Zydus Cadila’s ‘Virafin’ gets DCGI approval for treatment of moderate Covid-19 cases
Zydus Cadila announced that it has received restricted emergency use approval from the Drugs Controller General of India (DCGI) to use antiviral drug ‘Virafin’ (Pegylated Interferon alpha-2b) for the treatment of moderate Covid-19 infections. Virafin will help Covid-19 patients recover faster and avoid much of the complications. The pharma company said 91.15% of the patients treated with the drug were RT-PCR negative by day seven. The treatment significantly reduces the hours of supplemental oxygen in Covid-19 patients.
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HCL Technologies Q4 Results: Net profit falls 25.6% QoQ to Rs 2,962 crore
HCL Technologies Limited reported a 25.6% quarter-on-quarter (QoQ) decline in consolidated net profit to Rs 2,962 crore for the quarter ended March (Q4). The IT firm’s revenue rose 1.8% QoQ to Rs 19,642 crore during the same period. HCL Tech registered its highest-ever new deal bookings during Q4 FY21 at $3.1 billion (~Rs 23,230 crore). Its IT and business services segment reported a 4.4% QoQ growth. The company has allocated around Rs 700 crore as one-time bonus to employees. HCL Technologies has declared a final dividend of Rs 6 per share and a special dividend of Rs 10 per share.
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LT Foods expands its premium snacks brand to Australia, UAE
LT Foods Limited has announced the expansion of its premium rice-based snacks brand Kari Kari to Australia and the United Arab Emirates (UAE). The company said its joint venture (JV) firm with Japan-based Kameda Seika has started exporting Kari Kari to the markets of Australia and UAE. Kari Kari is manufactured at LT Food’s manufacturing facility at Sonepat, Haryana, through indigenously grown and sourced ingredients.
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Wendt (India) Q4 Results: Net profit at Rs 5.30 crore
Wendt (India) Limited reported a consolidated net profit of Rs 5.30 crore for the quarter ended March (Q4). It had posted a net loss of Rs 0.77 crore in the corresponding period last year. The company’s revenue rose 75.61% YoY to Rs 45.15 crore in Q4 FY21. Its board has recommended a final dividend of Rs 20. Wendt India manufactures and sells super abrasives, high-precision grinding machines, and other special-purpose machines.
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PowerGrid InvIT to launch Rs 7,700 crore IPO on April 29: Report
Power Grid Corporation of India (PowerGrid) is set to launch an infrastructure investment trust (InvIT) initial public offering (IPO) on April 29. As per reports, the IPO size is likely to be in the range of Rs 7,700-8,000 crore. This comprises a fresh issue of shares of up to Rs 4,995 crore and an offer for sale (OFS) of up to Rs 3,000 crore. The InvIT is likely to include 11 power transmission lines owned and operated by PowerGrid.
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Aditya Birla Money Q4 Results: Net profit rises 32% YoY to Rs 3.68 crore
Aditya Birla Money Limited (ABML) reported a 31.8% YoY increase in net profit to Rs 3.68 crore for the quarter ended March (Q4). Its revenue from operations rose 10% YoY to Rs 49 crore during the same period. Revenue from its broking business was up 21.2% YoY to Rs 43.69 crore, and revenue from securities trading business rose 41% YoY to Rs 3.78 crore. ABML is a leading player in the Indian broking space. It is a subsidiary of Aditya Birla Capital Limited.
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V2 Retail opens new store at Rourkela, Odisha
V2 Retail Limited has opened a new retail store at Rourkela, Odisha. In line with the company’s strategy to evaluate performance over parameters such as store-wise profitability, the company has closed two retail stores in Chapra (Bihar) and Kota (Rajasthan). V2 Retail currently operates 94 retail stores in India.
GNA Axles Q4 Results: Net profit rises 496% YoY to Rs 27.63 crore
GNA Axles Limited reported a 496.76% YoY increase in consolidated net profit to Rs 27.63 crore for the quarter ended March (Q4). Its revenue from operations rose 71.6% YoY to Rs 310.12 crore during the same period. Net profit has increased by 33.93% YoY to Rs 70.62 crore for the financial year ended 31 March 2021 (FY21). GNA Axles is a leading manufacturer of axle shafts for vehicles.
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Caplin Point’s arm receives USFDA approval for Prochlorperazine Edisylate injection
Caplin Steriles, a subsidiary of Caplin Point Laboratories, has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)— Prochlorperazine Edisylate injection. The approved product is an antiemetic drug used to control severe nausea and vomiting. According to IQVIA data, Prochlorperazine Edisylate injection had US sales of approximately $17 million (~Rs 127 crore) for the 12-months ended December 2020.
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UPL to convert 4 nitrogen plants for oxygen production
UPL Limited has announced plans to convert four of its nitrogen production plants to produce oxygen for 4 hospitals in Gujarat and Madhya Pradesh. The company will directly deliver the oxygen tanks to hospital sites. This will help cater to 200-250 beds at each of these hospitals, including ICU patients. There has been a sharp rise in demand for medical oxygen due to the surge in Covid-19 cases in India.
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