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TOP CORPORATE NEWS – 05 NOV 2019

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CORPORATE NEWS

Dabur India gains 4.5% after reporting 7% yoy PAT growth in Q2

Dabur India mitigated the impact of macro-economic headwinds and a prolonged slowdown to deliver a 4.1% growth in consolidated revenue and an improvement of 90bps in operating margin during the second quarter of FY20. Dabur India posted consolidated revenue of Rs2, 212cr in Q2 of 2019-20, up 4.2% from Rs 2,125cr a year ago. Its consolidated net profit grew 7% yoy to end the quarter at Rs403cr vs. Rs377cr a year earlier. The net profit was impacted by one-time impairment in value of investments to the tune of Rs40cr. Excluding this impairment, the net profit for Q2 of 2019-20 marked a 15.1% growth year-on-year.

Bharat Forge surges after reporting 75% MoM rise in Class 8 truck sales

Shares of Bharat Forge rose 5% in morning trade after an increase in North America Class 8 truck sales was reported in October 2019.
North America Class 8 truck orders rose sharply by 75% MoM in October 2019 to 22,100 units. However, sales fell 73% yoy.
North America truck sales witnessed the third straight month of improving sales after falling below 10,000 units a month in July 2019.

Zydus gets  nod from USFDA for Cisatracurium Besylate Injection USP

Zydus Cadila has received the approval from the USFDA to market Cisatracurium Besylate Injection USP 10 mg (base)/5 mL (2 mg/mL) and 200 mg (base)/20 mL (10 mg/mL) Single-Dose Vials ((Preservative free) (US RLD- Nimbex). It will be manufactured at Liva Pharmaceuticals Limited, a wholly-owned subsidiary company of Cadila Healthcare, the company said in the filing.

Punjab National Bank registers net profit of Rs507cr

Punjab National Bank on Tuesday posted a net profit of Rs507cr for the quarter ending September 30, 2019, as compared to a loss of Rs4, 532.35cr in the corresponding quarter of the previous fiscal year. NII was up by 7.29% at Rs4, 263.84cr in Q2FY20, while provisions of the bank stood at Rs2, 928.90cr in Q2FY20 vs. Rs2, 023.31cr in the last quarter. Gross NPAs at 16.76% vs. 16.49% on qoq basis.

Apollo Tyres Q2 net profit down 43% at Rs83cr

Shares of Apollo Tyres slipped 2% on the BSE post announcement of Q2 numbers. The company consolidated net profit went down 43% as against Rs146cr yoy. The consolidated revenue fell by 6.4% at Rs3, 986cr as against Rs4, 257.4cr yoy. The consolidated EBITDA slipped 7.5% at Rs432cr in Q2FY20 vs. Rs467.2cr on yoy basis.


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