Tag: alembic pharma

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TCS Reports 28.5% YoY Rise in Net Profit in Q1 – Top Indian Market News

TCS Q1 Results: Net profit rises 28.5% YoY to Rs 9,008 crore

Tata Consultancy Services (TCS) reported a 28.5% year-on-year (YoY) increase in consolidated net profit to Rs 9,008 crore for the quarter ended June (Q1 FY22). Its net profit has declined by 2.5% when compared to the previous quarter. The IT firm’s revenue from operations increased by 18.5% YoY to Rs 45,411 crore in Q1. TCS’ performance in Q1 was powered by higher demand from businesses ramping up digital services during the Covid-19 crisis. The company’s board has approved an interim dividend of Rs 7 per share.

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LTI completes acquisition of Cuelogic Technologies

Larsen & Toubro Infotech (LTI) has completed the acquisition of Cuelogic Technologies, a digital engineering company based in Pune. The cost of the acquisition was $8.4 million (~Rs 61.6 crore). LTI said this acquisition would help in enhancing its digital engineering practice by combining Cuelogic’s tools, methodologies, and workforce. This is LTI’s seventh acquisition since it got listed in 2016.

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Shyam Metalics Q4 Results: Net profit at Rs 388 crore

Shyam Metalics and Energy Ltd reported a 386% YoY jump in consolidated net profit to Rs 387.50 crore for the quarter ended March 2021 (Q4 FY21). Net profit has increased by 79.57% when compared to the previous quarter. Its revenue from operations jumped 116.9% YoY to Rs 2,350.51 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 147.87% YoY to Rs 843.36 crore. The company’s board has recommended a dividend of Rs 2.70 per share.

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Sanofi, GSK receive approval for Phase 3 trial of Covid-19 vaccine in India

French pharma company Sanofi and GlaxoSmithKline plc (GSK) have received approval to conduct the Phase-3 clinical trial of their Covid-19 vaccine candidate in India. The global and randomised Phase 3 study will include 35,000 volunteers aged 18 and older across sites in the US, Asia, Africa, and Latin America. Sanofi and GSK hope to get approvals for their protein-based Covid-19 vaccine by the end of 2021. 

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NIIT partners with Axis Bank to launch Digital Banking Academy

NIIT Institute of Finance Banking and Insurance (NIIT IFBI) and Axis Bank have launched a FinTech Professional Programme under the Axis Bank – NIIT Digital Banking Academy. The course is designed to build future-ready fintech professionals for Axis Bank. The program offers graduates with 0-3 years of experience an opportunity to join Axis Bank as Deputy Manager (IT). NIIT IFBI is a subsidiary of NIIT Limited. 

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Alembic Pharma gets USFDA approval for anti-depressant drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Desipramine Hydrochloride tablets. The drug is indicated for the treatment of depression. According to IQVIA data, the tablets had estimated sales of $7 million (~Rs 52.4 crore) during the 12 months ended March 2021.

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Magenta to deploy M&M’s Treo Zor electric cargo vehicles in Bengaluru

Mahindra & Mahindra (M&M) has partnered with Magenta to deploy its Treo Zor electric cargo vehicles in Bengaluru for last-mile delivery of essential and non-essential goods. Magenta will deploy a hundred Mahindra Treo Zor electric three-wheelers in the city, which will be inducted into its delivery fleet of the new e-mobility Electric Vehicle Enabled Transport (EVET) platform. Magenta is a clean energy solutions provider based in Navi Mumbai.

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STFC gets Rs 312.5 crore capital infusion from promoter Shriram Capital

Shriram Transport Finance Company (STFC) has received Rs 312.50 crore from its promoter Shriram Capital Finance in connection with the allotment of preference shares and warrants. STFC has allotted 17,36,100 equity shares at Rs 1,440 per share to Shriram Capital Finance. The same amount of warrants (convertible into equity shares) have also been allotted at Rs 1,440 per warrant.

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Bharat Dynamics to supply Akash Missiles to IAF

Bharat Dynamics Ltd (BDL) has signed a contract with the Ministry of Defence for the manufacturing and supply of Akash Missiles to the Indian Air Force (IAF). The total value of the contract is Rs 499 crore. BDL has also received export leads from certain countries expressing interest in procuring the missiles. The company said it has a well-established infrastructure and expertise to execute these orders and meet the customer delivery schedule.

IPO Updates

The Rs 963.27-crore initial public offering (IPO) of G R Infraprojects was subscribed 5.75 times on the second day of bidding. The portion reserved for retail investors was subscribed 7.5 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 6.31 times and that of qualified institutional buyers (QIBs) 2.79 times. To know more about the IPO, click here.

The Rs 1,546.62-crore IPO of Clean Science and Technology was subscribed 4.28 times on the second day of bidding. The portion reserved for retail investors was subscribed 5.43 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 4.51 times and that of qualified institutional buyers (QIBs) 2.12 times. To know more about the IPO, click here.

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Manufacturing PMI Contracts for First Time in 11 Months – Top Indian Market News

Manufacturing PMI contracts for the first time in 11 months in June

Manufacturing activity in India contracted for the first time since July 2020 amidst disruptions caused due to the second wave of the Covid-19 pandemic. A decline in orders, business closures, and the Covid-19 crisis triggered a sharp fall in output among Indian manufacturers in June 2021. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 48.1 in June, compared with 50.8 in May. PMI is a month-on-month calculation, and a value of below 50 represents a contraction when compared to the previous month.

