TOP CORPORATE NEWS 13 AUGUST 2014

·        Tata Steel Q1 profit plunges 70% on provision, higher tax

Tata Steel has reported a 70.4 percent decline in consolidated net profit at Rs 337.3 crore for the April-June quarter, impacted by provision for impairment of non-current assets, higher tax expenses and interest cost. Profit in the year-ago period was Rs 1,139 crore.

·        Crompton Greaves sells Kanjurmarg land to Runwal Group

Crompton Greaves has sold its Kanjurmarg land parcel to Runwal Group for Rs1,015 crore. The 34-acre land parcel has been on the block for a while now. The deal pegs per acre land value at Rs 30 crore. Crompton Greaves has been looking for funds as its debt stands at Rs2,200-2,500 crore.

·        Siemens posts Q3 profit at Rs 13 cr, revenue falls 10%

Siemens has reported the third quarter (April-June) net profit at Rs 13 crore on lower revenue and weak operational performance. It had posted a loss of Rs 48.8 crore in the year-ago period.

·        Hindustan Copper Q1 net profit down by 29% (YoY)

Hindustan Copper has announced the results for the quarter ended June 30, 2014. Net profit of the company slipped by 28.91% to Rs13.20 crore Vs Rs18.57 crore YoY. Total Income increased by 28.15% to Rs314.94 crore Vs Rs245.75 crore YoY.