Tag: salasar techno

Categories
Market News Top 10 News

ITC Reports 3% YoY Decline in Net Profit in Q4 – Top Indian Market News

itc

ITC Q4 Results: Net profit falls 3% YoY to Rs 3,755 crore

ITC Limited reported a 3% YoY decline in consolidated net profit to Rs 3,755 crore for the quarter ended March (Q4). Net profit has increased by 6.4% when compared to the previous quarter. The FMCG firm’s consolidated revenue from operations rose 22.6% YoY to Rs 15,404 crore during the same period. The revenue from its hotel business declined by 38% YoY to Rs 302 crore. ITC’s cigarette business reported an 11.5% YoY increase in revenue to Rs 6,508 crore in Q4. The company’s board has recommended a final dividend of Rs 5.75 per share.

Read more here.

Manufacturing PMI drops to 10-month low in May

Factory activity in India fell to the lowest level in 10 months in May, as the surge in Covid-19 cases caused a severe impact on new orders and output. Overall manufacturing activity has slowed down, and job loss has accelerated. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 50.8 in May, compared with 55.5 in April. 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 companies post sharp fall in sales in May amid second wave

Automakers posted a sharp fall in sales in May 2021 due to the resurgence of the Covid-19 pandemic. India’s largest automaker Maruti Suzuki posted a 71% decline in total sales to 46,555 units in May, compared with 1.59 lakh units in April. Mahindra & Mahindra’s passenger vehicle (PV) sales in May fell 56% over the previous month. Tata Motors’ PV sales declined by 40% month-on-month (MoM) to 15,181 units during the same month. TVS Motor Company reported a 30.16% fall in total sales to 1.66 lakh units in May over the previous month.

Read more here.

Salasar Techno Q4 Results: Net profit rises 163% YoY to Rs 9.85 crore

Salasar Techno Engineering reported a 163.36% YoY jump in consolidated net profit to Rs 9.85 crore for the quarter ended March (Q4). Its revenue from operations rose 94.73% YoY to Rs 211.50 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 33.61% YoY to Rs 28.89 crore. The company’s board has approved the proposal of issuing bonus shares in the ratio 1:1. Its board has also declared a final dividend of Re 1 per share.

Read more here.

BSE signs MoU with ESC to encourage listing of startups

Bombay Stock Exchange (BSE) has signed a Memorandum of Understanding (MoU) with Electronics and Computer Software Export Promotion Council (ESC) to create awareness about the benefits of listing among small businesses and startups. ESC will utilise its pan India network of electronics and IT exporters and evaluate the small and medium enterprises (SMEs) and startups amongst these for listing on the BSE SME platform. ESC will also assist in sensitising its investor network for investing in SMEs listed on the BSE SME platform.

Read more here.

Balrampur Chini Q4 Results: Net profit declines 2% YoY to Rs 235 crore

Balrampur Chini Mills Ltd reported a 2.46% YoY decline in consolidated net profit to Rs 235.5 crore for the quarter ended March (Q4). Its revenue from operations declined by 41.41% YoY to Rs 1,019.35 crore during the same period. The company’s revenue from sugar manufacturing fell 41.8% YoY to Rs 1,031.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit declined by 3% YoY to Rs 199.51 crore.

The Board of Directors of Balrampur Chini Mills has approved an investment of Rs 425 crore for establishing a new distillery facility with a capacity of 320 kilo-litres per day (KLPD). The unit is scheduled to commence operations from December 2022.

Read more here.

Glenmark Pharma launches anti-epileptic drug in the US

Glenmark Pharmaceuticals Ltd announced the launch of anti-epileptic drug Rufinamide tablets in the US market. The newly launched drug is a therapeutic equivalent of Banzel tablets of Japan-based Eisai, Inc. The drug is used in combination with other medications to treat children with Lennox-Gastaut syndrome, a severe form of epilepsy that causes developmental problems. According to IQVIA data, Banzel tablets had achieved annual sales of approximately $285.3 million (~Rs 2,079 crore) for the 12 months ended April 2021.

Read more here.

