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1 Constituents as on October 5, 2015 2 By simple mathematics, 470 companies over a four-month window would effectively average at 118 AGMs in a month.

Institutional EYE IiAS Comment | 18 November 2015

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The Last Minute: Is Corporate India ready to shift gear? The trend of poorly-performing companies holding their AGMs in September continues. As in 2013 and 2014, since IiAS started tracking this, companies holding AGMs in September have reported lower median return on equity, when compared to those that held their AGMs in August and July. Postponing giving bad news, protracted negotiations with auditors, are the more obvious reasons. But, weak internal processes could be a more serious concern next year, especially in the context of companies’ preparedness to meet changes in the accounting regime that will likely coincide with mandatory auditor rotation. In the third edition of its annual series titled ‘The Last Minute’, IiAS correlated the performance and AGMs dates of S&P BSE 5001 companies. The trend continues with a large number of companies that have reported weak performance, holding their AGMs in September. The AGM Season Regulations require companies to maintain an April to March accounting year (exceptions require National Company Law Tribunal approval), and to hold the AGM within 6 months of the closing of the year end (which is September for most companies). Companies will necessarily take about a month to complete audits, publish the annual report and then will have to give shareholders at least 21 days prior notice for the AGMs – that takes away the month of April and May. Therefore, June to September is effectively the AGM season in India. Based on this calendar, you would expect AGM’s to be spread out, and if at all, be skewed towards the initial months. But, AGMs in India are bunched in September. 470 of the S&P BSE 500 companies maintain a 31-March year end. Of these 181 companies held their 2015 AGMs in September, which is 38.5% of the total pool and 54% higher than a pure mathematical average2. The trend is similar to what was seen, for 2013-14: 198 of the 459 31-March year ending companies held their 2014 AGMs in September. For 2012-13: 159 of the 451 March year ending companies held their 2013 AGMs in September.

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Related research The Last Minute: Corporate India procrastinates – 18 February 2015 The Last Minute – 25 February 2014

The last minute: Is Corporate India ready to shift gear?

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Come September Chart 1 below shows the distribution of AGMs across the four-month period from June to September

Chart 1: Month-wise AGM count

Source: CMIE Prowess, IiAS Research

The increased disclosure requirement under Companies Act 2013 does not seem to have affected the accounting and auditing timelines, and subsequently neither the AGM scheduling. Companies that in the past held AGMs before September, did so this year as well, which demonstrates robust internal processes and commitment to shareholders. Companies holding their AGMs in September have the lowest median return on equity compared to companies that hold their AGMs in June or July or August. However, this year companies holding their AGM in June had lower median ROE’s as this was the month when most banks held their AGM’s and most reported very weak financial numbers. Chart 2: Month of AGM and median RoE

44 39 36

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2014 RoE (%) 13.1 16.8 13.4 11

2015 RoE (%) 10 17.7 13 10.7

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That a large number of loss-making companies hold their AGMs in September is one of the influencing reasons for the lower median return on equity. In 2015, 55 of the 470 companies reported losses – of these, 28 companies held their AGMs in September. Chart 3: Month-wise distribution of AGMs based on profitability

Source: CMIE Prowess, IiAS Research

Large and complex businesses, or no time for shareholders? “Ours is a large and complex business”, is a tiresome refrain that most companies provide as explanations. To be a part of the S&P BSE 500, companies will necessarily have size and many business complexities. Are investors to understand that as companies grow in size and stature, their systems cannot keep up? As a group becomes large, in the interest of efficiency, it may be convenient to host the AGMs of all listed companies of the group, as close together as possible. But, sufficient time must be given to shareholders to engage with management and ask the necessary questions. The Bajaj group, for example, has four listed companies whose AGMs are held over a span of two days. There is sufficient time provided to shareholders to ask questions and a reasonable buffer of time (four hour interval) between meetings to allow for extended discussion. On the other hand, other groups may need to do more. For the past three years, the Adani and ADAG (Anil Ambani) groups have held the AGMs of all their listed companies on the same day, with a short interval (of two hours or less) – suggestive of a more check-the-box approach towards hosting AGMs. What should you expect next year Companies have been using the ‘large and complex’ business argument to explain the lack of auditor rotation. Almost half of the S&P BSE 500 companies will need to change their auditors next year to comply with the Companies Act 2013. Adding to this complexity is the change in Accounting Standards: voluntary conversion to IND-AS begins in the

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current year and becomes mandatory in 2016-17. The situation can be fragile for a large set of the S&P BSE 500 companies, as the change in accounting standards coincides with mandatory auditor rotation. If corporate India does not shift gear and strengthen their processes now, AGM timings next year will widen the gap between the doers and the also-rans.

