Ind-Ra maintains a stable outlook on Oil and Gas for FY17

Ind-Ra expects public sector companies to sustain their strong linkages with the government of India or maintain business stability, in case of standalone ratings.

India Ratings and Research (Ind-Ra) has maintained a Stable Outlook on both public and private sector oil and gas companies for FY17. Ind-Ra expects public sector companies to sustain their strong linkages with the government of India or maintain business stability, in case of standalone ratings. The existing ratings of private sector companies have the sufficient headroom to withstand the impact of the decline incrude prices, as the gross refining margins have remained strong and the balance sheets have been dollarised. Moreover, the product demand in India continues to be strong thus ensuring healthy refinery operating metrics even for the upcoming capacity.

Ind-Ra expects the petrol consumption to grow by 8%-10% in FY17 (9MFY16:14.2%) driven by passenger vehicle sales. Diesel consumption is likely to grow by 5%-6% (9MFY16: 6.2%) on improved sales of commercial vehicles, however offset to some extent by lower consumption of diesel for power back-up. Kerosene consumption is likely todecline by 3% on account of lowering of quota allocated by the government. The liquefied petroleum gas consumption growth rate is likely to moderate to 4%-5% in FY17 (9MFY16: 7.5%) driven by a decline inconsumption of non-domestic liquefied petroleum gas as consumers will switch back to natural gas post the decline

in the term Liquefied natural gas (LNG) prices.

For upstream companies in India, the net realisation is an inter-play of two factors, namely the subsidy burden and the price of the Indian crude basket. Ind-Ra notes if crude prices stay below USD45/bbl, the gross and the net realisations for upstream companies would be the same, with no subsidy support required from upstream companies.

The subsidy burden is expected to be contained at Rs. 300bn in both FY17 and FY16, with the crude price expectation at USD47.5/bbl in FY17. Ind-Ra expects 96% of the subsidy burden to be shared by the government during FY17 with absolute amount of upstream subsidy at Rs.12bn. The subsidy sharing by the upstream companies would primarily be on account of the kerosene subsidy.

Ind-Ra expects the domestic gas prices to decline further to USD2.95/mmbtu-USD3.0/mmbtu in H1FY17 from USD3.82/mmbtu during H2FY16 on account of the decline in global benchmark indices. The price decline will be positive for the consumers, particularly city gas distribution (CGD) players, but negative for the producers, namely ONGC Limited and OIL Limited.

Even on the imported LNG price, Ind-Ra expects the price reduction which were earlier at USD13-14/ million British thermal units (mmbtu) are likely to halve to USD5.5-6.5/mmbtu post the renegotiation of the long-term gas sourcing contract of Petronet LNG Limited (PLNL, ‘IND AA+’/Positive) with Rasgas. Ind-Ra believes this price reduction is likely to make imported LNG attractive to a host of end-user industries which would result in LNGvolume increase.

Ipca Labs receives FDA warning letter for three plants; stock plunges 7%

“The US FDA inspected our manufacturing units situated at Ratlam (Madhya Pradesh), SEZ Indore (Pithampur), and Piparia (Silvassa); these manufacturing units received certain inspection observations in Form 483, subsequently resulting in issuance of import alert. We wish to inform you that US FDA has now issued a warning letter to these manufacturing units,” said the company in a statement.

The US Food & Drug Administration (US FDA) has issued a warning letter to Ipca Laboratories for not complying with the drug regulator’s quality standard at three of the companies manufacturing plants.  

“The US FDA inspected our manufacturing units situated at Ratlam (Madhya Pradesh), SEZ Indore (Pithampur), and Piparia (Silvassa); these manufacturing units received certain inspection observations in Form 483, which subsequently resulted in issuance of import alert. We wish to inform you that US FDA has now issued a warning letter to these manufacturing units,” said the company in a statement.

“We have voluntarily suspended shipments of APls and formulations for the US market until US FDA inspection observations are resolved. Therefore, since July 2014 the company has not shipped any APls or formulations to the US market, except products that are exempt from the import alert. The company has responded to the US FDA inspection observations and has initiated remedial measures and is also working with external consultants to ensure that the remedial measures are undertaken in a proper and timely manner,” added the company. 

