Its Modi again!! 8% fall in Oil, 12,000 touched & more! Highlights from the most volatile week. 25/05/2019

Weekly	Last Close	Last Week Close	Change %
Nifty	11,844.10	11,828.25	0.13%
Bank Nifty	31,212.55	30,759.70	1.47%
USD INR	69.38	70.29	1.30%
Crude Oil	4,067.00	4,417.00	-7.92%

Top Gainer of the week on Nifty
Indusind Bank	20.05 %
Top Loser of the week on Nifty
Tech Mahindra	-6.24 %

Top Gaining Sector
Nifty PSU Banks	12.81%
Top Losing Sector
BSE IT	-1.86%

Industries that saw good volumes past week:

Chemicals

NBFC

Oil Refineries

Pharma

Public Banks

Sugar

Forthcoming Results
Company	Date
Abbott India Ltd	27-May-19
Adani Ports & Special Economic Zone Ltd
AIA Engineering Ltd
Bayer CropScience Ltd
Bharat Heavy Electricals Ltd
Century Plyboards (India) Ltd
Colgate-Palmolive (India) Ltd
Elgi Equipments Ltd
Emami Ltd
Eveready Industries India Ltd
Force Motors Ltd
GAIL (India) Ltd
Gujarat Fluorochemicals Ltd
Hindustan Aeronautics Ltd
Interglobe Aviation Ltd
Kaveri Seed Company Ltd
Motherson Sumi Systems Ltd
Mphasis Ltd
Natco Pharma Ltd
NHPC Ltd
Oil India Ltd
Omaxe Ltd
Prestige Estates Projects Ltd
Reliance Communications Ltd
Shilpa Medicare Ltd
Suprajit Engineering Ltd
Thomas Cook (India) Ltd
Time Technoplast Ltd
Zee Entertainment Enterprises Ltd
3M India Ltd	28-May-19
Adani Transmission Ltd
Aegis Logistics Ltd
Aster DM Healthcare Ltd
Aurobindo Pharma Ltd
Balmer Lawrie & Company Ltd
Centrum Capital Ltd
Galaxy Surfactants Ltd
Gujarat Alkalies & Chemicals Ltd
Himatsingka Seide Ltd
Hindustan Copper Ltd
Info Edge (India) Ltd
ITI Ltd
Jaiprakash Associates Ltd
Lakshmi Vilas Bank Ltd
Manpasand Beverages Ltd
Max Financial Services Ltd
Minda Corporation Ltd
Navkar Corporation Ltd
NMDC Ltd
Punjab National Bank
Shipping Corporation of India Ltd
SpiceJet Ltd
Sun Pharmaceuticals Industries Ltd
Tamil Nadu Newsprint & Papers Ltd
Team Lease Services Ltd
Zydus Wellness Ltd
Adani Power Ltd	29-May-19
Bharat Electronics Ltd
Cadila Healthcare Ltd
Finolex Cables Ltd
Glenmark Pharmaceuticals Ltd
GMR Infrastructure Ltd
Grindwell Norton Ltd
Gujarat Narmada Valley Fertilizers & Chemicals Ltd
Havells India Ltd
IDFC Ltd
IFB Industries Ltd
Ipca Laboratories Ltd
ISGEC Heavy Engineering Ltd
Jagran Prakashan Ltd
Lemon Tree Hotels Ltd
Mahindra & Mahindra Ltd
Max India Ltd
Nava Bharat Ventures Ltd
NBCC (India) Ltd
Power Finance Corporation Ltd
Power Grid Corporation of India Ltd
Rajesh Exports Ltd
Ratnamani Metals & Tubes Ltd
Reliance Power Ltd
Repco Home Finance Ltd
SJVN Ltd
TTK Prestige Ltd
V-Guard Industries Ltd
Alkem Laboratories Ltd	30-May-19
Apollo Hospitals Enterprise Ltd
Berger Paints India Ltd
Bharat Dynamics Ltd
Coal India Ltd
Deepak Fertilizers & Petrochemicals Corp Ltd
EIH Ltd
Forbes & Company Ltd
Greenply Industries Ltd
IDBI Bank Ltd
India Tourism Development Corporation Ltd
India Tourism Development Corporation Ltd
Infibeam Avenues Ltd
Jain Irrigation Systems Ltd
KNR Constructions Ltd
MMTC Ltd
NLC India Ltd
PC Jeweller Ltd
Reliance Infrastructure Ltd
Sonata Software Ltd
Steel Authority of India Ltd
Suzlon Energy Ltd
Swan Energy Ltd
Ujjivan Financial Services Ltd
Bombay Potterie	2019-05-31
Encore Software
Excel Glasses
MVL
Nakoda
Oriental Aromat
United Textiles

Forthcoming Record Dates
Company	Date	Purpose
Kennametal India Ltd.	27-May-19	Interim Dividend
Manappuram Finance Ltd.	28-May-19	Interim Dividend
DB Corp Ltd.	28-May-19	Second Interim Dividend
UPL Ltd.	29-May-19	Dividend
5Paisa Capital Ltd.	29-May-19	Right Issue of Equity Shares
Polyplex Corporation Ltd.	29-May-19	Interim Dividend
IIFL Holdings Ltd.	31-May-19	Spin Off
Aptech Ltd.	31-May-19	Interim Dividend
DCM Ltd.	31-May-19	Spin Off
Vitesse Agro Ltd.	31-May-19	Bonus issue
Allsec Technologies Ltd.	31-May-19	Interim Dividend
Page Industries Ltd.	01-Jun-19	Interim Dividend

25-May-2019

Grasim Industries reports 79% rise in Q4 consolidated net profit

Grasim Industries has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 20.94% in its net profit at Rs 451.24 crore for the quarter under review as compared to Rs 373.12 crore for the same quarter in the previous year. Total income of the company increased by 15.85% at Rs 5,453.54 crore for Q4FY19 as compared Rs 4,707.53 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 79.45% in its net profit at Rs 1,531.86 crore for the quarter under review as compared to Rs 853.62 crore for the same quarter in the previous year. Total income of the company increased by 20.56% at Rs 21,174.10 crore for Q4FY19 as compared Rs 17,562.59 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 70.86% in its net profit at Rs 515.30 crore as compared to Rs 1,768.66 crore for the previous year. However, total income of the company increased by 28.02% at Rs 21,118.41 crore for year under review as compared to Rs 16,496.07 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 24.72% in its net profit at Rs 2,775.95 crore as compared to Rs 3,687.62 crore for the previous year. However, total income of the company increased by 27.43% at Rs 73,772.04 crore for year under review as compared to Rs 57,894.33 crore for year ended March 31, 2018.

 

25-May-2019

Grasim Industries gets nod for scheme of amalgamation

Grasim Industries has received approval for the Scheme of Amalgamation of Grasim Premium Fabric (formerly known as Soktas India), a wholly owned subsidiary of the Company with itself. The Board of Directors of the Company at its meeting held on May 24, 2019 has approved the same.

Grasim Industries is the flagship company of the Aditya Birla Group. The company’s businesses comprise viscose staple fibre, cement, chemicals and textiles. Its core businesses are VSF and cement, which contribute to over 90% of its revenues and operating profits.

 

25-May-2019

Salzer Electronics to acquire 72.32% stake in Kaycee Industries

Salzer Electronics has entered into a Share Purchase Agreement for acquisition of entire 45,899 equity shares of Kaycee Industries representing 72.32% of the Total paid-up shares at a Price of Rs 3,475 per share from its Principal Promoter – Universal Trust.

Since both Salzer Electronics and Kaycee Industries are in the same line of business, Salzer, with this acquisition, would drive more synergies in products offering with new range of Products on one side and strengthen its growth on the other side with immediate effect. The completion is expected during the second quarter of FY20, subject to receipt of approval from SEBI.

Salzer Electronics is a Leading player offering Total and Customized Electrical Solutions in Switchgears, Wires & Cables and Energy Management business. The Company caters to a wide range of products with five In-house manufacturing facilities, located in Coimbatore and Himachal Pradesh.

 

25-May-2019

ICICI Bank flags off mobile ATM in Odisha

ICICI Bank has flagged off a mobile ATM in order to bring key banking services to the doorstep of the residents impacted by cyclone Fani in Puri district in Odisha. The mobile ATM offers key banking services including cash withdrawals and account related information such as account balance and mini statement.

With this, the Bank now operates two mobile ATMs in the storm impacted rural and remote areas of Puri district.

ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.

 

25-May-2019

SBI to conduct customer outreach programme

State Bank of India (SBI) is going to conduct a customer outreach programme next week to address their queries and seek suggestions to improve services. The ‘Mega Customer Meet’ is expected to engage with 1 lakh bank customers across 500 locations through 17 local head offices across the country.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

 

24-May-2019

Dwarikesh Sugar Industries sells 31.77 lakh quintals of sugar in FY19

Dwarikesh Sugar Industries has sold 31.77 lakh quintals of Sugar in FY19. The company has sold White sugar of 30.43 lakh quintals at an average realization of Rs 2,997 per quintal vis-a-vis 37.36 lakh quintals sold during FY18 at an average realization of Rs 3,465 per quintal.

The company has reported sugar stock as on March 31, 2019 at 28.02 lakh quintals including 3.66 lakh quintals of raw sugar for export.

Dwarikesh Sugar Industries is a multi-faceted, diversified industrial group engaged in the manufacture of the finest grains of sugar, as well as allied products.

 

24-May-2019

State Bank of India signs MoU with NABARD: Report

State Bank of India (SBI) and National Bank for Agriculture and Rural Development (NABARD) have reportedly joined hands, by signing a Memorandum of Understanding (MoU) for formation and credit linkage of 13,00 joint liability groups (JLGs) across Tamilnadu.

The groups will be purveying credit in the rural areas that would benefit around 13,000 small/marginal and landless farmers to the tune of around Rs 650 lakh.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

 

24-May-2019

Ashok Leyland reports 12% fall in Q4 net profit

Ashok Leyland has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 12.13 % in its net profit at Rs 652.99 crore for the quarter under review as compared to Rs 743.12 crore for the same quarter in the previous year. However, total income of the company marginally increased by 0.18% at Rs 8,855.01 crore for Q4FY19 as compared Rs 8,839.50 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 15.45% in its net profit at Rs 1,983.20 crore as compared to Rs 1,717.73 crore for the previous year. Total income of the company increased by 8.70% at Rs 29,164.89 crore for year under review as compared to Rs 26,829.58 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 20.99% in its net profit at Rs 2,194.60 crore as compared to Rs 1,813.82 crore for the previous year. Total income of the company increased by 10.65% at Rs 33,324.90 crore for year under review as compared to Rs 30,116.25 crore for year ended March 31, 2018.

 

24-May-2019

Grovy India completes ‘S-344 Greater Kailash 1’ project

Grovy India has successfully completed the project ‘S-344 Greater Kailash 1’, New Delhi.

Grovy India aim is to carry on the business established with the object of financing industrial, commercial or other enterprises

 

24-May-2019

Southern Petrochemicals reports 1.04 lakh MT production of manufactured Urea in Q4FY19

Southern Petrochemicals Industries Corporation (SPIC) has reported the production and sale of manufactured Urea of 1.04 lakh MT and 1.11 lakh MT respectively during fourth quarter ended March 31, 2019 (Q4FY19).

For the year ended March 31, 2019, the company has reported the production and sale of manufactured Urea of 6.52 lakh MT and 6.67 lakh MT respectively.

SPIC since its founding has been providing product and services that feed, nourish, and protect the agriculture and rural ecosystem. The company is now a well-diversified one with area of businesses spreading from fertilizers to pharma.

 

24-May-2019

Southern Petrochemical reports over 2-fold jump in Q4 net profit

Southern Petrochemical Industries Corporation has reported results for fourth quarter and year ended March 31, 2019.

The company has reported over 2-fold jump in its net profit at Rs 16.49 crore for the quarter under review as compared to Rs 6.79 crore for the same quarter in the previous year. Total income of the company increased by 19.13% at Rs 475.36 crore for Q4FY19 as compared Rs 399.01 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 43.27% in its net profit at Rs 53.34 crore as compared to Rs 37.23 crore for the previous year. Total income of the company increased by 30.71% at Rs 2,613.42 crore for year under review as compared to Rs 1,999.38 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 38.71% in its net profit at Rs 62.99 crore as compared to Rs 45.41 crore for the previous year. Total income of the company increased by 30.71% at Rs 2,613.42 crore for year under review as compared to Rs 1,999.38 crore for year ended March 31, 2018.

 

24-May-2019

Coal India’s arm commissions new wharf-wall: Report

Coal India’s subsidiary– Northern Coalfields has reportedly inaugurated a new wharf-wall at MGR route line of company’s Nigahi coal producing area to reduce coal transportation by road. The said route line is used by Nigahi for transporting coal to NTPC Vindhyachal.

The new wharf-wall will help supply additional 3-4 rakes (approximately 9000 to 12,000 tonnes) of coal to NTPC Vindhyachal. The additional supplies of coal through wharf-wall will halve the transportation of coal from road thereby contributing significantly towards environmental protection.

 

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

 

24-May-2019

Elgi Equipments’ arm invests in Evergreen Compressed Air and Vacuum LLC

Elgi Equipments’ wholly owned subsidiary — Elgi Compressors USA, has subscribed and invested in, an extent of $1,34,000, which is 50% of the total capital of, Evergreen Compressed Air and Vacuum LLC.

Evergreen Compressed Air and Vacuum LLC will function as an exclusive dealer / distributor for Elgi Compressors USA for the ELGi rotary screw (oil-flooded or oil-free) compressors. The object of acquiring 50% ownership stake is for creating a model distributorship in USA that can be the reference point for creating more such channel arrangements in USA.

Elgi Equipments is a holding company and an air compressor manufacturer. The company’s segments include Compressors, Automotive Equipments and Others.

 

24-May-2019

Fire breaks out at SAIL’s Bhilai Steel Plant

A fire broke out at Steel Authority of India’s (SAIL) Bhilai Steel Plant in Chhattisgarh and there was no loss of lives or injury to people. A fire was reported at Tar Distillation Unit of the plant in its coke ovens and coal chemicals (CO&CC) department.

SAIL is India’s largest steel producing company. The company is among the five Maharatnas of the country’s Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

 

24-May-2019

Welspun reports consolidated net loss of Rs 78 crore in Q4

Welspun India has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a net loss of Rs 43.70 crore for the quarter under review against net profit of Rs 72.78 crore for the same quarter in the previous year. However, total income of the company increased by 4.09 % at Rs 1,301.69 crore for Q4FY19 as compared Rs 1,250.57 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a net loss of Rs 78.43 crore for the quarter under review against net profit of Rs 89.86 crore for the same quarter in the previous year. However, total income of the company increased by 4.30% at Rs 1,600.94 crore for Q4FY19 as compared Rs 1,534.92 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 53.38% in its net profit at Rs 141.77 crore as compared to Rs 304.10 crore for the previous year. However, total income of the company increased by 8.45% at Rs 5,478.31 crore for year under review as compared to Rs 5,051.42 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 43.20 % in its net profit at Rs 226.17 crore as compared to Rs 398.18 crore for the previous year. However, total income of the company increased by 7.77% at Rs 6,608.44 crore for year under review as compared to Rs 6,131.79 crore for year ended March 31, 2018.

 

24-May-2019

Hero MotoCorp launches special edition of Splendor: Report

Hero MotoCorp has reportedly launched a special edition of the Splendor to celebrate the 25th anniversary of their iconic motorcycle ‘Hero Splendor’. It is priced at Rs 56,600 (ex-showroom). Based on the Splendor Plus variant, the special edition gets a new colour scheme and graphics.

Hero MotoCorp is an India-based holding company and a two-wheeler manufacturer. The company is engaged in the manufacturing and selling of motorized two-wheelers, spare parts and related services.

 

24-May-2019

Hulst B.V. hikes stake in NIIT Technologies

Hulst B.V. has acquired 46,000 equity shares with face value of Rs 10 each of NIIT Technologies, on May 23, 2019. After this acquisition, the entity’s stake in the company has increased from 32.04% to 32.12%.

NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and inanely, services, insurance.

 

24-May-2019

Eros International Media reports 14% rise in Q4 consolidated net profit

Eros International Media has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 49.10% in its net profit at Rs 18.12 crore for the quarter under review as compared to Rs 35.60 crore for the same quarter in the previous year. Total income of the company marginally decreased by 0.17% at Rs 190.83 crore for Q4FY19 as compared Rs 191.16 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 14.21% in its net profit at Rs 67.03 crore for the quarter under review as compared to Rs 58.69 crore for the same quarter in the previous year. Total income of the company increased by 2.11% at Rs 263.18 crore for Q4FY19 as compared Rs 257.75 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 13.44% in its net profit at Rs 87.36 crore as compared to Rs 77.01 crore for the previous year. Total income of the company increased by 19.38% at Rs 869.80 crore for year under review as compared to Rs 728.57 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 15.25% in its net profit at Rs 266.48 crore as compared to Rs 231.22 crore for the previous year. Total income of the company increased by 12.84% at Rs 1,139.69 crore for year under review as compared to Rs 1,010.01 crore for year ended March 31, 2018.

 

24-May-2019

Power Mech Projects reports order book of Rs 7,407 crore for FY19

Power Mech Projects has reported a strong order book of Rs 7,407 crore for FY19. The company’s order book from power sector was Rs 3,288 crore, includes international order book of Rs 1,150 crore. The company’s non-power sector stood at Rs 4,119 crore.

Power Mech Projects is an integrated power infrastructure services company. The Company’s operations include three business lines: Erection Works, Operation & Maintenance (O&M) Services and Civil Works.

 

24-May-2019

Gokak Textiles to raise Rs 30 crore on private placement basis

Gokak Textiles has received approval for issuance of Non-cumulative, Non-convertible, Non-participating, Redeemable Preference Shares of Rs 10 each aggregating to Rs 30 crore in one or more tranches on Private Placement basis to the Shapoorji Pallonji and Company, Promoter and / or any other Promoter Group Company. The Board of Directors of the Company at its meeting held on May 23, 2019 has approved the same.

Gokak Textiles’ principal activity is to manufacture and distribute textile products. The company’s product range includes yarn, blended Yarn, Cotton canvas, fabric, terry towel, knitted garments and other related products.

 

24-May-2019

Universal Auto Foundry establishes project at Rajasthan

Universal Auto Foundry has almost established a Project at B-51, SKS Industrial Area, Reengus, District Sikar, Rajasthan (UNIT II) and in relation to the same Test run & sample making for approval of products from the customers has started. Normally, sample approval and field trial take 6 months, as soon as the samples are approved regular production will commence. Commercial production will start from June 01, 2019.

Universal Auto Foundry is engaged manufacturing iron castings.

 

24-May-2019

Indian Hotels Company signs new Vivanta branded hotel in Gorakhpur

The Indian Hotels Company (IHCL) has signed a new Vivanta branded hotel in Gorakhpur in the state of Uttar Pradesh. This hotel is owned by AD Estate Developers under a management contract by Vivanta.

Vivanta Gorakhpur will be part of a mixed-use development project. The hotel will comprise 110 guest rooms and other features including multi-cuisine restaurants, recreation facilities and modern meeting spaces. It is slated to open in 2022.

Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia’s largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.

 

24-May-2019

Omax Autos inks agreement with Hema Engineering Industries

Omax Autos has entered into an Asset Purchase Agreement with Hema Engineering Industries on May 22, 2019 for sale of its identified assets. The assets are located at Village Sidhrawali in Gurgaon and Dharuhera, district Rewari in the state of Haryana.

