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Adani Ports Cargo Volumes Rise 24% in Sept – Top Indian Market News

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Adani Ports cargo volumes rise 24% in September

Adani Ports & Special Economic Zone Ltd (APSEZ) handled total cargo volumes of 23.08 million metric tonnes (MMT) in September 2021, registering a growth of 24% year-on-year (YoY). The company’s container segment grew 18%, other bulk cargo by 22%, coal by 16%, and crude by 9% during the same month. During the first half of the financial year 2021-22, APSEZ handled an overall cargo volume of 160 MMT, which is a growth of 64% YoY.

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CEAT acquires 26% stake in Cleanwin Energy

CEAT Ltd has signed a Limited Liability Partnership (LLP) agreement with Yellowstone Clean Energy LLP to invest up to Rs 60 lakh in Cleanwin Energy Five LLP. Cleanwin owns, operates, and maintains a captive wind power generating plant in Maharashtra. The renewable energy unit will supply 5 megawatts (MW) of electricity on a captive basis to CEAT plants in Bhandup and Nashik. The tyre manufacturer will hold a 26% stake in Cleanwin Energy Five.

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Tata Communications, Cisco expand global strategic partnership

Tata Communications has extended its longstanding global strategic partnership with Cisco. The new agreement will empower enterprises with simple and easy to deploy, manage, and analyze IT infrastructure for delivering anywhere, anytime access. Cisco’s Meraki solution will enable Tata Communications to offer cloud-managed Wi-Fi services based on Wi-Fi 6 and Software-Defined Wide Area Network (SD-WAN) services across various industries.

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Man Infra’s board approves issue of bonus shares

The Board of Directors of Man Infraconstruction Ltd has approved the issue of bonus shares in the ratio 1:2. One equity share of the face value of Rs 2 each will be issued for every two equity shares of Rs 2 each held by shareholders of the company. The board has also declared an interim dividend of Rs 1.26 per share for the financial year 2021-22. Man Infra’s board has fixed October 14 as the record date for the interim dividend.

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KPIT Tech to boost investments in software-defined vehicle solutions

KPIT Technologies Ltd will make significant investments in middleware technologies and infrastructure to accelerate clients’ transformation to software-defined vehicles across both passenger and commercial vehicle segments. The company intends to develop and enhance technologies and infrastructure to help original equipment manufacturers (OEMs). It aims to address the emerging challenges through solutions in software integration and architecture consulting to help OEMs accelerate the stitching of diverse components together.

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UPL threatened with criminal probe after South African pollution

According to a report from South Africa’s environment department, UPL Limited illegally stored hazardous chemicals that were released into a residential area and a river system after its warehouse in Durban was looted and set ablaze in July 2021. The report further states that UPL did not have any appropriate permits. A criminal investigation is likely to be initiated on the company and the owners of the land where the warehouse is situated. UPL has denied any wrongdoing and said it was “disappointed” by the release of the report.

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Max Healthcare plans Rs 1,600 crore investment to add 1,000 beds in Gurugram

Max Healthcare Institute Ltd (MHIL) plans to invest ~Rs 1,600 crore to expand its capacity in the National Capital Region (NCR) by adding 1,000 beds over the next 4-6 years in Gurugram. The expansion plan is proposed to be funded by internal accruals, borrowings, and other modes. Two land parcels have been allotted to MHIL by Haryana Shahri Vikas Pradhikaran (HSPV) to set up two hospitals in Gurugram.

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Welspun India partners with Dupont Biomaterials to launch home textile range

Welspun India, in collaboration with DuPont Biomaterials, has launched a new home textile collection. It includes bath towels and bed sheets made with bio-based materials to meet the growing demand for sustainable home textile products. The collaboration brings together cotton and DuPont Sorona fibres to create home textile fabrics. The fabrics used in the new range provide comfort and moisture management.

