Stock Market Live Updates 18 April 2024: Tokyo shares open lower after US chip shares fall
Zee Entertainment Enterprises Ltd has streamlined organisational structure with its MD and CEO Punit Goenka assuming direct charge of critical verticals, including domestic broadcast business. Under the new organisational structure approved by its board, ZEE Entertainment Enterprises Ltd (ZEEL) will have four key business segments—broadcast, digital, movies and music. Meanwhile, NSE has excluded the stock from derivative contracts with effect from June 28.
Revenue-based finance platform Klub has tied up with U Gro Capital, which will help Indian small businesses get up to ₹150 crore in loans. The two partners will extend credit to support digital SMEs across different growth stages and offer debt financing of up to ₹30 crore in a single tranche through Klub’s platform, as per a statement.
ICICI Lombard General Insurance Co Ltd has posted a 19 per cent increase in its March quarter net profit to ₹520 crore against ₹437 crore in the year-ago period. For FY24, the company reported an 11 per cent growth in the profit after tax at ₹1,919 crore against ₹1,729 crore in the year-ago period.
Biotechnology firm Biocon has tied up with Brazil-based Biomm SA for the commercialisation of its diabetes drug in the Latin American nation. Under the terms of the agreement, Biocon will undertake the development, manufacturing and supply of Semaglutide (gOzempic), and Biomm will be responsible for obtaining regulatory approval and commercialisation in the Brazilian market. Biomm focuses on developing, manufacturing and commercialising complex biotech and biosimilar drug products at its production facility in Nova Lima.
Tata Communications’ consolidated profit declined marginally to ₹321.55 crore in the fourth quarter ended on March 31, 2024, against ₹326.64 crore in the same period a year ago. The consolidated revenue of Tata Communications during the reported quarter increased by 24.5 per cent to ₹5,691.7 crore (₹4,568.66 crore). For the year ended on March 31, 2024, net profit declined to ₹969.58 crore from ₹1,800.87 crore against FY23.
Adanis infused an additional ₹8,339 crore in Ambuja Cements, raising its stake in the company to 70.3 per cent, to help the cement maker’s manufacturing capacity. The family had invested ₹5,000 crore in the company on October 18, 2022, and ₹6,661 crore on March 28. With the latest investment, it has completed ₹20,000 crore planned infusion, the company said in a statement. The latest infusion raises the Adani family’s stake in Ambuja Cement by 3.6 percentage points to 70.3 per cent.
JSW Energy said that Arbitral Tribunal has allowed Ind-Barath Energy (Utkal) Limited, its subsidiary, to recover ₹120 crore from Tamil Nadu Generation and Distribution Corporation. The tribunal has allowed the claim of recovery with a 9 per cent interest and rejected TANGEDCO’s counterclaim of recovering ₹118 crore as penalty and ₹200 crore towards termination charges.
Jubilant Pharma on Wednesday said the US health regulator has decided that the inspection classification of its subsidiary’s Roorkee-based plant is voluntary action indicated (VAI). Jubilant Pharmova, a wholly owned subsidiary of the company, has received a communication from the US Food and Drug Administration (USFDA) that the facility has been classified as VAI pursuant to inspection from January 25 to February 2, 2024. As per the USFDA, a VAI inspection classification indicates that although investigators found and documented objectionable conditions during the inspection, FDA will not take or recommend regulatory or enforcement action because the objectionable conditions do not meet the threshold for action at this time.
The board of Power Grid Corporation of India has approved a proposal to raise up to ₹12,000 through the issuance of bonds in one or more tranches in 2024-25.
The board of PC Jeweller has approved a proposal to raise ₹2,000 crore through rights issues and preferential allotment of fully convertible warrants. Of that, ₹1,500 crore would be by way of rights issue.
The board of IIFL Finance has approved raising up to ₹1,271.83 crore from a rights issue at a price of ₹300 per share. The record date is fixed as April 23. Rights equity share for every 9 fully paid-up equity shares held by the eligible equity shareholders of the company, as on the record date, it said, application by existing shareholders can be made between April 30 and May 14.
The US drug regulator USFDA has issued establishment inspection report (EIR) for Riverview manufacturing facility of Piramal Pharma. The inspection took place on February 7 and has now concluded.
Domestic stock broking major Angel One has reported one per cent rise in its revenue at ₹1,357.20 crore in the March quarter. Its net profit rose 27 per cent at ₹340 crore.
Shilpa Medicare has said that Unit-4 in Jadcherla, Telangana, was inspected by the Austrian regulators and issued a GMP certification. The unit is engaged in the manufacturing, testing and distribution of sterile injections and non-sterile tablets and capsule finished dosage forms in the US, Europe and rest of world markets.
Krishna Institute of Medical Sciences Ltd (KIMS) has said its subsidiary SPANV Medisearch Lifesciences Private Ltd has received a demand notice under Section 156 of the Income Tax Act, 1961, for a sum of ₹306.97 crore.
