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HDFC Life Posts 15% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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Here are some of the major updates that could move the markets tomorrow:

HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore

HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.

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India’s trade deficit eases in September

India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.

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Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU

Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.

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Glenmark Pharma’s biotech arm licences its immunology portfolio

Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.

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Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US

A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.

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Tata Steel plans to meet 25% of energy needs via green sources

Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.

IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet

As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.  

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Bajaj Electricals secures ₹564 crore order from Power Grid

Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months. 

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Ashok Leyland’s Net Profit Falls 17% YoY to Rs 751Cr in Q4 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Ashok Leyland Q4 Results: Net profit falls 17% YoY to Rs 751 crore

Ashok Leyland reported a 17% YoY decline in net profit to Rs 751 crore for the quarter ended March (Q4 FY23). Its total operating revenue increased by 33% YoY to Rs 11,626 crore during the same quarter. EBITDA stood at Rs 1,276 crore, up 64% YoY. The company’s board has recommended a dividend of Rs 2.6 per equity share.

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PVR Inox to invest Rs 700 crore to set up new screens, retrofit old ones

PVR Inox intends to invest Rs 700 crore in FY24 to add 175 new screens and upgrade existing ones. The expansion plan aims to counter losses at certain locations. According to the company, the cinema business is recovering, prompting the company’s aggressive expansion strategy. Currently, the company is making plans to expand to a number of Tier-2 and Tier-3 cities such as Rourkela, Bhubaneswar, etc.

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Trent incorporates new JV company with MAS Fashion to manufacture intimate apparel in India

Trent Ltd has formed a 50:50 joint venture called Trent MAS Fashion Private Ltd. with MAS Amity Pte Ltd. The new entity will focus on designing, developing, and manufacturing intimate apparel and related products in India. The partnership aims to source and manufacture lingerie, activewear, and other products in the country.

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Zurich DIFC deploys TCS solution for automating business process solutions

Tata Consultancy Services (TCS) will offer business process solutions to Zurich Insurance Company DIFC through its product TCS BaNCS. The aim is to automate processes, expedite claim settlement and accounting closure, and maintain data consistency. TCS BaNCS for Property and Casualty, a comprehensive insurance solution suite, will enable growth and transformation for Zurich DIFC.

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JSW Energy Q4 Results: Net profit falls 68% YoY to Rs 272 crore

JSW Energy reported a 68% YoY decline in consolidated net profit of Rs 272 crore for the quarter ended March (Q4 FY23). However, its consolidated operating revenue rose 9.38% YoY to Rs 2,670 crore during the same quarter. EBITDA stood at Rs 745 crore, down 34% YoY. The company’s board has recommended a dividend of Rs 2 per equity share.

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Wipro expands Google Cloud tie-up to extend generative AI tools to clients

Wipro Ltd has partnered with Google Cloud to offer generative AI tools to its clients. It will integrate Google Cloud’s suite of AI tools with its own intellectual property and industry solutions. Additionally, Wipro plans to train 20,000 associates on Google Cloud’s generative AI technologies, enabling them to implement secure and scalable AI-led transformations for clients.

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Bajaj Electricals Q4 Results: Net profit jumps 32% YoY to Rs 52 crore

Bajaj Electricals reported a 32% YoY jump in net profit to Rs 52 crore in Q4 FY23. Its revenue increased 11% YoY to Rs 1,490 crore during the same quarter. EBITDA stood at Rs 86 crore, up by 36% YoY. The company’s board has recommended a final dividend of Rs 4 per equity share.

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Paytm launches UPI SDK to enable customers to pay directly within the merchant app

Paytm has launched Paytm UPI SDK, enabling online merchants to accept UPI payments within their mobile apps. Customers can make direct payments from their bank accounts without leaving the merchant app, using their UPI PIN. The feature also allows customers to check balances, create VPA handles, and manage UPI accounts within the merchant app. This offering is part of Paytm’s UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank.

