Tag: mankind pharma

Categories
Market News Top 10 News

Adani Ports’ Net Profit Rises 5% YoY to Rs 1,159Cr in Q4 – Top Indian Market Updates

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

Adani Ports Q4 Results: Net profit rises 5% YoY to Rs 1,159 crore

Adani Ports reported a 5% YoY increase in consolidated net profit to Rs 1,159 crore for the quarter ended March (Q4 FY23). Its consolidated revenue rose 40% YoY to Rs 5,797 crore during Q4 FY23. EBITDA stood at Rs 3,270.7 crore, up 59% YoY. The company’s board has recommended a dividend of Rs 5 per equity share.

Read more here.

Inox Wind receives 150 MW order from NTPC Renewable Energy

Inox Wind secures a 150 MW wind power project order from NTPC Renewable Energy. The project will be located in Gujarat and Inox Wind will supply and install Wind Turbine Generators, as well as handle operation and maintenance services. This brings Inox Wind’s total orders from NTPC to 550 MW. The addition will expand Inox Wind’s O&M fleet and contribute to overall profitability.

Read more here.

India’s growth momentum likely to be sustained in FY24: RBI

India’s growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, the Reserve Bank of India (RBI) said in its Annual Report 2022-23. The central bank added that the economy will be supported by sound macroeconomic policies, softer commodity prices, a robust financial sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains.

Read more here.

Jubilant Pharmova’s Canada unit gets OAI status

Jubilant Pharmova’s Canadian unit gets Official Action Indicated (OAI) status from the US Food & Drug Administration (USFDA). The USFDA might not approve applications or supplements for Jubilant Pharmova’s Montreal facility. The regulator inspected the facility in February 2023 and found objectionable conditions. Jubilant HollisterStier, a subsidiary of Jubilant Pharmova, is working with the USFDA to address the observations within the given timeframe.

Read more here.

Mankind Pharma Q4 Results: Net profit jumps 50% YoY to Rs 285 crore

Mankind Pharma reported a 50% YoY increase in consolidated net profit to Rs 285 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 19% YoY to Rs 2,053 crore during Q4 FY23. For FY23, the company reported an 11% fall in consolidated net profit to Rs 1,282 crore, despite a 12.4% growth in revenue to Rs 8,749 crore.

Read more here.

Triveni to expand capacity of its existing plants

Triveni Engineering & Industries will invest Rs 85 crore in expanding its sugar business. The company plans to increase the capacity of its sugar unit in Uttar Pradesh by 2,000 tonnes of cane per day, raising it from 7,000 Tonnes of Cane per Day (TCD) to 9,000 TCD. This expansion will bring the company’s total crushing capacity to 63,000 TCD according to the company.

Read more here.

Sun Pharma signs pact with Philogen to commercialise skin cancer drug

Sun Pharma has partnered with Philogen SpA to commercialize an under-development skin cancer drug called Nidlegy in Europe, Australia, and New Zealand. Nidlegy, currently in Phase III clinical trials, is being developed by Philogen for the treatment of melanoma and non-melanoma skin cancers. Sun Pharma will hold exclusive rights to commercialize the product and will share post-commercialization economics with Philogen in a 50:50 ratio.

Read more here.

Apollo Hospitals Q4 Results: Net profit jumps 50% YoY to Rs 146 crore

Apollo Hospitals reported a 50% YoY increase in net profit to Rs 146 crore for the quarter ended March (Q4 FY23). Its operating revenue rose 21% YoY to Rs 4,303 crore during Q4 FY23. EBITDA stood at Rs 488 crore, up 5% YoY. The company’s board has recommended a dividend of Rs 9 per equity share.

Read more here.

Prestige Estates acquires DB Group’s balance stake in 2 Mumbai projects for Rs 1,176 crore

Prestige Estates Projects has acquired the remaining stake in two projects located in Mumbai’s Bandra-Kurla Complex (BKC) and Mahalaxmi locality from DB Group. The total cost of the acquisitions amounts to over Rs 1,176 crore. The projects are expected to be completed within the next 3-4 years. These strategic acquisitions will allow Prestige Estates Projects to strengthen its ownership in these prime assets and significantly enhance the value of its annuity rental portfolio.

Read more here.

V-Guard Q4 Results: Net profit falls 41% YoY to Rs 53 crore

V-Guard Industries reported a 41% YoY fall in consolidated net profit to Rs 52.73 crore in Q4 FY23. However, its operating revenue rose 7% YoY to Rs 1,140 crore during Q4 FY23. EBITDA stood at Rs 99 crore, down 12% YoY. The company’s board has announced a dividend of Rs 1.3 per equity share.

Read more here.