Omax Autos manufactures a range of components for automobiles ranging from two-wheelers, three-wheelers, Off-Highway, passenger cars, commercial vehicles and railways.

 

24-May-2019

Hindustan Copper planning to increase borrowing limits

Hindustan Copper is planning to increase borrowing limits from the existing Rs 1,500 crore to Rs 2,500 crore. The Board of Directors of the company will consider the same in meeting which is scheduled to be held on May 28, 2019.

Hindustan Copper’s principal activities include mining of copper ore, concentration of copper ore into copper concentrate through a beneficiation process and also smelting, refining and extruding of the copper concentrate into refined copper in downstream saleable products.

 

24-May-2019

Bharti Airtel’s DTH arm launches six new recharge plans: Report

Airtel Digital TV, the DTH arm of Bharti Airtel, has reportedly launched six new recharge plans for its DTH users. Users can choose between HD and SD channels for period of six months or 12 months.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

24-May-2019

Zensar Technologies partners Sanlam to deliver company-wide digital transformation

Zensar Technologies has partnered Sanlam, a leading insurer from South Africa in its digital transformation aimed at providing cutting-edge market solutions for its millennial generation consumers. The company’s Robotic Process Automation solutions, with the team’s digital capabilities has driven this enterprise wise mandate for Sanlam.

The underlying objectives of the digital transformation mandate at Sanlam was to leverage Robotic Process Automation to create a simpler, hassle-free and enjoyable experience for the customer. These initiatives resulted in Sanlam’s workforce to be deployed in other customer engagement tasks.

Zensar Technologies operates as a software service company. It is engaged in software development, networking, e-commerce, and systems integration services. It also provides consulting, collaboration services and business process outsourcing services.

 

24-May-2019

General Insurance Corporation reports 20% fall in Q4 net profit

General Insurance Corporation of India has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 19.72% in its net profit at Rs 603.37 crore for the quarter under review as compared to Rs 751.61 crore for the same quarter in the previous year. Total income of the company decreased by 27.09% at Rs 6,092.00 crore for Q4FY19 as compared Rs 8,355.55 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 31.21% in its net profit at Rs 2,224.31 crore as compared to Rs 3,233.59 crore for the previous year. However, total income of the company marginally increased by 1.56% at Rs 42,527.93 crore for year under review as compared to Rs 41,873.60 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 17.41% in its net profit at Rs 2,638.47 crore as compared to Rs 3,194.62 crore for the previous year. However, total income of the company marginally increased by 2.22% at Rs 43,122.57 crore for year under review as compared to Rs 42,186.09 crore for year ended March 31, 2018.

 

24-May-2019

Karur Vysya Bank in process of migrating to latest version of Core Banking Solution

Karur Vysya Bank is in the process of migrating to latest version of Core Banking Solution (CBS). All precautionary steps for smooth migration are already put in place. However during migration activity Internet & Mobile Banking, IMPS, UPI Services and functioning of few branches working would be disrupted from May 24, 2019 to May 26, 2019.

Further ATM/POS services will be available for customers as usual. The Bank communicated to all its customers about the downtime by way of public notices issued through SMS, Emails, Notices at Branches and in Internet banking website of the bank to plan their transactions in advance to avoid any inconvenience and any other maters connected therein will be informed in due course.

Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.

 

24-May-2019

SVP Global Ventures’ arm to demerge into core, non-core businesses

SVP Global Ventures’ subsidiary — Citron Infraprojects’ board on recommendation of the Audit Committee, has filed a demerger application for re-organizing of its business into two parts i.e. Core business and Non-core business separately in order to focus more on core activities.

The company will be able to achieve its target of exiting all non-core and low margin trading businesses and at same time reduce its financial liabilities to the extent attributable to the Noncore activities.

SVP Global Ventures was incorporated with the main object of carrying on the business as an investment company. Later, the company diversified to the business of media and entertainment.

 

24-May-2019

JSW Steel reports 48% fall in Q4 consolidated net profit

JSW Steel has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 21.92% in its net profit at Rs 1,745 crore for the quarter under review as compared to Rs 2,235 crore for the same quarter in the previous year. Total income of the company decreased marginally by 2.21% at Rs 19,784 crore for Q4FY19 as compared Rs 20,232 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 48.07% in its net profit at Rs 1,495 crore for the quarter under review as compared to Rs 2,879 crore for the same quarter in the previous year. However, total income of the company increased by 4.86% at Rs 22,421 crore for Q4FY19 as compared Rs 21,381 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 78.57% in its net profit at Rs 8,259 crore as compared to Rs 4,625 crore for the previous year. Total income of the company increased by 13.70% at Rs 77,246 crore for year under review as compared to Rs 67,936 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 23.08% in its net profit at Rs 7,524 crore as compared to Rs 6,113 crore for the previous year. Total income of the company increased by 15.79% at Rs 84,961 crore for year under review as compared to Rs 73,378 crore for year ended March 31, 2018.

 

24-May-2019

JSW Steel gets nod to raise upto Rs 14,000 crore

JSW Steel has received an approval for raising of long term resources through issuance of Non-Convertible Debentures (NCDs) with warrants which are convertible into or exchangeable with equity shares of the company of face value of Rs 1 each at a later date, for an amount not exceeding Rs 7,000 crore and equity Shares and/or Fully Convertible Debentures/Partly Convertible Debentures /Optionally Convertible Debentures or any other Convertible Securities for an amount not exceeding Rs 7,000 crore. The Board of directors of the company at its meeting held on May 24, 2019 has approved for the same.

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

 

24-May-2019

CPCB revokes closure directions on Radico Khaitan’s Uttar Pradesh plant

The Central Pollution Control Board (CPCB) has revoked its closure directions on Radico Khaitan’s Uttar Pradesh (UP) plant. There has been no loss of production during this period due to the earlier closure directions. The company’s grain plant, malt plant and bottling plants at Rampur, UP, continue to work at their original capacities in compliance with the Zero Liquid Discharge (ZLD) system.

Earlier, CPCB had directed the company to restrict its capacity of molasses plant for country liquor from 200 KLD to 77 KLD until June 30, 2019, while the company complies with the ‘additional requirements’ for its ZLD system. The CPCB had also levied an additional environmental compensation of Rs 1,18,80,000 in addition to Rs 27,00,000 already deposited by the Company without prejudice.

Radico Khaitan is taking suitable action to in compliance with the order.

Radico Khaitan (RKL) is one of the India’s oldest and largest liquor manufacturers.

 

24-May-2019

DLF targeting 10% increase in sales bookings in FY20

DLF is targeting a 10 percent increase in sales bookings for the current financial year (FY20) at around Rs 2,700 crore, on hopes of an increase in housing demand. Sales bookings of the company more than doubled to Rs 2,435 crore in 2018-19 from Rs 1,000 crore in the previous year.

The company continued to see good sales in the residential segment. It has started monetising its ready to occupy inventory across the country in the premium and luxury segments. It is now gearing towards the next cycle of development and is planning to build 17 million sq ft of residential and commercial space in the near future.

DLF is one of India’s biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.

 

24-May-2019

ICRA gets NCLT’s nod to merge two wholly owned subsidiaries

ICRA has received approval from National Company Law Tribunal (NCLT), New Delhi, for scheme of amalgamation filed by ICRA Management Consulting Services. The said scheme of amalgamation will be effective upon sanctioning of the scheme filed by the ICRA Online by the NCLT, Kolkata.

Earlier, the company had proposed merger of two wholly-owned subsidiaries, ICRA Online, engaged in outsourcing and information services, and ICRA Management Consulting Services, which is involved in consulting services.

ICRA is an independent and professional investment Information and credit rating agency. The company operates through four segments – Rating, research and other services; Consulting services; Outsourced and Information services, and Professional and IT Services.

 

24-May-2019

CCI approves GSK, Pfizer consumer healthcare JV formation

The Competition Commission of India (CCI) has approved the formation of a joint venture (JV) for consumer healthcare products by pharmaceutical giants Glaxosmithkline (GSK) and Pfizer. In December 2018, GSK had reached an agreement with Pfizer to combine their consumer health businesses into a new JV with combined sales of around $12.7 billion (around Rs 88,900 crore).

The proposed combination involves acquisition of Pfizer’s consumer healthcare business by GSK, and the combination of GSK and Pfizer consumer healthcare business into a global consumer healthcare joint venture under the sole control of GSK. After the deal, GSK will have a majority controlling equity interest of 68 percent in the combined consumer healthcare business, while Pfizer will have a minority non-controlling equity interest of the remaining 32 percent.

Pfizer has produced innovative breakthroughs in a wide range of research areas, including depression, erectile dysfunction, high cholesterol, HIV infection, hypertension, bacterial infections and systemic fungal infections.

 

24-May-2019

Infosys completes formation of strategic partnership with ABN AMRO

Infosys has completed the formation of a strategic partnership with ABN AMRO in the Netherlands by acquiring 75% of the shareholding in their wholly owned end-to-end mortgage administration service provider Stater N.V.

This partnership strengthens Infosys’ position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies, and further enhances the company’s strategy to help clients navigate their next digital transformation journeys.

The specialized knowledge and experience of Stater in the mortgage services market, combined with the global reach, AI, digital transformation and automation capabilities of Infosys, can potentially create differentiated solutions for the market.

Infosys is a global leader in technology services and consulting. The company enables clients in 45 countries to create and execute strategies for their digital transformation.

 

24-May-2019

Cipla to acquire 26% stake in AMPSolar Power Systems

Cipla has signed an agreement to acquire 26% stake on a fully diluted basis in AMPSolar Power Systems. In line with Cipla’s commitment to enhance the proportion of renewable (solar) based power consumption and to comply with regulatory requirement for captive power consumption under electricity laws, Cipla will acquire and maintain 26% stake on a fully diluted basis in AMPSolar throughout the term of the Power Purchase Agreement.

Post-acquisition, AMPSolar will become an associate of Cipla. The subscription of equity shares and compulsorily convertible debentures in one or more tranches upto the actual commercial operation date which is tentatively May 30, 2020.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

 

24-May-2019

Ador Multiproducts signs agreement with Amazon India

Ador Multiproducts has signed an agreement with Amazon India to create a line of premium grooming products. Business is likely to commence in Q2 of this FY 2019-20.

Ador Multiproducts is a part of the Rs 500 crore ($115Mn.) Ador Group, dedicated to personal care products and is listed on BSE.

 

24-May-2019

Xchanging Solutions receives approval for voluntarily liquidation of wholly owned subsidiary

Xchanging Solutions has received approval for voluntarily liquidation of Xchanging Solutions (Europe) (XSEL), a Wholly Owned Subsidiary of the company. XSEL does not undertake any operations as on date and does not provide any revenue to its holding company. Accordingly, the company has decided to liquidate XSEL for commercial reasons. The Board of Directors of the Company at its meeting held on May 23, 2019 has approved the same.

Xchanging Solutions is engaged in business process outsourcing and information technology services.

 

24-May-2019

IOC organizes ‘5th Capacity Building Training Program’: Report

Indian Oil Corporation (IOC) has reportedly organized ‘5th Capacity Building Training Program’ at New Delhi. Nearly 50 leaders attended the programme.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

 

24-May-2019

BOC Aviation delivers three Boeing aircraft to SpiceJet

BOC Aviation has delivered three Boeing B737-800 NG aircraft to SpiceJet. The three aircraft are powered by CFM56 engines.

SpiceJet is among the first private companies that stepped into the Indian aviation sector.

 

24-May-2019

OM Metals Infraprojects partly divests investment in its packing division

OM Metals Infraprojects has partly divested its investment in its Packing Division, a non-core business, by sale of a machine at approved valuation. The consideration received from such sale of partly division is Rs 7.6 crore.

Om Metals Infraprojects is a conglomerate having diverse business activities and interests related to Hydro mechanical equipments, turnkey solutions for steel fabrication, Hydro power developments, Real Estate, Entertainment centers and Hotels.

 

24-May-2019

JMC Projects bags new orders of Rs 616 crore

JMC Projects (India) has secured new orders of Rs 616 crore. The order is for new residential and commercial projects in South India.

JMC Projects, a subsidiary of Kalpataru Power Transmission, is India’s one of the leading contracting company. The company is mainly engaged in the construction of industrial and residential buildings and also power and infrastructure development projects.

 

24-May-2019

TCS wins four stevies at 2019 American Business Awards

Tata Consultancy Services (TCS) has received four Stevies at the 2019 American Business Awards, the nation’s premier business awards program. The company is recognized with Gold Stevies for Corporate Social Responsibility Program of the Year and Fastest Growing Tech Company of the Year, a Silver Stevie for Mobile Marketing Campaign of the Year, and a Bronze Stevie for Human Resources Department of the Year.

Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.

 

24-May-2019

NCLT approves amalgamation of Zydus Wellness’ two subsidiaries

National Company Law Tribunal (NCLT), Bench at Ahmedabad has given an approval to Zydus Wellness for the Scheme of Amalgamation (Scheme) between two subsidiaries, Heinz India (Heinz) with Zydus Nutritions (ZNL). Upon amalgamation, Heinz has ceased to be in existence and also to be the subsidiary of the company. The effective date of the Scheme is May 24, 2019.

Zydus Wellness is an integrated consumer company. The company is engaged in the development, production, marketing and distribution of health and wellness products.

 

24-May-2019

L&T hikes stake in Mindtree to 26.93%

Larsen and Toubro (L&T) has acquired over 4.5 lakh shares of Mindtree from the open market on May 23, 2019. After the acquisition, the stake in the company has increased to 26.93%.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

 

24-May-2019

MOIL signs MoU with Ministry of Steel for FY20

MOIL has signed a Memorandum of Understanding (MoU) for FY 2019-20 with the Ministry of Steel. The MoU envisages an ambitious production target of 14.75 lakh tonnes of manganese ore and CAPEX target of Rs 210 crore, besides other parameters related to turnover, financials, project implementation, R&D, human resource management, etc.

MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).

 

23-May-2019

Zydus Cadila gets USFDA’s nod for Esomeprazole Magnesium Delayed-Release Capsules

Zydus Cadila has received the final approval from the United States Food & Drug Administration (USFDA) to market Esomeprazole Magnesium Delayed-Release Capsules USP (US RLD- NEXIUM), 25 mg and 40 mg. It will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad.

Esomeprazole belongs to the group of medicines termed as proton pump inhibitors. Esomeprazole reduces the amount of acid secreted by the stomach. It is used to treat the symptoms of gastroesophageal reflux disease, to reduce the risk of stomach ulcers in some people taking pain medicines, to treat patients with stomach infection (Helicobacter pylori) along with certain antibiotics and long-term treatment of conditions where stomach makes too much acid.

The group now has 266 approvals and has so far filed over 350 ANDAs since the commencement of the filing process in FY 2003-04.

Zydus Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

 

23-May-2019

Suven Life Sciences completes Phase 2 study of SUVN-502 for moderate Alzheimer’s disease

Suven Life Sciences has completed last patient last visit (LPLV) for its Phase 2 POC study of SUVN-502 for moderate Alzheimer’s disease. The company expects to report the top-line data of this study at Alzheimer’s Association International Conference (AAIC) on July 17, 2019 at Los Angeles.

This randomized, double-blind, placebo-controlled study is evaluating the efficacy and safety of two doses of Masupirdine (SUVN-502) in moderate Alzheimer’s Disease patients who are taking both Aricept (donepezil) and Namenda (memantine). Study duration is 30 weeks. This is the first ever study to evaluate a triple combination therapy for moderate Alzheimer’s disease patients. There is an urgent need for treatment options for patients with Alzheimer’s disease (AD) dementia since there are no new drugs discovered or developed since 2003.

Completing this trial represents a significant milestone for the development of company’s lead compound Masupirdine (SUVN-502) in this Phase 2 study in moderate Alzheimer’s disease and moves it a step closer to potentially bringing this new treatment option for people afflicted with moderate Alzheimer’s disease globally.

Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies using GPCR targets.

 

23-May-2019

Quess Corp reports marginal fall in Q4 consolidated net profit

Quess Corp has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 47.66% in its net profit at Rs 72.84 crore for the quarter under review as compared to Rs 49.33 crore for the same quarter in the previous year. Total income of the company increased by 18.49% at Rs 1,546.31 crore for Q4FY19 as compared Rs 1,304.98 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a marginal fall of 0.33 % in its net profit at Rs 75.50 crore for the quarter under review as compared to Rs 75.75 crore for the same quarter in the previous year. However, total income of the company increased by 21.36% at Rs 2,323.78 crore for Q4FY19 as compared Rs 1,914.74 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 10.79% in its net profit at Rs 231.28 crore as compared to Rs 259.26 crore for the previous year. However, total income of the company increased by 26.99% at Rs 5,660.30 crore for year under review as compared to Rs 4,457.11 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 17.18% in its net profit at Rs 256.55 crore as compared to Rs 309.76 crore for the previous year. However, total income of the company increased by 38.14% at Rs 8,598.22 crore for year under review as compared to Rs 6,224.18 crore for year ended March 31, 2018.

 

23-May-2019

Muthoot Finance planning to grow personal loan book size in FY20

Muthoot Finance is planning to grow its personal loan book size to the tune of Rs 750-1000 crore in the current financial year 2019-20 as it readies to scale up its business beyond the southern states riding on increased demand for credit across low-to-medium income households.

Muthoot Finance is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry. The company offers gold loans, foreign inward money transfer services, foreign exchange services, insurance broking etc.

 

23-May-2019

Eros International Media’s Eros Now partners with Paytm First

Eros International Media’s parent company — Eros International Plc’s over-the-top (OTT) South Asian entertainment platform — Eros Now has partnered with Paytm First, a subscription-based rewards and loyalty program from Paytm.

Eros Now’s collaboration with Paytm First will strengthen co-development and integration of both platforms and provide high-quality online video content to consumers. At a time when there is unparalleled growth in online payment and digital video streaming platforms, the Eros Now-Paytm First alliance will provide leading entertainment and superior content to the digital savvy consumer.

Eros International Media is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media.

 

23-May-2019

Indo Count Industries to postpone investment in additional weaving capacity

Indo Count Industries has decided to postpone investment in additional weaving capacity for the Phase II of the capex plan. Thus the new capex of Rs 200 crore will not be incurred in the near future, barring the normal capex. The Board of the company in its meeting decided the same.

Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.

 

23-May-2019

Sintex Industries to divest stake of BVM Overseas

Sintex Industries has received an approval for the disinvestment in BVM Overseas up to 24.99% for the purpose of raising resources for long term working capital requirement and accordingly BVM Overseas will cease to be a Wholly Owned Subsidiary Company and will remain a Subsidiary of the Company. The Board of the company at its meeting held on May 22, 2019, approved the same.

Sintex Industries is one of the most integrated plastic processors in India and an established brand name in plastic industry.

 

23-May-2019

Nippon Life Insurance to increase stake in RNAM

Nippon Life Insurance (NLI) of Japan has signed binding definitive agreements with Reliance Capital to increase its stake in Reliance Nippon Life Asset Management (RNAM) to 75 percent. Both partners currently hold 42.88 percent each in the company, while the rest is with public shareholders.

Reliance Capital will exit its entire RNAM shareholding to Nippon Life Insurance, and Offer For Sale to other financial investors to ensure the minimum free float requirement of 25 percent is also met. NLI will make the mandatory open offer at Rs 230 per share, in accordance with the SEBI Takeover Regulations.

