PM Modi launches vehicle scrappage policy
Prime Minister Narendra Modi has launched the ‘Voluntary Vehicle Fleet Modernisation Programme’ or the automobile scrappage policy. The new policy aims to phase out unfit and polluting cars and commercial vehicles which are older than 20 or 15 years, respectively. The scrappage policy will bring in investments of ~Rs 10,000 crore and help India become an industrial hub of automobile manufacturing. The owners who scrap their vehicles will be eligible for a scrap value of 4-6% of the ex-showroom price of that vehicle.
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L&T secures order for oxidation reactor from Technip Energies
The heavy engineering arm of Larsen & Toubro (L&T) has secured an order for an oxidation reactor from Technip Energies-India. The order for the technologically critical Titanium Clad Reactor is for a public sector petrochemical project for purified Tereplic sector petrochemical project for purified Terephthalic Acid plant. The scope of supply involves the design, material procurement, fabrication, inspection, and testing of the reactor.
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Purvankara Q1 Results: Net profit at Rs 154 crore
Purvankara Ltd reported a consolidated net profit of Rs 154.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 16.9 crore in Q1 FY21 and a net profit of Rs 8.75 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 542 crore in Q1 FY22. The real estate developer posted a 21% YoY decline in sales bookings to Rs 314 crore during the same period.
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Wockhardt partners with RDIF to manufacture, supply Sputnik vaccines
Wockhardt Ltd has partnered with the Russian Direct Investment Fund (RDIF) and Enso Healthcare to manufacture and supply Sputnik V and Sputnik Light Covid-19 vaccines. Dubai-based Enso Healthcare is RDIF’s coordination partner for sourcing Sputnik V vaccines in India. As part of the deal, Wockhardt will manufacture and supply up to 62 crore doses of the two Sputnik vaccines to Enso over the next two years. The first batch of 5-12 crore doses will be delivered by June 2022.
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Zensar Tech secures multi-million dollar contract from the City of San Diego
Zensar Technologies Ltd has signed a four-year, multi-million-dollar contract with the City of San Diego to provide workplace and enterprise management solutions. The company will provide support to more than 1,000 servers and associated storage and software that host over 300 city application systems in San Diego. Zensar will also expand its support to science, technology, engineering, and mathematics (STEM) education for youth by investing in programs in the San Diego region.
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Grasim Industries Q1 Results: Net profit at Rs 481 crore
Grasim Industries Ltd reported a standalone net profit of Rs 481.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 282.9 crore in Q1 FY21. Its revenue from operations jumped 182% YoY to Rs 3,762.68 crore in Q1 FY22. The company’s expenses rose 79.3% YoY to Rs 3,282.34 crore during the same period. Grasim said it expects its businesses to resume their growth trajectory, assuming a low impact of a third wave of the Covid-19 pandemic.
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Tata Power Renewable commissions 100 MW solar project in Gujarat
Tata Power Renewable Energy Ltd (TPREL) has commissioned a 100 megawatt (MW) solar project at Raghanesda Solar Park in Gujarat. The installation will reduce 2 lakh tonnes of carbon emission every year. With the commissioning of this project, the total installed capacity of TPREL stands at 2,797 MW, with 1,865 MW of solar power and 932 MW of wind power. TPREL is a wholly-owned subsidiary of Tata Power Ltd.
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Suven Pharma Q1 Results: Net profit rises 14% YoY to Rs 105 crore
Suven Pharmaceuticals Ltd reported a 14% YoY increase in consolidated net profit to Rs 105.08 crore for the quarter ended June (Q1 FY22). Net profit has increased by 26.43% when compared to the previous quarter. Its total income rose 10.5% YoY (or 2.71% QoQ) to Rs 269.58 crore during the same period.
Cadila Healthcare gets USFDA approval for Mesalamine ER capsules
Cadila Healthcare Ltd has received final approval from the US Food and Drug Administration (USFDA) for Mesalamine extended-release (ER) capsules. The drug is indicated for the maintenance of remission of ulcerative colitis (an inflammatory bowel disease) in adults. The approved drug will be manufactured at Cadila’s formulation manufacturing facility as the SEZ, Ahmedabad.
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HAL Q1 Results: Net profit rises 31% YoY to Rs 194 crore
Hindustan Aeronautics Ltd (HAL) reported a 30.9% YoY increase in consolidated net profit to Rs 194.71 crore for the quarter ended June (Q1 FY22). Net profit has declined by 88% when compared to the previous quarter. Its total income declined marginally by 1.01% YoY (or 83.75% QoQ) to Rs 1,765.96 crore during the same period. State-owned HAL is an aerospace and defence company headquartered in Bangalore.
Glenmark Life Sciences Q1 Results: Net profit rises 24% YoY to Rs 101 crore
Glenmark Life Sciences reported a 24.5% YoY increase in net profit to Rs 100.9 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 32.2% YoY to Rs 524.9 crore during the same period. Revenue from the generic Active Pharmaceutical Ingredients (API) segment grew 38.3% YoY to Rs 4,803 crore in Q1. Recently listed Glenmark Life Sciences is a subsidiary of Glenmark Pharma Ltd.
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