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Annexure A

S&P BSE 500 as on 5 October 2015

Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability

March 26 Infosys Ltd. 22-Jun-15 Profit 1 A C C Ltd. 20-Mar-15 Profit 27 Mindtree Ltd. 22-Jun-15 Profit 2 Eicher Motors Ltd. 20-Mar-15 Profit 28 United Bank Of India 22-Jun-15 Profit

April 29 Vijaya Bank 22-Jun-15 Profit

3 Ambuja Cements Ltd. 8-Apr-15 Profit 30 Polaris Consulting & Services Ltd. 23-Jun-15 Profit 4 Crisil Ltd. 17-Apr-15 Profit 31 Bank Of Baroda 24-Jun-15 Profit 5 Advanta Ltd. 23-Apr-15 Profit 32 Allahabad Bank 26-Jun-15 Profit 6 S K F India Ltd. 23-Apr-15 Profit 33 Alok Industries Ltd. 26-Jun-15 Profit 7 Clariant Chemicals (India) Ltd. 24-Apr-15 Profit 34 Gruh Finance Ltd. 26-Jun-15 Profit 8 F A G Bearings India Ltd. 24-Apr-15 Profit 35 Oriental Bank Of Commerce 26-Jun-15 Profit 9 Sanofi India Ltd. 29-Apr-15 Profit 36 Syndicate Bank 26-Jun-15 Profit May 37 Union Bank Of India 26-Jun-15 Profit

10 A B B India Ltd. 6-May-15 Profit 38 Dena Bank 27-Jun-15 Profit 11 Standard Chartered Plc 6-May-15 Profit 39 Indian Bank 27-Jun-15 Profit 12 Hexaware Technologies Ltd. 7-May-15 Profit 40 Videocon Industries Ltd. 27-Jun-15 Profit 13 Castrol India Ltd. 14-May-15 Profit 41 Ashok Leyland Ltd. 29-Jun-15 Profit 14 Linde India Ltd. 15-May-15 Profit 42 Bank Of Maharashtra 29-Jun-15 Profit 15 Nestle India Ltd. 15-May-15 Profit 43 Corporation Bank 29-Jun-15 Profit 16 State Bank Of Mysore 25-May-15 Profit 44 Federal Bank Ltd. 29-Jun-15 Profit

June 45 Hindustan Unilever Ltd. 29-Jun-15 Profit 17 D C B Bank Ltd. 1-Jun-15 Profit 46 I C I C I Bank Ltd. 29-Jun-15 Profit 18 Kitex Garments Ltd. 4-Jun-15 Profit 47 Kotak Mahindra Bank Ltd. 29-Jun-15 Profit 19 Yes Bank Ltd. 6-Jun-15 Profit 48 Punjab & Sind Bank 29-Jun-15 Profit 20 Raymond Ltd. 8-Jun-15 Profit 49 Rallis India Ltd. 29-Jun-15 Profit 21 Rain Industries Ltd. 11-Jun-15 Profit 50 Uco Bank 29-Jun-15 Profit 22 Reliance Industries Ltd. 12-Jun-15 Profit 51 Central Bank Of India 30-Jun-15 Profit 23 Hindustan Zinc Ltd. 15-Jun-15 Profit 52 Indian Overseas Bank 30-Jun-15 Loss 24 State Bank Of Travancore 15-Jun-15 Profit 53 Punjab National Bank 30-Jun-15 Profit 25 State Bank Of Bikaner & Jaipur 16-Jun-15 Profit 54 Tata Consultancy Services Ltd. 30-Jun-15 Profit

