Tag: piramal pharma

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Adani Ports Posts 4% YoY Rise in Q2 Profit – Top Indian Market Updates

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

Adani Ports Q2 Results: Net profit rises 4% YoY to ₹1,748 crore

Adani Ports Ltd reported a 4% YoY rise in consolidated net profit to ₹1,748 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 28% YoY to ₹6,646 crore during the same period. EBITDA stood at ₹3,880 crore, up 19% YoY in Q2. The domestic cargo volumes of the company jumped 13% YoY to 98.12 million metric tonnes (MMT), while the total cargo volumes rose 17% YoY to 101.22 MMT.

Read more here.

Vedanta working with JPMorgan to advise on business overhaul

Vedanta Group is reportedly collaborating with JPMorgan Chase & Co. to assist with a restructuring plan unveiled in September. The move indicates progress in the conglomerate’s efforts to simplify its financial structure. Vedanta is also in discussions to secure a $1.25 billion private loan to address its refinancing requirements.

Read more here.

ZEEL Q2 Results: Net profit rises 9% YoY to ₹123 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a 9% YoY rise in consolidated net profit to ₹123 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 20% YoY to ₹2,437 crore during the same period. Consolidated EBITDA stood at ₹333 crore, up 6% YoY.

Read more here.

Apollo Hospitals to invest ₹3,435 crore on capacity expansion

Apollo Hospitals will invest ₹3,435 crore in expanding its bed capacity. The private healthcare provider will be adding 2,300 beds across 8 locations to its network over the next three financial years. The capacity expansion will be met through internal accruals and debt financing.

Read more here.

Ashok Leyland Q2 Results: Net profit jumps 220% YoY to ₹526 crore

Ashok Leyland Ltd reported a 220.7% YoY rise in net profit to ₹526 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 19% YoY to ₹11,429 crore during the same period. EBITDA stood at ₹1,871 crore, up 83% YoY. The company’s overall sales rose 10% YoY to 49,846 units.

Read more here.

ICICI Bank receives RBI nod to make ICICI Securities a wholly owned subsidiary

ICICI Bank received approval from the Reserve Bank of India (RBI) for making ICICI Securities a wholly-owned subsidiary. The bank on June 26 had said that it would consider a proposal for delisting of its institutional and retail broking arm ICICI Securities. The delisting proposal was approved by the board. The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.

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Tata Electronics acquires 100% stake in Wistron India

The Tata Group has signed a binding share purchase agreement with SMS InfoComm (Singapore) and Wistron Hong Kong Limited to acquire a 100% equity stake in Wistron Infocomm Manufacturing (India). The acquisition will enable Tata Group to officially join the Apple supply chain as an iPhone assembler. 

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Pidilite to enter lending business

Pidilite Industries is planning to enter the lending business, providing small-value retail loans. To facilitate this, the company will acquire an existing NBFC, Pargro Investments, from its promoter group. Over the next two years, the company expects to invest up to ₹100 crore in multiple rounds in the new business, through a mix of equity and debt.

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Piramal Pharma clears USFDA inspection for US unit

Piramal Pharma announced that it has received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA) for one of its manufacturing units located in Pennsylvania. The health regulator, while issuing Form 483, made two observations related to system improvement only. None of the observations were related to data integrity.

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Ashok Leyland to invest ₹1,200 crore in Switch Mobility

Ashok Leyland Ltd’s board has approved an investment of ₹1,200 crore in its electric vehicle (EV) arm Switch Mobility for capital expenditure, research & development (R&D), and meeting operational requirements in the UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more rounds.

Read more here.

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Rejection from the Top! More Fall Incoming? – Post-Market Analysis

NIFTY started the day at 19,232 with a gap-up of 92 points. There was an immediate sell-off till the previous swing or support zones of 19,100. Then, Nifty consolidated with a bit of volatility and gave a negative closing at 19,079, down by 61 points or 0.32%.

Nifty chart October 31 - post-market analysis | marketfeed

BANK NIFTY (BNF) started the day at 43,356 with a gap-up of 317 points (near the 50% Fibonacci rejection levels). It quickly came under selling pressure and fell to yesterday’s breakout levels of 42,800. Then, the index tried moving up but 43,000 round levels acted as resistance and pushed the index down. BNF closed at 42,845, down by 193 points or 0.45%.

