Tag: Sun Pharma

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Reliance to Spin-Off Oil-to-Chemicals Segment With $25 Billion Loan – Top Indian Market News

Reliance to spin-off Oil-to-Chemicals segment with $25 billion loan

Reliance Industries Ltd (RIL) announced that it has initiated the process of carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL will retain 100% management control in the subsidiary. It has also extended an interest-bearing loan of $25 billion (~Rs 1.81 lakh crore) to the O2C business. RIL expects to receive necessary approvals for the reorganisation by the second quarter of FY 2021-22.

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Cochin Shipyard secures Rs 10,000 crore order from Indian Navy

Cochin Shipyard Limited (CSL) has been declared as the lowest (L1) bidder by the Ministry of Defence for the construction of six next-generation missile vessels for the Indian Navy. The estimated value of the order is Rs 10,000 crore. The final announcement of the contract will be subject to the satisfactory completion of necessary formalities.

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Amazon India partners with Mahindra Electric to deploy 10,000 EVs for delivery

Amazon India has partnered with Mahindra Electric to deploy 10,000 electric vehicles (EVs) in its local delivery fleet by 2025. Mahindra’s electric three-wheeler, Treo Zor, is already used by Amazon’s delivery service partners in seven cities, including New Delhi, Bengaluru, and Hyderabad. This is part of Amazon.com Inc’s commitment to having 100,000 EVs in its global delivery fleet by 2030.

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Fire breaks out at UPL’s Jhagadia plant in Gujarat

UPL Limited announced that a serious fire broke out at its Jhagadia plant (in Gujarat) in the early hours of Tuesday morning. The company’s emergency team and the local fire brigade brought the massive fire under control. UPL confirmed that two people were killed and around 26 have been injured. It was reported that the fire may have been caused due to an electric short circuit.

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Adani Enterprises forms joint venture with EdgeConneX to develop data centres in India

Adani Enterprises has formed a 50:50 joint venture with US-based data centre operator EdgeConneX to build data parks in India. AdaniConneX JV has started the development of hyperscale facilities in Chennai, Navi Mumbai, Noida, Vizag, and Hyderabad. It will also develop scalable edge data centres across India.

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Bharti Airtel partners with Qualcomm for 5G rollout in India

Bharti Airtel has partnered with US-based Qualcomm Technologies for accelerating 5G services in India. The telecom company will utilise Qualcomm 5G Radio Access Network (RAN) platforms to roll-out virtualised and Open RAN-based 5G networks. Recently, Airtel became India’s first telco to demonstrate 5G over a live commercial network in Hyderabad.

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Bharat Forge receives order worth Rs 178 crore from Defence Ministry

Bharat Forge has received an order worth Rs 177.95 crore from the Ministry of Defence (MoD) for the supply of Kalyani M4 armoured vehicles to the Indian Army. As per reports, the contract from MoD entails the production of 200 Kalyani M4 vehicles under emergency procurement protocols. On Monday, Bharat Forge had signed an agreement with South Africa-based Paramount Group to manufacture Kalyani M4 vehicles in India.

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Heranba Industries IPO subscribed 85% on first day of bidding

The Rs 625-crore initial public offering (IPO) of Heranba Industries was subscribed 85% on the first day of bidding. The issue received bids for 58.76 lakh equity shares against an offer size of 69.81 lakh shares. The portion reserved for retail investors was subscribed 1.64 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 9%. 

To know more about the IPO, click here.

Zuari Agro Chemicals to sell Goa unit to Pradeep Phosphates for $280 million

Zuari Agro Chemical’s board has approved the sale of the company’s fertilizer plant in Goa and associated businesses to Pradeep Phosphates Ltd. The unit will be sold on a slump sale basis for an agreed enterprise value of $280 million (~Rs 2,030 crore). The business transfer agreement will be executed by the end of February 2021.