The company acts as an adviser to India-focussed equity funds and fixed-income funds in Japan and South Korea. It also manages offshore funds through its subsidiaries in Singapore and Mauritius, catering to investors across Asia, the US and Europe.

 

23-May-2019

Quess Corp to increase stake in Golden Star Facilities

Quess Corp has received approval to increase stake in Golden Star Facilities and Services (GSFS), Subsidiary of the Company. Consequently, GSFS will become a wholly owned Subsidiary of the Company, on completion of the acquisition of balance shares in GSFS. The company will investment of up to Rs 35 crore for acquiring additional 30% stake. The Board of Directors of the Company at its meeting held on May 22, 2019 has approved the same.

Quess Corp is one of India’s leading integrated business services providers focused on emerging as the preferred partner for handling end-to-end business functions of its clients.

 

23-May-2019

Hulst B.V. increases stake in NIIT Technologies

Hulst B.V. has acquired 98,100 equity shares with face value of Rs 10 each of NIIT Technologies, on May 22, 2019. After this acquisition, the entity’s stake in the company has increased from 31.88% to 32.04%.

NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and inanely, services, insurance.

 

23-May-2019

SpiceJet reports passenger load factor of 93.7% in April

SpiceJet has reported the Passenger Load Factor (PLF) of 93.7% during the month of April 2019. The company had reported PLF of 93.0% during the month of March 2019.

The PLF is a key indicator of the company’s performance, as it measures the average percentage of seats filled on airline’s aircraft fleet.

SpiceJet is among the first private companies that stepped into the Indian aviation sector.

 

23-May-2019

SpiceJet launches 20 new domestic flights

SpiceJet has launched 20 new domestic flights, with 18 of them connecting the financial capital with a host of metro and non-metro cities. The new services, which include flights to regional destinations such as Thiruvananthapuram, Vijayawada and Tirupati from Mumbai, will be launched between May 26 and May 30.

All new flights being introduced will be operated daily, except the one for Mumbai-Kolkata route which will be not be operational on May 22 and Sunday, with Boeing 737 NG aircraft. With the new flights, passengers from Thiruvananthapuram, Vijayawada, Goa, Hyderabad, Tirupati, Kochi, Kolkata, Kanpur and Patna will be able to travel to a host of other cities, both on company’s domestic as well as international network via Mumbai.

SpiceJet is among the first private companies that stepped into the Indian aviation sector.

 

23-May-2019

InterGlobe Aviation reports passenger load factor of 87.8% in April

InterGlobe Aviation (IndiGo) has reported the Passenger Load Factor (PLF) of 87.8% during the month of April 2019. The company had reported PLF of 86% during March 2019.

The PLF is a key indicator of the company’s performance, as it measures the average percentage of seats filled on airline’s aircraft fleet.

InterGlobe Aviation provides air transportation services in India and internationally. The company primarily operates IndiGo passenger airline.

 

23-May-2019

Allcargo Logistics gets nod to raise Rs 1,000 crore on private placement basis

Allcargo Logistics has received approval to raise funds upto Rs 1,000 crore by way of an issuance of Secured/Unsecured Non-Convertible Debentures and/or Bonds on a private placement basis in one or more tranches from time to time. The Board of Directors of the Company at its meeting held on May 22, 2019 has approved the same.

Allcargo Logistics is an India-based holding Company. The company is engaged in providing integrated logistics solutions. It offers logistics services across multimodal transport operations, inland container depot, container freight station operations, contract logistics operations etc.

 

23-May-2019

Thermax reports 68% rise in Q4 consolidated net profit

Thermax has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 31.53% in its net profit at Rs 112.81 crore for the quarter under review as compared to Rs 85.77 crore for the same quarter in the previous year. Total income of the company increased by 46.14% at Rs 1,359.98 crore for Q4FY19 as compared Rs 930.57 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 67.66% in its net profit at Rs 126.90 crore for the quarter under review as compared to Rs 75.69 crore for the same quarter in the previous year. Total income of the company increased by 42.85% at Rs 2,125.62 crore for Q4FY19 as compared Rs 1,487.96 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 15.53% in its net profit at Rs 275.24 crore as compared to Rs 238.25 crore for the previous year. Total income of the company increased by 28.76% at Rs 3,663.90 crore for year under review as compared to Rs 2,845.53 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 40.82% in its net profit at Rs 325.43 crore as compared to Rs 231.10 crore for the previous year. Total income of the company increased by 33.05% at Rs 6,123.05 crore for year under review as compared to Rs 4,602.03 crore for year ended March 31, 2018.

 

23-May-2019

Bharti Airtel awards contract to IBM to deploy blockchain-based pan India network: Report

Bharti Airtel has reportedly awarded a multi-million-dollar contract to IBM to deploy a blockchain-based pan India network. The deployment will initially help Airtel curb pesky calls, messages and will also help the operator in Mobile Number Portability, interconnect settlements, supply chain streamlining and content partner settlements.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

23-May-2019

Reliance Capital to sell stake in RNAM

Reliance Capital has signed binding definitive agreements with Nippon Life Insurance of Japan to exit its stake in Reliance Nippon Life Asset Management (RNAM). Both partners currently hold 42.88 per cent each in the company, while the rest is with public shareholders.

Reliance Capital will receive proceeds of approximately Rs 6,000 crore through sale of its shareholding to Nippon Life Insurance at Rs 230 a share, and the simultaneous Offer For Sale (OFS) to other financial investors. The entire proceeds of approximately Rs. 6,000 crore will be utilised to reduce Reliance Capital’s outstanding debt by 33 percent.

Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

 

23-May-2019

Jet Airways reports passenger load factor of 76.3% in April

Jet Airways (India) has reported the Passenger Load Factor (PLF) of 76.3% during the month of April 2019. The company had reported the Passenger Load Factor of 86.7% during the month of March 2019.

The PLF is a key indicator of the company’s performance, as it measures the average percentage of seats filled on airline’s aircraft fleet.

Jet Airways (India) is India’s premier international airline, which operates flights to India and overseas. The company’s robust domestic India network spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.

 

23-May-2019

Health Canada approves Biocon & Mylan’s Ogivri

Health Canada has approved Mylan’s Ogivri (trastuzumab), a biosimilar to Herceptin (trastuzumab) co-developed with Biocon, for the treatment of HER2-overexpressing breast cancer and metastatic stomach cancer (gastric or gastroesophageal junction adenocarcinoma).

Ogivri is the first trastuzumab biosimilar approved in Canada and the second biosimilar from Biocon and Mylan’s joint portfolio approved in the market. Mylan plans to launch the product this quarter and anticipates potentially being the first company to offer a trastuzumab biosimilar in Canada.

Biocon is India’s largest and Asia’s leading Biotechnology Company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patient’s worldwide.

 

23-May-2019

Jaypee Infratech’s lenders start negotiations on NBCC’s bid to acquire realty firm

NBCC is unlikely to dilute certain conditions, including exemption from tax liability, in its offer for debt-laden Jaypee Infratech but is ready to negotiate on the proposal related to unsold flats. Jaypee Infratech’s lenders have started negotiations with NBCC on the latter’s bid to acquire the realty firm.

Recently, the National Company Law Appellate Tribunal (NCLAT) had annulled voting by homebuyers and lenders on NBCC’s bid and allowed renegotiation on the offer by 30 May. Voting process could start from 31 May.

Lenders have shown reluctance to acquire up to 2,207 unsold flats worth Rs 1,756 crore as proposed by NBCC in its revised offer. NBCC is ready to negotiate on its proposal related to unsold flats. However, NBCC is unlikely to dilute its conditions related to exemption of tax liabilities.

Jaypee Infratech (JIL) was incorporated on 5th April 2007 as a Special Purpose Vehicle (SPV) for implementation, operation, and maintenance of 165 km long 6-lane Access-Controlled Yamuna Expressway in the state of Uttar Pradesh connecting Noida and Agra.

 

23-May-2019

Canara Bank marks its official presence on social-media platforms

Canara Bank has marked its official presence on two more social-media platforms, launching the official Facebook and Instagram pages. The Bank is already present on YouTube and Twitter.

Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.

 

23-May-2019

Can Fin Homes to raise funds up to Rs 6,000 crore via debt route

Can Fin Homes has received an approval for issuance of redeemable, secured or unsecured Non-Convertible Debentures (NCDs)/bonds, sub-ordinated debt/in the nature of Tier II NCDs/bonds, onshore and/or offshore, denominated in Indian Rupees and/or any Foreign Currency, for cash, either at par or premium or at a discount to face value, up to an amount not exceeding Rs 6,000 crore. The Board of the company at its meeting held on May 22, 2019, approved the same.

The Board also approved further issue of shares/specified securities through rights/qualified institutions placement and/or preferential allotment basis or any other mode or any combination thereof, for an amount not exceeding Rs 1000 crore, including premium, subject to approval of members.

Can Fin Homes is a Housing Finance Company. The company offers finance for construction of a house, loan for the purchase of a flat or house, finance for the acquisition of a plot and construction of a house on the same.

 

23-May-2019

ITI signs MoU with DoT

ITI has signed a Memorandum of Understanding (MoU) with the Department of Telecommunications (DoT) for the year 2019-20. The MoU intends to provide greater thrust to manufacturing equipment and other emerging technology products for broadband, internet of things, etc. It also aims to focus on driving the ‘Make in India’ and ‘Digital India’ initiatives of the Centre.

ITI offers products and services in the telecom sector. The company has a range of telecom products and total solutions covering the whole spectrum of switching, transmission, access and subscriber premises equipment.

 

23-May-2019

DHFL stops accepting, renewing fixed deposits

Dewan Housing Finance Corporation (DHFL) has stopped acceptance and renewal of Fixed Deposits due to the recent revision in the credit rating of fixed deposits programme of the company, which is below the minimum rating prescribed under the National Housing Bank (NHB) guidelines for acceptance or renewals of the Fixed Deposits.

DHFL is one of India’s premier housing finance companies and is among the oldest private sector Housing Finance Companies (HFC) in India. The company was established to enable access to affordable housing finance to the lower and middle income groups in semi-urban and rural parts of India.

 

23-May-2019

Tata Motors launches compact truck ‘Intra’: Report

Tata Motors has reportedly launched compact truck ‘Intra’. The new product, which sits above the company’s Tata Ace range, comes in two variants – V10 and V20 with starting price of Rs 5.35 lakh (ex-showroom).

The Intra V10 comes with 800-cc diesel engine while the V20 trim features a bigger 1,400 cc powertrain. The engines are BS-IV compliant which could be scaled to conform to BS-VI norms.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

 

23-May-2019

Patels Airtemp to constitute subsidiary in USA

Patels Airtemp (India) has received an approval to constitute 100% Wholly Owned Subsidiary (WOS) of the Company under the name of Patels Airtemp (USA) Inc., a Corporation formed in the State of Delaware, USA having its Registered Office situated at 2140 South Dupont Highway, in the city of Camden, DE 19934, County of KENT. The Board of Directors of the company at its meeting held on May 22, 2019, approved the same.

 

Patels Airtemp (India) is an India-based company. The Company is engaged in the manufacture and sale of Heat Exchangers, such as Shell & Tube type, Finned tube type and Air cooled Heat Exchangers, Pressure Vessels, Air-conditioning and Refrigeration Equipments and Turnkey heating, ventilation, and air conditioning (HVAC) Projects in India & marketing of equipments even outside India.

 

23-May-2019

Karnataka Bank opens 14th regional office at Kalaburgi

Karnataka Bank has opened its 14th Regional office at Kalaburgi on May 22, 2019. Earlier, the Bank had opened its 13th Regional office at Ahmedabad on May 21, 2019.

Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.

 

23-May-2019

Bank of Baroda gets nod to raise funds up to Rs 19,400 crore

Bank of Baroda has received an approval to raise additional capital fund up to Rs 19,400 crore up to March 31, 2020 and beyond if found expedient, comprising of Rs 11,900 crore by way of Common Equity Capital by various modes including QIP, ESPS, etc. in suitable stages and Rs 7,500 crore by way of Additional Tier I/ Tier II capital instruments with an inter-changeability option, issued in India/Overseas in suitable tranches. This will be subject to applicable statutory/regulatory approvals. The Board of Directors of the Bank in its meeting held on May 22, 2019 approved the same.

The Board also approved the issuance of up to 15,00,00,000 fresh equity shares to its employees and whole time directors in one or multiple tranches under Bank of Baroda Employee Share Purchase Scheme (BOB-ESPS) pursuant to SEBI (Share Based Employee Benefits) Regulations, 2014, subject to modalities of scheme to be finalized by Board / Committee of Board. This will be subject to applicable statutory/regulatory approvals.

Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.

 

23-May-2019

Bank of Baroda’s net loss narrows to Rs 991 crore in Q4

Bank of Baroda has reported results for the fourth quarter and year ended March 31, 2019.

The Bank has reported a net loss of Rs 991.37 crore for the quarter ended March 31, 2019, as compared to net loss of Rs 3,102.34 crore for the same quarter in the previous year. However, total income of the Bank increased by 20.02% at Rs 15,284.59 crore for the quarter under review as compared Rs 12,735.16 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the Bank has posted a net profit of Rs 433.52 crore against net loss of Rs 2,431.81 crore for the same period in the previous year. However, total income of Bank increased 11.45% at Rs 56,065.10 crore for year under review as compared to Rs 50,305.69 crore for the period ended March 31, 2018.

For the year ended March 31, 2019, the Bank has reported a net profit of Rs 1,100.10 crore against net loss of Rs 1,887.10 crore for the previous year. However, total income of the Bank increased by 12.48% at Rs 60,793.30 crore for year under review as compared to Rs 54,048.63 crore for year ended March 31, 2018.

 

23-May-2019

APSEZ signs agreement to develop, operate container terminal in Myanmar

Adani Ports and Special Economic Zone (APSEZ) has signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar. The project site is located at city cluster and inner harbour of Yangon Port. The site is ideally placed to serve the traffic from industries surrounding the city with adequate storage and good evacuation channel for the port.

APSEZ is part of Adani Group with businesses spanning coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, power generation & transmission and gas distribution. APSEZ represents a large network of ports with India’s largest Special Economic Zone (SEZ) at Mundra.

 

23-May-2019

APSEZ planning to raise Rs 1,500 crore via NCDs

Adani Ports and Special Economic Zone (APSEZ) is planning to raise funds by way of issuance of Non-Convertible Debentures (NCDs) for refinancing of existing borrowing and general corporate purpose for an amount upto Rs 1,500 crore on private placement basis in one or more tranches. The Board of Directors of the Company at its meeting to be held on May 27, 2019 to consider the same.

APSEZ is part of Adani Group with businesses spanning coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, power generation & transmission and gas distribution. APSEZ represents a large network of ports with India’s largest Special Economic Zone (SEZ) at Mundra.

 

23-May-2019

JK Lakshmi Cement reports 28% rise in Q4 net profit

JK Lakshmi Cement has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 27.81% in its net profit at Rs 43.25 crore for the quarter under review as compared to Rs 33.84 crore for the same quarter in the previous year. Total income of the company increased by 28.78% at Rs 1,189.06 crore for Q4FY19 as compared Rs 923.32 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 5.24% in its net profit at Rs 79.56 crore as compared to Rs 83.96 crore for the previous year. However, total income of the company increased by 9.95% at Rs 3,938.60 crore for year under review as compared to Rs 3,582.29 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 6.32% in its net profit at Rs 40.62 crore as compared to Rs 43.36 crore for the previous year. However, total income of the company increased by 11.34% at Rs 4,374.36 crore for year under review as compared to Rs 3,928.75 crore for year ended March 31, 2018.

 

23-May-2019

L&T raises Rs 2,000 crore via NCDs

Larsen & Toubro (L&T) has raised amount aggregating to Rs 2,000 crore through issuance and allotment of 20,000 or 8.02% Rated Listed Unsecured Redeemable Non-Convertible Debentures (NCDs) of Rs 10 lakh each which will mature on May 22, 2022.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

 

22-May-2019

Future Consumer turns black in Q4

Future Consumer has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported over 3-fold jump in its net profit at Rs 34.83 crore for the quarter ended March 31, 2019 as compared to Rs 10.70 crore for the same quarter in the previous year. Total income of the company increased by 18.14% at Rs 793.79 crore for quarter under review as compared to Rs 671.93 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported a net profit at Rs 7.53 crore for the quarter ended March 31, 2019 against net loss of Rs 4.05 crore for the corresponding quarter in the FY18. Total consolidated income of the company rose 26.20% at Rs 1,044.56 crore for quarter under review as compared to Rs 827.70 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 87.11% in its net profit at Rs 60.53 crore as compared to Rs 32.35 crore for the previous year. Total income of company increased 22.97% at Rs 3049.88 crore for year under review as compared to Rs 2480.25 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted a net loss of Rs 7.18 crore as compared to net loss of Rs 30.64 crore for the previous year. However, total income of company increased by 28.70% at Rs 3,912.03 crore for year under review as compared to Rs 3,039.72 crore for year ended March 31, 2018.

 

22-May-2019

Wipro develops blockchain-based payment solution for Travacoin

Wipro has developed a blockchain-based payment solution for Travacoin, a company specializing in an eponymous digital payment solution. Travacoin is a digital payment system which enables airlines to refund and compensate passengers in a timely manner when a disruption occurs.

Passengers will be notified of a delay or cancellation and refunded in this digital currency, which can be used to repurchase airline tickets, book hotels and avail other airport and travel related services. Passengers will benefit by way of a significant reduction in the waiting time for compensation. In addition, passengers can use Travacoins at retail stores in and around the airport and avail attractive discounts offered by retail partners.

Wipro is a leading global information technology, consulting and business process services. The company harnesses the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help clients adapt to the digital world and make them successful.

 

22-May-2019

Ramco Cements reports 52% rise in Q4 net profit

Ramco Cements has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a rise of 52.29% in its net profit at Rs 165.37 crore for the quarter ended March 31, 2019 as compared to Rs 108.59 crore for the same quarter in the previous year. Total income of the company increased by 21.17% at Rs 1,543.47 crore for quarter under review as compared to Rs 1,273.76 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a fall of 8.96% in its net profit at Rs 505.89 crore as compared to Rs 555.66 crore for the previous year. However, total income of company increased 12.42% at Rs 5,174.71 crore for year under review as compared to Rs 4,602.95 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 9.47% in its net profit at Rs 507.46 crore as compared to Rs 560.53 crore for the previous year. However, total income of company increased by 12.34% at Rs 5,187.30 crore for year under review as compared to Rs 4,617.67 crore for year ended March 31, 2018.

 

22-May-2019

MOIL reports 6% rise in Q4 net profit

MOIL has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 5.72% in its net profit at Rs 135.09 crore for the quarter under review as compared to Rs 127.78 crore for the same quarter in the previous year. Total income of the company increased by 10.01% at Rs 487.50 crore for Q4FY19 as compared Rs 443.13 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 12.30% in its net profit at Rs 473.89 crore as compared to Rs 421.99 crore for the previous year. Total income of the company increased by 8.68% at Rs 1,631.48 crore for year under review as compared to Rs 1,501.18 crore for year ended March 31, 2018.

 

22-May-2019

Asian Granito gets nod to divest its JV Company

Asian Granito India has received approval for divestment in Joint Venture (JV) — AGL Panaria. The Board of Directors of the Company at its meeting held on May 21, 2019 has approved the same. Indian Market dynamics have changed dramatically in terms of Advanced Production technology. The company has upgraded to cater all types of market requirements for domestic as well as in Export. In lieu of these changes the Company has agreed to part with effect from May 21, 2019.

