Tag: suven pharma

Categories
Market News Top 10 News

Cabinet Clears Advent’s Acquisition of Suven Pharma – Top Indian Market Updates

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

Cabinet clears Advent’s acquisition of Suven Pharma

The Cabinet Committee on Economic Affairs has approved the foreign direct investment (FDI) proposal of up to ₹9,589 crore in Suven Pharmaceuticals Ltd by private equity firm Advent International through its Cyprus-based Berhyanda Ltd. In December 2022, Advent entered into a definitive agreement to acquire a 50.1% stake in Suven Pharma. It will also launch an open offer for an additional 26% of the pharma company.

Read more here.

NCLAT terminates insolvency proceedings against Coffee Day Global Ltd

The National Company Law Appellate Tribunal (NCLAT) has set aside an insolvency order against Coffee Day Global Ltd (CDGL). The move comes after CDGL settled with its financial creditor, IndusInd Bank. The Counsel representing the companies informed NCLAT’s Chennai bench about the settlement and sought permission to withdraw insolvency litigations. CDGL owns and operates the coffee chain Cafe Coffee Day. 

Read more here.

Adani Group to refinance debt taken for Ambuja Cements acquisition

Adani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd. This could be one of Asia’s largest syndicated loan deals of the year. Banks are likely to refinance a total of $3.5 billion. The group would repay at least $300 million on the original Ambuja facility.

Read more here.

Reliance Retail in talks with Gulf, Singapore funds on $1.5 bn injection

Reliance Retail is in talks with existing investors, including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia, for combined new investments of around $1.5 billion (~₹12,440 crore). The talks with investors are part of an internal target to raise $3.5 billion, which the company wants to close by the end of September.

Read more here.

JioCinema to stream India-Australia ODI series for free

Reliance’s JioCinema will livestream India’s 3-match ODI home series against Australia at no cost. This move marks the initiation of international series coverage in JioCinema’s rights cycle. The OTT platform will broadcast the matches in 11 different languages. It has enlisted cricketers Suresh Raina, Kedar Jadhav, Aakash Chopra, and others to form an expert panel.

Read more here.

DMRC, BEL to jointly develop indigenous train control system

Delhi Metro Rail Corporation (DMRC) and Bharat Electronics Ltd (BEL) have signed a Memorandum of Understanding (MoU) to develop an indigenous communication-based train control (i-CBTC) system. The team has commenced work at DMRC’s i-CBTC lab. It will soon develop and deploy a prototype i-CBTC product on a “designated test track” within the DMRC network. 

Read more here.

IndiGo to use tech to study fatigue among their pilots

Pilots of IndiGo Airlines will soon wear a wrist gadget and use a ground device to detect fatigue and check their alertness level before and after their flights. The airline will start this experiment in collaboration with French aerospace conglomerate Thales Group. This is to collect data and use it to make flight patterns and rosters that reduce the tiredness of their pilots.

Read more here.

Reliance Jio seeks DoT approval to widen E-band spectrum use

Reliance Jio has sought approval from the Department of Telecommunications (DoT) to widen the use of the E-band spectrum. Last year, DoT gave E-band spectrum to telecom companies administratively for backhaul use only to smoothen the 5G rollout. Jio now wants the DoT to send a fresh reference to the Telecom Regulatory Authority of India (TRAI), which underlines that the E-band spectrum can also be used for access services.

Read more here.

Bombay Dyeing to sell off 22-acre land for ₹5,200 crore

Bombay Dyeing and Manufacturing Company Ltd (BDMC) has approved the proposal to monetise a prime land parcel in Worli, Mumbai. BDMC’s board of directors gave the green light to a proposal that involves selling approx. 22 acres of land, along with the associated floor space index. Goisu Realty Private Ltd, a subsidiary of Sumitomo Realty & Development Company Ltd, will acquire this land.

Read more here.

KEC International secures order worth ₹1,145Cr in Saudi Arabia 

KEC International’s  Transmission & Distribution (T&D) business has secured an order worth ₹1,145 crore in the Kingdom of Saudi Arabia (KSA). The company will design, supply and install a 380 kV Overhead Transmission Line in KSA. With this order, the company’s year-to-date (YTD) order intake has surpassed ₹7,500 crores, registering a growth of 30% YoY.

Read more here.

SEBI finds significant red flags in transactions between ZEEL and Essel entities

The Securities and Exchange Board of India (SEBI) argued before the Securities Appellate Tribunal (SAT) that it sees significant red flags in the transactions between Zee Entertainment Enterprises Ltd (ZEEL) and Essel entities. According to SEBI counsel, the scheme was to circulate ZEEL’s own money back into the company through entities to pay back the debt of Essel entities. SEBI added that the transactions between ZEEL and Essel entities can’t be genuine or a coincidence.