Bank Nifty chart October 31 - post-market analysis | marketfeed

All indices except Nifty Realty (+1.27%), Nifty Media (+0.91%), Nifty FMCG (+0.19%), and Nifty PSU Bank (+0.14%) closed in the red.

Major Asian markets closed mixed. European markets are currently trading up to 1.4% in the green.

Today’s Moves

SBI Life (+3.14%) was NIFTY50’s top gainer. The stock has been moving up after the company reported strong Q2 earnings; a 45% YoY rise in its net profit and a 19% growth in net premium income.

FACT (+10%) surged on the back of long volumes.

Piramal Pharma (+9.48%) rallied up to 13% on positive guidance for the second half of FY24.

Mahindra & Mahindra (-2.62%) was NIFTY50’s top loser. Shares of the company’s subsidiary, M&M Financial Services, have tanked on the back of poor Q2 results.

DCM Shriram (-4.8%) fell sharply after the company posted weak Q2 results today.

Shares of Butterfly Gandhimathi (-7.04%) fell after public shareholders of the company voted against its merger with Crompton Greaves Consumer Electricals.

Markets Ahead

As discussed earlier, major indices are taking proper rejection from Fibonacci levels. The rise in India Vix and selling pressure from the top is indicating some bearishness in the markets. So even if today’s lows are breached, markets can fall further. The up-move in the last two trading sessions (Friday and Monday) can be considered a retracement.

Nifty: The immediate support for the index is near 19,075 (where the markets closed today). If there’s a flat or gap down opening, the index could move down— giving us targets of 19,000 and 18,940 again. On the other hand, the important resistance to watch out for will be today’s high of 19,250. If the index crosses 19,150, we can expect Nifty to test 19,250 again.

Bank Nifty: The index is looking weak. BNF is currently at yesterday’s breakout levels of 42,800. If there is a flat or gap down opening tomorrow, BNF could achieve targets of 42,400 and 42,200 on the downside. If the resistance at 43,075 is taken out, 43,300 can be tested again.

Markets are facing rejections at the top. The rise in India Vix also indicates the markets to be bearish. So you could look for sell-on-rise opportunities, which will be ideal till major resistance zones are breached in Nifty and Bank Nifty.

How was FIN NIFTY expiry? Are you in net profit or loss? Let us know in the comments section!

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IndusInd Bank’s Net Profit Rises 32.5% YoY to Rs 2,123Cr in Q1- Top Indian Market Updates

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

IndusInd Bank Q1 Results: Net profit jumps 32.5% YoY to Rs 2,123 crore

IndusInd Bank reported a 32.5% YoY jump in net profit to ₹2,123.6 crore for the quarter ended June (Q1 FY24). The total income for the quarter increased 28% YoY to ₹12,939 crore. The net interest income (NII) rose 18% YoY to ₹4,867 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 1.94% against 2.35% in Q1 FY23. 

In other news, IndusInd Bank will consider fundraising via debt securities on July 20.

Read more here.

Infosys signs $2 billion AI deal with existing strategic client

Infosys entered into a framework agreement with one of its existing strategic clients to provide artificial intelligence and automation-led development. Infosys revealed that the agreement will also entail modernization and maintenance of services. It is expected to come with a total client spend target of around $2 billion in the next five years. Infosys announced a new platform in May called Infosys Topaz that offers a combination of data analytics and generative AI.

Read more here.

Rama Steel Tubes announces strategic tie-up with JSW Steel

Rama Steel Tubes Ltd (RTSL) announced a strategic partnership with JSW Steel. RSTL has entered into a strategic memorandum of understanding (MoU) with the JSW Steel Group. The MoU is for the procurement of hot rolled coils (HRC), distribution of HRC and production of a value-added product in the western region. Under the tie-up, RSTL will purchase 1,00,000 tonnes of HRC from JSW Steel on a pan-India basis.

Read more here.