Earlier, Panaria Group Ceramiche, Italy one of the leading Tile Manufacturing and Asian Granito India had entered into a JV in Year 2012. The purpose was that Asian would get benefit of Imported Advanced technology of Panaria, Italy and the mission was to market luxury ceramic tiles to cater high end market segment.

Asian Granito India is one of the top four Indian ceramic Companies engaged in the business of manufacturing, and trading of Ceramic Wall, Floor, Vitrified Tiles, Marble & Quartz Headquartered in Gujarat.

 

22-May-2019

Power Mech Projects gets nod to incorporate associate company in Kuwait

Power Mech Projects has received an approval to incorporate an associate company in Kuwait. The Board of directors of the company at its meeting held on May 22, 2019 has approved for the same.

Power Mech Projects is an integrated power infrastructure services company. The Company’s operations include three business lines: Erection Works, Operation & Maintenance (O&M) Services and Civil Works.

 

22-May-2019

IndusInd Bank reports 62% fall in Q4 net profit

IndusInd Bank has reported results for the fourth quarter and year ended March 31, 2019.

The Bank has reported a fall of 62.22% in its net profit at Rs 360.10 crore for the quarter ended March 31, 2019, as compared to Rs 953.09 crore for the same quarter in the previous year. However, total income of the Bank increased by 28.88% at Rs 7,550.43 crore for the quarter under review as compared Rs 5,858.62 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the Bank has posted a fall of 8.46% in its net profit at Rs 3,301.10 crore as compared to Rs 3,605.99 crore for the same period in the previous year. However, total income of Bank increased 26.68% at Rs 27,907.87 crore for year under review as compared to Rs 22,030.85 crore for the period ended March 31, 2018.

 

22-May-2019

Skyscanner partners with SpiceJet

Skyscanner and SpiceJet have entered into partnership. The partnership will allow Skyscanner users around the world to search for flights and view airfares with SpiceJet.

SpiceJet is among the first private companies that stepped into the Indian aviation sector.

 

22-May-2019

Sintex Plastics Technology to sell auto division of Sintex-BAPL

Sintex Plastics Technology has received approval for sale of Auto Division of Sintex-BAPL, the wholly owned material subsidiary of the Company. The company has constituted the ‘Auto Division Divestment Committee’ to examine and finalize the proposals including completing all legal requirements.

The Board of Directors of the Company at its meeting held on May 21, 2019 has approved the same.

Sintex Plastics Technology is a globally-respected conglomerate with a large and growing presence in plastic processing.

 

22-May-2019

Cipla reports over 2-fold jump in Q4 consolidated net profit

Cipla has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported around 3-fold jump in its net profit at Rs 634.07 crore for the quarter ended March 31, 2019 as compared to Rs 224.81 crore for the same quarter in the previous year. Total income of the company increased by 27.35% at Rs 3,550.92 crore for quarter under review as compared to Rs 2,788.22 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported over 2-fold jump in its net profit at Rs 373.60 crore for the quarter ended March 31, 2019 as compared to Rs 153.19 crore for the corresponding quarter in the FY18. Total consolidated income of the company rose 20.37% at Rs 4,499.34 crore for quarter under review as compared to Rs 3,737.98 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 28.59% in its net profit at Rs 1,888.41 crore as compared to Rs 1,468.52 crore for the previous year. Total income of company increased 9.95% at Rs 12,951.53 crore for year under review as compared to Rs 11,779.69 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 6.36% in its net profit at Rs 1,509.61 crore as compared to Rs 1,419.35 crore for the previous year. Total income of company increased by 8.10% at Rs 16,838.98 crore for year under review as compared to Rs 15,576.90 crore for year ended March 31, 2018.

 

22-May-2019

Cipla gets nod to raise funds upto Rs 3000 crore via NCDs

Cipla has received an approval to raise funds upto Rs 3000 crore by issue of non-convertible debentures (NCDs) (in form of bonds or otherwise) or bonds, whether denominated in Indian Rupee and/or foreign currency (ies), though a public issue or a private placement in accordance with the provisions of the applicable law. The Board of directors of the company at its meeting held on May 22, 2019 has approved for the same.

The company’s board also approved raising funds upto Rs 3000 crore by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities/financial instruments convertible into equity shares, whether denominated in Indian Rupee and/or foreign currency (ies), though a public issue or a private placement in accordance with the provisions of the applicable law.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

 

22-May-2019

Bharat Forge inks agreement to acquire 26% stake in Aeron Systems

Bharat Forge has entered into a share subscription agreement with Aeron Systems and its founders on May 21, 2019, agreeing to subscribe to 97,500 equity shares of Rs 10 each for a stake of 26%. The Subscription is agreed to be subscribed in three tranches.

Aeron is engaged in the business of manufacturing of technology products such as Inertial Navigation Systems (INS) and LoT devices for industries such as Aerospace and Defence, Automotive, Renewable energy and Industry 4.0. This venture will help the Company to gain access to technologies in defence and aerospace sector. Total purchase consideration for 26% stake in Aeron is agreed at Rs 10 crore.

Bharat Forge is engaged in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.

 

22-May-2019

Zee Entertainment Enterprises’ ZEE5 inks pact with Vakrangee

ZEE5, a video on demand website run by Zee Entertainment Enterprises, has entered into partnership with Vakrangee to enable offline subscription of its premium content. The partnership will allow ZEE5 to make its service in 3,504 Nextgen Vakrangee Kendras across the country.

With 68% of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee will offer ZEE5 services to the most remote and hitherto unserved/underserved parts of the country.

Zee Entertainment Enterprises is one of India’s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world.

 

22-May-2019

Ramco Cements logs 19% growth in sale of cement during Q4 FY19

Ramco Cements has logged 19% growth in sales of cement during Q4 FY19 at 11.12 million tonne, compared to 9.31 million tonne in Q4 FY18. During the FY 2018-19, the sale volume has grown both in southern and eastern markets due to strong demand in all the segments viz., retail, infrastructure and affordable housing. The company continues to focus on customer service, brand. building and developing niche markets while maintaining highest quality standards.

Ramco Cements is the flagship company of the Ramco Group, a well-known business group of South India. The main product of the company is Portland cement, manufactured in eight state-of-the art production facilities that includes Integrated Cement plants and Grinding units.

 

22-May-2019

Bajaj Electricals to raise Rs 600 crore through various means

Bajaj Electricals has received approval to raise funds for an aggregate amount of upto Rs 600 crore through issuance of equity shares or any other equity linked instruments or securities, including convertible preference shares/ fully partly convertible debentures or by way of a composite issue of Non-Convertible Debentures and warrants entitling the warrant holders to apply for equity shares, issue of global depository receipts, American depository receipts, foreign currency convertible bonds ,or any other eligible securities through inter alia, a qualified institutions placement, private placement/ further public issue of equity/ debt securities, rights issue, preferential issue or through any other permissible mode. The Board of Directors of the Company at its meeting held on May 22, 2019 has approved the same.

Bajaj Electricals is an electrical equipments manufacturing company. It is engaged in the manufacturing of domestic appliances such as water heaters, mixers, food processors, microwave ovens, air coolers, steam & dry irons, etc.

 

22-May-2019

Bajaj Electricals reports 4-fold jump in Q4 net profit

Bajaj Electricals has reported results for fourth quarter and year ended March 31, 2019.

The company has reported around 4-fold jump in its net profit at Rs 28.54 crore for the quarter under review as compared to Rs 7.31 crore for the same quarter in the previous year. Total income of the company increased by 10.46% at Rs 1,799.21 crore for Q4FY19 as compared Rs 1,628.82 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 99.80% in its net profit at Rs 167.07 crore as compared to Rs 83.62 crore for the previous year. Total income of the company increased by 41.28% at Rs 6,738.57 crore for year under review as compared to Rs 4,769.58 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 83.64% in its net profit at Rs 153.58 crore as compared to Rs 83.63 crore for the previous year. Total income of the company increased by 41.40% at Rs 6,744.36 crore for year under review as compared to Rs 4,769.58 crore for year ended March 31, 2018.

 

22-May-2019

HPCL offers support to cyclone affected Odisha with contribution of Rs 5 crore

Hindustan Petroleum Corporation (HPCL) has contributed Rs 5 crore to Odisha State Disaster Management Authority (OSDMA), in order to help the restoration activities in the state of Odisha after the devastating Cyclone Fani.

HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.

 

22-May-2019

BPCL comes forward to help cyclone affected Odisha

Bharat Petroleum Corporation (BPCL) has contributed Rs 5 crore to Odisha State Disaster Management Authority (OSDMA), in order to help the restoration activities in the state of Odisha after the devastating Cyclone Fani.

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

 

22-May-2019

NMDC wins S&P Global PLATTS Global Metals Award 2019

NMDC has bagged the prestigious S&P Global PLATTS Global Metals Award 2019 in Corporate Social Responsibility category for the second consecutive time in a row for the dedicated initiatives undertaken in the field of Education, Skill Development and Health for the emancipation of local communities. The award ceremony was held on May 16, 2019 at London, UK.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

 

22-May-2019

NMDC reports 2.90 MT production of iron ore in April

NMDC has reported 2.90 million tonne (MT) of iron ore production and logged sales volume of 2.70 MT up to the month of April 2019. The company’s Chhattisgarh mines produced 2.21 MT of iron ore and registered sales volume of 2.18 MT, while Karnataka mines produced 0.69 MT of iron ore and sold 0.52 MT of iron ore up to April 2019.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

 

22-May-2019

NECC opens branch office in Nepal

North Eastern Carrying Corporation (NECC) has set up a Business through opening of Branch Office in Nepal. The branch is located at Budhabari, Teku, Kathmandu, Nepal.

North Eastern Carrying Corporation is one of the high performance transporting companies in India.

 

22-May-2019

KEI Industries reports 21% rise in Q4 net profit

KEI Industries has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a rise of 20.92% in its net profit at Rs 59.93 crore for the quarter ended March 31, 2019 as compared to Rs 49.56 crore for the same quarter in the previous year. Total income of the company increased by 22.59% at Rs 1,262.48 crore for quarter under review as compared to Rs 1,029.81 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a rise of 25.81% in its net profit at Rs 181.87 crore as compared to Rs 144.56 crore for the previous year. Total income of company increased 20.78% at Rs 4,234.15 crore for year under review as compared to Rs 3,505.72 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 24.84% in its net profit at Rs 180.75 crore as compared to Rs 144.78 crore for the previous year. Total income of company increased by 20.66% at Rs 4,238.17 crore for year under review as compared to Rs 3,512.41 crore for year ended March 31, 2018.

 

22-May-2019

CARE Ratings reports 13% fall in Q4 consolidated net profit

CARE Ratings has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a fall of 13.23% in its net profit at Rs 34.64 crore for the quarter ended March 31, 2019 as compared to Rs 39.92 crore for the same quarter in the previous year. Total income of the company decreased by 11.09% at Rs 90.96 crore for quarter under review as compared to Rs 102.31 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported fall of 12.66% in its net profit at Rs 36.69 crore for the quarter ended March 31, 2019 as compared to Rs 42.01 crore for the corresponding quarter in the FY18. Total consolidated income of the company fall 7.22% at Rs 99.03 crore for quarter under review as compared to Rs 106.74 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a fall of 16.17% in its net profit at Rs 134.99 crore as compared to Rs 161.03 crore for the previous year. Total income of company decreased 5.68% at Rs 327.19 crore for year under review as compared to Rs 346.88 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 14.95% in its net profit at Rs 138.07 crore as compared to Rs 162.34 crore for the previous year. Total income of company decreased marginally by 2.45% at Rs 349.36 crore for year under review as compared to Rs 358.15 crore for year ended March 31, 2018.

 

22-May-2019

Lupin launches Budesonide Inhalation Suspension

Lupin has launched Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules in the US market, having received an approval from the United States Food and Drug Administration (USFDA) earlier. Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules had annual sales of approximately $385.4 million in the US (IMS MAT March 2019).

The company’s Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules is a generic version of AstraZeneca Pharmaceuticals LP’s Pulmicort Respules Inhalation Suspension, 0.5 mg/2 mL. It is indicated for the maintenance treatment of asthma and as prophylactic therapy in children from 12 months to 8 years of age.

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.

 

22-May-2019

Prataap Snacks planning to launch variants like cup cake, tiffin cake in coming months

Prataap Snacks is planning to launch variants like Cup Cake and Tiffin Cake in the coming months, which will further elevate the growth of this sweet snacks portfolio in FY20.

The company is excited with the encouraging response for its sweet snacks portfolio. The Cookie Cake product is being well accepted in the market and the company is witnessing good traction. Considering this, the company is expanding production capacity for sweet snacks by adding more lines in the existing plant.

Prataap Snacks is Indore-based Indian Snack Food Company. It sells products under the brand name ‘Yellow Diamond’. The company is among the top 6 Indian organized snack market. It has a diversified product portfolio including traditional and western snacks.

 

22-May-2019

Cochin Shipyard reports 6% rise in Q4 net profit

Cochin Shipyard has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 6.43% in its net profit at Rs 97.51 crore for the quarter under review as compared to Rs 91.62 crore for the same quarter in the previous year. Total income of the company increased by 33.49% at Rs 852.59 crore for Q4FY19 as compared Rs 638.70 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 21.28% in its net profit at Rs 481.18 crore as compared to Rs 396.75 crore for the previous year. Total income of the company increased by 25.39% at Rs 3,190.27 crore for year under review as compared to Rs 2,544.28 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 20.57% in its net profit at Rs 477.79 crore as compared to Rs 396.26 crore for the previous year. Total income of the company increased by 25.34% at Rs 3,188.97 crore for year under review as compared to Rs 2,544.35 crore for year ended March 31, 2018.

 

22-May-2019

Indian Hotels Company’s Ginger opens new hotel in Gujarat

Indian Hotels Company’s (IHCL) subsidiary — Roots Corporation’s Ginger has strengthened its presence in Western India, with the opening of a new hotel in Dwarka in the state of Gujarat. With the addition of this hotel, Ginger will have 7 hotels across cities in the state.

It is located at the Porbander ‘ Dwarka (NH 51) highway, Ginger Dwarka houses 98 beautiful, well-appointed rooms in superior and suite category; Makhan, a meeting room; a banqueting lawn and a fitness centre offering a truly seamless stay experience to its guests.

Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia’s largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.

 

22-May-2019

Jindal Steel & Power reports consolidated net loss of Rs 2,713 crore in Q4

Jindal Steel & Power has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a net loss of Rs 1,154.24 crore for the quarter ended March 31, 2019 against net profit of Rs 145.08 crore for the same quarter in the previous year. However, total income of the company increased by 28.70% at Rs 7,402.35 crore for quarter under review as compared to Rs 5751.62 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported a net loss of Rs 2,713.34 crore for the quarter ended March 31, 2019 as compared to net loss of Rs 426.35 crore for the corresponding quarter in the FY18. However, total consolidated income of the company rose 18.14% at Rs 10,158.98 crore for quarter under review as compared to Rs 8,599.28 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a net loss of Rs 262.90 crore as compared to net loss of Rs 361.61 crore for the previous year. However, total income of company increased 58.25% at Rs 27,730.42 crore for year under review as compared to Rs 17,523.04 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted a net loss of Rs 2,411.52 crore as compared to net loss of Rs 1,624.24 crore for the previous year. However, total income of company increased by 41.46% at Rs 39,387.82 crore for year under review as compared to Rs 27,844.25 crore for year ended March 31, 2018.

 

22-May-2019

Shemaroo Entertainment ties up with Airtel Digital TV

Shemaroo Entertainment has partnered with Airtel Digital TV, the DTH arm of Bharti Airtel, to offer a subscription-based premium service of horror movies, TV shows and web series. The companies have launched ‘The Horror TV’ platform which will offer horror, thriller and crime content on TV.

Shemaroo Entertainment is a holding company. The company is an entertainment company engaged in the business of motion picture, video and television program distribution activities.

 

22-May-2019

Bharti Airtel’s DTH arm partners with Shemaroo Entertainment

Airtel Digital TV, the DTH arm of Bharti Airtel, and Shemaroo Entertainment have joined hands to offer a subscription-based premium service of horror movies, TV shows and web series. The companies have launched ‘The Horror TV’ platform which will offer horror, thriller and crime content on TV.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

22-May-2019

Zensar Technologies’ arm sponsors Manhattan Associates Momentum 2019

Zensar Technologies’ subsidiary company — Keystone Logic is a Gold sponsor at the Manhattan Associates Momentum 2019 Conference taking place in JW Marriott, Phoenix Desert Ridge Resort & Spa – Arizona from May 20-23, 2019.

Visitors will get the opportunity to see retail solutions built using Artificial Intelligence, IoT, hyper-personalization and smart omnichannel fulfilment.

Zensar Technologies operates as a software service company. It is engaged in software development, networking, e-commerce, and systems integration services. It also provides consulting, collaboration services and business process outsourcing services.

 

22-May-2019

Tech Mahindra to merge its two subsidiaries with itself

Tech Mahindra has received an approval for the merger by absorption of Tech Mahindra Growth Factories and Dynacommerce India with the company and their respective Shareholders. The Board of Directors of the company at their meeting held on May 21, 2019, considered and approved the same.

Tech Mahindra Growth Factories and Dynacommerce India are Wholly Owned Subsidiaries of Tech Mahindra.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

 

22-May-2019

Vakrangee enters into partnership with ZEEL

Vakrangee has entered into partnership with Zee Entertainment Enterprises (ZEEL) to make available distribution and subscription of the ZEE5 service for its customers in 3,504 Nextgen Vakrangee Kendras across the country. ZEE5 is one of the fastest growing OTT platforms in India.

These Nextgen Vakrangee Kendras exclusively offer a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance and logistics. With 68% of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee will offer ZEE5 services to the most remote and hitherto unserved/underserved parts of the country.

Vakrangee is the unique technology driven company focused on building India’s largest network of last-mile retail touch points to deliver real-time banking, insurance, e-governance, ecommerce and logistics services to the unserved & underserved rural, semi-urban and urban markets.

 

22-May-2019

Tata Motors’ arm launches latest version of petrol variant of Range Rover Sport

Tata Motors’ wholly owned subsidiary — Jaguar Land Rover (JLR) has launched the latest version of petrol variant of Range Rover Sport in the country, priced at Rs 86.71 lakh (ex-showroom).

Available in S, SE & HSE trim, the new model is powered by a 2.0 litre petrol engine with a twin-scroll turbocharger that delivers a power output of 221 kW and 400 NM of peak torque.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

 

22-May-2019

Tata Elxsi licenses AUTOSAR Adaptive platform to Great Wall Motors

Tata Elxsi has licensed its AUTOSAR Adaptive platform to Great Wall Motors. The company’s AUTOSAR Adaptive platform, developed in collaboration with a leading European OEM, will help accelerate the development of connected autonomous and driverless vehicles.

The company licenses modules and the stack for Classic version 4.3 as well as high computing applications such as Autonomous driving, V2X, predictive analysis, OTA to OEMs, Tier-1 and Semicon companies worldwide.

Tata Elxsi is a global design and technology services company and a part of the $100+ billion Tata Group. Headquartered in Bangalore, it works with customers across industries such as automotive, broadcast, healthcare and telecom for product and software development.