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Venus Remedies gets GMP certificate from Kenya for all Baddi facilities

Venus Remedies received a GMP certification from the Kenyan Health Ministry for its production facilities in Baddi. The certification expands the company’s market potential in Kenya, estimated at $780 million. It covers the manufacturing of antibiotics and oncology products in various forms. With this, the number of international GMP certifications for Venus Remedies has gone up to 25.

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ICICI Bank, Axis Bank to Acquire Stake in IOCL’s JV – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

ICICI Bank, Axis Bank to acquire stake in IOCL’s JV

ICICI Bank, Axis Bank, and SBI Life Insurance will acquire a 10% stake each in a proposed joint venture (JV) of Indian Oil Corporation Ltd (IOCL) and Chennai Petroleum. The target entity will be incorporated through seed capital of ₹5 lakh each from the three entities. The JV aims to set up a 9 million metric tonne per annum refinery at Nagapattinam, Tamil Nadu.

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Tata Consumer to buy Bisleri International for ₹7,000Cr: Report

According to an Economic Times report, Tata Consumer Products Ltd (TCPL) will acquire Bisleri International for an estimated ₹6,000-7,000 crore. Ramesh Chauhan, chairman of Bisleri, does not have a successor to take his company to the next level. Bisleri is India’s largest packaged water company. It is expected to report a turnover of ₹2,500 crore and a profit of ₹220 crore in FY23.

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Canara Bank launches Electronic Bank Guarantee with NeSL

Canara Bank has launched an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Ltd (NeSL). With this, the lender now offers an API-based digital workflow of bank guarantees. This platform offers greater transparency, better monitoring triggers, and secured transmission of bank guarantees to beneficiaries.

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Bajaj Electricals partners with Cultinno to kick off innovation challenge

Cultinno has partnered with Bajaj Electricals Ltd to launch the ‘Bajaj Cultinno Challenge’. The two entities are trying to find a solution that will keep water heaters operational despite being under high TDS (total dissolved solids) conditions. Mumbai-based Cultinno is a social impact initiative aimed at driving a culture of innovation

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USFDA issues 8 observations to Lupin’s drug, API production facilities in Mandideep plant

The US Food & Drug Administration (USFDA) has issued Form-483 with eight observations each for Lupin Ltd’s product and raw material production centres at its facility in Mandideep (Madhya Pradesh). Form 483 is issued when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and related Acts.

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Coal stock at thermal power plants may reach 45 MT by March-end

The Indian government is planning to increase coal stock at thermal power plants to 45 million tonnes (MT) by March-end. The Ministry of Coal further plans to increase the stock of fossil fuel at the pithead. The total coal output in the country stands at 448 MT as of October, 18% higher than the production in the corresponding period of FY22. The growth of coal production from Coal India Ltd (CIL) is also more than 17% YoY.

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Cipla’s Goa unit continues to be classified as ‘Official Action Indicated’

Cipla Ltd has received a notice from the USFDA stating that the classification of its manufacturing facility in Goa continues to be ‘Official Action Indicated’ (OAI). USFDA may continue to withhold product approvals from this facility till the outstanding observations are resolved. Cipla said it is working closely with USFDA and is committed to addressing all issues at the earliest. 

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Sonata Software secures multi-year deal from Global Cloud Xchange

Global Cloud Xchange (GCX) has selected Sonata Software as its technology and business transformation partner in a multi-million, multi-year deal. Sonata will help GCX migrate from legacy technology and platforms while enabling strategic business transformation. GCX is a network service company powering digital transformation for enterprises, new media providers, and telecom carriers.

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L&T Construction secures order from Greenko Group

Larsen & Toubro’s construction arm has secured a significant order (in the range of ₹1,000-2,500 crore) from leading global renewable energy company Greenko Group. The order is for the development of an off-stream pumped storage project in Madhya Pradesh. The Gandhisagar Pumped Storage Project (PSP) will be designed to meet a pumped storage capacity of 10,080 megawatt-hours (MWHr).

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Laurus Labs to acquire 26% stake in Ethan Energy

Laurus Labs will acquire a 26% stake in solar charger manufacturer Ethan Energy India Pvt Ltd at ₹52.70 per share. The total number of shares to be bought by Laurus Labs will be 7.4 lakh. With this acquisition, the pharma company will be able to consume 100% of Ethan Energy’s 10 MW solar energy plant.

