LATEST BUSINESS NEWS

Biocon and Quark Pharmaceuticals gets DCGI’s approval for new drug ‘QPI-1007’

The company and Quark Pharmaceuticals have also randomized the first patient in India in the global Phase II/III study of the new drug candidate

Drug Controller General of India (DCGI) has given nod to Biocon and its partner Quark Pharmaceuticals to proceed with clinical trials on human subjects for a new drug candidate, 'QPI-1007' aimed for ocular neuroprotection. The company and Quark Pharmaceuticals have also randomized the first patient in India in the global Phase II/III study of the new drug candidate. Randomisation is the allocation of subjects to treatment groups to prevent selection and accidental bias.

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.
source: ventura

 

Reliance Industries reports 13.2% fall in May oil imports: Report

The Indian conglomerate in March resumed purchases from Tehran after a six-year gap

Reliance Industries has posted 13.2% fall in its oil import in May as compared to same month previous year, as it shut a crude unit at its 580,000-barrel-per-day (bpd) refinery for three weeks. Reliance, which has a diversified crude slate and shifts purchases to maximise revenue, bought 1.15 million bpd last month, a decline of 4.5 per cent from April.

In May, the company received about 98,700 bpd oil and condensate from Iran after skipping purchases from Tehran in the previous month. The Indian conglomerate in March resumed purchases from Tehran after a six-year gap. Reliance is looking for long-term supplies from Iran.

The share of Latin American and African oil in Reliance’s overall imports declined in the first five months of 2016, as the company shifted away from dated-Brent linked oil to Middle Eastern grades. The share of Middle Eastern crude in Reliance’s overall imports rose to 59 per cent in January-May 2016 from about 43 per cent a year ago.
source:ventura

 

Tata Communications enters into agreement with Liquid Telecom to sell its arm Neotel

Liquid Telecom will acquire Neotel for ZAR 6.55 billion

Liquid Telecom, a privately owned, pan-African telecoms group, majority owned by Econet Wireless Global, has entered into an agreement to acquire South African communications network operator Neotel, a subsidiary of the Tata Communications in South Africa. The shareholders of Neotel -Tata Communications of India and minority shareholders led by Nexus Connexion - have agreed for Liquid Telecom to acquire Neotel for ZAR 6.55 billion. Liquid Telecom is partnering with Royal Bafokeng Holdings (RBH), a South African empowerment investment group, which has committed to take a 30% equity stake in Neotel.

The transaction is subject to obtaining all affirmative approvals and other corporate approvals that may be required by the shareholders of Neotel and other regulatory approvals, is transformative and will create the largest pan-African broadband network and B2B telecoms provider. Through a single access point, businesses across Africa will be able to access Liquid Africa’s 24,000km of cross-border, metro and access fibre networks. These currently span 12 countries from South Africa to Kenya, with further expansion planned. The transaction is subject to approval by South African regulatory authorities and is expected to be completed later this financial year.

Tata Communications is engaged in providing telecommunications, broadcasting, and information supply services. The company operates through voice solutions and data managed services segments.
source: ventura

 

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INDIA : WPI FOR JUNE @ 1.62% vs 0.69% mom

 

Today (14.07.16) declare Q1 results : TCS, Menon Bearings, Jay Bharat Maruti, Muthoot Capital, Canfin Homes, DCB Bank, Cyient Ltd, Vimta Labs
source: NSE

 

Granules India’s arm inks agreement to acquire 12.5% stake of US pharma

This investment will enable Granules to participate in product selection and have right of first refusal

Granules India’s wholly owned subsidiary - Granules Pharmaceuticals, Inc., (GPI) has entered into an agreement with USpharma, based in the USA, to acquire 12.5% of its stake. This investment will enable Granules to participate in product selection and have right of first refusal to market the select products which are under development by USpharma.

USpharma is a development-stage pharmaceutical company specializing in research, development and manufacture of high entry-barrier generic pharmaceuticals, including controlled-release, controlled- substance and patent-challenge products. USpharma in collaboration with manufacturing partners had submitted five ANDAs with Paragraph IV certifications, out of which four ANDAs have already been out licensed to Granules exclusively.

USpharma has formulation development and manufacturing facilities in Philadelphia, Pennsylvania, USA, Mumbai, India and cGMP analytical laboratory in Kansas City, Missouri, USA.

Granules India produces Finished Dosages (FDs), Pharmaceutical Formulation Intermediates (PFIs) and Active Pharmaceutical Ingredients (APIs) for quality conscious customers in the regulated and semi-regulated markets.
source:ventura

 

VIMTA LABS Q1 PAT Rs.2.7cr vs Rs.1.3cr yoy

 

Tomorrow (15.07.16) Ex bonus :Berger Paints (Bonus Ratio 2:5)

 

Cabinet approves 15% stake sale in NBCC

The proposed divestment will result in estimated receipts of Rs 1,706 crore to the government

The Cabinet Committee on Economic Affairs has approved the disinvestment of 15% paid up equity of National Buildings Construction Corporation (NBCC) out of its 90% shareholding. The proposed divestment will result in estimated receipts of Rs 1,706 crore to the government. However, the actual realization amount will depend on market conditions and investor interest at the time of disinvestment. Further in order to inculcate a sense of belongingness amongst its employees, NBCC has also been decided to allot additional shares to the eligible and willing employees at a discount of 5% to the issue/discovered (lowest cut off) price of the OFS (offer for sale).

NBCC is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.
source: ventura

 

GE Shipping takes delivery of five year old capesize dry bulk carrier

The company’s current fleet stands at 34 vessels, comprising 23 tankers and 11 dry bulk carriers

Great Eastern Shipping Company (GE Shipping) took delivery of a second hand capesize dry bulk carrier ‘Jag Anand’ (2011 built) of about 179,250 dwt. The company had contracted to buy the vessel in June 2016.

