Zee Entertainment Enterprises Ltd has streamlined its organizational structure with MD & CEO Punit Goenka taking direct responsibility for key areas including domestic broadcasting operations. Under the new organizational structure approved by the Board of Directors, ZEE Entertainment Enterprises Ltd (ZEEL) will have four major business segments: Broadcast, Digital, Film and Music. Meanwhile, the NSE excluded the stock from its derivative contracts from June 28.
Klub, a revenue-based finance platform, has partnered with U Gro Capital to help small and medium-sized enterprises in India access loans of up to Rs 150 crore. According to a statement, both partners will extend credit to support digital SMEs across various growth stages, providing debt financing of up to Rs 30 billion in a single tranche through Klub’s platform.
ICICI Lombard General Insurance Co Ltd announced a 19 per cent increase in net profit to Rs 520 crore for the March quarter from Rs 437 crore in the year-ago period. The company reported an 11% increase in profit after tax for FY24 to Rs 1,919 crore as against Rs 1,729 crore in the year-ago period.
Biotechnology company Biocon has partnered with Brazil-based Biom SA to commercialize a diabetes drug in the Latin American country. Under the terms of the agreement, Biocon will undertake the development, manufacturing and supply of semaglutide (gOzempic), while Biomm will be responsible for obtaining regulatory approvals and commercializing it in the Brazilian market. Biomm is focused on the development, manufacturing and commercialization of complex biotechnology and biosimilar medicines at its production facility in Nova Lima.
Tata Communications’ consolidated profit declined marginally to Rs 321.55 crore in the fourth quarter ended March 31, 2024 from Rs 326.4 crore in the year-ago period. Tata Communications’ consolidated revenue during the reported quarter increased by 24.5 per cent to Rs 5,691.70 crore (Rs 4,568.66 crore). Net profit for the year ended March 31, 2024 decreased to Rs 969.58 crore from Rs 1,808.7 crore compared to FY23.
Adanis has injected an additional Rs 8,339 million into Ambuja Cement Limited to support its manufacturing capacity, increasing its stake in the company to 70.3%. The family had invested Rs 50 billion in the company on October 18, 2022 and Rs 6,661 million on March 28. The investment completes the planned injection of Rs 20,000 crore, the company said in a statement. The infusion pushed the Adani family’s Ambuja Cement stake up 3.6 percentage points to 70.3 per cent.
JSW Energy said an arbitration tribunal has allowed its subsidiary Ind-Barath Energy (Utkal) Limited to recover Rs 120 million from the Tamil Nadu Generation and Distribution Corporation. The court allowed the recovery claim with 9% interest and dismissed TANGEDCO’s counterclaim to recover Rs 118 million as penalty and Rs 200 million as termination fee.
Jubilant Pharma on Wednesday announced that the US health regulator has determined that the inspection classification of its subsidiary’s Roorkee-based factory is Voluntary Action Indication (VAI). Jubilant Pharmova, a wholly owned subsidiary of the company, received notification from the United States Food and Drug Administration (USFDA) that the facility was classified as a VAI following an inspection from January 25, 2024 to February 2, 2024. According to the USFDA, the VAI inspection classification means that an investigator discovers and documents a nuisance condition during an inspection, but the nuisance condition does not currently meet the criteria for action, and the FDA will not be able to take regulatory or enforcement action. This indicates that we do not take or recommend that you do so.
The board of Power Grid Corporation of India has approved a proposal to raise up to Rs 12,000 crore by issuing bonds in one or more tranches during 2024-25.
PC Jeweler’s board has approved a proposal to raise Rs 2,000 crore through rights issue and preferential allotment of fully convertible warrants. Of this, Rs 1,500 crore will come from rights issue.
IIFL Finance’s board of directors has approved raising up to Rs 1,271.83 crore through issue of shares at Rs 300 per share. The reference date is fixed at April 23rd. Applications by existing shareholders can be made by April 30th, the same as the record date, for each nine fully paid shares held by eligible shareholders of the company. And May 14th.
The US drug regulator USFDA has issued an Establishment Inspection Report (EIR) for Piramal Pharma’s Riverview manufacturing facility. The inspection was conducted on February 7th and has now been completed.
Domestic securities brokerage major Angel One reported a 1 per cent increase in sales to Rs 1,357.2 crore in the March quarter. Net profit increased by 27% to Rs 340 million.
Shilpa Medicare announced that its No. 4 unit at Yadcherla in Telangana has been inspected by the Austrian regulatory authority and issued a GMP certificate. This division is engaged in the manufacture, testing and sale of sterile injectables, non-sterile tablets and capsule finished dosage forms in the United States, Europe and other global markets.
Krishna Institute of Medical Sciences (KIMS) has announced that its subsidiary SPANV Medisearch Lifesciences Private Ltd has received a demand notice under Section 156 of the Income Tax Act, 1961 amounting to Rs 306.97 million.
