WPI inflation jumps to 11-year high of 10.49% in April
India’s wholesale inflation, as measured by the Wholesale Price Index (WPI), rose to an 11-year high of 10.49% in April 2021. WPI stood at 7.39% in March and 4.83% in February. The annual rate of inflation is high primarily due to the rise in prices of crude petroleum, mineral oils, and manufactured products as compared to April 2020. The prices of food articles rose 3.84%, while prices of manufactured products rose 1.65% over March 2021. The fuel and power index rose 20.94% compared to April 2020, but contracted by 1% over March 2021.
Read more here.
Bharti Airtel Q4 Results: Net profit falls 11% QoQ to Rs 759 crore
Bharti Airtel reported an 11% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 759.2 crore for the quarter ended March (Q4). The telecom company’s revenue fell 2.9% QoQ (up 17% YoY) to Rs 25,747 crore during the same period. The average revenue per user (ARPU) fell to Rs 145 from Rs 166 in the October-December quarter (Q3). Airtel Africa posted a 32.8% QoQ rise in net profit to $154 million in Q4. Bharti Airtel’s global customer base stood at ~47 crore at the end of the financial year 2020-21.
Read more here.
Shilpa Medicare partners with Dr Reddy’s for production of Sputnik V vaccine
Shilpa Biologicals Pvt Ltd (SBPL), a wholly-owned subsidiary of Shilpa Medicare, has entered into a three-year definitive agreement with Dr Reddy’s Laboratories for the production of Sputnik V Covid-19 vaccine. SBPPL will produce and supply the vaccine from its integrated biologics research & development (R&D) and manufacturing centre at Dharwad, Karnataka. The company aims to produce up to 50 million doses of Sputnik V within the first 12 months.
Read more here.
Federal Bank Q4 Results: Net profit rises 58% YoY to Rs 478 crore
Federal Bank reported a 58.6% YoY increase in net profit to Rs 477.8 crore for the quarter ended March (Q4). Its net interest income (NII) rose 16.8% YoY to Rs 1,420.4 crore during the same period. [NII is the difference between the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPA) ratio stood at 3.41% in Q4, compared with 2.71% in Q3 FY21. Federal Bank’s board has recommended a final dividend of Rs 0.70 per share.
Read more here.
Panacea Biotec files suit against Sanofi for patent infringement
Panacea Biotec has filed a suit before the Delhi High Court seeking to refrain Sanofi Healthcare India from marketing a fully liquid hexavalent vaccine. The pharma company said a case has been filed in order to stop the infringement of its patent for fully liquid Whole Cell Pertussis-based fully liquid Hexavalent vaccine— EasySix. Both firms have been contesting this particular patent before the Indian Patent Office since 2017.
Read more here.
Gland Pharma Q4 Results: Net profit rises 34% YoY to Rs 260 crore
Gland Pharma Ltd reported a 34% YoY increase in net profit to Rs 260.4 crore for the quarter ended March (Q4). Net profit has grown by 27% when compared to the previous quarter. Its revenue from operations rose 40% YoY to Rs 887.7 crore during the same period. The drugmaker’s revenue from its core markets of the US, Europe, Canada, and Australia rose 29% YoY to Rs 619.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 29% YoY to Rs 996.96 crore.
Read more here.
Bharat Forge to acquire 49% stake in Kalyani Strategic Systems
Bharat Forge Ltd announced that it will acquire the remaining 49% stake in its subsidiary, Kalyani Strategic Systems Ltd (KSSL). The company currently holds 51% stake in KSSL. The acquisition of shares in KSSL is subject to the prior approval of the Ministry of Home Affairs or the Department for Promotion of Industry and Internal Trade.
Colgate-Palmolive Q4 Results: Net profit rises 54% YoY to Rs 314 crore
Colgate-Palmolive India reported a 54.1% YoY increase in net profit o Rs 314.6 crore for the quarter ended March (Q4). Net profit has risen by 26.7% when compared to the previous quarter. The FMCG company’s revenue from operations rose 20.2% YoY to Rs 1,275 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 26.8% YoY to Rs 1,035.39 crore.
Read more here.
Rane Brake Q4 Results: Net profit rises 53% YoY to Rs 14.27 crore
Rane Brake Linings reported a 53.11% YoY increase in net profit to Rs 14.27 crore for the quarter ended March (Q4). Net profit has risen by 10% when compared to the previous quarter. Its revenue from operations rose 25.2% YoY to Rs 148.4 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 7.4% YoY to Rs 31.8 crore. The company’s board has recommended a final dividend of Rs 25 per share.
TVS NTORQ crosses 1 lakh sales mark in international markets
TVS Motor Company said its scooter brand NTORQ 125 has crossed the one lakh sales milestone in international markets. The company sells the scooter in 19 countries across South Asia, Latin America, the Middle East, and the Association of Southeast Asian Nations (ASEAN). “This achievement is a reinforcement of our commitment to grow the TVS NTORQ brand by setting benchmarks in innovation and creating aspiration for customers,” said TVS Motor Company Director and CEO K N Radhakrishnan in a statement.
Read more here.
Shakti Pumps Q4 Results: Net profit at Rs 30.5 crore
Shakti Pumps (India) Ltd reported a consoldiated net profit of Rs 30.5 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 6.15 crore in the corresponding period last year (Q4 FY20). Its revenue from operations jumped 245% YoY to Rs 319.71 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 75.59 crore. It had posted a net loss of Rs Rs 14.08 crore in FY20. The company’s board has recommended a dividend of Rs 8 per share.
Read more here.
Subex Q4 Results: Net profit declines 51% YoY to Rs 15.6 crore
Subex Limited reported a 51.23% YoY decline in consolidated net profit to Rs 15.6 crore for the quarter ended March (Q4). Net profit has increased by 79% when compared to the previous quarter. Its revenue from operations declined by 7.78% YoY to Rs 96.16 crore during the same period. The company’s board has recommended a final dividend of Rs 0.25 per share. Subex is an enterprise software company based in Bangalore. It provides digital trust products to communication service providers.