Read more here.

Categories
Market News Top 10 News

Advent Buys Significant Stake in Suven Pharma – Top Indian Market Updates

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

Advent International acquires significant stake in Suven Pharma

Global private equity investor Advent International has entered into a definitive agreement to acquire a 50.1% stake in Suven Pharmaceuticals Ltd from the Jasti family (promoters) for ₹6,313 crore. Advent will also launch an open offer to acquire an additional 26% of the pharma company. The total deal size would add up to ₹9,589 crore. After the acquisition, Advent intends to explore the merger of its portfolio company Cohance Lifesciences with Suven Pharma.

Read more here.

Central Bank of India to raise up to ₹1,500 crore in FY23

Central Bank of India’s board has approved a proposal to raise up to ₹1,500 crore this financial year (FY23) by issuing Basel III compliant bonds. The base issue size is ₹500 crore with a greenshoe option of up to ₹1,000 crore. Under the Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

Read more here.

Electronics industry push for tax rationalisation in Union Budget 2023

The Indian electronics industry wants the government to rationalise tariffs and remove small tariffs of 2.75% on parts and components of mobile phones, sub-assemblies, and mechanics. They want the Centre to reduce Goods & Services Tax (GST) from 18% to 12%. India Cellular and Electronics Association (ICEA) also wants the 20% basic customs duty on high-end phones to be pegged at ₹4,000 per device. This measure could limit the smuggling of high-end phones, which ICEA said will add ₹1,000 crore to the GST collection.

Read more here.

Agrochemical players likely to see 15-17% growth this fiscal: CRISIL

According to a report from CRISIL Ratings, agrochemical players will grow at 15-17% in FY23, primarily driven by continued strong exports and stable domestic demand. Major agrochemical firms registered a stellar 23% growth in FY22. Their revenue could further grow by 10-12% next financial year as India continues to benefit from the China+1 strategy of global players.

Read more here.

Alembic Pharma gets USFDA approval for Fulvestrant injection

Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fulvestrant injection. The drug is used in the treatment of breast cancer. As per IQVIA data, Fulvestrant injection had an estimated market size of $71 million for the 12 months ended September 2022.

Read more here.

Godrej Properties acquires 62-acre land in Kurukshetra

Godrej Properties Ltd (GPL) has acquired nearly 62 acres of land in Kurukshetra, Haryana, to develop 1.4 million sq. ft. of plotted residential development. Kurukshetra is a self-sufficient city with good infrastructure consisting of schools, colleges, and hospitals. It also has significant historical and religious importance. GPL has been acquiring land in the National Capital Region (NCR) and peripheral areas to expand its presence.

Read more here.

Noida authority directs DLF to pay ₹235 crore for Mall of India land

Noida authority has issued a notice to realty developer DLF, asking it to pay ₹235 crore within 15 days for the dispute related to the land of Mall of India (the biggest mall in the country). The move has come after the Supreme Court ordered the Noida authority to pay ₹295 crore to Veerana Reddy. The authority acquired the land from Veerana Reddy in 2005 and later auctioned it to DLF, who developed the mall there.

Read more here.

Jet Airways pilots, cabin crew exit amid relaunch uncertainty

According to a CNBV-TV18 report, many standby pilots and cabin crew of Jet Airways have exited amid relaunch uncertainty. The report further states that the vice president of in-flight service has been sent on leave, while the salaries of CEO Sanjiv Kapoor and CFO Vipula Gunatilleka have been reduced. Earlier, Bloomberg reported that lenders to Jet Airways are resisting a court-approved resolution plan, further delaying the private airline’s relaunch.

Read more here.

Welspun Enterprises to receive ₹2,339 crore in first close of road asset sale

Welspun Enterprises Ltd. will receive about ₹2,339 crore from the first closing of the sale of six road assets to Actis Highway Infra Ltd., said Managing Director Sandeep Garg. “The enterprise value for the transaction is somewhere in the range of ₹9,049 crore, out of which approx. Rs 3,000 crore were received by us during the construction phase from the client,” he added. The five projects are the Welspun Delhi-Meerut Expressway, Welspun Road Infra, MBL (CGRG) Road, MBL Road Ltd., and Chikhali Tarsod Highways.

Read more here.

Infibeam Avenues receives RBI approval for Bharat Bill Payment licence

Infibeam Avenues Ltd has received a Perpetual Licence from the Reserve Bank of India (RBI) for its bill payments business, BillAvenue. The licence will allow BillAvenue to function as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). The licence will help the company offer secure and uninterrupted services to 18,000+ billers, agent institutions and a network of ten lakh agents spread across 2,000 cities and towns in India.

