LATEST BUSINESS NEWS

Sun Pharma enters into license agreement with Almirall for Tildrakizumab

Tildrakizumab is an investigational IL-23p19 inhibitor currently being evaluated in patients with moderate-to-severe plaque psoriasis

Sun Pharmaceutical Industries along with its subsidiaries or associate companies (collectively Sun Pharma) has entered into a licensing agreement with Almirall for development and commercialization of tildrakizumab for psoriasis in Europe. Tildrakizumab is an investigational IL-23p19 inhibitor currently being evaluated in patients with moderate-to-severe plaque psoriasis.

Under terms of the license agreement, Almirall will pay Sun Pharma an initial upfront payment of $50 million. Phase-3 studies of tildrakizumab have recently been completed. Sun Pharma will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales, the terms of which are confidential.

Sun Pharma will continue to lead development of tildrakizumab for other indications, where Almirall will have right of first negotiation for certain indications in Europe. Additionally, the license agreement has a provision for possible co-promotion agreement at some point in the future, subject to certain conditions.
source: ventura

 

Zen Technologies bags order worth Rs 30 crore from Egypt government

The order is to provide range of training equipment including Smart Target Systems

Zen Technologies, a pioneer in simulation technology based training solutions, has bagged the biggest export order till date, of about Rs 30 crore. The Ministry of Defence (MoD), Government of Egypt has chosen Zen Technologies to provide range of training equipment including Smart Target Systems. The company emerged as the front runner against tough international competition from global companies.

Zen Technologies, over the years, has developed expertise in designing, developing and manufacturing various types of simulators. The products developed in-house not only meet all qualitative standards but also are cost-effective.
source: ventura

 

Castrol India reports 12% rise in Q2 net profit

The company’s total income increased by 5.25% to Rs 988.10 crore for the quarter under review

Castrol India has reported results for the second quarter ended June 30, 2016.

The company has reported 12.14% rise in its net profit at Rs 206.90 crore for the quarter ended June 30, 2016 as compared to Rs 184.50 crore for the same quarter in the previous year. The company’s total income increased by 5.25% to Rs 988.10 crore for the quarter under review from Rs 938.80 crore for the corresponding quarter of the previous year.

Castrol India is the second largest player in the Indian lubricant industry and is the market leader in the retail automotive lubricant segment. It manufactures and markets a range of automotive and industrial lubricants.
source: ventura

 

Torrent Pharma reports 55% fall in Q1 consolidated net profit

Total Income of the company decreased by 22.30% to Rs 1571 crore for quarter under review

Torrent Pharmaceuticals has reported results for first quarter ended June 30, 2016.

The company has reported 59.83% fall in its net profit at Rs 337 crore for the quarter ended June 30, 2016 as compared to Rs 839 crore for the same quarter in the previous year. The company’s total income decreased by 29.64% to Rs 1367 crore for the quarter under review from Rs 1943 crore for the corresponding quarter of the previous year.

On the consolidated basis, the company has reported 55.08% fall in its net profit after taxes, minority interest and share of profit of associates at Rs 292 crore for the quarter ended June 30, 2016 as compared to Rs 650 crore for the same quarter in the previous year. Total Income of the company decreased by 22.30% to Rs 1571 crore for quarter under review from Rs 2022 crore for the quarter ended June 30, 2015.
source: ventura

 

Muthoot Finance acquires 38.23% stake in BIFPL for Rs 40 crore

The acquisition of further 10.32% from the existing shareholders is expected to be completed soon

Muthoot Finance has infused Rs 40 crore as fresh capital acquiring 38.23% of the expanded equity share capital of Belstar Investment and Finance (BIFPL), thereby holding 46.83% in the company. Further acquisition of 10.32% from the existing shareholders is expected to be completed soon thereby taking the total holding to 57.15% making it a subsidiary.

The company had earlier acquired 13.93% of the then existing equity share capital of Belstar Investment and Finance from existing shareholders. Belstar Investment and Finance is a registered Non Banking Finance Company (NBFC-MFI) headquartered at Chennai in state of Tamil Nadu.