The company is fully committed in resolving this issue at the earliest. It is also committed to its philosophy of highest quality in manufacturing, operations, systems integrity, and cGMP culture. 

Ipca Laboratories Ltd is currently trading at Rs. 621.9, down by Rs. 46.95 or 7.02% from its previous closing of Rs. 668.85 on the BSE.

The scrip opened at Rs. 664.5 and has touched a high and low of Rs. 667.5 and Rs. 560 respectively. So far 512264 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 8440.89 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 888 on 19-Aug-2015 and a 52 week low of Rs. 591.25 on 09-Feb-2015. Last one week high and low of the scrip stood at Rs. 670.25 and Rs. 639 respectively.

The promoters holding in the company stood at 45.89%, while Institutions and Non-Institutions held 35.94% and 18.17% respectively.

The stock is currently trading above its 100 DMA.

Wipro Continental Europe head Ulrich Meister resigns

As per reports, CEO Abidali Z Neemuchwala, circulated an internal email announcing the resignation of Meister.

Wipro's Continental Europe head Ulrich Meister has, reportedly, put in his papers and is likely to take a break from his responsibilities soon.

As per reports, CEO Abidali Z Neemuchwala, circulated an internal email announcing the resignation of Meister.

Reports state that the third largest IT firm of the country is looking for the new Continental Europe head. Meanwhile, the current vice-president of the segment, Ashiq Hassanali, will work together with Neemuchwala to handle Continental Europe operations. 

Stock commentary:

Wipro Ltd is currently trading at Rs. 568.8, up Rs. 7.6 or 1.35% from its previous closing of Rs. 561.2 on the BSE.

The scrip opened at Rs. 562.05 and has touched a high and low of Rs. 573.25 and Rs. 556.95 respectively. So far 576940 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 138643.6 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 676.9 on 11-Mar-2015 and a 52 week low of Rs. 512.55 on 24-Apr-2015. Last one week high and low of the scrip stood at Rs. 563 and Rs. 544 respectively.

The promoters holding in the company stood at 73.35%, while Institutions and Non-Institutions held 15.52% and 10.53% respectively.

The stock is currently trading below its 200 DMA.

Parle targets bigger bite in snacks and other top FMCG news of the day

Round up of the major headlines that dominated the FMCG sector, nationally and internationally

Biscuits and confectionery maker Parle Products will launch new products in snacks and premium products categories next year as it looks to reduce dependence on biscuits segment for future growth.

The Indian FMCG sector, caught between slowing volumes growth and declining value growth, finds itself in a bind. A recent report by Nielsen India (Anticipate with analytics: The future of FMCG) on the industry says the successive years of slowdown (since 2008) have impacted growth and it is time that companies paid heed to it.

Pidilite Industries was up 2% at Rs. 576. The company has posted a net profit at Rs. 1,857.20 mn for the quarter ended December 31, 2015 compared with Rs. 1,243.60 mn for the quarter ended December 31, 2014.

TCS leases 1.9 million sq ft in Hiranandani's project at Thane and other top Real Estate news of the day

A Round up of the major headlines that dominated the Real Estate sector, nationally and internationally.

The Finance Ministry's annual Union Budget is will be announced on February 29, and every Indian will be following the announcements closely to understand how individuals and industries alike will be affected. The real estate industry in particular is extremely sensitive to many announcements made in the annual budget, since they can have a direct impact on home buying sentiment. Almost every Indian plans to buy a home as and when it becomes financially feasible to do so, and every year brings a new section of Indians who enter the stream of employed, salaried individuals harbouring this aspiration.

Tata Consultancy Services (TCS) has picked up nearly 1.9 million square feet of office space in Hiranandani Constructions’s commercial project in Thane, reports a business daily.

Mahindra Lifespace Developers Ltd announced that Mahindra World City (Jaipur) Limited (MWCJL) is a subsidiary of the Company and a 74:26 Joint Venture between Mahindra Lifespace Developers Limited (the Company) and Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) (a Rajasthan Government Undertaking).

Peninsula Brookfield Investment Managers, a venture of real estate firm Peninsula Land Ltd and global alternative asset manager Brookfield Asset Management, has invested Rs 95 crore in residential projects of Bengalurubased property developer Mahaveer Group

Maruti Suzuki slumps 2.2%; total Jan sales at 1.13 lakh units

The company said its domestic sales increased 0.8% to 1,06,383 units as against 1,05,559 units in January 2015.

