Tag: Ipca Labs

Categories
Market News Top 10 News

Disney to Sign Multibillion-Dollar Deal With Reliance – Top Indian Market Updates

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

Disney to sign multibillion-dollar deal with Reliance Industries

Reliance Industries Ltd (RIL) is set to acquire Walt Disney Co’s (WDC) India operations in a cash and stock deal. WDC may sell a controlling stake in the Disney Star business, which it values at around $10 billion (~₹83.1 crore). RIL views the assets at between $7 billion to $ 8 billion. The acquisition could be announced as early as next month as some of Reliance’s media units merged into Disney Star.

Read more here.

Torrent Pharma Q2 Results: Net profit rises 24% YoY to ₹386 crore

Torrent Pharma posted a 24% YoY increase in net profit to ₹386 crore for the quarter ended September (Q2 FY24); beating street estimates. The pharma company posted a net profit of ₹312 crore in Q2 last year. Its total revenue rose 16.1% YoY to ₹2,660 crore in Q2 FY24. EBITDA stood at ₹825 crore, up 36.2% YoY.

Read more here.

Lupin gets USFDA nod to market generic antifungal tablets

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) to market its generic Fluconazole tablets. The drug is used to treat fungal infections. The product will be manufactured at Lupin’s Pithampur facility in Madhya Pradesh. According to IQVIA MAT July 2023 data, the drug had an estimated annual sales of $43 million in the US.

Read more here.

Mahindra Holidays Q2 Results: Net profit falls 48% YoY to ₹21 crore

Mahindra Holidays & Resorts India Ltd (MHRIL) reported a 48% YoY decline in net profit to ₹21 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹40.9 crore in the same period a year ago. Its total revenue rose 10% YoY to ₹655 crore in Q2 FY24. EBITDA stood at ₹136 crore, up 17% YoY.

Read more here.

ONGC wins bid to acquire PTC’s wind power unit for ₹925 cr

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for ₹925 crore as part of its renewable energy portfolio expansion. ONGC already has 189 MW of renewable energy capacity and aims to reach 10 GW by 2030. The acquisition, which has a renewable energy portfolio of 288.8 MW, is subject to the approval of PTC’s shareholders.

Read more here.

Consumer court asks ICICI Bank to pay ₹77,000 for denying reward points

ICICI Bank has been instructed by the District Consumer Disputes Grievance Redressal Commission to pay ₹77,000 to a man from Chennai. The payment is compensation for the denial of reward points by the bank. The bank will pay ₹41,691 in reward points and an additional ₹35,000 for the deficiency in service, compensation for mental agony, and mental agony. 

Read more here.

Adani Power close to taking over Coastal Energen for ₹3,440 crore

Adani Power won a bid to take over bankrupt power company Coastal Energen for ₹3,440 crore. The interest in Coastal Energen (which is undergoing corporate insolvency) is mainly because it is among a few operational power plants for sale. Jindal Power, who also bid for the company, quit the auction.

Read more here.

IPCA Labs’ Ratlam facility gets favourable FDA classification

The USFDA has classified IPCA Laboratories Ltd’s’ Ratlam facility as ‘Voluntary Action Indicated’ (VAI) in its Establishment Inspection Report (EIR). A VAI is generally issued when the response from a plant to certain observations appears satisfactory to the regulator. The facility manufactures Active Pharma Ingredients (APIs). VAI is the second-best classification that a plant can get from the USFDA.

Read more here.

Aurobindo Pharma’s arm gets USFDA nod for testosterone cypionate injection

Aurobindo Pharma’s wholly-owned subsidiary, Eugia Pharma Specialties, has received the final approval from USFDA to manufacture and market the testosterone cypionate injection. This is bioequivalent and therapeutically equivalent to the reference listed drug, depo-testosterone injection. According to IQVIA data, the approved product has an estimated market size of $226.8 million for the 12 months ending August 2023.

Read more here.

BSE revises F&O turnover charges from Nov 1

Bombay Stock Exchange (BSE) has revised transaction charges in the equity derivatives segment, with effect from November 1, 2023. According to a BSE notice, these changes will primarily be levied on S&P BSE Sensex Options, particularly the nearest or immediate expiry contracts. The new transaction fee structure is based on the incremental billable monthly turnover (premium value).

Read more here.