Radico Khaitan Q4 Results: Net profit rises 91% YoY to Rs 73.55 crore

Radico Khaitan Ltd reported a 91.3% YoY increase in consolidated net profit to Rs 73.55 crore for the quarter ended March (Q4). Its revenue from operations rose 18.7% YoY to Rs 694.73 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 18.9% YoY to Rs 270.56 crore. The company’s board has recommended a dividend of Rs 2.4 per share. Radico Khaitan is one of the leading manufacturers of Indian-Made Foreign Liquor (IMFL).

Read more here.

SEBI bans 8 entities in Infosys insider trading case

Market regulator SEBI has banned eight entities, including two Infosys employees, from trading in the stock market due to violation of insider trading norms. An investigation conducted by SEBI revealed that two employees of Infosys were found to have used insider information to trade in the IT company’s stock last year. The value of illegal gains to the tune of Rs 3.06 crore has been impounded from Capital One Partners, Tesora Capital, and several individuals associated with both firms.

Read more here.

Honeywell Automation Q4 Results: Net profit declines 6% YoY to Rs 104 crore

Honeywell Automation reported a 6.4% YoY decline in net profit to Rs 104.02 crore for the quarter ended March (Q4). Net profit has declined by 30.6% when compared to the previous quarter. Its revenue from operations fell 4.48% YoY to Rs 672.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.4% YoY to Rs 460.04 crore. The company’s board has declared a dividend of Rs 85 per share. Honeywell Automation is a leading provider of integrated automation and software solutions.

Read more here.

Gujarat Gas Q4 Results: Net profit rises 40% YoY to Rs 350 crore

Gujarat Gas Ltd reported a 40.1% YoY increase in consolidated net profit to Rs 350.86 crore for the quarter ended March (Q4). Net profit has declined by 10.56% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY to Rs 3,489.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 6.5% YoY to Rs 1,277.72 crore. The company’s board has declared a dividend of Rs 2 per share.

Categories
Market News Top 10 News

Berger Paints Reports 2x Jump in Net Profit in Q4 – Top Indian Market News

Berger Paints Q4 Results: Net profit rises 101% YoY to Rs 209 crore

Berger Paints India Ltd reported a 101% YoY increase in consolidated net profit to Rs 208.60 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter. Its revenue from operations rose 49.5% YoY to Rs 2,026.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 9.4% YoY to Rs 719.75 crore. The company’s board has recommended a dividend of Rs 2.80 per share.

Read more here.

Happiest Minds partners with Yotta Infra to deliver co-location, managed IT services

Happiest Minds Technologies has entered into a strategic partnership with Yotta Infrastructure to jointly offer co-location services and cloud solutions on the ‘anything-as-a-service’ model. Yotta’s entire range of enterprise IT services and a full array of managed services will be made available by Happiest Minds. Mumbai-based Yotta Infra is a managed data centre service provider.

Read more here.

Manappuram Finance Q4 Results: Net profit rises 17% YoY to Rs 468 crore

Manappuram Finance reported a 17.6% YoY increase in consolidated net profit to Rs 468.35 crore for the quarter ended March (Q4). Net profit has declined by 2.8% when compared to the previous quarter. Its total income rose 0.75% YoY to Rs 1,630.25 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 16.5% YoY to Rs 1,724.95 crore. The non-banking finance company’s (NBFC) board has declared an interim dividend of Rs 0.75 per share.

Read more here.

Zydus and TLC sign pact to market Liposomal Amphotericin B to treat black fungus in India

Zydus Cadila has signed an agreement with Taiwan-based TLC to market Liposomal Amphotericin B Injection (AmphoTLC), a critical drug used to treat Mucormycosis (Black Fungus), in India. As per the agreement, TLC will manufacture and supply AmphoTLC on a non-exclusive basis to Zydus, and Zydus will commercialize the anti-fungal drug in India. There is a severe shortage of the drug due to the surge in Black Fungus cases in India.

In a separate filing, Alembic Pharmaceuticals said it has received approval from the Drugs Controller General of India (DCGI) to manufacture Liposomal Amphotericin.

Read more here.

V-Guard Industries Q4 Results: Net profit rises 112% YoY to Rs 68 crore

V-Guard Industries reported a 112% YoY jump in consolidated net profit to Rs 68.39 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 58% YoY to Rs 855.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has risen by 7.25% YoY to Rs 201.89 crore. The company’s board has declared a dividend of Rs 1.20 per share.

Read more here. 

