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MindTree was started in August 1999 by a diverse team of 10 professionals who came from three different nations and had already scripted successful careers.

MindTree Ltd. is a global IT and Product Engineering Services Company with deep knowledge in specific domains. MindTree is acknowledged as the best mid-size software services company out of India for its capability to build, test and deploy solutions as much as emphasis on culture, customer centricity and corporate governance.

EBTIDA margin improved by 438 bps QoQ to 17.3% in Q3FY12 against our expectation of increase in margin by 351 bps QoQ. Better than expected EBITDA margin improvement was led by onetime transition revenue from Europe based client, leading to significant improvement in billing rate.

The company reported forex losses of Rs.2.5 crore in Q3FY12 against our projection of forex gain of Rs.1.4 crore. However, lower than estimated tax of 17.4% in Q3FY12 against our expectation of 22% led higher than projected net profit of Rs.60.6 crore in Q3FY12 against our forecast of Rs.56.3 crore.

Volume declined by 0.8% QoQ against our expectation of 3.7% QoQ growth in Q3FY12. The de-grwoth was primarily led by Product Engineering Services PES) segment which declined by 5.4% QoQ to USD34.3 mn in Q3FY12. PES was impacted by lower number of working days and its exit from 9 clients in non focus areas (i.e. (industrial automation and core automotive) impacting revenue by 2.5% QoQ and 2% QoQ, respectively, in Q3FY12.

ALICON CASTALLOY

CMP – Rs.63

BSE Code : 531147

NSE Symbol : ALICON

Q2FY12 & FY11 Results of ALICON CASTALLOY

During FY11, sales on consolidated basis advanced by 65.1% to `346.3 crore but net profit rose by 14.2% to `15.3 crore. OP and NP margin stood at 12.1% and 4.4% against 17.3% and 6.3% respectively in the corresponding period last year. EPS stood at `13.9. A dividend of 20% was paid. Read the rest of this entry »

Ranbaxy laboratories

The Punjab-based drug maker reached a settlement with the US drug regulator while setting aside US$500 million to address its potential liability from a separate US Justice Department investigation. The new consent decree with the US Food and Drug Administration (FDA), which is subject to approval by the US District Court in Maryland. comes after the regulator banned the company in 2008 froni importing more than 30 of its generic dms because of violations of manufacturing practices at two plaits, at Dewas in central India and Paonta Sahib in northern India. The FDA also halted review of drug applications from Paonta Sahib in 2009, alleging Ranbaxy had falsified data. The agreement with the FDA would strengthen its procedures on data integrity and comply with current good manufacturing practices. The generic drug maker also said its new US$500 million reserve would cover all potential civil and criminal liability.

ABB

The Bengaluru-based power and automation company jumped after the ABB group booked an order worth more than Rs 4000 cs-ore front Power Grid Corporation of India to deliver all ultrahigh-voltage direct current transmission system to supply hydropower from mountainous northeast India to the populous region of Agra in central India, 1.700 kilometers away. ABB in India will book over Rs 500 cl-ore of the total order value for local equipment supplies and will additionally contribute to the project with design and engineering services.

Starbucks is fine tuning its plans to set up stores in the country in partnership with Tata Coffee

Suzlon Group’s subsidiary, REpower Systems SE announced that the company bagged cumulative orders of 151 Mw turbines from across Europe and North America

Lenders to Air India met to vet its revised debt restructuring proposal and said the troubled government airliner could raise funds from the market through government-backed bonds as one way to repay debt

State Bank of Hyderabad launched a loan product for purchase of gold and gold ornaments that carries 13% rate of interest and a general cap of Rs1.5mn.

Reliance Capital Asset Management has sold 26% stake to Nippon Life Insurance Company in a deal signed for Rs14.50bn

Kirloskar Oil Engines Ltd has said it will consider the buy-back of its fully paid-up equity shares of face value of Rs. 2 each.

