v2 retail Archives

Zydus Cadila’s ‘Virafin’ gets DCGI approval for treatment of moderate Covid-19 cases

Zydus Cadila announced that it has received restricted emergency use approval from the Drugs Controller General of India (DCGI) to use antiviral drug ‘Virafin’ (Pegylated Interferon alpha-2b) for the treatment of moderate Covid-19 infections. Virafin will help Covid-19 patients recover faster and avoid much of the complications. The pharma company said 91.15% of the patients treated with the drug were RT-PCR negative by day seven. The treatment significantly reduces the hours of supplemental oxygen in Covid-19 patients.

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HCL Technologies Q4 Results: Net profit falls 25.6% QoQ to Rs 2,962 crore

HCL Technologies Limited reported a 25.6% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 2,962 crore for the quarter ended March (Q4). The IT firm’s revenue rose 1.8% QoQ to Rs 19,642 crore during the same period. HCL Tech registered its highest-ever new deal bookings during Q4 FY21 at $3.1 billion (~Rs 23,230 crore). Its IT and business services segment reported a 4.4% QoQ growth. The company has allocated around Rs 700 crore as one-time bonus to employees. HCL Technologies has declared a final dividend of Rs 6 per share and a special dividend of Rs 10 per share.

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LT Foods expands its premium snacks brand to Australia, UAE

LT Foods Limited has announced the expansion of its premium rice-based snacks brand Kari Kari to Australia and the United Arab Emirates (UAE). The company said its joint venture (JV) firm with Japan-based Kameda Seika has started exporting Kari Kari to the markets of Australia and UAE. Kari Kari is manufactured at LT Food’s manufacturing facility at Sonepat, Haryana, through indigenously grown and sourced ingredients.

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Wendt (India) Q4 Results: Net profit at Rs 5.30 crore

Wendt (India) Limited reported a consolidated net profit of Rs 5.30 crore for the quarter ended March (Q4). It had posted a net loss of Rs 0.77 crore in the corresponding period last year. The company’s revenue rose 75.61% YoY to Rs 45.15 crore in Q4 FY21. Its board has recommended a final dividend of Rs 20. Wendt India manufactures and sells super abrasives, high-precision grinding machines, and other special-purpose machines.

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PowerGrid InvIT to launch Rs 7,700 crore IPO on April 29: Report

Power Grid Corporation of India (PowerGrid) is set to launch an infrastructure investment trust (InvIT) initial public offering (IPO) on April 29. As per reports, the IPO size is likely to be in the range of Rs 7,700-8,000 crore. This comprises a fresh issue of shares of up to Rs 4,995 crore and an offer for sale (OFS) of up to Rs 3,000 crore. The InvIT is likely to include 11 power transmission lines owned and operated by PowerGrid.

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Aditya Birla Money Q4 Results: Net profit rises 32% YoY to Rs 3.68 crore

Aditya Birla Money Limited (ABML) reported a 31.8% YoY increase in net profit to Rs 3.68 crore for the quarter ended March (Q4). Its revenue from operations rose 10% YoY to Rs 49 crore during the same period. Revenue from its broking business was up 21.2% YoY to Rs 43.69 crore, and revenue from securities trading business rose 41% YoY to Rs 3.78 crore. ABML is a leading player in the Indian broking space. It is a subsidiary of Aditya Birla Capital Limited.

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V2 Retail opens new store at Rourkela, Odisha

V2 Retail Limited has opened a new retail store at Rourkela, Odisha. In line with the company’s strategy to evaluate performance over parameters such as store-wise profitability, the company has closed two retail stores in Chapra (Bihar) and Kota (Rajasthan). V2 Retail currently operates 94 retail stores in India.

GNA Axles Q4 Results: Net profit rises 496% YoY to Rs 27.63 crore

GNA Axles Limited reported a 496.76% YoY increase in consolidated net profit to Rs 27.63 crore for the quarter ended March (Q4). Its revenue from operations rose 71.6% YoY to Rs 310.12 crore during the same period. Net profit has increased by 33.93% YoY to Rs 70.62 crore for the financial year ended 31 March 2021 (FY21). GNA Axles is a leading manufacturer of axle shafts for vehicles.

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Caplin Point’s arm receives USFDA approval for Prochlorperazine Edisylate injection

Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Prochlorperazine Edisylate injection. The approved product is an antiemetic drug used to control severe nausea and vomiting. According to IQVIA data, Prochlorperazine Edisylate injection had US sales of approximately $17 million (~Rs 127 crore) for the 12-months ended December 2020.

