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TOP CORPORATE NEWS – 16 October 2019

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CORPORATE NEWS

Federal Bank Q2 net profit jumps 56% yoy to Rs416cr

Federal Bank posted a net profit at Rs416.7cr for Q2FY20 vs. Rs266cr in the same quarter last year, denoting a jump of 56.3% yoy.
The bank’s gross NPA stood at 3.07% vs. 2.99% qoq. Net NPA came in at 1.59% vs. 1.49% qoq.Tha bank’s NII stood at Rs1,123.8cr vs. Rs1,190.8cr yoy. Provisions of the bank stood at Rs251.8cr vs. Rs288.8cr yoy and Rs192cr qoq.

BPCL surges 5% on reports of Saudi Aramco likely to bid for govt stake

Shares of Bharat Petroleum Corporation Limited (BPCL) surged 5% on the NSE after media reports said that Saudi Aramco may be in the fray to buy out Indian government stake of Bharat Petroleum Co. ltd, as it gives the oil giant an opportunity to pierce into one of the world biggest oil retail markets. Aramco currently is evaluating its Indian investments, including its possible partnership with Reliance India Ltd, and views buying out BPCL as a good opportunity, the media reports added.

MCX jumps 8% after robust Q2FY20 numbers

For the quarter ended September 30, 2019, Multi Commodity Exchange of India Ltd’s (MCX) net profit increased by 100% to Rs71.75cr from Rs35.93cr over the corresponding quarter ended September 30, 2018. The company total income also rose by 55% to Rs144.53cr from Rs93.27cr over the corresponding quarter ended September 30, 2018. While the operating income registered a growth of 41% to Rs100.15cr from Rs71.10cr in the corresponding Q2FY2019.

Sun Pharma launches Drizalma Sprinkle in US market

Sun Pharmaceutical Industries Ltd. announced that one of its wholly owned subsidiaries has launched Drizalma Sprinkle (duloxetine delayed-release capsules) in the U.S. for oral use. Drizalma Sprinkle is a serotonin and norepinephrine reuptake inhibitor (SNRI) designed for the treatment of various neuro-psychiatric and pain disorders in patients who have difficulty swallowing a problem that is estimated to affect approximately 30-35% of long-term care residents. The U.S. Food and Drug Administration (FDA) approved Drizalma Sprinkle on July 19, 2019.

Bajaj Resources sells 21.9% stake in Bajaj Consumer Care

Bajaj Consumer Care said in the filing on Tuesday that its promoter Bajaj Resources has offloaded 21.9% stake in the company through an open market transaction. Bajaj Resources has sold 3.2cr shares representing 21.9% equity stake of Bajaj Consumer Care at an average price of Rs194.56, according to the bulk deal report. In March, promoter entities of Bajaj Consumer Care had sold 6.85% stake in the FMCG firm for about Rs320cr through an open market transaction.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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