Read more here.

Air India Express, AirAsia India exploring synergies ahead of merger

Air India Express and AirAsia India (which has changed its name to AIX Connect) are exploring synergies in terms of having unified customer touchpoints ahead of their proposed merger. An operational review process is underway to integrate budget carrier AirAsia India with Air India Express, and the merger is likely to be completed by the end of 2023. Post-merger, the entity will be branded as Air India Express.

Read more here.

Categories
Market News Top 10 News

Bharti Airtel Posts 466% YoY Jump in Net Profit in Q1 – Top Indian Market Updates

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

Bharti Airtel Q1 Results: Net profit jumps 466% to Rs 1,606 crore

Bharti Airtel Ltd reported a 465.81% YoY jump in consolidated net profit to Rs 1,606.9 crore for the quarter ended June (Q1 FY23). However, net profit fell 20% when compared to the previous quarter. Its revenue from operations rose 22% YoY (or 4% QoQ) to Rs 32,805 crore during the same period. The average revenue per user (ARPU) improved to Rs 183 in Q1 FY23, compared to Rs 146 in Q1 FY22. 

The telecom major procured 19,867.8 megahertz (MHz) spectrum for Rs 43,040 crore in the recently concluded 5G spectrum.

Read more here.

Godrej Properties aims to add new projects worth Rs 15,000 crore in FY23

Godrej Properties Ltd (GPL) is looking to add new housing projects worth Rs 15,000 crore in the current financial year (FY23) by purchasing land outright and forming joint ventures with land owners. GPL has laid out Rs 10,000 crore as its goal for booking values in FY23. The company’s sales bookings jumped five-fold to Rs 2,520 crore during the April-June period (Q1 FY23). 

Read more here.

Adani Ports Q1 Results: Net profit falls 16% YoY to Rs 1,072 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 16% YoY decline in consolidated net profit to Rs 1,072.38 crore for the quarter ended June (Q1 FY23). Net profit rose 4.72% when compared to the previous quarter. Its revenue from operations fell 0.71% YoY (up 20.6% QoQ) to Rs 4,637.95 crore during the same period. APSEZ handled 90.89 million metric tonnes (MMT) of cargo in Q1, up 8% YoY.

Read more here.

Lok Sabha passes bill to promote non-fossil fuels

The Lok Sabha has passed a bill seeking to mandate the use of non-fossil energy sources such as biomass, ethanol, and green hydrogen. The Energy Conservation (Amendment) Bill, 2022, provides for penalties for violations by industrial units or vessels and on manufacturers if a vehicle fails to comply with fuel consumption norms. The bill also seeks to promote renewable energy and the development of a domestic carbon market to battle climate change.

Read more here.

Tata Motors to acquire Ford’s Gujarat plant for Rs 725 crore

Tata Passenger Electric Mobility Ltd (TPEML) and Ford India Pvt Ltd (FIPL) have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL’s manufacturing plant at Sanand, Gujarat. The total consideration to be paid for the acquisition is Rs 725.7 crore. TPEML will make the necessary investments to reconfigure the plant to adapt to Tata Motors’ existing and future vehicle platforms. 

Read more here.

Suven Pharma Q1 Results: Net profit rises 17% YoY to Rs 107 crore

Suven Pharmaceuticals Ltd reported a 17.3% YoY (or 2.3% QoQ) increase in consolidated net profit to Rs 107.54 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 28.4% YoY to Rs 339 crore during the same period. EBITDA stood at Rs 151 crore in Q1, up 31.6% YoY.

Blue Star forays into water projects biz

Blue Star Ltd’s recently formed water projects business has secured orders totaling Rs 375 crore. It has received three rural water supply orders from the Department of Rural Water Supply and Sanitation (RWSS), Government of Odisha. The scope of all the orders comprises field investigation & total station survey, hydraulic & structural design, and construction of electro-mechanical equipment.

Read more here.

HFCL partners with Qualcomm to strengthen its 5G portfolio

HFCL has partnered with Qualcomm Technologies, Inc. for the design and development of 5G millimeter wave (mmWave) Fixed Wireless Access (FWA) Customer Premise Equipment (CPE) products. FWA helps operators with a cost-effective way to deliver fiber-like internet speeds wirelessly over 5G networks. HFCL’s 5G mmWave FWA product portfolio aims to enable telcos to deliver broadband internet services in rural, suburban, and dense urban areas.

Read more here.