FDI equity inflows fall 24% YoY in Q2: DPIIT

Foreign direct investment (FDI) equity inflows into India fell nearly 24% year-on-year (or 37% QoQ) to $10.3 billion in the September quarter (Q2). In the first half of FY23, FDI equity inflows fell 14% YoY to $26.91 billion. The data was released by the Department for Promotion of Industry & Internal Trade (DPIIT). 

Globally, FDI inflows rebounded in 2021 from pandemic lows. However, it has fallen in 2022 following the start of the Russia-Ukraine war and tight monetary policies in FDI-source countries.

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Macrotech Developers to Launch 16 Projects Worth ₹10,300Cr – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Macrotech Developers to launch 16 projects worth ₹10,300 crore in H2 FY23

Realty firm Macrotech Developers Ltd (Lodha) plans to launch 16 new projects in the second half (H2) of FY23 with an estimated sales potential of ₹10,300 crore as it seeks to tap rising housing demand. These projects would be a mix of fully-owned and joint development with landowners. The company has delivered more than 89 million square feet of real estate and is developing around 100 million sq. ft. under its ongoing and planned portfolio.

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MRF Q2 Results: Net profit falls 32% YoY to ₹130 crore

MRF Ltd reported a 32% year-on-year (YoY) decline in consolidated net profit to ₹130 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 18.7% YoY to ₹5,826 crore during the same period. The tyre manufacturer’s total expenses stood at ₹5,730 crore, up 21% YoY. MRF’s board has declared an interim dividend of ₹3 per share.

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Arvind Q2 Results: Net profit rises 79% YoY to ₹125 crore

Textile manufacturer Arvind Ltd reported a 79% YoY increase in consolidated net profit to ₹125.02 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 2.9% YoY to ₹2,169.81 crore during the same period. The company’s total expenses stood at ₹2,072.45 crore in Q2, up 3.5% YoY. Revenue from its textiles segment rose 1.8% YoY to ₹1,758.98 crore.

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Godrej Properties acquires 12-acre land parcel in Pune

Godrej Properties Ltd has acquired a 12-acre land parcel in the Mundhwa locality of Pune. The company is planning to develop a premium group housing project in this land parcel. The project will have a developable potential of around 2.2 million sq. ft. with an estimated revenue potential of around ₹2,000 crore based on the current business assumptions.

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Bajaj Electricals Q2 Results: Net profit flat at ₹62 crore

Bajaj Electricals Ltd reported a net profit of ₹62 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹62.55 crore in Q2 FY22. Its revenue from operations fell 6.41% YoY to ₹1,201.14 crore in Q2 FY23. The company’s revenue from the consumer products segment fell 2.45% YoY to ₹882.87 crore. Total expenses stood at ₹1,159.22 crore in Q2, down 6.81% YoY.

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Aurobindo Pharma units recall products in US market for manufacturing issues

Aurobindo Pharma Ltd’s units are recalling different products in the US market for manufacturing lapses. According to the latest Enforcement Report by the US Food & Drug Administration (USFDA), New Jersey-based Aurobindo Pharma USA, Inc. is recalling 9,504 bottles of Quinapril and Hydrochlorothiazide tablets. The tablets (used to treat high blood pressure) were manufactured in India.

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Bosch Q2 Results: Net profit flat at ₹372 crore

Bosch Limited reported a net profit of ₹372.4 crore for the quarter ended Sept (Q2 FY23). It posted a net profit of ₹372 crore in Q2 FY22. The auto component manufacturer’s revenue from operations rose 25.5% YoY to ₹3,662 crore in Q2 FY23. Total expenses stood at ₹3,324.2 crore, up 25.7% YoY.

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Two IPOs to hit the markets tomorrow

Five Star Business Finance Ltd’s IPO is set to open for subscription tomorrow. The company provides secured business loans to micro-entrepreneurs and self-employed individuals. The IPO only consists of an offer for sale (OFS) aggregating to ₹1,960 crore. The company has fixed ₹319-336 as the price band of the IPO.