Maruti Suzuki slipped 2% to Rs.4,010 on BSE. The auto company sold a total of 1,13,606 units in January 2016, showing a de-growth of 2.6% YOY.

The company said its domestic sales increased 0.8% to 1,06,383 units as against 1,05,559 units in January 2015.

The scrip opened at Rs. 4076 and has touched a high and low of Rs. 4117.9 and Rs. 3970.55 respectively. So far 910494 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 123775.77 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 4789 on 23-Nov-2015 and a 52 week low of Rs. 3362 on 10-Feb-2015. Last one week high and low of the scrip stood at Rs. 4175.05 and Rs. 3927.2 respectively.

The promoters holding in the company stood at 56.21%, while Institutions and Non-Institutions held 37.62% and 6.17% respectively.

The stock is currently trading above its 50 DMA.

L&T climbs 4% after good Q3 nos

The company’s revenue stood at Rs. 25,829.26 crore, clocking growth 8.31% yoy.

L&T climbed 4% to Rs. 1,146 on BSE. The company reported consolidated net profit of Rs. 1,034.80 crore for the quarter ended December 31, 2015, registering growth of 19.42% yoy. The company’s revenue stood at Rs. 25,829.26 crore, clocking growth 8.31% yoy. 

The scrip opened at Rs. 1125 and has touched a high and low of Rs. 1151.5 and Rs. 1120 respectively. So far 1427951(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 102638.49 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1892.95 on 04-Mar-2015 and a 52 week low of Rs. 1070 on 19-Jan-2016. Last one week high and low of the scrip stood at Rs. 1158.15 and Rs. 1070.05 respectively.

The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 55.28 % and 42.36 % respectively.

The stock is currently trading above its 200 DMA.

Pidilite Industries clocks 2% gains on the counter; Q3 net profit sees 49% jump

The company has posted a net profit at Rs. 1,857.20 mn for the quarter ended December 31, 2015 compared with Rs. 1,243.60 mn for the quarter ended December 31, 2014.

Pidilite Industries was up 2% at Rs. 576. The company has posted a net profit at Rs. 1,857.20 mn for the quarter ended December 31, 2015 compared with Rs. 1,243.60 mn for the quarter ended December 31, 2014.

The scrip opened at Rs. 583 and has touched a high and low of Rs. 583 and Rs. 570.85 respectively. So far 218102 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 29030.24 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 637.55 on 20-Mar-2015 and a 52 week low of Rs. 507.5 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 575 and Rs. 538.6 respectively.

The promoters holding in the company stood at 69.73%, while Institutions and Non-Institutions held 19.42% and 10.85% respetively.

The stock is currently trading below its 200 DMA.

Kalpataru Power gains 2%; in race to acquire Jyoti Structures

KPTL and the Amin Group are in race to acquire Jyoti Structures Ltd. after lenders decided to convert Rs. 307.6 crore worth of loans into equity in December, reports a financial newspaper.

Kalpataru Power Transmission Ltd stock was up by 2% at Rs. 202. KPTL and the Amin Group are in race to acquire Jyoti Structures Ltd. after lenders decided to convert Rs. 307.6 crore worth of loans into equity in December, reports a financial newspaper.

The scrip opened at Rs. 201.65 and has touched a high and low of Rs. 203.9 and Rs. 201.55 respectively. So far 16193(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 3032.17 crore.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 291.8 on 06-Aug-2015 and a 52 week low of Rs. 182.65 on 18-Jan-2016. Last one week high and low of the scrip stood at Rs. 203.9 and Rs. 193.7 respectively.

The promoters holding in the company stood at 59.45 % while Institutions and Non-Institutions held 31.09 % and 9.46 % respectively.

The stock is currently trading above its 200 DMA.

Larsen & Toubro sees margin pressure; but stock still a BUY?

L&T’s Q3 FY16 operating results were below estimates due to sustained margin pressure. However, the company registered 11% yoy increase in order inflow, positively surprising the street.

Larsen & Toubro Ltd reported consolidated net profit of Rs. 1,034.80 crore for the quarter ended December 31, 2015, registering growth of 19.42% yoy and 3.91% qoq. The company’s revenue stood at Rs. 25,829.26 crore, clocking growth 8.31% yoy and 10.41% qoq.

