Tag: Zydus Cadila

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Reliance to Venture Into Green Energy Business – Top Indian Market News

Reliance Industries to venture into green energy business

At the 44th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), Mukesh Ambani announced the company’s mega investment into a new green energy business. RIL aims to build four giga factories to manufacture and integrate critical components at an investment of Rs 60,000 crore over the next three years. 

Ambani further announced that RIL plans to close its deal with Saudi Aramco this year. Also, the company will launch a low-cost smartphone— ‘JioPhone Next’ (developed in collaboration with Google) in September 2021. RIL’s Chairman also claimed that Reliance Jio will be the first to launch 5G in India.

Read more here.

Adani’s subsidiary strikes coal at Carmichael mines in Australia 

Adani Group’s Australian mining arm, Bravus Mining & Resources, has struck coal at the Carmichael mine in Queensland, Australia. In a statement, Bravus CEO David Boshoff said the company is on track to export its first coal this year. India will be a foundation customer for the Carmichael mine. Bravus has already secured the market for 10 million tonnes per annum (MTPA) of coal produced at the mine.

Read more here.

SBI Cards launches co-branded credit card with Fabindia

SBI Cards & Payment Services has partnered with Fabindia to launch an exclusive co-branded contactless credit card, Fabindia SBI Card. The card is designed with curated benefits and privileges to offer a rewarding shopping experience to its premium customers.  It comes in two variants— Fabindia SBI Card SELECT and Fabindia SBI Card. All Fabindia SBI Card customers will get direct entry to the FabFamily loyalty program.

Read more here.

Zydus Cadila gets USFDA approval to market generic sclerosis treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Fingolimod capsules in the US. The drug is used to treat multiple sclerosis (a potentially disabling disease of the brain and spinal cord). The capsules will be manufactured at the pharma company’s manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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Mindspace REIT commits to 100% renewable electricity use by 2050

Mindspace Business Parks REIT has joined the global RE100 initiative led by Climate Group in partnership with the Carbon Disclosure Project (CDP). With this, the firm has committed to transform into 100% renewable electricity use across all areas services and maintained within its portfolio by 2050. Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of green energy. Currently, the REIT sources about 10% energy through renewable sources such as solar energy and renewable energy certificates (RECs).

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HFCL to set up PM-WANI powered connectivity for Baidebattu village

HFCL, in collaboration with Telecom Infra Project, has announced the setting up of their second PM-WANI (Wi-Fi Access Network Interface)-powered connectivity for Baidebattu village in Karnataka. The company will set up a robust outdoor Wi-Fi network for providing broadband internet connectivity. It will offer high-speed Wi-Fi connectivity to over 9,000 residents of the village. The network is expected to go live by July 31, 2021.

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CBI searches premises of CG Power & Industrial Solutions in Mumbai

The Central Bureau of Investigation (CBI) carried out searches at the premises of CG Power and Industrial Solutions (previously known as Crompton Greaves) on Thursday. This is in connection with an alleged loan fraud of Rs 446 crore in Yes Bank involving industrialist Gautam Thapar. The CBI has alleged that the accused have indulged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public money to the tune of Rs 466.15 crore.

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West Coast Paper Q4 Results: Net profit declines 37.5% YoY to Rs 75 crore

West Coast Paper Mills reported a 37.53% YoY decline in consolidated net profit to Rs 74.92 crore for the quarter ended March (Q4). Its revenue from operations rose 26.14% YoY to Rs 937.03 crore during the same period. West Coast Paper reported a net loss of Rs 3.10 crore for the financial year ended March 30, 2021 (FY21). It had posted a net profit of Rs 370.38 crore in FY20. The company’s board has recommended a final dividend of Re 1 per share.

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India Pesticides IPO subscribed 3.79 times on second day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 3.79 times on the second day of bidding. Investors have put in bids for 7.32 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 5.88 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 91%, and that of Qualified Institutional Buyers (QIBs) 2.31 times. The agrochemical company’s public issue closes tomorrow.

To learn more about the IPO, click here.

TCS launches ‘Quartz for Markets’

Tata Consultancy Services (TCS) announced the availability of a new solution, termed as ‘Quartz for Markets’, for Market Infrastructure Institutions (MIIs). It helps MIIs offer end-to-end next-generation services around tokenised securities and drive their future growth. The solution supports multiple asset classes, including equity, fixed income, warrants, and asset-backed tokens like real estate, gold, art, and non-fungible tokens (NFTs). MIIs include exchanges, depositories, central banks, payment infrastructures, private banks, custodians, etc.

Read more here.

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Zydus Cadila to Seek EUA for ZyCoV-D in 7-8 Days – Top Indian Market News

Some ampoules with ncov-2019 vaccine in a box. to fight the coronavirus pandemic.

Zydus Cadila to seek EUA for ZyCoV-D vaccine in 7-8 Days

Zydus Cadila has informed the Centre that it could apply for emergency use authorisation (EUA) for the ZyCoV-D vaccine in the next 7-8 days. ZyCoV-D is a DNA Covid-19 vaccine, which carries the genetic code for that part of a virus that triggers the immune system of the body. It is the second vaccine to be made in India after Bharat Biotech’s Covaxin. The vaccine is being developed with support from the Centre’s National Biopharma Mission. The pharma company has enrolled more than 28,000 volunteers in their Phase-3 study.

Read more here.

Tata Motors, Tata Power jointly inaugurate solar carport in Pune

Tata Motors and Tata Power Company have announced the inauguration of India’s largest solar carport in Pune. The 6.2-megawatt peak (MWp) solar carport deployed by Tata Power will generate 86.4 lakh kilowatt-hour (kWh) of electricity per year. It is estimated to reduce 7,000 tons of carbon emissions annually. The carport (spanning over 30,000 square metres) will generate green power and provide covered parking for finished cars at Tata Motors’ car plant in Chikhali, Pune.

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Minda Industries raises Rs 50 crore via issuance of commercial papers

Minda Industries has raised Rs 50 crore through the issuance of commercial papers. The auto components manufacturer said this fund-raising is in line with the management’s efforts to bring down finance costs. In May 2021, the company’s board had approved the acquisition of a 27.55% stake in CSE Dakshina Solar for Rs 27 lakh. This acquisition is for availing solar power from CSE Dakshina for Minda Industries’ units in Tamil Nadu.

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PSP Projects Q4 Results: Net profit rises 22.38% YoY to Rs 41.73 crore

PSP Projects Ltd reported a 22.38% YoY increase in consolidated net profit to Rs 41.73 crore for the quarter ended March (Q4). Net profit has increased by 43.11% when compared to the previous quarter. Its total income rose 8.73% YoY to Rs 504.36 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 36.55% YoY to Rs 81.52 crore. The construction company’s board has recommended a final dividend of Rs 4 per share.

