Wipro Q1 PAT stands at Rs. 2052 crore

Wipro registered consolidated net revenue of Rs.13,697 crore as against Rs.13,741 crore qoq.

Wipro, one of the largest IT firms, announced its financial results for the quarter ended June 30, 2016 on July 19.

The consolidated Profit after tax (PAT) of the company stood at Rs. 2052 crore in Q1 FY17 as compared with Rs.2238 crore in Q4 FY16.

Wipro registered consolidated net revenue of Rs.13,697 crore as against Rs.13,741 crore qoq.

Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board, said, “We have delivered Revenues in line with our guidance. Our early investments in areas such as our Digital practice and cognitive intelligence, notably Wipro HOLMESis positioning as the partner of choice for customers in the CHANGE side oftheir business. We expect the trajectory of growth to build gradually over the course of the year as we drive execution on our strategic themes and make progress towards achieving a sustainable growth trajectory”

Jatin Dalal, Chief Financial Officer, said – “IT Services margins reflect the investments in rewarding our employees as well as the impact of consolidation of our acquisitions for the full quarter. We continue to expand the reach of our automation programs to harness efficiency gains.” 

Outlook for the Quarter ending September 30, 2016

We expect Revenues from our IT Services business to be in the range of $ 1,931 million to $ 1,950 million*.

IT Services

The IT Services segment had a headcount of 173,863 as of June 30, 2016. Acquisitions

Previously, Wipro had announced, on December 23, 2015, the signing of a definitive agreement to acquire Viteos Group. However, due to inordinate delays in completion of closing conditions that exceeded the target closing date and expiration date under the terms of the agreement, both parties have decided not to proceed ahead with the acquisition.

Changes to the Board of Directors
Dr Jagdish N Sheth retires from the Board with effect from July 18, 2016 on completion of his term. The Board places on record its sincere appreciation for the valuable contributions made by Dr Jagdish N Sheth as Board member and as a member of the Strategy Committee.

Vyomesh Joshi, Director resigns from the Board with effect from close of business hours of July 19, 2016, due to his other commitments.

The Board places on record its sincere appreciation for the valuable contributions made by Mr Vyomesh Joshi as Board member and as a member of the Strategy Committee. 

Govt allocates Rs.22,915 crore capital to 13 public sector banks for FY17

The government has allotted Rs.721 crore to Union Bank of India under PSU Bank recapitalisation.

In line with the announcements made under Indradhanush and the Union Budget, Government has undertaken an exercise to assess the capitalization needs of Public Sector Banks during the year 2016-17.

The capital infusion exercise for the current year is based on an assessment of need as assessed from the CAGR of credit growth for the last five years, banks’ own projections of credit growth and an objective assessment of the potential for growth of each Public Sector Bank.

The government has allotted Rs.721 crore to Union Bank of India under PSU Bank recapitalisation. Punjab National Bank will receive Rs.2,816 crore whereas Syndicate Bank will be allotted Rs.1,034 crore.

Bank of India will get Rs.1,784 crore, whereas State Bank of India will receive Rs.7,575 crore under PSU Bank recapitalisation.

Consequent upon the above exercise, 75% of the amount collected for each bank is being released now to provide liquidity support for lending operations as also to enable banks to raise funds from the market.  The remaining amount, to be released later is linked to performance, with particular reference to greater efficiency, growth of both credit and deposits and reduction in the cost of operations. Total Rs.22, 915 crore is being allocated to following banks at present.

S. No.	Name of Bank	Amount (in crore)
1	Allahabad Bank	44
2	Bank of India	1784
3	Canara Bank	997
4	Central Bank of India	1729
5	Corporation Bank	677
6	Dena Bank	594
7	Indian Overseas Bank	3101
8	Punjab National Bank	2816
9	State Bank of India	7575
10	Syndicate bank	1034
11	UCO Bank	1033
12	Union Bank of India	721
13	United Bank of India	810
	Total	22,915

Corporation Bank jumps 1.3% on Rs.677 cr recapitalization

Corporation Bank will received Rs. 677 crore as part of the recapitalization.

Shares of Corporation Bank surged 1.3% to Rs.42.85 on BSE after the government announced Rs.23,000 crore to recapitalize 13 public sector banks (PSBs).

Corporation Bank will received Rs. 677 crore as part of the recapitalization.

The scrip opened at Rs. 43 and has touched a high and low of Rs. 43.9 and Rs. 42 respectively. So far 669070(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 4325.11 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 56.25 on 18-Aug-2015 and a 52 week low of Rs. 30.75 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs. 45.2 and Rs. 41.75 respectively.

The promoters holding in the company stood at 67.2 % while Institutions and Non-Institutions held 26.51 % and 6.29 % respectively.

The stock is currently trading above its 200 DMA.

Top 32 stocks in focus today: Wipro, JSW Energy, Mindtree, Hotel Leelaventure

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

Wipro: The company will announce its Q1 result today.

Mindtree: Mindtree, IT consulting firm, reported a consolidated net profit of Rs. 123.5 crore for the quarter ended 30th June, 2016 registering a decline of 7.14% qoq and 3.74% yoy.

Jaiprakash Power, JSW Energy: JSW Energy has agreed to acquire the 500 MW (2X250 MW) thermal power plant located at Bina in Madhya Pradesh.

Jaiprakash Power Ventures: Jaiprakash Power Ventures Ltd posted a net loss of Rs. 1961.60 million for the quarter ended June 30, 2016 where as the net profit was at Rs. 669.60 million for the quarter ended June 30, 2015.

