Nestle India Q1 Results: Net profit rises 15% YoY to Rs 602 crore

Nestle India reported a 14.6% year-on-year (YoY) increase in net profit to Rs 602 crore for the quarter ended March (Q1). The company follows the January-December financial year cycle. Its revenue from operations rose 8.6% YoY to Rs 3,610.8 crore during the same period. Domestic sales rose 10.2% YoY and the e-commerce segment grew 66% YoY in Q1 CY21. Nestle India’s board has declared an interim dividend of Rs 25 per share.

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PM Modi rules out nationwide lockdown against Covid-19

In his address to the nation, Prime Minister Narendra Modi ruled out nationwide lockdown as a measure to curb the second wave of the Covid-19 pandemic. He has urged states to ensure that lockdowns are only chosen as the last resort. PM Modi said India’s citizens have fought against the pandemic with discipline and patience, and must continue to do so. The pharma sector has taken serious steps to increase the production of vaccines as well as medicines.

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India’s second Covid-19 wave may have deeper economic impact: Nomura

According to analysts at Nomura, stricter restrictions imposed by states to limit the spread of Covid-19 in India could deepen the economic impact of the second wave in the coming weeks. Nomura India Business Resumption Index (NIBRI) shows mobility is hit, while power demand and labour participation rate remain largely unaffected so far. NIBRI (which tracks ultra-high frequency data) fell to 83.8 as of April 18, as against 88.4 a week ago.

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Cadila Healthcare to double Covid-19 vaccine capacity  

Cadila Healthcare Limited said it expects to receive regulatory approval for its Covid-19 vaccine by June. The pharma company will potentially ramp up vaccine capacity to 24 crore annual doses as India tries to contain the world’s fastest-growing coronavirus outbreak. Cadila is expecting efficacy readings from its last stage of clinical trials in May. 

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Adani Enterprises incorporates wholly-owned subsidiary Mundra Petrochem

Adani Enterprises Limited has incorporated a wholly-owned subsidiary— Mundra Petrochem Ltd (MPL). MPL was established with the objective to set up various feedstock (coal, petcock, coke, oil, LPG, LNG, etc) based refinery, petrochemical, and chemical plants in a phased manner in India. The company will also undertake activities associated with land acquisition, design & engineering, power & infrastructure management, sale & marketing, and trading.

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Swaraj Engines Q4 Results: Net profit rises 105% YoY to Rs 32 crore

Swaraj Engines Limited reported a 105.56% YoY increase in net profit to Rs 32.56 crore for the quarter ended March (Q4). Its revenue from operations rose 74% YoY to Rs 304.91 crore during the same period. The company’s board has recommended a final dividend of Rs 50 per share and a special dividend of Rs 19 per share. Swaraj Engines is engaged in the manufacturing of engines for fitment into Swaraj tractors, which is manufactured by Mahindra & Mahindra (M&M) at its Swaraj Division.

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Ramco Systems offers its Global Payroll solution on Oracle Cloud Marketplace

Ramco Systems Limited has announced the availability of its Global Payroll solution on Oracle Cloud Marketplace, which is a centralised repository of enterprise applications offered by Oracle and Oracle partners. As a part of the collaboration, Ramco will integrate its payroll platform across 50+ countries with Oracle Fusion Cloud Human Capital Management (HCM), thereby enabling HR and payroll transformation for large enterprises.

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Easy Trip Planners announces interim dividend of Rs 2 per share

Easy Trip Planners Ltd has announced an interim dividend of Rs 2 per share for 100% of its equity shares. The company’s board has set the record date as April 28, 2021. The amount will be paid, dispatched on or before May 18, 2021. “The interim dividend marks a major milestone in the company’s commencement of its journey as a listed firm and we intend to keep the company strong and profitable,” said Nishant Pitti, CEO and Co-Founder of Easy Trip Planners.

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Central Bank of India to issue shares to the Govt at Rs 17.11 per share

The Board of Directors of Central Bank of India has approved the allotment of up to 280.53 crore equity shares (of the face value of Rs 10 each) at an issue price of Rs 17.11 per share to the Government of India on a preference basis. The total issue size aggregates to Rs 4,800 crore. The issue is subject to the approval of shareholders, the Reserve Bank of India (RBI), and other statutory authorities.

Saregama India signs long-term music deal with Sanjay Leela Bhansali

Saregama India Limited has come on board as the music label for three forthcoming projects of award-winning filmmaker Sanjay Leela Bhansali.  These projects will be the Alia Bhatt-starrer Gangubai Kathiawadi— the music rights of which has been acquired from Pen Studios, the next untitled Bhansali directorial, and his first non-film Hindi originals album that will have music composed by him. Kolkata-based Saregama India is the oldest music label in our country, owned by RP-Sanjiv Goenka Group.

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