Equity mutual fund inflows record 42% decline in July: AMFI data

Net inflows in equity mutual funds fell 42.6% month-on-month (MoM) to Rs 8,898.25 crore in July 2022, as per data released by the Association of Mutual Funds in India (AMFI). The number of mutual fund folios rose 29% YoY and 1% MoM to an all-time high at 13.55 crore. The net assets under management (AUM) for the Indian mutual fund industry stood at Rs 37.74 lakh crore in Q1, up 7% YoY.

Read more here.

Power Grid Q1 Results: Net profit falls 36% YoY to Rs 3,801 crore

Power Grid Corporation of India reported a 36.6% YoY (or 8.5% QoQ) decline in consolidated net profit to Rs 3,801.19 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 6.7% YoY to Rs 10,905.21 crore during the same period. The company’s transmission business posted a revenue of Rs 235.39 crore in Q1, up 5.9% YoY. Revenue from its telecom business grew 60.18% YoY to Rs 190.32 crore.

Read more here.

Categories
Market News Top 10 News

UPL Posts 29% YoY Rise in Q4 Net Profit – Top Indian Market News

UPL Q4 Results: Net profit rises 29% YoY to Rs 1,379 crore

UPL Ltd reported a 29% YoY increase in consolidated net profit to Rs 1,379 crore for the quarter ended March (Q4 FY22). Its revenue from operations grew 24% YoY to Rs 15,860 crore during the same period. The chemical manufacturer’s EBITDA stood at Rs 3,591 crore in Q4, up 26% YoY. UPL’s board has declared a dividend of Rs 10 per share.

UPL has settled a case with SEBI pertaining to the alleged failure to modify the terms of appointment of the auditor of its subsidiary. It has paid Rs 19.5 lakh towards settlement charges.

Read more here.

Vodafone Idea partners with SonyLIV to boost content offerings

Vodafone Idea (Vi) has partnered with SonyLIV to offer premium content services. SonyLIV is the video streaming platform from Sony Pictures Networks India. Vi has introduced a new add-on recharge of Rs 82, which will provide a free mobile-only subscription of SonyLIV Premium for 28 days and an added data benefit of 4GB with 14-day validity.

Read more here.

PVR Q4 Results: Net loss at Rs 105.5 crore

PVR Limited reported a consolidated net loss of Rs 105.49 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 289.21 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations jumped nearly three-fold to Rs 537.14 crore in Q4 FY22. The multiplex chain operator’s total expenses stood at Rs 731.17 crore, up 43.91% YoY.

Read more here.

L&T secures order from Jharkhand govt

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) from the Government of Jharkhand. The project aims to provide water to irrigate 22,283 hectares of culturable command area (CCA) in Dumka district by pumping water from the Sidheshwari river. The scope of the order includes survey, design, and construction of a barrage across the river.

Read more here.

Suven Pharma Q4 Results: Net profit rises 11% YoY to Rs 92 crore

Suven Pharmaceuticals Ltd reported a 10.3% YoY increase in consolidated net profit to Rs 91.66 crore for the quarter ended March (Q4 FY22). Net profit fell 42.7% when compared to the previous quarter. Its revenue from operations rose 40.54% YoY to Rs 364 crore during the same period. The pharma company’s board has declared an interim dividend of ₹1 per share.

Read more here.

Can Fin Homes clarifies on possible RBI probe into fraud detection

Can Fin Homes Ltd offered clarification on a possible Reserve Bank of India (RBI) probe into the detection of fraud in 37 accounts, saying it has not received any such information from the regulator. Earlier today, a media report claimed that RBI may launch a probe into the detection of fraudulent accounts in Can Fin Homes. The company further said the report is factually incorrect and that it is unaware of its source.

Read more here.

HCL Tech to acquire digital banking firm Confinale

HCL Technologies UK has signed a definitive agreement to acquire Switzerland-based Confinale AG, a digital banking and wealth management consulting specialist. With this acquisition, HCL Tech will expand its footprint in the global wealth management market. Confinale has one of the largest pools of Avaloq-certified specialists in Europe. It works with leading banks and wealth advisors. 

Read more here.

LIC IPO subscribed 2.94 times on final day of bidding  

The Rs 21,008.48 crore initial public offering (IPO) of Life Insurance Corporation of India (LIC) was subscribed 2.94 times on the final day of bidding. Retail investors have subscribed 1.98 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 2.91 times and 2.83 times, respectively, against their reserved portions. LIC policyholders have subscribed 6.09 times the portion reserved for them. 

Aarti Drugs Q4 Results: Net profit rises 7% YoY to Rs 55 crore

Aarti Drugs Ltd reported a 7.14% YoY increase in consolidated net profit to Rs 55.34 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its revenue from operations rose 38.4% YoY to Rs 694.27 crore during the same period. The pharma company’s total expenses stood at Rs 626.73 crore in Q4, up 43.2% YoY.