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Aster DM Healthcare partners with Dr. Reddy’s to administer Sputnik V vaccine in select locations

Aster DM Healthcare has entered into a partnership with Dr. Reddy’s Laboratories to administer the Sputnik V Covid-19 vaccine as part of a limited pilot soft launch. The healthcare provider will initially administer the vaccine to beneficiaries in Kochi and Kolhapur (Maharashtra). Aster has trained over a hundred staff at 14 of its hospitals to administer the vaccine jab. Dr. Reddy’s Laboratories has facilitated the necessary cold storage infrastructure for vaccine storage at the selected hospitals of Aster DM Healthcare.

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Eveready Industries Q4 Results: Net loss at Rs 441 crore

Eveready Industries India reported a standalone net loss of Rs 441.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 63.73 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations increased by 21.6% YoY to Rs 272.63 crore in Q4 FY21. Net loss for the financial year ended March 31, 2021 (FY21) stood at Rs 309.13 crore. This is compared to a net profit of Rs 179.57 crore in FY20.

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Hinduja Global Solutions Q4 Results: Net profit jumps 203% YoY to Rs 131.26 crore

Hinduja Global Solutions Ltd reported a 203.3% YoY jump in consolidated net profit to Rs 131.26 crore for the quarter ended March (Q4). Net profit has increased by 74.14% when compared to the previous quarter. Its revenue from operations rose 21.6% YoY to Rs 1,563.5 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 66.41% YoY to Rs 336.05 crore. The IT service provider’s board has recommended a final dividend of Rs 22 per share.

RBI grants in-principle approval to Centrum Financial Services to set up SFB

The Reserve Bank of India (RBI) has granted in-principal approval to Centrum Financial Services Ltd to set up a small finance bank (SFB). The approval has been given to Centrum in accordance with the offer it made in response to the Expression of Interest (EoI) to take over the troubled Punjab and Maharashtra Cooperative Bank (PMC). According to reports, both Centrum and BharatPe will hold a 50% stake in the SFB, and assets and liabilities of PMC will be transferred to the SFB.

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Ashoka Buildcon Q4 Results: Net profit rises 6% YoY to Rs 142 crore

Ashoka Buildcon Ltd reported a 5.87% YoY increase in consolidated net profit to Rs 142.46 crore for the quarter ended March (Q4). Net profit has increased by 61% when compared to the previous quarter. Its revenue from operations rose 9.55% YoY to Rs 1,735.57 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased by 67.08% YoY to Rs 276.22 crore. Maharashtra-based Ashoka Buildcon is an infrastructure development company. It is one of the leading highway developers in India.

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Paytm to raise Rs 12,000 crore via issue of fresh equity shares

One97 Communications, the parent company of Paytm, has announced plans to raise Rs 12,000 crore by issuing fresh equity shares. Paytm’s founder Vijay Shekhar Sharma may also get declassified as a promoter of the company in accordance with market regulator SEBI’s public listing rules. The company’s much-awaited IPO is expected to launch by November.

Read more here.

IPO Updates: 

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 45.62 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.34 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 73.26 times and that of qualified institutional buyers (QIBs) 84.88 times. You can learn more about the IPO here.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 3.86 times on the final day of bidding. The portion reserved for retail investors was subscribed 2.9 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 1.89 times and that of qualified institutional buyers (QIBs) 5.26 times. You can learn more about the IPO here.

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India’s Services PMI Falls into Contraction Territory in May – Top Indian Market News

India’s services PMI falls into contraction territory in May

India’s services sector activities slumped into contraction territory for the first time in eight months in May 2021. The deadlier second wave of the Covid-19 pandemic has led to muted domestic demand and a sharp decline in international orders. The IHS Markit India Services Purchasing Managers’ Index (PMI) fell to 46.4 in May, compared with 54 in April. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. The growth of new work intakes came to a halt in May, with companies posting the first decline in sales since September 2020. 

Read more here. 

Snowman Logistics partners with Dr Reddy’s for Sputnik-V vaccine in India

Snowman Logistics has entered into a strategic partnership with Dr Reddy’s Laboratories to provide end-to-end logistics solutions for the delivery of Sputnik-V Covid-19 vaccine across India. The company will manage the vaccine delivery through five of its high-capacity temperature-controlled warehouses in Mumbai, Delhi-NCR, Kolkata, Chennai, and Bengaluru. It will offer storage, order processing, shipper packing, and secondary transportation from these locations.

Read more here.

Arvind Fashions Q4 Results: Net loss at Rs 99 crore

Arvind Fashions Ltd reported a consolidated net loss of Rs 99.45 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 209.12 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 14% YoY to Rs 768.59 crore in Q4 FY21. The company’s board has approved a proposal to raise up to Rs 400 crore via the further issue of shares through a preferential issue and/or Qualified Institutional Placement (QIP).

Read more here.

Lupin to enter digital healthcare space in India

Lupin Limited said it will enter the digital healthcare space in India, with a focus to provide a digital therapeutics platform for doctors and patients. The company recently incorporated a new entity, Lupin Digital Health Ltd, which will undertake this venture. Lupin is a multinational pharmaceutical company based in Mumbai. It manufactures and distributes a wide range of branded and generic formulations, biotechnology products, active pharmaceutical ingredients (APIs), etc. 

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Gujarat State Petronet Q4 Results: Net profit rises 9% YoY to Rs 417 crore

Gujarat State Petronet Ltd reported an 8.82% YoY increase in consolidated net profit to Rs 416.67 crore for the quarter ended March (Q4). Net profit has declined by 11.43% when compared to the previous quarter. Its revenue from operations rose 19.37% YoY to Rs 3,828.66 crore during the same period. Net profit for the entire financial year 2020-21 (FY21) declined 7.08% YoY to Rs 1,606.76 crore. The company’s board has recommended a dividend of Rs 2 per share.

Zydus Cadila gets tentative USFDA approval to market lung cancer treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Osimertinib tablets. The drug is used to treat lung cancer. It works by slowing or stopping the growth of cancer cells. The pharma company said the newly approved drug will be manufactured at its formulation manufacturing facility at SEZ, Ahmedabad. Zydus Cadila now has 318 approvals and has so far filed over 400 Abbreviated New Drug Applications (ANDAs) since the financial year 2003-04.

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Nilkamal Q4 Results: Net profit rises 20% YoY to Rs 38 crore

Nilkamal Limited reported a 19.84% YoY increase in consolidated net profit to Rs 38.06 crore for the quarter ended March (Q4). Net profit has declined by 29.9% when compared to the previous quarter. Its revenue from operations rose 21.10% YoY to Rs 679.92 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 20.52% YoY to Rs 112.93 crore. The company’s board has declared a final dividend of Rs 10 per share. 

Indian steel manufacturers hike rates by up to Rs 4,900 per tonne

Leading domestic steel manufacturers have hiked the prices of Hot Rolled Coil (HRC) and Cold Rolled Coil (CRC) by up to Rs 4,000 and Rs 4,900 per tonne, respectively. After the price revision, a tonne of HRC will cost Rs 70,000-71,000, while CRC will cost Rs 83,000-84,000 per tonne. The rise in steel prices will impact the prices of vehicles, consumer goods, and the cost of construction. 

