kirloskar ferrous Archives

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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Petrol, diesel prices cut for second consecutive day

State-run oil marketing companies (OMCs) cut petrol and diesel prices for the second consecutive day on Thursday. The price of petrol fell by 21 paise per litre to Rs 90.78 per litre in Delhi. Diesel price fell by 20 paise to Rs 81.10 per litre in the national capital. Global crude oil prices have fallen due to growing concerns over lockdowns to contain the increasing number of Covid-19 cases.

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Welspun Enterprises to take over Rs 1,900 crore HAM project in Kerala

Welspun Enterprises has agreed to take over a Hybrid Annuity Mode (HAM) project in Kerala from Calicut Expressway Pvt Ltd through the harmonious substitution process of the National Highways Authority of India (NHAI). The project consists of six-laning the Kozhikode Bypass (Vengalam Jn. to Ramanattukara Jn.) of NH-66 in Kerala. The current estimated bid project cost is ~Rs 1,900 crore.

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Dilip Buildcon emerges lowest bidder for HAM project in Karnataka

Dilip Buildcon Ltd (DBL) has emerged as the lowest (L1) bidder for a new Hybrid Annuity Mode (HAM) project in Karnataka. The project consists of four-laning the Sannur-Bikarnakette section of NH-169 in Karnataka. The bid cost of the 45 km-long project is Rs 1,137 crore.

In other news, Repallewada Highways (a wholly-owned subsidiary of DBL) has received a letter of appointed date from NHAI for a project in Telangana. The bid cost of the 52.6 km-long project is Rs 1,140.50 crore.

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Barbeque Nation IPO subscribed 1.98 times on second day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.98 times on the second day of bidding. The IPO has received bids for 98.75 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 9.66 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 10% and that of qualified institutional buyers (QIBs) 37%.

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Voltas executes business transfer agreement with Universal MEP Projects

Voltas Limited has executed a business transfer agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services Ltd (UMPESL), for transferring its domestic projects business. Voltas’ mechanical, electrical & plumbing (MEP), heating, ventilation & air-conditioning (HVAC), and water projects, mining & construction equipment (M&CE) divisions will be transferred to UMPESL. The transaction is expected to be completed by the end of September 2021.

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Kirloskar Ferrous signs mining lease deed with Karnataka Govt

Kirloskar Ferrous Industries Ltd (KFIL) was declared as the preferred bidder in an e-auction for Bharath Mines & Minerals, based on the highest final price offer submitted by the company. KFIL said it has entered into the mining lease deed with the Department of Mines and Geology, Government of Karnataka, for conducting mining operations for a period of 50 years. The operations at the mine commenced on March 24, 2021.

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Wabco India’s promoter to sell 18.10% stake via OFS

Wabco India Limited said its promoter, ZF International UK, will offload an 18.10% stake in the company through an offer for sale (OFS). This consists of a base issue of 9.05% stake and an oversubscription issue (greenshoe option) of 9.05% stake. The floor price of the OFS has been fixed at Rs 5,450 per share, a discount of 11% compared to Wednesday’s closing price of Rs 6,102. The OFS will open for retail investors tomorrow (March 26).

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CG Power’s board approves liquidation of CG Sales Network Malaysia

The Board of Directors of CG Power and Industrial Solutions Ltd has approved a proposal to liquidate its step-down subsidiary— CG Sales Network Malaysia Sdn Bhd. The voluntary liquidation is subject to statutory and regulatory approvals. CG Power is engaged in the design, manufacturing, and marketing of products related to power generation, transmission, and distribution. The company is based in Mumbai and is part of the Murugappa Group.

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Govt offers 67 blocks in second tranche of commercial coal mine auction

The Central government, on Thursday, launched the second tranche of auctions for commercial coal mining. A total of 67 coal blocks have been put up for sale. This is the highest number of mines on offer in a particular tranche (round) after the commencement of the auction regime in 2014. Out of the total 67 mines offered, 37 have been fully explored, while the remaining have been partially explored.

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Ramco Systems wins order from a global tech company

Ramco Systems Limited said it has signed a contract with a global technology company to unify and transform its payroll operations across Japan, China, Philippines, and Malaysia. The tech company will leverage Ramco’s managed payroll services (including last-mile services on public cloud) to streamline and digitally transform its payroll operations across the four countries in Phase-1.

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