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Dr Reddy’s denied approval for Phase 3 trial of Sputnik Light in India

The Subject Expert Committee (SEC) of the Central Drugs Standard Control Organisation (CDSCO) has denied permission to Dr Reddy’s Laboratories to conduct the Phase-3 trials for the Sputnik Light Covid-19 vaccine in India. Reports suggest that the immunogenicity data related to Sputnik Light were not so great, and the SEC did not find any scientific rationale for conducting further trials. Sputnik Light was developed by the Russian Ministry of Health and Gamaleya Research Institute. The vaccine is yet to be approved in India.

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Auto sales data for June 2021: Highlights

India’s largest car manufacturer, Maruti Suzuki India Ltd, posted a 217% month-on-month (MoM) jump in total sales to 1.47 lakh units in June. It had sold only 46,555 units in May. The company’s mini & compact vehicles segment and utility vehicle segment registered a strong rebound in sales growth.

Tata Motors Ltd registered a 78% MoM increase in domestic sales to 43,704 units in June 2021. The automaker’s passenger vehicle division posted a 59% MoM rise in sales to 24,110 units.

Mahindra & Mahindra’s passenger vehicles division posted total sales of 32,964 units in June, an increase of 89% over May. M&M’s farm equipment segment posted a two-fold jump in sales to 48,222 units.

Two-wheeler manufacturer Bajaj Auto posted a 27.3% MoM increase in total sales to 3.46 lakh units. However, the company’s two-wheeler exports declined by 14% MoM to 1.54 lakh units.

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TCS expands partnership with Royal London to transform pensions platform

Tata Consultancy Services (TCS) has expanded its strategic partnership with Royal London to help them transform their pensions platform estate and deliver market-leading services to members and customers. Royal London is the largest mutual life insurance, pensions, and investment company in the UK. As part of the expanded partnership, TCS will work with Royal London to support its ambitious plans to transform into a data-driven insurer and help them drive deeper customer relationships.

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SEBI bars Biocon official from securities market for 3 months in insider trading case

Market regulator SEBI has restrained an official of Biocon Ltd from accessing the securities market for three months for violation of insider trading norms. In 2017, Biocon had announced information relating to its collaboration with Sandoz, and the period of Unpublished Price Sensitive Information (UPSI) was from December 20, 2017, to January 18, 2018. Shreehas P Tambe, Senior Vice President of Biocon, traded in the shares of the company between December 19-27 in 2017, in violation of market norms. He is facing a total fine of Rs 2 lakh, which has to be paid within 45 days.

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L&T Construction secures ‘significant’ orders for various businesses

Larsen & Toubro (L&T) announced that its construction arm has secured significant orders (in the range of Rs 1,000-2,500 crore) across various segments. Its water and effluent treatment business has won an order from the Uttar Pradesh State Water & Sanitation Mission (SWSM) to implement rural water supply projects under the Jal Jeevan Mission. Meanwhile, the buildings and factories business has received an order from a reputed developer to construct residential towers in Mulund (Mumbai). 

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Alembic Pharma gets USFDA approval for generic Nitrofurantoin capsules

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for generic Nitrofurantoin capsules. The drug is indicated for the treatment of urinary tract infections. According to IQVIA data, the capsules had total sales of $23 million (~Rs 171 crore) for the 12 months ended March 2021. The pharma company has received a total of 146 abbreviated new drug applications (ANDA) approvals from the USFDA.

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Route Mobile signs pact with Sarv Web to acquire email communications platform 

Route Mobile Ltd has signed definitive agreements to acquire an artificial intelligence (AI) driven email communication platform, Sendclean, from Jaipur-based Sarv Web Private Ltd. The company has acquired the core intellectual property (IP) for Sarv’s business email technology platform, the team of professionals that built the platform, and customer contracts. This acquisition will help Route Mobile deliver unified and unparalleled cloud-based digital communication solutions to global enterprise clients.

IPO-bound Zomato seeks CCI approval to acquire 9.3% stake in Grofers

Food delivery platform Zomato has sought approval from the Competition Commission of India (CCI) to acquire a 9.3% stake in e-grocery major Grofers. According to documents filed with CCI, Zomato has mentioned that the acquisition will not lead to any impact on the competitive landscape. This acquisition will help Zomato enter the emerging market of online grocery deliveries in India. In May, Economic Times had reported that Zomato and Tiger Global had invested $120 million (~Rs 890 crore) in Grofers. 

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Affle (India) completes acquisition of Jampp

Affle (India) Ltd has completed the acquisition of Jampp, a global programmatic mobile marketing company. This acquisition will strengthen Affle’s Cost Per Converted User (CPCU) business model and enable it to expand into fast-growing markets such as the United States and Latin America. The total cost of the acquisition was $41.3 million (~Rs 307 crore). Affle (India) provides mobile advertising services through information technology and software development services.

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Union Cabinet Approves Rs 14,775 crore for Fertiliser Subsidies – Top Indian Market News

Union Cabinet approves additional Rs 14,775 crore for fertiliser subsidies

The Union Cabinet has approved the proposal of the Department of Fertilizers for fixation of ‘Nutrient Based Subsidy Rates’ for Phosphatic and Potassic (P&K) Fertilizers for the financial year 2021-22. The subsidy rate on Di-ammonium Phosphate (DAP) fertilisers has been hiked by Rs 700 per bag. The government will spend an additional amount of Rs 14,775 crore to increase subsidy support. This is to cushion the impact of the surge in global prices of commodities on farmers amid the crucial Kharif sowing season. 