Read more here.

SRF Q4 Results: Net profit rises 59% YoY to Rs 

SRF Limited reported a 59% YoY increase in consolidated net profit to Rs 605.65 crore for the quarter ended March (Q4 FY22). Net profit rose 19.8% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 3,549 crore during the same period. The company’s chemicals business posted a revenue of Rs 1,572 crore in Q4, up 36% YoY. 

SRF’s board has approved a project to set up dedicated facilities to produce key specialty products at its Dahej plant at an estimated cost of Rs 115 crore. They have also approved a project for capacity expansion at the Dahej plant at an approx. cost of Rs 30 crore.

Read more here.

Categories
Market News Top 10 News

PM Modi Launches Vehicle Scrappage Policy – Top Indian Market News

PM Modi launches vehicle scrappage policy

Prime Minister Narendra Modi has launched the ‘Voluntary Vehicle Fleet Modernisation Programme’ or the automobile scrappage policy. The new policy aims to phase out unfit and polluting cars and commercial vehicles which are older than 20 or 15 years, respectively. The scrappage policy will bring in investments of ~Rs 10,000 crore and help India become an industrial hub of automobile manufacturing. The owners who scrap their vehicles will be eligible for a scrap value of 4-6% of the ex-showroom price of that vehicle.

Read more here.

L&T secures order for oxidation reactor from Technip Energies

The heavy engineering arm of Larsen & Toubro (L&T) has secured an order for an oxidation reactor from Technip Energies-India. The order for the technologically critical Titanium Clad Reactor is for a public sector petrochemical project for purified Tereplic sector petrochemical project for purified Terephthalic Acid plant. The scope of supply involves the design, material procurement, fabrication, inspection, and testing of the reactor. 

Read more here. 

Purvankara Q1 Results: Net profit at Rs 154 crore

Purvankara Ltd reported a consolidated net profit of Rs 154.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 16.9 crore in Q1 FY21 and a net profit of Rs 8.75 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped nearly three-fold YoY to Rs 542 crore in Q1 FY22. The real estate developer posted a 21% YoY decline in sales bookings to Rs 314 crore during the same period.

Read more here.

Wockhardt partners with RDIF to manufacture, supply Sputnik vaccines

Wockhardt Ltd has partnered with the Russian Direct Investment Fund (RDIF) and Enso Healthcare to manufacture and supply Sputnik V and Sputnik Light Covid-19 vaccines. Dubai-based Enso Healthcare is RDIF’s coordination partner for sourcing Sputnik V vaccines in India. As part of the deal, Wockhardt will manufacture and supply up to 62 crore doses of the two Sputnik vaccines to Enso over the next two years. The first batch of 5-12 crore doses will be delivered by June 2022.

Read more here.

Zensar Tech secures multi-million dollar contract from the City of San Diego

Zensar Technologies Ltd has signed a four-year, multi-million-dollar contract with the City of San Diego to provide workplace and enterprise management solutions. The company will provide support to more than 1,000 servers and associated storage and software that host over 300 city application systems in San Diego. Zensar will also expand its support to science, technology, engineering, and mathematics (STEM) education for youth by investing in programs in the San Diego region.

Read more here.

Grasim Industries Q1 Results: Net profit at Rs 481 crore

Grasim Industries Ltd reported a standalone net profit of Rs 481.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 282.9 crore in Q1 FY21. Its revenue from operations jumped 182% YoY to Rs 3,762.68 crore in Q1 FY22. The company’s expenses rose 79.3% YoY to Rs 3,282.34 crore during the same period. Grasim said it expects its businesses to resume their growth trajectory, assuming a low impact of a third wave of the Covid-19 pandemic.

Read more here.

Tata Power Renewable commissions 100 MW solar project in Gujarat

Tata Power Renewable Energy Ltd (TPREL) has commissioned a 100 megawatt (MW) solar project at Raghanesda Solar Park in Gujarat. The installation will reduce 2 lakh tonnes of carbon emission every year. With the commissioning of this project, the total installed capacity of TPREL stands at 2,797 MW, with 1,865 MW of solar power and 932 MW of wind power. TPREL is a wholly-owned subsidiary of Tata Power Ltd.

Read more here.

Suven Pharma Q1 Results: Net profit rises 14% YoY to Rs 105 crore

Suven Pharmaceuticals Ltd reported a 14% YoY increase in consolidated net profit to Rs 105.08 crore for the quarter ended June (Q1 FY22). Net profit has increased by 26.43% when compared to the previous quarter. Its total income rose 10.5% YoY (or 2.71% QoQ) to Rs 269.58 crore during the same period.