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Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability 55 Oberoi Realty Ltd. 1-Jul-15 Profit 84 Edelweiss Financial Services Ltd. 21-Jul-15 Profit 56 Birla Corporation Ltd. 2-Jul-15 Profit 85 H D F C Bank Ltd. 21-Jul-15 Profit 57 State Bank Of India 2-Jul-15 Profit 86 Honeywell Automation India Ltd. 21-Jul-15 Profit 58 Asian Paints Ltd. 3-Jul-15 Profit 87 Alstom India Ltd. 22-Jul-15 Profit 59 Kansai Nerolac Paints Ltd. 3-Jul-15 Profit 88 Bajaj Finance Ltd. 22-Jul-15 Profit 60 Ajanta Pharma Ltd. 4-Jul-15 Profit 89 Bajaj Finserv Ltd. 22-Jul-15 Profit 61 Andhra Bank 8-Jul-15 Profit 90 J S W Energy Ltd. 22-Jul-15 Profit 62 Can Fin Homes Ltd. 8-Jul-15 Profit 91 Wipro Ltd. 22-Jul-15 Profit 63 Balkrishna Industries Ltd. 11-Jul-15 Profit 92 Alstom T & D India Ltd. 23-Jul-15 Profit 64 Unichem Laboratories Ltd. 11-Jul-15 Profit 93 Bajaj Auto Ltd. 23-Jul-15 Profit 65 Vedanta Ltd. 11-Jul-15 Loss 94 Bajaj Holdings & Invst. Ltd. 23-Jul-15 Profit 66 Havells India Ltd. 13-Jul-15 Profit 95 Dewan Housing Finance Corpn. Ltd. 23-Jul-15 Profit 67 Pfizer Ltd. 13-Jul-15 Profit 96 Lupin Ltd. 23-Jul-15 Profit 68 Canara Bank 14-Jul-15 Profit 97 Novartis India Ltd. 23-Jul-15 Profit 69 Hindustan Construction Co. Ltd. 14-Jul-15 Loss 98 T T K Prestige Ltd. 23-Jul-15 Profit 70 Zensar Technologies Ltd. 14-Jul-15 Profit 99 Axis Bank Ltd. 24-Jul-15 Profit 71 Sobha Ltd. 15-Jul-15 Profit 100 Biocon Ltd. 24-Jul-15 Profit 72 South Indian Bank Ltd. 15-Jul-15 Profit 101 Crompton Greaves Ltd. 24-Jul-15 Profit 73 Zee Entertainment Enterprises Ltd. 15-Jul-15 Profit 102 Hitachi Home & Life Solutions (India) Ltd. 24-Jul-15 Profit 74 Cyient Ltd. 16-Jul-15 Profit 103 Mahindra & Mahindra Financial Services Ltd. 24-Jul-15 Profit 75 Karnataka Bank Ltd. 16-Jul-15 Profit 104 Persistent Systems Ltd. 24-Jul-15 Profit 76 Eclerx Services Ltd. 17-Jul-15 Profit 105 Tata Elxsi Ltd. 24-Jul-15 Profit 77 G I C Housing Finance Ltd. 17-Jul-15 Profit 106 V I P Industries Ltd. 24-Jul-15 Profit 78 Bajaj Corp Ltd. 20-Jul-15 Profit 107 Orient Cement Ltd. 25-Jul-15 Profit 79 Bank Of India 20-Jul-15 Profit 108 Coromandel International Ltd. 27-Jul-15 Profit 80 C C L Products (India) Ltd. 20-Jul-15 Profit 109 Geometric Ltd. 27-Jul-15 Profit 81 Capital First Ltd. 20-Jul-15 Profit 110 Info Edge (India) Ltd. 27-Jul-15 Loss 82 Cairn India Ltd. 21-Jul-15 Profit 111 Torrent Pharmaceuticals Ltd. 27-Jul-15 Profit 83 Dabur India Ltd. 21-Jul-15 Profit 112 V A Tech Wabag Ltd. 27-Jul-15 Profit

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Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability

113 Blue Star Ltd. 28-Jul-15 Profit 142 Wabco India Ltd. 30-Jul-15 Profit

114 Century Textiles & Inds. Ltd. 28-Jul-15 Loss 143 Alembic Pharmaceuticals Ltd. 31-Jul-15 Profit 115 Housing Development Finance Corpn. Ltd. 28-Jul-15 Profit 144 C E S C Ltd. 31-Jul-15 Profit 116 Intellect Design Arena Ltd. 28-Jul-15 Loss 145 Cholamandalam Investment & Finance Co. Ltd 31-Jul-15 Profit 117 J S W Steel Ltd. 28-Jul-15 Profit 146 Dr. Reddy'S Laboratories Ltd. 31-Jul-15 Profit 118 Mahindra Holidays & Resorts India Ltd. 28-Jul-15 Profit 147 Elgi Equipments Ltd. 31-Jul-15 Profit 119 Motherson Sumi Systems Ltd. 28-Jul-15 Profit 148 Exide Industries Ltd. 31-Jul-15 Profit 120 Shriram City Union Finance Ltd. 28-Jul-15 Profit 149 Glaxosmithkline Pharmaceuticals Ltd. 31-Jul-15 Profit 121 Tech Mahindra Ltd. 28-Jul-15 Profit 150 I F B Industries Ltd. 31-Jul-15 Profit 122 Thermax Ltd. 28-Jul-15 Profit 151 I T C Ltd. 31-Jul-15 Profit 123 Vaibhav Global Ltd. 28-Jul-15 Profit 152 Mahindra Lifespace Developers Ltd. 31-Jul-15 Profit 124 Abbott India Ltd. 29-Jul-15 Profit 153 Shoppers Stop Ltd. 31-Jul-15 Profit 125 Blue Dart Express Ltd. 29-Jul-15 Profit 154 Shriram Transport Finance Co. Ltd. 31-Jul-15 Profit 126 Godrej Consumer Products Ltd. 29-Jul-15 Profit 155 Sonata Software Ltd. 31-Jul-15 Profit 127 I I F L Holdings Ltd. 29-Jul-15 Profit 156 Titan Company Ltd. 31-Jul-15 Profit 128 K E C International Ltd. 29-Jul-15 Profit August 129 T V S Motor Co. Ltd. 29-Jul-15 Profit 157 J K Cement Ltd. 1-Aug-15 Profit 130 Zydus Wellness Ltd. 29-Jul-15 Profit 158 Magma Fincorp Ltd. 1-Aug-15 Profit 131 Astra Microwave Products Ltd. 30-Jul-15 Profit 159 S R E I Infrastructure Finance Ltd. 1-Aug-15 Profit 132 Cera Sanitaryware Ltd. 30-Jul-15 Profit 160 Sun Pharma Advanced Research Co. Ltd. 1-Aug-15 Loss 133 Colgate-Palmolive (India) Ltd. 30-Jul-15 Profit 161 Berger Paints India Ltd. 3-Aug-15 Profit 134 Gati Ltd. 30-Jul-15 Profit 162 Bharat Forge Ltd. 3-Aug-15 Profit 135 Gujarat Pipavav Port Ltd. 30-Jul-15 Profit 163 Carborundum Universal Ltd. 3-Aug-15 Profit 136 Indoco Remedies Ltd. 30-Jul-15 Profit 164 Firstsource Solutions Ltd. 3-Aug-15 Profit 137 Ipca Laboratories Ltd. 30-Jul-15 Profit 165 N I I T Technologies Ltd. 3-Aug-15 Profit 138 J M Financial Ltd. 30-Jul-15 Profit 166 Nesco Ltd. 3-Aug-15 Profit 139 Jyothy Laboratories Ltd. 30-Jul-15 Profit 167 Redington (India) Ltd. 3-Aug-15 Profit 140 Strides Arcolab Ltd. 30-Jul-15 Profit 168 Tata Coffee Ltd. 3-Aug-15 Profit 141 U P L Ltd. 30-Jul-15 Profit 169 V-Guard Industries Ltd. 3-Aug-15 Profit