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RITES Q4 Results: Net profit declines 1.6% YoY to Rs 141 crore

Rail India Technical & Economic Service (RITES) reported a 1.65% YoY decline in consolidated net profit to Rs 141.55 crore for the quarter ended March (Q4). Its revenue from operations rose 11.4% YoY to Rs 635.87 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 29.8% YoY to Rs 444.21 crore. The company’s board has declared a final dividend of Rs 4 per share. RITES is a leading player in the transport consultancy and engineering sector in India.

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LTI to acquire digital engineering firm Cuelogic for $8.4 million

Larsen & Toubro Infotech (LTI) Ltd has signed a definitive agreement to acquire Pune-based Cuelogic Technologies, a digital engineering and outsourced product development company. Cuelogic primarily focuses on developing cloud-native web and mobile applications and runs innovations lab as a service for its clients in the US and India. LTI will acquire the firm for $8.4 million (~Rs 61.5 crore). This is LTI’s seventh acquisition since it got listed in 2016.

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CESC Q4 Results: Net profit rises 15.5% YoY to Rs 423 crore

Calcutta Electric Supply Corporation (CESC) reported a 15.57% YoY increase in consolidated net profit to Rs 423 crore for the quarter ended March (Q4). Net profit has increased by 28.9% when compared to the previous quarter. Its total income rose 10% YoY (or 6% QoQ) to Rs 3,003 crore during the same period. CESC’s board has approved a proposal for a sub-division of equity shares. One equity share of the nominal value of Rs 10 each will be sub-divided into 10 equity shares of a nominal value of Re 1 each.

Dr. Reddy’s ordered to pay $46.25 million to Hatchtech

The International Centre for Dispute Resolution has ordered a subsidiary of Dr. Reddy’s Laboratories to pay $46.25 million (~Rs 340 crore) to Australia-based Hatchtech Pty. The subsidiary had signed an asset purchase agreement for a skin treatment lotion with Hatchtech in 2015. In July 2020, the subsidiary received approval from the US Food & Drug Administration (USFDA) for Xeglyze (abametapir) lotion. The approval triggered a contractual pre-commercialisation milestone payment of $20 million to Hatchtech Pty.

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Wipro partners with Exaware to upgrade 5G technology

Wipro Limited has entered into a strategic partnership with Israel-based Exaware, a provider of Open Network routing solutions. Through this partnership, both companies will develop advanced engineering solutions to support innovation in the networking industry, streamline 5G technology upgrades, and pave the way to 6G compatibility. Wipro and Exaware will develop engineering products, which will enable communication service providers to select different hardware and software vendors.

Alembic Pharma JV gets USFDA approval for testosterone topical solution

Aleor Dermaceuticals, a joint venture (JV) firm of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for Testosterone Topical Solution. The drug is used for treating testosterone deficiency. According to IQVIA data, Testosterone Topical Solution USP (30 mg per pump actuation) has an estimated market size of $21 million (~Rs 154 crore) for the 12 months ended March 2021. 

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Nureca Q4 Results: Net profit rises 63.45% YoY to Rs 3.89 crore

Nureca Limited reported a 63.45% YoY increase in consolidated net profit to Rs 3.89 crore for the quarter ended March (Q4). Net profit has declined by 38.25% when compared to the previous quarter. Its revenue from operations declined by 3.40% YoY to Rs 31.84 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 625% YoY to Rs 46.37 crore. The company’s board has recommended a final dividend of Rs 2 per share. Nureca is a business-to-consumer (B2C) firm that deals in home healthcare and wellness products.

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PNB Housing Finance says pricing for Rs 4,000 crore deal in line with market practice

PNB Housing Finance said the pricing of its proposed issuance of shares to investors (led by the Carlyle Group) was based on the “market practice” followed by listed companies and is in compliance with the applicable laws. On June 12, it was reported that market regulator SEBI would scrutinise the Rs 4,000 crore share sale after SES (a proxy advisory firm) pointed out that the deal is unfair to the company’s minority shareholders. 

In May 2021, PNB Housing Finance announced that it will raise Rs 4,000 crore from large investors led by existing stakeholder Carlyle Group, by issuing preference shares and warrants. These securities are priced at Rs 390 per share.

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KPIT Technologies receives NCLT approval for scheme of merger

The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the scheme of merger by absorption of Impact Automotive Solutions with KPIT Technologies Ltd and their respective shareholders. Impact Automotive was a wholly-owned subsidiary of KPIT Tech. Pune-based KPIT Technologies is a leading provider of software solutions for automotive companies.

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IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 121.43 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.64 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 339.98 times and that of qualified institutional buyers (QIBs) 155.71 times. You can learn more about the IPO here. 

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 2.28 times on the final day of bidding. The portion reserved for retail investors was subscribed 1.58 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 39% and that of qualified institutional buyers (QIBs) 3.46 times. You can learn more about the IPO here.

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 1.4 times on the first day of bidding. The portion reserved for retail investors was subscribed 2.73 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 14% and that of qualified institutional buyers (QIBs) 2%.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 27% on the first day of bidding. The portion reserved for retail investors was subscribed 100%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2% and that of qualified institutional buyers (QIBs) 14%.