With the inclusion of the vessel, the company’s current fleet stands at 34 vessels, comprising 23 tankers (7 crude carriers, 14 product tankers, 2 LPG carriers) and 11 dry bulk carriers (1 Capesize, 5 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.67 million dwt.

Great Eastern Shipping Company is India’s largest private sector shipping company. The company’s major businesses include shipping and offshore.
source: ventura

 

Jet Airways to deploy Boeing 777 on Mumbai-Singapore route

With effect from August 6, 2016, the Jet Airways flight 9W 12 from Mumbai to Singapore and the return flight 9W 10 from Singapore to Mumbai will operate on a Boeing 777-300 ER aircraft

In order to meet the growing demand on the Mumbai-Singapore route, Jet Airways, the country’s premier international airline, has decided to deploy the largest aircraft in its fleet, Boeing 777-300 ER. With effect from August 6, 2016, the Jet Airways flight 9W 12 from Mumbai to Singapore and the return flight 9W 10 from Singapore to Mumbai will operate on a Boeing 777-300 ER aircraft. Likewise, flight 9W 09 from Mumbai to Singapore and the return flight 9W 11 from Singapore to Mumbai will operate on a Boeing 777-300 ER aircraft with effect from August 7, 2016.

Jet Airways is India’s premier international airline operating flights to 73 destinations, including 51 in India and 22 across the world. Jet Airways’ robust domestic network in India spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.
source: ventura

 

MENON BEARINGS Q1 PAT Rs.4.7cr vs Rs.3cr yoy, vs Rs.4cr qoq

 

LIC HOUSING FINANCE Q1 PAT Rs.408cr vs Rs.382cr yoy, vs Rs.448cr qoq

 

NSE: DRREDDY 64k @ 3593.85 value - 23.32 crs

 

Vimta Labs reports two fold jump in Q1 net profit

Total income of the company has increased by 34.23% to Rs 37.83 crore for the quarter under review

Vimta Labs has reported results for first quarter ended June 30, 2016.

The company has reported over two fold jump in its net profit at Rs 2.71 crore for the quarter ended June 30, 2016 as compared to Rs 1.26 crore for the same quarter in the previous year. The company’s total income has increased by 34.23% to Rs 37.83 crore for the quarter under review from Rs 28.18 crore for the corresponding quarter of the previous year.

Vimta Labs is India’s leading contract research and testing organization. It has an envious track record of serving several market leaders across the globe.
source:ventura

 

BHEL commissions 250 MW eco-friendly power plant in Gujarat

The 250 MW lignite based thermal unit has been commissioned at BECL’s 2x250 MW thermal power project, located at Padva village in Bhavnagar District of Gujarat

Bharat Heavy Electricals (BHEL) has successfully commissioned another 250 MW unit based on eco-friendly Circulating Fluidized Bed Combustion (CFBC) technology, using low quality coal (lignite) as the primary fuel. The 250 MW lignite based thermal unit has been commissioned at Bhavnagar Energy Company’s (BECL’s) 2x250 MW thermal power project, located at Padva village in Bhavnagar District of Gujarat. The project is equipped with CFBC technology that enables use of low quality lignite as fuel. The second unit of this project is also in an advanced stage of completion.

Significantly, this is the third 250 MW unit based on CFBC technology, commissioned by BHEL, with two other units having been commissioned earlier by BHEL in Tamil Nadu. In addition, BHEL has earlier executed the 4x125 MW Surat Lignite Power project at Nani Naroli in district Surat, Gujarat, also involving CFBC technology. CFBC boilers are highly fuel flexible and can burn a wide variety of fuels, including Lignite, efficiently. CFBC boilers are also highly environment friendly with very low pollutant emissions. Successful commissioning of this CFBC technology based unit has reinforced BHEL’s leadership status in execution of a variety of thermal power projects involving supply of state-of-the-art equipment, suited to Indian coal and Indian conditions.

Lignite reserves in the country have been estimated at around 40.9 billion tonnes. Presently, only a small percentage of the total reserves of lignite have been exploited. CFBC boilers provide an excellent opportunity for gainfully using these huge lignite reserves. BHEL’s scope of work in the contract envisaged design, engineering, manufacture, supply, erection and commissioning of Boilers, Steam Turbines and Generators along with associated Auxiliaries and Electricals, state-of-the-art Controls & Instrumentation (C&I) and Electrostatic Precipitators (ESPs).
source: ventura

 

Today (15.07.16) foll cos. will declare Q1 results :3I Infotech, Reliance Ind, SSWL, NIIT Tech, Mastek, LIC Housing, Infosys, Hatsun Agro
source: ventura

 

DCB Bank reports marginal rise in Q1 net profit

Total income of the bank has increased by 13.54% at Rs 530.75 crore for quarter under review

DCB Bank has reported results for first quarter ended June 30, 2016.

The bank has reported 0.34% rise in its net profit at Rs 47.03 crore for the quarter as compared to Rs 46.87 crore for the same quarter in the previous year. Total income of the bank has increased by 13.54% at Rs 530.75 crore for quarter under review as compared to Rs 467.44 crore for the quarter ended June 30, 2015.

The bank’s gross NPA for the April-June quarter of the current fiscal improved to 1.72%, as compared to 1.96% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 0.87% in Q1FY17.
source: ventura

 

INFOSYS Q1 cons PAT Rs.3436cr vs Rs.3030cr yoy, vs Rs.3597cr qoq