Adani Ports incorporates new subsidiary

Adani Ports & Special Economic Zone Ltd (APSEZL) has incorporated a wholly-owned subsidiary company, “Udanvat Leasing IFSC Limited.” It is involved in the business of owning and leasing aircraft. The new company is situated in GIFT City, Gandhinagar, and is yet to commence operations.

Read more here.

Categories
Market News Top 10 News

HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

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

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

Read more here.

Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

Read more here.

Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

Read more here.

Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

Read more here.

Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

Read more here.

Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

Read more here.

Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

Read more here.

Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

Read more here.

IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

Read more here.

SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

Read more here.

NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Eases to -3.48% in May – Top Indian Market Updates

market updates | marketfeed

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

May WPI inflation falls to -3.48%, lowest since November 2015

According to the Ministry of Commerce, India’s wholesale price index (WPI)-based inflation fell from -0.92% in April to -3.48% in May. WPI is at its lowest level since November 2015, marking the second consecutive month of negative wholesale inflation in India. Food wholesale inflation declined to -1.59%, while inflation in the fuel and power category reached -9.17%. Additionally, inflation in manufactured products decreased from -2.42% to -2.97% in May.

Read more here.

Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana

Indian Oil Corp Ltd (IOCL) plans to establish an 80,000 tonnes sustainable aviation fuel plant in partnership with LanzaJet in Haryana. The project is estimated to require an investment of approximately $280.1 million (~Rs 2,300 crore). IOCL is currently undertaking a pilot project for green fuel in collaboration with Praj Industries in Maharashtra.

Read more here.

Ipca Labs receives 11 observations from USFDA for MP facility

The US Food and Drug Administration (USFDA) has raised concerns about Ipca Laboratories’ manufacturing facility in Ratlam, Madhya Pradesh. During an inspection conducted from June 5 to June 13, the USFDA issued 11 observations about the facility. These observations pertain to compliance with cGMP (Current Good Manufacturing Practices) regulations. This is crucial for ensuring the quality and safety of pharmaceutical products.

Read more here.

Gujarat Pollution Control Board revokes closure order to Heranba Industries

Heranba Industries announced that the Gujarat Pollution Control Board (GPCB) has lifted the order for the closure of its Vapi’s Pant units. The company had previously received an order from the GPCB instructing the prohibition and closure of operations at Unit-I and Unit-II located in Vapi. This development allows the company to resume its operations at the Vapi’s Pant units.

Read more here.

SpiceJet’s financial woes deepen with $15 million judgment in UK court

SpiceJet is facing new troubles as two aircraft leasing companies, GASL Ireland and VS MSN, have obtained a summary judgment of $15 million against the airline in the London High Court. This judgment adds to the existing legal challenges faced by SpiceJet, as three more cases have been filed against the airline in the commercial courts in London. GASL Ireland and VS MSN are expected to seek enforcement of the UK court’s judgment through the National Company Law Tribunal (NCLT) in India.

Read more here.

Ramkrishna Forgings bags order worth 4.5 million euros in Europe

Ramkrishna Forgings has secured a contract worth 4.5 million euros from a well-known European passenger rail coach manufacturer. The contract entails supplying undercarriage parts, and the company expects the contract to be completed within a two-year timeframe. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

Read more here.

KEC International secures orders worth Rs 1,373 crore

KEC International Ltd has secured orders worth Rs 1,373 crore across multiple business segments. The orders include projects in the railways vertical, transmission and distribution (T&D), cable, and civil businesses. In the T&D segment, the company received orders for transmission projects in India and the United States, including a 400 KV transmission line order in India and the supply of towers, hardware, and poles in the US through its subsidiary, SAE Towers.

Read more here.

USFDA concludes inspection at Ahmedabad facility of Zydus Lifesciences with zero observation

Zydus Lifesciences Ltd has received a “Nil observation” from the US Food and Drug Administration (USFDA) for its Zydus Biotech Park in Ahmedabad. This indicates that the facility complies with the current Good Manufacturing Practices (GMP), ensuring the production of safe and effective products. In addition, Zydus Lifesciences has obtained final approval from the USFDA for Varenicline tablets, used to treat smoking addiction.

Read more here.