Shriram Properties reports highest-ever sales volumes of in FY23

Shriram Properties Ltd (SPL) has reported the highest-ever sales volumes of 4.02 million sq. ft (msf) in FY23 with sales value reaching a new high of Rs 1,846 crore, up 25% YoY, supported by higher volumes, better realisation, change in product mix and the impact of seven launches. Gross collections stood firm at Rs 1,200 crore. SPL completed seven projects with an aggregate development area of 3.8 msf during the year.

Read more here.

Patanjali Foods Q4 Results: Net profit rises 13% YoY to Rs 264 crore

Patanjali Foods Ltd reported a 13% YoY rise in standalone net profit to Rs 264 crore in Q4 FY23. The profit stood at Rs 234 crore in the same period last year. Its operating revenue also rose 18% YoY to Rs 7,873 crore during Q4 FY23. The company’s board has recommended a dividend of Rs 6 per equity share.

Read more here.

Categories
Market News Top 10 News

Tata Group’s BigBasket Eyes IPO by 2025 – Top Indian Market Updates

big basket

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

Tata-owned BigBasket eyes IPO by 2025 after $200 million fundraising: Report

According to a BQ Prime report, Tata Group’s online grocer BigBasket is expected to launch an initial public offering (IPO) within three years after the recent fundraising valued the online grocer at $3.2 billion. The company had raised $200 million (~₹1,650 crore) to boost its quick commerce arm and expand its nationwide footprint. At present, BigBasket operates in 55 cities. The company wants to expand to 75 cities by March 2023.

Read more here.

Auto components industry grew 34.8% to ₹2.65 lakh crore in H1 FY23

India’s auto components industry witnessed a 34.8% YoY growth to ₹2.65 lakh crore in the first half (H1) of the current financial year (FY2022-23), said the Automotive Component Manufacturers Association of India. During the period, exports of components grew by 8.6% to ₹79.03 lakh crore, while imports rose 17.2% to ₹79.8 lakh crore. There was strong demand in the domestic market, particularly from the passenger vehicles segment.

Read more here.

Mankind Pharma enters pet care segment with ‘PetStar’ brand

Mankind Pharma has diversified into the pet care segment with the launch of its ‘PetStar’ brand. The brand aims to build and support the pet care ecosystem by offering pet food, medicine, supplements, and grooming products. The pharma company aims to make PetStar a loved, palatable, nutritious, and healthy food brand for pets such as dogs and cats.

Read more here.

M&M to continue strong momentum owing to robust demand for newly-launched SUVs

Mahindra & Mahindra’s revenue market share in the SUV category stood at 19.9% in Sept 2022, up from 12.9% in Sept 2021. The company had pending orders for 2.6 lakh SUVs at the close of last quarter. M&M’s new launches (Thar, XUV700, and Scorpio) have been received well, and the automaker is confident of maintaining this momentum with a strong order book and in-demand blockbuster products.

Read more here.

Credit growth far away from being considered ‘exuberant’: RBI Governor

The present credit (or loan) growth in India is far away from being considered ‘exuberant’ and there is no ‘big gap’ between the credit growth and deposit accretion when looking at the absolute numbers, said RBI Governor Shaktikanta Das at the BFSI Summit organised by Business Standard. Credit growth is going up after two years of being depressed, while the deposit growth number has come off a relatively higher growth during the pandemic years.

Read more here.

IndiGrid, G R Infraprojects partner to bid for power transmission projects worth ₹5,000 crore

India Grid Trust (IndiGrid) and G R Infraprojects Ltd (GRIL) have partnered to bid for identified power transmission projects worth ₹5,000 crore. The two firms have entered into a framework agreement to acquire a 100% stake in Rajgarh Transmission Ltd, which GRIL won in March 2022. The power ministry has recently unveiled a plan for investment of ₹2.5 lakh crore in building transmission infrastructure for meeting the vision of 500 GW of renewable energy capacity by 2030.

Read more here.

IL&FS transfers two more road assets worth ₹976 crore to Roadstar InvIT

IL&FS has transferred two more road projects— Hazaribagh Ranchi Expressway and Thiruvananthapuram Road Development Company— to Roadstar Infra Investment Trust (InvIT) at an enterprise value of ₹979 crore. With this, secured lenders of both the assets, including Punjab National Bank, Union Bank, Indian Overseas Bank, and others (with a combined debt of over ₹630 crore) will get 100% recovery through restructuring of their debt under the InvIT.

Read more here.

Paytm CEO says there will be no more cash burn

Paytm CEO Vijay Shekhar Sharma said that going ahead, there will be no more cash burn in the business. He also added that the digital payments firm was far ahead in re-setting its ambition on controlling spending. Paytm had net cash, cash equivalents, and an investable balance of ₹9,182 crore at the end of September, according to its latest quarterly earnings report. CLSA also upgraded Paytm in November, saying that cash burn could end in another 4-6 quarters.