Gayatri Projects receives LoA for NHAI road project worth Rs 1,323 crore

Gayatri Projects Limited has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project worth Rs 1,323.5 crore. The order includes the development of six-lane access-controlled roads in the Uttar Pradesh portion of the Delhi-Saharanpur Highway. The project comes under the Economic Corridor in Phase-1 of the Bharatmala Pariyojana.

Sun Pharma to launch complete range of generic anti-epilepsy drug

Sun Pharmaceutical Industries said it plans to launch a complete range of anti-epilepsy drug- Brivaracetam in India. The drug is indicated for the treatment of partial-onset seizures in patients 16 years of age and older with epilepsy. Sun Pharma introduced Brevipil (Brivaracetam) tablet in the strengths of 25 mg/50 mg/75 mg/100 mg on Feb 21. 

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Amazon Moves Supreme Court Against Future-Reliance Retail Deal – Top Indian Market News

Amazon moves Supreme Court against Future-Reliance Retail deal

Amazon.com, Inc has moved the Supreme court against the Rs 24,713 crore deal between Future Retail and Reliance Retail. Recently, a special bench of the Delhi High Court dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal. The e-commerce giant has now challenged the lifting of ‘status quo’ orders by the special bench. Amazon had alleged that Future Retail violated contracts by agreeing to sell its retail assets to Reliance Industries in 2020. Future Group has denied any wrongdoing. 

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To learn more about the retail war between Reliance and Amazon, click here. 

Oil India Q3 Results: Net profit rises 25% YoY to Rs 889 crore

Oil India Limited (OIL) reported a 25.42% YoY increase in consolidated net profit to Rs 889.69 crore for the quarter ended December (Q3). It had posted a net profit of Rs 709.39 crore in the corresponding quarter last year. However, the company’s revenue declined by 27.72% YoY to Rs 2,137.34 crore in Q3 FY21. OIL has declared an interim dividend of Rs 3.5 per share.

Blue Star launches commercial refrigeration products for vaccine storage

Blue Star Limited has announced the launch of a new range of refrigeration products and solutions that are ideal for storing vaccines. The products comprise of specifically designed, temperature-controlled refrigerators and transporters. These are integral for building a robust ecosystem for vaccine distribution in India. Blue Star has also announced the launch of its new touchless storage water coolers and soft-push bottled water dispensers.

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Piramal Enterprises Q3 Results: Net profit rises 10% YoY to Rs 799 crore

Piramal Enterprises Ltd reported a 10% YoY increase in consolidated net profit to Rs 799 crore for the quarter ended December (Q3). The company’s two prominent units- finance and pharma- reported a 3% YoY decline in consolidated revenues to Rs 3,169 crore in Q3. Piramal had recently emerged as the successful bidder for Dewan Housing Finance Corporation Ltd (DHFL). The company said that the acquisition is in line with its strategy to diversify its loan book.

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Natco Pharma Q3 Results: Net profit declines 39% YoY to Rs 63 crore

Natco Pharma reported a 39.27% YoY decline in consolidated net profit to Rs 63.40 crore for the quarter ended December (Q3). Its revenue from operations increased by 26.33% YoY to Rs 355.20 crore during the same period. The pharma company’s profit was impacted due to lower sales in domestic oncology. It also faced a weak realization of profit from oseltamivir products (used to treat symptoms caused by flu virus) in the US. Natco Pharma has declared an interim dividend of Re 1 per share.

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Coal India Q3 Results: Net profit falls 21% YoY to Rs 3,085 crore

Coal India Ltd (CIL) reported a 21.4% YoY decline in consolidated net profit to Rs 3,085.4 crore for the quarter ended December (Q3). Its revenue increased by 2.1% YoY to Rs 23,686 crore during the same period. CIL produced 156.8 million tonnes of coal during the quarter, compared to 147.50 million tonnes in Q3 FY20. The company’s expenses increased by 1.7% YoY to Rs 19,592 crore.

