ITC Q4 Results: Net profit falls 3% YoY to Rs 3,755 crore

ITC Limited reported a 3% YoY decline in consolidated net profit to Rs 3,755 crore for the quarter ended March (Q4). Net profit has increased by 6.4% when compared to the previous quarter. The FMCG firm’s consolidated revenue from operations rose 22.6% YoY to Rs 15,404 crore during the same period. The revenue from its hotel business declined by 38% YoY to Rs 302 crore. ITC’s cigarette business reported an 11.5% YoY increase in revenue to Rs 6,508 crore in Q4. The company’s board has recommended a final dividend of Rs 5.75 per share.

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Manufacturing PMI drops to 10-month low in May

Factory activity in India fell to the lowest level in 10 months in May, as the surge in Covid-19 cases caused a severe impact on new orders and output. Overall manufacturing activity has slowed down, and job loss has accelerated. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 50.8 in May, compared with 55.5 in April. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.

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Auto companies post sharp fall in sales in May amid second wave

Automakers posted a sharp fall in sales in May 2021 due to the resurgence of the Covid-19 pandemic. India’s largest automaker Maruti Suzuki posted a 71% decline in total sales to 46,555 units in May, compared with 1.59 lakh units in April. Mahindra & Mahindra’s passenger vehicle (PV) sales in May fell 56% over the previous month. Tata Motors’ PV sales declined by 40% month-on-month (MoM) to 15,181 units during the same month. TVS Motor Company reported a 30.16% fall in total sales to 1.66 lakh units in May over the previous month.

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Salasar Techno Q4 Results: Net profit rises 163% YoY to Rs 9.85 crore

Salasar Techno Engineering reported a 163.36% YoY jump in consolidated net profit to Rs 9.85 crore for the quarter ended March (Q4). Its revenue from operations rose 94.73% YoY to Rs 211.50 crore. For the financial year ended March 31, 2021 (FY21), net profit rose 33.61% YoY to Rs 28.89 crore. The company’s board has approved the proposal of issuing bonus shares in the ratio 1:1. Its board has also declared a final dividend of Re 1 per share.

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BSE signs MoU with ESC to encourage listing of startups

Bombay Stock Exchange (BSE) has signed a Memorandum of Understanding (MoU) with Electronics and Computer Software Export Promotion Council (ESC) to create awareness about the benefits of listing among small businesses and startups. ESC will utilise its pan India network of electronics and IT exporters and evaluate the small and medium enterprises (SMEs) and startups amongst these for listing on the BSE SME platform. ESC will also assist in sensitising its investor network for investing in SMEs listed on the BSE SME platform.

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Balrampur Chini Q4 Results: Net profit declines 2% YoY to Rs 235 crore

Balrampur Chini Mills Ltd reported a 2.46% YoY decline in consolidated net profit to Rs 235.5 crore for the quarter ended March (Q4). Its revenue from operations declined by 41.41% YoY to Rs 1,019.35 crore during the same period. The company’s revenue from sugar manufacturing fell 41.8% YoY to Rs 1,031.3 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit declined by 3% YoY to Rs 199.51 crore.

The Board of Directors of Balrampur Chini Mills has approved an investment of Rs 425 crore for establishing a new distillery facility with a capacity of 320 kilo-litres per day (KLPD). The unit is scheduled to commence operations from December 2022.

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Glenmark Pharma launches anti-epileptic drug in the US

Glenmark Pharmaceuticals Ltd announced the launch of anti-epileptic drug Rufinamide tablets in the US market. The newly launched drug is a therapeutic equivalent of Banzel tablets of Japan-based Eisai, Inc. The drug is used in combination with other medications to treat children with Lennox-Gastaut syndrome, a severe form of epilepsy that causes developmental problems. According to IQVIA data, Banzel tablets had achieved annual sales of approximately $285.3 million (~Rs 2,079 crore) for the 12 months ended April 2021.

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Radico Khaitan Q4 Results: Net profit rises 91% YoY to Rs 73.55 crore

Radico Khaitan Ltd reported a 91.3% YoY increase in consolidated net profit to Rs 73.55 crore for the quarter ended March (Q4). Its revenue from operations rose 18.7% YoY to Rs 694.73 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 18.9% YoY to Rs 270.56 crore. The company’s board has recommended a dividend of Rs 2.4 per share. Radico Khaitan is one of the leading manufacturers of Indian-Made Foreign Liquor (IMFL).

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SEBI bans 8 entities in Infosys insider trading case

Market regulator SEBI has banned eight entities, including two Infosys employees, from trading in the stock market due to violation of insider trading norms. An investigation conducted by SEBI revealed that two employees of Infosys were found to have used insider information to trade in the IT company’s stock last year. The value of illegal gains to the tune of Rs 3.06 crore has been impounded from Capital One Partners, Tesora Capital, and several individuals associated with both firms.

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Honeywell Automation Q4 Results: Net profit declines 6% YoY to Rs 104 crore

Honeywell Automation reported a 6.4% YoY decline in net profit to Rs 104.02 crore for the quarter ended March (Q4). Net profit has declined by 30.6% when compared to the previous quarter. Its revenue from operations fell 4.48% YoY to Rs 672.70 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.4% YoY to Rs 460.04 crore. The company’s board has declared a dividend of Rs 85 per share. Honeywell Automation is a leading provider of integrated automation and software solutions.

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Gujarat Gas Q4 Results: Net profit rises 40% YoY to Rs 350 crore

Gujarat Gas Ltd reported a 40.1% YoY increase in consolidated net profit to Rs 350.86 crore for the quarter ended March (Q4). Net profit has declined by 10.56% when compared to the previous quarter. Its revenue from operations rose 28.2% YoY to Rs 3,489.3 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 6.5% YoY to Rs 1,277.72 crore. The company’s board has declared a dividend of Rs 2 per share.

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