 

22-May-2019

Maruti Suzuki adds over 200 new service workshops in FY19

Maruti Suzuki India has added over 200 new workshops in 2018-19 to its nationwide network. This is the largest addition to service network by any automobile company in the country in a year. With this the company’s service network now has 3,634 workshops strong across 1,789 towns and cities.

Maruti Suzuki India (formerly known as Maruti Udyog) is an automobile manufacturer in India. It provides passenger cars, utility vehicles and vans. The firm also offers pre-owned car sales, fleet management and car financing services.

 

22-May-2019

ONGC to ramp up production from 13 projects: Report

Oil and Natural Gas Corporation (ONGC) is reportedly planning to ramp up production from 13 field development projects and three Enhanced Oil Recovery/Improved Oil Recovery (EOR/IOR) projects. In this regard, the company will spend around Rs 65,773 crore.

The ongoing field development and EOR/IOR projects are expected to produce a cumulative 54.6 million tonne (mt) of crude oil and 114 billion cubic meter (bcm) of natural gas in the next 3-4 years.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

 

22-May-2019

DLF reports 79% rise in Q4 consolidated net profit

DLF has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 15.62% in its net profit at Rs 253.33 crore for the quarter under review as compared to Rs 300.21 crore for the same quarter in the previous year. Total income of the company decreased by 23.87% at Rs 1,035.66 crore for Q4FY19 as compared Rs 1,360.44 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 78.73% in its net profit at Rs 434.77 crore for the quarter under review as compared to Rs 243.26 crore for the same quarter in the previous year. Total income of the company increased by 44.15% at Rs 2,660.95 crore for Q4FY19 as compared Rs 1,845.92 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 88.28% in its net profit at Rs 687.60 crore as compared to Rs 365.20 crore for the previous year. However, total income of the company decreased by 2.50% at Rs 3,708.77 crore for year under review as compared to Rs 3,803.79 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 70.65% in its net profit at Rs 1,314.07 crore as compared to Rs 4,476.79 crore for the previous year. However, total income of the company increased by 17.82% at Rs 9,029.41 crore for year under review as compared to Rs 7,663.71 crore for year ended March 31, 2018.

 

22-May-2019

KIOCL dispatches 2.21 million tons of pellets in FY19

KIOCL has dispatched 2.21 million tons of pellets during the financial year 2019 (FY19). Out of the total dispatch, 1.52 million tons of pellets were exported in FY19. The company has reported a production of 2.24 million ton pellets during the year.

This is the highest quantity of pellets exported since the closure of its captive mines. The company has also entered into high grade new Pellet market where premium is high and is used for making quality steel.

KIOCL is Asia’s largest iron ore mining and pelletisation complex and the country’s biggest 100% export oriented unit engaged in the business of exporting high quality iron oxide pellets and pig iron.

 

22-May-2019

ICRA downgrades long term rating of IDFC First Bank’s bond programme

Credit rating agency ICRA has downgraded long term rating of IDFC First Bank’s bond programme due to weak earnings and on higher provisions due to stressed exposures. The rating agency downgraded Rs 38,670 crore of non convertible debentures (NCDs) to AA from AA+ with a stable outlook.

The downgrade considers the bank’s weak earnings profile, given the elevated cost-to-income ratio because of the ongoing branch expansion, which has been pressurising the operating profitability, and an increase in credit provisions on account of unanticipated fresh stressed exposures identified by it in Q4 FY19.

IDFC First Bank provides a range of financial solutions to individuals, small businesses and corporates.

 

22-May-2019

VA Tech Wabag gets nod to raise funds up to Rs 400 crore

VA Tech Wabag has received an approval for the proposal of fund raising up to an amount of Rs 400 crore as and when required through issuance of debt/ equity securities by way of public issue/ preferential allotment/ private placement or such other options including qualified institutional placement. The Board of Directors of the company at its meeting held on May 21, 2019, approved the same, considering the growth plans, newer business opportunities which would fuel the next phase of growth of the company.

VA Tech Wabag is an India-based company engaged in the business of water treatment field. The company’s principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants.

 

22-May-2019

L&T expects standalone market capitalisation to touch Rs 3 lakh crore in 5 years

Larsen & Toubro (L&T) is expecting standalone market capitalisation to touch Rs 3 lakh crore and revenue to reach Rs 2 lakh crore in five years as strategic initiatives like L&T NxT have helped in making giant strides. The L&T Group has a market cap of about Rs 2.5 lakh crore at present.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

 

22-May-2019

Muthoot Finance offers loan upto Rs 10 lakh to the salaried class in Delhi, NCR

Muthoot Finance has expanded its personal loan scheme for customers in Delhi and NCR in which it will offer loan up to Rs 10 lakh to the salaried class. Under this, the company will give unsecured loans of Rs 1to10 lakh at an interest rate of 13.5 to 23 per cent to salaried class only.

The company will target customers in the age group of 24-58 years and working in private, state and central government jobs to avail personal loans for 1-5 years. Customers will be evaluated based on the credit history, KYC checks & CIBIL score.

Muthoot Finance is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry. The company offers gold loans, foreign inward money transfer services, foreign exchange services, insurance broking etc.

 

22-May-2019

Hulst B.V. buys 1.23 lakh shares of NIIT Technologies

Hulst B.V. has acquired 123,113 equity shares with face value of Rs 10 each of NIIT Technologies, on May 21, 2019. After this acquisition, the entity’s stake in the company has increased from 31.68% to 31.88%.

NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and inanely, services, insurance.

 

22-May-2019

India Glycols to raise Rs 250 crore through various means

India Glycols has received approval to raise funds not exceeding Rs 250 crore or its equivalent in any other currency, by way of issuance of securities including through public offering/ private placement/ qualified institutional placement or otherwise. The Board of Directors of the Company at its meeting held on May 21, 2019 has approved the same.

India Glycols is engaged in the business of manufacturing glycols, ethoxylates and PEGs, performance chemicals, glycol ether and acetates, guar gum and potable alcohol.

 

22-May-2019

Indiabulls Housing Finance to raise $350 million

Indiabulls Housing Finance has received approval for issuance of $350 million 6.375% payable semi-annually (6.29% nominal monthly) Senior Secured Notes due May 2022 under the updated $1,500 million Secured Euro Medium Term Note Programme of the Company. The bond issue committee of the Board of Directors of the Company at its meeting held on May 21, 2019 has approved the same.

Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).

 

22-May-2019

Bharat Financial Inclusion posts 38% growth in Gross Loan Portfolio for Q4FY19

Bharat Financial Inclusion has registered a 38% year-on-year growth in its Gross Loan Portfolio to Rs 17,394 crore in Q4FY19 as compared to Rs 12,575 crore in Q4FY18. The Company’s loan disbursements have shown a 14% year-on-year growth to Rs 6,568 crore in Q4FY19 as against Rs 5,738 crore in Q4FY18.

Bharat Financial Inclusion (formerly known as SKS Microfinance) is a non-banking finance company (NBFC), regulated by the Reserve Bank of India. The company’s mission is to provide financial services to the poor under the premise that providing financial services to poor borrowers helps to alleviate poverty.

 

22-May-2019

Vedanta declared as preferred bidder for two copper mines in Maharashtra

Vedanta has been declared as the preferred bidder for two copper mines in Maharashtra. The copper blocks, namely Thanewasna and Dubarpeth, are in Chandrapur district of Maharashtra.

The government of Maharashtra had invited bids for grant of two copper composite licenses (prospecting license cum mining leases) on February 1, 2019 through e-auction. The company participated in the forward e-auction and after being technically qualified has been declared as the preferred bidder for these two blocks.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.

 

22-May-2019

Tech Mahindra receives defence order worth Rs 300 crore

Tech Mahindra has received defence order worth Rs 300 crore to enable digital transformation for the Indian Navy. As part of the ‘Armed Forces Secure Access Card’ (AFSAC) Project, the company will implement RFID (Radio Frequency Identification) based Access Control System across all naval bases and ships. The new AFSAC Card will replace the existing paper-based identity card for all Navy personnel including dependents and ex-servicemen.

Using the CMMI (Capability Maturity Model Integration) level 5 processes, the company will develop a secure application to manage the access control devices, network devices and the AFSAC Card through a Data Centre.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

 

22-May-2019

Karnataka Bank opens 13th regional office at Ahmedabad

Karnataka Bank has opened its 13th Regional office at Ahmedabad on May 21, 2019. Earlier, the Bank had opened its 839th Branch at Nadugodu – Kateel in the state of Karnataka on March 20, 2019.

Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.

 

22-May-2019

NMDC creates separate department for global activities

NMDC has created a separate department ‘NMDC Global’ to use international opportunities of acquisition of mineral assets and strategic tie-ups on emerging technologies. The company is also focusing on increasing its geographic foothold globally.

The company currently has presence in Australia, Mozambique and Tanzania, and is also looking to diversify into strategic and critical raw materials. It is also looking at other emerging opportunities in key minerals which has potential to deliver the long-term benefits to the company and the country.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

 

22-May-2019

UFO Moviez gets nod for dissolution of UFO Lanka

UFO Moviez India has received approval for dissolution of UFO Lanka, a wholly owned subsidiary of the Company. As there are no operations in UFO Lanka, the Board of Directors of the Company approved dissolution of UFO Lanka at its meeting held on May 21, 2019.

UFO Moviez India was incorporated as ‘Valuable Media’. The company is India’s largest digital cinema distribution network and in-cinema advertising platform (in terms of numbers of screens).

 

22-May-2019

Cyient signs partnership agreement with OneStrand Inc

Cyient has signed a partnership agreement with OneStrand Inc. to offer interactive technical publication solutions. This agreement combines Cyient’s global reach and long history in authoring, illustrating, designing, and converting technical publications with OneStrand’s world leading S1000D software and technical services.

The company now has the capability to deliver technical data to global customers in the aerospace, defense, and transport industries in a variety of formats based on client needs, whether print or electronic delivery. In addition, clients will be able to leverage the new services across the product lifecycle and better manage engineering technical data from initial creation to archiving.

Cyient provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders. It leverages the power of digital technology and advanced analytics capabilities, along with domain knowledge and technical expertise, to solve complex business problems.

 

22-May-2019

Trigyn Technologies joins as 6th Platinum member of FIWARE Foundation

Trigyn Technologies has joined as the 6th Platinum Member the highest FIWARE membership level of FIWARE Foundation e.V. Trigyn makes now part of the Board of Directors and the Technical Steering Committee to take an active role in the definition and implementation of relevant standards at general and domain-specific levels.

This includes a strategic role in the Foundation’s decision-making authorities, thereby contributing to the development, standardization and promotion of the FIWARE technologies with the focus of accelerating Smart City, one of the four major FIWARE verticals. Trigyn is the first Indian company to become a FIWARE platinum member.

Trigyn Technologies is a public multi-national Information Technology firm providing custom software solutions, Managed Services, Staff Augmentation and consulting services to clients in 16 countries across Asia, North America, Europe and Africa.

 

21-May-2019

Bodal Chemicals reports 25% fall in Q4 consolidated net profit

Bodal Chemicals has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 25.30% in its net profit at Rs 29.64 crore for the quarter under review as compared to Rs 39.68 crore for the same quarter in the previous year. However, total income of the company increased by 15.16% at Rs 328.77 crore for Q4FY19 as compared Rs 285.49 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 25% in its net profit at Rs 29.37 crore for the quarter under review as compared to Rs 39.16 crore for the same quarter in the previous year. However, total income of the company increased by 18.77% at Rs 351.64 crore for Q4FY19 as compared Rs 296.06 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 12.96% in its net profit at Rs 144.07 crore as compared to Rs 127.54 crore for the previous year. Total income of the company increased by 20.64% at Rs 1,394.04 crore for year under review as compared to Rs 1,155.52 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 15.90% in its net profit at Rs 141.30 crore as compared to Rs 121.92 crore for the previous year. Total income of the company increased by 22.22% at Rs 1,436.85 crore for year under review as compared to Rs 1,175.63 crore for year ended March 31, 2018.

 

21-May-2019

Global Treasure Bank implements Infosys Finacle’s Core Banking solution

Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, and Global Treasure Bank (GTB), have successfully implemented the Finacle Core Banking solution at the Bank. GTB now leverages Finacle’s proven platform to power its retail and corporate operations across 163 branches across the country, engaging its customers with a truly digital banking experience and an enriched product and services portfolio.

Infosys is a global leader in technology services and consulting. The company enables clients in 45 countries to create and execute strategies for their digital transformation.

 

21-May-2019

Alkali Metals receives EIR from USFDA for Visakhapatnam Unit in Andhra Pradesh

Alkali Metals has received an Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for its Visakhapatnam Unit in Andhra Pradesh. The Visakhapatnam unit manufactures Active Pharmaceutical Ingredients (APIs) and other Chemical intermediates. The EIR from USFDA indicates closure of the inspection and that the Unit is in acceptable state of Compliance of Current Good Manufacturing Practice (CGMP).

Alkali Metals is engaged in the business of manufacturing sodium derivatives, pyridine derivatives and a range of fine chemicals, based on related chemistry.

 

21-May-2019

Thyrocare Technologies receives LoA from MCGM for outsourcing laboratory services

Thyrocare Technologies has received Letter of Acceptance (LoA) for the tender floated by Municipal Corporation of Greater Mumbai (MCGM) for outsourcing of laboratory investigative services ‘Aapli Chikitsa’.

The acceptance letter, authorized to provide laboratory investigative services ‘Aapli Chikitsa’ over a period of 4 years from the commencement of operations, to the MCGM affiliated hospitals and clinics in western suburban zone and city zone of Mumbai. The total contract cost of the tender to be executed over the period of 4 years is for Rs 53.23 crore, with an assurance of about 60% of total samples test per year. The operation to be commences within next 30 days.

Thyrocare Technologies provides hospital services and are the industry leader, trend setter and innovators in Indian Diagnostic industry.

 

21-May-2019

Bharti Airtel loses 1.51 crore subscribers in March

Bharti Airtel has lost 1,51,31,542 subscribers in March 2019. Following this, the company’s total customer base stood at 32.52 crore with market share of 27.99% in term of Wireless Subscribers as on March 31, 2019.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

21-May-2019

Tech Mahindra reports 8% fall in Q4 consolidated net profit

Tech Mahindra has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a marginal rise of 0.34% in its net profit at Rs 981.10 crore for the quarter ended March 31, 2019 as compared to Rs 977.80 crore for the same quarter in the previous year. Total income of the company increased by 14.44% at Rs 7,356.90 crore for quarter under review as compared to Rs 6,428.40 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported fall of 8.47% in its net profit at Rs 1,126.60 crore for the quarter ended March 31, 2019 as compared to Rs 1,230.80 crore for the corresponding quarter in the FY18. However, total consolidated income of the company rose 6.51% at Rs 9,059.40 crore for quarter under review as compared to Rs 8,505.80 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 9.68% in its net profit at Rs 4,380.40 crore as compared to Rs 3,993.90 crore for the previous year. Total income of company increased 10.86% at Rs 28,179.70 crore for year under review as compared to Rs 25,420.20 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 13.27% in its net profit at Rs 4,288.80 crore as compared to Rs 3786.20 crore for the previous year. Total income of company increased by 9.59% at Rs 35,276.30 crore for year under review as compared to Rs 32,189.40 crore for year ended March 31, 2018.

 

21-May-2019

Reliance Industries’ telecom arm adds 94.89 lakh subscribers in March

Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) has added 94.89 lakh customers in March 2019. Following this, the company’s total customer base has increased to 30.67 crore with market share of 26.40%.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

 

21-May-2019

Reliance Industries becomes India’s biggest company by revenue

Reliance Industries (RIL) has toppled state-owned Indian Oil Corporation (IOC) to become India’s biggest company by revenue. RIL has reported a turnover of Rs 6.23 lakh crore in the 2018-19 fiscal year that ended March 31. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal.

RIL was also the most profitable company in the country with a net profit of more than double that of IOC in FY2019.  

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

 

21-May-2019

AJG to acquire minority stake in Edelweiss Financial Services’ arm

Arthur J. Gallagher & Co (AJG) will acquire minority stake in Edelweiss Insurance Brokers (EIBL), a wholly owned subsidiary of Edelweiss Financial Services. The transaction is subject to requisite regulatory approvals.

Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments – agency business and holding company activities.

 

21-May-2019

Vodafone Idea partners with Hyundai AutoEver India

Vodafone Idea has entered into partnership with Hyundai AutoEver India, a subsidiary of Hyundai Motor Group, for roll-out of connected car services. The tie-up will enable Hyundai cars, starting with its recently launched SUV Hyundai VENUE, to offer what it terms ‘advanced connected car functionality’.

The partnership will see Hyundai deploy a connected solution in Indian market with integration of eSIMS with Voice, 3G/4G data, SMS, etc.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is developing world-class infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence.

 

21-May-2019

Bosch reports 5% fall in Q4 net profit

Bosch has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a fall of 5.09% in its net profit at Rs 411.70 crore for the quarter ended March 31, 2019 as compared to Rs 433.78 crore for the same quarter in the previous year. Total income of the company decreased by 12.20% at Rs 2,911.65 crore for quarter under review as compared to Rs 3,316.24 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a rise of 16.58% in its net profit at Rs 1,598.04 crore as compared to Rs 1,370.72 crore for the previous year. Total income of company increased marginally by 3.79% at Rs 12,853.20 crore for year under review as compared to Rs 12,384.02 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 16.58% in its net profit at Rs 1,598.04 crore as compared to Rs 1,370.72 crore for the previous year. Total income of company increased by 3.79% at Rs 12,853.20 crore for year under review as compared to Rs 12,384.02 crore for year ended March 31, 2018.

 

21-May-2019

United Breweries reports 25% fall in Q4 net profit

United Breweries has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a fall of 25.26% in its net profit at Rs 67.92 crore for the quarter ended March 31, 2019 as compared to Rs 90.88 crore for the same quarter in the previous year. However, total income of the company increased by 5.84% at Rs 3,469.30 crore for quarter under review as compared to Rs 3,277.85 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a rise of 42.84% in its net profit at Rs 562.78 crore as compared to Rs 393.99 crore for the previous year. Total income of company increased 13.79% at Rs 14,168.52 crore for year under review as compared to Rs 12,451.29 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 42.74% in its net profit at Rs 563.31 crore as compared to Rs 394.63 crore for the previous year. Total income of company increased by 13.89% at Rs 14,171.83 crore for year under review as compared to Rs 12,443.75 crore for year ended March 31, 2018.

 

21-May-2019

UltraTech Cement commissions first zero discharge ready mix concrete plant

UltraTech Cement has commissioned World’s first zero discharge ready mix concrete plant in the city of Mumbai.

UltraTech Cement on its efforts towards sustainability and innovation has developed in-house technology to use all waste generated from the rejected concrete in the form of waste sludge or slurry for recycling into Ready Mix Concrete (RMC) production. This technology is fully automated and enables the plant to be real zero discharge with no water and solid waste. This eliminates the cost of waste disposal and recycling material generated out of the said process. The partial substitution of sand, flyash and water makes it a sustainable business proposition. The company has commissioned First Green RMC Plant by using the said technology, having zero discharge.

UltraTech Cement is the largest manufacturer of grey cement, Ready Mix Concrete (RMC) and white cement in India. It is also one of the leading cement producers globally. UltraTech as a brand embodies strength, reliability and innovation.

