TOP CORPORATE NEWS

TOP FIVE CORPORATE NEWS

·        Asian Paints Q3 net falls 1.76% on high raw material cost.

 Asian Paints, the country's largest paint company by assets, disappointed street on every parameter. Its third quarter consolidated net profit fell 1.76 percent year-on-year to Rs 329.3 crore, dented by weak demand for industrial paint and high raw material cost.

·        UltraTech Q3 net falls 38%, co says outlook challenging

UltraTech Cement met street expectations with the third quarter (October-December) net profit falling 38.4 percent year-on-year to Rs 370 crore dented by lower selling prices due to the subdued demand. Net sales declined 1.5 percent to Rs 4,786 crore in the quarter ended December 2013 from Rs 4,857.4 crore in a year ago period.

·        Wipro at 14-year high post Dec quarter earnings.

 Shares of Wipro trading higher by 4 percent at 576 after announced quarter earning late Friday met street expectations. Its IT services revenues grew 2.6 percent sequentially to Rs 10,327 crore. Consolidated profit after tax of the company climbed 4.27 percent sequentially to Rs 2,014.7 crore and revenues grew 3 percent to Rs 11,327.4 crore for the quarter ended December 2013.

·        Aurobindo up 5%, to acquire Actavis' ops in 7 Euro nations

Shares of  Aurobindo Pharma jumped 5 percent in intraday trade on acquisition plan. The generic drug maker has signed a binding offer agreement to acquire commercial operations of Dublin-based Actavis in seven Western European countries.

·        HCL Technologies joins Rs 1 trillion market capitalization club

     HCL Technologies joined the elite club of Rs 1 trillion market-cap firms after the stock hit a record high on the bourses. The market capitalization of HCL Technologies rose to Rs 100,432 crore in intra-day trades on the Bombay Stock Exchange (BSE), making it the fourth information technology (IT) company in the Indian capital market with a market cap of over Rs 1 lakh crore.