LTTS Q1 Results: Net profit jumps 13% YoY to Rs 311 crore

L&T Technology Services reported a 13% YoY increase in net profit to ₹311 crore in Q1 FY24. Net profit stood at ₹275 crore last year. Its total revenue rose 15% YoY to ₹2,301 crore. The company was able to close a $50 million plus deal and 5 additional deals of $10 million plus each across segments in the first quarter. The company’s EBIT margin stood at 17.2% in Q1.

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Happiest Minds Technologies raises Rs 500 crore via QIP

Happiest Minds Technologies has successfully raised ₹500 crore ($61 million) through a Qualified Institutions Placement (QIP) of equity shares. The issue attracted a robust response from institutional investors. This was the first-ever equity capital raised by the company after its initial public offering (IPO) in 2020. The company’s board had approved the allotment of 54.11 lakh equity shares of face value ₹2 to eligible investors at a price ₹924 per share.

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Piramal Pharma gets SEBI’s approval to raise ₹1,050 crore

The Securities Exchange Board of India (SEBI) has approved Piramal Pharma to raise to ₹1,050 crore through the rights issue of shares. The pharma company submitted the draft papers in March and obtained an observation letter from SEBI on 12 July. The company will utilise the amount for the payment of debt and general corporate purposes.

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Polycab India Q1 Results: Net Profit up 82% YoY to Rs 189 cr

Polycab India reported an 82% YoY increase in consolidated net profit to ₹399 crore in Q1 FY24. Its revenue stood at ₹3,889 crore, up 42% YoY in Q1. The company’s EBITDA also rose 76% YoY to ₹549 crore. The wires and cables segment revenues are 47% higher year on year at ₹3,534 crore, while the fast-moving electrical goods (FMEG) segment is marginally higher at ₹315 crore.

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Godrej Agrovet receives an allotment of 47,000 acres of land in Telangana

Godrej Agrovet has been allotted a potential 47,000 acres in Telangana for its Oil Palm business. Telangana Government’s Department of Agriculture and Cooperation allotted the land. The land shall be used by Godrej Agrovet to expand its Oil Palm cultivation business. The company will also utilise the land for setting up Oil Palm processing units.

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Federal Bank subsidiary FedFina revives IPO plans via fresh issue, OFS

Federal Bank’s subsidiary Fedbank Financial Services Ltd (FedFina) will consider a proposal for an Initial Public Offering (IPO) at its board meeting on Monday, July 17. FedFina’s IPO will be undertaken through a combination of a fresh issue and an Offer for Sale, subject to market conditions, receipt of applicable approvals. The company will intimate the size of the IPO, portion of the Offer for Sale, price, and other details in due course after finalisation of the same in consultation with the book-running lead managers.

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Piramal Pharma’s US Facility Passes USFDA Inspection – Top Indian Market Updates

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

Piramal Pharma’s Sellersville facility clears USFDA inspection

Piramal Pharma has passed an inspection by the United States Food and Drug Administration (USFDA) of its manufacturing facility in Sellersville, Pennsylvania, and issued an Establishment Inspection Report (EIR) for the unit. The inspection took place between December 19, 2022, and January 13, 2023. The Sellersville facility is involved in manufacturing and packaging solid oral dosage forms, liquids, creams, and ointments.

Read more here.

Foxconn to bring in technology partners for semiconductor manufacturing in JV with Vedanta

The Vedanta-Foxconn semiconductor joint venture (JV) has shared its technology partners with the Indian government.Vedanta will take the lead on the construction of the Gujarat factory, with revenue expected by 2027. The consortium plans to begin manufacturing chips of 40 nm on a factory line with a capacity of 40,000 wafers per month. The Indian govt has promised to cover half of the project cost and provide other incentives as part of a $10 billion package to promote domestic semiconductor manufacturing.

Read more here.

NMDC explores lithium reserves for mining in Australia

NMDC Ltd is exploring lithium reserves in Australia. The company is the majority owner of a mine located in Mt. Bevan, and hopes to begin mining within two years. NMDC is seeking to secure supplies of lithium to support the production of electric vehicle batteries as part of India’s push to promote green vehicles.

Read more here.