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L&T Reports 3% YoY Rise in Net Profit in Q4 – Top Indian Market News

L&T

L&T Q4 Results: Net profit rises 3% YoY to Rs 3,293 crore

Larsen & Toubro (L&T) reported a 3% YoY increase in consolidated net profit to Rs 3,293 crore for the quarter ended March (Q4). Net profit has risen by 33% when compared to the October-December quarter (Q3 FY21). Its revenue from operations rose 9% YoY to Rs 48,088 crore in Q4 FY21. L&T’s order inflow fell 12% YoY to Rs 50,651 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 11,583 crore, registering a growth of 21% YoY. The company’s board has recommended a final dividend of Rs 18 per share.

The construction arm of L&T has secured an order worth Rs 2,500-5,000 crore from Chennai Metro Rail Corporation Ltd (CMRL). The order consists of the construction of nearly 12 km Twin Bored tunnels from Kellys metro station to Taramani Road Junction station.

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Dr Reddy’s Labs Q4 Results: Net profit declines 28% YoY to Rs 554 crore

Dr Reddy’s Laboratories reported a 28% year-on-year (YoY) decline in consolidated net profit to Rs 554 crore for the quarter ended March (Q4). Its revenue rose 7% YoY to Rs 4,728 crore during the same period. The company’s sales from the North American market fell 3% YoY to Rs 1,749.1 crore. Total sales in India rose 23% YoY to Rs 844.5 crore in Q4. Its operating profit grew 13% YoY to Rs 1,133 crore during the quarter. The drugmaker’s board has approved a final dividend of Rs 25 per share.

In other news, Dr Reddy’s Labs has launched the Russian Covid-19 vaccine, Sputnik V, in India at Rs 948 per dose.

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Mphasis Q4 Results: Net profit declines 10.2% YoY to Rs 316.9 crore

Mphasis Limited reported a 10.2% YoY decline in consolidated net profit to Rs 316.9 crore for the quarter ended March (Q4). Its revenue from operations rose 7.5% YoY to Rs 2,524.2 crore during the same period. The IT firm’s total contract value (TCV) stood at $245 million (~Rs 1,795 crore) in Q4, of which 69% was in new generation services. For the financial year ended March 31, 2021 (FY21), net profit rose 2.7% YoY to Rs 1,216.8 crore. The company’s board has recommended a dividend of Rs 65 per share.

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Cipla Q4 Results: Net profit rises 68% YoY to Rs 413 crore

Cipla Limited reported a 68% YoY increase in consolidated net profit to Rs 413.4 crore for the quarter ended March (Q4). Net profit has declined by 44% when compared to the previous quarter (Q3 FY21). Its total revenue rose 5.2% YoY to Rs 4,606.45 crore during the same period. Cipla’s tax expenses jumped 50% YoY to Rs 128.2 crore in Q4. Sales from the North American market increased by 17% YoY to Rs 1,002 crore. The drugmaker’s board has approved a final dividend of Rs 5 per share.

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Alembic Pharma gets USFDA approval for bipolar depression drug

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Lurasidone Hydrochloride tablets. The drug is indicated for the treatment of major depressive episodes associated with bipolar depression. According to IQVIA data, Lurasidone Hydrochloride tablets had US sales of approximately $3.7 billion (~Rs 27,110 crore) for the twelve months ended December 2020.

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Escorts Q4 Results: Net profit jumps two-fold to Rs 285 crore 

Escorts Limited reported over a two-fold YoY jump in consolidated net profit to Rs 285.41 crore for the quarter ended March (Q4). Its revenue from operations rose 60% YoY to Rs 2,228.75 crore during the same period. Tractor sales increased by 62.1% YoY to 32,588 units in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 85% YoY to Rs 871.63 crore. The board of Escorts Ltd has approved a final dividend of Rs 5 per share and a special dividend of Rs 2.5 per share.

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Aditya Birla Capital Q4 Results: Net profit jumps 161% YoY to Rs 375 crore

Aditya Birla Capital reported a 161.1% YoY jump in consolidated net profit to Rs 375.15 crore for the quarter ended March (Q4). Its revenue from operations rose 16.2% YoY to Rs 5,586.83 crore during the same period. The overall lending book (including NBFC and housing finance) grew 2% YoY to Rs 60,557 crore during the quarter. The gross premium across Aditya Birla Capital’s life and health insurance segments rose 25% YoY to Rs 11,076 crore in Q4.

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GoAir seeks SEBI approval for Rs 3,600 crore IPO

Go Airlines India Ltd has filed a Draft Red Herring Prospectus (DHRP) with market regulator SEBI to launch an initial public offering (IPO) worth Rs 3,600 crore. Ahead of the IPO, the low-cost airline rebranded itself as ‘Go First’. The company will utilise the net proceeds from the public issue towards pre-payment or scheduled repayment of outstanding borrowings worth Rs 2,015.8 crore. It will also use the proceeds for the replacement of letter of credits, repayment of dues to Indian Oil Corp.

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Welspun India Q4 Results: Net profit rises 48% YoY to Rs 134 crore

Welspun India reported a 48.3% YoY increase in consolidated net profit to Rs 134.34 crore for the quarter ended March (Q4). Its total income for the quarter stood at Rs 2,173.46 crore. This is compared with a net income of Rs 1,664.46 crore in the corresponding quarter a year ago (Q4 FY20). The company’s board has approved the buyback of equity shares at Rs 120 per share for an aggregate amount of Rs 200 crore. Welspun India’s board has also recommended a dividend of Rs 0.15 per share.

In other news, Welspun India said it will work with Target Corporation again, almost five years after the US retail giant terminated its contract with the company over alleged lapses in labelling and marketing of Egyptian cotton products.

