Shares of IndusInd Bank were trading 4% higher on Wednesday despite the bank's net profit was below consensus estimates, which has declined by 62.2% yoy to Rs360cr against Rs953cr yoy.
IndusInd Banks Q4FY19 NII has improved by 11.2% yoy to Rs2,232.4cr against Rs2,007cr. Higher provisioning of Rs1,561cr made on certain assets related to IL&FS (against our estimates) as against Rs606.7cr qoq led to miss on estimates. GNPA for Q4FY19 came at 2.1% against 1.13% qoq, which has increased by 97 bps. NNPA for the quarter came at 1.21% as against 0.59% qoq, which has increased by 62 bps.
Lupin launches Budesonide Inhalation Suspension
Pharma major Lupin Limited (Lupin) announced the launch of its Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules in the US market, having received an approval from the United States Food and Drug Administration (USFDA) earlier.
Lupins Budesonide Inhalation Suspension, 0.5 mg/2 mL Single-Dose Ampules is a generic version of AstraZeneca Pharmaceuticals LP's Pulmicort Respules Inhalation Suspension, 0.5 mg/2 mL.
It is indicated for the maintenance treatment of asthma and as prophylactic therapy in children from 12 months to 8 years of age.
FDC board to consider share buyback on May 24
Shares of FDC were trading 2% higher on Wednesday after the company is a press note to the exchanges informed that its board will meet on May 24 to consider buyback proposal.
"The Board of Directors shall consider the proposal for buyback of fully paid up equity shares of the company through Tender Offer route, up to such amount of the aggregate of company's paid-up equity share capital and free reserves as the board may decide in accordance with SEBI regulation and to fix the record date for the purpose of buyback of equity shares," the company said in a press note after markets hours to the exchanges on Wednesday.
Tata Elxsi licenses Autosar adaptive to Great Wall Motors
Tata Elxsi announced the licensing of their AUTOSAR Adaptive platform to Great Wall Motors. Tata Elxsis AUTOSAR Adaptive platform, developed in collaboration with a leading European OEM, will help accelerate the development of connected autonomous and driverless vehicles.
Tata Elxsi licenses modules and the stack for Classic version 4.3 as well as high computing applications such as Autonomous driving, V2X, predictive analysis, OTA to OEMs, Tier-1 and Semicon companies worldwide.
Tech Mahindra slips 3% post Q4FY19 numbers
Shares of Tech Mahindra declined 3% on Wednesday after the company reported lower than expected numbers for Q4FY19 on all fronts.
The company's revenues declined by 0.6% QoQ to Rs8, 892cr against a median consensus estimate of Rs9, 014cr. Revenue in dollar terms grew by 0.5% QoQ to $1,268mn. EBIT came in at Rs1, 368cr, down 4.9% QoQ against a median consensus estimate of Rs1, 415cr. EBIT margin contracted by 70bps QoQ to 15.4%. PAT declined by 5.9%QoQ to Rs1, 133cr against median consensus estimates of Rs1, 159cr.
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