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Nucleus Software Q4 Results: Net profit declines 2.8% YoY to Rs 27 crore

Nucleus Software Exports Ltd reported a 2.81% YoY decline in consolidated net profit to Rs 27.35 crore for the quarter ended March (Q4). Net profit has increased by 10.19% when compared to the previous quarter. Its revenue from operations declined 10.16% YoY to Rs 124.18 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 32.54% YoY to Rs 117.95 crore. The board of Nucleus Software Exports has recommended a final dividend of Rs 6 per share. 

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IDBI Bank secures $239 million debt judgment in London High Court

IDBI Bank has secured a $239 million (~Rs 1,744 crore) judgment in the commercial division of the High Court of London against a Cypriot subsidiary of India-based Essar Shipping Group. In March 2013, the bank had provided loans totaling $148 million to two Singapore registered companies— Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd— for the construction of two jack-up drilling rigs. The borrowers failed to make scheduled repayments, and IDBI Bank had served a formal demand for repayment of the principal amount, interest, default interest, and fees in 2017.

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APL Apollo Tubes Q4 Results: Net profit rises 109% YoY to Rs 119 crore

APL Apollo Tubes Ltd reported a 109.82% jump in consolidated net profit to Rs 119.22 crore for the quarter ended March (Q4). Net profit has declined by 9.7% when compared to the previous quarter. Its total income rose 37% YoY to Rs 2,599.61 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 51.35% YoY to Rs 360.16 crore. APL Apollo is a leading manufacturer of welded steel tubes and pipes in India.

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Bank of Baroda Reports Net Loss of Rs 1,046 crore in Q4 – Top Indian Market News

Bank of Baroda Q4 Results: Net loss at Rs 1,046 crore

Bank of Baroda reported a standalone net loss of Rs 1,046.5 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 506 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 4.5% YoY to Rs 7,107 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.87% during the quarter, compared with 8.48% in Q3 FY21. The bank’s provisions for bad loans rose 44% YoY to Rs 4,593 crore during the quarter under review.

The state-owned lender has announced plans to raise Rs 5,000 crore through the issuance of equity shares and bonds.

Read more here.

M&M to invest Rs 12,000 crore to revamp vehicles, regain market share

Mahindra and Mahindra (M&M) Ltd plans to spend around Rs 12,000 crore over the next three years towards launching and upgrading its range of passenger vehicles (PV) and commercial vehicles (CV). The funds will be utilized for launching 23 new products across its PV and CV segments in the next five years. M&M will invest Rs 3,000 crore towards its farm equipment segment and launch 14 news products across last-mile mobility and new pick-up ranges. Through these investments, the automaker seeks to regain lost market share. 

Read more here.

Divi’s Laboratories Q4 Results: Net profit rises 29% YoY to Rs 502 crore

Divi’s Laboratories Ltd reported a 29.31% YoY (or 7% QoQ) increase in consolidated net profit to Rs 502.02 crore for the quarter ended March (Q4). Its revenue from operations rose 28.7% YoY to Rs 1,788.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 44.15% YoY to Rs 1,984.29 crore. The board of Divi’s Labs has declared a final dividend of Rs 20 per share.

The pharma company said it has taken up another capital expenditure (capex) program with an estimated investment of ~Rs 400 crore for fast-tracking a customs synthesis project.

Read more here.

HDFC Bank, SBI Cards warn customers of restrictions if they deal in cryptocurrencies: Report

According to a report from BloombergQuint, HDFC Bank has begun cautioning its customers officially against dealing in virtual currencies (or cryptocurrencies). These emails inquire about the customers’ virtual currency transactions and advise against such transactions citing a 2018 circular from the Reserve Bank of India (RBI), which was later struck down by the Supreme Court. Other companies such as SBI Cards & Payment Services have also sent out mailers stating that services may be curtailed if customers use their cards to deal in cryptocurrencies.

Read more here.

Glenmark Pharma Q4 Results: Net profit rises 6% YoY to Rs 234 crore

Glenmark Pharmaceuticals Ltd reported a 6.15% YoY increase in consolidated net profit to Rs 233.87 crore for the quarter ended March (Q4). Net profit has declined by 5.76% when compared to the previous quarter. Its revenue from operations rose 3% YoY to Rs 2,859.9 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit increased by 25% YoY to Rs 970 crore. The pharma company’s board has declared a dividend of Rs 2.5 per share.

Read more here.

Zydus Cadila gets USFDA approval to market Fluphenazine Hydrochloride tablets 

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Fluphenazine Hydrochloride tablets. The drug is used to treat symptoms of a certain type of mental condition/disorder called schizophrenia. The pharma company will manufacture the drug at its formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

Read more here.

Advanced Enzyme Tech Q4 Results: Net profit rises 1.12% YoY to Rs 31 crore

Advanced Enzyme Technologies reported a 1.12% YoY increase in consolidated net profit to Rs 31.68 crore for the quarter ended March (Q4). Net profit has declined by 26.5% when compared to the previous quarter. Its revenue from operations rose 20.82% YoY to Rs 133.22 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 13% YoY to Rs 146.20 crore. The company’s board has recommended a dividend of Rs 0.9 per share.  

The Board of Directors of Advanced Enzyme Technologies has also approved the acquisition of an additional 15% stake in JC Biotech. The company will purchase 31.06 lakh shares of JC Biotech for a consideration of Rs 21.12 crore.

Read more here.

Fuel prices touch record highs; petrol cross Rs 100 per litre in Mumbai

Petrol and diesel prices were hiked across India for the 15th time this month on Saturday (May 29). In New Delhi, petrol prices were raised by 26 paise to 93.94 per litre, while diesel prices were increased by 28 paise to Rs 84.89 per litre. The price of petrol has crossed the Rs 100 per litre mark in Mumbai. This is the 15th increase in fuel prices since May 4, when state-owned oil firms ended an 18-day hiatus in rate revision they observed during assembly elections in states such as West Bengal and Kerala.

Read more here.

Affle India Q4 Results: Net profit jumps 282% YoY to Rs 58.5 crore

Affle India reported a 282% YoY jump in consolidated net profit to Rs 58.5 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its revenue from operations rose 76.9% YoY to Rs 141.57 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has jumped 105% YoY to Rs 134.80 crore. Affle India is a global technology company that delivers consumer acquisitions, engagements, and transactions through relevant mobile advertising.

Nazara Technologies Q4 Results: Net profit at Rs 3.15 crore

Nazara Technologies reported a consolidated net profit of Rs 3.15 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 3.30 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 41.69% YoY to Rs 123.38 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), the net profit stood at Rs 9.24 crore. This is compared to a net loss of Rs 24.65 crore in FY20. Recently-listed Nazara Technologies is a diversified gaming and sports media company. 

Read more here.

