advanced enzyme tech Archives

TCS to drive digital transformation of NXP Semiconductors

Dutch chipmaker NXP Semiconductors NV has selected Tata Consultancy Services (TCS) to help accelerate its digital transformation. As part of the deal, TCS will drive NXP’s integrated IT strategy across apps, IT infrastructure, and workplace services. TCS will also accelerate NXP’s cloud adoption to enhance business agility and build a future-ready digital foundation that supports its growth and transformation agenda.

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India’s retail inflation eases to 5.3% in August

India’s retail inflation growth based on the Consumer Price Index (CPI) eased to 5.3% in August 2021, according to data released by the Ministry of Statistics & Programme Implementation (MoSPI). The CPI stood at 5.59% in July. This is the second successive month that the CPI data has come within the Reserve Bank of India’s (RBI) upper margin of 6%. The Consumer Food Price Index (CFPI) eased to 3.11% in August, compared to 3.96% in July.

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Advanced Enzyme announces breakthrough in clinical trials of Covid-fatigue treating enzymes

Advanced Enzyme Technologies Ltd announced a positive breakthrough in the randomized controlled clinical trials (RCTs) of systemic enzymes and probiotics to resolve ‘long Covid’ fatigue symptoms. The company’s systemic enzyme and probiotic supplements ImmunoSEB and ProbioSEB CSC3 have passed the promising stages of RCTs in terms of efficacy to resolve post‐COVID fatigue symptoms. Advanced Enzymes conducted clinical trials on 200 patients suffering from post-Covid fatigue symptoms.

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Goldiam’s board approves Rs 45.6 crore share buyback plan

The Board of Directors of Goldiam International Ltd has approved a proposal to buy back equity shares. The company will buy back up to 3.80 lakh equity shares for an aggregate amount not exceeding Rs 45.60 crore, at Rs 1,200 per share. Goldiam International is an integrated manufacturer and supplier of diamond jewellery to leading retailers and wholesalers in the US and Europe.

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APL Apollo Tubes secures design patents for six products

The Office of the Controller General of Patents, Designs & Trademarks has granted six registrations to the innovative products of APL Apollo Tubes Ltd. The new products include Apollo Reflector (roadside reflectors), Apollo Fence (fencing solutions), Apollo Oval (gym equipment), Apollo Plank (to be used as stairs and scaffolding), Octagon (lighting poles), and Chequered Coil (covering panels). With these registrations, the company’s overall product portfolio has increased to 16.

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Granules India voluntarily recalls one batch of Naproxen Sodium tablets

Granules USA, Inc. has voluntarily recalled one batch of Naproxen Sodium 220mg tablets at the retail level due to a minor deviation of Current Good Manufacturing Practice (CGMP). One batch has 11.4 million units of Naproxen tablets, out of which 0.9 million units that were released into the market were recalled. The company said this move will not have a material impact on its financial performance. Granules USA, Inc. is a wholly-owned foreign subsidiary of Granules India Ltd.

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Ashoka Buildcon receives LoA for road project in Assam

Ashoka Buildcon Ltd has received a Letter of Acceptance (LoA) from the National Highways & Infrastructure Development Corporation (NHIDCL) for a road project in Assam. The order consists of four-laning of the Kwaram Taro Village-Dillai Section of NH-29 in Assam on an engineering, procurement, and construction (EPC) mode. The accepted bid price of the project is Rs 282.11 crore.

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Wipro partners with First Horizon Bank to provide services to VirtualBank

Wipro Ltd has partnered with US-based First Horizon Bank to transform the core banking channels and servicing capabilities of VirtualBank. The IT major has streamlined VirtualBank’s cloud migration and supported its end-to-end program management, governance, customer data conversion, and testing services. VirtualBank is an established digital bank that First Horizon inherited from Louisiana-based IBERIABANK as part of the merger completed in 2020.

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Vedanta Resources reduced net debt by $300 million in first half of FY22

Vedanta Resources Ltd (VRL) has reduced its net debt by around $300 million (~Rs 2,200 core) in the first half of the current financial year (FY22). The company expects to further reduce its debt by $500 million (~Rs 3,680 crore) in the next half. VRL is the parent company of Vedanta Limited. The firm believes that a strong operational performance from its world-class asset base will strengthen the balance sheet and lead to investment-grade credit metrics.

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Kesoram Industries’ board approves 133:274 rights issue

The Board of Directors of Kesoram Industries Ltd has approved the issuance of 7.99 crore rights shares for an aggregate amount of Rs 399.99 crore. The company has fixed the Rights Entitlement Ratio as 133:274. It means that 133 equity shares will be issued for every 274 equity shares held by eligible equity shareholders of the company as of September 17, 2021 (record date). The rights issue opens on September 27 and closes on October 11.

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India looking to tax cryptocurrency trades and ecosystem: Report

According to a report from ET Now, the Indian government is looking at ways to tax cryptocurrency trades and the entire ecosystem around them. The report further states that the government may permit the use of blockchain technology and treat cryptos as a tradeable asset class without banning it. The Union Cabinet will soon take up the draft bill on cryptocurrencies. However, Finance Minister Nirmala Sitharam had earlier stated that citizens will be given adequate windows to experiment with blockchains, Bitcoins, and other cryptocurrencies.