 

21-May-2019

Mindtree’s salesforce practice features as leader in professional services for salesforce sales, service cloud

Magnet360, the Mindtree Salesforce practice, has been named a leader in Professional Services for Salesforce Sales and Service Cloud in the U.S. ISG Provider Lens for the Salesforce Ecosystem. This recognition is attributed to the company’s sustained investment in Salesforce solutions as well as the company’s ability to apply Salesforce expertise across a range of industries.

The ISG Provider Lens report on the Salesforce Ecosystem examines service providers that offer capabilities covering the system integration aspects of a project for Salesforce customers. This report is focused on companies using the Salesforce Sales and Service Clouds.

Mindtree delivers digital transformation and technology services from ideation to execution, enabling Global 2000 clients to outperform the competition.

 

21-May-2019

Dhampur Sugar Mills expands distillery capacity

Dhampur Sugar Mills has enhanced distillery capacities of Dhampur and Asmoli units. The enhanced capacity of Dhampur Unit is 250,000 Litres Per Day, while Asmoli Unit capacity enhanced to 150,000 Litres Per Day.

Dhampur Sugar Mills is engaged in the manufacturing of sugar, ethanol, chemicals and plantation white sugar.

 

21-May-2019

Edelweiss Financial Services’ arm raises Rs 300 crore via NCDs

Edelweiss Financial Services’ wholly-owned subsidiary — ECL Finance’s Secured Redeemable Non-Convertible Debentures (NCDs) has been fully subscribed. The issue successfully mobilized over Rs 300 crore within eight days. The Tranche I Issue was opened on May 10, 2019 and was scheduled to close on June 7, 2019. The base size of the issue was Rs 150 crore with an option to retain over-subscription up to Rs 150 crore aggregating to a total of Rs 300 crore.

The Tranche I Issue has seen a keen interest from retail investors with the retail bucket being oversubscribed by 2.36 times with total collection of Rs 212 crore. The Tranche I Issue received close to 15,827 applications pan India.

Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments – agency business and holding company activities.

 

21-May-2019

NTPC launches month-long residential workshop at Farakka

NTPC has launched a month-long residential workshop at Farakka for over hundred female students in pursuance of the power major’s countrywide girls empowerment mission.

A total of 127 girl students of class VI from 26 neighbouring schools, including six from Jharkhand, are participating in the four-weeks workshop. All the costs towards organizing the camp is being borne by NTPC and each girl student has been provided backpacks containing articles of daily needs, two set of dress, shoes etc.

NTPC is the largest power utility company in India and has presence in Coal, Gas, Solar PV, Hydro and Wind Power Generation and Coal Mining.

 

21-May-2019

MTNL loses 12,096 subscribers in March

Mahanagar Telephone Nigam (MTNL) has lost 12,096 customers in March 2019. Following this, the company’s total customer base has decreased to 34.53 lakh with market share of 0.30%.

MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India’s key metros — Delhi and Mumbai.

 

21-May-2019

ITC’s personal care brand launches ‘Fiama Scents’

ITC’s personal care and shower gel brand — Fiama has launched ‘Fiama Scents’. A first of its kind innovation, Fiama introduces a touch-activated fragrance encapsulation technology in a new range of body washes. Fiama Scents, crafted with fragrance encapsulation technology, enables fragrance release with a slight rub on the skin for as long as eight hours after a bath.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.

 

21-May-2019

SSWL bags export orders worth Rs 20 crore

Steel Strips Wheels (SSWL) has bagged repeat firm exports orders for 400000 wheels for Trailer Market. This would be a significant increase of about 30% from the same period of previous year. Entire volume of 400000 wheels is to be executed by October 2019 amounting to a total value of close to Rs 20 crore.

This marks company’s successful journey from being an entrant to being the market leader in this segment over 4 years. The company expects to further improve its presence in this segment over coming quarters.

SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.

 

21-May-2019

JSW Steel planning to raise long term funds

JSW Steel is planning to raise long term funds through issuance of Non-convertible Debentures with warrants which are convertible into or exchangeable with equity shares of the company and/or Equity Shares and/or Convertible Securities (other than warrants), by way of a Qualified Institutions Placement. The meeting of the Board of Directors has been convened to be held on May 24, 2019, to consider the same.

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

 

21-May-2019

BSE to sell stake of its subsidiary to ICICI Bank

Bombay Stock Exchange (BSE) has entered into an agreement with ICICI Bank to sell stake of its subsidiary–India International Exchange (INX) for nearly Rs 31 crore. Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9% in INX.

BSE provides an efficient and transparent market for trading in equity, debt instruments, derivatives, mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SME).

 

21-May-2019

HPL Electric reports 73% rise in Q4 consolidated net profit

HPL Electric & Power has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a rise of 97.09% in its net profit at Rs 11.53 crore for the quarter ended March 31, 2019 as compared to Rs 5.85 crore for the same quarter in the previous year. Total income of the company increased by 7.69% at Rs 328.90 crore for quarter under review as compared to Rs 305.41 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported rise of 73.10% in its net profit at Rs 12.55 crore for the quarter ended March 31, 2019 as compared to Rs 7.25 crore for the corresponding quarter in the FY18. Total consolidated income of the company rose by 12.06% at Rs 353.76 crore for quarter under review as compared to Rs 315.70 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 15.64% in its net profit at Rs 26.39 crore as compared to Rs 22.82 crore for the previous year. Total income of company increased by 7.73% at Rs 1,106.57 crore for year under review as compared to Rs 1027.18 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 18.60% in its net profit at Rs 32.71 crore as compared to Rs 27.58 crore for the previous year. Total income of company increased by 9.14% at Rs 1,163.18 crore for year under review as compared to Rs 1,065.78 crore for year ended March 31, 2018.

 

21-May-2019

NHPC organizes awareness programme on social security, workers’ welfare: Report

NHPC has reportedly organized an awareness programme on the social security and welfare of the workers under the theme ‘Kalyan and Samajik Suraksha Suvidhayen’. Over 40 workers who were present in the gathering were sensitised about various provisions under which number of facilities and social security is available to them.

NHPC is engaged in electric power generation by hydroelectric power plants. The company is also engaged in contracts, project management and consultancy works.

 

21-May-2019

BHEL commissions 2 more units of Kaleshwaram Lift Irrigation Scheme Package-6

Bharat Heavy Electricals (BHEL) has successfully commissioned two more pumping units (Units 3 & 4) of 116 MW each, of the 7×116 MW Kaleshwaram Lift Irrigation Scheme (LIS) Package-6 in Telangana. BHEL had earlier commissioned Units 1 & 2 of the same project in April, 2019. Significantly, the pump for each unit is designed to lift 89.16 cumecs (cubic metres per second) of water by 105.5 metres.

BHEL’s scope in the project comprises complete Electrical & Mechanical (E&M) works including design, manufacture, supply and supervision of erection and commissioning of 7 sets of Vertical Pump-Motor sets along with associated auxiliaries. The equipment has been manufactured and supplied from BHEL’s manufacturing units at Bhopal, Rudrapur and Bengaluru, while the supervision of erection and commissioning at the site was carried out by the company’s Power Sector Southern Region division, Chennai.

BHEL is India’s largest engineering and manufacturing company of its kind. It is a power plant equipment manufacturer and operates as an engineering and manufacturing company.

 

21-May-2019

TCS features as ‘Adobe Customer Success Partner of Year’

Tata Consultancy Services (TCS) has been recognized as the Adobe Customer Success Partner of the Year at Adobe’s India Symposium 2019 in Mumbai.

The award recognizes TCS’ strong partnership with Adobe built over the last decade and the investments made in building a service practice, TCS Interactive, focused on reimagining customer experience and delivering the future of digital transformation.

Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.

 

21-May-2019

Apollo Tyres launches corporate advertising campaign ‘Ganga: the River of People’

Apollo Tyres has launched its corporate advertising campaign ‘Ganga: the River of People’, covering television, digital, print and cinema mediums. The campaign also features Sachin Tendulkar. Music director, composer, musician and singer, A R Rahman has specially composed and sung a song for this television commercial (TVC).

Apollo Tyres is one of the leading tyre manufacturers in India with its product portfolio spread across tubeless and tube type tyres for cars, suvs, trucks, buses etc.

 

21-May-2019

Vodafone Idea loses 1.45 crore subscribers in March

Vodafone Idea has lost 1.45 crore customers in March 2019. Following this, the company’s total customer base has decreased to 39.48 crore with market share of 33.98%.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is developing world-class infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence.

 

21-May-2019

Torrent Pharmaceuticals reports consolidated net loss of Rs 152 crore in Q4

Torrent Pharmaceuticals has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a fall of 25.45% in its net profit at Rs 164 crore for the quarter ended March 31, 2019 as compared to Rs 220 crore for the same quarter in the previous year. However, total income of the company increased by 14.53% at Rs 1,584 crore for quarter under review as compared to Rs 1,383 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported a net loss of Rs 152 crore for the quarter ended March 31, 2019 against net profit of Rs 228 crore for the corresponding quarter in the FY18. However, total consolidated income of the company rose by 7.03% at Rs 1,873 crore for quarter under review as compared to Rs 1,750 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 54.56% in its net profit at Rs 745 crore as compared to Rs 482 crore for the previous year. Total income of company increased 34.27% at Rs 6,144 crore for year under review as compared to Rs 4,576 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 35.69% in its net profit at Rs 436 crore as compared to Rs 678 crore for the previous year. However, total income of company increased by 23.70% at Rs 7,730 crore for year under review as compared to Rs 6,249 crore for year ended March 31, 2018.

 

21-May-2019

Bodal Chemicals gets nod to make investment in Turkey based LLP

Bodal Chemicals has received approval to make investment of Rs 320.00 Million to acquire 80% stake in Turkey based LLP namely SENER SOYA KIMYA TEKSTIL SANAYI VE TICARET. After that on complying the due requirements at Turkey, the said LLP will be converted into the subsidiary company of Bodal Chemicals. The Board of directors of the company at its meeting held on May 21, 2019 has approved for the same.

Bodal Chemicals is an Integrated and Innovative company, offering end-to-end solution to its customers globally. The company is among world’s largest manufacturer and exporter of Dyes Intermediate, Dyestuff and Sulphuric Acid, with vertically and horizontally integrated who provides product solutions and service solution on fastest possible route to their customers.

 

21-May-2019

Indian Terrain Fashions signs MS Dhoni as brand ambassador

Indian Terrain Fashions has signed cricketer MS Dhoni as its brand ambassador. The company is targeting to achieve turnover of Rs 650 crore in the next 3 years and to double its retail network to 300 outlets.

Indian Terrain Fashions is engaged in the business of manufacture and sale of apparel. The Company’s geographical segments are Domestic, which includes sales to customers located in India, and International, which includes sales to customers located outside India.

 

21-May-2019

Glenmark Pharmaceuticals’ arm receives ANDA approval for Solifenacin Succinate Tablets

Glenmark Pharmaceuticals’ subsidiary — Glenmark Pharmaceuticals Inc., USA (Glenmark) has received final approval from United States Food & Drug Administration (USFDA) for Solifenacin Succinate Tablets, 5 mg and 10 mg, a generic version of Vesicare Tablets, 5 mg and 10 mg1, of Astellas Pharma US, Inc. According to IQVIA sales data for the 12 month period ending March 2019, the Vesicare Tablets, 5 mg and 10 mg market2 achieved annual sales of approximately $942.7 million.

Glenmark’s current portfolio consists of 154 products authorized for distribution in the US marketplace and 58 ANDA’s pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Glenmark Pharmaceuticals is a global pharmaceutical company. The company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). Its segments are India, United States, Latin America, Europe and Rest of the World (ROW).

 

21-May-2019

Alembic Pharmaceuticals gets USFDA approval for Solifenacin Succinate Tablets

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Solifenacin Succinate Tablets, 5 mg and 10 mg. The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Vesicare Tablets, 5 mg and 10 mg, of Astellas Pharma US, Inc. Solifenacin Succinate Tablet is a muscarinic antagonist indicated for the treatment of overactive bladder with symptoms of urge urinary incontinence, urgency, and urinary frequency.

Solifenacin Succinate Tablets, 5 mg and 10 mg have an estimated market size of $967 million for twelve months ending December 2018 according to IQVIA. The company now has a total of 94 ANDA approvals (82 final approvals and 12 tentative approvals) from USFDA.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, has been at the forefront of Healthcare since 1907.

 

21-May-2019

Adani Green Energy’s 8.75 crore shares to be offered for sale

Adani Green Energy’s promoters — Adani Tradeline LLP and Universal Trade and Investment would offer 8.75 crore equity at an offer price of Rs 43 per shares. The offer for sale open for one day on May 21, 2019. Adani Tradeline LLP and Universal Trade and Investment have offered to sell 7,57,13,197 and 1,17,86,803 equity shares, respectively.

Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.

 

21-May-2019

Palred Technologies’ arm inks pact with Amazon to sell Xmate brand of products

Palred Technologies’ subsidiary– Palred Technology Services has signed an agreement to sell the Xmate brand of products on Amazon India. Amazon has approved 45 different products / stock keeping units (SKUs) under this agreement. Palred Technology Services would be selling Xmate brand of products only on Amazon India.

Palred Technology Services operates as a subsidiary of Palred Technologies. Palred Technologies owns and sells two brands of mobile, electronics and computer accessories (PTron & Xmate) through its subsidiaries.

Palred Electronics will continue to own and sell its brand of PTron products on various online channels in India-Amazon, Flipkart, Snapdeal, LatestOne.com etc and offline general trade & modern trade outlets through the established network of distributors across the country.

Palred Technologies is a provider of software solutions for transportation and logistics industry. It offers solutions in the areas of freight forwarding industry, customs brokerage, contract logistics, shipper logistics and services. The firm also provides services like consulting, software development and system integration and implementation.

 

21-May-2019

Panacea Biotec receives USFDA’s approval for Azacitidine Injection

Panacea Biotec has received United States Food & Drug Administration (USFDA) approval for manufacture and supply of Azacitidine Injection, 100 mg/vial, for the US market. Panacea Biotec’s state-of-the-art pharmaceutical formulation facility at Baddi is already approved by National Regulatory Authority (NRA) of India and USFDA for other oral solids and injectable products.

Azacitidine is a chemotherapy drug used to treat myelodysplastic syndromes (MDS) with annual sales of about $110 million in US markets as per IQVIA data as of December, 2018.

Panacea Biotec is a leading research based Biotechnology Company with established research, manufacturing and marketing capabilities. It is one of the largest vaccine producers and biotechnology companies in India.

 

21-May-2019

Lakshmi Machine Works to incorporate wholly owned subsidiary company

Lakshmi Machine Works has received board’s approval for setting up in India at a suitable time, a Wholly Owned Subsidiary (WOS) Company whose area of operations would be in the Aerospace Industry vertical.

Lakshmi Machine Works is one among the three manufacturers of the entire range of Textile Machinery. LMW diversified into CNC Machine Tools and is a brand leader in manufacturing customized products.

 

21-May-2019

HPCL reports 70% rise in Q4 net profit

Hindustan Petroleum Corporation (HPCL) has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 69.91% in its net profit at Rs 2,969.92 crore for the quarter under review as compared to Rs 1,747.89 crore for the same quarter in the previous year. Total income of the company increased by 9.99% at Rs 73,672.50 crore for Q4FY19 as compared Rs 66,983.38 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 5.17% in its net profit at Rs 6,028.66 crore as compared to Rs 6,357.07 crore for the previous year. However, total income of the company increased by 21.40% at Rs 298,564.25 crore for year under review as compared to Rs 245,934.81 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 7.31% in its net profit at Rs 6,690.63 crore as compared to Rs 7,218.28 crore for the previous year. However, total income of the company increased by 21.49% at Rs 298,618.33 crore for year under review as compared to Rs 245,790.22 crore for year ended March 31, 2018.

 

21-May-2019

BPCL reports 16% rise in Q4 net profit

Bharat Petroleum Corporation (BPCL) has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 16.21% in its net profit at Rs 3,124.91 crore for the quarter under review as compared to Rs 2,688.97 crore for the same quarter in the previous year. Total income of the company increased by 10.51% at Rs 84,999.28 crore for Q4FY19 as compared Rs 76,913.76 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 10.58% in its net profit at Rs 7,132.02 crore as compared to Rs 7,976.30 crore for the previous year. However, total income of the company increased by 21.57% at Rs 340,606.13 crore for year under review as compared to Rs 280,181.64 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 12.91% in its net profit at Rs 8,527.85 crore as compared to Rs 9,791.91 crore for the previous year. However, total income of the company increased by 21.99% at Rs 342,916.69 crore for year under review as compared to Rs 281,112.39 crore for year ended March 31, 2018.

 

21-May-2019

PC Jeweller to open new showroom in Haryana

PC Jeweller is opening its new showroom at Sirsa in the state of Haryana on May 25, 2019. The new showroom will be located at Huda Complex, Sirsa.

PC Jeweller is engaged in manufacturing jewelry products. It offers gold and diamond jewelry and silver articles. Its products include bangles, bracelets, earrings, pendant set, necklaces, pendant, nose rings and rings.

 

21-May-2019

ICICI Bank inks pact to buy stake in INX

ICICI Bank has entered into an agreement with the BSE to buy stake in its subsidiary India International Exchange (INX) for nearly Rs 31 crore. Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9% in INX.

ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.

 

21-May-2019

CCI dismisses complaint against Cipla, BCDA

The Competition Commission of India (CCI) has dismissed a complaint against Cipla and the Bengal Chemist and Druggists Association (BCDA) over alleged non-supply of medicines.

While dismissing the complaint, the fair-trade regulator said the complainant tried to give a commercial dispute between him and Cipla a colour of competition issue. The complainant had alleged that despite placement of repeated orders, Cipla had stopped the supply of medicines at the behest of BCDA.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

 

21-May-2019

SBI enters into strategic partnership with FMCG arm of The Art of Living: Report

State Bank of India (SBI) has reportedly entered into strategic partnership with the FMCG arm of The Art of Living – Sri Sri Tattva. Under this partnership, YONO users can avail a discount of 15 per cent on the entire range of products offered by Sri Sri Tattva such as healthcare, homecare, BYOGI apparels, personal care, food and Shankara skincare products.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

 

21-May-2019

GAIL contributes Rs 5 crore for relief works in cyclone-hit Odisha

GAIL India has contributed Rs 5 crore to Odisha State Disaster Management Authority (OSDMA) as support towards relief and rehabilitation efforts in the state, in the wake of the devastation caused by Cyclone Fani in Odisha.

The company has an expanding presence in Odisha where it is constructing the Jagdishpur – Haldia & Bokaro – Dhamra Natural Gas pipeline. It also operates the City Gas Distribution networks in Bhubaneswar and Cuttack. After the cyclone, GAIL restored CNG supply in the cities within days with the help of generator sets.

GAIL India is India’s principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications.

 

21-May-2019

Dynamic Cables secures two orders worth Rs 32 crore from EPC Company

Dynamic Cables has bagged two orders worth Rs 32 crore from one of the largest domestic EPC Company of India, for manufacturing and supply of HV & LV cables in the next nine months period.

Dynamic Cables is India’s Leading manufacturer of cables and conductors and has grown into one of the leading manufacturers and suppliers of MV and LV Aerial Bunched Cables, MV & LV XLPE Power Cables, LV PVC Power & Control Cables & ACSR /AAA/AA Conductors used for transmission and distribution of Electricity.

