- Future Retail Ltd: The Kishore Biyani led company approached the Delhi High Court seeking relief against SIAC stay order on Rs24,713cr-deal with Reliance Industries. Future Retail has contended that Amazon is "misusing" the interim order passed by an emergency arbitrator of the Singapore International Arbitration Centre (SIAC) on 25 October, 2020.
- Biocon Ltd: The company in a filing to the stock exchanges said that it has approved a Rs1,125cr ($150 mn) capital injection from Goldman Sachs in its subsidiary Biocon Biologics. Goldman Sachs will be issued Optionally Convertible Debentures at a post-money equity valuation of $3.94bn. Biocon Biologics is engaged in developing high-quality, affordable biosimilars that expand patient access to a cutting-edge class of therapies across the world.
- IRCON International Ltd: The government is planning to sell up to 15% of its stake in railway engineering company IRCON International Ltd through an offer-for-sale of shares. The government currently holds 89.18% stake in IRCON International Ltd. At the current market price, the government could raise about Rs540cr by selling 15% stake.
- Godfrey Phillips Ltd: Director Ruchir Modi has written to the corporate affairs ministry seeking an SFIO and Sebi probe alleging serious corporate governance issues and other malpractices in the company. In a letter he points out that his grandmother Bina still runs the company as the president and managing director despite her ouster by public shareholders.
- ITC Ltd: The company reported a 19.65% year-on-year drop in standalone net profit to Rs3,232.40cr. The revenue from cigarettes dropped to Rs5,121.30cr from Rs5,326.83cr a year ago. Its revenue from hotels business fell sharply to Rs81.96cr from Rs426.63cr in the year before. The hotel business has been severely impacted due to the coronavirus outbreak and lockdown.
- IPCA Labs Ltd: Drug maker Ipca Laboratories reported 38% rise in consolidated net profit at Rs266.7cr for the second quarter ended September 30, 2020. Revenue from operations rose to Rs1,361.1cr in the quarter as against Rs1,283.9cr in the same period a year ago.
- ONGC: The oil explorer has invited bids from global oil and gas companies for undertaking work to boost production from its ageing fields as it looks to reverse declining output. The 15-year Production Enhancement Contract (PEC) will require firms to commit to investing in capital and operating expenditure to increase production, higher than the existing baseline output, according to the tender document. A tariff will be paid in USD per barrel of oil and USD per mn British thermal units for gas for any incremental hydrocarbon produced and saved over the baseline.
- Laxmi Vilas Bank: Lakshmi Vilas Bank has given Clix Group “all the documents” on its contingent liability related to Religare Finvest deposits, instruments the bank had set off against unpaid loans given to private firms of the erstwhile Religare promoters Malvinder and Shivinder Singh. Clix wanted Lakshi Vilas to make full provisions against the liability amounting to Rs794cr ahead of the proposed merger. The bank holds a contingent provision of Rs200cr, which is not included in tier I/tier II capital calculations. Hence, Clix wanted it to provide the balance Rs594cr.
- Divi’s Laboratories Ltd: The drugmaker said that its consolidated net profit rose 46% to ₹520 crore for the quarter ended 30 September, 2020. Consolidated revenue from operations increased 21% to Rs1,749cr as compared to Rs1,446cr in September 2019. Divis lab said that it has not experienced any significant impact on its operations, supply chain and recoverability of carrying amounts of financial and non-financial assets due to COVID 19 pandemic.
- Cipla Ltd: Drug major reported a 41.18% jump in its consolidated net profit at Rs665.43cr for the second quarter ended September 30, 2020, driven by strong sales in all markets. The total revenue from operations rose by 14.62% to Rs5,038.29cr, from Rs4,395.78cr in September quarter of 2019. India business grew by 17% yoy and 33% qoq with strong growth across the three businesses and continued servicing of patients with COVID-19 portfolio.
U.S. stocks closed mostly flat on Friday as traders looked for clarity around the presidential and congressional election results. The results, confirming Joe Biden as the 46th President of USA was announced over the weekend. The Dow Jones Industrial dipped 66.78 points, or 0.2%, to end the day at 28,323.40. The S&P 500 ended the session down about 1 point at 3,509.44. The Nasdaq Composite rose less than 0.1% to 11,895.23.
Joe Biden on Saturday defeated Donald Trump to become the United States 46th president. Kamala Harris also made history with her election as Biden’s vice president, the first time a woman, and a woman of color, won the second highest position.