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MRF Q3 Results: Net profit jumps two-fold to Rs 521 crore

MRF reported a two-fold increase in consolidated net profit to Rs 520.54 crore for the quarter ended December (Q3). Its revenue from operations increased to Rs 4,641 crore, compared to Rs 4,057.75 crore in the corresponding quarter last year. The company’s board has approved raising of Rs 1,000 crore by issuing non-convertible debentures on a private placement basis. MRF has also declared an interim dividend of Rs 3 per share.

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BHEL secures order to supply 2 Super Rapid Gun Mounts for Indian Navy ships

Bharat Heavy Electricals Ltd (BHEL) has secured an order from the Indian Navy for supplying two Super Rapid Gun Mounts for all its warships. The company has established dedicated manufacturing and inspection facilities at its plant in Haridwar for the production, installation, and commissioning of these standardised guns. BHEL is also working on an upgraded version of these guns (with enhanced range) to cater to future requirements of warships.

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Sun Pharma founder to pay Rs 62.35 lakh to SEBI for settling whistleblower charges

Dilip Shanghvi, founder and MD of Sun Pharmaceutical Industries Ltd (SPIL), will have to pay Rs 62.35 lakh to market regulator SEBI towards settling the charges by a whistleblower. In a letter to SEBI, the whistleblower alleged that Sun Pharma and its subsidiary, Sun Pharmaceutical Laboratories, had been diverting funds through Aditya Medisales Ltd (AML), which is its sole distributor in India. The letter also alleged that transactions with AML were ongoing for several years. However, AML was disclosed as a related party of SPIL only in FY 2017-18. 

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ACC Q4 Results: Net profit rises 73% YoY to Rs 472 crore

ACC Limited reported a 72.88% YoY increase in consolidated net profit to Rs 472.44 crore for the fourth quarter ended December (Q4). The company follows the January-December financial year cycle. Its total revenue rose 2.08% YoY to Rs 4,144.72 crore during the same period. ACC’s revenue from its cement segment grew by 4.63% YoY to Rs 3,876.54 crore in Q4. The company’s board has declared an interim dividend of Rs 14 per share.

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Power Grid Q3 Results: Net profit rises 26% YoY to Rs 3,368 crore

Power Grid Corporation of India reported a 26% YoY increase in consolidated net profit to Rs 3,367.71 crore for the quarter ended December (Q3). Its total revenue rose 8.3% YoY to Rs 10,142.5 crore during the same period. The company’s transmission business grew 9.3% YoY to Rs 10,042.97 crore in Q3. Power Grid’s telecom segment registered a 4.5% YoY growth in revenue to Rs 206.85 crore during the October-Decemer quarter (Q3).

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Economic Survey Projects India’s Real GDP Growth at 11% in FY22 – Top Indian Market News

Economic Survey projects India’s real GDP growth at 11% in FY 2021-22

The Finance Ministry’s Economic Survey projects that India’s real gross domestic product (GDP) would record a growth of 11% in the financial year 2021-22. The nominal GDP growth has been estimated at 15.4%, implying an assumption of 4.4% inflation during the year. The survey states that the fundamentals of the Indian economy remain strong. The gradual scaling back of lockdowns, along with the support of the Atmanirbhar Bharat Mission have placed the economy firmly on the path of revival. It further states that the economy would take two years to reach and go past pre-pandemic levels.

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Tata Motors Q3 Results: Net profit rises 67% YoY to Rs 2,906 crore

Tata Motors reported a 67.2% YoY increase in consolidated net profit to Rs 2,906.45 crore for the quarter ended December (Q3). Its revenue rose 5.5% YoY to Rs 75,653.8 crore during the same period. The company’s largest subsidiary, Jaguar Land Rover, reported a profit before tax of £439 million (~Rs 4,394 crore), compared with £121 million (~Rs 1,211 crore) in the corresponding quarter last year. Tata Motors’ overall sales in India rose 24% YoY to 1.50 lakh units.

