Ashok Leyland to set up ‘mother EV’ plant in India
Ashok Leyland Ltd has announced plans to set up a ‘mother plant’ in India under its UK-based subsidiary Switch for its electric vehicle (EV) business. Switch UK will set up an Indian entity, which in turn will establish the plant. Ashok Leyland’s entire EV business will move to Switch, and they will also develop EV-specific platforms in buses and electric light commercial vehicles (LCVs). The company’s existing EV products such as e-buses will also move to Switch.
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SJVN Q4 Results: Net profit rises 55% YoY to Rs 620 crore
SJVN Limited reported a 55.29% YoY increase in consolidated net profit to Rs 619.92 crore for the quarter ended March (Q4). Net profit has jumped 213.7% when compared to the previous quarter. Its total income rose 54.17% YoY to Rs 1,084.96 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 5.03% YoY to Rs 1,645.61 crore. The company’s board has recommended a dividend of Rs 0.40 per share. SJVN is a state-owned hydroelectric power generation company.
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Shalimar Paints Q4 Results: Net loss at Rs 28.45 crore
Shalimar Paints Ltd reported a net loss of Rs 28.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 22.29 crore in the corresponding quarter last year (Q4 FY20). The total income increased by 40.9% YoY (or 27.9% QoQ) to Rs 118.48 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 49.51 crore. The company had posted a net loss of Rs 37.88 crore in FY20.
IndusInd Bank acquires 70 lakh shares in Mcleod Russel
IndusInd Bank has acquired over 70 lakh shares in tea company Mcleod Russel after invoking pledged shares of the company to recover its dues. Equity shares of the tea company, held by Ichamati Investments Ltd, were pledged with the bank for securing the outstanding dues of borrower Mcleod Russel India Ltd (MRIL). Ichamati Investments held a 16.39% stake in Mcleod Russel as a promoter at the end of March 2021.
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Lupin launches generic HIV-1 drug in the US
Lupin Limited has launched Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used in the treatment of HIV-1 infection. It is also used for pre-exposure prophylaxis to reduce the risk of sexually acquired HIV-1 infection. According to IQVIA data, the tablets had estimated annual sales of $2.1 billion (~Rs 15,587 crore) in the US for the 12 months ended March 2021.
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Shree Renuka Sugars to invest Rs 450 crore to increase ethanol capacity
Shree Renuka Sugars Ltd has announced plans to invest Rs 450 crore to expand its ethanol capacity. The company’s board has approved the proposal of expanding production capacity from 430-kilo litre per day (KLPD) to 1,400 KLPD. In February 2021, the board had approved a capacity expansion of ethanol from 720-kilo litre per day to 970-kilo litre per day. The Indian government has mandated 20% ethanol blending in fuel by 2025, compared to the current blending of 7.79%.
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Finolex Industries Q4 Results: Net profit jumps 409% YoY to Rs 298 crore
Finolex Industries Ltd reported a 409.44% YoY jump in consolidated net profit to Rs 298.84 crore for the quarter ended March (Q4). Net profit has increased by 15.2% when compared to the previous quarter. Its total income rose 64% YoY (or 16.48% QoQ) to Rs 1,262.88 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 121.9% YoY to Rs 737.79 crore. Finolex Industries manufactures and sells polyvinyl chloride (PVC) pipes and fittings in India.
Ahluwalia Contracts Q4 Results: Net profit jumps 508% YoY to Rs 37.05 crore
Ahluwalia Contracts (India) Ltd reported a 508.4% YoY jump in consolidated net profit to Rs 37.05 crore for the quarter ended March (Q4). Net profit has increased by 151.7% when compared to the previous quarter. Its total revenue rose 38.6% YoY to Rs 761.70 crore during the same period. Net profit for the financial year 2020-21 (FY21) rose 19.89% YoY to Rs 77.20 crore. Ahluwalia Contracts is a leading construction company based in New Delhi.
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