HUL:The company’s standalone revenue stood at Rs 8218.18 crore, rising 5.27% qoq and 3.62% yoy. The company is aiming to become the largest e-commerce player in the grocery/FMCG segment soon.

Ultratech Cement: Ultratech Cement will announce its Q1 results today.

Camlin Fine Sciences: The company said that State Level Environment Impact Assessment Authority, Gujarat, has granted environment clearance to set up a manufacuring facility for hydroquinone/catechol and its downstream products at the Dahej SEZ. It had investment plans of Rs.180 crore for the unit.

MRPL:MRPL which has owed $2.56 billion to Iran since 2013, has paid $1.4 billion till now, H Kumar, Managing Director said.

Indiabulls Real Estate: The company said that it has raised Rs.20 crore through issue of non-convertible debentures on private placement basis.

Syndicate Bank: The bank said it has raised Rs.930 crore in the form of unsecured non-convertible (UNC).

Idea Cellular: Idea Cellular slashed the rates of its 4G, 3G BIG Internet packs by upto 67%.

Bharat Bijlee: Bharat Bijlee reported its net loss at Rs.3.4 crore for the quarter ended June 30, 2016 as compared to Rs.4.8 crore for the quarter ended June 30, 2015.

Gruh Finance: Gruh Finance reported standalone net profit of Rs 60.18  crore for the quarter ended June 30th 2016, declining 31.47 % qoq but rising 19.62 % yoy.

Reliance Industries: As part of its strategy to develop retail offerings at the petrol pumps, Reliance Industries has rearranged its fuel retail business to hive off its fuel retail outlets, for amalgamation of the same with its organized retail arm, says an ET report.

Dabur: The FMCG company said it has acquired South Africa-based Discaria Trading (PTY) Ltd, a firm engaged in manufacturing and trading of cosmetics, for an undisclosed amount.

JSPL: JSPL has announced that it has received shareholder approval to divest 1000 MW Power Plant of Unit.

Hotel Leelaventure: Hotel Leelaventure Ltd has announced that Delhi High Court has passed a judgment on July 15, 2016 setting aside the Award passed by the sole arbitrator in favour of the Company, under which it was held that the minimum guaranteed amounts set out in the supplemental agreement dated February 07, 1994 between the Company and Airports Authority of India (AAI) had become impossible of performance.

Dr. Reddy's: The company announced today that it has launched Omeprazole and Sodium bicarbonate capsules, 20mg/1100mg and 40mg/1100mg, a therapeutic equivalent generic version of ZEGERID (omeprazole/sodium bicarbonate) capsules in the United States market, having been approved by the U.S. Food & Drug Administration.

Onward Technologies: The net profit for the quarter was at Rs.1.2 crore. The total income was at Rs.53.1 crore as against Rs.47.6 crore year-on-year (YoY).

SPARC: Sun Pharma Advanced Research Company (SPARC) and its parent Sun Pharma have entered into a licensing arrangement for its Elepsia tablets, used in the treatment of epilepsy, in the US market for an upfront payment of $10 million.

Ajanta Pharma: Ajanta Pharma announces the final approval from USFDA and launch of Omeprazole and Sodium Bicarbonate Capsules in the US market, through its wholly owned subsidiary Ajanta Pharma USA Inc.

Shree Cement: Shree Cement Ltd has informed BSE that company participated recently in the auction for coal linkages from South Eastern Coalfields Limited (A subsidiary of Coal India Ltd.) for Cement Sector and won the coal linkage in the State of Chhattisgarh.

Hinduja Foundries: Hinduja Foundries reported narrowing of its standalone net loss to Rs.36.57 crore for the quarter ended June 30, 2016.

Exide Industries: The company has posted a net profit of Rs.1960.50 million for the quarter ended June 30, 2016 as compared to Rs.1557.10 million for the quarter ended June 30, 2015.

Upper Ganges Sugar: The company's shareholder has approved the scheme of arrangement between Co and Oudh Sugar.

NALCO: Navratna CPSE National Aluminium Company Limited (Nalco) has signed an MoU with the Ministry of Mines, Govt. of India regarding financial and non-financial targets for the FY 2016-17.

Transformers and Rectifiers: The board of directors of the company to consider to raise funds through issue of securities through Qualified Institutional Placement or preferential allotment.

Pil Italica Lifestyle Ltd : The company receives order of 11,800 pieces of Dust Bins from Vijayawada Municipal Corporation, Andhra Pradesh and made contribution towards Swachh Bharat Mission -Step towards Cleanliness, a project started by Prime Minister of India.

Capital First Ltd: The company has informed BSE that the Debenture Committee constituted by the Board of Directors of the Company has approved a issue of Rated, Listed, Secured, Non-Convertible securities in the nature of Debentures (NCD's) of INR 100 crores plus Green Shoe Option of INR 100 crore on private placement basis.

Piramal Enterprises: The Board of Directors of the Company to consider and approve the issue of secured non-convertible debentures amounting upto Rs. 1,000 crores on private placement basis.

Mold-Tek Technologies Ltd : The company is setting up new branch at Vijaywada to further enhance its capacity in structural engineering services for the Company's US Clients.

Tata Steel plans to raise up to Rs. 10,000 crore

The company will approach shareholders at its annual general meeting.

Tata Steel is seeking shareholders nod to raise up to Rs 10,000 crore through various debt securities including redeemable non-convertible debentures (NCDs). 

Report says that the company will approach its shareholders at its annual general meeting scheduled for next month.

The issue will be on a private placement basis.