IndusInd Bank signs $100 million loan deal with JBIC to aid Japanese OEMs in India

IndusInd Bank has signed a long-term loan agreement with the Japan Bank for International Cooperation (JBIC) to provide credit facilities to companies in the supply chain of Japanese origin equipment manufacturers (OEMs) in India. The funds raised will be used to provide need-based credit facilities to upstream and downstream companies of Japanese construction equipment firms in India, including component suppliers, dealers, and final buyers of the machinery. The $100 million loan is the first of its kind by JBIC through an IFSC Banking unit at GIFT City. 

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Prestige Estates quarterly sales surge to Rs 3,889 crore

Prestige Estates has reported the highest-ever sales of Rs 12,930.9 crore, up 25% YoY, and collections of Rs 9,805.5 crore, up 31% YoY during FY23. Quarterly sales were up 19% YoY to Rs 3,888.8 crore and quarterly collections up 12% YoY to Rs 2,763.3 crore in Q4 FY23. The company sold over 9,600 homes in FY23 and launched 26.38 million square feet, up 57% YoY.

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RBI grants AU Small Finance Bank permission to deal with foreign exchange

AU Small Finance Bank has received permission from the Reserve Bank of India (RBI) to act as an Authorised Dealer (Category-I (AD-I) under section 10 of FEMA, 1999). The permission is subject to compliance of applicable regulations. In addition, the RBI has approved the re-appointment of Sanjay Agarwal as managing director and CEO of the bank and Uttam Tibrewal as whole-time director for a period of three years.

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Zydus Lifesciences gets USFDA approval to manufacture generic anti-inflammatory drug

Zydus Lifesciences has received final approval from the USFDA to manufacture and market generic Roflumilast Tablets used to reduce inflammation in the lungs that leads to chronic obstructive pulmonary disease (COPD). The drug will be manufactured at the group’s formulation manufacturing facility in SEZ Ahmedabad. Roflumilast Tablets had annual sales of USD 34 million in the United States in FY23.

Read more here.

Shakti Pumps gets pending $1 million for Ugandan Water Project from EXIM Bank

Shakti Pumps has received a pending USD 1 million from EXIM Bank on behalf of the Government of Uganda for a project aimed at providing safe and sustainable water supply to half a million people in 20 rural districts. The project involves the supply of a solar-powered water pumping system, for which Shakti Pumps was awarded a contract worth USD 35.30 million in March 2021 by the Ministry of Water and Environment of the Ugandan government.

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NBCC gets project worth Rs 208 crore from PWD Puducherry

NBCC (India) Limited has been awarded a project worth Rs 208 crore from PWD Puducherry. The project involves providing comprehensive design, engineering, and project management consultancy services for a range of infrastructure works, including the construction of a disabled accessible platform, iconic cycle track, and sewage system remodeling. NBCC has also recently received orders worth Rs 448 crore from the Ministry of Home Affairs and the NCLT nod to dissolve its subsidiary, NBCC Engineering & Consultancy Limited (NECL).

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UltraTech Cement commissions 2.2 MTPA cement grinding unit in Bihar

UltraTech Cement has commissioned a 2.2 MTPA Brownfield expansion at its grinding unit in Patliputra, Bihar, increasing its grinding capacity to 4.7 mtpa. The expansion will allow the company to meet growing demand for cement in the East region and increase its blended cement ratio. UltraTech Cement’s total grey cement manufacturing capacity in India is now 129.15 mtpa. The company reported a 12% YoY increase in consolidated sales volume to 105.7 million tonnes in FY23. A 14% YoY increase in grey cement volumes to 100.1 mt was also reported.

Read more here.

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RIL to Commission New Gas Condensate Field by Year-End – Top Indian Market Updates

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

RIL to commission new gas condensate field by year-end

Reliance Industries Ltd (RIL) will commission its deepwater MJ gas condensate field in the Bay of Bengal block KG-D6 by year-end, boosting natural gas output to 30% of India’s total. MJ is the third and last of a set of discoveries that RIL and its British partner bp are developing in the eastern offshore block. The two will use a floating production system in the Bay of Bengal to start production at the deepest gas discovery in the KG-D6 block.

Read more here.