TCS partners with VIAVI to accelerate disaggregated 5G RAN product innovation

Tata Consultancy Services (TCS) has partnered with US-based Viavi Solutions to launch new tech solutions that address the industry’s need for comprehensive testing of next-generation disaggregated 5G Radio Access Network (RAN) products. TCS will leverage its 5G expertise to help VIAVI launch its industry-first product suite for O-RAN implementations. Viavi Solutions is a global provider of network test, measurement and assurance solutions.

Read more here.

Burger King Q4 Results: Net loss at Rs 25.9 crore

Burger King India Ltd reported a consolidated net loss of Rs 25.9 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 37.41 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 2.65% YoY to Rs 196.05 crore in Q4 FY21. Burger King India had an exceptional write-off of Rs 5.58 crore towards the decline in food inventory value and store shutdowns. For the financial year ended March 31, 2021 (FY21), net loss stood at Rs 173.91 crore. This is compared to a net loss of Rs 76.57 crore in FY20.

Read more here.

Hitachi ABB Power Grids in India announces carbon-neutral program

Hitachi ABB Power Grids in India announced a comprehensive program to achieve carbon-neutrality targets in its operations by 2030. The program is designed to reduce the carbon footprint of its own operations and in the products that it delivers. The company expects to achieve its carbon-neutral target of 100% fossil-free electricity by the close of FY 2021-22. Hitachi ABB Power also aims to achieve a 50% reduction in waste generation and a 25% cut in freshwater usage by 2030.

Read more here.

BPCL Q4 Results: Net profit at Rs 11,940 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a net profit of Rs 11,940 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,361 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 21.5% YoY to Rs 98,755.6 crore in Q4 FY21. The company’s market sales grew 4% YoY to 11.17 million tonnes. BPCL’s board has approved a final dividend of Rs 58 per share.

Read more here.

Pfizer India Q4 Results: Net profit declines 2.4% YoY to Rs 100.5 crore

Pfizer India Ltd reported a 2.4% YoY decline in net profit to Rs 105.55 crore for the quarter ended March (Q4). Net profit has declined by 28.8% when compared to the previous quarter. Its revenue from operations rose 6.5% YoY to Rs 534.76 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has fallen by 2.26% YoY to Rs 497.61 crore. The pharma company’s board has announced a total dividend of Rs 35 per share.

WhatsApp sues Centre over new privacy rules

WhatsApp has filed a lawsuit in the Delhi High Court against the Indian government’s new digital rules that take effect today (May 26), saying it would compel the company to break privacy protections to users. The Facebook-owned messaging service filed a petition against the new Information Technology (IT) Rules 2021 that will require it to “trace” the origin of messages sent on the platform, which it says is a violation of privacy.

Read more here.

LT Foods Q4 Results: Net profit rises 4.4% YoY to Rs 56 crore

LT Foods Limited reported a 4.4% YoY increase in consolidated net profit to Rs 56.37 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. Its total income declined 5.8% YoY to Rs 1,129.52 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 45% YoY to Rs 289.07 crore.

Read more here.

Categories
Market News Top 10 News

Govt Ready to Roll Out Covid-19 Vaccine by Jan 13 – Top Indian Market News

Ready to roll out Covid-19 vaccine by January 13: Health Ministry

The Union Health Ministry on Tuesday said that it is prepared to roll out the coronavirus vaccine by January 13. “Based on the feedback of the dry-run, the government said it is ready to introduce the Covid-19 vaccine within 10 days from the date of emergency use authorisation,” said Union Health Secretary Rajesh Bhushan. On January 3rd, the Drugs Controller General of India (DCGI) had announced approval for two vaccines- Oxford-AstraZeneca’s Covishield (manufactured by Serum Institute of India) and Bharat Biotech’s Covaxin. The vaccine will be first offered to one crore healthcare workers and two crore frontline & essential workers. 

Read more here.

Work in progress to set up 16,000 km of new gas pipeline network: PM Modi

Prime Minister Narendra Modi on Tuesday said that work is in progress to set up 16,000 km of a new gas pipeline network in the country, which will be completed over the next four to six years. He stated that this would help set up 700 compressed natural gas (CNG) stations and 2.1 million people to avail piped natural gas (PNG). He further said that India plans to spend $60 billion in creating gas infrastructure till 2024, which would include pipelines, liquefied natural gas (LNG) terminals, and city gas distribution (CGD) networks. PM Modi inaugurated the 450-km Kochi-Mangaluru natural gas pipeline via video conferencing today.

