Hit by Covid-19 related issues, Godrej Properties posted an 80 per cent drop in net profit in the second quarter of current financial year ended September 30, at Rs 7.10 crore, from Rs Rs 34.98 crore in corresponding quarter of previous financial year.
Tuesday, November 17, 2020
Godrej Properties Q2 net drops 80% to Rs 7.1 crore on Covid-19 impact
Franklin Templeton Mutual Fund's six shut schemes generate Rs 438 crore
Franklin Templeton Mutual Fund has said its six shut schemes have received Rs 438 crore from maturities, pre-payments and coupon payments in the second half of October.
India's GSPL says new pipeline to boost FY22 gas supply by a quarter
AHMEDABAD (Reuters) - Gas transmission by India's Gujarat State Petronet Ltd (GSPL) will rise by about a quarter in the next fiscal year starting from April as it links northern regions to an existing grid in the western state, a company official said on Tuesday.
Apple TV, other streaming apps arriving on new Xbox consoles on November 10
Microsoft has announced that Apple TV is coming to Xbox One and Xbox Series X and Xbox Series S gaming consoles on November 10.
TikTok announces a new licensing deal with Sony Music Entertainment
Chinese short-video making app TikTok has announced a new licensing agreement with Sony Music Entertainment (SME).
Ambani vs Bezos: A $3.4 bn battle for a pole position in Indian market
A vanilla commercial dispute is setting the stage for a clash between the world’s No. 1 and No. 6 richest men. But the legal wrangling is a sideshow. What Jeff Bezos and Mukesh Ambani are really fighting over is pole position in the only billion-plus-people consumer market available to both of them: India.
Unilever says UK High court approved cross-border merger between entities
LONDON (Reuters) - Unilever's cross-border merger between its Dutch and British corporate entities has been approved by the United Kingdom's High Court, the company said on Monday, marking the effective point of no return for the group's plan to become a single London-based entity.
South African firm and Johnson & Johnson strike vaccine deal South
Johnson & Johnson would be responsible for supplying the vaccine in large batches and Aspen would put it into vials and package it for individual doses, pending a final commercial agreement, said the statement issued by Aspen.
Aspen chief executive Stephen Saad said the company has invested more than 3 billion rand ($184 million) in its South African facility and has a track record of supplying drugs for the treatment of HIV/Aids and multi-drug-resistant TB.
The 7-day rolling average of daily new cases in South Africa did not increase over the past two weeks, going from 2.73 new cases per 100,000 people on Oct. 18 to 2.64 new cases per 100,000 people on Nov. 1.
The country has a total of 726,823 cases, representing more than 40% of all cases recorded in Africa, according to the Africa Centers for Disease Control and Prevention.
In July protesters demonstrated in Johannesburg against vaccine trials of a vaccine being tested by the University of Oxford, in which about 2,000 people were expected to participate.
The protesters told The Associated Press then that people chosen as volunteers for the trials were from impoverished backgrounds and not fully aware of the potential risks associated with clinical trials. However, academics running the trials said that all those participating were given considerable information about the trial and had to take an examination about the trial and pass with a rate of 80% Experts told a United Nations webinar in June this year that misinformation about testing fueled anti-vaccine sentiment in Africa.
Bandhan Bank Q2 net profit falls 5% to Rs 920 crore; NII rises 26%
Private sector lender Bandhan Bank on Monday reported a 5.3 fall in net profit for the September quarter (Q2FY21) at Rs 920 crore due to additional provisions made for Covid-related uncertainties, even as it saw a robust 26 per cent growth in net interest income (NII). It had earned a net profit of Rs 971.8 crore in the corresponding period last financial year.
Immigration dept stops NMC founder B R Shetty from flying to UAE: Report
NMC Health founder B R Shetty was prevented from departing to the United Arab Emirates (UAE) early on Saturday by immigration officials at Bengaluru airport, a source with direct knowledge of the matter said on Sunday.
ONGC books Rs 1,238 crore impairment loss, Q2 net profit down 55%
India's top oil and gas producer ONGC booked a Rs 1,238-crore impairment loss, which together with a fall in prices led to a 55 per cent drop in the company's September quarter net profit.