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Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability 170 Voltas Ltd. 3-Aug-15 Profit 199 Ramco Cements Ltd. 6-Aug-15 Profit 171 3M India Ltd. 4-Aug-15 Profit 200 S R F Ltd. 6-Aug-15 Profit 172 Atul Ltd. 4-Aug-15 Profit 201 Triveni Turbine Ltd. 6-Aug-15 Profit 173 Britannia Industries Ltd. 4-Aug-15 Profit 202 Gateway Distriparks Ltd. 7-Aug-15 Profit 174 E I D-Parry (India) Ltd. 4-Aug-15 Profit 203 Heidelberg Cement India Ltd. 7-Aug-15 Profit 175 Godrej Properties Ltd. 4-Aug-15 Profit 204 Kirloskar Oil Engines Ltd. 7-Aug-15 Profit 176 Grindwell Norton Ltd. 4-Aug-15 Profit 205 Mahindra & Mahindra Ltd. 7-Aug-15 Profit 177 Mcleod Russel India Ltd. 4-Aug-15 Profit 206 Monsanto India Ltd. 7-Aug-15 Profit 178 Sterlite Technologies Ltd. 4-Aug-15 Loss 207 Techno Electric & Engg. Co. Ltd. 7-Aug-15 Profit 179 Torrent Power Ltd. 4-Aug-15 Profit 208 Trent Ltd. 7-Aug-15 Profit 180 Asahi India Glass Ltd. 5-Aug-15 Profit 209 Isgec Heavy Engg. Ltd. 8-Aug-15 Profit 181 Bata India Ltd. 5-Aug-15 Profit 210 Mangalore Refinery & Petrochemicals Ltd. 8-Aug-15 Loss 182 Bombay Burmah Trdg. Corpn. Ltd. 5-Aug-15 Profit 211 Motilal Oswal Financial Services Ltd. 8-Aug-15 Profit 183 Deepak Fertilisers & Petrochemicals Corp. Ltd. 5-Aug-15 Profit 212 V R L Logistics Ltd. 8-Aug-15 Profit 184 E I H Ltd. 5-Aug-15 Profit 213 Vinati Organics Ltd. 8-Aug-15 Profit 185 Emami Ltd. 5-Aug-15 Profit 214 Allcargo Logistics Ltd. 10-Aug-15 Profit 186 Marico Ltd. 5-Aug-15 Profit 215 Finolex Cables Ltd. 10-Aug-15 Profit 187 Tata Power Co. Ltd. 5-Aug-15 Profit 216 Indian Hotels Co. Ltd. 10-Aug-15 Loss 188 Arvind Ltd. 6-Aug-15 Profit 217 Lakshmi Machine Works Ltd. 10-Aug-15 Profit 189 Bajaj Electricals Ltd. 6-Aug-15 Loss 218 Tube Investments Of India Ltd. 10-Aug-15 Profit 190 Bombay Dyeing & Mfg. Co. Ltd. 6-Aug-15 Profit 219 Adani Enterprises Ltd. 11-Aug-15 Profit 191 Cummins India Ltd. 6-Aug-15 Profit 220 Adani Ports & Special Economic Zone Ltd. 11-Aug-15 Profit 192 D B Corp Ltd. 6-Aug-15 Profit 221 Adani Power Ltd. 11-Aug-15 Loss 193 Glaxosmithkline Consumer Healthcare Ltd. 6-Aug-15 Profit 222 Aegis Logistics Ltd. 11-Aug-15 Profit 194 Greaves Cotton Ltd. 6-Aug-15 Profit 223 Apollo Hospitals Enterprise Ltd. 11-Aug-15 Profit 195 Hawkins Cookers Ltd. 6-Aug-15 Profit 224 Apollo Tyres Ltd. 11-Aug-15 Profit 196 Manappuram Finance Ltd. 6-Aug-15 Profit 225 Astral Poly Technik Ltd. 11-Aug-15 Profit 197 Piramal Enterprises Ltd. 6-Aug-15 Profit 226 Bharti Infratel Ltd. 11-Aug-15 Profit 198 Praj Industries Ltd. 6-Aug-15 Profit 227 Godrej Industries Ltd. 11-Aug-15 Profit

