Firstsource Solutions Q4FY19 PAT at Rs92.8cr; stock rises 3%
Firstsource Solutions reported an increase in net profit at Rs92.8cr during Q4FY19 on qoq basis. The company revenue was down 1.8% on qoq at Rs967cr vs. Rs985.2cr in the previous quarter. The Board recommended a dividend of 20% (Rs2 per share). Sanjiv Goenka, Chairman, RPSanjiv Goenka Group and Firstsource Solutions said, FY18-19 has been a good year with growth in revenues and improved profitability. Our digital revenues are scaling upwell and helping drive a higher level of customer engagement and margin expansion. Going forward, we will continue to invest in technology and digital solutions that will empower our clients to stay ahead of the curve. Firstsource derived 55% revenues from the US, 43.9% from the UK, and 1.1% from rest of the world, including India.
Dr Reddy's Laboratories launches Testosterone gel in the US market
Dr. Reddy in its filing to the exchanges on Monday informed that the company along with its subsidiary launched Testosterone Gel 1.62%, a therapeutic equivalent generic version of AndroGel (testosterone gel) 1.62%, approved by the US Food and Drug Administration (USFDA). As per IQVIA Health data, the AndroGel (testosterone gel) brand and generic had US sales of ~$815.6mn MAT for the most recent twelve months ending in February 2019, the company said in a press note released today.
Alembic Pharma JV receives EIR from USFDA for Gujarat plant; stock up 1.5%
Shares of Alembic Pharmaceuticals rose 1.5% after the company received an establishment inspection report (EIR) from USFDA. Aleor Dermaceuticals (Aleor), a 60:40 Joint Venture (JV) between Alembic Pharmaceuticals (Alembic) and Orbicular Pharmaceutical Technologies (Orbicular), has received Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA), the company said in the filing. USFDA had carried out an inspection at Aleor Formulation Facility at Karakhadi, Gujarat, India during the period from February 4, 2019, to February 8, 2019, the company added.
Nifty down ~1% on weak global cues; Tata Motors, Yes Bank under pressure
Equity benchmark indices continue to trade with a negative bias in the afternoon session on Monday. HDFC twins, Reliance Industries, Infosys Hindustan Unilever, and Tata Motors weighed on the benchmarks. The Sensex was down 350 points at 38,613 and the Nifty50 was down 110 points at 11,602. The market breadth was negative on the NSE with 552 shares advancing, 1,170 shares declining, and 390 remaining unchanged. The stock market declined as US-China trade concerns resurfaced after US President Donald Trump unexpectedly jacked up pressure on China to reach a trade deal in the midst of negotiations, saying he would hike US tariffs on Chinese goods this week. In the Nifty 50 basket of shares, 40 were trading lower while 10 were trading higher. Shares of Federal Bank rose 3% after the bank reported an over two-fold jump in net profit for the March quarter at Rs381.51cr on account of lower provisioning and higher interest income. Shares of Yes Bank fell 4% after ratings downgrade by ICRA.
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