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JK Lakshmi Cement halts production at Chhattisgarh plant due to strike

JK Lakshmi Cement has suspended production at its plant in Durg, Chhattisgarh, due to a strike called by Chhattisgarh Cement Transport Association. Dispatches from the Durg cement plant have completely stopped. Industry-wide negotiations are being held with the state government, and the company is hopeful of an amicable solution soon. The Durg plant has a production capacity of nearly 2.7 million tonnes per annum (MTPA).

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Divi’s Labs hits record high on Merck’s positive data for Covid-19 drug 

Shares of pharma company Divi’s Laboratories surged 10% today. The stock is in focus as the company is MSD’s authorised manufacturer for Molnupiravir API. As per a planned interim analysis of data from Phase-3 clinical trials by Germany-based Merck, Molnupiravir drug is found to reduce the risk of hospitalisation or death by approximately 50% of those most at risk of contracting Covid-19. The drug also demonstrated consistent efficacy across SARS CoV2 variants Gamma, Delta, and Mu.

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Divi’s Labs Reports 13% YoY Rise in Net Profit in Q1 – Top Indian Market News

Divi’s Labs Q1 Results: Net profit rises 13% YoY to Rs 557 crore

Divi’s Laboratories Ltd reported a 13.2% YoY increase in consolidated net profit to Rs 557.11 crore for the quarter ended June (Q1 FY22). Net profit has increased by 10.9% when compared to the previous quarter. Its total income rose 14.2% YoY (or 10.2% QoQ) to Rs 1,997 crore during the same period. The pharma company’s foreign exchange (forex) gain stood at Rs 20 crore in Q1, compared to Rs 5 crore in the corresponding quarter last year.

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PM Modi pushes for higher exports in post-pandemic world

Prime Minister Narendra Modi has asked industry representatives in India to look at ways to increase exports. This move could help boost employment in our economy, which is still recovering from a Covid-19-induced slowdown. The Central government has set a target of $400 billion worth of merchandise exports in the current financial year (FY22). India has met nearly a third of its annual target in the first four months of FY22.

“At present, our exports are about 20% of GDP. Considering the size of our economy, our potential, the base of our manufacturing and service industry, it has the potential to grow a lot,” said PM Modi.

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Bank of Baroda Q1 Results: Net profit at Rs 1,208 crore

Bank of Baroda reported a standalone net profit of Rs 1,208 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 864 crore in the corresponding quarter last year (Q1 FY21). Net interest income (NII) increased by 15.7% YoY to Rs 7,892 crore in Q1 FY22. The gross non-performing assets (GNPA) ratio stayed flat at Rs 8.86% compared to the previous quarter. Bank of Baroda’s provisions fell 23% YoY to Rs 5,349 crore in the April-June quarter of FY22.

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Johnson & Johnson’s Covid-19 vaccine gets approval for emergency use in India

Global healthcare major Johnson & Johnson (J&J) has received Emergency Use Authorisation (EUA) for its single-dose Covid-19 vaccine in India. The vaccine will be brought to our country through a supply agreement with homegrown vaccine marker Biological E Limited. Studies have shown that J&J’s vaccine is 66% effective in preventing cases of moderate-to-severe illness and 85% effective against severe cases of Covid-19.

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Affle India Q1 Results: Net profit rises 90% YoY to Rs 35 crore

Affle (India) Ltd reported a 90.3% YoY increase in consolidated net profit to Rs 35.72 crore for the quarter ended June (Q1 FY22). Net profit has declined by 38.9% when compared to the previous quarter. Its revenue from operations rose 69.85% YoY to Rs 152.47 crore during the same period. Affle (India) is a leading provider of mobile advertising services through information technology and software development services.

Power Mech Projects: Net profit declined by 12% QoQ to Rs 31 crore

Power Mech Projects Ltd reported an 11.86% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 31.43 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 32.6 crore in the corresponding quarter last year (Q1 FY21). Its total income fell 17.35% QoQ (but increased by 126.8% YoY) to Rs 628.05 crore during the same period. 