Read more here.

Bharti Airtel launches 5G services in Ahmedabad, Gandhinagar, Imphal

Bharti Airtel Ltd announced the launch of high-speed 5G services in Ahmedabad and Gandhinagar (Gujarat). The company also announced the rollout of 5G services in Imphal (Manipur). Customers with 5 G-enabled devices can enjoy the high-speed network at no extra cost until the rollout is more widespread. Airtel 5G will allow superfast access to high-definition video streaming, gaming, and multiple chatting.

Read more here.

Categories
Market News Top 10 News

Govt Gets ₹5,001Cr Dividend From ONGC – Top Indian Market Updates

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

Government gets ₹5,001 crore dividend from ONGC

The government has received around ₹5,001 crore as dividend from Oil & Natural Gas Corporation (ONGC). This takes the total dividend receipt from all Central Public Sector Enterprises (CPSEs) in this financial year (FY23) to ₹23,797 crore. CPSEs are required to pay a minimum annual dividend of 30% of profit after tax (PAT) or 5% of net worth, whichever is higher.

Read more here.

Mankind Pharma acquires majority stake in Upakarma Ayurveda

Mankind Pharma has acquired a majority stake in Upakarma Ayurveda, which manufactures and sells ayurvedic and herbal products. The pharma company’s decision to invest will empower Upakarma Ayurveda to develop a wider range of products and offerings. Mankind Pharma acquired the ayurvedic solutions firm through one of its subsidiaries.

Read more here.

TCS launches quantum computing lab on Amazon Web Services

Tata Consultancy Services (TCS) has partnered with Amazon Web Services (AWS) to launch a quantum computing lab on the Amazon platform. The platform will help enterprises develop & test business solutions and accelerate the adoption of quantum computing. TCS will help customers explore and co-create new use cases of quantum computing to tackle business challenges that defy the capabilities of conventional technologies.

Read more here.

EaseMyTrip introduces special program for its elite customers

EaseMyTrip announced the introduction of EMTPRO— an invite-only, special program for its elite customers. Under this program, EaseMyTrip’s customers will be enrolled in a ‘Refer Now & Earn Forever’ program. Users will get exciting cash-backs on flights, hotels, holidays, buses, and train bookings for one year by referring a new user to book from the EaseMyTrip website or mobile application.

Read more here.

Bank credit grows to 17.2% in September: RBI

The Reserve Bank of India (RBI) released quarterly statistics on deposits and credit on Monday. It highlighted bank credit growth to 17.2% on an annual basis in September from 14.2% a quarter ago. The credit growth remained broad-based with all population and bank groups recording double-digit annual growth. Private sector banks have been outpacing public sector banks, foreign banks, and regional rural banks in deposit mobilisation.

Read more here.

Zydus Lifesciences gets USFDA approval for Levothyroxine Sodium injection

Zydus Lifesciences Ltd. has received tentative approval from the US Food & Drug Administration (USFDA) to market Levothyroxine Sodium injection in the American market. The injection is used to treat myxedema coma or severe hypothyroidism. The pharma company will manufacture the drug at its injectable facility in Vadodara, Gujarat.

Read more here.

Signature Global gets SEBI approval for its ₹1,000 crore IPO

Realty firm Signature Global (India) Ltd has received approval from markets regulator SEBI for its initial public offer (IPO). The company will raise up to ₹1,000 crore to clear debt and land acquisition. As per the DRHP, the IPO will comprise a fresh issue of equity shares worth up to ₹750 crore and an Offer for Sale (OFS) of up to ₹250 crore. Signature Global primarily focuses on affordable and mid-housing segments. 

Read more here.

Hero MotoCorp to revise prices of its two-wheelers

Hero MotoCorp Ltd will raise the prices of its motorcycles and scooters by up to ₹1,50, with effect from December 1, 2022, due to inflationary cost pressures. “The upward revision of the prices of our two-wheelers has been necessitated due to overall inflationary costs. We will continue to provide innovative financing solutions to cushion the impact on the customers,” said Niranjan Gupta, Chief Financial Officer.

Read more here.

NBCC gets ₹271Cr order in stalled projects of Amrapali Group

NBCC (India) Ltd secured work orders worth ₹271.62 crore in projects of erstwhile realty firm Amrapali Group. It got an order of ₹42.44 crore for the construction of balance works of Amrapali Corporate Hub at IMT Manesar, Gurugram. NBCC got another order of ₹229.18 crore for special repair and upgradation works of Amrapali Projects at Noida & Greater Noida.