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SSAB withdraws initial interest for Netherlands business: Tata Steel

Tata Steel on Friday confirmed that Swedish steel-maker SSAB AB has withdrawn its initial interest for its Netherlands business. In November 2020, Tata Steel had announced that it was in talks with SSAB on a potential sale of its Netherlands assets, including the Ijmuiden steel mill. Tata Steel said it is committed to finding a strategic resolution for its European portfolio. The company’s European works council said it expected the separation of Tata Steel’s Dutch and British operations to continue.

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Cipla Q3 Results: Net profit jumps 113% YoY to Rs 748 crore

Cipla Limited reported a 113% YoY increase in net profit to Rs 748.1 crore for the quarter ended December (Q3). The drugmaker’s revenue rose 18% YoY to Rs 5,168.7 crore during the same period. The company’s sales in India grew 22% YoY to Rs 2,231 crore in Q3. Cipla’s board has approved a scheme of arrangement with two wholly-owned subsidiaries. The company will transfer its India-based US business into Cipla BioTec and transfer consumer business to Cipla Health.

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Indian Oil Corp Q3 Results: Net profit rises 62% YoY to Rs 4,359 crore

Indian Oil Corporation Limited (IOCL) reported a 62.41% YoY increase in consolidated net profit to Rs 4,359.11 crore for the quarter ended December (Q3). Its revenue from operations rose 0.57% YoY to Rs 1.47 lakh crore during the same period. The state-owned company sold 21.425 million metric tonnes (MMT) of oil products in domestic markets in Q3. IOCL’s board has approved an interim dividend of Rs 7.50 per share. 

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Manappuram Finance Q3 Results: Net profit rises 17% YoY to Rs 483 crore

Manappuram Finance Ltd reported a 16.64% YoY increase in consolidated net profit to Rs 483.19 crore for the quarter ended December (Q3). Its revenue from operations rose 14.46% YoY to Rs 1643.81 crore during the same period. Consolidated assets under management (AUM) grew by 14.70% YoY to Rs 27,642.48 crore in Q3. The company’s board has approved an interim dividend of Rs 0.65 per share.

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Dr. Reddy’s Labs Q3 Results: Net profit at Rs 20 crore

Dr. Reddy’s Laboratories reported a consolidated net profit of Rs 19.8 crore for the quarter ended December (Q3). It had posted a net loss of Rs 527.4 crore in the corresponding quarter last year. The company’s consolidated revenue rose 12% YoY to Rs 4,930 crore in Q3 FY21. Dr. Reddy’s stated that it was progressing well on the Phase-3 clinical trials for the Sputnik-V vaccine in India.

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Sun Pharma Q3 Results: Net profit jumps two-fold to Rs 1,852 crore

Sun Pharmaceuticals Ltd reported a two-fold YoY jump in consolidated net profit to Rs 1,852.5 crore for the quarter ended December (Q3). The drugmaker’s consolidated revenue rose 8% YoY to Rs 8,837 crore during the same period. Sun Pharma’s global specialty sales have continued to show an improving trend and have crossed pre-Covid levels. The company’s board has declared an interim dividend of Rs 5.50 per share.

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IndusInd Bank Q3 Results: Net profit falls 36% to Rs 830 crore

IndusInd Bank Ltd reported a 36.5% YoY decline in net profit to Rs 830.39 crore for the quarter ended December (Q3). Net interest income (NII) rose 11% YoY to Rs 3,406 crore during the same period. The lender’s gross non-performing asset (NPA) ratio stood at 1.74%, compared with 2.21% in Q2 FY21. IndusInd Bank’s total provisions rose 77.6% YoY to Rs 1,853.52 crore in Q3.

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L&T bags contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad bullet train project 

Larsen & Toubro (L&T) has received a contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad high-speed rail corridor project. The order is to procure, fabricate, assemble, paint, and transport 28 bridges. L&T said the project was secured through a consortium of L&T and IHI Infrastructure Systems (IIS) of Japan.