Reliance Retail Ventures acquires 96% holding in Urban Ladder for Rs 182 cr
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL) has acquired equity shares of Urban Ladder Home Decor Solutions Private Limited (UrbanLadder) for a cash consideration of Rs 182.12 crore.
Aurobindo, Zydus, Jubilant, others recall various products in US market
Indian drug firms like Marksans Pharma, Aurobindo Pharma, Zydus and Jubilant are recalling products in the US market, as per the latest enforcement report by the US Food and Drug Administration (USFDA).
Prestige Group's Q2 sales booking up 9% at Rs 1,123 cr despite slowdown
Realty firm Prestige Estates Projects' sales bookings rose 9 per cent year-on-year to Rs 1,123.3 crore during September quarter on better demand for its residential properties despite the COVID-19 pandemic.
Ola sees full recovery in cities, says demand to continue after festivals
With the Indian economy opening up almost entirely, ride-hailing firm Ola said on Friday that it is seeing recovery close to pre-Covid levels, with close to 100 per cent recovery in key cities during the festive season, and the spike in demand is expected to continue. The firm had seen a massive slump during the lockdown.
Monday, November 16, 2020
Repco Home Finance reports standalone Q2 net profit at Rs 80.80 crore
Repco Home Finance on Friday
VC firm Bertelsmann India to invest in up to four startups in next 12 mths
Eyeing a return to pre-Covid investment levels, mid-stage venture capital firm Bertelsmann India Investments (BII) is targeting to make bets on two to four startups in the next 12 months with an average ticket size of $10 million.
Eveready Q2 net rises 216% to Rs 58.02 cr on higher demand, lower costs
Battery and flashlights major, Eveready Industries India, reported 216 per cent increase in net profit to Rs 58.02 crore in the quarter ended September, on the back of strong demand in batteries and flashlights coupled with cost control measures. Operating income of the company was higher by about 7 per cent to Rs 372.63 crore in the September quarter, compared to Rs 348.28 crore in the same period last year.
Patanjali Ayurved's FY20 net rises 21.56% to Rs 424 cr, expenses up 5.34%
Haridwar-based Patanjali Ayurved Ltd has reported a 21.56 per cent increase in standalone net profit at Rs 424.72 crore for financial year 2019-20, according to data provided by business intelligence platform Tofler.
Shoppers Stop to raise Rs 300 cr via rights, issue open Nov 27-Dec 11
Large-format retail chain, Shoppers Stop, plans to raise Rs 300 crore via a rights offering.
RBL Bank completes Rs 1,566 cr fund raising through preferential allotment
Private sector lender RBL has completed its fund raising process, garnering Rs 1,566 crore through preferential allotment of shares. Baring Private Equity Asia, through its vehicle Maple II B.V., has invested Rs 999 crore and will hold 9.44 per cent in the lender.
Oil India makes natural gas discovery in Assam's Tinsukia
Oil India Ltd, the nation's second-largest state oil producer, on Friday said it has made a natural gas discovery at a well drilled in Tinsukia, Assam.
Adani rise fuels criticism of concentration of capital in few hands: Report
Gautam Adanis mushrooming empire has become a focus of criticism for those who believe that capital is being concentrated in the hands of a few favoured corporate titans at the expense of Indias middle class, Financial Times reported.
Inox Leisure raises Rs 250 crore from qualified institutional placement
Leading multiplex chain Inox Leisure on Friday raised Rs 250 crore from a qualified institutional placement (QIP) of shares.
Natco Pharma's marketing partner gets USFDA nod for cancer treatment drug
Drug major Natco Pharma on Friday said its marketing partner Breckenridge Pharmaceutical has received final approval from the US health regulator for Pomalidomide Capsules, treatment of patients suffering from multiple myeloma cancer.
Chinese President Xi Jinping decided to halt Ant's $37-billion IPO: Report
(Reuters) - China's President Xi Jinping personally decided to pull the plug on Ant Group's $37-billion (£28 billion) initial public offering, the Wall Street Journal reported on Thursday, citing Chinese officials with the knowledge of the matter.