Amber Enterprises Q1 Results: Net profit falls 83% QoQ to Rs 12 crore

Amber Enterprises India Ltd reported an 83.5% QoQ decline in consolidated net profit to Rs 12.42 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 22.4 crore in the corresponding quarter last year (Q1 FY21). Its total income fell 55.5% QoQ (but increased by 172.4% YoY) to Rs 715.02 crore during the same period. Amber Enterprises provides solutions to air conditioner original equipment manufacturers (OEMs) and original design manufacturers (ODMs) in India.

Quick Heal Technologies Q1 Results: Net profit falls 75% YoY to Rs 6.18 crore

Quick Heal Technologies Ltd reported a 75.23% YoY decline in consolidated net profit to Rs 6.18 crore for the quarter ended June (Q1 FY22). Net profit has declined by 84.44% when compared to the previous quarter. Its total income fell 23.5% YoY (or 45% QoQ) to Rs 61.03 crore during the same period. Pune-based Quick Heal Tech is a leading IT security solutions company.

DCB Bank Q1 Results: Net profit falls 57% YoY to Rs 33 crore

DCB Bank reported a 57.4% YoY decline in consolidated net profit to Rs 33.76 crore for the quarter ended June (Q1 FY22). Net profit has declined by 56.7% when compared to the previous quarter. Its total income rose 1.5% YoY to Rs 965.67 crore during the same period. The gross non-performing assets (GNPA) ratio increased to 4.87% in Q1 FY22, compared to 2.44% in Q1 FY21 and 4.09% in Q4 FY21. Provisions for bad loans stood at Rs 155.54 crore in the April-June quarter of FY22, up 85% YoY.

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Dodla Dairy Q1 Results: Net profit rises 12% YoY to Rs 36 crore

Dodla Dairy Ltd reported an 11.9% YoY increase in consolidated net profit to Rs 36.07 crore for the quarter ended June (Q1 FY22). Net profit has jumped 276.5% when compared to the previous quarter. Its total income rose 12.8% YoY to Rs 514.65 crore during the same period. Dodla Dairy is an integrated dairy company based in South India. It produces and sells milk, ghee, flavoured milk, curd, etc.

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Bank of Baroda Reports Net Loss of Rs 1,046 crore in Q4 – Top Indian Market News

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

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

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

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

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

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

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

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

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

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

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

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

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Zydus Cadila gets USFDA approval to market Fluphenazine Hydrochloride tablets 

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

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

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

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

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

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

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

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

Nazara Technologies Q4 Results: Net profit at Rs 3.15 crore

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

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JK Cement Posts 74% YoY Jump in Profits to Rs 217 crore – Top Indian Market News

JK Cement Q3 Results: Net profit rises 74% YoY to Rs 217 crore

JK Cement Ltd reported a 74.82% YoY increase in consolidated net profit to Rs 217.28 crore for the quarter ended December (Q3). Its revenue from operations rose 24.52% YoY to Rs 1,832.71 crore during the same period. JK Cement’s board has approved the setting up of an integrated greenfield grey cement plant of 4 million tonnes per annum by its wholly-owned subsidiary Jaykaycem (Central) Ltd at Panna, Madhya Pradesh.

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Delhi Govt floats tender to set up 500 EV charging points at 100 locations

Delhi Power Minister Satyender Jain announced that the state government has floated a tender to set up 500 electric vehicle (EV) charging points at 100 locations. The estimated timeline to complete the project is one year. Earlier this week, Delhi Chief Minister Arvind Kejriwal launched ‘Switch Delhi’, an awareness campaign that aims to sensitize citizens about the benefits of switching to EVs. The Delhi government plans to ensure that 25% of new vehicles will be electric by 2024.

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BHEL Q3 Results: Net loss at Rs 217 crore 

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 217 crore for the quarter ended December (Q3). It had posted a net profit of Rs 161.81 crore in the corresponding quarter last year. The state-run company’s revenue declined 21.6% YoY to Rs 4,451.4 crore in Q3 FY21. BHEL said its operations had recovered as compared to the previous quarter (Q2), but pre-Covid levels are yet to be achieved.