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UPL Q3 Results: Net profit rises 13% YoY to Rs 794 crore

UPL Limited reported a 13% YoY increase in net profit to Rs 794 crore for the quarter ended December (Q3). Its revenue rose 3% YoY to Rs 9,126 crore during the same period. The company’s India business grew 21% YoY to Rs 906 crore, despite a market slowdown during the quarter. UPL also reported an exceptional loss of Rs 78 crore in Q3 for costs related to restructuring in Europe and provision written back related to litigation costs in North America.

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Vedanta Q3 Results: Net profit rises 59% YoY to Rs 4,224 crore

Vedanta Ltd reported a 59% YoY increase in consolidated net profit to Rs 4,224 crore for the quarter ended December (Q3). Its revenue rose to Rs 23,621 crore, compared with Rs 22,007 crore in the corresponding quarter last year. The company’s strong performance in Q3 was mainly on account of increased commodity prices and better sales volumes in Zinc and Iron Ore businesses. Vedanta plans to reduce its debt by Rs 5,000 crore in the January-March quarter (Q4).

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Adani Ports’ Net Profit Rises 32% YoY – Top Indian Market News

Adani Ports Q2 Results: Net Profit rises 32% YoY to Rs 1,394 crore

Adani Ports & Special Economic Zone Ltd. reported a 31.57% year-on-year increase in consolidated net profit at Rs 1,393.69 crore, for the quarter ended September (Q2). The revenue from operations increased by 3% YoY to Rs 2,902.52 crore, during the same period. The company has stated that its market share in India’s overall cargo has increased to 24%, as compared to 21% in Q1 of the current financial year.

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Vedanta, Hindalco win in commercial coal mine auctions

Vedanta Ltd. and Hindalco Industries Ltd. are among the first private companies chosen to operate coal mines in India. The Government had allocated 38 coal mines in the country for auction to the private sector. Vedanta Ltd has placed the winning bid for the Radikapur West Coal Block in Odisha. Hindalco has won the right to operate the Chakla Coal Block in Jharkhand.

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PVR Q2 Results: Net Loss stands at Rs 184 crore

PVR Limited reported a consolidated net loss of Rs 184 crore, for the quarter ended September (Q2). The consolidated revenue of the multiplex operator was at Rs 40.4 crore, during the same period. PVR has stated that most of its theatres have reopened, under the Unlock 5.0 guidelines. They are optimistic for a gradual improvement in revenues over the next few months.

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Ajanta Pharma Q2 Results: Net Profit up by 45% YoY

Ajanta Pharma Limited reported a 45% year-on-year (YoY) increase in net profit at Rs 170 crore, for the quarter ended September (Q2). The company’s revenue has increased by 11% YoY to Rs 715 crore, during the same period. The Board of Directors of Ajanta Pharma has approved an interim dividend of Rs 9.50 per share. They have also announced a share buyback of 7.35 lakh equity shares, at a price of Rs 1,850 per share.

Sun Pharma Q2 Results: Net Profit jumps 70% YoY to Rs 1,813 crore

Sun Pharmaceutical Industries Ltd. reported a 70.4% year-on-year (YoY) increase in consolidated net profit to Rs 1,813 crore, for the quarter ended September. The drug firm’s consolidated revenue from operations has increased by 5.3% YoY to Rs 8,553 crore, during the same period. The share price of Sun Pharma saw a rise of 3.85%, and closed at Rs 487.45 on the NSE today.

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Muthoot Finance Q2 Results: Net profit rises 2.5% to Rs 931 crore

Muthoot Finance Ltd. reported a 2.5% year-on-year (YoY) increase in consolidated net profit at Rs 930.81 crore, for the quarter ended September (Q2). The company has posted a 17.4% YoY increase in total income to Rs 2,824.19 crore, during the same period. The non-banking financial company has also recorded its highest-ever quarter-on-quarter (QoQ) growth in its gold loan portfolio.