Disney revenue better than expected as it starts climbing out of Covid-19
By Lisa Richwine and Akanksha Rana
Locked Amit Shah's account due to error, restored immediately: Twitter
Twitter on Friday stated that they had temporarily locked Union Home Minister Amit Shah's account "due to an inadvertent error" on November 12 and clarified that the decision was reversed immediately and the account restored.
Instacart taps Goldman Sachs to lead IPO at $30 billion valuation: Report
By Joshua Franklin and Anirban Sen
ONGC Q2 net profit down 55% at Rs 2,878 cr due to lower crude oil price
Diversified energy major ONGC on Friday reported a decline of 54.6 per cent in its standalone net profit for Q2FY21 on a year-on-year basis.
Thursday, November 12, 2020
Jubilant FoodWorks shuts 105 stores in July-September quarter
Jubilant FoodWorks Ltd, which operates fast-food chains Domino's Pizza and Dunkin' Donuts, closed a total of 105 stores in the July-September quarter, the company said.
Future Retail lawyer likens Amazon to East India Company over 'kill' remark
A lawyer for Future Retail Limited (FRL) on Thursday told the Delhi High Court that Amazon is interfering with its lawful business. The lawyer argued that due to this thousands may lose jobs and FRL may go bankrupt.
HCC Q2 net loss widens to Rs 476 crore, expenses decline to Rs 2,093 crore
It has recorded an exceptional loss of Rs 84.5 crore on account of conciliating an NHAI award in order to generate immediate liquidity for its operations.
Religare case: Delhi court dismisses bail plea of ex-CEO Maninder Singh
A Delhi court Thursday dismissed a bail application of former CEO of Religare Enterprises Limited (REL) Maninder Singh in a case related to alleged siphoning of Rs 2,397 crore.
Allcargo Logistics moves 76-mtr long super-sized cargo for L&T Hydrocarbon
Allcargo Logistics today said it has managed one of the largest over-dimensional cargo (ODC) movements in India by moving a 76-metre long consignment from L&T Hazira in Gujarat to IOCL Paradip in Odisha.
TCS acquires Pramerica Technology Services from Prudential Financial
India’s Tata Consultancy Services Ltd. agreed to acquire Pramerica Technology Services from insurance giant Prudential Financial Inc., according to a person familiar with the matter, helping the insurer cut costs to counter low interest rates and the coronavirus fallout.
EdelGive Hurun ranks Vedanta's Anil Agarwal among top India philanthropists
Vedanta chairman Anil Agarwal has been ranked among the top philanthropists in the country, according to the EdelGive Hurun India Philanthropy List 2020.
Natco Pharma Q2 net profit rises 73% to Rs 204 crore on robust sales
Drug firm Natco Pharma on Thursday reported a 73.23 per cent increase in its consolidated net profit to Rs 203.9 crore for the quarter ended September mainly on account of robust sales.
Microsoft, NASSCOM aim to skill 30,000 Telangana youths in AI by 2021
Microsoft and NASSCOM will skill 30,000 youths from Telangana in Artificial Intelligence under 'March to Million' initiative, for which the Telangana Academy for Skill and Knowledge (TASK) and Telangana State Council of Higher Education (TSCHE) have partnered with the two organisations.
Arvind Fashions Q2 loss widens five fold year-on-year to Rs 218 cr
Amid a severe impact of Covid-19 pandemic on apparel retail in the country, fashion denim and premium casual wear company Arvind Fashions Ltd has registered a consolidated loss after tax of Rs 217.79 crore for the quarter ended September 30, 2020 in financial year 2020-21. The company had posted a consolidated loss after tax of Rs 45.57 crore in the corresponding quarter of previous fiscal year 2019-20.
Sun TV Q2 net down 5.6% to Rs 346 cr even as subscription revenues rise 14%
Sun TV Network (Sun TV's) profit for the quarter ended September 30, 2020 declined 5.62 per cent to Rs 345.91 crore, from Rs.366.51 crore in the same quarter a year ago.
Lufthansa reaches crisis deal with union to cut 200 million euros in costs
BERLIN (Reuters) - German airline Lufthansa said on Wednesday it had reached a new deal with trade union Verdi to cut 200 million euros (£178 million) in costs in return for making no compulsory redundancies in 2021.