Cadila Healthcare gets USFDA approval for Mesalamine ER capsules

Cadila Healthcare Ltd has received final approval from the US Food and Drug Administration (USFDA) for Mesalamine extended-release (ER) capsules. The drug is indicated for the maintenance of remission of ulcerative colitis (an inflammatory bowel disease) in adults. The approved drug will be manufactured at Cadila’s formulation manufacturing facility as the SEZ, Ahmedabad.

Read more here.

HAL Q1 Results: Net profit rises 31% YoY to Rs 194 crore

Hindustan Aeronautics Ltd (HAL) reported a 30.9% YoY increase in consolidated net profit to Rs 194.71 crore for the quarter ended June (Q1 FY22). Net profit has declined by 88% when compared to the previous quarter. Its total income declined marginally by 1.01% YoY (or 83.75% QoQ) to Rs 1,765.96 crore during the same period. State-owned HAL is an aerospace and defence company headquartered in Bangalore.

Glenmark Life Sciences Q1 Results: Net profit rises 24% YoY to Rs 101 crore

Glenmark Life Sciences reported a 24.5% YoY increase in net profit to Rs 100.9 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 32.2% YoY to Rs 524.9 crore during the same period. Revenue from the generic Active Pharmaceutical Ingredients (API) segment grew 38.3% YoY to Rs 4,803 crore in Q1. Recently listed Glenmark Life Sciences is a subsidiary of Glenmark Pharma Ltd.

Read more here.

Categories
Market News Top 10 News

JSW Steel Output Rises 10% to 13.67 LT in May – Top Indian Market News

JSW Steel output rises 10% to 13.67 LT in May

JSW Steel Ltd reported a 10% YoY growth in crude steel production to 13.67 lakh tonne (LT) in May 2021. The company had produced 12.48 LT steel during the same month last year. Its output of flat-rolled products increased by 10% YoY to 9.99 LT in May. The production of long-rolled products stood at 3.09 LT, up 55% YoY. Total capacity utilisation stood at 91% in May.

According to a Bloomberg report, JSW Steel is suing three of the largest American steel-makers for ‘conspiracy to cause direct harm’. These firms have refused to sell raw metal to the company’s US pipe and plate-making operations. JSW Steel has filed a lawsuit against US Steel Corp., Nucor Corp, and Cleveland-Cliffs Inc. in the US District Court, Southern District of Texas (Houston).

Read more here.

Vehicle registrations fall 55% to 5.35 lakh units in May: FADA

Automobile registrations across all categories saw a sharp decline in May, as retail vehicle sales came to a halt due to lockdowns imposed by various states. According to data released by the Federation of Automobile Dealers Association (FADA), total vehicle registrations in May 2021 fell 54.79% month-on-month (MoM) to 5.35 lakh units. Two-wheeler sales declined by 53%, while sales of three-wheelers fell 76% when compared to April 2021. Overall passenger vehicle and commercial vehicle registrations declined by 59% MoM and 66% MoM, respectively, in May.

Read more here.

Mazagon Dock Shipbuilders Q4 Results: Net profit jumps 247% YoY to Rs 259 crore

Mazagon Dock Shipbuilders Ltd reported a 247% YoY jump in consolidated net profit to Rs 259.14 crore for the quarter ended March (Q4). Its revenue from operations rose 5.92% YoY to Rs 1,105.11 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 9.09% YoY to Rs 513.89 crore. The company’s board has recommended a final dividend of Rs 1.83 per share. Mazagon Dock Shipbuilders is engaged in the business of building and repairing ships, submarines, and vessels.

Read more here.

Affle India to acquire mobile marketing firm Jampp

Affle (India) Limited has announced plans to acquire Latin America-based mobile marketing firm Jampp. The company did not disclose the financial details of the transaction. Jampp is a leading programmatic mobile marketing company that was established in 2013. Its advertising platform is used by leading app marketers to acquire new users and also to drive repeat usage and transactions with existing users. Meanwhile, Affle also stated that it will increase its stake in social keyboard provider Bobble AI from 8% to 17.72%.

Read more here.

Cera Sanitaryware Q4 Results: Net profit rises 23% YoY to Rs 45.7 crore

Cera Sanitaryware reported a 22.91% YoY growth in consolidated net profit to Rs 45.76 crore for the quarter ended March (Q4). Net profit has increased by 52.94% when compared to the previous quarter. Its revenue from operations rose 47.2% YoY to Rs 438.42 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.02% YoY to Rs 100.77 crore. The company’s board has recommended a dividend of Rs 13 per share.