Archean Chemical Industries Ltd is also launching its IPO tomorrow. The company is a leading speciality marine chemical manufacturer in India. The IPO consists of a fresh issue of equity shares aggregating to ₹805 crore and an OFS aggregating to ₹657.31 crore. The company has fixed ₹386-407 as the price band of the IPO.

Jubilant FoodWorks Q2 Results: Net profit rises 9.8% YoY to ₹131.5 crore

Jubilant FoodWorks Ltd reported a 9.8% YoY increase in consolidated net profit to ₹131.5 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 16.6% YoY to ₹1,301.48 crore during the same period. Total expenses stood at ₹1,153.92 crore, up 19.76% YoY. The company opened 76 new Domino’s stores in Q2, taking the total number to 1,701.

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Godrej Consumer Q2 Results: Net profit falls 25% YoY to ₹359 crore

Godrej Consumer Products Ltd (GCPL) reported a 25% YoY decline in consolidated net profit to ₹358.86 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7% YoY to ₹3,364.45 crore during the same period. GCPL’s total expenses rose 14.41%Y YoY to ₹2,951.38 crore in Q2. Revenue from the Indian market stood at ₹1,985.03 crore, up 8% YoY.

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Cadila Health Reports 29% YoY Rise in Net Profit in Q1 – Top Indian Market News

Cadila Healthcare Q1 Results: Net profit rises 29% YoY to Rs 587 crore

Cadila Healthcare Ltd reported a 29.34% YoY increase in consolidated net profit to Rs 587.2 crore for the quarter ended June (Q1 FY22). Net profit declined by 13.5% when compared to the previous quarter. Its revenue from operations rose 14.5% YoY to Rs 4,025.4 crore during the same period. Revenue from its India business grew 43% YoY to Rs 1,943 crore, while US sales declined by 11% YoY to Rs 1,451 crore in Q1.

The pharma company has also applied to the Drugs Controller General of India (DCGI) for Emergency Use Authorisation (EUA) for its Covid-19 vaccine, ZyCOV-D.

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L&T to divest entire stake in hydroelectric power project to Renew Power

Larsen & Toubro (L&T) has announced the divestment of a 100% stake in the 3×33 megawatt (MW) run of the river hydroelectric power plant owned by L&T Uttaranchal Hydropower Ltd (LTUHPL) to Renew Power Services Pvt Ltd. The sale consideration is Rs 985 crore. This move is in line with the declared L&T focus of divesting non-core assets and improving shareholder value.

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Pidilite Industries Q1 Results: Net profit jumps 721% YoY to Rs 220 crore 

Pidilite Industries Ltd reported a 721.77% YoY jump in consolidated net profit to Rs 220 crore for the quarter ended June (Q1 FY22). Net profit declined by 28.13% when compared to the previous quarter. Its total income rose 116.4% YoY (but declined by 13.7% QoQ) to Rs 1,942.91 crore during the same period. Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, and polymer emulsions in India.

RBL Bank gets accredited as an Agency Bank to RBI

RBL Bank has been empanelled by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Centre and state governments. The authorization will enable the private sector lender to handle a broad range of transactions related to government business, such as distributing subsidies, pension payments, and collecting taxes. With RBI’s accreditation, RBL Bank will be in a position to offer the government cost and time-efficient products and solutions.

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Kitex Garments Q1 Results: Net profit rises 62% YoY to Rs 20.5 crore

Kitex Garments Ltd reported a 62.13% YoY increase in consolidated net profit to Rs 20.51 crore for the quarter ended June (Q1 FY22). Net profit jumped 148.3% when compared to the previous quarter. Its total income rose 71.9% YoY (or 39.5% QoQ) to Rs 159.04 crore during the same period. Kitex Garments is a leading manufacturer of fabric and readymade garments in India.

