Sunil Mittal acquires ~6% stake in CG Power:
Shares of CG Power jumped 5% after The Times of India report stated that Sunil Mittal has bought ~6% stake in the company.
As per the report, the buying has been done through a series of market deals from March in the company. The investment by Mittal comes as lenders, including asset management major KKR India Financial Services and L&T Finance, have recently revoked pledged shares in the company, taking a 21.6% stake. The shareholding of the Avantha Group, has fallen from 34.4% to 12.7% during the March quarter.
Tata Steel stock jumps 5% after Q4 numbers
Shares of Tata Steel jumped 5% on the NSE after reporting good set of numbers in Q4FY19. The stock is among top gainer on the Nifty Metal index in today's session.
The revenue grew by 25.9% yoy and 9.2% qoq to Rs42,424cr against median consensus estimates of Rs43,970cr. EBITDA stood at Rs7,513cr, up 17.4% yoy and 11.9% qoq against the median consensus estimate of Rs6,733cr.
The company reported net profit (including discontinued operations and after non-controlling interest) declined by 76.7% yoy but grew by 4.2% qoq to Rs2, 382cr against a median consensus estimate of Rs2, 327cr.
Maruti to phase out all diesel cars from April 2020
Maruti Suzuki in a press conference post release of its Q4FY19 results to media reporters informed that the company will stop manufacturing of diesel vehicles from April 1, 2020 when the new BS 6 emission norms will be introduced.
As per media reports, the company will try to focus on compressed natural gas (CNG) and hybrid technology driven vehicles to compensate the vacuum created by the phasing-out of diesel vehicles.
The high cost of upgrading existing diesel engines to the BS 6 norms propelled the company to take such a decision.
Cyient net profit rose 54.7% yoy to Rs188cr in Q4FY19
For Q4FY19, Cyient net profit rose 54.7% yoy to Rs188cr vs. Rs121.5cr in the corresponding quarter last year. The company's revenue increased 9.5% yoy to Rs1, 162.9cr vs. Rs1, 061.8cr in Q4FY18.
For FY19, the company's net profit was up 18% yoy to Rs478.5cr (Rs405.4cr in FY18), while revenue was up 17.9% yoy to Rs4, 617.5cr (Rs3, 913.9cr).
The Board of Directors at their meeting held on April 25, 2019 recommended final dividend of Rs9/share on face value of Rs5 each, aggregating to Rs119.3cr including dividend distribution tax.
Torrent Pharma received certain observations on Indrad plant
Shares of Torrent Pharma rose 1% in the late morning trade on the BSE after the company said the USFDA has made 'certain' observations after inspection of its Indrad facility in Gujarat.
The audit at Indrad plant of the company was carried out by the United States Food and Drug Administration (USFDA) in April, the company said in the BSE filing.
We have received certain observations which are procedural in nature and the company is confident of addressing them satisfactorily, the company added.
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