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Kalyan Jewellers Reports 54% YoY Rise in Net Profit in Q4 – Top Indian Market News

Kalyan Jewellers Q4 Results: Net profit rises 54% YoY to Rs 74 crore

Kalyan Jewellers reported a 54% YoY increase in consolidated net profit to Rs 73.9 crore for the quarter ended March (Q4). Its revenue from operations rose 42.78% YoY to Rs 3,050.60 crore during the same period. For the financial year ended March 31, 2021 (FY21), the company posted a net loss of Rs 6.07 crore. This is compared to a net profit of Rs 142,27 crore in FY20. Kalyan Jewellers has announced plans to open 21 showrooms in India in the current financial year (FY22).

Read more here. 

Indian economy not as hard hit as first wave, but uncertainties remain: RBI

The Reserve Bank of India (RBI) said that India’s economy has not moderated to the extent it did during the first wave of the Covid-19 pandemic, but uncertainties can act as a deterrent in the short term. In its annual report, RBI said India’s growth prospects now essentially depend on how fast the country can contain the second wave of infections. The central bank has also expressed concerns over the ‘bubble’ in the Indian equity markets and has hinted that high valuations in the market are far from ground realities.

Read more here.

Cadila Healthcare Q4 Results: Net profit rises 73% YoY to Rs 679 crore

Cadila Healthcare reported a 73.25% YoY increase in consolidated net profit to Rs 679 crore for the quarter ended March (Q4). Net profit has increased by 28.7% when compared to the previous quarter. Its total revenue from operations rose 2.52% YoY to Rs 3,846.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 81.34% YoY to Rs 2,133.6 crore. The pharma company’s board has recommended a final dividend of Rs 3.5 per share. 

The company has announced plans to seek emergency use approval (EUA) for its Covid-19 vaccine, ZyCov-D, from the Drugs Controller General of India (DCGI) within the next two weeks.

Read more here.

Lupin receives $50 million from Boehringer Ingelheim for achievement of key milestones

Lupin Limited has received a payment of $50 million (~Rs 363.5 crore) from Germany-based Boehringer Ingelheim for the achievement of ‘key milestones’ for its novel MEK inhibitor compound. The MEK inhibitor compound is under development by Boehringer Ingelheim as potential targeted therapy for patients with difficult-to-treat cancers. ‘Key milestones’ can be referred to as various successful steps on the way to a drug getting regulatory approval.

Read more here.

Strides Pharma Q4 Results: Net profit at Rs 46 crore

Strides Pharma Science reported a consolidated net profit of Rs 46.09 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 203.93 crore in the corresponding period last year (Q4 FY20). Total revenue from operations rose 46.85% YoY to Rs 908.5 crore in Q4 FY21. The pharma company’s board has approved a final dividend of Rs 2.5 per share.

In a separate filing, Strides Pharma said it has partnered with Taiwan-based TLC to launch Liposomal Amphotericin B in India. The drug is used for the treatment of mucormycosis or Black Fungus.

Read more here.

Dixon Tech Q4 Results: Net profit rises 60% YoY to Rs 44.3 crore

Dixon Technologies reported a 60% YoY increase in consolidated net profit to Rs 44.3 crore for the quarter ended March (Q4). Net profit has declined by 28% when compared to the previous quarter. Its total revenue from operations jumped 146% YoY to Rs 2,109.7 crore during the same period. Dixon Tech’s consumer electronics division posted a three-fold increase in revenues to Rs 1,178.6 crore in Q4. The company’s board has approved a final dividend of Rs 1 per share. 

Read more here.

Paytm targets $3 billion IPO this year: Report

According to a report from Bloomberg, digital payments provider Paytm is aiming to raise $3 billion (~Rs 21,800 crore) via an initial public offering (IPO) late this year. This would be India’s biggest-ever IPO. The company, formally called One97 Communications Ltd, plans to list in India around November. It is targeting a valuation of around $25 billion to $30 billion. Paytm is backed by Japan’s SoftBank Group, Warren Buffett’s Berkshire Hathaway Inc, and China-based Ant Financial.

Read more here. 

IRB Infra Q4 Results: Net profit declines 36.85% YoY to Rs 97.46 crore

IRB Infrastructure Developers Ltd reported a 36.85% YoY decline in consolidated net profit to Rs 97.46 crore for the quarter ended March (Q4). Net profit has increased by 40.2% when compared to the previous quarter. Its revenue from operations rose 1.35% YoY to Rs 1,605.85 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined 83.75% YoY to Rs 117.15 crore.  

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Sun Pharma Q4 Results: Net profit jumps 123% YoY to Rs 894 crore

Sun Pharmaceutical Industries Ltd reported a 123.6% YoY increase in consolidated net profit to Rs 894 crore for the quarter ended March (Q4). Net profit has declined by 52% when compared to the previous quarter. Its revenue from operations rose 4% YoY to Rs 8,522 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 22.8% YoY to Rs 2,903.82 crore. The pharma company’s board has declared a final dividend of Rs 2 per share.

Read more here.

Liquor sales rise 6% in Q4; declines by 12% in FY21

The sales of Indian-made foreign liquor recovered in the January-March quarter (Q4) with a 6% growth, but it declined 12% in FY 2020-21 on an overall basis. States such as Uttarakhand, Himachal Pradesh, and Haryana reported over 40% growth in liquor sales. Maharashtra and Goa reported a 23% and 22% growth, respectively. According to estimates, the liquor industry contributes ~Rs 2 lakh crore to state exchequer through taxes and levies.

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Infibeam Avenues Q4 Results: Net profit at Rs 32 crore

Infibeam Avenues Ltd reported a consolidated net profit of Rs 32 crore for the quarter ended March (Q4 FY21). It had posted a net profit of Rs 24 crore in the corresponding quarter last year (Q4 FY20). The company’s gross revenue rose 42% YoY to Rs 201 crore in Q4 FY21. Its board has recommended a final dividend of Rs 0.05 per share. Infibeam Avenues’ board has also approved a further investment of Rs 1.05 crore in Avenues Payments India Pvt Ltd (RemitGuru). Ahmedabad-based Infibeam offers digital payments, e-commerce software, and internet services. 

Read more here. 

Petrol, diesel prices hiked for 14th time in May

The prices of petrol and diesel were hiked again on Thursday (May 27), touching fresh record highs across the country. In the national capital, the petrol price rose by 24 paise and that of diesel rose 29 paise. Following the latest price revision, petrol in Delhi is now retailing at Rs 93.68 per litre, while diesel is retailing at Rs 84.61 per litre. In Mumbai, petrol price neared Rs 100 per litre-mark and now stands at Rs 99.94 per litre.

Read more here.

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Berger Paints Reports 2x Jump in Net Profit in Q4 – Top Indian Market News

Berger Paints Q4 Results: Net profit rises 101% YoY to Rs 209 crore

Berger Paints India Ltd reported a 101% YoY increase in consolidated net profit to Rs 208.60 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter. Its revenue from operations rose 49.5% YoY to Rs 2,026.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 9.4% YoY to Rs 719.75 crore. The company’s board has recommended a dividend of Rs 2.80 per share.

