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Bharti Infratel and Indus Towers announce a merger which will create a pan-India tower company.
Ultratech Cement has reported 29% year-on-year degrowth in March quarter standalone profit at Rs. 488 crore due to provision for stamp duty, boosted by revenue and operational income. UltraTech Cement announces a dividend of Rs. 10.50 a share leading to outflow of Rs. 288 cr.
Wipro posted a consolidated net profit of Rs. 1800 crore for the fourth quarter of FY18, down 6.70% from Rs. 1930.10 crore.
Mahindra & Mahindra Financial Services shares touched a 52-week high of Rs. 532, rising 4.80% in the early trade today on the back of robust Q4 numbers. The company’s Q4 consolidated net profit rose 79.40% at Rs. 513.10 crore against Rs. 286 crore, in the same quarter last year.
Result to be delcared today: Axis Bank, Reliance Capital, Yes Bank, Biocon, Tata Metaliks, Rallis India, Tata Elxsi.
Government / Regulatory News:
Prime Minister Narendra Modi reviews the progress of 10 infrastructure projects at the 25th PRAGATI meeting.
Retirement fund body EPFO will inform its subscribers if contributions are not deposited by their employers with the body for a given month in due time.
India Inc is increasing turning to bonds to raise funds, espcially after banks tightened norms & procedures in response to scams & rising NPA. In the financial year ended 31st March 2018, Indian companies raised Rs. 6 lakh cr through Private Placements, via 2706 issuances.
SEBI will soon issue a set of rules for trade allocations of institutional investors such as Mutual Funds or Foreign Portfolio Investors.
IDFC is in talks to sell Mutual Fund, broking units for Rs. 6000 crore.
Nazara Technologies gets Sebi’s nod to float an initial public offering (IPO).
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