Muthoot Finance is the largest gold financing company in India in terms of loan portfolio. The company is a Systemically Important Non-deposit taking NBFC headquartered in the southern Indian state of Kerala and with its corporate office in New Delhi.
source: ventura

 

Bharti Airtel reports 31% fall in Q1 consolidated net profit

Total Income of the company increased by 7.99% to Rs 25572.90 crore for the quarter under review

Bharti Airtel has reported results for the first quarter ended June 30, 2016.

The company has reported 30.29% fall in its net profit at Rs 1427.50 crore for the quarter ended June 30, 2016 as compared to Rs 2047.80 crore for the same quarter in the previous year. However, the company’s total income increased by 10.33% to Rs 16389.80 crore for the quarter under review from Rs 14855.90 crore for the corresponding quarter of the previous year.

On the consolidated basis, the company has reported 30.82% fall in its net profit after taxes and minority interest at Rs 1462.00 crore for the quarter ended June 30, 2016 as compared to Rs 2113.20 crore for the same quarter in the previous year. However, total Income of the company increased by 7.99% to Rs 25572.90 crore for the quarter under review from Rs 23680.80 crore for the same quarter ended June 30, 2015.
source: ventura

 

RPG Life Sciences inks pact to acquire seven prescription brands of Sun Pharma

The agreement is in line with company’s strategy to focus on formulations business

RPG Life Sciences of the RPG Group has signed an agreement to acquire seven prescription brands from Sun Pharmaceuticals Industries for Rs 41 crore. The agreement is in line with company’s strategy to focus on formulations business. The acquired brands are primarily in respiratory and urology segments.

In addition to this, three products will complement the company’s existing range. The deal is subject to approval by the Competition Commission of India (CCI).

RPG Life Sciences is an integrated pharmaceutical company operating in the domestic and international markets in the Branded Formulations, Global Generics, Synthetic and Fermentation APIs space. The company is a research based, pharmaceutical company, producing a wide range of quality, affordable medicines. Its brands are highly trusted by healthcare professionals and patients.
source: ventura

 

Dabur India plans to set up new production units

The company is pursuing a prudent growth strategy to manage risks and challenges and protect its turf in the face of intensifying competitive pressures

In a bid to set up new production units as well as expanding the existing plants in India and abroad, Dabur India is planning to invest about Rs 500 crore in this fiscal. The company is pursuing a prudent growth strategy to manage risks and challenges and protect its turf in the face of intensifying competitive pressures.

The company will also continue to focus on brand-building and leverage on its position of science-based Ayurveda specialist.

Dabur India is one of the largest FMCG Company in India. Building on a legacy of quality and experience of over 125 years, Dabur operates in key consumer products categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care & Foods.
source: ventura

 

Concor inaugurates port side container facility at Krishnapatnam Port, Andhra Pradesh

The facility is expected to foster trade, boost industrial growth and help in development of the region

Container Corporation of India (Concor) has inaugurated port side container facility at Krishnapatnam Port. The facility is expected to foster trade, boost industrial growth and help in development of the region.

The company had earlier entered into a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh to initiate three Multi-Modal Logistics Parks (MMLPs) in Visakhapatnam, Krishnapatnam and Kakinada.

Container Corporation of India was established in 1988 and works mainly in three verticals -- cargo terminal, terminal operator and warehouse operator.
source: ventura

 

NHPC restores Unit 1 of Parbati-III Power Station

The company has restored the unit on July 26, 2016

NHPC (formerly National Hydroelectric Power Corporation) has restored Unit 1 of Parbati-III power station on July 26, 2016 which was shut down since March 28, 2015. The company has recently inked a Memorandum of Understanding (MOU) on July 08, 2016 with Ministry of Power, Government of India for the year 2016-17.

NHPC is an Indian Hydro Power Generation company that was incorporated with an objective to plan, promote and organize an integrated and efficient development of hydroelectric power in all aspects.
source: ventura

 

Bharat Financial Inclusion issues Commercial Paper worth Rs 100 crore

The aggregate Commercial Paper outstanding as on date is Rs 275 crore

Bharat Financial Inclusion (formerly known as SKS Microfinance) has issued Commercial Paper of an aggregate amount of Rs 100 crore on July 27, 2016, which has been rated ‘A1+’ by a leading rating agency. The aggregate Commercial Paper outstanding as on date is Rs 275 crore.