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Happiest Minds partners with Yotta Infra to deliver co-location, managed IT services

Happiest Minds Technologies has entered into a strategic partnership with Yotta Infrastructure to jointly offer co-location services and cloud solutions on the ‘anything-as-a-service’ model. Yotta’s entire range of enterprise IT services and a full array of managed services will be made available by Happiest Minds. Mumbai-based Yotta Infra is a managed data centre service provider.

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Manappuram Finance Q4 Results: Net profit rises 17% YoY to Rs 468 crore

Manappuram Finance reported a 17.6% YoY increase in consolidated net profit to Rs 468.35 crore for the quarter ended March (Q4). Net profit has declined by 2.8% when compared to the previous quarter. Its total income rose 0.75% YoY to Rs 1,630.25 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 16.5% YoY to Rs 1,724.95 crore. The non-banking finance company’s (NBFC) board has declared an interim dividend of Rs 0.75 per share.

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Zydus and TLC sign pact to market Liposomal Amphotericin B to treat black fungus in India

Zydus Cadila has signed an agreement with Taiwan-based TLC to market Liposomal Amphotericin B Injection (AmphoTLC), a critical drug used to treat Mucormycosis (Black Fungus), in India. As per the agreement, TLC will manufacture and supply AmphoTLC on a non-exclusive basis to Zydus, and Zydus will commercialize the anti-fungal drug in India. There is a severe shortage of the drug due to the surge in Black Fungus cases in India.

In a separate filing, Alembic Pharmaceuticals said it has received approval from the Drugs Controller General of India (DCGI) to manufacture Liposomal Amphotericin.

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V-Guard Industries Q4 Results: Net profit rises 112% YoY to Rs 68 crore

V-Guard Industries reported a 112% YoY jump in consolidated net profit to Rs 68.39 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 58% YoY to Rs 855.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has risen by 7.25% YoY to Rs 201.89 crore. The company’s board has declared a dividend of Rs 1.20 per share.

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TCS partners with VIAVI to accelerate disaggregated 5G RAN product innovation

Tata Consultancy Services (TCS) has partnered with US-based Viavi Solutions to launch new tech solutions that address the industry’s need for comprehensive testing of next-generation disaggregated 5G Radio Access Network (RAN) products. TCS will leverage its 5G expertise to help VIAVI launch its industry-first product suite for O-RAN implementations. Viavi Solutions is a global provider of network test, measurement and assurance solutions.

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Burger King Q4 Results: Net loss at Rs 25.9 crore

Burger King India Ltd reported a consolidated net loss of Rs 25.9 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 37.41 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 2.65% YoY to Rs 196.05 crore in Q4 FY21. Burger King India had an exceptional write-off of Rs 5.58 crore towards the decline in food inventory value and store shutdowns. For the financial year ended March 31, 2021 (FY21), net loss stood at Rs 173.91 crore. This is compared to a net loss of Rs 76.57 crore in FY20.

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Hitachi ABB Power Grids in India announces carbon-neutral program

Hitachi ABB Power Grids in India announced a comprehensive program to achieve carbon-neutrality targets in its operations by 2030. The program is designed to reduce the carbon footprint of its own operations and in the products that it delivers. The company expects to achieve its carbon-neutral target of 100% fossil-free electricity by the close of FY 2021-22. Hitachi ABB Power also aims to achieve a 50% reduction in waste generation and a 25% cut in freshwater usage by 2030.

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BPCL Q4 Results: Net profit at Rs 11,940 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a net profit of Rs 11,940 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,361 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 21.5% YoY to Rs 98,755.6 crore in Q4 FY21. The company’s market sales grew 4% YoY to 11.17 million tonnes. BPCL’s board has approved a final dividend of Rs 58 per share.

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Pfizer India Q4 Results: Net profit declines 2.4% YoY to Rs 100.5 crore

Pfizer India Ltd reported a 2.4% YoY decline in net profit to Rs 105.55 crore for the quarter ended March (Q4). Net profit has declined by 28.8% when compared to the previous quarter. Its revenue from operations rose 6.5% YoY to Rs 534.76 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has fallen by 2.26% YoY to Rs 497.61 crore. The pharma company’s board has announced a total dividend of Rs 35 per share.

WhatsApp sues Centre over new privacy rules

WhatsApp has filed a lawsuit in the Delhi High Court against the Indian government’s new digital rules that take effect today (May 26), saying it would compel the company to break privacy protections to users. The Facebook-owned messaging service filed a petition against the new Information Technology (IT) Rules 2021 that will require it to “trace” the origin of messages sent on the platform, which it says is a violation of privacy.

Read more here.

LT Foods Q4 Results: Net profit rises 4.4% YoY to Rs 56 crore

LT Foods Limited reported a 4.4% YoY increase in consolidated net profit to Rs 56.37 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. Its total income declined 5.8% YoY to Rs 1,129.52 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 45% YoY to Rs 289.07 crore.

Read more here.

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Grasim Reports 13% YoY Rise in Net Profit in Q4 – Top Indian Market News

Grasim Q4 Results: Net profit rises 13% YoY to Rs 2,616 crore

Grasim Industries reported a 13.3% YoY increase in consolidated net profit to Rs 2,616.64 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 24,398.92 crore during the same period. The company’s viscose (rayon fabric) business posted a 9% YoY growth to Rs 2,583.4 crore. Revenue from the cement business (UltraTech Cement) rose 32.72% YoY to Rs 14,405 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit grew 5.24% YoY to Rs 6,986.70 crore. The board of Grasim Industries has declared a total dividend of Rs 9 per share.

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Zydus Cadila launches breast cancer treatment drug Ujvira

Zydus Cadila announced the launch of Trastuzumab Emtansine, an antibody-drug conjugate (ADC) biosimilar and a highly effective drug for treating both early and advanced HER2 positive breast cancer, under the brand name ‘Ujvira’. HER2 positive breast cancer is considered an aggressive form and constitutes 20-25% of all breast cancers. The drug is being offered at a cheaper rate of Rs 32,495 for a 100 mg vial. 

Read more here.

Ramco Cements Q4 Results: Net profit rises 51% YoY to Rs 216 crore

Ramco Cements Ltd reported a 51.08% YoY increase in consolidated net profit to Rs 216.16 crore for the quarter ended March (Q4). Net profit has risen by 4.57% when compared to the previous quarter. Its revenue from operations rose 17.51% YoY to Rs 1,623.71 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 29.71% YoY to Rs 783.64 crore.

Salasar Techno secures order worth Rs 238 crore from PGCIL

Salasar Techno Engineering Ltd has secured an order worth Rs 238.65 crore from Power Grid Corporation of India Ltd (PGCIL). The order consists of the construction of a 201-km transmission line network and four new power substations in Arunachal Pradesh. Salasar Techno is a leading provider of customized steel fabrication and infrastructure solutions in India. 