KFC, Pizza Hut operator Sapphire Foods files IPO papers with SEBI

Sapphire Foods India Ltd has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise funds via an initial public offering (IPO). The company primarily operates KFC and Pizza Hut outlets in India, Sri Lanka, and the Maldives. The IPO will be entirely an offer for sale (OFS) of up to 1.75 crore equity shares by promoters and existing shareholders. Sapphire Foods is the largest franchisee of Yum! Brands in the Indian subcontinent. It is backed by prominent investors such as Goldman Sachs, Samara Capital, and Edelweiss.

Read more here. 

India Cements Q1 Results: Net profit more than doubles to Rs 37 crore

The India Cements Ltd reported a 120% YoY jump in standalone net profit to Rs 37.4 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 35% YoY to Rs 1,022.5 crore during the same period. EBITDA stood at Rs 165 crore, recording a growth of 3.77% YoY. The company’s cement production rose to 1.88 million tonnes (MT) in Q1 FY22, compared to 1.34 MT in Q1 FY21.

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Zomato divests stake in subsidiary NexTable for $100,000

Food tech startup Zomato has divested its stake in step-down subsidiary NexTable Inc for $100,000 (~Rs 74.2 lakh). The company’s step-down subsidiary, Zomato Inc, had entered into a stock purchase agreement with three individuals— Justin Doshi, Thusith Desilva, and Robert Tyree— for the sale of shares held by it in NextTble. US-based NexTable is a cloud-based restaurant reservation and table management platform.

Read more here. 

Bajaj Electricals Q1 Results: Net loss at Rs 22 crore

Bajaj Electricals Ltd (BEL) reported a consolidated net loss of Rs 21.87 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 15.93 crore in Q1 FY21 and a net profit of Rs 54.6 crore in the previous quarter (Q4 FY21). The company’s total income rose 22.3% YoY (but declined by 26.3% QoQ) to Rs 875.36 crore in Q1 FY22. BEL is a leading consumer electrical equipment manufacturing company based in Mumbai. 

BSE issues clarification on circular regarding additional price surveillance measures

Bombay Stock Exchange (BSE) has issued a clarification on its circular on additional price surveillance measures that had triggered a major sell-off in midcap and smallcap stocks over the past two days. BSE clarified that the add-on measures that sought to limit movement in stock prices beyond their price-band limit on a weekly, monthly, and quarterly basis is only limited to X, XT, Z, ZP, ZY, Y group shares exclusively listed on BSE. The new surveillance measure will only be applicable on shares worth Rs 20 or above and having a market capitalisation of less than Rs 1,000 crore. 

[The securities traded on BSE are classified into different groups. You can learn more about it here]

Read more here.

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Tata Power Solar Secures Contract from NHPC – Top Indian Market News

Tata Power Solar secures contract worth Rs 188 crore from NHPC

State-owned NHPC Ltd has awarded an EPC (engineering procurement, and construction) contract worth Rs 188.19 crore to Tata Power Solar Systems (TPSS) to set up a 40 megawatt (MW) solar power project at Ganjam, Odisha. The contract also includes work of associated 220 KV transmission lines for connectivity at 220 KV OPTCL Transmission System, and comprehensive operation & maintenance (O&M) for 10 years. The power generated from this project will be procured by Grid Corporation of Odisha (GRIDCO) for 25 years. TPSS is a wholly-owned subsidiary of Tata Power Ltd.

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Bajaj Electricals Q4 Results: Net profit at Rs 54 crore

Bajaj Electricals reported a consolidated net profit of Rs 54.26 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 81 lakh in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations declined 3.25% YoY to Rs 1,258.47 crore in Q4 FY21. Revenue from its consumer products segment grew 30.6% YoY to Rs 975 crore. Its EPC segment posted a 48.9% YoY decline in revenue to Rs 283 crore during the quarter.

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Finance Ministry planning stimulus package to support economic growth: Report

According to a report from BloombergQuint, India is preparing a stimulus package for sectors worst affected by the deadly second wave of the Covid-19 pandemic. The Finance Ministry is working on proposals to support the tourism, aviation, and hospitality industries, along with small and medium-sized companies. The report further states that discussions are at an early stage, and no timeline for an announcement has been decided.