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Indigo Paints Q4 Results: Net profit falls 9% YoY to Rs 24 crore

Indigo Paints reported an 8.9% YoY decline in net profit to Rs 24.8 crore for the quarter ended March (Q4). Its revenue from operations rose 40.8% YoY to Rs 254.27 crore during the same period. Earnings before interest, tax, depreciation, and amortization (EBITDA) fell 7.9% YoY to Rs 42.9 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 48.2% YoY to Rs 70.85 crore.

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RBI Governor Announces Measures to Battle Second Wave Impact – Top Indian Market News

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RBI Governor announces relief measures to battle second wave impact

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a set of relief measures to help stakeholders battle the impact of the second wave of Covid-19 infections in the country. The RBI has opened an on-tap liquidity window of Rs 50,000 crore to ramp up Covid-19 related healthcare infrastructure and services. Under the scheme, banks can provide fresh lending support to vaccine manufacturers, suppliers of vaccines and priority medical devices, hospitals, logistics firms, etc. The Governor has also announced loan restructuring facilities for individuals, small businesses, and micro, small & medium enterprises (MSMEs) who have been adversely affected by the pandemic.

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Adani Enterprises Q4 Results: Net profit jumps 282% YoY to Rs 234 crore

Adani Enterprises Ltd (AEL) reported a 282.2% year-on-year (YoY) jump in consolidated net profit to Rs 233.95 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined 21%. Profit for the quarter was impacted by a one-time exceptional loss of Rs 179 crore. Its total revenue stood at Rs 13,688.95 crore during the same period, compared with Rs 13,698 crore in Q4 FY20. The company’s board has recommended a final dividend of Re 1 per share.

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Cabinet approves strategic divestment of IDBI Bank

The Cabinet Committee on Economic Affairs (CCEA) has given its in-principle approval for strategic disinvestment, along with the transfer of management control in IDBI Bank. The extent of respective shareholding to be divested by the Government of India (GoI) and Life Insurance Corporation (LIC) will be decided at the time of structuring of the transaction, in consultation with the RBI. Currently, GoI owns 45.48% equity in IDBI Bank, while LIC holds 49.24%.

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Tata Steel Q4 Results: Net profit at Rs 6,644 crore

Tata Steel Limited reported a 79.7% quarter-on-quarter (QoQ) increase in net profit to Rs 6,644 crore for the quarter ended March (Q4). Revenue rose 19% QoQ to Rs 49,977 crore during the same period. Hot-rolled coil prices rose 16.7% during the quarter to Rs 54,856 per tonne. Tata Steel’s consolidated sales volumes rose 0.43% QoQ to 4.67 million tonnes. The company’s board has approved a dividend of Rs 25 per share.

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SRF Q4 Results: Net profit rises 96% YoY to Rs 381 crore

SRF Limited reported a 96% YoY increase in consolidated net profit to Rs 381 crore for the quarter ended March (Q4). Its revenue from operations rose 40% YoY to Rs 2,608 crore during the same period. SRF’s chemical segment posted a 31% YoY increase in revenue to Rs 1,153 crore. Its packaging films segment reported a 63% YoY increase in revenue to Rs 980 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 31% YoY to Rs 1,198 crore. 

SRF’s board has approved the setting up of a multi-purpose plant at Dahej (Gujarat) at an approximate cost of Rs 375 crore.

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Alembic Pharma gets USFDA approval for ophthalmic solution

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic solution. The drug is indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers. According to IQVIA data, the product had sales of approximately $80 million (~Rs 590 crore) for the 12 months ended December 2020.

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CEAT Q4 Results: Net profit jumps three-fold to Rs 153 crore

CEAT Limited reported a three-fold (195%) YoY increase in net profit to Rs 153 crore for the quarter ended March (Q4). The tyre company’s revenue rose 45% YoY to Rs 2,290 crore during the same period. CEAT introduced better inventory efficiency measures to compensate for the rise in raw material costs. The company’s board has approved an investment of Rs 1,205 crore to expand capabilities in the truck and bus radial (TBR) segment. CEAT has also announced a final dividend of Rs 18 per share.

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Wipro partners with Transcell Oncologics to transform vaccine safety assessment strategies

Wipro Limited has partnered with Hyderabad-based Transcell Oncologics to transform vaccine safety assessment strategies using artificial intelligence (AI). The partnership combines Transcell’s innovative stem cell technology with the advanced AI capabilities of Wipro HOLMES. This will enable customers to improve the safety of global vaccine immunization programs.

Kirloskar Ferrous Q4 Results: Net profit jumps 135% YoY to Rs 135 crore

Kirloskar Ferrous Industries reported a 135.4% YoY jump in net profit to Rs 135.33 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 27%. Its revenue from operations rose 67% YoY to Rs 748.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 168% YoY to Rs 302.11 crore. The company’s board has declared a final dividend of Rs 3 per share.

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Hikal signs multi-year agreement with a global pharma company

Hikal Limited has signed a multi-year contract with a leading global pharmaceutical company. The contract includes the development and supply of a portfolio of niche Active Pharmaceutical Ingredients (APIs) over a period of 10 years. Hikal and its customer will jointly invest in its plant in Panoli (Gujarat) to set up a multipurpose manufacturing asset to produce the APIs. Commercial supplies will commence after the successful development and plant commercialisation, which is estimated to be from FY 2023-24 onwards.

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Craftsman Automation Q4 Results: Net profit rises 8.7% QoQ to Rs 47.28 crore

Craftsman Automation Ltd reported an 8.74% quarter-on-quarter (QoQ) increase in net profit to Rs 47.28 crore for the quarter ended March (Q4). On a yearly basis, net profit has jumped 1,064.5%. Its revenue from operations rose 9.47% QoQ to Rs 540.12 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 143% YoY to Rs 97.36 crore.