Revenue grew 2.3%QoQ to USD103.7mn. Rupee revenue grew 13.8%QoQ to Rs5,197mn. Pricing growth of 3.5%QoQ and volume decline of 2.6%QoQ. EBITDA margin expanded 438bpsQoQ to 17.3%. Forex loss of Rs25mn against gain Rs171mn in Q2. PAT was Rs606mn, higher than streets’ and our expectation. EPS was Rs14.9, 10.7%QoQ.

IT services continued to grow at a healthy rate of 6.3%, thanks to milestone revenue from new Top client. Software Product Engg (SPE) registered a negative growth of 5%, due to seasonal weaknesses and intentional close down of few accounts. The company is confident of getting back SPE segment to growth trajectory in Q4. Travel & Transportation (T&T) led the growth with an increase of 16.4%. On geographical basis, Europe witnessed a good traction of 11.8%, followed by 8.6% growth from RoW (in $ terms).

Europe grew strongly 11.9%QoQ, US declined 1.5%QoQ and India declined 6.7%QoQ. US declined mainly due to seasonality and softness in PES revenues. Travel and transportation (T&T) surges- T&T grew strongly 16.5% and Manufacturing grew 2.3%QoQ. BFSI revenue had flat growth.

The Q3 revenues were inline with estimates, margin improvement and bottom line came as a positive surprise.  Management sounded cautious on Q4 results (similar kind of Q3 growth), especially in SPE segment, BFSI followed by manufacturing verticals.

Reliance Industries

The Mumbai-based oil refiner fell as gas output from Reliance Industries’ (RIL) eastern offshore KrishnaGodavari (KG)-D6 gas field declined to a fresh low of 38.66 million cubic metres per day in the week ended IS December 2011 as the company shut five wells due to water ingress, a news agency reported citing a status report filed by the company with the oil ministry. RIL is planning work over operations to revive sick wells at its D6 block in (KG basin, off India’s east coast. Production at the KG-D6 block may increase post the work over program. RIL late in November said that it has initiated arbitration proceedings against the government to seek an independent view of a tribunal on the issue of the company’s entitlement of recovery of entire costs on KG-D6 gas blocks from the revenue generated from the blocks.

Mundra Port & SEZ

The Ahmedabad-based private port and special economic zone fell on reports the Chennai Port Trust rejected the company’s bid to develop the Rs 3700-crore mega container terminal project at the Chennai port on the ground that revenue share of 5% offered by the company was too low. Mundra port was the only bidder for the project. The Chennai port is reportedly planning a re-bid for the deep water container terminal, the country’s first, to give another opportunity for those companies which participated in the project’s request for qualification stage. Mundra port increased its revenue share for the project to 5% from the initial 1.5%. However, even this was rejected by the Chennai port trust’s board. The board felt that even the 5% was too low, and should not be acceptable.

DLF

lndia’ largest real estate developer by market capitalisation along with its joint venture partner Hubtown sold 100% of their respective shareholding in DLF Ackruti Info Parks in Pune for an aggregate consideration of Rs 810 crore to an entity controlled by real estate fund affiliated with the Blackstone Group. BRfllMauritius Investment II. after obtaining all necessary approvals. Prior to the sale of their respective shareholding. DLF and Hubtown held 67% and 33% equity shares in DLF Ackruti. DLF Ackruti owns a notified IT/ITES special economic zone (SEZ) in Pune, Mahantshtra. The sale of stake in the SEZ is in line with DLF’s objective of divesting its non-strategic assets.

Oracle Financial Software

The Mumbai-based IT firm fell after dismal results from its US-based parent Oracle Corp, the world’s third biggest software maker. Oracle Corp reported 17% growth in its net income to USS 2.19 billion for the second quarter ended 30 November 2011 on account of higher sales of new software licences.Its total revenues rose by 2% to US$ 8.8 billion in the second quarter of the current fiscal. Oracle’s earnings fell short of market expectations for the first time in a decade due to slower demand for databases, applications and computer servers.