Instruments with the aforesaid rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry the lowest credit risk.

Bharat Financial Inclusion 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.
source: ventura

 

Sun Pharma enters into license agreement with Almirall for Tildrakizumab

Tildrakizumab is an investigational IL-23p19 inhibitor currently being evaluated in patients with moderate-to-severe plaque psoriasis

Sun Pharmaceutical Industries along with its subsidiaries or associate companies (collectively Sun Pharma) has entered into a licensing agreement with Almirall for development and commercialization of tildrakizumab for psoriasis in Europe. Tildrakizumab is an investigational IL-23p19 inhibitor currently being evaluated in patients with moderate-to-severe plaque psoriasis.

Under terms of the license agreement, Almirall will pay Sun Pharma an initial upfront payment of $50 million. Phase-3 studies of tildrakizumab have recently been completed. Sun Pharma will be eligible to receive development and regulatory milestone payments and, additionally, sales milestone payments and royalties on net sales, the terms of which are confidential.

Sun Pharma will continue to lead development of tildrakizumab for other indications, where Almirall will have right of first negotiation for certain indications in Europe. Additionally, the license agreement has a provision for possible co-promotion agreement at some point in the future, subject to certain conditions.
source: ventura

 

PNB’s Q1 net profit declines 57%

Total income of the bank increased by 3.71% to Rs 13930.00 crore for the quarter under review

Punjab National Bank (PNB) has reported results for first quarter ended June 30, 2016.

The bank has reported a fall of 57.49% in its net profit at Rs 306.36 crore for the quarter ended June 30, 2016 as compared to Rs 720.71 crore for the same quarter in the previous year. However, total income of the bank increased by 3.71% to Rs 13930.00 crore for the quarter under review, from Rs 13432.05 crore for the corresponding quarter of the previous year.

The bank’s gross NPA for the April-June quarter of the current fiscal increased to 13.75%, as compared to 6.47% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 9.16% in Q1FY17.
source: ventura

 

ESCORTS Q1 PAT Rs.47cr vs Rs.36cr yoy, vs Rs.16cr (inc exp loss Rs.13cr) qoq

 

PNB Q1 PAT Rs.306cr vs Rs.721cr yoy, vs loss of Rs.5367cr qoq

 

Ambuja Cements secures 96,000 tons of coal from Junadhi Mines

The company has participated in the auction of coal linkages for cement sector

Ambuja Cements has participated in the auction of coal linkages for cement sector and secured a linkage of 96,000 tons of coal at a premium of Rs 80 per ton over the base price of Rs 970 per ton from Junadih siding of South Eastern Coalfields.

Ambuja Cements is a part of a global conglomerate Holcim. The company has five integrated cement manufacturing plants and eight cement grinding units across the country.
source: ventura

 

SURYALAXMI COTTON Q1 PAT Rs.8cr vs Rs.7cr yoy, vs Rs.9cr qoq

 

SOMANY CERAMICS Q1 PAT Rs.18cr vs Rs.10cr yoy, vs Rs.26cr qoq

 

Escorts reports 33% jump in Q1 net profit

The company’s total income increased by 9.10% to Rs 1061.84 crore for the quarter under review

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

The company has reported 33.47% rise in its net profit at Rs 46.96 crore for the quarter ended June 30, 2016 as compared to Rs 35.18 crore for the same quarter in the previous year. The company’s total income increased by 9.10% to Rs 1061.84 crore for the quarter under review from Rs 973.24 crore for the corresponding quarter of the previous year.

Escorts offer a comprehensive range of tractors with more than 45 variants starting from 25 to 80 HP. The company also manufactures and markets a diverse range of equipments like cranes, loaders, vibratory rollers and forklifts.
source: ventura

 

GLAXO PHARMA Q1 PAT Rs.72cr vs Rs.93cr yoy, vs Rs.106cr (inc exp inc of Rs.16cr) qoq