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Punjab & Sind Bank Q3 Results: Net loss at Rs 2,375 crore

Punjab & Sind Bank reported a net loss of Rs 2,375.53 crore for the quarter ended December (Q3). It had posted a net loss of Rs 255.49 crore in the corresponding quarter last year. Net income fell 9.1% YoY to Rs 1,763.10 crore during the October-December period (Q3 FY21). The bank’s gross non-performing assets (NPAs) remained high at 13.14%, compared to 13.58% in Q3 FY20. Provisions for bad loans and contingencies increased to Rs 2,924.69 crore, compared with Rs 494.30 crore in Q3 FY20.

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VRL Logistics Q3 Results: Net profit rises 54% YoY to Rs 40 crore

VRL Logistics Ltd reported a 54% YoY increase in net profit to Rs 39.74 crore for the quarter ended December (Q3). Its revenue rose 1.11% YoY to Rs 563.42 crore during the same period. The company’s board has approved a proposal to buyback shares (of the face value of Rs 10 each) at Rs 300 per share. The maximum buyback size will be Rs 60 crore.

Affle India Q3 Results: Net profit roses 43% YoY to Rs 30 crore

Affle India Ltd reported a 43.08% YoY increase in net profit to Rs 30.69 crore for the quarter ended December (Q3). Its revenue rose 59.32% YoY to Rs 150.49 crore during the same period. Affle India is a global technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising. 

Divi’s Labs Q3 Results: Net profit rises 31% YoY to Rs 471 crore

Divi’s Laboratories reported a 31.05% YoY increase in net profit to Rs 470.62 crore for the quarter ended December (Q3). The drug firm’s revenue rose 22% YoY to Rs 1,720.76 crore during the same period. In December 2020, Divi’s Labs became the second listed pharma company in India after Sun Pharma to cross the Rs 1 lakh crore market capitalisation mark.

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AstraZeneca gets DCGI approval for Dapagliflozin tablets

AstraZeneca Pharma India said it has received approval from the Drugs Controller General of India (DCGI) for Dapafliflozin tablets 10mg. The tablets are used for the treatment of patients with chronic kidney disease.

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Tanla Platforms Q3 Results: Net profit jumps multi-fold to Rs 93 crore

Tanla Platforms Ltd reported a multi-fold increase in net profit to Rs 93.52 crore for the quarter ended December (Q3). It had posted a net profit of Rs 68 lakh during the corresponding quarter last year. The company’s revenue rose 21.35% YoY to Rs 654.11 crore in Q3 FY21. Tanla Platforms is a cloud communications provider based in Hyderabad.

CARE Ratings Q3 Results: Net profit rises 7% YoY to Rs 18 crore

CARE Ratings Ltd reported a 6.95% YoY increase in consolidated net profit to Rs 18.63 crore for the quarter ended December (Q3). Its revenue declined by 0.91% YoY to Rs 55.60 crore during the same period. The company’s core ratings and review business has fallen on a year-on-year basis. The Board of Directors of the credit rating agency has declared an interim dividend of Rs 3 per share.

Birlasoft Q3 Results: Net profit rises 33% YoY to Rs 96 crore

Birlasoft Ltd reported a 32.6% YoY increase in consolidated net profit to Rs 96.3 crore for the quarter ended December (Q3). Its revenue from operations grew 5.7% YoY to Rs 72.6 crore during the same period. The IT services company signed deals worth $109 million (~Rs 793 crore) in total contract value (TCV) during the quarter. Its active client count was at 295.