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Emami Q4 Results: Net profit jumps over three-fold to Rs 88 crore

Emami Limited reported over three-fold (~275%) YoY jump in consolidated net profit to Rs 87.73 crore for the quarter ended March (Q4). Net profit has declined by 58% when compared to the previous quarter. The FMCG firm’s revenue from operations rose 37.2% YoY to Rs 730.76 crore during the same period. The company’s domestic business grew 44% YoY, while its international business grew 28% YoY in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 50% YoY to Rs 454.7 crore.

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LTI launches Operational Technology Transformation solution with ServiceNow

Larsen & Toubro Infotech (LTI) has launched ServiceNow-based Operational Technology (OT) Management solution for the manufacturing industry. The solution aims to address the latent demand of the industry to have digital workflows for OT Service Management. The solution leverages LTI’s tech and domain expertise and the digital workflow enabling capabilities of US-based software company ServiceNow.

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TVS Srichakra Q4 Results: Net profit rises 44% YoY to Rs 35 crore

TVS Srichakra Ltd reported a 44.75% YoY increase in consolidated net profit to Rs 35 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 39.52% YoY (or 5.11% QoQ) to Rs 601.99 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 10.23% YoY to Rs 73.92 crore. The tyre manufacturer’s board has declared a dividend of Rs 30 per share.

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Everest Organics launches Posaconazole API to treat Black Fungus

Everest Organics Ltd has announced the successful development of Posaconazole API (Active Pharmaceutical Ingredient), which is used for the treatment of Black Fungus. The pharma company is in the advanced stage of commercializing the drug. Posaconazole is a triazole antifungal agent indicated for treating mucormycosis (or Black Fungus) in post-Covid complications.

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Alkem Lab Q4 Results: Net profit rises 27% YoY to Rs 240 crore

Alkem Laboratories Ltd reported a 27.1% YoY increase in consolidated net profit to Rs 239.99 crore for the quarter ended March (Q4). Net profit has declined by ~46% when compared to the previous quarter. Its revenue from operations rose 7% YoY to Rs 2,192.2 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 40.6% YoY to Rs 1,585 crore. The pharma company’s board has declared a final dividend of Rs 5 per share. 

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HCL Tech to provide digital transformation services to McLaren Health Care

HCL Technologies Ltd has been selected by US-based McLaren Health Care to provide digital transformation and enable higher standards of service to members, providers, and employees. The IT company will deliver its services for all 15 McLaren system hospitals located in Michigan and Ohio. HCL’s services would include managing and transforming the digital infrastructure foundation and the core clinical and non-clinical applications using its DRYICE automation framework. 

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Newgen Software Q4 Results: Net profit rises 27% YoY to Rs 53 crore

Newgen Software Technologies reported a 27.15% YoY increase in consolidated net profit to Rs 52.73 crore for the quarter ended March (Q4). Net profit has risen by 49% when compared to the previous quarter. Its revenue from operations rose 4.79% YoY to Rs 199.98 crore during the same period. Subscription revenues grew 10.5% YoY to Rs 52.3 crore in Q4. The company’s board has recommended a final dividend of Rs 3.5 per share.

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Major fire breaks out at HPCL unit in Visakhapatnam

A major fire broke out at the Hindustan Petroleum Corporation Ltd (HPCL) plant in Visakhapatnam, Andhra Pradesh. The fire erupted in the crude distillation unit in the HPCL old terminal. “A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3 pm on 25th May 2021. Safety measures and firefighting was activated immediately. The fire has been extinguished. There is no casualty and no risk to public. Other Refinery operations are normal,” HPCL said in a tweet.

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CAMS Q4 Results: Net profit rises 40% YoY to Rs 60 crore

Computer Age Management Services (CAMS) reported a 39.62% YoY increase in consolidated net profit to Rs 60.12 crore for the quarter ended March (Q4). Net profit has increased by 6.5% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 203.93 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit rose 19.5% YoY to Rs 205.29 crore. The company’s board has declared a dividend of Rs 11.84 per share.

CAMS is a mutual fund transfer agency. It provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.