TOP CORPORATE NEWS-23 january

TOP CORPORATE NEWS

·        L&T gains amid margin expansion in Q3

Shares of Larsen & Toubro was up nearly 3% in early trades as the company's margins witnessed expansion during the third quarter ended December post the demerger of its hydro carbon business.

·         M&M Financials slumps as Q3 earnings disappoint

Shares of Mahindra & Mahindra Financials were down nearly 6% after third quarter earnings were impacted on account of worsening asset quality and higher provisions impacted profitability. Its standalone net profit fell 18 per cent to Rs 164 crore over last year.

·        Biocon reports Q3 net profit of Rs 105cr

Biocon’s Q3FY14 net profit stood at Rs 105 crore Y-o-Y.  Its net sales stood at Rs 700 crore versus Rs 635 crore Y-o-Y. The company report that its Malaysian facility is on track for commissioning in FY15.

·        KPIT slumps on sequential decline in Q3 net profit

Shares of KPIT Technologies slumped 12% to Rs 161 after sequential decline in consolidated revenue and net profit for the three months ended December 2013. Net profit for the quarter slipped 8.92% to Rs 60.78 crore from Rs 66.73 crore in the September.

·        Raymond surges on robust Q3 earnings

Shares of Raymond surged over 3% after it reported an over four-fold jump in consolidated net profit at Rs 56.89 crore for the third quarter ended December 31 on the back of growth across all businesses and margin expansion in key business segment.