CEAT surges over 7.5% after 4,000% jump in Q1 profits
Tyremaker CEAT rallied over 7.5% after it posted a 4,317% jump in
its Q1FY19 profits. Its net profit for the June quarter jumped to Rs72cr, as
opposed to Rs1.6cr in June’17.
CEAT reported better than expected numbers in Q1FY19 aided by low
base of Q1FY18 and lower raw material expenses.
Consolidated revenue was up 17% yoy at Rs1,706cr, surpassing
consensus estimate of Rs1,687cr. Lower raw material and operating
expenses (as % of sales) led to tripling of EBITDA to Rs176cr, in-line
with estimate.
Bajaj Auto stock drops as Q1 profit misses estimates
Shares of Bajaj Auto dropped around 9% after the company's Q1FY19
profit missed street estimates. The company has reported a 21% rise in its net
profit at Rs1,115cr for the quarter ended in June 2018. It had reported a
profit of Rs924cr during the corresponding quarter of last year.
Its revenue in the period increased by 27% to Rs7,419cr.
Zydus gets USFDA final approval for Spironolactone tablets USP
Zydus Cadila has received the final approval from the USFDA to
market Spironolactone tablets USP (US RLD - Aldactone Tablets) in strengths of
25 mg, 50 mg, and 100 mg.
It is used to treat high blood pressure and heart failure.
Lowering high blood pressure helps prevent strokes, heart attacks, and kidney
problems. It is also used to treat swelling (edema) caused by certain
conditions like heart failure and liver disease by removing excess fluid and
improving symptoms such as breathing problems.
Dr. Reddy's Lab stock advances after launching drug in US market
Dr. Reddy's Laboratories Ltd. stock gained 1.5% after the company
launched Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg, an
over-thecounter (OTC) therapeutic equivalent generic version of Nexium 24HR
Capsules in the United States market as approved by the USFDA.
"This launch continues to demonstrate our deep R&D and
manufacturing capabilities to bring newer storebrand OTC medications to the
market," says Milan Kalawadia, Vice President and Head, US OTC and
Speciality Rx businesses, Dr. Reddy's Laboratories.
Bajaj Finserv stock rallies ~5% after robust Q1FY19 result
Shares of Bajaj Finserv has touched 52-week high on the NSE after
the company’s consolidated net profit after tax (attributable to the
shareholders) for the quarter came in at Rs825.77cr, which increased by 41.3%
yoy.
The revenue and the adjusted net profit of the company for the
quarter were in-line with the street estimates. The estimated total revenue was
Rs8,310cr and adjusted net profit was Rs789cr.
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