craftsman automation Archives

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

PVR Q2 Results: Net loss at ₹71 crore

PVR Ltd reported a net loss of ₹71.23 crore for the quarter ended September (Q2 FY23). It posted a net loss of ₹153.3 crore in the corresponding quarter last year (Q2 FY22). The multiplex operator’s revenue from operations jumped 5x YoY to ₹686 crore in Q2 FY23. EBITDA rose 95.85% YoY to ₹170 crore. PVR’s total expenses stood at ₹813.33 crore in Q2, up 76.4% YoY.

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Biocon signs pact with Yoshindo to commercialise two biosimilar assets

Biocon Biologics has entered into a strategic out-licensing agreement with Japanese pharma company Yoshindo Inc. for commercialising bUstekinumab and bDenosumab (two of its biosimilar assets) in the Japanese market. As part of the agreement, Yoshindo will get exclusive commercialisation rights for the two biosimilars in Japan for an addressable market opportunity of over $700 million. Biocon Biologics is a subsidiary of pharma major Biocon Ltd.

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Snowman Logistics launches 5PL operations in India

Snowman Logistics Ltd has launched Fifth-Party Logistics or 5PL services in India. It is the first company to introduce this service in the cold chain logistics and supply chain management sector in India. Snowman Logistics will now provide distribution and consolidation services (including sourcing on behalf of customers) along with the existing range of 3PL services of transportation and warehousing.

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Craftsman Automation Q2 Results: Net profit rises 25% YoY to ₹62 crore

Craftsman Automation Ltd reported a 25% YoY increase in consolidated net profit to ₹62.48 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 35.97% YoY to ₹776.24 crore during the same period. The company’s revenue from the automotive powertrain segment rose 29.46% YoY to ₹378.18 crore, while sales from aluminium products segment stood at ₹196.34 crore, up 39.53% YoY.

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JSW Steel, Smartex to explore low-emission steel production

JSW Steel Ltd has signed a Memorandum of Understanding (MoU) with Smartex to explore low-emission steel production aiming at decarbonisation of the steel sector in India. The two companies will explore the potential to promote innovation and turnkey approaches— from financing to technology availability and market access.

Smartex has launched the Financing Steel Decarbonisation (FSD) initiative. They aim to create a $1 billion Steel Decarbonisation Fund (SDF) and an eco-system to support steel industry decarbonization.

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ACC Q3 Results: Net loss at ₹87.35 crore

ACC Limited reported a consolidated net loss of ₹87.35 crore for the quarter ended Sept (Q3 CY22). The cement maker follows the January-December financial year cycle. It posted a net profit of ₹450 crore in the corresponding quarter last year (Q3 CY21). Net sales stood at ₹3,910 crore in Q3 CY22, up 7% YoY. Total expenses rose 30% YoY to ₹4,162 crore during the same period.

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Ericsson partners with Jio to build 5G standalone network

Telecom gear maker Ericsson on Monday announced a long-term strategic 5G contract with Reliance Jio to roll out a 5G standalone (SA) network in India. This is the first partnership between Jio and Ericsson for radio access network deployment in the country. Jio’s standalone 5G network deployment modernises the network infrastructure to deliver a transformative 5G experience to consumers and enterprises.

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Zydus Lifesciences gets USFDA approval for two generic drugs

Zydus Lifesciences Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market its generic versions of Valbenazine capsules and Roflumilast tablets. Valbenazine capsules are indicated for the treatment of tardive dyskinesia (uncontrolled movement of face or tongue). Roflumilast tablets are used for reducing the risk of chronic obstructive pulmonary disease.

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Bank of Maharashtra Q2 Results: Net profit doubles to ₹535 crore

Bank of Maharashtra reported a 103% YoY jump in net profit to ₹535 crore for the quarter ended Sept (Q2 FY23). The net interest income (NII) grew 26% YoY to ₹1,887 crore during the same period. [NII is the difference between the interest income a bank received on loans and the interest it pays depositors.] The gross non-performing assets ratio (GNPA) improved to 3.4% in Q2, compared to 3.74% in Q1. Provisions fell 42% YoY to ₹532 crore in Q2 FY23.

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Sunteck Realty’s pre-sales up 24% in Q2

Realty developer Sunteck Realty Ltd reported a 24% year-on-year (YoY) growth in its pre-sales at ₹337 crore in Q2 FY23. Total collections for the quarter rose 60% YoY to ₹331 crore. The company acquired a land parcel spread over 7.25 acres in Mira Road’s Beverly Park locality (Mumbai) in Q2. Sunteck Realty’s total pre-sales performance in the first half of the financial year (H1 FY23) stood at ₹670 crore, up 49% YoY.

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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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