Adani Green Energy Q4 Results: Net profit rises 8.25% YoY to Rs 105 crore

Adani Green Energy Limited (AGEL) reported an 8.25% YoY increase in consolidated net profit to Rs 105 crore for the quarter ended March (Q4). On a quarterly basis, net profit has jumped 138.6%. Its total revenue from operations rose 50.5% YoY to Rs 1,082 crore during the same period. AGEL’s revenue from power supply rose 15% YoY to Rs 690 crore. The company added 925 megawatt (MW) of operational capacity in FY21.

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Adani Ports’ Net Profit Jumps 285% YoY in Q4 – Top Indian Market News

adani ports and sez

Adani Ports Q4 Results: Net profit jumps 285% YoY to Rs 1,288 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 285% year-on-year (YoY) jump in net profit to Rs 1,288 crore for the quarter ended March (Q4). Its revenue rose 24% YoY to Rs 3,608 crore during the same period. Total cargo volumes handled by the company rose 27% YoY to 73 million metric tonnes (MMT) in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 32.7% YoY to Rs 4,994 crore. APSEZ’s board has recommended a dividend of Rs 5 per share.

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IPL 2021 suspended after multiple cases of Covid-19 reported in bio-bubbles

The Indian Premier League (IPL) 2021 has been postponed indefinitely after multiple positive cases of Covid-19 were reported within its bio-bubbles. A total of 29 out of the scheduled 56 league games were played this season. As per reports, the BCCI stands to lose over Rs 2,000 crore of the broadcast and sponsorship money earmarked for this year’s IPL.

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HAL signs MoU with Rolls-Royce for MT30 marine engine installation in India

Hindustan Aeronautics Ltd (HAL) and UK-based Rolls-Royce have signed a Memorandum of Understanding (MoU) to establish packaging, installation, marketing, and services support for Rolls-Royce MT30 marine engines in India. The MT30 is the world’s most power-dense, best-in-class naval gas turbine. It has the potential to provide next-generation capabilities to the Indian Navy’s future fleet. This partnership will leverage the rich experience of HAL’s Industrial and Marine Gas Turbine (IMGT) Division that works on marine gas turbines with Indian shipyards.

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RBL Bank Q4 Results: Net profit falls 34% YoY to Rs 75 crore 

RBL Bank reported a 34% YoY decline in net profit to Rs 75 crore for the quarter ended March (Q4). Net interest income (NII) has declined by 11% YoY to Rs 906 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (GNPAs) ratio stood at 4.37%, compared with 4.57% in the preceding quarter (Q3 FY21). RBL Bank’s deposits increased by 26% YoY to Rs 73,121 crore in Q4 FY21.

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Wipro to set up Innovation Centre in London; to invest £16 million

Wipro Limited has announced the setting up of an Innovation Centre in Holborn, London. The IT services company will invest £16 million (~Rs 164 crore) over the next four years in the 20,000 sq ft. centre. The Innovation Centre will serve as Wipro’s flagship centre in the United Kingdom and offer digital, cybersecurity, and cloud expertise to enterprises around the globe. 

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Alembic Pharma Q4 Results: Net profit rises 12% YoY to Rs 251 crore

Alembic Pharmaceuticals Ltd reported a 12% YoY increase in consolidated net profit to Rs 251 crore for the quarter ended March (Q4). Its revenue from operations rose 6% YoY to Rs 1,280 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 42% YoY to Rs 1,178 crore. Its Indian branded formulations business grew 5% YoY to Rs 1,497 crore in FY21. The pharma company’s board has recommended a dividend of Rs 14 per share.

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HCL Tech engages in multi-year contract with Hitachi ABB Power Grids

HCL Technologies Ltd has entered into a multi-year contract with Hitachi ABB Power Grids to build a new greenfield digital foundation as part of a global transformation program. HCL Tech will help Hitachi ABB Power Grids to establish a new, efficient, and independent IT organisation. By leveraging HCL’s Cloud Smart offerings, Hitachi ABB Power Grids will benefit from an adaptive portfolio with innovative cloud services driven by intelligent automation and a powerful partner ecosystem.

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Bajaj Healthcare launches Favipiravir tablets to treat mild-to-moderate Covid-19 cases

Bajaj Healthcare Limited (BHL) has announced the launch of antiviral drug Favipiravir, used for treating mild to moderate Covid-19 infections in India. The tablets will be sold under the ‘Favijaj’ brand. The pharma company has successfully developed the Active Pharmaceutical Ingredient (API) and the formulation for Favipiravir through its own in-house research and development (R&D) team. The drug will be available as a prescription-based medication.

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Anupam Rasayan to invest Rs 43 crore to set up a 12.5 MW solar power plant

Anupam Rasayan India Ltd said it will invest Rs 43 crore to set up a 12.5 megawatt (MW) solar power plant. The company will utilise the proceeds from its IPO to fund this project. The proposed solar power plant will cater to the energy requirements of Anupam Rasayan’s major manufacturing units. The specialty chemicals company currently operates six manufacturing facilities in Gujarat.

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Suven Life Sciences Q4 Results: Net loss at Rs 21.6 crore

Suven Life Sciences Ltd reported a consolidated net loss of Rs 21.6 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 25.74 crore in the corresponding period last year (Q4 FY20). Total income declined by 75.3% YoY to Rs 2.88 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), consolidated net loss stands at Rs 72.45 crore.

