ONGC offers stake in KG block to foreign firms

Oil & Natural Gas Corporation (ONGC) is offering foreign companies a stake in its ultra deepsea gas discovery and a high-pressure, high-temperature block in the KG basin. The company is seeking technology partners and service providers for the development of the Deen Dayal West (DDW) block and the ultra-deep discoveries in Cluster-III of its KG-D5 area. Expressions of Interest (EoIs) have been invited by June 16, as per the tender floated by ONGC.

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Colgate-Palmolive India Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Colgate-Palmolive India Ltd (CPIL) reported a 2.8% YoY increase in net profit to Rs 323.57 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 1.4% YoY to Rs 1,293.35 crore during the same period. The oral care company’s total expenses increased by 1.2% YoY to Rs 871.85 crore in Q4. CPIL became a Rs 5,000 crore turnover company in FY22.

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Aurobindo Pharma’s arm gets USFDA approval for cancer drug

Eugia Pharma Specialties Ltd, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Pemetrexed injection. The drug is used in combination with other chemotherapy medications as the first treatment for a certain type of non-small cell lung cancer. As per IQVIA data, the product had an estimated market size of $1,272 million for the fiscal year ended March 31, 2022.

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Hindalco Q4 Results: Net profit doubles to Rs 3,851 crore

Hindalco Industries Ltd reported a 2x increase in consolidated net profit to Rs 3,851 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38% YoY to Rs 55,764 crore during the same period. EBITDA stood at Rs 7,597 crore in Q4, up 30% YoY. Hindalco’s aluminium sales grew 2% YoY at 336-kilo tonnes (KT) in Q4.

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RailTel, Esri India signs pact to offer cloud-based GIS solutions

RailTel Corporation of India Ltd has signed a Memorandum of Understanding (MoU) to provide cloud-based geographic information system (GIS) solutions to government-sector customers. Esri India has already developed the ‘Indo ArcGIS’ suite for government customers, which will now be available on RailTel Cloud. The suit includes industry-specific solution products for disaster management, land records, electric utility management, etc.

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IT Dept raids 34-40 premises of Asian Granito India

As per reports, Income Tax Dept officials have carried out searches at around 35-40 locations of Ahmedabad-based Asian Granito India Ltd. The raids were conducted a day after the ceramic wall and floor tile manufacturing company reported excellent financial performance in FY22. It had also announced plans to set up three state-of-the-art manufacturing facilities in value-added luxury surfaces and bathware segments at Morbi, Gujarat.

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Muthoot Finance Q4 Results: Net profit falls 4% YoY to Rs 960 crore

Muthoot Finance Ltd reported a 3.6% YoY decline in net profit to Rs 960 crore for the quarter ended March (Q4 FY22). Its total income fell 5% YoY to Rs 2,678.37 crore during the same period. Interest income fell 5.3% YoY to Rs 2,640.95 crore in Q4. The company’s consolidated assets under management (AUM) stood at Rs 64,494 crore, registering a growth of 11% YoY. 

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UPL announces supply agreement for Bayer’s Spirotetramat

UPL announced a new supply agreement for Spirotetramat, an insecticide developed by Bayer CropScience Ltd for integrated pest control. Through this long-term global data access and supply agreement, UPL will use its expertise in insecticides and global research & development network to register and distribute new differentiated solutions containing Spirotetramat.

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Kirloskar Industries Q4 Results: Net profit falls 99% YoY to Rs 0.12 crore

Kirloskar Industries Ltd reported a 99.82% YoY decline in consolidated net profit to Rs 0.12 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 38.16% YoY to Rs 1,037.36 crore during the same period. The company manufactures and sells iron castings in India. 

SEBI exempts govt from open offer for Vi

The Securities & Exchange Board of India (SEBI) has exempted the government from making an open offer to the shareholders of Vodafone Idea (Vi). The exemption is for the government’s proposed acquisition of over 33% stake in Vi as part of the telecom relief package. SEBI said the government has been exempted from such an offer since the sole purpose of the purchase of stake is saving the larger public interest.

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