ACC Q1 Results: Net profit rises 74% YoY to Rs 563 crore

ACC Limited reported a 74.17% year-on-year (YoY) increase in consolidated net profit to Rs 562.69 crore for the quarter ended March (Q1 CY21). The company follows the January-December financial year cycle. Its total revenue rose 22.7% YoY to Rs 4,291.97 crore during the same period. Cement sales volumes increased by 21.5% YoY to 7.97 million tonnes in Q1. ACC has commissioned a new grinding unit at Sindri Industrial Township at Dhanbad district in Jharkhand with a capacity of 1.4 million tonnes per annum (MTPA).

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IEX launches cross-border electricity trade on power trading platform

Indian Energy Exchange (IEX) has launched Cross Border Electricity Trade (CBET) on its power trading platform. This will help IEX expand its power markets beyond India to the South Asian region. The government-designated nodal agency for CBET is NTPC Vidyut Vyapar Nigam Ltd (NVVN), a wholly-owned subsidiary of NTPC Limited. Currently, the CBET with neighboring countries for India stands at about 18 billion units (BUs), conducted through medium and long-term bilateral contracts.

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Bajaj Consumer Q4 Results: Net profit jumps two-fold to Rs 55 crore

Bajaj Consumer Care Limited reported over a two-fold YoY increase in consolidated net profit to Rs 54.67 crore for the quarter ended March (Q4). Its revenue from the sale of goods stood at Rs 244.86 crore in Q4, compared to Rs 172 crore in the corresponding period last year. Bajaj Consumer’s net profit for FY 2020-21 rose 20.76% YoY to Rs 223.13 crore. The FMCG firm’s Board of Directors has recommended a final dividend of Rs 4 per share.

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SC stays all further proceedings in Amazon-Future Retail case

The Supreme Court (SC), on Monday, stayed all further proceedings in the Amazon-Future-Reliance case before Single Judge and Division Bench of the Delhi High Court. A bench headed by Justice Rohinton F Nariman said the matter will be finally decided by the SC. The matter will be heard on May 4, 2021. The apex court was hearing an appeal of Amazon.com, Inc. challenging Delhi High Court’s decision to stay an order upholding an emergency arbitrator award restraining Future Retail Limited (FRL) from going ahead with its Rs 24,731 crore assets sale deal with Reliance Retail.

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Infosys partners with Copenhagen Fintech to establish ‘innovation bridge’ between India and the Nordics

Infosys Limited has announced a collaboration with Copenhagen Fintech to strengthen connections across the innovation ecosystem and support the development of new and compelling fintech solutions for the global financial services industry. Both companies will establish a ‘fintech innovation bridge’ between the Nordic countries (Denmark, Sweden, Finland, Norway) and India. This partnership will involve joint participation in events to facilitate the mutual sharing of deep industry expertise with Copenhagen Fintech’s corporate partners.

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Jubilant Pharma develops oral formultion of remdesivir

Jubilant Pharma has developed a novel oral formulation of Remdesivir, an anti-viral drug used to treat patients infected by Covid-19. The company said the oral formulation is likely to ease the capacity constraint that injectable formulations face. It will also ensure wider and timely availability of the drug to Covid-19 patients. Jubilant Pharma has sought authorisation for additional studies of the oral formulation from the Drugs Controller General of India (DCGI).

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Borosil Renewables’ board approves expansion plan with an outlay of Rs 1,000 crore

The Board of Directors of Borosil Renewables Limited has approved an expansion plan to raise its production capacity of solar glass by an additional 1,000 tonnes per day (TPD). The company’s processing capabilities will also be enhanced in one or two phases. The estimated outlay for this expansion plan is Rs 1,000 crore. Mumbai-based Borosil Renewables is the sole manufacturer of solar glass panels in India.

Heranba Industries gets GPCB approval to manufacture products at Saykha

Heranba Industries Ltd has received the ‘Consent to Establish’ (CTE) from the Gujarat Pollution Control Board (GPCB) to manufacture pesticides, fungicides, insecticides, and other products at its plot in Saykha Industrial Estate in Bharuch, Gujarat. The company has a land parcel measuring around 34,600 square metres at Saykha. It plans to set up a manufacturing unit with a capacity of 10,680 tonnes per annum at this plot. Heranba Industries expects to commence commercial production at this unit by September 2022.

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Trident opens six new showrooms across India

Trident Limited has opened six new exclusive showrooms across India for its bed and bath linen collections under Trident Home Decor Design. The newly opened showrooms are located in Kolkata, Jaipur, Chandigarh, Mohali, and Karnal. The total count of its exclusive showrooms has now increased to 18.

Caplin Steriles receives USFDA approval for Milrinone Lactate injection

Caplin Steriles has received final approval from the US Food and Drug Administration (USFDA) for generic Milrinone Lactate injection, used for short-term treatment of patients with acute decompensated heart failure. According to IQVIA data, Milrinone Lactate injection had US sales of around $24 million (~Rs 179 crore) for the 12 months ended December 2020. Caplin Steriles is a subsidiary of Caplin Point Laboratories Limited.

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Indian Oil Corp to supply oxygen to hospitals in Delhi, Haryana, Punjab

Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Limited (BPCL) have begun diverting oxygen produced at their refineries to meet the rising requirements of medical oxygen in states worst-hit by Covid-19. IOCL has begun the supply of 150 tonnes of oxygen at zero cost to various hospitals in Delhi, Haryana, and Punjab. BPCL will supply 100 tonnes of medical oxygen per month at no cost.

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