Tech Mahindra Q4 Results: Net profit declines 17.4% QoQ to 1,081 crore
Tech Mahindra reported a 17.4% quarter-on-quarter (QoQ) decline in net profit to Rs 1,081 crore for the quarter ended March (Q4). Net profit is up 34.6% on a year-on-year (YoY) basis. The IT firm’s revenue rose 0.9% QoQ to Rs 9,730 crore during the same period. Its total contract value (TCV) during the quarter more than doubled to $1 billion (~Rs 7,480 crore), compared with $455 million in Q3 FY21. Tech Mahindra has also announced the acquisition of US-based Eventus Solutions Group for $44 million. The company’s board has approved a final dividend of Rs 30 per share.
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Reliance, BP start production from second deepwater gas field in KG-D6 block
Reliance Industries Ltd (RIL) and UK-based BP Plc have started production from their second new deepwater gas field in the KG-D6 block on the east coast of India. The Satellite Cluster field will produce gas from four reservoirs utilising a total of five wells. It is expected to reach gas production of up to 6 million standard cubic meters per day. RIL is the operator of the KG-D6 block with a 66.67% participating interest, while BP holds 33.33%.
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HDFC Life Q4 Results: Net profit rises 2% YoY to Rs 317 crore
HDFC Life Insurance Company Ltd reported a 2% YoY increase in standalone net profit to Rs 317.94 crore for the quarter ended March (Q4). Its net premium income (NPI) rose 23% YoY to Rs 12,868 crore during the same period. HDFC Life sold around 9.8 lakh new individual policies during the quarter, registering a growth of 10% YoY. The company’s board has recommended a final dividend of Rs 2.02 per share.
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Mindtree partners with US-based Duck Creek Technologies
Mindtree Limited has partnered with US-based Duck Creek Technologies to improve customer experience for UPC Insurance customers through the implementation of Software-as-a-Service (SaaS)-based core systems. The services include policy, billing, claims, data insights, and insurance technology solutions. Multiple applications will be consolidated on a single integrated platform using OnDemand— DuckCreek’s solution for the property and casualty (P&C) insurance industry.
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SBI Cards Q4 Results: Net profit jumps 110% YoY to Rs 175 crore
SBI Cards and Payment Services Ltd reported a 110% YoY increase in net profit to Rs 175 crore for the quarter ended March (Q4). Total income fell to Rs 2,468 crore during the same period, compared with Rs 2,510 crore in Q4 FY20. Interest income stood at Rs 1,072 crore, and income from fees and services increased 16% YoY to Rs 1,114 crore in Q4 FY21. Gross non-performing assets (NPAs) stood at 4.99% of gross advances, compared to 2.01% in Q4 FY20.
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Natco seeks emergency approval to launch Covid-19 drug Molnupiravir in India
Natco Pharma Limited has applied to the Central Drugs Standard Control Organisation (CDSCO) for approval of Phase-III clinical trial of Molnupiravir Capsules, used for the treatment of Covid-19 patients. The capsule was developed by American pharma major Merck, along with Ridgeback Biotherapeutics. According to pre-clinical data, patients treated with Molnupiravir achieved response within 5 days of therapy— indicating that the duration of treatment with the capsule is short.
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Castrol India Q1 Results: Net profit rises 95% YoY to Rs 243 crore
Castrol India Limited reported a 94.5% YoY increase in net profit to Rs 243.60 crore for the quarter ended March (Q4). Total sales rose 65.5% YoY to Rs 1,138.70 crore during the same period. The company reported healthy cash from operations at Rs 269 crore in Q4 FY21, which is equivalent to 1.1 times of profit after tax. Castrol India manufactures and markets automotive and industrial lubricants, as well as specialty products.
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Power Mech Projects secures contract worth Rs 343 crore
Power Mech Projects Limited has received a Letter of Intent from the Singareni Collieries Company for a contract worth Rs 343.44 crore. The project consists of the operation and maintenance of the 2×660 megawatt (MW) Singareni Thermal Power Plant in Pegadapalli, Telangana. Power Mech Tech operates as an engineering and construction company, which provides erection, testing, and commissioning (ETC) services for power projects.
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Tata Motors expects temporary hit on demand; to calibrate supplies
Tata Motors Limited has adopted a ‘business agility plan’ through which it aims to calibrate and match supplies with retail demand. The automaker will ensure that optimal levels of inventory are maintained with dealers to meet customer demands. It will also be prepared for a rebound in demand once the situation returns to normalcy. Like most other auto companies, Tata Motors is also expecting a temporary disruption in vehicle demand and supply of parts amidst lockdowns imposed due to a surge in Covid-19 cases.
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Biocon Biologics, Viatris receive approval for cancer drug
Biocon Biologics (a subsidiary of Biocon Ltd) has received marketing authorisation approval from the European Commission for Abevmy 100 & 400 mg. The approved drug is a biosimilar of Bevacizumab and was co-developed with Viatris Inc. Abevmy is indicated for the treatment of metastatic colorectal carcinoma, metastatic breast cancer, ovarian, cervical, and renal cancer as part of a specific regimen.
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DGCA extends fare capping on domestic flights till May 31
The Directorate General of Civil Aviation (DGCA) has decided to extend fare capping on domestic flights till May 31. The aviation authority has also limited flight capacity of domestic flights at 80% of pre-Covid levels. This new move has been done in view of the prevailing Covid-19 situation in the country. Last month, the DGCA had announced that the suspension of international flights has been extended till April 30. However, international scheduled flights may be allowed on selected routes by the concerned authority on a case-to-case basis.
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