 

21-May-2019

Hulst B.V. hikes stake in NIIT Technologies

Hulst B.V. has acquired 23,879 equity shares with face value of Rs 10 each of NIIT Technologies, on May 20, 2019. After this acquisition, the entity’s stake in the company has increased from 31.65% to 31.68%.

NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and inanely, services, insurance.

 

21-May-2019

Astral Poly Technik to raise Rs 100 crore via NCDs

Astral Poly Technik has received approval for issuance of Non-Convertible Debentures (NCDs) / Debt Securities in one or more tranches upto Rs 100 crore. The Board of Directors of the Company at its meeting held on May 20, 2019 has approved the same.

Astral Poly Technik offers products like Astral FlowGuard CPVC, Astral Corzan Aquarius, Astral Aquarius and Astral Underground.

 

21-May-2019

Cox & Kings’ Meininger Hotels signs contract for hotel in Marseille

Cox & Kings owned Meininger Hotels has signed contract for a new hotel in Marseille, as part of its expansion strategy and to grow further in France. With this contract, Meininger’s number of prospective beds in France grows to over 2600. The new hotel is expected to open in summer 2021.

This is fourth Meininger hotel in France. The new hotel will be located in the middle of the ‘new Marseille’, the totally renewed urban area around the Marseille harbour and will have 194 rooms, 574 beds as well as 22 parking spaces.

Cox and Kings is engaged in providing travel management solutions. Its services include destination management, outbound tourism, business travel, insurance and conference solutions. The firm also offers domestic holidays, trade fairs, foreign exchange and insurance.

 

21-May-2019

IndoStar Capital Finance to raise Rs 10,000 crore via NCDs

IndoStar Capital Finance has received approval for issuance of Non-Convertible Debentures (NCDs) for an amount not exceeding Rs 10,000 crore on private placement basis, in one or more series / tranches during a year. The Board of Directors of the Company at its meeting held on May 20, 2019 has approved the same.

IndoStar Capital Finance is a non-banking finance company ‘NBFC’ registered with the Reserve Bank of India as a systemically important non-deposit taking company.

 

20-May-2019

Rubfila International planning to raise funds through various mean

Rubfila International is planning for various options for funding the expansion projects of the Company like Borrowings, preferential allotment of Equity Shares / Warrants, etc. The Board of Directors of the Company at its meeting to be held on May 28, 2019 to consider the same.

Rubfila International produces adhesives suitable for various industry segments like leather and footwear, tyre Re- treading ,wood, rexin and foam, automotive, to name a few.

 

20-May-2019

Torrent Pharmaceuticals raises Rs 100 crore via CPs

Torrent Pharmaceuticals has raised funds through issuance of Commercial Paper (CPs) for an amount of Rs 100 crore. The tenure of the instrument is 129 days and will mature on September 23, 2019.

Torrent Pharmaceuticals is Flagship Company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.

 

20-May-2019

Monnet Ispat to expand capacity of Pellet Plant at Raigarh

Monnet Ispat & Energy has received approval for expansion of capacity of Pellet Plant of the Company located at Raigarh, Chhattisgarh, from existing 2.00 MTPA to 2.50 MTPA by incurring capital expenditure of Rs 21 crore. The project will be financed through borrowing from banks. The project is expected to be completed in about 10 to 12 months. The Board of Directors of the Company at its meeting held on May 17, 2019 has approved the same.

The existing capacity utilization is 90% and the proposed expansion of the production capacity of the Pellet Plant is expected to help the Company to reduce the cost of pellet production per ton, at Raigarh plant and to improve sales volume.

Monnet Ispat and Energy is a holding company. The company is engaged in the business of conducting coal mining operations and manufacturing coal-based sponge iron and various other steel/iron-based products.

 

20-May-2019

Tata Motors reports 49% fall in Q4 consolidated net profit

Tata Motors has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a net profit at Rs 106.19 crore for the quarter ended March 31, 2019 against net loss of Rs 499.94 crore for the same quarter in the previous year. However, total income of the company decreased by 7.21% at Rs 18,981.21 crore for quarter under review as compared to Rs 20,456.34 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported fall of 49.03% in its net profit at Rs 1,108.66 crore for the quarter ended March 31, 2019 as compared to Rs 2,175.16 crore for the corresponding quarter in the FY18. Total consolidated income of the company fall 4.76% at Rs 87,285.64 crore for quarter under review as compared to Rs 91,643.44 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a net profit of Rs 2020.60 crore against net loss of Rs 1,034.85 crore for the previous year. Total income of company increased 17.28% at Rs 71,757.42 crore for year under review as compared to Rs 61,182.29 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted a net loss of Rs 28,724.20 crore against net profit of Rs 8,988.91 crore for the previous year. However, total income of company increased marginally by 2.90% at Rs 3,04,903.71 crore for year under review as compared to Rs 2,96,298.23 crore for year ended March 31, 2018.

 

20-May-2019

Glaxosmithkline Pharmaceuticals reports 17% rise in Q4 net profit

Glaxosmithkline Pharmaceuticals has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 16.56% in its net profit at Rs 123.03 crore for the quarter under review as compared to Rs 105.55 crore for the same quarter in the previous year. Total income of the company increased by 4.81% at Rs 803.68 crore for Q4FY19 as compared Rs 766.77 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 20.85% in its net profit at Rs 425.36 crore as compared to Rs 351.98 crore for the previous year. Total income of the company increased by 9.51% at Rs 3,230.01 crore for year under review as compared to Rs 2,949.40 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 26.99% in its net profit at Rs 445.39 crore as compared to Rs 350.72 crore for the previous year. Total income of the company increased by 9.50% at Rs 3,230.44 crore for year under review as compared to Rs 2,950.19 crore for year ended March 31, 2018.

 

20-May-2019

Rishab Special Yarns planning to sell land

Rishab Special Yarns is planning for removal of the old building at E-38, 39, Ambaji Industrial Area, Abu Road, sub division of plot to make it in saleable parcel of land and to sell the same.

The meeting of the Board of Directors of the company is scheduled on May 30, 2019, to consider and approve the same.

 

20-May-2019

Chembond Chemicals to sell entire stake of Chembond Chemicals Malaysia

Chembond Chemicals has received an approval to sell 100% stake in Chembond Chemicals Malaysia Sdn Bhd (Wholly owned Subsidiary), held by the company to Chembond Water Technologies (Wholly Owned Subsidiary). The Board of Directors of the company in its meeting held on May 18, 2019, approved the same.

Chembond Chemicals is engaged in specialty chemicals business and offers a wide range of products for industrial applications.

 

20-May-2019

Bharat Forge reports 3-fold jump in Q4 net profit

Bharat Forge has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported around 3-fold jump in its net profit at Rs 299.50 crore for the quarter ended March 31, 2019 as compared to Rs 100.33 crore for the same quarter in the previous year. Total income of the company increased by 14.52% at Rs 1,718.72 crore for quarter under review as compared to Rs 1,500.83 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a rise of 51.46% in its net profit at Rs 1,071.28 crore as compared to Rs 707.30 crore for the previous year. Total income of company increased 21.75% at Rs 6,686.01 crore for year under review as compared to Rs 5,491.64 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 36.96% in its net profit at Rs 1,032.60 crore as compared to Rs 753.97 crore for the previous year. Total income of company increased by 20.94% at Rs 10,348.53 crore for year under review as compared to Rs 8,556.68 crore for year ended March 31, 2018.

 

20-May-2019

Peria Karamalai Tea to expand Karamalai Factory by adding additional machinery

The Peria Karamalai Tea and Produce Company has received approval for expansion of Karamalai Factory by setting up of additional machinery. The Board of Directors of the Company at its meeting held on May 20, 2019 has approved the same.

The Peria Karamalai Tea and Produce Company engages in the manufacture and sale of tea in India. It offers reconditioned and non-reconditioned CTC teas, as well as pepper.

 

20-May-2019

Nestle India forays into organic food segment

Nestle India has forayed into the organic food segment, in line with its innovation strategy at bagging new consumer opportunities and to strengthen its food and nutrition portfolio. The company will launch three products under this category which comprises an organic variant of Ceregrow.

Nestle India is a subsidiary of Nestle S.A. of Switzerland, a vibrant company that provides consumers in India with products of global standards.

 

20-May-2019

Karnataka Bank launches KBL SB Salary scheme in 3 Variants

Karnataka Bank has launched a new Savings Bank product ‘KBL SB Salary’ a customized SB product for salaried Class with 3 variants namely, SB Salary Executive, SB Salary Prime and SB Salary Classic.

All these 3 variants of KBL SB Salary Scheme are available for the salaried People with a host of Digitally Powered features and without any Minimum Balance Criteria. No annual charge on Debit Cards, Unlimited free access to Karnataka Bank ATMs, Free Cash Deposit facility across all branches, Free Fund Transfer within the Bank, Free NEFT & RTGS through Internet and Mobile Banking, Free outstation Cheque Collection, No Annual Fee on Demat & Trading Accounts are some of the major features of these Schemes.

Additionally, for the women employees, in the top most category of Salary Scheme, an Insurance Coverage up to Rs 50,000 against snatching, theft and burglary of their jewellery is made available, free of cost.

Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.

 

20-May-2019

TV Today Network to invest Rs 5 lakh in Vibgyor Broadcasting

TV Today Network has received approval for equity investment of an amount not exceeding Rs 5 lakh in Vibgyor Broadcasting, a wholly owned Subsidiary of the Company. The Board of Directors of the company at their meeting held on May 20, 2019, has approved for the same.

TV Today Network (TVTN) operates news channels and is promoted by Living Media India (LMIL). The company has a tie-up with TheOneAlliance to distribute their channels. TVTN has also launched their channels in US, UK and Continental Europe.The channels operated by the company includes: Aaj Tak- Aaj Tak is a 24 hour Hindi news channel providing news of all around world.

 

20-May-2019

UPL reports 70% fall in Q4 consolidated net profit

UPL has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a net loss of Rs 86 crore for the quarter under review as compared net loss of Rs 107 crore for the same quarter in the previous year. Total income of the company increased by 15.27% at Rs 1,902 crore for Q4FY19 as compared Rs 1,650 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 69.60% in its net profit at Rs 235 crore for the quarter under review as compared to Rs 773 crore for the same quarter in the previous year. However, total income of the company increased by 47.58% at Rs 8,573 crore for Q4FY19 as compared Rs 5,809 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 26.09% in its net profit at Rs 405 crore as compared to Rs 548 crore for the previous year. However, total income of the company increased by 18.07 % at Rs 9,220 crore for year under review as compared to Rs 7,809 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 29.11% in its net profit at Rs 1505 crore as compared to Rs 2123 crore for the previous year. However, total income of the company increased by 23.20% at Rs 22,077 crore for year under review as compared to Rs 17,920 crore for year ended March 31, 2018.

 

20-May-2019

JK cement reports 55% rise in Q4 net profit

JK cement has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a rise of 55.49% in its net profit at Rs 149.97 crore for the quarter ended March 31, 2019 as compared to Rs 96.45 crore for the same quarter in the previous year. Total income of the company increased by 11.51% at Rs 1,526.87 crore for quarter under review as compared to Rs 1,369.26 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a marginal fall of 4.96% in its net profit at Rs 324.90 crore as compared to Rs 341.87 crore for the previous year. However, total income of company increased marginally by 3.59% at Rs 5,061.21 crore for year under review as compared to Rs 4,885.82 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 7.69% in its net profit at Rs 263.63 crore as compared to Rs 285.59 crore for the previous year. However, total income of company increased marginally by 3.70% at Rs 5,339.06 crore for year under review as compared to Rs 5,148.61 crore for year ended March 31, 2018.

 

20-May-2019

TCS publishes report focusing on civic leaders effective strategies to build smart cities

Tata Consultancy Services (TCS) and Knowledge@Wharton, the business analysis journal of The Wharton School of the University of Pennsylvania, have published ‘Smart Cities: A Toolkit for Leaders’, a special report designed to help today’s urban leaders understand how their municipalities can harness technology to improve the citizen experience.

The report focuses on the key stages of developing a smart city, which go beyond the procurement, adoption and integration of technology within a community. It also provides ideas and insights on sustainability, compassion and equity for all stakeholders.

Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.

 

20-May-2019

A2Z Infra Engineering pays Rs 90 crore through OTS to SBI

A2Z Infra Engineering has made payment of Rs 90 crore through One Time Settlement (OTS) to State Bank of India (SBI) within the agreed time lines of 90 days from the date of conveyance of said sanction, thereby, settling debt liability to the tune of Rs 431.33 crore.

A2Z Infra Engineering (previously known as A2Z Maintenance & Engineering Services) is primarily engaged in providing Engineering, Procurement and Construction (EPC) services in power transmission and distribution sector with focus on distribution.

 

20-May-2019

L&T buys additional stake in Mindtree

Larsen and Toubro (L&T) has acquired 73,953 shares of Mindtree from the open market on May 20, 2019. After the acquisition, the stake in the company has increased to 26.53%.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

 

20-May-2019

L&T hikes stake in Mindtree to 26.48%

Larsen and Toubro (L&T) has acquired 13,440 shares of Mindtree from the open market on May 16, 2019. After the acquisition, the stake in the company has increased to 26.48%.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

 

20-May-2019

Lumax Auto Technologies reports 14% fall in Q4 consolidated net profit

Lumax Auto Technologies has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a rise of 7.15% in its net profit at Rs 6.59 crore for the quarter ended March 31, 2019 as compared to Rs 6.15 crore for the same quarter in the previous year. Total income of the company increased by 7.95% at Rs 168.43 crore for quarter under review as compared to Rs 156.03 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported fall of 14.48% in its net profit at Rs 13.29 crore for the quarter ended March 31, 2019 as compared to Rs 15.54 crore for the corresponding quarter in the FY18. However, total consolidated income of the company rose marginally by 2.39% at Rs 303.81 crore for quarter under review as compared to Rs 296.71 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 55.54% in its net profit at Rs 45.45 crore as compared to Rs 29.22 crore for the previous year. Total income of company increased 29.15% at Rs 673.86 crore for year under review as compared to Rs 521.75 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 20.63% in its net profit at Rs 68.89 crore as compared to Rs 57.11 crore for the previous year. Total income of company increased by 14.05% at Rs 1,200.93 crore for year under review as compared to Rs 1,053.00 crore for year ended March 31, 2018.

 

20-May-2019

Jubilant Life Sciences’ arm adds advanced Pioneer FE system to its platform

Jubilant Life Sciences’ wholly owned subsidiary — Jubilant Biosys has added advanced Pioneer FE system to their platform of drug discovery solutions available to customers. The Pioneer FE system from ForteBio, the Biologics Business Unit of Molecular Devices, represents the next generation SPR instrumentation for label-free characterization of biomolecules.

Sensitive enough to measure high affinity and covalent binding events, the Pioneer systems also uses a unique OneStep gradient injection technology to facilitate fragment screening. Pioneer systems with OneStep technology can analyze up to 768 fragments in 24 hours, obtaining kinetics during the primary screen and eliminating the need for additional screens.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in Pharmaceuticals, Life Science Ingredients and Drug Discovery Solutions.

 

20-May-2019

Dr Reddy’s Lab to spend upto $300 million on R&D in FY20

Dr Reddy’s Laboratories is planning to spend upto $300 million on research and development (R&D) during financial year 2019-2020 (FY20). The R&D spends for the January-March quarter of FY19 is $53 million.

The company will continue to focus on R&D for some interesting pipeline of proprietary products. But, on an overall basis, the R&D spend would be lower in proprietary products when compared to previous year.

Dr. Reddy’s Laboratories is a multinational pharmaceutical company based in Hyderabad, Telangana in India. It manufactures and markets a wide range of pharmaceuticals in India and overseas.

 

20-May-2019

Voltas opens new brand shop in West Bengal

Voltas has opened its new Brand Shop ‘REKO Electronic’, near Girja More, Asansol, West Bengal.

The brand store features a well-designed and visually appealing display of new range of Voltas and Voltas Beko products, comprising Air Conditioners, Air Coolers, Commercial Refrigerators, Water Dispensers, Water Coolers, Refrigerators, Washing Machines, Microwaves and Dishwashers.

Conveniently located in the heart of Asansol, the new brand shop would enhance Voltas’ brand experience and visibility. The Brand Shop is being launched to meet the expectations of consumers from a growing city like Asansol with technologically advanced products of Voltas and Voltas Beko.

Voltas is among India’s leading air-conditioning, refrigeration and engineering services companies.

 

20-May-2019

Coal India supplies 40.7 MT coal to power sector in April

Coal despatches by Coal India to the power sector have been rose marginally by 1% to 40.7 million tonnes (MT) in April 2019 compared to 40.3 MT in the year-ago month.

The company had supplied 488 MT of fuel to the power sector in 2018-19, registering an increase of 7.4% over the previous year.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

 

20-May-2019

Emami Realty pre-redeems NCDs worth Rs 25 crore

Emami Realty has pre-redeemed 250 Nos. of Privately placed Rated Unlisted Redeemable Non-Convertible Debentures (NCDs) of Rs 10,00,000 each aggregating to Rs 25 crore, being held by ITPL Invesco India Ultra Short Term Fund and ITPL Invesco India Credit Risk Fund.

Emami Realty, formerly Emami Infrastructure is a holding company engaged in construction and real estate development. The Company’s primary business is development of residential, commercial and retail properties through its subsidiaries and associates.

 

20-May-2019

Reliance Capital to raise Rs 10,000 crore by selling assets in FY20

Reliance Capital is expecting to raise Rs 10,000 crore by selling assets and cut down its debt by about 50 percent in the current fiscal (FY20). The company has been working diligently to ensure timely debt repayments and is regular in all its debt payments.

The company’s asset monetisation plan is on track and it is in the process of monetising its entire 42.88 percent stake in Reliance Nippon Life Asset Management, which at current market price is valued at over Rs 5,000 crore. The company is also planning to monetise 49 percent stake in Reliance General Insurance Company and the DRHP has recently been filed with the Securities and Exchange Board of India (SEBI).

Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

 

20-May-2019

Reliance Capital repays Rs 650 crore of NCDs

Reliance Capital has repaid Rs 650 crore of non-convertible debenture (NCDs) that were due on May 17, 2019. The disclosure comes at a time when Reliance Group companies and some others, are facing liquidity troubles.

Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

 

20-May-2019

Edelweiss Financial Services’ arm raises Rs 300 crore through NCDs

Edelweiss Financial Services’ wholly-owned subsidiary — ECL Finance has raised over Rs 300 crore by issuing non-convertible debentures (NCDs). The first tranche of issue opened on May 10 and was scheduled to close on June 7. The base size of the issue was Rs 150 crore with an option to retain over-subscription of up to Rs 150 crore, aggregating to a total of Rs 300 crore. The overwhelming response to company’s NCD issue reflects the investor appetite for quality financial instruments.

Edelweiss Financial Services is primarily engaged in the business of rendering merchant banking services. The company operates in two segments – agency business and holding company activities.

 

20-May-2019

Narayani Steels gets recognition of best performer in manufacturer segment for 2018-19

Narayani Steels has been recognized as the best performer in the manufacturer segment for the year 2018-19 in Andhra Pradesh region at All India Customers Meet-2019.

Narayani Steels is engaged in trading and manufacturing of hot rolled long products of value added steel. The company primarily trade in blooms, billets, TMT bars, pellets, etc and also manufacture TMT bars and other long products such as rounds, flats, angles, channels, etc.