Read more here.

Bajaj Finance to acquire 40% in Snapwork Tech

Bajaj Finance will acquire up to 40% stake in Mumbai-based Snapwork Technologies for an all-cash consideration of up to ₹93 crore. The transaction is expected to be completed prior to December 31, 2022. Snapwork Technologies is engaged in developing, consulting, marketing, and implementation of software technology and allied products.

Categories
Market News Top 10 News

GAIL to Connect Srinagar to Gas Grid – Top Indian Market News

GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023

GAIL India Ltd has announced plans to lay a pipeline to Srinagar to take natural gas to the Kashmir Valley. The company is doubling down on efforts to expand infrastructure to support the government’s vision of a gas-based economy. By May 2023, GAIL will complete a 700-km pipeline from Mumbai to Nagpur. This will enabe the flow of gas to central India. GAIL is on track to meet the target of mid-2022 for completing major portions of the Urja Ganga project.

Read more here.

India’s mineral production rises 3% in December

India’s mineral production rose 2.6% in December 2021 over the corresponding month a year ago. The index of mineral production of mining and quarrying sector stood at 120.3. As per provisional data from the Indian Bureau of Mines (IBM), there was a cumulative growth of 16% YoY during the April-December period of 2021-22. The production of important minerals that showed year-on-year growth during December includes magnesite (73.2%), gold (71%), bauxite (27.1%), and lignite (21.4%).

Read more here.

Mankind Pharma to acquire Combihale, Daffy brands of Dr Reddy’s Labs

Mankind Pharma has signed a pact with Dr. Reddy’s Laboratories to acquire two brands— Combihale and Daffy. Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease. Meanwhile, Daffy is a soap-free moisturizing bar for infants. Mankind Pharma said the market for Combihale is valued at Rs 900 crore, growing at 14%. The total market for Daffy is valued at Rs 1,000 crore and growing at 18%.

Read more here.

Cyient launches private 5G networks CoE; signs MoU with IIT-H 

Cyient Ltd announced the launch of its Private 5G Networks Center of Excellence (CoE). It has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. The CoE will combine Cyient’s enterprise and network experience with IIT-H’s research and technology expertise to develop and test private 5G network solutions. 

Read more here.

Vodafone Idea appoints SBI Cap to negotiate loan recast of up to Rs 23,000 crore

Vodafone Idea Ltd has appointed SBI Capital Markets to negotiate the restructuring of loans worth Rs 20,000-23,000 crore that it is due to repay within the next four years. The cash-strapped telco has also sought an additional half-billion dollars as loans for capital expenditure (capex) requirements critical to expanding its 4G network.

TCS partners with MATRIXX Software to offer subscription management platform for CSPs

Tata Consultancy Services (TCS) has announced a partnership with US-based MATRIXX Software. The IT firm will integrate TCS HOBS, its plug-and-play digital business platform for subscription, device, and data management, with the cloud-native capabilities of the MATRIXX digital commerce platform. The integrated solution will help Communication Service Providers (CSPs) transform their prepaid and postpaid businesses for superior customer experience and growth.

Read more here.

India wants Tesla to buy $500 million of local auto parts: Report

According to a report from ET, Tesla Inc. would need to commit to sourcing at least $500 million of auto components from India for the electric carmaker’s request for an import tax cut on its vehicles to be considered. The EV maker would need to agree to ramp up Indian parts purchases by around 10-15% a year until a satisfactory level is achieved. The govt has formally told Tesla to ramp up domestic sourcing. However, it is yet to relay a procurement target to the company.

Read more here.

Wipro secures $150 million deal from ABB

Wipro Ltd has secured a five-year strategic engagement to drive transformation for ABB’s Information Systems digital workplace services. The agreement is worth over $150 million (~Rs 1,126.7 crore). Wipro will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.

Read more here.

BSE collaborates with 4 regional associations to promote EGRs, International Bullion Exchange

BSE Ltd has collaborated with four regional associations from Maharashtra and Tamil Nadu to promote Electronic Gold Receipts (EGRs). These pacts are aimed at providing a boost for the growth and development of the commodities segment in general and the proposed EGR market. Apart from knowledge sharing and research, the collaboration will help standardise EGRs for Indian markets at the regional level and enhance transparency in pricing.

Read more here.

Tata Motors’ JLR partners with Nvidia for AI-powered vehicles

Jaguar Land Rover (JLR), a subsidiary of Tata Motors, announced a partnership with Nvidia for all new vehicle platforms slated for production beginning in 2025. Future JLR vehicles will be based on the Nvidia Drive Hyperion 8 platform featuring the Orin-based computing system. It combines safety, security, networking, and sensors systems required for autonomous driving. 

Read more here.