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Adani Total Gas Q4 Results: Net profit rises 18% YoY to Rs 143 crore

Adani Total Gas Limited (ATGL) reported an 18.38% YoY increase in net profit to Rs 143.73 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 584.48 crore during the same period. The number of ATGL’s standalone CNG stations increased to 217 in Q4, with 102 stations being added in FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 6% YoY to Rs 462 crore.

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L&T Infotech Q4 Results: Net profit rises 27% YoY to Rs 545 crore

L&T Infotech Limited reported a 27% YoY increase in consolidated net profit to Rs 545 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 5%. Its revenue from operations rose 9.42% YoY to Rs 3,372.4 crore during the same period. The company’s board has declared a final dividend of Rs 25 per share.

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RailTel Corp Launches WiFi Facilities at 4,000 Railways Stations – Top Indian Market News

RailTel Corp launches WiFi facilities at 4,000 railways stations; secures order worth Rs 25 crore from BSNL

RailTel Corporation of India has started monetising its WiFi facilities at railway stations by launching high-speed prepaid WiFi at over 4,000 railway stations across India. The scheme is expected to bring additional revenue of Rs 15 crore per annum to the company. RailTel has also selected Margo Networks, a subsidiary of Zee Entertainment Ltd, to provide Content-on-Demand (CoD) services in trains and railway stations. 

In other news, RailTel Corp has received an advance purchase order amounting to Rs 25.46 crore per annum from Bharat Sanchar Nigam (BSNL). The scope of work consists of the commissioning of point-to-point links. The advance purchase order issued for the work will be valid for one year and further extendable by two years.

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Wipro to acquire UK-based consultancy firm Capco for $1.45 billion

IT major Wipro Limited said it will acquire UK-based management and technology consultancy firm Capco for $1.45 billion (~Rs 10,550 crore). Capco serves financial institutions across the Americas, Europe, and Asia-Pacific regions. This acquisition will make Wipro one of the largest end-to-end global consulting, technology, and transformation service providers to the banking and financial services industry. 

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Ashoka Buildcon to acquire 49% stake in Ashoka Highways for Rs 36 crore

Ashoka Buildcon Ltd has entered into a share purchase agreement (SPA) with India Infrastructure Fund (IIF) for purchasing a 49% stake held by IIF in Ashoka Highways (Bhandara). The aggregate consideration to be paid for acquiring the stake is Rs 35.98 crore. The completion of the transaction is subject to approvals from the National Highways Authority of India (NHAI). Ashoka Buildcon currently holds 9 shares in Ashoka Highways (Bhandara).

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TCS partners with VodafoneZiggo to accelerate its fixed fiber network rollout

Tata Consultancy Sevices (TCS) has expanded its strategic partnership with VodafoneZiggo B.V. Netherlands to accelerate its fixed fiber network rollout. TCS will deploy artificial intelligence (AI), machine learning technology, as well as TCS Twin— its digital twin solution for enterprises— for the rollout of VodafoneZiggo’s business-to-business (B2B) fixed fiber network. This will enable superior connectivity for subscribers and a faster launch of new services.

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Dilip Buildcon receives LoA from Mahanadi Coalfield for mining project in Odisha

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) for a mine developer cum operator (MDO) contract from Mahanadi Coalfield Limited. The scope of work consists of the development and operation of the SIARMAL Open Cast Project in Odisha. The value of the contract is Rs 36,819.07 crore. The contract period is 25 years.

IEX reports 50% YoY volume growth in February

Indian Energy Exchange (IEX) announced that its electricity market registered a volume of 6,769 million units (MU) in February 2021. This is a 50% growth as compared to February 2020. The company said that the robust growth in volume indicates that IEX’s electricity market is clearly positioned as the most preferred option for distribution utilities and industrial consumers to source electricity for addressing the demand-supply balance.

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MTAR Technologies IPO subscribed 10.27 times on second day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 10.27 times on the second day of bidding. The issue received bids for 7.45 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 16.55 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 8.04 times. Qualified institutional buyers (QIBs) have put in 96% bids against their reserved portion. 

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Alembic Pharma’s JV Aleor Dermaceuticals gets USFDA approval for Testosterone Gel

Alembic Pharmaceuticals said its joint venture (JV) firm Aleor Dermaceuticals has received final approval from the US Food and Drug Administration (USFDA) for Testosterone Gel. The product is used for replacement therapy in adult males for conditions associated with deficiency of testosterone. According to IQVIA data, Testosterone Gel had sales of approximately $86 million (~Rs 626 crore) for the 12 months ending December 2020.

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GE Shipping buys secondhand bulk carrier of about 56,103 dwt

Great Eastern (GE) Shipping Company Ltd has signed a contract to buy a secondhand Supramax Bulk Carrier of about 56,103 deadweight tonnage (dwt). The 2013 Japanese-built vessel is expected to join the company’s fleet in the first quarter of the upcoming financial year (Q1 FY22). Mumbai-based GE Shipping is India’s largest private sector shipping service provider.

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NBCC (India) signs MoU with Rashtriya Ispat Nigam

NBCC (India) Limited has signed a Memorandum of Understanding (MoU) with Rashtriya Ispat Nigam Ltd (RINL) for the redevelopment and monetisation of 22.19 acres of land parcels at Maddilapalem, Visakhapatnam. The company will be paid Project Management Consultancy (PMC) fee at 7% of the estimated/approved project cost or actual project cost.