 

20-May-2019

Bank of Baroda looking to rationalise 800-900 branches

Bank of Baroda is considering the option of rationalising 800-900 branches across the country to improve operational efficiency, following its merger with Dena Bank and Vijaya Bank. The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1, 2019. The bank needs to expand in eastern part of country as it has strong presence in South, West and northern part of the country.

Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.

 

20-May-2019

KPR Mill forays into domestic retail market with FASO brand

KPR Mill has entered the domestic retail market with FASO (Fashion Adapted Sustainable and Organic) brand of inner wear and athleisure products. The products will be made in-house.

KPR Mill is a garment exporter, as well as a vertically integrated apparel company. It is engaged in manufacturing and marketing readymade knitted garments, knitted fabrics and cotton yarn.

 

20-May-2019

BPEA acquires 30.50% stake in NIIT Technologies

Baring Private Equity Asia (BPEA) has acquired 30.50% stake in NIIT Technologies for about Rs 2,627 crore.

Last month, funds affiliated with BPEA had signed definitive agreements to purchase 30.50% stake in NIIT Technologies from NIIT and other promoter entities at Rs 1,394 per share.

NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and inanely, services, insurance.

 

20-May-2019

APL Apollo Tubes to acquire tube manufacturing unit located at Hyderabad

APL Apollo Tubes has received an approval for the acquisition of a 200,000 MTPA tube manufacturing unit located at Hyderabad, one of the unit of Taurus Value Steel & Pipes, a subsidiary of Shankara Building Products. The plant complements the company’s existing operations in Bengaluru and Hosur and will boaster the company’s manufacturing capacity to 2.3 million MTPA, thereby strengthening APL Apollo’s leadership position in the domestic and global markets. The Board of Directors of the company have approved the same.

APL Apollo Tubes is a leading manufacturer and exporter of Steel Pipes & Tubes, Aluminised Steel Tubes, Black Steel Tubes, Hot Dipped & Pre Galvanised Steel Tubes, Fence Tubes and Structural Steel.

 

20-May-2019

NMDC planning to own 100% stake in Legacy iron

NMDC is planning to own 100% stake in Australian arm Legacy iron by acquiring the remaining 24% shares and delisting it from the Australian Stock Exchange (ASX).

The company currently holds 76% in Legacy Iron Ore, a Perth-based Australian exploration company focused on the development of iron ore, gold and base metal deposits.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

 

20-May-2019

JK Cement to raise Rs 500 crore via NCDs

JK Cement has decided to raise fund by issue of secured/redeemable Non-Convertible Debentures (NCDs) in one of more series/tranches on private placement basis for an amount upto Rs 500 crore at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing. The Board of Directors of the Company at its meeting held on May 18, 2019 has decided the same.

JK Cement is one of the largest cement manufacturers in north India. It is also second largest producer of white cement in India. The company exports white cement to countries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.

 

20-May-2019

JHS Svendgaard Laboratories to invest Rs 1.50 crore in subsidiary company

JHS Svendgaard Laboratories has received approval to invest in subsidiary — JHS Svendgaard Brands for an amount of Rs 1.50 crore to be invested by way of subscription in Fully Convertible Warrants (FCWs) of Rs 10 each (Issue Price Rs 30) convertible within 12 months on preferential basis.

The Board of Directors of the Company at its meeting held on May 18, 2019 has approved the same.

JHS Svendgaard Laboratories is engaged in manufacturing a range of oral and dental products. The portfolio of the Company is to carry out manufacturing, exporting, importing and trading of oral care/hygiene products, including toothbrushes and toothpastes, mouthwash, denture tablets and sanitizers.

 

20-May-2019

IDFC First Bank inks business partnership arrangement with Capital Trust

IDFC First Bank has entered into business partnership arrangement with Capital Trust to work together on various financial products in the territories where Capital Trust has presence.

IDFC First Bank provides a range of financial solutions to individuals, small businesses and corporates.

 

20-May-2019

TCS expects significant growth across Latin America, India, other markets in coming years

Tata Consultancy Services (TCS) is expecting significant growth in the coming years across markets like Latin America, India and South Africa that have historically lagged in technology spending.

The company is also confident of expanding its play in large markets like continental Europe, Japan, Australia and New Zealand as it launches new services, products and platforms.

Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.

 

20-May-2019

Lyka Labs calls off merger of Lyka Exports with itself

Lyka Labs has decided to not go ahead with the merger of Lyka Exports with itself which was earlier proposed with effect from April 01, 2017 by the Board of Directors. The Board of Directors of the Company at its meeting held on May 18, 2019 has decided the same.

Lyka Labs is an India-based healthcare company. The Company is manufacture of lyophilized products. The primary segment of the company is business segment, which consists of pharmaceutical products /pharma related services.

 

20-May-2019

Hulst B.V. acquires stake in NIIT Technologies

Hulst B.V. has acquired 18,848,118 equity shares (with face value of Rs 10 each) of NIIT Technologies, on May 17, 2019. After this acquisition, the entity’s stake in the company has increased from 1.14% to 31.65%.

NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and inanely, services, insurance.

 

20-May-2019

Orient Refractories completes acquisition of Intermetal Engineers India

Orient Refractories has completed the formalities with regard to acquisition of the entire paid’up equity share capital of Intermetal Engineers India (IEIPL) comprising of 1,597 equity shares of Rs 100 each to make it a Wholly Owned Subsidiary of the Company.

Orient Refractories offers a wide range of Refractory and Monolithic products for the iron and steel industry and enjoy large domestic and international clientele.

 

20-May-2019

Ircon International planning to raise funds by issuing fresh equity shares

Ircon International is planning to raise funds by issuing fresh equity shares, piggybacking on the government’s proposal to dilute its stake to 75% through follow-on public offer route. The government, which holds 89.18% stake in Ircon International, is required to bring it down to 75% under the Sebi’s minimum public shareholding norms.

In view of the proposal of Ircon to raise funds through fresh equity issuance, it has been decided to keep in abeyance the Offer For Sale (OFS) decision of the government. Once the Cabinet approves the proposal, an FPO would be launched for lowering government stake and issuing fresh equity by the company.

Ircon International is an integrated Indian engineering and construction company, specializing in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities.

 

20-May-2019

Thomas Cook launches no cost EMI-powered innovative ‘Holiday Basket’

Thomas Cook (India) has launched Holiday Basket – an innovative EMI-powered holiday solution, offering Indian travellers inflation-proof credit based holidays. The company’s data reveals an upwards of 30% demand from young travellers between the age group of 25-35 years, who believe in instant gratification even in travel and through the launch of Holiday Basket, it aims to tap into these growing aspirational travel demands.

Thomas Cook (India) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business.

 

20-May-2019

Shree Cement to expand Cement Grinding Unit capacity

Shree Cement has decided for capacity addition to be made at Village Patas in Pune District of Maharashtra. The proposed capacity addition is 3 MTPA Cement Grinding Unit. The period within which the proposed capacity is to be added is by September, 2020 ending. The investment required for capacity addition is Rs 525 crore.

Shree Cement is a rapidly growing Company focused on its core business of Cement & Power. Currently, its manufacturing operations are spread over North and Eastern India across six states.

 

20-May-2019

Shree Cement reports 20% fall in Q4 net profit

Shree Cement has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a fall of 19.61% in its net profit at Rs 320.95 crore for the quarter ended March 31, 2019 as compared to Rs 399.24 crore for the same quarter in the previous year. However, total income of the company increased by 14.20% at Rs 3,329.88 crore for quarter under review as compared to Rs 2,915.93 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a fall of 31.29% in its net profit at Rs 951.05 crore as compared to Rs 1,384.18 crore for the previous year. However, total income of company increased 13.45% at Rs 11,967.40 crore for year under review as compared to Rs 10,548.58 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 27.29% in its net profit at Rs 1,006.39 crore as compared to Rs 1,384.15 crore for the previous year. However, total income of company increased by 21.39% at Rs 12,804.41 crore for year under review as compared to Rs 10,548.58 crore for year ended March 31, 2018.

 

20-May-2019

Zen Technologies gets nod to shut down Nalagarh Unit

Zen Technologies has received approval for closure of Nalagarh Unit, Solan District in the state of Himachal Pradesh. There was no revenue contributed from the Nalagarh Unit during the Financial Year 2018-2019. The Board of Directors of the Company at its meeting held on May 18, 2019 has approved the same.

The estimated date of closure of the unit is June 30, 2019. There is no impact on operations of the Company pursuant to the closure of the said Nalagarh Unit.

Zen Technologies specializes in making simulators and imparting training since 1993. It has an innovative research and development division and is recognized as an in-house R&D unit by the Department of Scientific and Industrial Research (DSIR).

 

20-May-2019

Capital Trust enters into arrangement with IDFC First Bank

Capital Trust has entered into business partnership arrangement with IDFC First Bank to work together on various financial products in the territories where Capital Trust has presence.

Capital Trust is engaged in the finance business. They have primarily been in the business of hire purchase/leasing of plant and machinery, two wheelers and other assets, micro finance and insurance.

 

18-May-2019

Sundaram Clayton inaugurates first overseas facility in South Carolina

Sundaram-Clayton (SCL) has inaugurated its first overseas facility in South Carolina, USA, through its subsidiaries, to significantly enhance its ability to serve its customers in North America, its biggest export market. This expansion will establish SCL as a global player from India. The operations will commence by September 2019.

The US facility has been built with a project investment of $90 million. It will produce 1,000 tonnes of castings in the first year of production and in five years, will scale output to 10,000 tonnes. SCL will manufacture a range of high-pressure die-cast and gravity die-cast parts in this facility. The US Department of Commerce and its trade promotion arm, the US Commercial Services in Chennai, played a key role in facilitating this project.

Sundaram-Clayton is one of the largest automotive components manufacturer in India. The product range of the company includes Crankcase, cylinder head, cylinder barrel and wheel hub castings for two wheelers.

 

18-May-2019

Spencers Retail to acquire stake in Natures Basket

Spencers Retail has received approval for acquisition of 100% stake in Natures Basket, a Wholly Owned Subsidiary of Godrej Industries (GIL), subject to approval of the Shareholders of both the Companies. The Board of Directors of the Company at its meeting held on May 17, 2019 has approved the same.

With this acquisition of Natures Basket will make Spencer’s a national player giving it access to the western parts of India through its 36 stores. This acquisition will bring in many synergies in Spencer’s business and fits in well with Spencer’s omnichannel strategy.

Natures Basket is a public limited company engaged in the business of retail sales of various food products and beverages through its retail stores and online platform.

 

18-May-2019

Sobha reports 73% rise in Q4 consolidated net profit

Sobha has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a rise of 91.99% in its net profit at Rs 115.00 crore for the quarter ended March 31, 2019 as compared to Rs 59.90 crore for the same quarter in the previous year. Total income of the company increased by 94.49% at Rs 1436.90 crore for quarter under review as compared to Rs 738.80 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported rise of 73.24% in its net profit at Rs 113.30 crore for the quarter ended March 31, 2019 as compared to Rs 65.40 crore for the corresponding quarter in the FY18. Total consolidated income of the company rose 80.13% at Rs 1421.60 crore for quarter under review as compared to Rs 789.20 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 47.81% in its net profit at Rs 286.60 crore as compared to Rs 193.90 crore for the previous year. Total income of company increased 29.60% at Rs 3433.80 crore for year under review as compared to Rs 2649.60 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 37.04% in its net profit at Rs 297.10 crore as compared to Rs 216.80 crore for the previous year. Total income of company increased by 23.94% at Rs 3515.60 crore for year under review as compared to Rs 2836.50 crore for year ended March 31, 2018.

 

18-May-2019

Fortis Healthcare’s arm to divest entire stake in MSCL

Fortis Healthcare (FHL) wholly owned subsidiary — Fortis Healthcare International (FHIL) has entered into a share purchase agreement (SPA) with CIEL, CIEL Healthcare (collectively referred to as CIEL) and The Medical and Surgical Centre (MSCL).

The agreement is for sale of the entire shareholding held in the Medical and Surgical Centre (MSCL) representing 28.89% (164,670,801 shares) holding of the total issued and paid up equity share capital of MSCL. The agreement for sale has been made on May 17, 2019.

Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care specialty and hospitals, with a healthcare network spanning 9 countries.

 

18-May-2019

Corporation Bank’s net loss widens to Rs 6,581 crore in Q4

Corporation Bank has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a net loss at Rs 6,581.49 crore for the quarter ended March 31, 2019 as compared to net loss of Rs 1,838.40 crore for the same quarter in the previous year. Total income of the company decreased by 9.80% at Rs 4,187.66 crore for quarter under review as compared to Rs 4,642.45 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a net loss at Rs 6,332.98 crore as compared to net loss of Rs 4,053.94 crore for the previous year. Total income of company decreased by 12.27% at Rs 17,494.70 crore for year under review as compared to Rs 19,941.41 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted net loss at Rs 6,325.30 crore as compared to net loss of Rs 4,049.93 crore for the previous year. Total income of company decreased by 12.25% at Rs 17,504.09 crore for year under review as compared to Rs 19,947.40 crore for year ended March 31, 2018.

 

18-May-2019

Indian Hotels Company signs Taj hotel in Agra

The Indian Hotels Company (IHCL) has signed Taj branded hotel in Agra. This hotel is owned by Sincere Developers under a management contract by Taj. The hotel is strategically located within walking distance from the Taj Mahal and one of the three UNESCO World Heritage sites in Agra.

The hotel comprises 239 spacious rooms, an Indian specialty restaurant and a rooftop lounge overlooking the Taj Mahal. The hotel also has the largest banqueting space in the city.

Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia’s largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.

 

18-May-2019

Blue Dart Express reports 62% fall in Q4 net profit

Blue Dart Express has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a fall of 62.32% in its net profit at Rs 12.86 crore for the quarter ended March 31, 2019 as compared to Rs 34.13 crore for the same quarter in the previous year. However, total income of the company increased by 8.58% at Rs 783.98 crore for quarter under review as compared to Rs 722.04 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a fall of 38.35% in its net profit at Rs 87.60 crore as compared to Rs 142.10 crore for the previous year. However, total income of company increased 13.16% at Rs 3183.67 crore for year under review as compared to Rs 2813.39 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 37.97% in its net profit at Rs 89.76 crore as compared to Rs 144.71 crore for the previous year. However, total income of company increased by 13.25% at Rs 3193.64 crore for year under review as compared to Rs 2819.91 crore for year ended March 31, 2018.

 

18-May-2019

Welspun Enterprises gets provisional certificate for Dewas Industrial Water Supply Project

Welspun Enterprises has received provisional completion certificate for commencing commercial operation of the Dewas Industrial Water Supply Project with effect from April 30, 2019. The Project has been completed ahead of the scheduled completion date.

Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in Oil & Gas Exploration.

 

18-May-2019

Saregama India launches Carvaan Mini Legends for Kannada music enthusiasts

Saregama India has launched Carvaan Mini Legends preloaded with 351 Super-hit retro Kannada songs from artistes. Along with 351 pre-loaded songs it has other added features too like Bluetooth, USB, Aux in and FM/AM making it a perfect music companion for all times. This is an easy to carry device which comes with a six-month warranty period and approximately 4-5 hours of battery back-up to enjoy non-stop music.

Saregama India is engaged in manufacturing, selling and dealing of gramophone records, radio receivers, radiograms, record players, record producers, pick-up cartridges, components and accessories thereof and other allied products.

 

18-May-2019

USFDA conducts inspection at Alkem Laboratories’ Baddi facility

United States Food and Drug Administration (USFDA) has conducted an inspection at Alkem Laboratories’ manufacturing facility located at Baddi, from May 13 to 17, 2019.

At the end of the inspection, the company has received a Form 483 with four observations. The company shall put together a detailed response with adequate corrective and preventive measures to address the USFDA observations and the same is proposed to be filed within the timeline stipulated by USFDA.

Alkem Laboratories is a leading Indian pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products. The company produces branded generics, generic drugs, active pharmaceutical Ingredients (APIs) and nutraceuticals, which it markets in India and International markets.

 

18-May-2019

USFDA conducts inspection at Cipla’s Indore facility

The United States Food and Drug Administration (USFDA) has conducted a post-approval inspection at Cipla’s Indore facility from May 13 – 17, 2019. The inspection ended with zero observations.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

 

18-May-2019

IOC ties up with US, Saudi Arabia for oil imports

Indian Oil Corporation (IOC) has tied up imports from the US and taken additional volumes from Saudi Arabia to make up for the bulk of the volumes lost because of sanctions prohibiting buying oil from Iran.

India bought close to 24 million tonnes of crude oil from Iran in the fiscal ended March 31 (2018-19). Of this, the company sourced about 9 million tonnes from Iran.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

 

18-May-2019

PNC Infratech’s arm receives final realization of arbitration award

PNC Infratech wholly owned subsidiary companies – PNC Delhi Industrialinfra has received the realization of Rs 145.63 crore on May17, 2019 from Delhi State Industrial & Infrastructure Development Corporation (DSIIDC) towards the final arbitration award published in its favour for the project of ‘Redevelopment & Management of Narela Industrial Estate in Delhi’ on November 17, 2018.

Earlier in January 2018, the subsidiary company had received Rs 43.00 crore as an interim award from DSIIDC in the same matter; thus, the total arbitration award received by the subsidiary comes to Rs 188.63 crore. Out of the total amount Rs 129.00 crore awarded towards the six outstanding annuities and Rs 59.63 crore awarded towards interest and other claims.

PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.

 

18-May-2019

Jubilant Life Sciences reports net loss of Rs 101 crore in Q4 consolidated

Jubilant Life Sciences has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a fall of 91.39% in its net profit at Rs 7.44 crore for the quarter ended March 31, 2019 as compared to Rs 86.39 crore for the same quarter in the previous year. Total income of the company decreased by 10.53% at Rs 869.95 crore for quarter under review as compared to Rs 972.32 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported a net loss of Rs 100.65 crore for the quarter ended March 31, 2019 against net profit of Rs 152.40 crore for the corresponding quarter in the FY18. However, total consolidated income of the company rose marginally by 4.58% at Rs 2,379.00 crore for quarter under review as compared to Rs 2,274.87 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a fall of 44.18% in its net profit at Rs 147.06 crore as compared to Rs 263.44 crore for the previous year. However, total income of company increased marginally by 3.76% at Rs 3,516.61 crore for year under review as compared to Rs 3,389.22 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 9.05% in its net profit at Rs 577.01 crore as compared to Rs 634.42 crore for the previous year. However, total income of company increased by 20.38% at Rs 9,146.56 crore for year under review as compared to Rs 7,597.84 crore for year ended March 31, 2018.

 

18-May-2019

PI Industries reports 18% rise in Q4 net profit

PI Industries has reported results for the fourth quarter and year ended March 31, 2019.

The company has reported a rise of 18.03% in its net profit at Rs 124.40 crore for the quarter ended March 31, 2019 as compared to Rs 105.40 crore for the same quarter in the previous year. Total income of the company increased by 28.38% at Rs 827.00 crore for quarter under review as compared to Rs 644.20 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a rise of 11.21% in its net profit at Rs 407.70 crore as compared to Rs 366.60 crore for the previous year. Total income of company increased 22.47% at Rs 2,900.90 crore for year under review as compared to Rs 2,368.70 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 11.59% in its net profit at Rs 410.20 crore as compared to Rs 367.60 crore for the previous year. Total income of company increased by 22.44% at Rs 2,900.40 crore for year under review as compared to Rs 2,368.90 crore for year ended March 31, 2018.

Covered By:

Jamnadas Virji Advisory