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ITC stock gains after Q4FY18 PAT rises 10%

Shares of ITC rose 1% after Q4FY18 numbers came broadly in-line with the consensus estimates. The company reported PAT growth of 9.9% yoy to Rs2,932.7cr.
Its cigarette segment (assuming all excise duty is for cigarette segment) reported 7.1% yoy decline in revenue. This is attributable to expected cigarette volume decline during the quarter.
Net revenue (net of excise duty) declined by 4.8% yoy to Rs10,586.7cr. Raw material and other expenses were down by 14.6% yoy and 8.3% yoy respectively. Thus, EBITDA grew by 6.9% yoy to Rs4,144cr with 431bps yoy expansion in EBITDA margin to 39.1% (estimate 36.3%).

Crude Oil Options made an encouraging debut on MCX with Rs101.67cr volume

Multi Commodity Exchange of India Ltd. (MCX), the country’s largest commodity derivatives exchange yesterday commenced options trading in crude oil contract. Yesterday, the contract has witnessed traded volume of 2058 lots with value of Rs101.67cr.
The exchange has currently launched June and July 2018 option contracts in crude oil, with one MCX crude oil futures contract (100 barrel) as the underlying. On its expiry, if exercised, the open position shall devolve into the respective underlying futures position. This new options contract alongside the popular crude oil and crude mini (10 barrel) futures contracts will benefit the crude oil stakeholders, providing them with an efficient solution to hedge against unfavorable price movements in the global crude oil markets. This options contract is available for trading on MCX from 10am to 11:30pm /11:55 pm.

Granules India receives EIR at Jeedimetla facility

Granules India Granules India has announced that USFDA has issued Establishment Inspection Report (EIR) for its Jeedimetla facility located at Hyderabad, Telangana, India.

This facility had received one form 483 observation during the last USFDA inspection in March 2018. The company’s response to the USFDA was within the stipulated timeframe and USFDA has found it satisfactory and hence It has received the EIR on this facility.
Jeedimetla facility manufactures Active Pharmaceutical Ingredients and Pharmaceutical Formulation Intermediates.

Indiabulls Real Estate to consider share buyback; Stock gains over 5%

Indiabulls Real Estate Ltd (IBRL) informed that its board will consider share buyback proposal in a meeting to be held on Friday.
In a statement to the stock exchanges yesterday post market hours, IBR stated that its board will meet on Friday i.e. May 18, 2018, to consider a proposal of buyback of equity shares of the company.
IBR reported a nearly 21-fold jump in consolidated profit in Q4FY18 to Rs1,648.3cr. The company’s total revenue also rose to Rs2,028cr in the fourth quarter from Rs437cr in the corresponding period of the previous year. This year in March, IBR sold 50% stake in 2 subsidiaries to private equity fund Blackstone group. The equity value of Indiabulls’ newly formed JV portfolio with Blackstone is Rs2,250cr.

Biocon to divest 2% stake in Syngene to comply with minimum public shareholding

Syngene Syngene International has announced that its parent, Biocon will divest 2% stake in Syngene. The stake sale will between May 16 to August 10,2018. Biocon intends to sell total 40 lakh shares during this period. The stake sale is to achieve minimum public shareholding.
It has also announced that Biocon or any persons belonging to the promoter group, shall not buy any shares in the open market on the dates on which the shares of Syngene International are being sold by Biocon.

As per March 2018 shareholding pattern, Biocon holds 74.45% stake in Syngene, while public shareholders hold 24.02% stake, rest 1.53% stake is held by Non Promoter-Non Public Entities. Post the divestment, Biocon’s stake in Syngene will be 72.4% while Public shareholding will be at 26% and rest 1.5% will be held by Non Promoter-Non Public Entities.

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