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UPL to convert 4 nitrogen plants for oxygen production

UPL Limited has announced plans to convert four of its nitrogen production plants to produce oxygen for 4 hospitals in Gujarat and Madhya Pradesh. The company will directly deliver the oxygen tanks to hospital sites. This will help cater to 200-250 beds at each of these hospitals, including ICU patients. There has been a sharp rise in demand for medical oxygen due to the surge in Covid-19 cases in India.

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Wholesale inflation rises to 2.03% in January

India’s wholesale inflation, calculated by the Wholesale Price Index (WPI), rose to 2.03% in January 2021. This is primarily due to a rise in the prices of fuel, crude petroleum & natural gas, manufactured items, etc. The WPI stood at 1.22% in December 2020 and 3.52% in January 2020. The index of primary articles declined by 1.77%, while prices of crude petroleum and natural gas increased by 9.48% in January 2021, as compared to December 2020.

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Jaguar Land Rover to become net-zero carbon business by 2039

Tata Motors said its British luxury unit Jaguar Land Rover (JLR) aims to become a net-zero carbon business by 2039. All Jaguar models and 6 out of every 10 Land Rover models will be electric by 2030. JLR will invest about £2.5 billion (~Rs 25,243 crore) a year into electrification and related technologies. Tata Motors said that JLR is on the path towards double-digit EBIT (earnings before interest and tax) margins and positive cash flow.

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Wipro secures 5-year contract from Telefónica Germany

Wipro Limited has secured a five-year IT transformation contract from Munich-based Telefónica Germany. As part of the contract, Wipro would work with the telecom company and its wider ecosystem to transform its business support systems and associated quality assurance. This would enable Telefónica to provide a superior customer experience and improve growth in the business-to-business (B2B) market segment.

In other news, Tech Mahindra Ltd has entered into a strategic partnership with Telefónica Germany/O2 to drive its end-to-end IT transformation. This tie-up would help Telefónica to deliver faster product launches and provide a more ‘human-centered’ experience to its customers.

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Geojit Financial Services partners with Lotusdew to launch small, mid-cap stock basket

Geojit Financial Services, through its Smartfolios platform, has tied up with Lotusdew to offer a basket of stocks that uses behavioural finance and artificial intelligence (AI) to identify dominant market conviction. Lotusdew is a SEBI and US Securities and Exchange Commission (SEC)-regulated firm. Through this partnership, Geojit will offer a small and mid-cap basket of stocks called Lotusdew Prestige.

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Nureca IPO subscribed 5.73 times on first day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Limited was subscribed 5.73 times on the first day of bidding (February 15). The IPO has received total bids of 80.33 lakh equity shares, against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 31.23 times, while that of employees is 91% subscribed so far. The portion set aside for non-institutional investors witnessed a subscription of 54%.

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RBI to conduct special OMO of Rs 10,000 crore on February 25

The Reserve Bank of India (RBI) will conduct simultaneous purchase and sale of government securities under open market operations (OMO) aggregating Rs 10,000 crore each on February 25. The central bank will conduct the OMO through a multiple price auction method. This is to ensure better liquidity in the Indian monetary system.

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SIS Limited approves Rs 100-crore share buyback plan

The Board of Directors of SIS Limited has approved a Rs 100-crore share buyback plan. The company will buy back 18.18 crore equity shares at Rs 550 per share. The security company’s share price closed at Rs 423.70 on the NSE today.

V2 Retail opens new retail store in Uttar Pradesh

V2 Retail Limited has announced the opening of a new retail store in Prayagraj, Uttar Pradesh. It now operates 91 retail stores across strategic locations in India. The company’s stores offer a large variety of apparel across several categories. The share price of V2 Retail surged by 4.97% after the announcement took place.

Mazagon Dock Shipbuilders delivers third Scorpene submarine to Indian Navy

Mazagon Dock Shipbuilders Ltd (MDL), on Monday, delivered the third Scorpene submarine of Project P-75 to the Indian Navy. The acceptance document was signed by Vice Admiral (Retd) Narayan Prasad, Chairman & MD of Mazagon Dock Shipbuilders, and Rear Admiral B Sivakumar, Chief of Staff Officer (Tech) of Western Naval Command. The submarine will be commissioned into the Indian Navy as INS Karanj.

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Shilpa Medicare launches Sunitinib Capsules in India

Shilpa Medicare Limited has announced the launch of Sunitinib Capsules under the brand name ‘SUNISHIL’. The product is used for the treatment of G.I stromal tumor, a disease in which abnormal cells form in the tissues of the gastrointestinal tract. The capsules were launched in three strengths— 12.5 mg, 25 mg, and 50 mg. It will be manufactured and supplied from a state-of-the-art finished product facility at Jadcherla, Telangana.

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