NCC touches lower circuit at Rs105.30
Shares of NCC Ltd touched lower circuit at Rs105.30 on the BSE in Friday morning trade. The stock came under pressure after media reports stated that Andhra Pradesh CM said any existing contract for development projects would be scrapped if corruption is detected.
However, the company denied knowledge of any such action by the newly formed state government, the media report added.
Meanwhile, the company has registered a net profit of 70% at Rs174.36cr for the fourth quarter ended March 31, 2019, as against Rs102.7cr it logged for the corresponding quarter of the previous year on a standalone basis.
Dr Reddy Lab gets inspection closure report for Miryalaguda plant
Shares of Dr Reddy Lab gained 1% in the early morning trade on Friday. The company has received the Establishment Inspection Report (EIR) from USFDA, for Miryalaguda plant, indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated (VAI).
Further to our intimation dated January 28, 2019 with regard to the audit of our API manufacturing plant at Miryalaguda (Nalgonda District), we would like to inform you that we have received the Establishment Inspection Report (EIR) from USFDA, for the above-referred facility, indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated (VAI), the company said in the filing aftermarket hours on Thursday.
Bharti Airtel ARPU rises18.6% to Rs123 in Q4
Bharti Airtel registered an 18.6% increase in India average revenue per user (ARPU) from the previous quarter to Rs123.
Gopal Vittal, MD and CEO, India & South Asia said that the year has ended on a positive note in Q4 with ARPU increasing to Rs123 though still not at sustainable levels for the industry. We continue to remain focused on providing value to consumers through our holistic rewards platform, Airtel Thanks which we have recently re-launched. This platform encompasses content, financial services and more. Coupled with a relentless focus on improved network experience we believe we are well poised to continue to grow preference with customers who are looking for the best quality.
SAIL Q4FY19 PAT down 42.6% yoy at Rs468.4cr
SAIL in its press note to the exchanges informed that the company registered a PAT at Rs468.4cr for the final quarter of FY19, which is down 42.6% yoy.
The company revenue for Q4FY19 rose 8.6% at Rs18, 506.3cr. SAIL EBITDA dropped 5.7% yoy in the same period under review at Rs2, 214.5cr, while margin stood at 12% vs. 13.8%. The company reported exceptional gain of Rs377.4cr in base quarter.
Tata Steel Rs800cr bid to acquire Bhushan Energy gets NCLT nod
Tata Steel has received approval from The National Company Law Tribunal (NCLT) for its resolution plan to acquire Bhushan Energy for ~Rs800cr, a PTI report stated.The tribunal rejected objections from Bhushan Energy's former promoter Neeraj Singal opposing Tata Steels' bid.
As per the resolution plan of Tata Steel, the company will offer an upfront payment of Rs730 and pay Rs50cr additionally to operational creditors of the company. Apart from this, Tata Steel would also invest Rs367cr into the company as a part of equity infusion.
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