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India’s Manufacturing PMI Falls to 3-month Low – Top Indian Market News

India’s manufacturing PMI falls to 3-month low

Factory activity in India fell to its lowest in three months (in November), which reflects a slower increase in sales and production. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has declined from 58.9 in October to 56.3 in November. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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Dr. Reddy’s and RDIF begin clinical trials for Sputnik-V vaccine in India

Dr. Reddy’s Laboratories and the Russian Direct Investment Fund (RDIF) has commenced Phase 2/3 clinical trials for the Sputnik-V vaccine in India. The clinical trials are being conducted by JSS Medical Research. Dr. Reddy’s plans to administer the vaccine to 100 volunteers in phase 2 and 1,400 volunteers for the last stage. The company also expects the clinical trials to be completed by March.

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Auto companies report strong sales performance

The sales data of major auto companies for the month of November was released today. Hero MotoCorp reported a 14% YoY growth in overall sales and had sold 5.91 lakh units in November. Tata Motors posted a 26% YoY rise in domestic sales. TVS Motor witnessed an overall sales growth of 21% YoY at 3.2 lakh units. The farm equipment sales of Mahindra & Mahindra jumped 56% YoY in November.

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Bajaj Auto, Pierer Industrie AG start preliminary talks on stake transfer

Bajaj Auto Ltd has started a preliminary discussion with its Australian partner, Pierer Industrie AG, for simplifying their shareholding pattern in KTM. At present, Pierer Mobility AG (PMAG) and Bajaj Auto’s subsidiary (Bajaj Auto International Holdings BV) hold 51.7% and 48%, respectively, in KTM AG. Pierer Industrie is the parent company of PMAG and holds 60% in the company.

As part of the proposed transaction, Bajaj Auto will swap its 48% stake in KTM AG for a stake in PMAG. Then, both Pierer Industrie and Bajaj will move their stakes in PMAG to a new holding company.

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Divis Labs to start construction of Unit-III facility in Andhra Pradesh on Dec 7

Divis Laboratories stated that the construction of its Unit-III facility in Kona Forest, near Kakinada in Andhra Pradesh, will commence on December 7. The company will invest Rs 1,500 crore in a phased manner for the implementation of its Unit-III facility. The operations are likely to commence within 12-18 months for the first phase of the project.

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TVS Motor acquires Intellicar Telematics for Rs 15 crore

TVS Motor Company Ltd has acquired Bengaluru-based Intellicar Telematics Pvt Ltd for Rs 15 crore. Intellicar provides advanced fleet management solutions through its integrated platform. It also has strong analytics and data management capabilities. This move will help TVS Motor to accelerate its ongoing digital initiatives for delivering enhanced customer experience.

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Mindtree partners with Databricks to offer cloud-based data intelligence

Mindtree Ltd has partnered with US-based Databricks, a data and AI company, to help customers implement cloud-based data platforms for advanced analytics. The partnership will help organizations to accelerate their digital adoption journey and drive far-reaching business impact for customers. It will enable the seamless implementation of self-service analytics to improve data-driven decision making.

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LTI selects Temenos to launch digital banking platform in the Nordic market

Larsen & Toubro Infotech (LTI) has partnered with Temenos to launch a digital banking platform in the Nordic region. The Nordic region consists of countries such as Denmark, Finland, Iceland, Norway, etc. The platform will help to modernize core banking systems and help financial institutions to reduce costs. Temenos India Pvt Ltd is a leading banking software company based in Bengaluru.

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PNC Infratech wins EPC project in Andhra Pradesh

PNC Infratech Ltd has received a letter of acceptance (LoA) from the Andhra Pradesh Water Resources Department for an engineering, procurement, and construction (EPC) project. The cost of the project is Rs 1,000 crore. The order is for the upgradation of a canal system from Pothireddypadu Head Regulator and BCR Complex in Andhra Pradesh.

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Sequent Scientific launches veterinary medicine in 19 European countries

Sequent Scientific Ltd announced the launch of veterinary medicine (Halofusol) in 19 European countries. The product had recently received approval from the European Medicines Agency (EMA), through its Spanish subsidiary- Laboratorios Karizoo, S A. The company has also stated plans to extend the launch to other geographies.

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