Tag: usfda

Categories
Market News Top 10 News

SBI’s Net Profit Rises 178% YoY to Rs 16,884Cr in Q1 – Top Indian Market Updates

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

SBI Q1 Results: Net profit jumps 178% YoY to ₹16,884 crore

State Bank of India (SBI) reported a 178.24% YoY jump in net profit to ₹16,884 crore for the quarter ended June (Q1 FY24), beating street estimates. Its Net Interest Income (NII) increased 24.7% YoY to ₹38,905 crore during the same period. The bank’s Gross Non-Performing Assets (NPA) reduced to 2.76% compared to 2.78% in Q1 FY23. On the balance sheet side, credit growth was recorded at 13.9% YoY with domestic advances growing at 15.08% YoY.

Read more here.

MCA examines SEBI’s allegations against Zee Ent

According to an ET Now report, the Ministry of Corporate Affairs (MCA) is examining irregularities in Zee Entertainment Enterprises as alleged by the market regulator SEBI. However, the company said it is not aware of any MCA probe and has not received any such notification from the ministry, news agency Reuters said citing a source. The MCA has taken cognizance of SEBI’s interim order which alleged bogus book entries and siphoning of funds, and is probing lapses in corporate governance issues.

Read more here.

M&M Q1 Results: Net profit rises 98% YoY to ₹2,774 crore

Mahindra & Mahindra (M&M) reported a 98% YoY increase in standalone net profit to ₹2,774 crore for Q1 FY24. Its revenue from operations rose 22% YoY to ₹24,056 crore during the same period. EBITDA stood at ₹3,547 crore, up 46% YoY. In the automotive segment, the company recorded the highest-ever first-quarter volumes at 186,000, up 21% over the previous year’s quarter.

Read more here.

India’s forex reserves fall $3.2 billion to $603.87 billion as on July 28

As per RBI data, India’s foreign exchange reserves dipped $3.2 billion to $603.87 billion for the week ending July 28. Foreign exchange reserves stood at $607.03 billion for the week ended on July 21. Foreign currency assets (FCAs) dropped by $2.4 billion to $535.33 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

Read more here.

BHEL Q1 Results: Net loss at ₹343 crore

Bharat Heavy Electronics Ltd (BHEL) reported a consolidated net loss of ₹343 crore in Q1 FY24. The company reported a consolidated net loss of ₹187.99 crore in Q1 FY23. The total income of the company rose to ₹5,117.20 crore in the quarter from ₹4,742.28 crore in the same period a year, up 7.9% YoY. However, the company’s total expenses rose to ₹5,595.47 crore in the quarter from ₹5,006.50 crore in the June quarter last year. 

Read more here.

IT dept conducts searches across several premises of Kalpataru group

The Income Tax (I-T) department searched the real estate development company Kalpataru Group’s premises in Rajasthan and Mumbai on Friday. According to Deccan Herald, the search sites include the residences of group founder Mofatraj P Munot and Managing Director Parag M Munot. A source quoted in the report said that the misappropriation of funds of “hundreds of crores” have been uncovered.

Read more here.

Delhivery Q1 Results: Net loss narrows to ₹89.5 crore

Delhivery reported a consolidated net loss of ₹89.5 crore for the June quarter (Q1 FY24). Net loss stood at ₹399 crore in Q1 FY23. Consolidated revenue from operations rose 10.5% YoY to ₹1,929 crore during the same period. Express parcel shipment volumes grew 19% YoY to 182 million in the quarter. Truckload and supply chain services businesses saw robust sequential revenue growth of 20% and 10%, respectively.

Read more here.

Blackstone sets its sights on buying out Hamieds from Cipla

Blackstone is set to submit a non-binding bid as early as next week to acquire the entire 33.47% promoter stake in Cipla. Cipla is India’s third-largest generics company by revenue. This will formally start a process that could see the eventual exit of the Hamied family from the company they created in 1935. The move by Blackstone, if it comes about, will also trigger an open offer for an additional 26% of the company. 

Read more here.

Devyani International Q1 Results: Net profit falls 84% YoY to ₹12 crore

Devyani International reported a 84% YoY fall in net profit to ₹11.75 crore for Q1 FY24. Net profit stood at ₹73.84 crore in Q1 FY23. However, its revenue from operations rose 20% YoY to ₹846.63 crore during the same period. The decline in net profit was due to a 24% jump in its total expenses which stood at ₹793.16 crore in Q1FY24. The company’s sales were up 12% quarter-on-quarter (QoQ).

Read more here.

IndiGo reaches milestone of 1,900 flights per day

IndiGo crossed a significant milestone in its history by reaching 1,900 flights per day on its 17th anniversary. The airline has come a long way from launching its inaugural flight in 2006 to etching its name in history on June 19 this year by bagging the largest order in aviation history of 500 A320 aircraft. The order solidified the company’s position as the airline with the biggest order in the industry.