Its consolidated core operating profit of Rs. 2,649.89 crore for the quarter, declined by 8.18% yoy but clocked growth of 2.25% qoq. Operating profit margin for the current quarter at 10.26% contracted by 184 bps yoy and 82 bps qoq.

L&T’s Q3 FY16 operating results were below estimates due to sustained margin pressure. However, the company registered 11% yoy increase in order inflow, positively surprising the street.  Topline growth was marginally lower than IIFL estimates due to slower execution in the domestic market. Domestic market revenue was lower by 3% yoy. This was offset by 39% yoy jump in international revenues

OPM of 10.3% was lower than estimate of 11.2% due to a sharp decline in infrastructure margins as many large projects were in designing phase and some provisions in heavy engineering segment  Lower margins in the core E&C division is a big concern. The management indicated that the sharp fall in margins is largely due to job mix status

PAT growth was led by higher other income (higher treasury gains) and profit from sales of Astra Microwave and Chandigarh Mall Consolidated order inflow of Rs. 38,500cr was quite higher than expectations. Order book at the end of Q3 FY16 stood at Rs. 256,500cr, higher by 13.6% yoy. The Company has reduced its order inflow guidance from 5-7% yoy to 0-5% due to slower pickup in execution in domestic market. Revenue guidance was maintained at 10-15% (9M FY16 @ 9%), while lowering its margin expansion guidance to flat to marginally higher

TCS rents 2mn sq ft in Hiranandani’s Thane project

The monthly lease rental for the space is between INR 50 and INR 55 per sq ft and the annual lease rental for the property will be around INR 100-120 crore, according to the newspaper report

Tata Consultancy Services (TCS) has picked up nearly 1.9 million square feet of office space in Hiranandani Constructions’s commercial project in Thane, reports a business daily.

TCS has signed a 15-year lease agreement with a reset clause that will be set every three years. 

The monthly lease rental for the space is between INR 50 and INR 55 per sq ft and the annual lease rental for the property will be around INR 100-120 crore, according to the newspaper report.

TCS will hold a soft option to extend the lease by another 2 million sq ft. Hiranandani Constructions hopes to deliver the office in the next one-and-a-half years.

TCS is likely to house about 30,000 of its employees in the Thane office. 

TCS has 19 offices in Mumbai and the surrounding areas, including its headquarters, and 10 delivery centres in Mumbai and Thane.

“We have leased space to the TCS on long lease for setting up an IT park. Work has already started and it will take nearly 18 months to complete it,” Hiranandani Constructions' Chairman Niranjan Hiranandani has been quoted as saying.

Suzlon slumps 3%; Q3 net loss at Rs. 113.2 crore

The company posted a net loss after share in minority interest of Rs. (1131.70) mn for the quarter ended December 31, 2015 where as the same was net loss at Rs. (65386.80) mn for the quarter ended December 31, 2014.

Suzlon Ltd stock was down by 3% at Rs. 19.60 after company posted Q3 results. The company posted a net loss after share in minority interest of Rs. (1131.70) mn for the quarter ended December 31, 2015 where as the same was net loss at Rs. (65386.80) mn for the quarter ended December 31, 2014. 

Total Income is Rs. 19018.80 mn for the quarter ended December 31, 2015 where as the same was at Rs. 49865.60 mn for the quarter ended December 31, 2014.

The scrip opened at Rs. 20.6 and has touched a high and low of Rs. 20.7 and Rs. 19.1 respectively. So far 12410859(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 10152.48 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 31.35 on 19-Mar-2015 and a 52 week low of Rs. 15.81 on 30-Jan-2015. Last one week high and low of the scrip stood at Rs. 20.6 and Rs. 18.05 respectively.

The promoters holding in the company stood at 21.1 % while Institutions and Non-Institutions held 28.64 % and 50.05 % respectively.

The stock is currently trading above its 200 DMA.

Spicejet surges 5% after fuel price cut

ATF or jet fuel price was slashed by nearly 12%.

Spicejet Ltd stock was higher by 5% at Rs. 91 after jet fuel price was slashed by nearly 12%.