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India Cements Q4 Results: Net profit at Rs 44 crore

India Cements reported a consolidated net profit of Rs 43.97 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 11.76 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 25% YoY to Rs 1,472.45 crore in Q4 FY21. The company’s cement volumes rose 13% YoY to 28.90 lakh tonnes during the same quarter. The board of India Cements has approved a dividend of Rs 1 per share.

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Glenmark Pharma gets USFDA approval for Icatibant injection

Glenmark Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Icatibant injection. The injection is indicated for the treatment of acute attacks of hereditary angioedema (swelling of the skin) in adults 18 years of age and older. According to IQVIA data, the generic version of the injection had sales of approximately $223.4 million (~Rs 1,628 crore) for the 12 months ended March 2021.

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Barbeque Nation Q4 Results: Net profit at Rs 6 crore

Barbeque Nation Hospitality Ltd reported a consolidated net profit of Rs 6.1 crore for the quarter ended March (Q4 FY21). It had reported a net loss of Rs 27 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 19% YoY to Rs 226 crore in Q4 FY21. The company opened one new store during the quarter and is planning to expand its network by opening 20 new stores in the current financial year (FY22). Revenue from its deliveries segment jumped ~470% YoY to Rs 28 crore in Q4 FY21.

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Bharti Airtel deploys 11.2MHz spectrum in 1800Mhz band across Karnataka

Bharti Airtel has deployed an additional 11.2MHz spectrum in the 1800MHz band, along with network software tools, across Karnataka to strengthen high-speed data capacity. These network software tools include pre-5G Massive, 4G Advanced, and Carrier Aggregation, which are used to step up high-speed network capacity and coverage. The telecom company has also deployed 5MHz in the 1800Mhz band across Tamil Nadu to boost capacity.

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Balaji Amines Q4 Results: Net profit jumps 174% YoY to Rs 84.50 crore

Balaji Amines Ltd reported a 174.17% YoY jump in consolidated net profit to Rs 84.50 crore for the quarter ended March (Q4). Net profit has increased by 12.7% when compared to the previous quarter. Its revenue from operations rose 60.46% YoY to Rs 414.03 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 127.28% YoY to Rs 258.03 crore. The company’s board has recommended a dividend of Rs 4 per share. Balaji Amines is a leading chemicals manufacturing company based in Maharashtra.

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Kellton Tech Solutions secures contract to build advanced NFT marketplace

Kellton Tech Solutions Ltd has secured a contract to build a cutting-edge Non-Fungible Tokens (NFT) marketplace using new digital technologies (including blockchain). The advanced NFT marketplace will create exceptional user experiences while buying, selling, and auctioning digital artifacts in the form of tokens. This technology infrastructure would offer higher security, efficiency, and performance. Kellton Tech is an IT and outsourcing company based in Hyderabad.

Read more here.

Poly Medicure Q4 Results: Net profit rises 71% YoY to Rs 38 crore

Poly Medicure reported a 71.48% YoY increase in consolidated net profit to Rs 38.84 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 24.29% YoY to Rs 212.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 41.72% YoY to Rs 135.87 crore. The company’s board has recommended a dividend of Rs 2.5 per share.

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RDIF, Panacea Biotec launch production of Sputnik V vaccine in India

The Russian Direct Investment Fund (RDIF) and drug firm Panacea Biotec announced the launch of production of the Sputnik V Covid-19 vaccine in India. The first batch of the vaccine produced at Panacea Biotec’s facilities at Baddi (Himachal Pradesh) will be shipped to the Gamaleya Center in Moscow for quality control. In April 2021, RDIF and Panacea agreed to locally produce 100 million doses of Sputnik V vaccine per year.

Read more here.

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Zydus Cadila’s ‘Virafin’ Gets DCGI Approval – Top Indian Market News

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.

Read more here.

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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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UltraTech Cement’s Q3 Net Profit Rises 122% YoY – Top Indian Market News

UltraTech Cement Q3 Results: Net profit rises 122% YoY to Rs 1,584 crore

UltraTech Cement Ltd reported a 122.7% YoY increase in consolidated net profit to Rs 1,584 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 711.17 crore during the corresponding period in FY20. Revenue from operations rose 17% YoY to Rs 12,254 crore in Q3 FY21. During the quarter, it had a volume growth of 14% to 22.82 million tonnes. UltraTech Cement’s performance in Q3 was driven by pent-up demand, supply restoration, and improving cost efficiencies.

Read more here. 

Tata Power Solar wins Rs 1,200 crore order to set up 320 MW project

Tata Power Solar Systems announced that it has bagged an order worth Rs 1,200 crore from state-run power giant NTPC Ltd for setting up a 320 MW ground-mounted solar project. The company is a wholly-owned subsidiary of Tata Power Limited. The scope of work includes the acquisition, engineering, procurement, installation, and commissioning of the grid-connected solar project on a turnkey basis. The commercial operation date for this project is set for May 2022.

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Mahindra Lifespaces Q3 Results: Net loss at Rs 11.19 crore

Mahindra Lifespace Developers Ltd reported a consolidated net loss of Rs 11.19 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 1.81 crore in the corresponding period in FY20. Total income declined 17% YoY to Rs 70.19 crore in Q3 FY21. The company stated that it has important project launches lined up and a few land acquisition deals expected to conclude in the current quarter (Q4).

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Apollo Hospitals raises Rs 1,170 crore through allotment of shares to QIBs

Apollo Hospitals announced raising Rs 1,169.99 crore through allotment of shares to qualified institutional buyers (QIBs). Its Fund Raising Committee has approved the allotment of 45.59 lakh equity shares of the face value of Rs 5 each to eligible QIBs, at the issue price of Rs 2,511 per share. The issue opened on January 18 and closed on January 22.

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Zydus Cadila gets USFDA approval for thyroid drug

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Liothyronine Sodium tablets. The tablets are indicated for the treatment of underactive thyroid. The drug will be manufactured at the group’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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DCB Bank Q3 Results: Net profit at Rs 96 crore

DCB Bank Ltd reported a net profit of Rs 96.21 crore for the quarter ended December (Q3). The bank had posted a net profit of Rs 96.7 crore in the same period last year. Net interest income (NII) increased by 4% YoY to Rs 335 crore in Q3 FY21. Provisions rose 150% YoY to Rs 147 crore during the same period.

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Birla Corp Q3 Results: Net profit jumps 82% YoY to Rs 148 crore

Birla Corporation Ltd announced an 82.1% YoY increase in net profit to Rs 148.42 crore for the quarter ended December (Q3). Its revenue rose 5% YoY to Rs 1,823 crore during the same period. The company’s performance in Q3 was driven by growth in sales volume for the cement division, aggressive cost rationalisation, and higher sales of premium products. Birla Corp is on course to expand its production capacity to 25 million tonnes (MT) by 2025.

