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  • Sun Pharma, Alembic recall products in US market

    Leading drug makers Sun Pharma and Alembic Pharmaceuticals are recalling different products in the US, the world's largest market for medicines. As per the latest Enforcement Report by the US Food and Drug Administration (USFDA), US-based unit of Sun Pharma is recalling 91,211 pre-filled syringes of Ganirelix Acetate injection due to "failed impurities/degradation specifications".

    Source : economictimes | Mumbai 12:16 IST | April 18, 2021

  • Glenmark arm files IPO papers with SEBI

    Glenmark Life Sciences Limited, a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited, has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer. Glenmark Pharma holds 100% stake in Glenmark Life Sciences, which is primarily into manufacturing and marketing of Active Pharmaceutical Ingredients (APIs).

    Source : The Hindu Business | Mumbai 22:23 IST | April 17, 2021

  • HDFC Bank sets aside 500cr for compound interest waiver

    Indias largest private lender HDFC Bank on Saturday said it has set aside 500cr as provisions to cover the Supreme Court-directed compound interest refund to all borrowers during the March-August period. Mint had reported that while the banking sector lobby body IBA requested the government to reimburse them for the compound interest waiver, the government is not too keen.

    Source : livemint | Mumbai 20:05 IST | April 17, 2021

  • HDFC Bank Q4 takeaways: Asset quality steady, arm HDBs health improves

    In a quarter where earnings of banks are expected to be hit by the recognition of Covid-related stress following the Supreme Courts order, HDFC Bank today reported steady earnings for the quarter ended March.

    Source : economictimes | Mumbai 17:26 IST | April 17, 2021

  • HDFC Bank Q4 net profit jumps 18% but falls short of estimates

    Private sector lender HDFC Bank on Saturday reported an 18.17% year-on-year (y-o-y) jump in net profit for the three months to March owing to a rise in net interest income (NII) and other income. Net profit during the quarter rose to 8,186.51cr compared to 6,927.69cr reported in the same quarter last year.

    Source : livemint | Mumbai 15:15 IST | April 17, 2021

  • HDFC Bank Q4 net profit rises 18% YoY to Rs8,186cr

    India's largest private lender HDFC Bank on Saturday reported a 18% year-on-year growth in standalone net profit for the quarter ended March 2021 (Q4FY21) at Rs8,186cr. However, sequentially, the standalone net profit declined 6.5% compared with Rs8,758 in the December quarter (Q3FY21). In Q3FY21, gross NPA of the bank was 0.81%.

    Source : Business Standard | Mumbai 14:49 IST | April 17, 2021

  • EPF, PPF interest rate should be equal suggests SBI research team

    The State Bank of India (SBI) economic research team led by Dr. Soumya Kanti Ghosh has advised Government of India (GoI) to bring parity in Employees' Provident Fund (EPF) and Public Provident Fund (PPF) interest rate. The SBI research team went on to add that one of the key components of financial savings of households in India is small savings and its interest rates are administratively determined.

    Source : livemint | Mumbai 14:05 IST | April 17, 2021

  • Ashok Leyland supplies first batch of Light Bullet proof Vehicles for Indian Air

    Ashok Leyland Ltd has announced the delivery of the first batch of light bullet proof vehicles (LBPV) to the Indian Air Force (IAF). Companies like Tata Motors Ltd, Ashok Leyland, Mahindra and Mahindra have been focused on increasing their defence businesses to reduce dependence on core commercial vehicle manufacturing.

    Source : livemint | Mumbai 12:45 IST | April 17, 2021

  • Q4 results: Mindtree reports revenue growth of 5.2% q-o-q, EBITDA at 21.9%

    Mindtree, a global technology services and digital transformation company guiding its clients to achieve faster business outcomes, announced its consolidated results today for the fourth quarter ended March 31, 2021, as approved by its board of directors. o $5mn clients grew by 1, total 44* People:o 23,814 Mindtree Minds as of March 31, 2021.

    Source : Business Standard | Mumbai 11:09 IST | April 17, 2021

  • Brokerages maintain mixed views on Wipro post Q4 results

    Brokerages have a mixed view on Wipro even as the company posted a strong fourth quarter results. CLSA has maintained an underperform rating on with a target price of Rs450, revised up from Rs440. Increasing target price to Rs465 from Rs440 and retaining a hold rating, HSBC said a few more quarters of sustainable growth is needed to drive valuation upwards. Kotak Institutional has retained an add.

