tvs srichakra Archives

Tata Power Solar secures contract worth Rs 188 crore from NHPC

State-owned NHPC Ltd has awarded an EPC (engineering procurement, and construction) contract worth Rs 188.19 crore to Tata Power Solar Systems (TPSS) to set up a 40 megawatt (MW) solar power project at Ganjam, Odisha. The contract also includes work of associated 220 KV transmission lines for connectivity at 220 KV OPTCL Transmission System, and comprehensive operation & maintenance (O&M) for 10 years. The power generated from this project will be procured by Grid Corporation of Odisha (GRIDCO) for 25 years. TPSS is a wholly-owned subsidiary of Tata Power Ltd.

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Bajaj Electricals Q4 Results: Net profit at Rs 54 crore

Bajaj Electricals reported a consolidated net profit of Rs 54.26 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 81 lakh in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations declined 3.25% YoY to Rs 1,258.47 crore in Q4 FY21. Revenue from its consumer products segment grew 30.6% YoY to Rs 975 crore. Its EPC segment posted a 48.9% YoY decline in revenue to Rs 283 crore during the quarter.

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Finance Ministry planning stimulus package to support economic growth: Report

According to a report from BloombergQuint, India is preparing a stimulus package for sectors worst affected by the deadly second wave of the Covid-19 pandemic. The Finance Ministry is working on proposals to support the tourism, aviation, and hospitality industries, along with small and medium-sized companies. The report further states that discussions are at an early stage, and no timeline for an announcement has been decided.

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Emami Q4 Results: Net profit jumps over three-fold to Rs 88 crore

Emami Limited reported over three-fold (~275%) YoY jump in consolidated net profit to Rs 87.73 crore for the quarter ended March (Q4). Net profit has declined by 58% when compared to the previous quarter. The FMCG firm’s revenue from operations rose 37.2% YoY to Rs 730.76 crore during the same period. The company’s domestic business grew 44% YoY, while its international business grew 28% YoY in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 50% YoY to Rs 454.7 crore.

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LTI launches Operational Technology Transformation solution with ServiceNow

Larsen & Toubro Infotech (LTI) has launched ServiceNow-based Operational Technology (OT) Management solution for the manufacturing industry. The solution aims to address the latent demand of the industry to have digital workflows for OT Service Management. The solution leverages LTI’s tech and domain expertise and the digital workflow enabling capabilities of US-based software company ServiceNow.

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TVS Srichakra Q4 Results: Net profit rises 44% YoY to Rs 35 crore

TVS Srichakra Ltd reported a 44.75% YoY increase in consolidated net profit to Rs 35 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 39.52% YoY (or 5.11% QoQ) to Rs 601.99 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 10.23% YoY to Rs 73.92 crore. The tyre manufacturer’s board has declared a dividend of Rs 30 per share.

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Everest Organics launches Posaconazole API to treat Black Fungus

Everest Organics Ltd has announced the successful development of Posaconazole API (Active Pharmaceutical Ingredient), which is used for the treatment of Black Fungus. The pharma company is in the advanced stage of commercializing the drug. Posaconazole is a triazole antifungal agent indicated for treating mucormycosis (or Black Fungus) in post-Covid complications.

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Alkem Lab Q4 Results: Net profit rises 27% YoY to Rs 240 crore

Alkem Laboratories Ltd reported a 27.1% YoY increase in consolidated net profit to Rs 239.99 crore for the quarter ended March (Q4). Net profit has declined by ~46% when compared to the previous quarter. Its revenue from operations rose 7% YoY to Rs 2,192.2 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 40.6% YoY to Rs 1,585 crore. The pharma company’s board has declared a final dividend of Rs 5 per share.

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HCL Tech to provide digital transformation services to McLaren Health Care

HCL Technologies Ltd has been selected by US-based McLaren Health Care to provide digital transformation and enable higher standards of service to members, providers, and employees. The IT company will deliver its services for all 15 McLaren system hospitals located in Michigan and Ohio. HCL’s services would include managing and transforming the digital infrastructure foundation and the core clinical and non-clinical applications using its DRYICE automation framework.

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Newgen Software Q4 Results: Net profit rises 27% YoY to Rs 53 crore

Newgen Software Technologies reported a 27.15% YoY increase in consolidated net profit to Rs 52.73 crore for the quarter ended March (Q4). Net profit has risen by 49% when compared to the previous quarter. Its revenue from operations rose 4.79% YoY to Rs 199.98 crore during the same period. Subscription revenues grew 10.5% YoY to Rs 52.3 crore in Q4. The company’s board has recommended a final dividend of Rs 3.5 per share.

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Major fire breaks out at HPCL unit in Visakhapatnam

A major fire broke out at the Hindustan Petroleum Corporation Ltd (HPCL) plant in Visakhapatnam, Andhra Pradesh. The fire erupted in the crude distillation unit in the HPCL old terminal. “A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3 pm on 25th May 2021. Safety measures and firefighting was activated immediately. The fire has been extinguished. There is no casualty and no risk to public. Other Refinery operations are normal,” HPCL said in a tweet.