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Supreme Industries Q3 Results: Net profit rises 153% YoY to Rs 312 crore

Supreme Industries Ltd reported a 153.08% YoY increase in net profit to Rs 312.28 crore for the quarter ended December (Q3). Revenue rose 34.26% YoY to Rs 1,843.80 crore during the same period. The company has announced plans to invest around Rs 400 crore to support construction activities at seven production sites. Supreme Industries is an Indian plastics company, based in Mumbai.

Petrol price touches record high of Rs 85.70 in Delhi; diesel at Rs 75.88

Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. This took the petrol price in Delhi to Rs 85.70 per litre and diesel price to Rs 75.88 per litre. All prices have gone up by Re 1 per litre this week. Earlier this week, Oil Minister Dharmendra Pradhan blamed the Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.

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Polycab Q3 Results: Net profit rises 19% YoY to Rs 263 crore

Polycab India Ltd reported a 19.07% YoY increase in net profit to Rs 263.62 crore for the quarter ended December (Q3). Its revenue rose 11.63% YoY to Rs 2,798.83 crore during the same period. The company saw volume growth across its two product segments- wires & cables and fast-moving electrical goods (FMEG).

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Govt Approves 74% FDI in Defence Sector Under Automatic Route – Top Indian Market News

Govt approves 74% FDI in defence sector under automatic route

The Indian Government has now permitted up to 74% foreign direct investment (FDI) in the defence sector, under the automatic route. The automatic route means that investments can be made even without prior approval from the government. The earlier limit for FDIs in the sector was 49%. The increased limit would help firms in the defense sector (HAL, BEML, BDL) to seek new industrial licences. The government has also stated that FDI in this sector will be subject to security clearance by the Ministry of Home Affairs.

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RBL Bank, ICICI Prudential Life Insurance form bancassurance partnership

RBL Bank Ltd and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the bank’s customers. The lender will distribute ICICI Prudential Life’s products through its network of 398 branches, which is spread across 28 states. For the insurance firm, the partnership will help to further strengthen its multi-channel distribution network.

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Heritage Foods sells holding in Future Retail for Rs 132 crore

Heritage Foods Ltd has sold its entire shareholding in Future Retail for Rs 131.94 crore, in the open market. The company held a 3% stake or 1.78 crore equity shares in the Kishore Biyani-led Future Retail. Heritage Foods said that the sale proceeds will be mainly utilized for the repayment of its long term loans.

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Zydus Cadila gets USFDA Fast Track Designation for Saroglitazar

Zydus Cadila has received Fast Track Designation (FTD) from the US Food and Drug Administration (USFDA) for its investigational drug candidate- Saroglitazar Mg. The drug is indicated for the treatment of a serious liver disease known as primary biliary cholangitis (PBC). A drug that receives FTD is eligible for accelerated approval and priority review, if the relevant criteria are met.

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Maruti Suzuki launches online car financing platform in Nexa

Maruti Suzuki Ltd has announced the launch of Smart Finance service for Nexa customers across 30 cities in India. The online service seeks to provide end-to-end and real-time car finance facilities to prospective customers. To offer multiple financier options, Maruti has also tied up with HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, and many more.

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Aurobindo Pharma gets USFDA approval for sedative drug

Aurobindo Pharma Ltd said it has received final approval from the US Food & Drug Administration for its generic version of Precedex injection. This injection is used for the sedation of patients. The drug major stated that the product will be launched in January 2021 and has an estimated market size of $228 million (~ Rs 1,677 crore).

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HAL announces interim dividend of Rs 15 per share

The Board of Directors of Hindustan Aeronautics Ltd (HAL) has declared an interim dividend of Rs 15 per equity share of Rs 10 each fully paid up, for FY21. The record date for the payment of interim dividend will be December 19, 2020. This is the first interim dividend to be declared by HAL for the financial year ended 2021.

Dr. Reddy’s ADRs listed at NSE International Exchange

The American Depository Receipts (ADRs) of Dr. Reddy’s Laboratories has been listed at the NSE International Exchange (NSE IFSC). The secondary listing of Dr. Reddy’s ADRs at NSE IFSC would provide global investors an additional venue to transact in their ADRs. Participants holding depository accounts with the International Central Securities Depository (Euroclear Bank, Clearstream) or Depository Trust Company (DTC) shall be able to transact on these ADRs.

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Amazon eyes potential $100 million investment in Apollo Pharmacy: Report

According to a report from Economic Times, Amazon.com, Inc. is considering a $100 million (~Rs 736 crore) investment in Apollo Pharmacy. The report states that Amazon’s potential investment would help it to compete with Reliance Industries and Tata Group, in India’s fast-growing drug market. Apollo Pharmacy is India’s largest branded pharmacy network, with over 3,000 outlets in key locations. 

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Firstsource Solutions partners with Celonis to accelerate digital transformation for enterprises

Firstsource Solutions Ltd has partnered with Germany-based Celonis GmbH to help businesses to improve agility and optimize their outcomes. The strategic partnership combines Firstsource’s deep domain expertise with Celonis’ AI-powered technologies to accelerate digital transformation for enterprises. Firstsource Solutions is a provider of business process outsourcing (BPO) services, based in Mumbai.

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RBI Keeps Repo Rate Unchanged at 4% – Top Indian Market News

RBI keeps Repo Rate unchanged at 4%; raises GDP projection for FY21

The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. This is the third time in a row that the rates have been kept on hold. The RBI expects the GDP to contract 7.5% in the year ending March 2021. Thus, it has revised its earlier expectation of a 9.5% contraction. The MPC expects inflation based on the Consumer Price Index (CPI) to be at 6.8% in Q3 and 5.8% in Q4.

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Covid-19 vaccination drive to begin soon after scientists’ approval: PM Modi

Prime Minister Narendra Modi, on Friday, said that India will begin its Covid-19 vaccination programme after experts give the necessary approvals. He was addressing an all-party meeting to discuss the Covid-19 pandemic situation in India. PM Modi said, “experts believe that the wait for a Covid-19 vaccine will not be long and it may be ready in a few weeks”. He also stated that the Centre and state governments are conducting discussions to fix the price of the vaccine in India.

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Sensex crosses 45,000 mark for first time as RBI revises GDP target to -7.5%

The BSE Sensex crossed the 45,000 points mark for the first time on Friday, after the RBI announced its optimistic stance on India’s economy. The RBI revised the real GDP growth projection for FY21 from -9.5 to -7.5. Shaktikanta Das, the RBI Governor, also stated that the central bank expects the economy to record positive growth in the second half of the current financial year.

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Zydus Cadila gets DGCI approval for Phase-3 clinical trials with biological therapy

Zydus Cadila has received approval from the Drugs Controller General of India (DGCI) to start Phase-3 clinical trials with its biological therapy ‘PegiHep’ in Covid-19 patients. The company had completed Phase-2 clinical trials with PegiHep last month. The Phase-3 trials will commence in December and will be conducted on 250 patients across 20-25 centres in India.

