of right of way and other statutory permissions for completing the energy highway and CGD projects of national importance as per envisaged schedule. He also informed that Varanasi CGD project is progressing satisfactorily and with few more permissions made available in the next couple of days, commissioning of the city gas network could be targeted for December 2017. At the same time, pipeline construction to Gorakhpur is scheduled for completion by July 2018. Chief Secretary while appreciating the need to roll-out the projects at a faster pace for ushering overall development, directed the concerned state officials at the capital and districts to create an enabling environment for timely execution of GAIL's pipeline and CGD network projects, the company said in a statement.
In view of the current utilization of CNG infrastructure and 30 more stations being added by the end of the year, assurance was provided by the Chief Secretary to expand the fleet of CNG based public transport buses at Lucknow, Kanpur and other cities for combating vehicular pollution in a time bound manner, the company said in a statement. The announcement was made after market hours yesterday, 1 November 2017.
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