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Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability 228 Hathway Cable & Datacom Ltd. 11-Aug-15 Loss 257 Indusind Bank Ltd. 17-Aug-15 Profit 229 Schneider Electric Infrastructure Ltd. 11-Aug-15 Loss 258 D C M Shriram Ltd. 18-Aug-15 Profit 230 Tata Chemicals Ltd. 11-Aug-15 Profit 259 J B Chemicals & Pharmaceuticals Ltd. 19-Aug-15 Profit 231 Balrampur Chini Mills Ltd. 12-Aug-15 Loss 260 K P I T Technologies Ltd. 19-Aug-15 Profit 232 Cadila Healthcare Ltd. 12-Aug-15 Profit 261 L I C Housing Finance Ltd. 19-Aug-15 Profit 233 Ceat Ltd. 12-Aug-15 Profit 262 B A S F India Ltd. 20-Aug-15 Loss 234 Great Eastern Shipping Co. Ltd. 12-Aug-15 Profit 263 T V Today Network Ltd. 20-Aug-15 Profit 235 I D B I Bank Ltd. 12-Aug-15 Profit 264 Bharti Airtel Ltd. 21-Aug-15 Profit 236 Shasun Pharmaceuticals Ltd. 12-Aug-15 Profit 265 Eveready Industries (India) Ltd. 21-Aug-15 Profit 237 Tata Steel Ltd. 12-Aug-15 Profit 266 Sundram Fasteners Ltd. 21-Aug-15 Profit 238 Timken India Ltd. 12-Aug-15 Profit 267 Tata Sponge Iron Ltd. 21-Aug-15 Profit 239 V S T Industries Ltd. 12-Aug-15 Profit 268 J S W Holdings Ltd. 22-Aug-15 Profit 240 Wonderla Holidays Ltd. 12-Aug-15 Profit 269 Jammu & Kashmir Bank Ltd. 22-Aug-15 Profit 241 GVK Power & Infrastructure Ltd. 13-Aug-15 Loss 270 City Union Bank Ltd. 24-Aug-15 Profit 242 Granules India Ltd. 13-Aug-15 Profit 271 N C C Ltd. 24-Aug-15 Profit 243 I C R A Ltd. 13-Aug-15 Profit 272 Ashiana Housing Ltd. 25-Aug-15 Profit 244 La Opala R G Ltd. 13-Aug-15 Profit 273 Engineers India Ltd. 25-Aug-15 Profit 245 Page Industries Ltd. 13-Aug-15 Profit 274 Greenply Industries Ltd. 25-Aug-15 Profit 246 Tata Investment Corpn. Ltd. 13-Aug-15 Profit 275 Future Consumer Enterprise Ltd. 26-Aug-15 Loss 247 Tata Motors Ltd. 13-Aug-15 Loss 276 Future Lifestyle Fashions Ltd. 26-Aug-15 Profit 248 Aarti Drugs Ltd. 14-Aug-15 Profit 277 Future Retail Ltd. 26-Aug-15 Profit 249 Akzo Nobel India Ltd. 14-Aug-15 Profit 278 IL&FS Transportation Networks Ltd. 26-Aug-15 Profit 250 Amara Raja Batteries Ltd. 14-Aug-15 Profit 279 K S K Energy Ventures Ltd. 26-Aug-15 Loss 251 Dynamatic Technologies Ltd. 14-Aug-15 Profit 280 Aurobindo Pharma Ltd. 27-Aug-15 Profit 252 Jet Airways (India) Ltd. 14-Aug-15 Loss 281 Century Plyboards (India) Ltd. 27-Aug-15 Profit 253 Punj Lloyd Ltd. 14-Aug-15 Loss 282 Cipla Ltd. 27-Aug-15 Profit 254 Suven Life Sciences Ltd. 14-Aug-15 Profit 283 International Paper A P P M Ltd. 27-Aug-15 Profit 255 Tata Global Beverages Ltd. 14-Aug-15 Profit 284 Jaypee Infratech Ltd. 27-Aug-15 Profit 256 Hindustan Copper Ltd. 17-Aug-15 Profit 285 Nava Bharat Ventures Ltd. 27-Aug-15 Profit