Anupam Rasayan secures Rs 2,195 crore supply deal from Japanese firm

Anupam Rasayan has secured a supply contract worth Rs 2,186 crore from a prominent Japanese specialty chemical company. The contract involves the supply of a life science active ingredient for five years. The supply is scheduled to begin in 2025. It is subject to successful product validation, which is expected to take place over the next 18 months. Anupam Rasayan will produce the active ingredient in its existing multipurpose manufacturing facilities.

Read more here.

Maruti Suzuki to launch its most expensive car in India

Maruti Suzuki is preparing to launch its most expensive car, ‘Invicto,’ with a starting price of over Rs 20 lakh. The three-row, seven-seater MPV is considered a twin of Toyota’s Hycross. Maruti Suzuki aims to capture a significant portion of the market with the Invicto, which will be available in petrol and hybrid variants. The three-row SUV/MPV segment stood at around 2.58 lakh units in FY22, with vehicles priced over Rs 20 lakh accounting for approximately 1.2-1.25 lakh units.

Read more here.

Categories
Market News Top 10 News

L&T to Build India’s Tallest Commercial Building in Mumbai – Top Indian Market Updates

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

Larsen & Toubro to construct India’s tallest commercial building in Mumbai

Larsen and Toubro (L&T) Construction has secured an order to construct commercial towers in Mumbai. The exact value of the projects has not been disclosed, but they fall within the range of Rs 1,000 crore to Rs 2,500 crore. One of the orders involves building the tallest commercial building in India, with a height of over 300.05 metres. The project includes four-level basements and two towers with 70 and 50 floors, totaling a built-up area of 3.4 million square feet.

Read more here.

Aditya Birla Group forays into branded jewellery retail business

Aditya Birla Group is entering the jewellery retail business with a Rs 5,000 crore investment. This is their third venture in two years, following paints and business to business (B2B) e-commerce. The new business, called ‘Novel Jewels Ltd’, will open big jewellery stores in India and feature their own jewellery brands.

Read more here.

GTPL Hathway plans capex of Rs 1400 crore over the next three years

GTPL Hathway plans to invest Rs 1,400 crore in the next three years in capital expenditure (capex). They will allocate around Rs 450-500 crore annually for capex. The investment will be evenly split between their cable TV and broadband businesses. In FY22, they spent Rs 468.5 crore on capex, with Rs 225 crore for broadband and the remainder for cable TV.

Read more here.

IPCA Labs undergoes crucial USFDA inspection at Ratlam facility amid import alert

The United States Food & Drugs Administration (USFDA) is currently inspecting IPCA Laboratories’ API facility in Ratlam. This inspection is important because the facility has been under import alert since FY15, affecting supplies to the US. Three major facilities of Ipca, including Ratlam, Silvassa, and Pithampur, are still under import alert. In April 2023, the USFDA inspected Ipca’s formulation facility in Silvassa, resulting in three observations.

Read more here.

JK Cement to buy 100% stake in Toshali Cements for Rs 157 crore

JK Cement Ltd announced its plan to acquire a 100% stake in Toshali Cements Private Ltd for Rs 157 crore. The company aims to expand its presence in the eastern region with this acquisition. The Board of Directors approved to sign a Share Purchase Agreement for the acquisition. Toshali currently operates two manufacturing units, one in Odisha with a clinker capacity of 0.33 MTPA and a grinding capacity of 0.198 MTPA.

Read more here.

KEC International receives two orders for train collision avoidance systems

KEC International has received two large orders worth Rs 600 crore for its Train Collision Avoidance System (TCAS) called Kavach. The recent tragic train collision in Odisha has highlighted the urgent need for TCAS implementation. With these orders in hand, the company anticipates more tenders and increased demand for their TCAS systems.

Read more here.

Sonata Software partners with SAP Commerce to drive digital innovation, e-commerce solutions

Sonata Software has partnered with SAP Commerce to drive digital innovation and support businesses. The collaboration aims to offer customized e-commerce solutions and seamless experiences to customers. Sonata Software will provide implementation, customisation, and maintenance services, including integration with third-party systems. The partnership will enable customers to benefit from storefront design, services across multiple channels, and ongoing support and maintenance.

Read more here.

Man Infra receives another redevelopment project in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s subsidiary MICL Creators LLP  has announced a new residential project in Ghatkopar East, Mumbai. By acquiring development rights from neighboring societies, the company will work on a total area of approximately 13 lakh square feet. The project is expected to be completed in the next 3.5 to 4 years, with a saleable carpet area of around 4 lakh square feet.

