Union Cabinet approves additional Rs 14,775 crore for fertiliser subsidies

The Union Cabinet has approved the proposal of the Department of Fertilizers for fixation of ‘Nutrient Based Subsidy Rates’ for Phosphatic and Potassic (P&K) Fertilizers for the financial year 2021-22. The subsidy rate on Di-ammonium Phosphate (DAP) fertilisers has been hiked by Rs 700 per bag. The government will spend an additional amount of Rs 14,775 crore to increase subsidy support. This is to cushion the impact of the surge in global prices of commodities on farmers amid the crucial Kharif sowing season. 

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RITES Q4 Results: Net profit declines 1.6% YoY to Rs 141 crore

Rail India Technical & Economic Service (RITES) reported a 1.65% YoY decline in consolidated net profit to Rs 141.55 crore for the quarter ended March (Q4). Its revenue from operations rose 11.4% YoY to Rs 635.87 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 29.8% YoY to Rs 444.21 crore. The company’s board has declared a final dividend of Rs 4 per share. RITES is a leading player in the transport consultancy and engineering sector in India.

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LTI to acquire digital engineering firm Cuelogic for $8.4 million

Larsen & Toubro Infotech (LTI) Ltd has signed a definitive agreement to acquire Pune-based Cuelogic Technologies, a digital engineering and outsourced product development company. Cuelogic primarily focuses on developing cloud-native web and mobile applications and runs innovations lab as a service for its clients in the US and India. LTI will acquire the firm for $8.4 million (~Rs 61.5 crore). This is LTI’s seventh acquisition since it got listed in 2016.

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CESC Q4 Results: Net profit rises 15.5% YoY to Rs 423 crore

Calcutta Electric Supply Corporation (CESC) reported a 15.57% YoY increase in consolidated net profit to Rs 423 crore for the quarter ended March (Q4). Net profit has increased by 28.9% when compared to the previous quarter. Its total income rose 10% YoY (or 6% QoQ) to Rs 3,003 crore during the same period. CESC’s board has approved a proposal for a sub-division of equity shares. One equity share of the nominal value of Rs 10 each will be sub-divided into 10 equity shares of a nominal value of Re 1 each.

Dr. Reddy’s ordered to pay $46.25 million to Hatchtech

The International Centre for Dispute Resolution has ordered a subsidiary of Dr. Reddy’s Laboratories to pay $46.25 million (~Rs 340 crore) to Australia-based Hatchtech Pty. The subsidiary had signed an asset purchase agreement for a skin treatment lotion with Hatchtech in 2015. In July 2020, the subsidiary received approval from the US Food & Drug Administration (USFDA) for Xeglyze (abametapir) lotion. The approval triggered a contractual pre-commercialisation milestone payment of $20 million to Hatchtech Pty.

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Wipro partners with Exaware to upgrade 5G technology

Wipro Limited has entered into a strategic partnership with Israel-based Exaware, a provider of Open Network routing solutions. Through this partnership, both companies will develop advanced engineering solutions to support innovation in the networking industry, streamline 5G technology upgrades, and pave the way to 6G compatibility. Wipro and Exaware will develop engineering products, which will enable communication service providers to select different hardware and software vendors.

Alembic Pharma JV gets USFDA approval for testosterone topical solution

Aleor Dermaceuticals, a joint venture (JV) firm of Alembic Pharmaceuticals, has received final approval from the US Food & Drug Administration (USFDA) for Testosterone Topical Solution. The drug is used for treating testosterone deficiency. According to IQVIA data, Testosterone Topical Solution USP (30 mg per pump actuation) has an estimated market size of $21 million (~Rs 154 crore) for the 12 months ended March 2021. 

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Nureca Q4 Results: Net profit rises 63.45% YoY to Rs 3.89 crore

Nureca Limited reported a 63.45% YoY increase in consolidated net profit to Rs 3.89 crore for the quarter ended March (Q4). Net profit has declined by 38.25% when compared to the previous quarter. Its revenue from operations declined by 3.40% YoY to Rs 31.84 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 625% YoY to Rs 46.37 crore. The company’s board has recommended a final dividend of Rs 2 per share. Nureca is a business-to-consumer (B2C) firm that deals in home healthcare and wellness products.

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PNB Housing Finance says pricing for Rs 4,000 crore deal in line with market practice

PNB Housing Finance said the pricing of its proposed issuance of shares to investors (led by the Carlyle Group) was based on the “market practice” followed by listed companies and is in compliance with the applicable laws. On June 12, it was reported that market regulator SEBI would scrutinise the Rs 4,000 crore share sale after SES (a proxy advisory firm) pointed out that the deal is unfair to the company’s minority shareholders. 

In May 2021, PNB Housing Finance announced that it will raise Rs 4,000 crore from large investors led by existing stakeholder Carlyle Group, by issuing preference shares and warrants. These securities are priced at Rs 390 per share.

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KPIT Technologies receives NCLT approval for scheme of merger

The Mumbai Bench of the National Company Law Tribunal (NCLT) has approved the scheme of merger by absorption of Impact Automotive Solutions with KPIT Technologies Ltd and their respective shareholders. Impact Automotive was a wholly-owned subsidiary of KPIT Tech. Pune-based KPIT Technologies is a leading provider of software solutions for automotive companies.

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IPO Updates: 

Shyam Metalics 

The Rs 909-crore initial public offering (IPO) of Shyam Metalics and Energy Ltd was subscribed 121.43 times on the final day of bidding. The portion reserved for retail investors was subscribed 11.64 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 339.98 times and that of qualified institutional buyers (QIBs) 155.71 times. You can learn more about the IPO here

Sona BLW Precision Forgings 

The Rs 5,550-crore IPO of Sona BLW Precision Forgings Ltd was subscribed 2.28 times on the final day of bidding. The portion reserved for retail investors was subscribed 1.58 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 39% and that of qualified institutional buyers (QIBs) 3.46 times. You can learn more about the IPO here.

Dodla Dairy

The Rs 520-crore IPO of Dodla Dairy Ltd was subscribed 1.4 times on the first day of bidding. The portion reserved for retail investors was subscribed 2.73 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 14% and that of qualified institutional buyers (QIBs) 2%.

KIMS 

The Rs 2,144-crore IPO of Krishna Institute of Medical Sciences Ltd was subscribed 27% on the first day of bidding. The portion reserved for retail investors was subscribed 100%. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2% and that of qualified institutional buyers (QIBs) 14%.

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