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Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability 286 Rashtriya Chemicals & Fertilizers Ltd. 27-Aug-15 Profit 314 Kajaria Ceramics Ltd. 7-Sep-15 Profit 287 Siti Cable Network Ltd. 27-Aug-15 Loss 315 L & T Finance Holdings Ltd. 8-Sep-15 Profit 288 Thomas Cook (India) Ltd. 27-Aug-15 Profit 316 Prism Cement Ltd. 8-Sep-15 Profit 289 Bosch Ltd. 28-Aug-15 Profit 317 Ashoka Buildcon Ltd. 9-Sep-15 Loss 290 D L F Ltd. 28-Aug-15 Profit 318 Bharat Petroleum Corpn. Ltd. 9-Sep-15 Profit 291 Hatsun Agro Products Ltd. 28-Aug-15 Profit 319 Larsen & Toubro Ltd. 9-Sep-15 Profit 292 Take Solutions Ltd. 28-Aug-15 Profit 320 Mphasis Ltd. 9-Sep-15 Profit 293 Ultratech Cement Ltd. 28-Aug-15 Profit 321 Phoenix Mills Ltd. 9-Sep-15 Profit 294 Finolex Industries Ltd. 29-Aug-15 Profit 322 Reliance Industrial Infrastructure Ltd. 9-Sep-15 Profit 295 Divi'S Laboratories Ltd. 31-Aug-15 Profit 323 Solar Industries India Ltd. 9-Sep-15 Profit 296 Hero Motocorp Ltd. 31-Aug-15 Profit 324 Hindustan Petroleum Corpn. Ltd. 10-Sep-15 Profit 297 M O I L Ltd. 31-Aug-15 Profit 325 Oracle Financial Services Software Ltd. 11-Sep-15 Profit 298 Sintex Industries Ltd. 31-Aug-15 Profit 326 Swan Energy Ltd. 11-Sep-15 Profit 299 Welspun Corp Ltd. 31-Aug-15 Profit 327 Jaiprakash Power Ventures Ltd. 12-Sep-15 Profit 300 Welspun India Ltd. 31-Aug-15 Profit 328 Repco Home Finance Ltd. 12-Sep-15 Profit

September 329 Wockhardt Ltd. 12-Sep-15 Profit 301 Jubilant Life Sciences Ltd. 1-Sep-15 Loss 330 Bajaj Hindusthan Sugar Ltd. 14-Sep-15 Loss 302 Pidilite Industries Ltd. 1-Sep-15 Profit 331 Entertainment Network (India) Ltd. 14-Sep-15 Profit 303 Whirlpool Of India Ltd. 1-Sep-15 Profit 332 Religare Enterprises Ltd. 14-Sep-15 Profit 304 Astrazeneca Pharma India Ltd. 2-Sep-15 Loss 333 Aditya Birla Nuvo Ltd. 15-Sep-15 Profit 305 Bharat Electronics Ltd. 3-Sep-15 Profit 334 B E M L Ltd. 15-Sep-15 Profit 306 Eros International Media Ltd. 3-Sep-15 Profit 335 Bayer Cropscience Ltd. 15-Sep-15 Profit 307 Jubilant Foodworks Ltd. 3-Sep-15 Profit 336 Chambal Fertilisers & Chemicals Ltd. 15-Sep-15 Profit 308 Lakshmi Vilas Bank Ltd. 3-Sep-15 Profit 337 Indian Oil Corpn. Ltd. 15-Sep-15 Profit 309 Container Corpn. Of India Ltd. 4-Sep-15 Profit 338 J Kumar Infraprojects Ltd. 15-Sep-15 Profit 310 Maruti Suzuki India Ltd. 4-Sep-15 Profit 339 Mahindra C I E Automotive Ltd. 15-Sep-15 Profit 311 Vardhman Textiles Ltd. 4-Sep-15 Profit 340 Oil & Natural Gas Corpn. Ltd. 15-Sep-15 Profit 312 Chennai Petroleum Corpn. Ltd. 7-Sep-15 Loss 341 P I Industries Ltd. 15-Sep-15 Profit 313 Indiabulls Housing Finance Ltd. 7-Sep-15 Profit 342 Power Grid Corpn. Of India Ltd. 15-Sep-15 Profit