Read more here.

USFDA clears Granules India’s foreign arm with zero observation

The United States Food and Drug Administration (USFDA) has completed a ‘post-marketing adverse experience inspection’ for Granules India’s foreign arm with zero observations. The inspection was conducted at Granules India’s wholly-owned foreign subsidiary, Granules Pharmaceuticals Inc., located in Virginia, United States, from July 31 to August 3. The inspection was closed with zero observations. 

Read more here.

Categories
Market News Top 10 News

JSW Energy’s Net Profit Falls 48% YoY to Rs 290Cr in Q1 – Top Indian Market Updates

JSW Energy Q1 Results: Net profit falls 48% YoY to Rs 290 crore

JSW Energy reported a 48% YoY fall in consolidated net profit to ₹290 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 3.3% YoY to ₹2,927.85 crore. EBITDA rose 18% YoY to ₹1,307 crore during Q1. The revenue dropped as incremental revenue from the recently acquired assets of Mytrah Energy and renewable energy capacity additions was offset by lower realization in thermal operations amid a decline in coal prices.

Read more here.

Bandhan Bank Q1 Results: Net profit falls 19% YoY to Rs 721 crore

Bandhan Bank reported a 19% YoY decline in net profit to ₹721 crore in Q1 FY24. The net interest income (NII) fell 0.91% YoY to ₹2,491 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 6.76% against 7.25% in Q4 FY23. However, Net NPA was up from 1.92% in Q1 FY23 to 2.18% in Q1 FY24.

Read more here.

India’s exports decline by 22% in June amid global demand 

According to the Ministry of Commerce, India’s exports in June witnessed a significant decline of 22% to USD 32.97 billion. In June last year, India’s exports stood at USD 42.28 billion. This drop can be primarily attributed to a slowdown in demand in global markets. Imports in June also experienced a decline of 17.48%, amounting to USD 53.10 billion.

Read more here.

Suzlon Energy bags new order for 100.8-MW wind power project from Everrenew Energy

Suzlon Energy Ltd received a new order for developing a 100.8-MW wind power project for Everrenew Energy Private Ltd. The company will install 48 wind turbine generators (WTGs) of its S120-2.1 MW platform with a hybrid lattice tubular tower. The company will install it at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy, Tamil Nadu. The project is expected to be commissioned in March 2024.

Read more here.

Nestle India to set up Rs 894-crore food processing unit in Odisha

Nestle India Ltd received in-principle approval from the Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) to set up a food processing unit in Mundaamba of Khordha district, Odisha. The food processing unit will come up at an investment of about ₹894.10 crores. The project is subject to the fulfilment of customary conditions by the company.

Read more here.

SEBI’s new disclosure norms for listed cos to take effect from Saturday

Securities and Exchange Board of India (SEBI) has put in place a stricter timeline for the disclosure of material events or information by listed companies. The regulator has asked companies to disclose agreements entered into by shareholders, promoters, related parties, directors, key managerial personnel, and employees of the listed entity or of its subsidiary, which can impact the management and control of such firms to stock exchanges.

Read more here.

USFDA completes inspection of Gland Pharma’s Hyderabad facility, issues Form-483 with one observation

Gland Pharma announced that the US Food and Drug Administration (USFDA) completed the inspection of its Dundigal facility in Hyderabad. The USFDA conducted a Good Manufacturing Practice (GMP) inspection at the Dundigal facility between July 3-14, 2023. Form 483 was issued along with one observation. The observations could be related to a pharma company’s facility, equipment, processes, products or employee practices.

Read more here.

GMR Power wins smart meter project in Uttar Pradesh

GMR Power’s subsidiary, GMR Smart Electricity Distribution Pvt. Ltd (GSEDPL), received a Letter of Intent (LOI) from Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd. The company will implement smart metering projects in Varanasi, Azamgarh Zone, Prayagraj, Mirzapur Zone, and Dakshinanchal (Agra and Aligarh Zone) areas of Uttar Pradesh. GSEDPL will install, integrate and maintain 75.69 lakh smart meters in the given area. The project will be completed in 10 years.

Read more here.

Granules India’s foreign subsidiary gets USFDA approval for pain relief drug

Granules India Ltd’s foreign arm has received approval from the USFDA for Acetaminophen and Ibuprofen tablets. These tablets are used for temporary relief of minor aches and pains due to headaches, toothache, backaches, menstrual cramps, muscular aches, and minor pain of arthritis. According to IRI multi-outlet market data, the bioequivalent drugs had combined sales of USD 70 million in the US for the most recent 12 months.

Read more here.

June WPI inflation in the negative territory for the third-straight month

India’s wholesale inflation (based on WPI) declined to -4.12% in June from -3.48 in May. The Wholesale Price Index or WPI measures the change in prices of goods that wholesale businesses sell to and trade in bulk with other companies. The decline in the rate of inflation in June 2023 is primarily due to a fall in prices of mineral oils, food products, basic metals, crude petroleum and natural gas and textiles.