Read more here.

HDFC to raise Rs 2,000 crore by issuing bonds

HDFC Limited aims to raise up to Rs 2,000 crore by issuing debt securities on a private placement basis. The secured, redeemable, non-convertible debentures for an issue size of Rs 2,000 crore will be open for bid on June 14 and closed on the same day. The bonds with 10 years of tenure will carry a coupon rate of 6.88% per annum. The proceeds from the issue will be utilised for financing or refinancing HDFC’s housing finance business requirements.

Read more here.

Ion Exchange secures orders worth Rs 1,000 crore 

Ion Exchange (India) Ltd has received a Letter of Award (LoA) from State Water Supply and Sanitation Mission, Namami Gange and Rural Water Supply Department under Jal Jeevan Mission for two EPC projects. One of the projects consists of the survey, design, supply, construction, and commissioning of a water treatment plant. The second project includes operation and maintenance (O&M) services for 10 years for rural drinking water supply to 1,000 villages in two districts of Uttar Pradesh. The value of the two projects is approximately Rs 1,000 crore.

Read more here.

Alkem Labs launches Perampil tablets, an affordable anti-epileptic drug

Alkem Laboratories Ltd has announced the launch of Perampil (Perampanel) tablets in the strengths 2mg, 4mg, and 6mg at affordable rates. Perampanel has been approved by the Drugs Controller General of India (DCGI). It is used as adjunctive therapy in the treatment of partial-onset seizures in patients with epilepsy, aged four years and older. The product reaffirms the pharma company’s commitment towards improving epilepsy care by bringing multiple treatment options of quality products to patients and healthcare professionals in India.

Read more here.

Century Ply Q4 Results: Net profit jumps 134% to Rs 86 crore

Century Plyboard (India) Limited reported a 134.14% YoY jump in consolidated net profit to Rs 86.63 crore for the quarter ended March (Q4). Net profit has increased by 31.56% when compared to the previous quarter. Its total income rose 42% YoY to Rs 755.22 crore during the same period. The company’s chairman stated that all segments had performed exceptionally well during Q4. Net profit for the financial year 2020-21 (FY21) increased by 27.15% YoY to Rs 191.46 crore.

Suven Pharma signs MoU with CSIR-IICT for Covid-19 drugs Molnupiravir, 2-DG

Suven Pharmaceuticals Ltd (SPL), CSIR-Indian Institute of Chemical Technology (IICT)- Hyderabad, and CSIR-National Institute of Interdisciplinary Science & Technology- Thiruvananthapuram, have signed a Memorandum of Understanding (MoU) for the process technology transfer and manufacturing of anti-Covid drug Molnupiravir. The complete technology know-how will be transferred, and SPL will manufacture and launch the drug as an effective medication for Covid-19 infected patients. CSIR-IICT will also provide SPL with the process technology for manufacturing another anti-Covid drug— 2-DG.

Read more here.

NHPC Q4 Results: Net profit rises 80% YoY to Rs 464 crore

NHPC Limited reported an 80% YoY increase in consolidated net profit to Rs 464.60 crore for the quarter ended March (Q4). Its total income declined by 12% YoY to Rs 2,094.30 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 7.1% YoY to Rs 3,582.13. The company’s board has recommended a final dividend of Rs 0.35 per share. NHPC’s board has also approved a proposal to raise up to Rs 4,300 crore by issuing debt instruments in the current financial year (FY22).

Read more here.

Yes Bank board approves plan to raise Rs 10,000 crore via debt securities

The Board of Directors of Yes Bank has approved the proposal to raise Rs 10,000 crore through the issue of debt securities. The types of debt securities to be issued include non-convertible debentures (NCDs), bonds, and medium-term note (MTN). The private lender also received board approval to shift its registered office to Yes Bank House in Santacruz, Mumbai from Yes Bank Tower in Elphinstone.

Read more here.

Categories
Market News Top 10 News

World Bank Slashes India’s Growth Forecast to 8.3% for FY22 – Top Indian Market News

World Bank slashes India’s growth forecast to 8.3% for FY22

The World Bank has lowered its growth forecast for India from 10.1% to 8.3% for the current financial year (FY22). It stated that recovery in India is being hampered by the largest outbreak of Covid-19 cases that any country has seen since the beginning of the pandemic. “Economic activity in FY22 will benefit from policy support, including higher spending on infrastructure, rural development, health, and a stronger-than-expected recovery in services and manufacturing,” the World Bank said in its latest Global Economic Prospects report.

Read more here.