Read more here.

Bank Nifty weekly options contract to now expire on Fridays

The National Stock Exchange (NSE) has changed the weekly options expiry day for Nifty Bank contracts based on feedback. Starting from July 7, 2023, Nifty Bank’s weekly options contracts will expire on Fridays instead of Thursdays. If Friday is a trading holiday, the expiry will occur on the previous day. Monthly contracts will also expire on the last Friday of each month, except when it coincides with a trading holiday, in which case the expiry will be on the previous Thursday. Existing F&O contracts will have their expiry and maturity dates rescheduled to Fridays from July 6.

Read more here.

Categories
Market News Top 10 News

Manufacturing PMI Rises to 53.7 in September – Top Indian Market News

Manufacturing PMI rises to 53.7 in September 

India’s manufacturing activity expanded for the third straight month in September. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 53.7 in September, compared with 52.3 in August. Companies benefited from strengthening demand conditions amid the easing of Covid-19 restrictions. However, the increase in fuel, raw material, and transportation prices pushed the overall rate of input cost inflation to a five-month high. 

PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.  

Read more here.

Auto sales data for September 2021: Highlights

Maruti Suzuki India posted a 34% month-on-month (MoM) decline in total sales to 86,380 units in September 2021. The fall in sales is mainly due to the global semiconductor shortage. Sales from its utility vehicle segment and exports fell 43% and 14.8%, respectively.  

Tata Motors Ltd registered an 8.16% MoM decline in passenger vehicle sales to 25,370 units in September. The automaker’s commercial vehicle sales increased 11.6% MoM to 33,258 units. Overall domestic sales rose 9.16% MoM to 59,156 units. 

Mahindra & Mahindra’s auto segment posted total sales of 28,112 units in September, a decline of 8% over August. M&M’s farm equipment segment posted an 89% rise in sales to 40,331 units.   

Bajaj Auto Ltd posted a 7.7% MoM increase in total sales to 4,02,021 units. Meanwhile, Escorts posted a 54.8% MoM rise in tractor sales to 8,816 units in September.

Read more here.

Natco Pharma launches Everolimus tablets in the US

Natco Pharma Ltd’s marketing partner, Breckenridge Pharmaceutical Inc., has launched Everolimus tablets 10mg in the US market. The drug is indicated for the treatment of certain types of cancers, tumors, and seizures. According to industry sales data, the generic version of the drug generated annual sales of $392 million (~Rs 2,905 crore) during the twelve months ended July 2021.

Read more here.

Ipca Labs’ US arm acquires further 20% stake in Bayshore Pharma

Ipca Pharmaceuticals Inc., USA has acquired an additional 20% share capital of New Jersey-based Bayshore Pharmaceuticals LLC. The consideration paid for acquiring the stake is $1.2 million (~Rs 8.90 crore). With this acquisition, Bayshore Pharma is now a wholly-owned subsidiary of lpca Pharmaceuticals Inc, USA. The company will continue to commercialise registered generic drug products in the US market through Bayshore.

IEX power market grows 59% in September

Indian Energy Exchange (IEX) traded 8,997 mega unit (MU) electricity volume in September 2021, achieving a 59% YoY growth. The electricity market registered a 57% YoY growth in volumes to 25,857 MU for the quarter ended September (Q2 FY22). The day-ahead market traded 6,418 MU volume in September, with the average monthly price at Rs 4.4 per unit. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 193 MU during the same month, recording 81% YoY growth.

Read more here.

NMDC targets 47 MT iron ore production in FY22

NMDC Limited is aiming to achieve 47 million tonnes (MT) of iron ore production during the current financial year (FY22). The state-owned company will also spend Rs 3,720 crore on capital expenditure. NMDC’s total production in September 2021 stood at 2.69 million tonnes, compared to 1.83 MT in September 2020. Its sales increased by 29% YoY to 2.73 MT in September 2021.

Read more here.

VST Tillers Tractors signs pact with US-based Zimeno

VST Tillers Tractors Ltd (VTTL) has entered into a master service agreement with US-based Zimeno, Inc to develop an integrated tractor powertrain for Zimeno’s electric tractor. VTTL is a leading farm mechanisation player in India, with a dominant market share in the power tiller segment (54% as of FY21). The company also has a market share of 10% in the compact tractor segment.

