SpiceJet settles dispute with Credit Suisse

SpiceJet Ltd has signed and concluded the settlement, consent term with Credit Suisse in a pending dispute. The settlement involves payment of a certain amount upfront and the balance amount over a mutually agreed timeline. The airline had already provided a bank guarantee of $5 million under the direction of the Madras High Court in the matter. It claimed that there are no adverse financial liabilities on the company.

Read more here.

Adani Ports Q4 Results: Net profit falls 22% YoY to Rs 1,033 crore

Adani Ports & Special Economic Zone Ltd (APSEZ) reported a 21.78% YoY decline in consolidated net profit to Rs 1,033 crore for the quarter ended March (Q4 FY22). Its total income rose 8.5% YoY to Rs 4,418 crore during the same period. APSEZ achieved a total cargo volume of 312 million metric tonnes (MMT) in Q4, registering a growth of 26% YoY. 

Read more here.

J&J, Momenta files patent infringement lawsuit against Natco Pharma

Johnson & Johnson and Momenta Pharmaceuticals have filed a patent infringement lawsuit against Natco Pharma Ltd and its marketing partner Mylan Pharma in the US. The lawsuit alleges infringement of two old patents associated with Glatiramer Acetate injection (used to treat relapsing forms of multiple sclerosis in adults). Natco Pharma and Mylan said they will strongly defend this “meritless” suit.

Read more here.

IndiGo Q4 Results: Net loss widens to Rs 1,682 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,682 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 1,147.2 crore in Q4 FY21 and a net profit of Rs 130 crore in Q3 FY22. The revenue from operations rose 29% YoY to Rs 8,020.74 crore in Q4 FY22. The airline’s fuel expenses surged 68.2% YoY to Rs 3,220.6 crore in Q4.

Read more here.

Lupin to resize portfolio, slash costs in US biz

Lupin Ltd, which is struggling to grow sales in the US market, is planning to exit low-margin generic products and reduce cash burn through monetisation of various assets and specialty product capabilities. CEO Vinita Gupta said the company had already exited a few products filed from its Somerset facility in New Jersey. It has also identified 15-20 more products to exit.

Read more here.

Reliance Jio using drones for tower surveillance, upkeep ahead of 5G rollouts

Telecom giant Reliance Jio is using drones to run a pilot project around tower surveillance and upkeep across India. It plans to use the technology to survey sites and plan the next wave of tower rollouts for its upcoming 5G network deployments. The drones will be used to check the health of towers and Jio’s assets deployed on them. This move will help the telco drive time and cost efficiencies. 

Read more here.

NHPC Q4 Results: Net profit rises 6% YoY to Rs 467 crore

NHPC Limited reported a 5.61% YoY increase in consolidated net profit to Rs 467.15 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.05% YoY to Rs 1,674.31 crore during the same period. Total expenses rose 11.88% YoY to Rs 1,583.96 crore. NHPC’s board has declared a dividend of Rs 0.5 per share. 

The state-owned company’s board has also approved a proposal to raise debt up to Rs 6,300 crore in FY 2022-23.

Read more here.

KPIT Tech to acquire vehicle diagnostics specialists SOMIT Solutions

KPIT Technologies Ltd announced the acquisition of SOMIT Solutions, a cloud-based vehicle diagnostics specialist. The total consideration for 100% shareholding will not exceed 7.68 million pounds (~Rs 74.45 crore). The acquisition complements KPIT’s aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry.

Read more here.

Coal India Q4 Results: Net profit rises 46% YoY to Rs 6,693 crore

Coal India Ltd (CIL) reported a 45.91% YoY increase in consolidated net profit to Rs 6,692.94 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.5% YoY to Rs 32,706.77 crore during the same period. The company produced 209 million tonnes (MT) of coal in Q4 FY22, compared to 203.42 MT in Q4 FY21. CIL’s board has declared a dividend of Rs 3 per share. 

Read more here.

Latest

Advertisement