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MTAR Tech secures order worth $29.82 million from Bloom Energy

MTAR Technologies Ltd has received an export order worth $29.82 million (~Rs 220 crore) from US-based Bloom Energy. The order includes the export of Yuma Hot Boxes and associated components for Bloom Energy to be delivered over the four quarters of the calendar year 2022. In an official statement, MTAR Tech explained that this is the largest single order it has ever received.

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Bank of Baroda Q4 Results: Net loss at Rs 1,046 crore

Bank of Baroda reported a standalone net loss of Rs 1,046.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 506 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 4.5% YoY to Rs 7,107 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.87% during the quarter, compared with 8.48% in Q3 FY21. The bank’s provisions for bad loans rose 44% YoY to Rs 4,593 crore during the quarter under review.

The state-owned lender has announced plans to raise Rs 5,000 crore through the issuance of equity shares and bonds.

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M&M to invest Rs 12,000 crore to revamp vehicles, regain market share

Mahindra and Mahindra (M&M) Ltd plans to spend around Rs 12,000 crore over the next three years towards launching and upgrading its range of passenger vehicles (PV) and commercial vehicles (CV). The funds will be utilized for launching 23 new products across its PV and CV segments in the next five years. M&M will invest Rs 3,000 crore towards its farm equipment segment and launch 14 news products across last-mile mobility and new pick-up ranges. Through these investments, the automaker seeks to regain lost market share.

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Divi’s Laboratories Q4 Results: Net profit rises 29% YoY to Rs 502 crore

Divi’s Laboratories Ltd reported a 29.31% YoY (or 7% QoQ) increase in consolidated net profit to Rs 502.02 crore for the quarter ended March (Q4). Its revenue from operations rose 28.7% YoY to Rs 1,788.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 44.15% YoY to Rs 1,984.29 crore. The board of Divi’s Labs has declared a final dividend of Rs 20 per share.

The pharma company said it has taken up another capital expenditure (capex) program with an estimated investment of ~Rs 400 crore for fast-tracking a customs synthesis project.

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HDFC Bank, SBI Cards warn customers of restrictions if they deal in cryptocurrencies: Report

According to a report from BloombergQuint, HDFC Bank has begun cautioning its customers officially against dealing in virtual currencies (or cryptocurrencies). These emails inquire about the customers’ virtual currency transactions and advise against such transactions citing a 2018 circular from the Reserve Bank of India (RBI), which was later struck down by the Supreme Court. Other companies such as SBI Cards & Payment Services have also sent out mailers stating that services may be curtailed if customers use their cards to deal in cryptocurrencies.

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Glenmark Pharma Q4 Results: Net profit rises 6% YoY to Rs 234 crore

Glenmark Pharmaceuticals Ltd reported a 6.15% YoY increase in consolidated net profit to Rs 233.87 crore for the quarter ended March (Q4). Net profit has declined by 5.76% when compared to the previous quarter. Its revenue from operations rose 3% YoY to Rs 2,859.9 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit increased by 25% YoY to Rs 970 crore. The pharma company’s board has declared a dividend of Rs 2.5 per share.

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Zydus Cadila gets USFDA approval to market Fluphenazine Hydrochloride tablets

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fluphenazine Hydrochloride tablets. The drug is used to treat symptoms of a certain type of mental condition/disorder called schizophrenia. The pharma company will manufacture the drug at its formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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Advanced Enzyme Tech Q4 Results: Net profit rises 1.12% YoY to Rs 31 crore

Advanced Enzyme Technologies reported a 1.12% YoY increase in consolidated net profit to Rs 31.68 crore for the quarter ended March (Q4). Net profit has declined by 26.5% when compared to the previous quarter. Its revenue from operations rose 20.82% YoY to Rs 133.22 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 13% YoY to Rs 146.20 crore. The company’s board has recommended a dividend of Rs 0.9 per share.

The Board of Directors of Advanced Enzyme Technologies has also approved the acquisition of an additional 15% stake in JC Biotech. The company will purchase 31.06 lakh shares of JC Biotech for a consideration of Rs 21.12 crore.

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Fuel prices touch record highs; petrol cross Rs 100 per litre in Mumbai

Petrol and diesel prices were hiked across India for the 15th time this month on Saturday (May 29). In New Delhi, petrol prices were raised by 26 paise to 93.94 per litre, while diesel prices were increased by 28 paise to Rs 84.89 per litre. The price of petrol has crossed the Rs 100 per litre mark in Mumbai. This is the 15th increase in fuel prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states such as West Bengal and Kerala.

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Affle India Q4 Results: Net profit jumps 282% YoY to Rs 58.5 crore

Affle India reported a 282% YoY jump in consolidated net profit to Rs 58.5 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its revenue from operations rose 76.9% YoY to Rs 141.57 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 105% YoY to Rs 134.80 crore. Affle India is a global technology company that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising.

Nazara Technologies Q4 Results: Net profit at Rs 3.15 crore

Nazara Technologies reported a consolidated net profit of Rs 3.15 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3.30 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 41.69% YoY to Rs 123.38 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), the net profit stood at Rs 9.24 crore. This is compared to a net loss of Rs 24.65 crore in FY20. Recently-listed Nazara Technologies is a diversified gaming and sports media company.

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