Read more here.

Tata Steel offers Rs 83 lakh funding for R&D projects in low carbon segment

Tata Steel will fund research and development (R&D) projects in the low-carbon hydrogen segment under the partnership with British High Commission in India. As part of the ‘UK-India Hydrogen Partnership Sprint Series’, Tata Steel will grant 80,000 pounds (₹83 lakhs) funding for two innovative projects in the low-carbon hydrogen segment. The initiative is open to participants from India and the UK.

Read more here.

Categories
Market News Top 10 News

RIL Terminates Sub-Lease of 950 Future Stores – Top Indian Market News

Reliance terminates sub-lease of 950 Future stores

Reliance Retails Ventures Ltd (RRVL) has issued notices on Future Retail for terminating sub-leases of 950 stores it had taken over. The debt-laded Future Group firms have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. In February, RRVL had taken over store spaces for which the Future Group couldn’t pay lease rent. These stores were then sub-let to the Future Group for operation.

Read more here.

JSPL’s total sales rise 8% YoY in February

Jindal Steel & Power Ltd (JSPL) reported an 8% year-on-year increase in steel sales to 5.9 lakh tonnes (LT) in February 2022. The figure stood at 5.47 LT in Feb 2021. The company’s sales would have been higher if not for the limited rake availability in the eastern part of India. Exports contributed 24% to the sales volumes. JSPL’s total steel production stood at 6.57 lakh tonnes in Feb 2022, a 1% increase over the previous year.

Read more here.

Kalpataru Power secures order worth Rs 3,276 crore

Kalpataru Power Transmission Ltd (KPTL) has received the Letter of Intent (LoI) for an order worth Rs 3,276 crore. The project involves the design, engineering, supply, and construction of an HVDC power transmission line of 700 km. KPTL is a leading global EPC player in the power and infrastructure contracting sector.

Read more here.

L&T Construction secures three new contracts

Larsen & Toubro Ltd’s (L&T) construction and infrastructure businesses have secured significant orders (in the range of Rs 1,000-2,500 crore). Its Railways SBU has won an order for 25 kV overhead electrification, signalling, and telecom works for 549 RKM/678 TKM railway lines in the Northeast Frontier Railway. L&T is also executing four major EPC contracts from Central Organization for Railway Electrification (CORE). The company’s Factories Business secured an order from an FMCG firm for a food processing facility in Gujarat. 

Read more here.

Exide Industries partners with SVOLT Energy Co. for technical know-how for making lithium-ion cell

Exide Industries Ltd has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd for technology and the necessary know-how for manufacturing lithium-ion cells in India. SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialize necessary technology owned by them for lithium-ion cell manufacturing. It will also provide the support required for setting up a state-of-the-art greenfield manufacturing plant.

Read more here.

Bharti Airtel acquires 9% stake in Avaada Clean for Rs 7.8 crore

Bharti Airtel Ltd has acquired a 9% stake in renewable energy firm Avaada Clean TN Project for ~Rs 7.88 crore in an all-cash deal. The acquisition is to comply with regulatory requirements for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy

Read more here.

USFDA issues 3 observations on Zydus’ Jarod manufacturing unit

Zydus Lifesciences Ltd has received three observations from the US Food & Drug Administration (USFDA) following inspection of its Jarod (Vadodara)-based manufacturing facility. The regulator inspected the injectable facility from Feb 24 to March 10, 2022. USFDA issues its observations through Form 483 after an inspection if the investigators have observed any conditions that may violate current good manufacturing practices.

Read more here.

Lupin opens main reference lab in Kolkata for expansion in east India

Lupin Ltd has opened its first reference laboratory in East India in Kolkata. The lab has the capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, microbiology, immunology, routine biochemistry, etc. The Kolkata reference laboratory will act as the hub for Lupin’s expansion plans in East India. The pharma company will also set up processing labs in West Bengal, Assam, Bihar, and Orissa.

Read more here.

Maruti Suzuki expects PV sales to expand in double digits in FY23

Maruti Suzuki India Ltd expects sales of passenger vehicles (PV) to expand in double digits in FY23. Sales will mostly be driven by strong consumer demand and improved chip supplies. This will be a second consecutive year of double-digit growth for the market, which is likely to inch closer to the previous peak of 3.7 million units. Maruti Suzuki said it would like to sustain a strong growth momentum of FY22 on the back of its biggest product offensive seen in recent years.

Ebixcash files DRHP for Rs 6,000 crore IPO

Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with markets regulator SEBI to raise Rs 6,000 crore through an initial public offering. The company may also explore a pre-IPO placement of up to Rs 1,200 crore. Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B arena.