Nestle India Q4 Results: Net profit rises 2% YoY to Rs 483 crore

Nestle India reported a 2.25% YoY increase in net profit to Rs 483.3 crore for the fourth quarter ended December (Q4). The company follows the January-December financial year cycle. Its revenue grew 9% YoY to Rs 3,432.6 crore during the same period. Nearly two-thirds of the company’s key brands like Maggi Noodles, Kitkat, and Nescafe Classic posted double-digit growth last year. Nestle’s board has declared an interim dividend of Rs 65 per share.

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Adani Ports completes acquisition of Dighi Port for Rs 650 crore

Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of debt-ridden Dighi Port for Rs 650 crore under the bankruptcy law. The resolution plan submitted by APSEZ also includes the settlement of unpaid dues of Rs 11.39 crore to the Maharashtra Maritime Board. With this acquisition, APSEZ has expanded its presence to 8 out of the 9 Indian coastal states.

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Varun Beverages Q4 Results: Net loss at Rs 7.2 crore

Varun Beverages Ltd reported a net loss of Rs 7.2 crore for the fourth quarter ended December (Q4). It had posted a net loss of Rs 54 crore in the corresponding period last year (Q4 CY20). The company follows the January-December financial year cycle. Revenue increased 9% YoY to Rs 1,351.3 crore in Q4. Varun Beverages is a key player in the beverage industry and one of the largest franchisees of PepsiCo in the world (outside USA).

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Axis Bank-United India Insurance case settled for Rs 41.43 lakh: SEBI

The Securities and Exchange Board of India (SEBI) announced that the Axis Bank-United India Insurance case has been settled for Rs 41,43,750. The case pertained to alleged lapses in disclosures with respect to change in promoter’s shareholding in Axis Bank. The entities were alleged to have violated Prohibition of Insider Trading (PIT) norms.

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Biocon Biologics to partner with International Diabetes Federation

Biocon Biologics, a subsidiary of Biocon Ltd, has partnered with the International Diabetes Federation (IDF) to promote and support IDF’s core mission initiative and activities. It will be the first biosimilar insulin company to partner with IDF. This partnership takes forward Biocon Biologics’ mission of enabling affordable access to insulins to people with diabetes worldwide.

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BankservAfrica selects TCS BaNCS for payment solutions

Tata Consultancy Services (TCS) announced that South African Bankers Services Company Proprietary (BankservAfrica) has selected TCS BaNCS to drive the Rapid Payments Program (RPP) in South Africa. RPP is a national initiative to introduce a next-generation, easy-to-use, real-time retail payments system for the growing payments ecosystem in South Africa. The TCS BaNCS solution will provide BankservAfrica with an ultra-high performance, low latency, and scalable solution to meet the needs of RPP.

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Jubilant Foodworks forms subsidiary in Netherlands

Jubilant Foodworks Ltd has formed a wholly-owned subsidiary in the Netherlands to explore business opportunities in the food service industry in the European country. The subsidiary, known as Jubilant Foodworks B.V., was incorporated on February 15, 2021. Jubilant Foodworks operates fast-food chains such as Domino’s Pizza, Dunkin’ Donuts in India.

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Nureca IPO subscribed 15 times on second day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Limited was subscribed 14.77 times on the second day of bidding. The issue has received bids for 2.07 crore equity shares, as against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 80.33 times, while that of employees was subscribed 2.49 times. The portion set aside for non-institutional investors witnessed a subscription of 1.49 times.

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Infosys unit acquires New Business and Underwriting platform from STEP Solutions

Infosys McCamish Systems, a US-based subsidiary of Infosys BPM, has announced the strategic purchase of a state-of-the-art New Business and Underwriting platform from STEP Solutions Group LLC. The platform will help ease the complexity of all types of insurance products such as Life, Annuity, and Health for individuals and groups across North America. Infosys BPM is the Business Process Management arm of Infosys Limited.

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RailTel IPO subscribed 2.63 times on first day of bidding

The Rs 820-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 2.63 times on the first day of bidding. The issue received bids for 16.13 crore equity shares, as against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 4.99 times, while that of employees was 81% subscribed. The portion set aside for non-institutional investors witnessed a subscription of 75%.

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Glenmark Pharma launches kidney cancer treatment drug in India

Glenmark Pharma has launched a generic kidney cancer treatment drug ‘Sunitinib Oral Capsules’ in India. The drug is priced approximately 96% lower compared to the innovator brand. Sunitinib is also approved by the US Food and Drug Administration (USFDA).

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