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Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability 343 G A I L (India) Ltd. 16-Sep-15 Profit 372 United Breweries Ltd. 22-Sep-15 Profit 344 Gujarat State Fertilizers & Chemicals Ltd. 16-Sep-15 Profit 373 Aban Offshore Ltd. 23-Sep-15 Profit 345 Hindalco Industries Ltd. 16-Sep-15 Profit 374 Claris Lifesciences Ltd. 23-Sep-15 Profit 346 Kolte Patil Developers Ltd. 16-Sep-15 Profit 375 Coal India Ltd. 23-Sep-15 Profit 347 National Buildings Construction Corpn. Ltd. 16-Sep-15 Profit 376 Essar Ports Ltd. 23-Sep-15 Profit 348 Neyveli Lignite Corpn. Ltd. 16-Sep-15 Profit 377 Fortis Healthcare Ltd. 23-Sep-15 Loss 349 Rural Electrification Corpn. Ltd. 16-Sep-15 Profit 378 G M R Infrastructure Ltd. 23-Sep-15 Loss 350 Supreme Industries Ltd. 16-Sep-15 Profit 379 H S I L Ltd. 23-Sep-15 Profit 351 Escorts Ltd. 18-Sep-15 Profit 380 I R B Infrastructure Developers Ltd. 23-Sep-15 Profit 352 Jindal Saw Ltd. 18-Sep-15 Profit 381 Ingersoll-Rand (India) Ltd. 23-Sep-15 Profit 353 Jindal Steel & Power Ltd. 18-Sep-15 Loss 382 Jai Corp Ltd. 23-Sep-15 Profit 354 N T P C Ltd. 18-Sep-15 Profit 383 Max India Ltd. 23-Sep-15 Profit 355 O C L India Ltd. 18-Sep-15 Profit 384 N H P C Ltd. 23-Sep-15 Profit 356 Sharda Cropchem Ltd. 18-Sep-15 Profit 385 Ratnamani Metals & Tubes Ltd. 23-Sep-15 Profit 357 Bhushan Steel Ltd. 19-Sep-15 Loss 386 Ruchi Soya Inds. Ltd. 23-Sep-15 Profit 358 Grasim Industries Ltd. 19-Sep-15 Profit 387 S K S Microfinance Ltd. 23-Sep-15 Profit 359 Inox Wind Ltd. 19-Sep-15 Profit 388 A I A Engineering Ltd. 24-Sep-15 Profit 360 P C Jeweller Ltd. 19-Sep-15 Profit 389 Aarti Industries Ltd. 24-Sep-15 Profit 361 I F C I Ltd. 21-Sep-15 Profit 390 Gujarat State Petronet Ltd. 24-Sep-15 Profit 362 Nirlon Ltd. 21-Sep-15 Profit 391 Network18 Media & Invst. Ltd. 24-Sep-15 Loss 363 Balmer Lawrie & Co. Ltd. 22-Sep-15 Profit 392 P T C India Financial Services Ltd. 24-Sep-15 Profit 364 Bharat Heavy Electricals Ltd. 22-Sep-15 Profit 393 P T C India Ltd. 24-Sep-15 Profit 365 Glenmark Pharmaceuticals Ltd. 22-Sep-15 Profit 394 Petronet L N G Ltd. 24-Sep-15 Profit 366 Gulf Oil Lubricants India Ltd. 22-Sep-15 Profit 395 Power Finance Corpn. Ltd. 24-Sep-15 Profit 367 Indraprastha Gas Ltd. 22-Sep-15 Profit 396 Puravankara Projects Ltd. 24-Sep-15 Profit 368 J K Tyre & Inds. Ltd. 22-Sep-15 Profit 397 Relaxo Footwears Ltd. 24-Sep-15 Profit 369 S J V N Ltd. 22-Sep-15 Profit 398 Ricoh India Ltd. 24-Sep-15 Profit 370 Shipping Corpn. Of India Ltd. 22-Sep-15 Profit 399 S M L Isuzu Ltd. 24-Sep-15 Profit 371 Tata Teleservices (Maharashtra) Ltd. 22-Sep-15 Loss 400 Simplex Infrastructures Ltd. 24-Sep-15 Profit

The last minute: Is Corporate India ready to shift gear?

12 iias.in November 2015

Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability 401 Steel Authority Of India Ltd. 24-Sep-15 Profit 430 Sunrise Asian Ltd. 28-Sep-15 Loss 402 Titagarh Wagons Ltd. 24-Sep-15 Loss 431 Suzlon Energy Ltd. 28-Sep-15 Loss 403 Tv18 Broadcast Ltd. 24-Sep-15 Profit 432 Texmaco Rail & Engg. Ltd. 28-Sep-15 Profit 404 Cox & Kings Ltd. 25-Sep-15 Profit 433 Unitech Ltd. 28-Sep-15 Loss 405 Delta Corp Ltd. 25-Sep-15 Loss 434 Credit Analysis & Research Ltd. 29-Sep-15 Profit 406 H T Media Ltd. 25-Sep-15 Profit 435 Den Networks Ltd. 29-Sep-15 Loss 407 J B F Industries Ltd. 25-Sep-15 Profit 436 Dish T V India Ltd. 29-Sep-15 Profit 408 P S I T Infrastructure & Services Ltd. 25-Sep-15 Profit 437 Dishman Pharmaceuticals & Chemicals Ltd. 29-Sep-15 Profit 409 Star Ferro & Cement Ltd. 25-Sep-15 Profit 438 Global Offshore Services Ltd. 29-Sep-15 Profit 410 Sun T V Network Ltd. 25-Sep-15 Profit 439 Godfrey Phillips India Ltd. 29-Sep-15 Profit 411 Tree House Education & Accessories Ltd. 25-Sep-15 Profit 440 Gujarat Fluorochemicals Ltd. 29-Sep-15 Profit 412 D B Realty Ltd. 26-Sep-15 Profit 441 Gujarat Mineral Devp. Corpn. Ltd. 29-Sep-15 Profit 413 Force Motors Ltd. 26-Sep-15 Profit 442 Kalpataru Power Transmission Ltd. 29-Sep-15 Profit 414 I V R C L Ltd. 26-Sep-15 Loss 443 Kaveri Seed Co. Ltd. 29-Sep-15 Profit 415 J K Lakshmi Cement Ltd. 26-Sep-15 Profit 444 M M T C Ltd. 29-Sep-15 Profit 416 Natco Pharma Ltd. 26-Sep-15 Profit 445 Mahanagar Telephone Nigam Ltd. 29-Sep-15 Loss 417 National Aluminium Co. Ltd. 26-Sep-15 Profit 446 Marksans Pharma Ltd. 29-Sep-15 Profit 418 Oil India Ltd. 26-Sep-15 Profit 447 Multi Commodity Exchange Of India Ltd. 29-Sep-15 Profit 419 Rolta India Ltd. 26-Sep-15 Profit 448 N M D C Ltd. 29-Sep-15 Profit 420 Idea Cellular Ltd. 28-Sep-15 Profit 449 Omaxe Ltd. 29-Sep-15 Profit 421 Indiabulls Real Estate Ltd. 28-Sep-15 Profit 450 P V R Ltd. 29-Sep-15 Profit 422 Inox Leisure Ltd. 28-Sep-15 Profit 451 Sadbhav Engineering Ltd. 29-Sep-15 Loss 423 K R B L Ltd. 28-Sep-15 Profit 452 Sunteck Realty Ltd. 29-Sep-15 Profit 424 Lanco Infratech Ltd. 28-Sep-15 Loss 453 Tata Communications Ltd. 29-Sep-15 Profit 425 Lycos Internet Ltd. 28-Sep-15 Profit 454 Vakrangee Ltd. 29-Sep-15 Profit 426 Maharashtra Seamless Ltd. 28-Sep-15 Profit 455 A B G Shipyard Ltd. 30-Sep-15 Loss 427 Navneet Education Ltd. 28-Sep-15 Profit 456 Anant Raj Ltd. 30-Sep-15 Profit 428 P M C Fincorp Ltd. 28-Sep-15 Profit 457 C C L International Ltd. 30-Sep-15 Profit 429 Shilpa Medicare Ltd. 28-Sep-15 Profit 458 Dalmia Bharat Ltd. 30-Sep-15 Loss