Torrent Pharma Q2 Results: Net profit falls 1.3% YoY to ₹312 crore

Torrent Pharmaceuticals Ltd reported a 1.3% year-on-year (YoY) decline in consolidated net profit to ₹312 crore for the quarter ended Sept (Q2 FY23). Its revenue from operations rose 7.2% YoY to ₹2,291 crore during the same period. EBITDA stood at ₹694 crore in Q2, down 2% YoY. The company’s revenue from the Indian market grew 13% YoY to ₹1,224 crore in Q2.

Read more here.

Reliance Retail to expand biz in affordable toy segment via Rowan brand

Reliance Retail Ventures Ltd is expanding its business in the fast-growing toy sector through its brand Rowan to operate in the affordable segment with a smaller shop size. The company has been running its toy distribution business through Rowan. It has now brought the homegrown brand to the front end by opening its first exclusive brand outlet (EBO) at Gurugram in NCR in the previous quarter with a store size of 1,400 sq feet.

Read more here.

Embassy REIT to invest ₹2,200 cr in next 4 years to develop new office buildings

Embassy Office Parks REIT will invest around Rs 2,200 crore in the next four years to develop premium workspaces. The company sees tremendous growth potential in the office market despite global recessionary concerns. CEO Vikaash Khdloya said the office demand would remain strong as large global companies want to open offices in India because of the high availability of a cost-efficient talent pool and cheap rentals for premium workspaces.

Read more here.

CDSL Q2 Results: Net profit falls 7% YoY to ₹80 crore

Central Depository Services Ltd (CDSL) reported a 7% YoY decline in consolidated net profit to ₹80 crore for the quarter ended Sept (Q2 FY23). Its total income grew 3% YoY to ₹170 crore during the same period. Nearly 48 lakh Demat accounts were opened during Q2. CDSL facilitates holding & transacting in securities in electronic form and settlement of trades on stock exchanges.

Read more here.

Tata Steel’s Dutch arm to supply green steel to Ford

Tata Steel Nederland has signed an agreement with automaker Ford to supply “green” steel after 2030. The company plans to start producing green steel (steel made without using fossil fuels) in 2030 at its plant in Ijmuiden, Netherlands. The Memorandum of Understanding signed between Tata and Ford of Europe does not compel Ford to buy a specified amount of steel at a specified price.

Read more here.

BSE launches Electronic Gold Receipts

BSE Limited has launched Electronic Gold Receipt (EGR) on its platform, a move that will help in efficient and transparent price discovery of gold. It introduced two new products of 995 and 999 purity during the Muhurat Trading session on Diwali. Trading in EGRs will be in multiples of 1 gram and deliveries in multiples of 10 grams and 100 grams.

Read more here.

Piramal Pharma to invest funds into expansion, acquisitions

Piramal Pharma Ltd will focus on scaling up its operations and margin growth through a combination of organic expansion and acquisitions in the areas of contract development & manufacturing services (CDMO) and complex generics. The company will invest ₹1,200 crore in antibody-drug conjugate capacity in the UK over the next 12-18 months. It is also looking to increase capacity at its Riverview unit in the US for active pharmaceutical ingredients (APIs).

Read more here.

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Heineken Acquires Additional 14.98% Stake in UBL – Top Indian Market News

Heineken acquires additional 14.98% stake in UBL

Dutch brewing company Heineken N.V. has acquired an additional 14.98% stake in United Breweries Ltd (UBL). Its total shareholding in UBL has increased from 46.5% to 61.5%. On June 22, SEBI had exempted Heineken from the obligation of making an open offer following its proposed acquisition of shares in UBL. 

A Debt Recovery Tribunal (DBT) has sold shares worth over Rs 5,800 crore of UBL, which was earlier attached under the anti-money laundering law as part of an alleged bank fraud probe against liquor baron Vijay Mallya. The DBT will further sell shares of UBL worth Rs 800 crore by June 25.

Read more here.

Dabur India to invest Rs 550 crore to set up manufacturing unit in Madhya Pradesh

Dabur India Limited has commenced construction of its largest manufacturing facility near Indore in Madhya Pradesh. The FMCG firm will invest Rs 550 crore to set up the new unit. The facility would manufacture a wide range of Dabur’s food products, ayurvedic medicines, and health supplements. The first phase of construction is scheduled for completion by the end of the current financial year (FY22). The unit is expected to provide direct and indirect employment opportunities to over 3,000 people at the end of the final phase. 

