Tata Power Solar secures contract worth Rs 188 crore from NHPC
State-owned NHPC Ltd has awarded an EPC (engineering procurement, and construction) contract worth Rs 188.19 crore to Tata Power Solar Systems (TPSS) to set up a 40 megawatt (MW) solar power project at Ganjam, Odisha. The contract also includes work of associated 220 KV transmission lines for connectivity at 220 KV OPTCL Transmission System, and comprehensive operation & maintenance (O&M) for 10 years. The power generated from this project will be procured by Grid Corporation of Odisha (GRIDCO) for 25 years. TPSS is a wholly-owned subsidiary of Tata Power Ltd.
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Bajaj Electricals Q4 Results: Net profit at Rs 54 crore
Bajaj Electricals reported a consolidated net profit of Rs 54.26 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 81 lakh in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations declined 3.25% YoY to Rs 1,258.47 crore in Q4 FY21. Revenue from its consumer products segment grew 30.6% YoY to Rs 975 crore. Its EPC segment posted a 48.9% YoY decline in revenue to Rs 283 crore during the quarter.
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Finance Ministry planning stimulus package to support economic growth: Report
According to a report from BloombergQuint, India is preparing a stimulus package for sectors worst affected by the deadly second wave of the Covid-19 pandemic. The Finance Ministry is working on proposals to support the tourism, aviation, and hospitality industries, along with small and medium-sized companies. The report further states that discussions are at an early stage, and no timeline for an announcement has been decided.
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Emami Q4 Results: Net profit jumps over three-fold to Rs 88 crore
Emami Limited reported over three-fold (~275%) YoY jump in consolidated net profit to Rs 87.73 crore for the quarter ended March (Q4). Net profit has declined by 58% when compared to the previous quarter. The FMCG firm’s revenue from operations rose 37.2% YoY to Rs 730.76 crore during the same period. The company’s domestic business grew 44% YoY, while its international business grew 28% YoY in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 50% YoY to Rs 454.7 crore.
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LTI launches Operational Technology Transformation solution with ServiceNow
Larsen & Toubro Infotech (LTI) has launched ServiceNow-based Operational Technology (OT) Management solution for the manufacturing industry. The solution aims to address the latent demand of the industry to have digital workflows for OT Service Management. The solution leverages LTI’s tech and domain expertise and the digital workflow enabling capabilities of US-based software company ServiceNow.
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TVS Srichakra Q4 Results: Net profit rises 44% YoY to Rs 35 crore
TVS Srichakra Ltd reported a 44.75% YoY increase in consolidated net profit to Rs 35 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 39.52% YoY (or 5.11% QoQ) to Rs 601.99 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 10.23% YoY to Rs 73.92 crore. The tyre manufacturer’s board has declared a dividend of Rs 30 per share.
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Everest Organics launches Posaconazole API to treat Black Fungus
Everest Organics Ltd has announced the successful development of Posaconazole API (Active Pharmaceutical Ingredient), which is used for the treatment of Black Fungus. The pharma company is in the advanced stage of commercializing the drug. Posaconazole is a triazole antifungal agent indicated for treating mucormycosis (or Black Fungus) in post-Covid complications.
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Alkem Lab Q4 Results: Net profit rises 27% YoY to Rs 240 crore
Alkem Laboratories Ltd reported a 27.1% YoY increase in consolidated net profit to Rs 239.99 crore for the quarter ended March (Q4). Net profit has declined by ~46% when compared to the previous quarter. Its revenue from operations rose 7% YoY to Rs 2,192.2 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 40.6% YoY to Rs 1,585 crore. The pharma company’s board has declared a final dividend of Rs 5 per share.
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HCL Tech to provide digital transformation services to McLaren Health Care
HCL Technologies Ltd has been selected by US-based McLaren Health Care to provide digital transformation and enable higher standards of service to members, providers, and employees. The IT company will deliver its services for all 15 McLaren system hospitals located in Michigan and Ohio. HCL’s services would include managing and transforming the digital infrastructure foundation and the core clinical and non-clinical applications using its DRYICE automation framework.
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Newgen Software Q4 Results: Net profit rises 27% YoY to Rs 53 crore
Newgen Software Technologies reported a 27.15% YoY increase in consolidated net profit to Rs 52.73 crore for the quarter ended March (Q4). Net profit has risen by 49% when compared to the previous quarter. Its revenue from operations rose 4.79% YoY to Rs 199.98 crore during the same period. Subscription revenues grew 10.5% YoY to Rs 52.3 crore in Q4. The company’s board has recommended a final dividend of Rs 3.5 per share.
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Major fire breaks out at HPCL unit in Visakhapatnam
A major fire broke out at the Hindustan Petroleum Corporation Ltd (HPCL) plant in Visakhapatnam, Andhra Pradesh. The fire erupted in the crude distillation unit in the HPCL old terminal. “A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3 pm on 25th May 2021. Safety measures and firefighting was activated immediately. The fire has been extinguished. There is no casualty and no risk to public. Other Refinery operations are normal,” HPCL said in a tweet.
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CAMS Q4 Results: Net profit rises 40% YoY to Rs 60 crore
Computer Age Management Services (CAMS) reported a 39.62% YoY increase in consolidated net profit to Rs 60.12 crore for the quarter ended March (Q4). Net profit has increased by 6.5% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 203.93 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit rose 19.5% YoY to Rs 205.29 crore. The company’s board has declared a dividend of Rs 11.84 per share.
CAMS is a mutual fund transfer agency. It provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.
