The December quarter earnings scorecards of the following companies will be released on February 7: Tata Consumer Products, Power Grid Corporation of India, Nestle India, Lupin, Manappuram Finance, Apollo Tyres, Ashoka Buildcon, Borosil Renewables, Cummins India, General Insurance Corporation of India, JK Paper, Parag Milk Foods, Protean eGov Technologies, Sobha, Trent, and Zuari Agro Chemicals.
CNBC-TV18, citing sources, reports that Paytm’s founder, Vijay Shekhar Sharma, met with Finance Minister Nirmala Sitharaman, as reported by One 97 Communications. Sharma will almost certainly be required to address the present state of affairs concerning Paytm.
FSN E-Commerce Ventures: For the quarter ending December FY24, the operator of the Nykaa brand reported a 106 percent year-on-year increase in net profit to Rs 17.5 crore, on the strength of a 22 percent increase in revenue to Rs 1,788.8 crore and a 29 percent increase in gross merchandise value compared to the same period last year. EBITDA rose by 26 percent year over year to Rs 98.8 crore in Q3 FY24, and the margin increased by 20 basis points to 5.5 percent.
Biocon: The US FDA has granted provisional approval to the biopharmaceutical company’s ANDA for Dasatinib tablets in the following strengths: 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg. This product is approved for the treatment of chronic myeloid leukaemia in adults with Philadelphia chromosome positivity.
The Competition Commission of India (CCI) has given Zurich Insurance Company permission to purchase a 70% stake in Kotak Mahindra General Insurance Company, which belongs to Kotak Mahindra Bank. Zurich Insurance intends to attain a 51 percent ownership interest in Kotak Mahindra General Insurance Company by means of infusions of new development capital and the acquisition of shares. Furthermore, Zurich Insurance intends to gradually acquire an additional 19 percent stake in Kotak Mahindra General Insurance.
Due to its high base, Britannia Industries’ consolidated profit for the quarter ending December FY24 was Rs 555.66 crore, a significant decrease of 40.4 percent compared to the same period last year. The net profit for the third quarter of fiscal year 23 incorporated exceptional gains amounting to Rs 375.6 crore. For the quarter, revenue from operations increased 1.4% year-over-year to Rs 4,256.3 crore.
Max Financial Services disclosed a consolidated profit of Rs 171.2 crore for the third quarter of fiscal year 24 (FY24), depreciating 36.4% in comparison to the corresponding period of the previous fiscal year. Quarterly revenue from operations increased by 39 percent year-over-year to Rs 12,356 crore. The Insurance Regulatory and Development Authority of India (IRDAI), subject to the concurrence of the Competition Commission of India (CCI), has approved the capital infusion of Rs 1,612 crore by Axis Bank into Max Life in the interim.
The circuit limit for 154 stocks, including Honasa Consumer, Adani Green Energy, Adani Total Gas, Rail Vikas Nigam, Indian Railway Finance Corporation, Patanjali Foods, The New India Assurance Company, Reliance Infrastructure, Spencers Retail, Atul Auto, Talbros Engineering, PTC Industries, DCM, Bliss GVS Pharma, Jindal Hotels, Nitin Castings, Jumbo Bag, and Kokuyo Cam, has been increased from 10 percent to 20 percent.
The United States Food and Drug Administration (FDA) has granted approval to the pharmaceutical company Lupin for its abbreviated new drug application for Bromfenac ophthalmic solution, which aims to introduce a generic alternative to Sun Pharmaceutical Industries’ BromSite ophthalmic solution in the United States. Lupin holds the first-to-file exclusivity for this product. Bromfenac ophthalmic solution is prescribed to patients undergoing cataract surgery for the prevention of ocular irritation and the management of postoperative inflammation.
Despite reduced topline and operating figures, NLC India, a coal mining company, reported a consolidated net profit of Rs 250.4 crore for the October–December period of FY24, compared to a loss of Rs 406.7 crore during the same period of the previous fiscal year. During the quarter, consolidated revenue from operations decreased by 14 percent year-over-year to Rs 3,164.4 crore.
JB Chemicals & Pharmaceuticals: The organisation revealed a robust operating performance during the third quarter of fiscal year 24 as it reported a net profit of Rs 134 crore, representing a year-on-year increase of 26 percent. In the third quarter of fiscal year 24 (Q3 FY24), revenue from operations increased by 7% year-over-year to Rs 845 crore, with the domestic formulations business expanding by 14% year-over-year, while the international formulations business declined by 0.8% to Rs 383 crore. Narayan Saraf has been designated as the Chief Financial Officer of JB Chemicals, effective February 23, 2020.
Berger Paints: The paint manufacturer achieved a consolidated profit growth of 49.2 percent year-on-year to Rs 300.2 crore for the period of October to December in fiscal year 24. Strong operating figures and lower input costs were the driving forces behind this achievement. For the quarter, revenue from operations increased by 7 percent year-over-year to Rs 2,882 crore.