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DBS Bank India gets Rs 2,500 crore capital support from parent company

DBS Bank India Ltd (DBIL) has received a capital infusion of Rs 2,500 crore from DBS Bank Ltd, Singapore, to support its amalgamation with Lakshmi Vilas Bank (LVB). The scheme of amalgamation came into effect on November 27, 2020. The lender stated that the amalgamation provides stability and better prospects to LVB’s depositors, customers, and employees, after a period of uncertainty.

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Govt extends NMDC’s Donimalai iron ore lease after two-year suspension

The Government of India has signed an agreement with the Government of Karnataka and the Ministry of Steel to extend the Donimalai iron ore lease. NMDC stated that this decision by the government has been taken in a situation when steel companies are facing a shortage in the supply of iron ore. NMDC’s Donimalai had remained non-operational since 2018 after NMDC and the Karnataka Government got into a legal battle over the asset. 

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RBI raises limit for contactless card transactions to Rs 5,000 from Jan 1

The Reserve Bank of India (RBI) has proposed to increase the limit for contactless transactions from Rs 2,000 to Rs 5,000 from January 1, 2021. This covers contactless and recurring payments through debit and credit cards, prepaid instruments, wallets, and the Unified Payments Interface. This move is to expand the adoption of digital payments in a safe and secure manner.

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Tata Power gets letter of intent for 2 Odisha discoms

Tata Power Ltd announced that it has received the Letter of Intent (LoI) for Odisha’s WESCO and SOUTHCO power distribution utilities (discoms). The LoI has been issued by the Odisha Electricity Regulatory Commission (OERC). The license enables Tata Power to serve the consumers of the western and southern part of Odisha with a geographical spread of more than 47,000 sq km each. The license period for the two distribution utilities will be 25 years.

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Burger King India IPO subscribed 157 times on final day of bidding

The Rs 810 crore initial public offering (IPO) of Burger King India was subscribed 157 times on the final day of bidding. This makes it the second most successful IPO of 2020, after Mazagon Dock Shipbuilders. The allotment status will be announced on December 9, and the shares will be listed on the stock exchanges on December 14.

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SAIL crude steel output grows by 7% in November

Steel Authority of India Ltd (SAIL) said that its crude steel production rose by 7% to 1.417 million tonnes (MT) during November. The company had produced 1.328 MT of crude steel in November 2019. SAIL stated that it has taken a number of initiatives towards increasing its sales in both domestic as well as export markets.

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JSW Steel offers Rs 450 crore to close deal with Bhushan Power: Report

As per a report from CNBC-TV18, JSW Steel has proposed to raise its offer by Rs 400-450 crore for Bhushan Power and Steel Ltd (BPSL), in a bid to close the acquisition at the earliest. The report states that JSW Steel wants to close the deal as soon as possible to take the benefit of rising steel prices. The company had initially offered Rs 19,350 crore for BPSL under the bankruptcy process and was declared the highest bidder almost a year back.

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PM Modi Reviews Covid-19 Vaccine Facilities – Top Indian Market News

PM Modi reviews Covid-19 vaccine facilities in three-city tour

Prime Minister Narendra Modi, on Saturday, reviewed the operations at Covid-19 vaccine facilities in the country. PM Modi visited Zydus Biotech Park in Ahmedabad to review the DNA-based vaccine being developed by Zydus Cadila. He later visited Bharat Biotech’s facility in Telangana to review the progress of Covaxin, which is undergoing Phase-3 trials. Lastly, the PM visited the Serum Institute in Pune. He tweeted that the Government would support these facilities in the process of vaccine development.

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SEBI bars NDTV promoters from securities market for two years

The Securities and Exchange Board of India (SEBI) has barred NDTV promoters Prannoy Roy and Radhika Roy from the securities market for two years. They have been found guilty of indulging in insider trading activities from more than 12 years ago. SEBI has also directed them to surrender illegal gains of more than Rs 16.79 core.

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Petrol price crosses Rs 82-mark, diesel above Rs 72 a litre

On Saturday, the petrol price crossed the Rs 82-mark and diesel surpassed Rs 72 per litre in Delhi. The price of petrol was hiked by 24 paise per litre and diesel price by 27 paise a litre. as hopes of a vaccine development led to a rally in international oil prices. This is the eighth increase in rates since November 20.

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French investor gives bond warning to SBI over Adani’s Australian coal mine

State Bank of India’s French investor, Amundi, has warned that it would evict one of the lender’s green bonds from a flagship fund if it helps finance Adani’s coal mine in Australia. The Carmichael coal mine has received strong opposition from climate activists because of its potential carbon emissions. Amundi stated that they had contacted SBI to voice its concern on Thursday.

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Almost 65% of domestic air travel back to pre-Covid levels: Civil Aviation Secretary

Civil Aviation Secretary Pradeep Singh Kharola stated that nearly 65% of domestic air travel has returned to the pre-Covid 19 levels. He said that there is a need to evolve strategies to provide a boost to the tourism industry. Kharola said that as more business activities and educational institutions are opening-up, air travel would further go up to 80-90% in the next 2-3 months.

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Govt to consider classifying real estate sector as different asset class: Puri

Housing and Urban Affairs Minister Hardeep Singh Puri stated that the central government will consider classifying the real estate sector as a different asset class. This would provide a further boost to the sector. The minister also urged real estate developers to offload unsold inventories, to boost demand in the economy.

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IRDAI gives in-principle approval for Bharti AXA-ICICI Lombard merger deal

The Insurance Regulatory and Development Authority of India (IRDAI) has given in-principle approval for the merger of Bharti AXA General Insurance Company Ltd with ICICI Lombard Insurance Company Ltd. Earlier, the BSE, NSE, and the Competition Commission of India (CCI) had approved the proposed acquisition by ICICI. ICICI Lombard has stated that the policyholders would benefit from an enhanced product suite and deeper customer connect touch points.

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Kalpataru buys back shares worth Rs 142.68 crore

Kalpataru Power Transmission Ltd said it has brought back 58.06 lakh equity shares for Rs 142.68 crore. This constitutes 71.34% of the buyback size on the offer. The company had earlier announced to buy back its equity shares from the open market, for an aggregate amount not exceeding Rs 200 crore.

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Max Financial gets IRDAI nod for share swap agreement with Mitsui Sumitomo

Max Financial Services (MFS) has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to swap Mitsui Sumitomo’s stake in Max Life Insurance with shares of the company. The transaction consists of swapping Mitsui Sumitomo’s 20.6% stake in Max Life Insurance, with a 21.9% stake in MFS. This will result in MFS holding more than 93% in its life insurance company.

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Baba Ramdev on board of Ruchi Soya, brother Ram Bharat to be MD

Baba Ramdev has secured a place on the board of Ruchi Soya Industries Ltd. His brother Ram Bharat has been appointed as the Managing Director of the company. Recently, Ruchi Soya was acquired by a consortium consisting of Patanjali Ayurved, Divya Yog Mandir Trust, Patanjali Parivahan, and Patanjali Gramudhyog.

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