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TCS partners with B3i to launch solutions for insurance industry

Tata Consultancy Services (TCS) has partnered with B3i Services AG to design, develop, and launch ecosystem innovations for the insurance industry. The partnership will be aimed at providing solutions to improve the digital systems of insurers, brokers, and industry service providers. B3i is an industry-led blockchain initiative that is owned by 20 insurance companies around the world.

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Dabur Q2 Results: Net Profit rises 20% YoY to Rs 483 crore

Dabur India Ltd. reported a 20.6% year-on-year (YoY) increase in consolidated net profit to Rs 482.86 crore, for the quarter ended September (Q2). The company’s consolidated revenue has increased by 14% YoY to Rs 2,516.04 crore, during the same period. The e-commerce business of Dabur grew by 200% YoY in Q2.

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PNB to raise Rs 7,000 crore through QIP in December

Punjab National Bank (PNB), on Tuesday, said it is planning to raise Rs 7,000 crore through qualified institutional placement (QIP) of shares by December 2020. QIP is a method that allows listed companies to raise capital from domestic markets through the issue of equity shares or any other securities. This is part of PNB’s overall plan to raise capital worth Rs 14,000 crore during the current financial year.

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Godrej Properties Q2 Results: Net Profit declines 77% YoY to Rs 7 crore

Godrej Properties Ltd. reported a 77% year-on-year (YoY) decline in consolidated net profit at Rs 7 crore, for the quarter ended September (Q2). The real-estate company posted a 36% YoY decline in total income at Rs 238 crore, during the same period. The company has stated that construction activity has resumed across its sites, with a high increase in the workforce.

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Meghmani Finechem expands Caustic Soda Plant 

Meghmani Finechem is expanding production at its existing Caustic Soda Plant from 2.94 lakh tonnes per annum (TPA) to 4 lakh TPA. The company is also upgrading the Captive Power Plant capacity to 123 MW (megawatts) at its production site in Gujarat. The total cost of these projects is estimated at Rs 230 crore. Meghmani Finechem is a material subsidiary of Meghmani Organics Ltd.

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Sun Pharma Q1 Results, Net Loss Rs.1665.50 Cr

Sun Pharmaceuticals recorded a revenue of Rs. 7,739.04 Cr which is a decline of about 9.6% over the same quarter last year and about 6.1% less than the quarter ending March 20′. India sales at Rs. 2,388 crores, growth of 3.2% over Q1 last year

Sun Pharma went on in recording a Loss of Rs.1665.50 Cr as compared to Rs. 1,387.48 Cr. profit last year and Rs.399.84 Cr. in the quarter ending March 20′

Sales in the US were US$ 282 million for the quarter accounting for about 29% of total consolidated sales.

In 2010, Sun Pharma acquired US-based Taro Pharmaceuticals, Taro posted Q1FY21 sales of US$ 117.6 million, down 27% over Q1 last year. Excluding the one-time settlement charge of US$ 478.9 million, net profit was US$ 29 million compared to US$ 66.2 million in Q1FY20. Taro’s reported a net loss for Q1 was US$ 434.9 million.

Consolidated R&D investment for Q1FY21 was Rs. 421 crores, or 5.6% of sales as compared to Rs. 422 crores (5.1% of sales) for Q1 last year.

Dilip Shanghvi, Managing Director of the Company said, “The Q1 performance reflects the impact of the global COVID-19 pandemic and consequent lockdown across markets and is not an indicator of the underlying strength of our business. Despite challenging conditions, we have done well and have not lost market share for any of our key
speciality products in the US. We have also maintained our market share in the Indian domestic market. Our timely risk mitigation initiatives ensured smooth operations of our manufacturing network, thereby maintaining continuous supplies of drugs. In the meantime, we continue to focus on serving our patients and customers,
ensuring the safety of our employees and business continuity.”

Q1 FY21Rs. Cr.Q4 FY20Rs.  Cr.Q1 FY20Rs.   Cr.QoQ%YoY%
Total Revenue7,739.048,287.2 8,587.4-6.61-9.88
Net Profit-1665.50399.841,387.48-516-219

You can read the official press release over here