Read more here.

Ambuja Cements begins commercial production at Marwar plant

Ambuja Cements Ltd has commenced commercial production of clinker and cement at its Marwar greenfield plant in Nagaur, Rajasthan. The investment for this project is around Rs 2,350 crore. The plant will increase Ambuja Cement’s clinker capacity by 3 million tonnes per annum (MTPA) and cement sales by 5 MTPA. The plant has a Waste Heat Recovery System (WHRS) that converts waste heat derived during the production process into energy.

Read more here.

Oyo files DRHP to raise over Rs 8,000 crore via IPO

Hotel-booking startup Oyo Hotels & Homes has filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 8,430 crore ($1.1 billion) via an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 7,000 crore and an offer for sale (OFS) of Rs 1,430 crore. According to CB Insights, the startup was last valued at ~$9 billion (~Rs 66,720 crore), making it India’s third most valuable startup. The company is expected to list on the Indian stock exchanges by early next year.

Read more here.

Tech Mahindra to acquire Germany-based BERIS consulting GmbH

Tech Mahindra GmbH will acquire a 100% stake in BERIS consulting GmbH for a cash consideration of €7 million (~Rs 60.2 crore). BERIS is headquartered in Wolfsburg, Germany, and has about 125+ employees. The acquisition will help Tech Mahindra unlock the transformational growth in the IT and application space for the automotive industry.

Read more here.

Categories
Market News Top 10 News

SAIL Reports 31% YoY Rise in Net Profit in Q4 – Top Indian Market News

SAIL Q4 Results: Net profit rises 31% YoY to Rs 3,470 crore

Steel Authority of India Ltd (SAIL) reported a 31% YoY increase in consolidated net profit to Rs 3,469.88 crore for the quarter ended March (Q4). Net profit has jumped 136.34% when compared to the previous quarter. Its total income rose 41.98% YoY to Rs 23,533.19 crore during the same period. The company’s total output rose 6% YoY to 4.56 million tonnes (MT) in Q4. Net profit for the financial year 2020-21 (FY21) increased by 95.6% YoY to Rs 4,148.13 crore. SAIL’s board has declared a final dividend of Rs 1.80 per share. 

Read more here.

Industrial output falls to seven-month low in April

India’s industrial output fell to the lowest level in seven months in April due to the resurgence of Covid-19 cases. The Index of Industrial Production (IIP) fell 13% over the previous month to 126.6 in April 2021. The index for manufacturing output contracted by 12.6% over March to 125.1. The mining output index contracted 22.1% month-on-month (MoM) to 108 in April. The index for electricity generation stood at 174 in April, compared to 180 in March. The data was released by the Ministry of Statistics and Programme Implementation (MoSPI).

Read more here.

TCS extends 17-year partnership with Virgin Atlantic

Tata Consultancy Services (TCS) has extended a 17-year strategic partnership with UK-based Virgin Atlantic to help them embark on a new phase of recovery and growth. The IT major will take exclusive responsibility for the airlines’ end-to-end operational management and digital transformation. TCS will build innovative digital solutions with Cloud-First guiding principles to help Virgin Atlantic improve agility and performance in its purpose-led transformation.

Read more here.

DLF Q4 Results: Net profit at Rs 481 crore

DLF Limited reported a consolidated net profit of Rs 480.94 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,857.76 crore in the corresponding quarter last year (Q4 FY20). The real estate developer’s total income rose 1.75% to Rs 1,906.59 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 1,093.61 crore. This is compared to a net loss of Rs 583.19 crore in FY20. DLF has appointed two of its executives, Ashok Tyagi and Devinder Singh, as Chief Executive Officers (CEOs).

Read more here.

Ashoka Buildcon emerges lowest bidder for road project in Punjab

Ashoka Buildcon Ltd has been declared the lowest (L-1) bidder for a road project in Punjab by the National Highways Authority of India (NHAI). The project consists of six-laning of IT City Chowk to Kurali Chandigarh Road, the design length of which is 31.23 km, in Punjab. The quoted bid price for the project is Rs 726 crore. The road project comes under the Indian government’s Bharatmala Pariyojana— Package II.

Read more here.