Read more here.

Gravita India secures contract to supply lead products to Luminous Power

Gravita India Ltd has signed an annual agreement with Luminous Power Technologies for supplying 12,000 million tonnes (MT) of refined lead and lead alloys. The contract will be executed in the calendar year 2021, which at current lead prices would be an approximate contract value of Rs 180 crore. Yogesh Malhotra, the CEO of Gravita India, stated that this agreement will help the company to boost sales and strengthen its presence in the domestic market. 

Read more here.

Dilip Buildcon incorporates SPV for road project worth Rs 882 crore

Dilip Buildcon Ltd has incorporated a special purpose vehicle (SPV) as a wholly-owned subsidiary for a new Hybrid Annuity Model (HAM) project. The SPV will be used for four laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya Section of NH151A in Gujarat, through public-private partnership on a design, build, operate and transfer basis. The HAM project is worth Rs 882 crore and will be completed in 2 years.

Read more here.

Tata Power partners with SIDBI to offer affordable financing for MSMEs in rooftop solar segment

Tata Power Ltd has announced its partnership with the Small Industries Development Bank of India (SIDBI) to offer an easy and affordable financing scheme for Micro, Small, and Medium Enterprises (MSMEs) in the rooftop solar segment. The companies have joined hands to design a solar financing solution to help MSME customers with financial aid without any collateral, at an interest of less than 10%. Tata Power stated that this scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow.

Read more here. 

L&T emerges as lowest bidder for Uttarakhand Railway Project

The Heavy Civil Infrastructure business of L&T Construction has emerged as the lowest bidder for Package 4 of the new broad-gauge line between Rishikesh and Karnaprayag. The scope of the engineering and construction project includes completing tunnel work, construction shaft, and ancillary works in Uttarakhand. The order, which is worth about Rs 3,338 crore, is a contract from Rail Vikas Nigam Ltd (RVNL). 

Read more here.

HCL Tech completes acquisition of Australian IT solutions firm DWS

HCL Technologies Ltd announced that it has completed the acquisition of Australian IT solutions firm DWS. In September 2020, HCL Tech had announced that it will acquire DWS, a move that will help the Noida-based company to strengthen its position in the Australian and New Zealand market. The IT company had said that the total equity value pay-out will be AUD 158.2 million (~Rs 850.33 crore). The DWS Group provides a wide range of IT services including digital transformation, application development & support, and consulting.

Read more here. 

Tech Mahindra partners with College of Military Engineering to build defence solutions

The research and development (R&D) arm of Tech Mahindra Ltd, Makers Lab, has collaborated with the College of Military Engineering (CME), Pune to address challenges in the field of defence through technological innovations. CME will leverage the partnership to address critical military problem statements and be future-ready using next-generation technologies of Artificial Intelligence (AI) and Robotics. As a part of this partnership, Tech Mahindra will establish a Makers Lab at CME to utilise their diverse set of capabilities and promote R&D to provide cutting-edge technology solutions for defence forces.

Read more here.

RBI imposes Rs 2.5 crore penalty on Bajaj Finance for violation of norms

The Reserve Bank of India (RBI) on Tuesday imposed a monetary penalty of Rs 2.5 crore on Bajaj Finance Limited for violation of rules pertaining to recovery and collection methods. The lapses were linked to risk management and a specific fair practice code. RBI stated that Bajaj Finance had failed to ensure that its recovery agents did not resort to harassment or intimidation of customers as part of its debt collection efforts.

Read more here.

Salasar Techno’s subsidiary secures contract worth Rs 252 crore from Texmaco

Salasar Adorus Infra LLP, a subsidiary of Salasar Techno Engineering Ltd, has entered into a work contract with Kolkata-based Texmaco Rail and Engineering Ltd. The order consists of carrying out a portion of the design, supply, installation, testing, and commissioning of ‘Ballastless Track of Standard Guage’ in the elevated viaduct section and an underground section for the Bangalore Metro Rail Project. The company stated that the value of the contract is around Rs 252 crore.