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Max Healthcare launches QIP to raise around Rs 1,200 crore

Max Healthcare Institute Limited has launched a qualified institutional placement (QIP) to raise around Rs 1,200 crore. The floor price of the QIP has been fixed at Rs 190.40 per share. The company will utilise the funds raised from the QIP for meeting its capital expenditure and working capital requirements. The funds will also be used for repayment of debt and other general purposes.

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Adani Group, AAI Sign Concession Agreement for 3 Airports – Top Indian Market News

Adani Group signs concession agreement with AAI for Jaipur, Guwahati, TVM airports

Adani Group has signed a concession agreement with the Airports Authority of India (AAI) for operating and maintaining Jaipur, Guwahati, and Thiruvananthapuram airports. The concession period is 50 years from the commercial operation date. The group will now get six months to take over the three airports. Adani Group had emerged as the highest bidder for six AAI airports, namely, Lucknow, Mangalore, Ahmedabad, Jaipur, Guwahati, and Thiruvananthapuram in February 2019.

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Alembic Pharma Q3 Results: Net profit rises 25% YoY to Rs 292 crore

Alembic Pharmaceuticals Ltd reported a 24.92% YoY increase in consolidated net profit to Rs 292.57 crore for the quarter ended December (Q3). The drug firm’s consolidated revenue rose 9% YoY to Rs 1314 crore during the same period. The company’s performance in Q3 was led by strong growth in its India formulation business, which grew 14% YoY to Rs 418 crore. 

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Petrol price touches record high of Rs 85 in Delhi; diesel crosses Rs 75 mark

The price of petrol in Delhi rose by 25 paise on Tuesday, reaching an all-time high of Rs 85.20 per litre. The diesel price has jumped to Rs 75.38 per litre in the national capital. The rates have been hiked for the second consecutive day after remaining unchanged for three days. State-owned fuel retailers– Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)– resumed daily price revision on January 6 after nearly a month-long hiatus. Since then, fuel rates have gone up by Rs 1.49 a litre on petrol and Rs 1.51 in the case of diesel.

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CSB Bank Q3 Results: Net profit rises 88% YoY to Rs 53 crore

Kerala-based CSB Bank reported an 88% YoY increase in net profit to Rs 53 crore for the quarter ended December (Q3). The bank’s net interest income (NII) grew by 61.8% YoY during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] CSB Bank’s overall provisions stood at Rs 111 crore in Q3. The bank has also announced a voluntary retirement scheme (VRS) for its select employees.

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Bank of Maharashtra Q3 Results: Net profit rises 14% YoY to Rs 154 crore

Bank of Maharashtra reported a 14% YoY increase in net profit to Rs 154 crore for the quarter ended December (Q3). The Pune-based lender’s total income rose 3.42% YoY to Rs 3,577 crore. On the asset quality front, the bank recorded improvement with gross non-performing assets (NPAs) falling from 16.77% in Q3 of the previous financial year to 7.69% in Q3 FY21. The bank’s provisions fell by more than 80% YoY to Rs 498 crore in Q3.

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IRFC IPO gets fully subscribed on Day 2

The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) was fully subscribed on the second day of bidding. The IPO has received bids for 152.6 crore equity shares, against an offer size of over 124.75 crore equity shares. The portion set aside for retail investors witnessed a subscription of 2.33 times and that of employees 27.40 times. The reserved portion of non-institutional investors was subscribed 24.3% and that of qualified institutional buyers 0.16%.

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CEAT Q3 Results: Net profit rises 150% YoY to Rs 132 crore

Ceat Ltd reported a 150% YoY increase in consolidated net profit to Rs 132 crore for the quarter ended December (Q3). The tyre manufacturer’s revenue surged 26% YoY to Rs 2,221 crore during the same period. The company’s strong performance in Q3 was backed by an increase in overall vehicle production. Sales in the after-market segment had also made a strong comeback.

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Tata Communications Q3 Results: Net profit jumps 5-fold to Rs 309 crore

Tata Communications’s net profit jumped 5 times (or 425%) YoY to Rs 309.41 crore for the quarter ended December (Q3). The company’s revenue stood at Rs 4,222.83 crore during the same period. The growth in profits at an operational level was largely due to a fall in network and transmission costs. The firm had also introduced cost-cutting measures in the current financial year. 

Hatsun Agro Q3 Results: Net profit rises 141% YoY to Rs 67 crore

Hatsun Agro Products Ltd reported a 141.2% YoY increase in net profit to Rs 67.3 crore for the quarter ended December (Q3). It had posted a net profit of Rs 28 crore in the corresponding period in FY20. The company’s revenue rose 4.1% YoY to Rs 1,394.6 crore in Q3 FY21. Chennai-based Hatsun Agro is a leading private sector dairy company.

Brigade Group launches 11-acre residential project at Hyderabad

Brigade Group announced the expansion of its footprint in Hyderabad by launching a residential project named ‘Brigade Citadel’. The 11-acre residential project is situated in Hyderabad’s Moti Nagar area. Brigade Citadel comprises of over 1,300 luxurious two and three-bedroom homes which are competitively priced, starting at Rs 75 lakh and Rs 99 lakh, respectively. 

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Man Industries secures order worth Rs 250 crore

Pipe manufacturer Man Industries (India) Ltd announced that it has secured orders worth Rs 250 crore. The orders will be executed over the next 5 months. Man Industries is the flagship company of Man Group and is one of the largest players in longitudinal submerged arc welding (LSAW) pipes, spirally welded pipes, and coating systems.

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