Heranba Industries Q4 Results: Net profit rises 64.5% YoY to Rs 43 crore

Heranba Industries Ltd reported a 64.51% YoY increase in net profit to Rs 43.20 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 25.34% YoY to Rs 267.83 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 57.9% YoY to Rs 154.22 crore. The chemical manufacturing company’s board has recommended a final dividend of Rs 0.70 per share.

Read more here.

Ipca Laboratories acquires 13% stake in Trophic Wellness for Rs 21 crore

Ipca Laboratories Ltd has acquired an additional 13.09% stake in Trophic Wellness Pvt Ltd (TWPL) for a cash consideration of Rs 21.20 crore. The pharma company currently holds a 52.35% stake in TWPL. With this acquisition, Trophic Wellness has become a subsidiary of Ipca Laboratories. TWPL is a nutritional and wellness products company that offers a wide variety of dietary supplements of global standards. 

Read more here.

BHEL Q4 Results: Net loss at Rs 1,035 crore

Bharat Heavy Electricals Limited (BHEL) reported a consolidated net loss of Rs 1,034.82 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,532.67 crore in the corresponding quarter last year (Q4 FY20). Its total income rose 40.23% YoY to Rs 7,245.16 crore in Q4 FY21. BHEL’s power vertical posted a 51% YoY growth in revenues to Rs 4,789 crore. Net loss for the financial year 2020-21 (FY21) stood at Rs 2,697.11 crore. This is compared to a net loss of Rs 1,466.01 crore in FY20.

Zee Entertainment to launch OTT platform ZEE5 in the US on June 22

Zee Entertainment Enterprises Ltd (ZEEL) will launch its video streaming service, ZEE5, in the United States on June 22. The over-the-top (OTT) platform is currently present in international territories such as the United Kingdom and the Middle East. The ZEE5 annual pack (priced at $84) will be available across devices at a limited launch offer price of $49.99. ZEE5 will provide 130,000 hours of content across 18 languages. You can learn more about ZEEL here.

Read more here.

Deccan Cements Q4 Results: Net profit at Rs 22.08 crore

Deccan Cements Ltd reported a net profit of Rs 22.08 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 2.96 crore in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations rose 72.83% YoY to Rs 213.83 crore in Q4 FY21. Net profit for the full financial year 2020-21 (FY21) jumped 103.27% YoY to Rs 115.13 crore. The cement company’s board has recommended a final dividend of Rs 5 per share.

Read more here.

Cochin Shipyard Q4 Results: Net profit rises 71% YoY to Rs 236 crore

Cochin Shipyard Ltd reported a 71.76% YoY increase in consolidated net profit to Rs 236.21 crore for the quarter ended March (Q4). Net profit has increased by 5.53% when compared to the previous quarter. Its total income rose 33.35% YoY (or 50.41% QoQ) to Rs 1,148.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 3.7% YoY to Rs 608.66 crore. Cochin Shipyard’s board has recommended a final dividend of Rs 2.50 per share.

Categories
Market News Top 10 News

M&M Reports Net Profit of Rs 163 crore in Q4 – Top Indian Market News

M&M and MVML Q4 Results: Net profit at Rs 163 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a combined net profit of Rs 163 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3,255 crore in the corresponding quarter last year (Q4 FY20). The combined revenue from operations rose 48% YoY to Rs 13,338 crore in Q4 FY21. Its farm equipment business grew 100% YoY to Rs 1,095 crore. The company’s board has announced a final dividend of Rs 8.75 per share. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

Read more here.

Bajaj Healthcare launches Posaconazole API for treatment of black fungus

Bajaj Healthcare Ltd has announced the launch of Posaconazole API, used for the treatment of mucormycosis or Black Fungus in Covid-19 patients. The pharma company has received approval from the Food and Drugs Administration (FDA), Gandhi Nagar, Gujarat, to manufacture and market the anti-fungal drug in India. It will commence commercial production of Posaconazole API from the first week of June.

Read more here.

Ashoka Buildcon secures order worth Rs 1,018 crore from Fahi Dhiriulhun Corp

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an order from Fahi Dhiriulhun Corporation, a state-owned company of the Government of the Republic of the Maldives. The order consists of the design and construction of 2,000 social housing units in Hulhumale on an engineering, procurement, and construction (EPC) basis. The total value for this project is estimated at Rs 1,018.36 crore. 

Read more here.