    Source : economictimes | Mumbai 10:36 IST | April 17, 2021

  • Promoters of packaging firm Polyplex plan to exit via 1,500cr stake sale

    Businessman Sanjiv Saraf and his family aim to sell their promoter holding in Noidbased polyester film making firm Polyplex Corp. Ltd for at least 1,500cr. The demand for acquiring control in packaging companies has been growing.

    Source : livemint | Mumbai 23:15 IST | April 16, 2021

  • Maruti Suzuki hikes price of selected models, others may follow suit

    Maruti Suzuki on Friday said it is increasing the prices of select models owing to a rise in various input costs. The weighted average increase in ex-showroom prices (Delhi) across models is 1.6%, it said in a regulatory filing. Automakers in India have been hiking prices this year, citing rise in various input costs.

    Source : Business Standard | Mumbai 22:59 IST | April 16, 2021

  • SBI puts up for sale NPA account MSP Metallics

    SBI has put up for sale non-performing asset (NPA) account MSP Metallics Ltd against which a total of 10 banks have collective loan outstanding of over Rs1,493cr. State Bank of India (SBI) has the highest share of lending (37.19%) to MSP Metallics amounting to Rs555.51cr. SBI said the sale will be subject to final approval of the other banks who are part of the consortium lending.

    Source : economictimes | Mumbai 22:37 IST | April 16, 2021

  • BHEL to procure goods worth Rs3000cr from small businesses annually: Official

    State-owned Bharat Heavy Electricals Ltd (BHEL) will procure Rs3,000cr of products from small businesses annually as part of the government's efforts to encourage them, a senior official said on Friday. The company has earmarked 300 products, which are to be picked up from the small and medium enterprises, its executive director Anil Joshi said while speaking at a webinar on reigniting growth for the MSMEs.

    Source : economictimes | Mumbai 21:57 IST | April 16, 2021

  • BHEL to procure goods worth Rs3k crore from small biz annually: Official

    State-owned Bharat Heavy Electricals Ltd (BHEL) will procure Rs3,000cr of products from small businesses annually as part of the government's efforts to encourage them, a senior official said on Friday. The company has earmarked 300 products, which are to be picked up from the small and medium enterprises, its executive director Anil Joshi said while speaking at a webinar on reigniting growth for the MSMEs.

    Source : Business Standard | Mumbai 21:39 IST | April 16, 2021

  • NTPC to issue NCDs worth 3,996cr

    NTPC has decided to issue unsecured non-convertible debentures worth 3,996cr on April 20, through the private placement route, at a coupon of 6.87% per annum. The proceeds will be used forthe funding of capital expenditure, refinancing of existing loans and other general corporate purposes. The bonds are proposed to be listed on the NSE.

    Source : The Hindu Business | Mumbai 21:13 IST | April 16, 2021

  • KDDL extends rights issue to May 3

    KDDL has extended the closing date of its rights issue by 10 days to May 3. The company plans to raise 25cr through the rights issue. On Friday, the stock of KDDL closed 20% higher at 361.85 on the BSE. The company has proposed to issue up to 10.87 lakh shares at 230 a share.

    Source : The Hindu Business | Mumbai 21:13 IST | April 16, 2021

  • Mindtree Q4 results: Net profit rises 54% to Rs317cr

    Mindtrees fourth quarter net profit rose 53.9% to Rs317.3cr, while revenues were up 2.9% to Rs2,109.3cr on large orders from global customers. We are proud to deliver another strong quarter, driven by significant traction in our client portfolio globally, leading to revenue growth of 5.2%, Ebitda of 21.9%, and an order book of $375mn at the end of Q4, said Debashis Chatterjee, CEO and MD of the L&T Group company.

    Source : economictimes | Mumbai 20:56 IST | April 16, 2021

  • NTPC to raise Rs3,996cr via bonds next week

    State-owned power giant NTPC will raise Rs3,996cr through issuance of non-convertible bonds on Tuesday. "NTPC has decided to issue unsecured non-convertible bonds in the nature of debentures of Rs3,996cr on 20 April, 2021, through private placement at a coupon of 6.87% per annum with a door-to-door maturity of 15 years1 day on 21 April, 2036," a BSE filing said.

    Source : economictimes | Mumbai 19:46 IST | April 16, 2021