Max Financial Q4 Results: Net profit at Rs 62.34 crore

Max Financial Services Ltd reported a consolidated net profit of Rs 62.34 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 36.09 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations jumped 128.88% YoY to Rs 9,759.75 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit increased by 179.6% YoY to Rs 405.39 crore. 

Read more here.

Route Mobile to expand its global presence in Southeast Asia

Route Mobile Ltd announced the opening of a step-down subsidiary PT Route Mobile in Indonesia, as it seeks to expand its global presence in Southeast Asia. The company has appointed Elsiyah Susanto as Country Manager- Indonesia. The new office in Indonesia marks the company’s commitment to strengthen its presence in the region and assure better reachability to enterprises and brands. Route Mobile is a leading cloud communications platform as a service (CPaaS) provider based in Mumbai.

Read more here.

Minda Corporation forms JV with South Korean firm for automotive antenna systems

Minda Corporation Ltd has announced a joint venture (JV) with South Korea-based INFAC Elecs Co. Ltd to bring its range of automotive antenna solutions to India. The partnership aims to capitalise on the opportunities for growth in automotive safety, connected and autonomous technologies. The JV will provide multiple products such as rod antenna, micro pole antenna, shark fin antenna, and low frequency (LF) antennas. It will manufacture the antennas locally from the newly established state-of-the-art manufacturing unit in Pune.

Read more here.

MOIL secures patent from the government

MOIL Limited has secured a patent for an invention entitled ‘a composition useful as an alternative filling material for hydraulic stowing in an underground mine and the methods thereof’. The Indian government has granted the patent for 20 years, starting from March 31, 2018. This is the company’s first patent since its inception in 1962. State-owned MOIL is a manganese ore mining company based in Nagpur.

Read more here.

Suven Pharma Q4 Results: Net profit rises 12% YoY to Rs 83 crore

Suven Pharmaceuticals Ltd reported a 12.05% YoY increase in consolidated net profit to Rs 83.12 crore for the quarter ended March (Q4). Net profit has declined by 26.85% when compared to the previous quarter. Its revenue from operations rose 40.27% YoY to Rs 259.16 crore during the same period. Net profit for the financial year 2020-21 increased by 14.30% YoY to Rs 362.34 crore. The pharma company’s board has recommended a final dividend of Re 1 per share.

Read more here.

NCLT approves Videocon sale to Vedanta group firm Twinstar Technologies

The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Twinstar Technologies’ resolution plan for Videocon Industries Ltd. Twinstar is part of Anil Agarwal’s Vedanta Group. It had offered to pay Rs 2,962 crore to the lenders of Videocon, which is burdened with a massive debt of Rs 46,000 crore. In 2019, NCLT had allowed for the consolidation of insolvency proceedings against 13 entities of the Videocon Group.

Read more here.

Inox Leisure to raise Rs 300 crore via QIP

The Board of Directors of Inox Leisure Ltd has approved the launch of a qualified institutional placement (QIP) to raise Rs 300 crore. The floor price of the QIP has been fixed at Rs 315.25 per share. This is a 5% discount to the current share price. The multiplex operator plans to utilize the net proceeds from the share sale to meet capital expenditure requirements for ongoing and future projects. The funds will also be used for business expansion and to repay existing/future debts.

Read more here.

Indian Hotels Company signs pact with BACL for 775-room hotel at Bengaluru airport

Indian Hotels Company Ltd (IHCL) has entered into an agreement with Bengaluru Airport City Ltd (BACL) for a 775-room hotel at Kempegowda International Airport. It will be a combination of a 450-room ‘Vivanta’ hotel and a 325-room ‘Ginger’ hotel. The upcoming hotel complex, along with Taj Bangalore, will offer a combined inventory of 1,150 rooms. With this addition, IHCL will have 12 hotels in Bengaluru.

Read more here. 

CCI approves acquisition of three electricity supply companies of Odisha by Tata Power

The Competition Commission of India (CCI) has approved the acquisition of 51% of equity share capital in each of the three electricity supply companies of Odisha by Tata Power Company Ltd. This includes Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha (SOUTHCO), and Central Electricity Supply Company of Odisha Limited (CESCO). The 51% share capital of each utility company will be acquired by Tata Power from Grid Corporation of Odisha Ltd (GRIDCO).

Welspun Corp secures multiple orders worth Rs 1,725 crore

Welspun Corp has received multiple orders of approximately 164 kilometric tonnes (KMT), valuing close to Rs 1,725 crore. The orders include reinstatement of an offshore sour pipes supply contract in Australia for the Barossa Offshore Development Project. With these new orders, the company’s total order book stands at 525 KMT, valued at approximately Rs 4,800 crore.