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CAMS Q4 Results: Net profit rises 40% YoY to Rs 60 crore

Computer Age Management Services (CAMS) reported a 39.62% YoY increase in consolidated net profit to Rs 60.12 crore for the quarter ended March (Q4). Net profit has increased by 6.5% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 203.93 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit rose 19.5% YoY to Rs 205.29 crore. The company’s board has declared a dividend of Rs 11.84 per share.

CAMS is a mutual fund transfer agency. It provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

Reliance Jio to launch 5G services in India by second half of 2021: Mukesh Ambani

RIL chief Mukesh Ambani, on Tuesday, said that Reliance Jio will pioneer the 5G revolution in India by the second half of 2021. He was speaking at the fourth edition of the India Mobile Congress. The solution for the fifth-generation wireless service will be built indigenously, said the RIL chairman. Ambani further said that India requires policy developments for the early implementation of 5G services.

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ICICI Bank to sell 2.21% equity stake in ICICI Securities via OFS

ICICI Bank said that it will be selling up to 71.21 lakh shares (2.21% equity) in ICICI Securities through an offer for sale (OFS). An OFS is a method by which a promoter of a listed company sell their shares and reduce their holdings. The floor price of the OFS has been set at Rs 440 per share. The lender stated that this move is to meet the minimum public shareholding (MPS) norm.

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Godrej Properties acquires 18-acre land in Bengaluru to build housing project

Godrej Properties Ltd has bought an 18-acre land parcel in Bengaluru to develop a housing project. The project will offer 2.4 million square feet of saleable area, comprising primarily residential apartments. The site, located in Whitefield, offers a well-developed social and civic infrastructure with multiple schools, hospitals, and commercial spaces in close proximity.

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Canara Bank sets floor price of Rs 103.50 per share for QIP

Canara Bank Ltd has set a floor price of Rs 103.50 per share for its proposed Rs 2,000 crore qualified institutional placement (QIP). A QIP allows a listed company to raise capital from domestic markets without the need to submit any pre-issue filings to market regulators. A meeting of the sub-committee of Canara Bank’s board is scheduled to be held on December 10. At the meeting, the board will determine the issue price for the equity shares, as well as the number of shares to be allotted to the qualified institutional buyers.

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Passenger vehicle retail sales rise 4% in November on festive demand: FADA

The Federation of Automobile Dealers Association (FADA) said that passenger vehicle retail sales saw an increase of 4.17% YoY in November. The number of units sold in November increased to 2,91,001, as compared to 2,79,365 units in November 2019. FADA stated that there had been a rise in vehicle registrations over the Diwali-Dhanteras period. However, two-wheeler sales declined 21.4% YoY to 14.13 lakh units during the same month.

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Indoco Remedies wins tenders worth Rs 140 crore in Germany for Allopurinol tablets

Indoco Remedies Ltd said that it has won tenders worth Rs 140 crore in Germany, for the supply of Allopurinol tablets. The tablets are used to treat gout and kidney stones. The drug firm has stated that the revenue expected from this business is Rs 70 crore per annum. The supplies to Germany will begin from January 2021 and continue till the end of 2022.

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TVS Srichakra to invest Rs 1,000 crore to expand manufacturing capacity

TVS Srichakra Ltd will invest around Rs 1,000 crore to ramp up manufacturing at its Madurai and Pantnagar plants. The investment will increase its two and three-wheeler tyre capacity by 25%-30% and double the off-highway tyre capacity. The proposed investment will be made over a three-year period. The company stated that this expansion programme is aimed at meeting the growing demand across its customer base- both domestically and globally.

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Mindspace REIT to raise Rs 200 crore via debentures

Mindspace Business Parks REIT said it will raise up to Rs 200 crore through the issuance of debentures on a private placement basis. The decision was taken at an executive committee meeting of K Raheja Corp Investment Managers LLP, which is the manager of Mindspace REIT. Mindspace Business Parks is India’s second Real Estate Investment Trust (REIT), after Embassy Office Parks.

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Cupid wins order to supply Covid-19 Antigen Based Rapid Test Kits

Cupid Ltd has received a purchase order from Uttar Pradesh Medical Supplies Corporation for the supply of Covid-19 Antigen Based Rapid Test Kits. The estimated value of the order has been set at Rs 8.27 crore. This is the company’s first order to supply its specialised test kits.

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NBCC bagged orders worth Rs 325 crore in November

NBCC (India) Ltd said that it secured a total business of Rs 324.81 crore in November 2020. The construction services company is a Government of India Navaratna enterprise. The firm operates through 3 segments- project management consultancy (PMC), real estate development, and engineering, procurement & construction (EPC).

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