The scrip opened at Rs. 92.65 and has touched a high and low of Rs. 94.2 and Rs. 91.6 respectively. So far 3362017(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 5233.2 crore.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 95.3 on 28-Jan-2016 and a 52 week low of Rs. 16.7 on 27-Apr-2015. Last one week high and low of the scrip stood at Rs. 95.3 and Rs. 75 respectively.

The promoters holding in the company stood at 60.32 % while Institutions and Non-Institutions held 1.4 % and 38.28 % respectively.

The stock is currently trading below its 50 DMA.

Tech Mahindra, L&T, Kalpataru Power among 25 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Tech Mahindra: Tech Mahindra Ltd, one of India’s leading IT consulting and software companies, will announce its Q3 results today. IIFL forecasts the company’s net profit for Q3 FY16 to plunge to Rs. 742.40 crore at a rate of 7.8% yoy and 5.5% qoq.  

Kalpataru Power Transmission Ltd: KPTL and the Amin Group are interested in acquiring Jyoti Structures Ltd. after lenders decided to convert INR 307.6 crore worth of loans into equity in December, reports a financial newspaper.

JSW Steel Ltd: JSW Steel Ltd, India's largest private sector steel company, reported consolidated net loss of Rs.923.34 crore for the quarter ended December 31, 2015. The company’s consolidated revenue stood at Rs. 8,698.27 crore, down 34.22% yoy and 20.25% qoq.

Larsen & Toubro Ltd: The group has posted a net profit after tax, minority interest and share of profit of associates of Rs. 10348 mn for the quarter ended December 31, 2015 compared with Rs. 8,665.40 mn for the quarter ended December 31, 2014.

Mahindra Lifespace Developers Ltd: The company announced that Mahindra World City (Jaipur) Limited (MWCJL) is a subsidiary of the Company and a 74:26 Joint Venture between Mahindra Lifespace Developers Limited (the Company) and Rajasthan State Industrial Development & Investment Corporation Limited (RIICO) (a Rajasthan Government Undertaking).

EIH: EIH Ltd. will spend INR 325 crore over the next two years to completely renovate its 51-year-old Oberoi Hotel in New Delhi, reports a business daily.

Marico: The company has posted a net profit at Rs. 1,978.09 mn for the quarter ended December 31, 2015 compared with Rs. 1,598.80 mn for the quarter ended December 31, 2014.
SpiceJet: The aviation company has increased its ticket cancellation charges by almost Rs. 100 and will be applicable from next month.

IOC, HPCL, BPCL: Government hiked the excise duty on petrol by Re 1 per litre and Rs. 1.50 on diesel.

Ajanta Pharma: Ajanta Pharma announce its Q3 results today.  IIFL expects net revenue to soar to Rs. 93.6 crore at 10.6% yoy; however, it is expected that net revenue will likely fall marginally on a qoq basis.

VRL Logistics: VRL Logistics will announce its Q3 results today. IIFL forecasts the company’s net profit for Q3 FY16 to increase to Rs. 33 crore, growing at 32% yoy and 13.8% qoq.     

IDFC: IDFC posted a net profit of Rs. 1,761.80 mn for the quarter ended December 31, 2015 whereas the same was at Rs. 4,216  mn for the quarter ended December 31, 2014.

Grasim Industries: The company reported a net profit of Rs.650 crore for the quarter against Rs.334 crore in the year-ago period.

Jindal Saw: The company will announce its Q3 results today. IIFL forecasts the company’s net revenue for Q3 FY16 to plummet at a rate of 24.1% to Rs. 1,349 crore yoy; however, it is expected that net revenue will rise marginally qoq.    

Siemens: The company has posted a net profit of Rs. 1,140.252 mn for the quarter ended December 31, 2015 whereas the same was at Rs. 6,340.333 mn for the quarter ended December 31, 2014.

TajGVK Hotels: TajGVK Hotels & Resorts , Tata Group's hospitality arm, reported standalone net profit of Rs.3.43 crore for the quarter ended December 31, 2015, registering growth of 27.79% yoy.

Astra Microwave Products: The company reported an 11.96% increase in net profit at Rs.14.22 crore for the third quarter that ended on December 31, 2015.