The last minute: Is Corporate India ready to shift gear?

13 iias.in November 2015

Sr No. Company Name AGM Date Profitability Sr No Company Name AGM Date Profitability 459 Essar Oil Ltd. 30-Sep-15 Profit November 460 F D C Ltd. 30-Sep-15 Profit 487 Shree Cement Ltd. 14-Nov-15 Profit 461 Financial Technologies (India) Ltd. 30-Sep-15 Profit 488 H C L Infosystems Ltd. 19-Nov-15 Loss 462 Goldline International Finvest Ltd. 30-Sep-15 Profit 489 United Spirits Ltd. 24-Nov-15 Loss 463 Greencrest Financial Services Ltd. 30-Sep-15 Profit 490 Dhanuka Agritech Ltd. 30-Nov-15 Profit 464 H M T Ltd. 30-Sep-15 Loss December 465 Himachal Futuristic Communications Ltd. 30-Sep-15 Profit 491 H C L Technologies Ltd. 30-Dec-15 Profit 466 Housing Development & Infrastructure Ltd. 30-Sep-15 Profit 492 India Cements Ltd. 31-Dec-15 Loss 467 Jagran Prakashan Ltd. 30-Sep-15 Profit 493 Opto Circuits (India) Ltd. 31-Dec-15 Loss 468 Jain Irrigation Systems Ltd. 30-Sep-15 Profit Not held 469 Just Dial Ltd. 30-Sep-15 Profit 494 Jaiprakash Associates Ltd. No information Loss 470 Muthoot Finance Ltd. 30-Sep-15 Profit 495 Amtek Auto Ltd. No information Profit 471 Pipavav Defence & Offshore Engg. Co. Ltd. 30-Sep-15 Loss 496 B F Utilities Ltd. No information Profit 472 Prestige Estates Projects Ltd. 30-Sep-15 Profit 497 Castex Technologies Ltd. No information Profit 473 Radico Khaitan Ltd. 30-Sep-15 Profit 498 M R F Ltd. No information Profit 474 Rajesh Exports Ltd. 30-Sep-15 Profit 499 Metalyst Forgings Ltd. No information Profit 475 Rattanindia Power Ltd. 30-Sep-15 Loss 500 Siemens Ltd. No information Profit 476 Reliance Capital Ltd. 30-Sep-15 Profit 477 Reliance Communications Ltd. 30-Sep-15 Loss 478 Reliance Infrastructure Ltd. 30-Sep-15 Profit 479 Reliance Power Ltd. 30-Sep-15 Profit 480 Risa International Ltd. 30-Sep-15 Profit 481 S E Investments Ltd. 30-Sep-15 Profit 482 Shree Renuka Sugars Ltd. 30-Sep-15 Loss

October 483 Gillette India Ltd. 26-Oct-15 Profit 484 Symphony Ltd. 27-Oct-15 Profit 485 Procter & Gamble Hygiene & Health Care Ltd. 28-Oct-15 Profit 486 Sun Pharmaceutical Inds. Ltd. 31-Oct-15 Profit

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