Karur Vysya Bank Q4 Results: Net profit rises 24% YoY to Rs 104 crore

Karur Vysya Bank reported a 24.7% YoY increase in net profit to Rs 104.37 crore for the quarter ended March (Q4). Net profit has jumped 201% when compared to the previous quarter. Its total operating income declined by 7.34% YoY to Rs 1,349.31 crore during the same period. For the financial year ended March 31, 2021 (FY21), the bank’s net profit has increased by 52.92% YoY to Rs 359.39 crore. 

Read more here.

Dilip Buildcon Q4 Results: Net profit declines 2.5% YoY to Rs 186 crore

Dilip Buildcon Ltd reported a 2.55% YoY decline in consolidated net profit to Rs 186.18 crore for the quarter ended March (Q4). Net profit has increased by 2.17% when compared to the previous quarter. Its revenue from operations rose 15% YoY to Rs 3,135 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 7.68% YoY to Rs 436.54 crore. Dilip Buildcon’s board has announced a final dividend of Re 1 per share.

Canara Bank to raise up to Rs 9,000 crore in FY22

The Board of Directors of Canara Bank has approved the capital raising plan of up to Rs 9,000 crore for the financial year 2021-22 (FY22). The state-owned bank will raise funds amounting to Rs 2,500 crore by way of a qualified institutional placement (QIP). Capital of Rs 4,000 crore will be raised by issuing additional Tier-1 Basel III compliant bonds. An amount of Rs 2,400 crore will be raised by issuing additional Tier-2 Basel III compliant bonds.

Read more here.

Ipca Labs Q4 Results: Net profit rises 94% YoY to Rs 161 crore

Ipca Laboratories Ltd reported a 94.09% YoY increase in consolidated net profit to Rs 161.20 crore for the quarter ended March (Q4). The pharma company’s revenue from operations rose 3.81% YoY to Rs 1,114.66 crore during the same period. It incurred a foreign exchange (forex) gain of 13.24 crore in Q4 FY21, compared with a forex loss of Rs 23.62 crore in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit rose 89% YoY to Rs 1,141 crore.

Read more here.

Sun Pharma secures patent license for Dapagliflozin in India from AstraZeneca

Sun Pharmaceutical Industries has acquired the Rights to Trademarks of Dapagliflozin under the brands Oxra, Oxramet, and Oxraduo in India from Sweden-based AstraZeneca AB. The pharma company has also taken a patent license to manufacture and commercialize the drug in India, with effect from May 28, 2021. Dapagliflozin is used for the treatment of Type-2 diabetes.

Read more here.

Deepak Fertilizers Q4 Results: Net profit jumps 415% YoY to Rs 116 crore

Deepak Fertilizers & Petrochemicals Corporation reported a 415% YoY jump in consolidated net profit to Rs 116 crore for the quarter ended March (Q4). Its revenue from operations rose 21.8% YoY to Rs 1,575 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 357% YoY to Rs 406 crore. The company’s board has recommended a dividend of Rs 7.5 per share.

Read more here.

Vedanta to set up Aluminium Park in Odisha with an investment of Rs 10,000 crore

Vedanta Limited has announced plans to set up an aluminium park in Odisha to facilitate companies that use the metal to set up their manufacturing units in the facility. It aims to invest Rs 10,000 crore to establish the park. The facility will benefit small and medium downstream enterprises, which can set up their manufacturing units and draw hot metal from Vedanta’s aluminium smelter in Jharsuguda to make their end-products. Vedanta stated that the park would create employment opportunities for more than 1 lakh people.

Read more here.

RBI imposes Rs 10 crore penalty on HDFC Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10 crore on HDFC Bank for regulatory non-compliance. “This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” said RBI. The central bank said irregularities were found after examination of a whistleblower complaint with respect to the bank’s auto loan portfolio.

Read more here.

City Union Bank Q4 Results: Net profit at Rs 111 crore

City Union Bank reported a net profit of Rs 111.18 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 95.29 crore in the corresponding quarter last year (Q4 FY20). Its total income declined 8.15% YoY to Rs 1,121.43 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit rose 24.34% YoY to Rs 592.82 crore.

Read more here.