Zen Technologies: Zen Tech is all set to build customised solutions for Indian and global clients, Chairman & MD Ashok Atluri has been quoted as saying by a business daily.

eClerx Services: The company has posted a net profit after taxes at Rs. 886.974 mn for the quarter ended December 31, 2015 compared with Rs. 608.035 mn for the quarter ended December 31, 2014.

WABCO India: WABCO India Ltd clocked 82% increase in net profit at Rs.51.5 crore for the third quarter that ended December 31, 2015.
Shoppers Stop: Shoppers Stop net profit for the quarter stood at Rs.23.6 crores.

Tamil Nadu Newsprint & Papers: Tamil Nadu Newsprint & Papers commissioned its Rs. 1,650-crore multi-layer board plant in the in Tiruchi district of Tamil Nadu.

Engineers India: The first CPSE disinvestment of the last quarter of the fiscal year 2015-16 got off to a thumping start today with the Engineers India Limited (EIL) OFS getting oversubscribed 2.54 times.

Wendt (India): Wendt (India) has entered into an agreement with a leading Diamond Tool manufacturer, Star Diamond Tools Pvt. Ltd for the acquisition of the Diamond Dressing Tools business.

Hindalco Industries: Hindalco Industries has informed BSE that under the composite scheme of arrangement between Aditya Birla Nuvo Limited (ABNL), Madura Garments Lifestyle Retail Company Ltd (MGLRCL), and Pantaloons Fashion & Retail Limited (PFRL), the company has been allotted on January 27, 2016, 4,49 crore equity shares of Aditya Birla Fashion & Retail Limited aggregating to 5.85%.

Suzlon Energy: Suzlon Energy posted a net loss of Rs. 113.2 crore for the quarter ended December 31, 2015 compared with net loss Rs. 6538.7 crore for the quarter ended December 31, 2014.

Blue Star: Blue Star reported a total operating income of Rs 685.76 crore for the quarter ended December 31, 2015 compared with Rs 595.57 crores in Q3 FY15, which is an increase of 15%.

Nirlon Ltd: Nirlon Ltd reported a 53.4% increase in net profit at Rs.24.4 crore for the third quarter that ended on December 31, 2015.

Den Networks: Den Networks  posted a net loss of Rs. 483.70 mn for the quarter ended December 31, 2015 compared with net loss Rs. 626 mn for the quarter ended December 31, 2014.

Relaxo Footwears: Relaxo Footwears , manufacturer of Footwear Products, reported standalone net profit of Rs.24.42 crore for the quarter ended December 31, 2015, registering growth of 22.71% yoy.

EIH: EIH, Oberoi Group owned luxury hotel chain, reported standalone net profit of Rs. 47.36 crore for the quarter ended  December 31, 2015, registering growth of 8.57% yoy and 336.1% qoq.

Avanti Feeds: Avanti Feeds standalone revenue stood at Rs. 413.11 crore, resgistering growth of 7.29% yoy but decline of 22.49% qoq.

Dr. Reddy’s Lab: Dr. Reddy's Laboratories has received approval from the US Food and Drug Administration (US FDA) for ZEMBRACE SymTouch (sumatriptan succinate) injection, a drug-device combination product intended for the treatment of acute migraine in adults.

Magma Fin Corp: Honda Cars India Ltd signed a Memorandum of Understanding with Magma Fincorp.  This association will help customers by providing them convenient and easy availability of auto loans with a wider reach. Magma Fincorp Limited will offer car loans up to 90% of the cost of the car, for tenure ranging up to 5 years at competitive rates.

Pidilite Industries: The company has posted a net profit at Rs. 1,857.20 mn for the quarter ended December 31, 2015 compared with Rs. 1,243.60 mn for the quarter ended December 31, 2014.

CARE: Credit Analysis and Research Ltd posted a net profit of Rs. 268.098 mn for the quarter ended December 31, 2015 as compared to Rs. 262.403 mn for the quarter ended December 31, 2014.

Thermax:  Thermax Limited registered an operating revenue of Rs.1039 crore, lower by 8% compared to Rs.1125 crore for the corresponding period last year.

GIC Housing Finance: GIC Housing Finance, state-owned housing finance major , reported standalone net profit of Rs. 30.59 crore for the quarter ended December 31, 2015, registering growth of 21.82 % yoy