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TOP CORPORATE NEWS – 12 FEB 2020

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CORPORATE NEWS

Hindalco’s PAT declines 24% yoy in Q3.

Hindalco Industries Ltd., a global leader in aluminium and copper, today announced consolidated results for the third quarter ended December 31, 2019. Profit After Tax (PAT) stood at Rs1,062cr in Q3FY20, down by 24% as compared to the third quarter of FY19. In spite of subdued economic conditions, the company delivered steady quarterly results on the back of strong performance by Novelis, lower input costs and stable operations of the Indian businesses. The company consolidated revenue for Q3FY20 stood at Rs29,197cr compared to Rs33,213cr in the same quarter last year.

Wockhardt to sell Baddi manufacturing facility to Dr Reddy’s for Rs1,850cr.

Wockhardt’s board of directors’ has approved divestment of part of Domestic Branded Business to Dr. Reddy’s Laboratories Limited comprising of 62 products and related business, assets and liabilities including manufacturing facility at Baddi, Himachal Pradesh, India for a consideration of Rs1,850cr (~USD 260mn). The business being transferred reported revenue from operation ~Rs377cr which is ~15% of the consolidated revenue for 9 months ended December 31, 2019. The proposed divestment is ~3.8 times of annualized revenue of the business being transferred, the company said.

CEAT commences production at greenfield project at Chennai.

CEAT informed the exchanges today that the company has commissioned the commercial production at its Greenfield manufacturing facility at Sriperumbudur Taluka near Chennai with effect from February 12, 2020, which is expected to be ramped up progressively in a phased manner.

USFDA completes inspection of Lupin’s Pithampur (Unit-I) facility.

Pharma major Lupin announced the completion of an inspection carried out by the United States Food and Drug Administration (USFDA) at its Pithampur (Unit-I) facility. The inspection was carried out between February 03, 2020, and February 11, 2020. The inspection for the Pithampur (Unit-I) facility closed with two 483 observations, the pharma company said.

Procter & Gamble Hygiene PAT up 10% in Q3FY20.

Procter and Gamble HygieneProcter & Gamble Hygiene and Health Care Ltd. (PGHHCL) announced today its financial results for the second quarter ended December 31, 2019. The company delivered sales of Rs859cr, up 5% vs. year-ago behind strong brand fundamentals. The Profit After Tax (PAT) was Rs136cr, up 10% vs. year-ago behind the continued focus on productivity and savings. Madhusudan Gopalan, Managing Director, Procter & Gamble Hygiene and Health Care Ltd. said, “ln a challenging macro-economic environment our focus on raising the bar on superiority, improving productivity, and strengthening the organization culture has enabled us to deliver sustained growth during the second quarter.


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