Categories
Market News Top 10 News

Biocon Biologics Receives Rs 1,125 crore Capital Investment from Goldman Sachs – Top Indian Market News

88088089 - hand holding coins vector, business growth concept

Biocon Biologics receives Rs 1,125 crore capital investment from Goldman Sachs

Biocon Ltd. announced that its subsidiary, Biocon Biologics, has approved a capital injection of Rs 1,125 crore from Goldman Sachs. As per the agreement, Goldman Sachs will be issued Optionally Convertible Debentures at a post-money equity valuation of $3.94 billion (~Rs 26,633 crore). The transaction is subject to customary approvals and conditions.

Read more here.

Ipca Labs Q2 Results: Net Profit rises 38% YoY to Rs 267 crore

Ipca Laboratories Ltd. reported a 38% year-on-year (YoY) increase in consolidated net profit to Rs 266.7 crore, for the quarter ended September (Q2). The company’s revenue from operations stood at Rs 1,361.1 crore, during the same period. The Mumbai-based pharmaceutical company has declared an interim dividend of Rs 8 per share.

Read more here.

Meghmani Organics Q2 Results: Net Profit declines 3% YoY to Rs 81 crore

Meghmani Organics Ltd. reported a 3.79% year-on-year (YoY) decline in consolidated net profit to Rs 81.15 crore, for the quarter ended September (Q2). The company’s revenue increased by 17.51% YoY to Rs 625.63 crore, during the same period. Meghmani Organics is a Gujarat-based chemical manufacturing company.

Read more here.

M&M to deliver 500 units of all-new Thar SUV pan-India in just 2 days

Mahindra & Mahindra Ltd (M&M) has announced that 500 units of its all-new Thar SUV are scheduled to be delivered between the 7th and 8th of November. The company has stated that this would mark the onset of its Diwali festivities in India. The deliveries are based on the sequence of bookings received for the available variants of Thar.

Read more here.

D-Link India Q2 Results:  Net Profit falls 1.4% YoY to Rs 9.7 crore

D-Link India Limited reported a 1.41% year-on-year (YoY) decline in net profit to Rs 9.77 crore, for the quarter ended September (Q2). It had posted a net profit of Rs 9.91 crore in Q2 of the previous financial year. The company’s revenue declined by 3.78% YoY to Rs 184.24 crore, in Q2 FY21.

Read more here.

Affle India Q2 Results: Net Profit up by 73% YoY to Rs 26 crore

Affle India Limited reported a 73% year-on-year (YoY) increase in consolidated net profit to Rs 26.98 crore, for the quarter ended September (Q2). The revenue of the company has increased by 59.29% YoY to Rs 134.95 crore, during the same period. Affle India is a global technology company that has a consumer platform and an enterprise platform.

Read more here.

Atul Auto Q2 Results: Net Profit declines 88.48% YoY to Rs 2 crore

Atul Auto Limited reported an 88.48% year-on-year (YoY) decline in consolidated net profit to Rs 2.07 crore, for the quarter ended September (Q2). The company’s revenue declined by 55.90% YoY to Rs 75.14 crore, during the same period. As per data from the Federation of Automobile Dealers Association of India (FADA), Atul Auto has surpassed M&M in terms of market share in the three-wheeler segment in Q2 FY21.

Read more here.

Amber Enterprises Q2 Results: Net Profit falls 85% YoY to Rs 1.6 crore

Amber Enterprises India Ltd. reported an 85.90% year-on-year (YoY) decline in consolidated net profit to Rs 1.66 crore, for the quarter ended September (Q2). It had posted a net profit of Rs 11.77 crore in Q2 of the previous financial year. Revenue of the AC-manufacturing firm declined by 34.55% YoY to Rs 407.93 crore in Q2 FY21.

Read more here.

Sobha Q2 Results: Net Profit falls 75% YoY to Rs 16 crore

Sobha Limited reported a 75.82% year-on-year (YoY) decline in net profit to Rs 16.20 crore, for the quarter ended September (Q2). The revenue of the company declined by 33.41% YoY to Rs 522 crore, during the same period. Sobha is a multinational real estate developer based in Bangalore.

Read more here.

Ujjivan SFB Q2 Results: Net Profit rises 3% YoY to Rs 96 crore

Ujjivan Small Finance Bank Ltd. reported a 3% year-on-year (YoY) increase in net profit to Rs 96 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 21% YoY to Rs 470 crore, during the same period. NII is the difference between the income that a bank earns from its lending activities, and the interest in pays to depositors.