Read more here.

Piramal Pharma completes acquisition of Hemmo Pharmaceuticals

Piramal Pharma, a subsidiary of Piramal Enterprises Ltd, has completed the acquisition of Mumbai-based Hemmo Pharmaceuticals. In March, the company had entered into an agreement to acquire a 100% stake in Hemmo for an upfront consideration of Rs 775 crore and earn-outs linked to the achievement of milestones. With this acquisition, Piramal Pharma will gain access to the growing peptide Active Pharmaceutical Ingredient (API) market.

Read more here.

GRSE commissions new 250 tonne Goliath Crane

Garden Reach Shipbuilders and Engineers (GRSE) Ltd has commissioned a new 250 tonne Goliath Crane at the company’s main works unit in Kolkata. The approximate cost of setting up the crane was Rs 155 crore. GRSE said the new Goliath Crane is a vital asset for the construction and repair of a wide range of modern and strategic warships. It has enhanced the capacity of the modernised infrastructure facility of the shipyard.

Read more here.

Glenmark Pharma gets USFDA approval for inhalation product

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for Arformoterol Tartrate Inhalation Solution. The drug is used to treat conditions such as chronic bronchitis and emphysema. It will be manufactured at the pharma company’s facility in Monroe, North Carolina. According to IQVIA data, the generic version of the drug had annual sales of approximately $437.9 million (~Rs 3,250 crore) for the 12 months ended April 2021.

Cipla Limited has also received approval for the inhalation solution from the USFDA.

Read more here.

Infosys’ Rs 9,200 crore share buyback to open on Friday

The Rs 9,200 crore share buyback plan of Infosys Limited is scheduled to commence from June 25, 2021 (Friday). The IT company has proposed to buy back shares at a maximum price of Rs 1,750 per share. The Board of Directors of Infosys had approved the buyback plan on April 14, and the shareholders’ approval was received on June 19. The last date for the share buyback has been fixed as December 24, 2021.

Read more here.

HCC Q4 Results: Net profit falls 49% YoY to Rs 157 crore

Hindustan Construction Company (HCC) Ltd reported a 49.48% YoY decline in net profit to Rs 157.28 crore for the quarter ended March (Q4). Net profit has increased by 32.64% when compared to the previous quarter. Its total income rose 0.9% YoY to Rs 2,398.38 crore during the same period. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 610.02 crore, compared to a net profit of Rs 197.03 crore in FY20. HCC stated that operations of its group companies have started recovering from the economic slowdown caused by the Covid-19 pandemic.

Read more here.

ABB India installs digital solutions at JSW Steel’s plant in Maharashtra

ABB India Limited has completed the digitalisation of a melt shop at JSW Steel’s Dolvi works steel plant in Maharashtra. The digital solution connects steel melt shop operations with ladle and crane tracking and thermal loss prediction for higher casting speeds and additional output of 24,000 tonnes per annum (TPA). The ABB Ability Smart Melt Shop solution will help JSW Steel boost productivity and profitability.

Read more here.

Tata Motors in talks to raise capital for EV business: Report

According to a report from Economic Times, Tata Motors is in strategic talks with investors (including private equity funds) to raise capital for its electric vehicle (EV) business. In March 2021, the company had received shareholders’ approval to hive off its passenger vehicles business (including the EV segment) into a separate subsidiary through a scheme of arrangement. The report further states that talks with investors are at an early stage, and may not result in a deal.

Read more here.

Speciality Restaurants Q4 Results: Net profit jumps 122% YoY to Rs 8.4 crore

Speciality Restaurants Ltd (SPL) reported a 122.72% YoY jump in consolidated net profit to Rs 8.43 crore for the quarter ended March (Q4). Net profit has increased by 328.5% when compared to the previous quarter. Its total income declined by 4.5% YoY to Rs 75.17 crore during the same period. For the entire financial year 2020-21 (FY21), the company reported a net loss of Rs 29.45 crore. This is compared to a net loss of Rs 38 crore in FY20. SPL owns and operates multiple chains of fine and casual dining restaurants in India, Bangladesh, and Tanzania.