• Govt raises import duty on base metal items by 2.5%
The government on Wednesday increased the import duty on base metal items made of iron, steel, copper, nickel and aluminum by 2.5%. The hike in import duty would be effective immediately.
• HCL Tech wins five-year contract with SAI Global
HCL Technologies announced that it has been appointed as the strategic IT partner to SAI Global. Under the terms of the five-year partner agreement, HCL Technologies will provide SAI Global with IT Managed Application Services and Projects .HCL Technologies was awarded the contract following a competitive tender evaluation to assist the company in delivering its newly integrated Global Sales and Marketing capability and the organisation’s Strategic Future Projects.
• IndusInd Bank raises Rs752 crore via preferential issue
IndusInd Bank raised Rs752 crore from promoters by way of preferential issue at Rs857.20 (QIP issue was at price of Rs845 per share).With this issue, the bank has raised a total of Rs5081 crores in a month by issuing shares to QIP and preferential shares to promoters. The capital raised will help in strong balance sheet growth in the coming period.
• Dr Reddy’s launches generic drug used for Parkinson’s disease
Dr Reddy’s Laboratories Ltd launched a generic drug in the US that is used for treatment of Parkinson’s disease. The drug is estimated to have clocked $48.3 million of sales for the most recent 12 months.
• Cabinet clears policy on spectrum sharing
The Union Cabinet on Wednesday approved spectrum sharing guidelines, a move that would allow two operators to pool their spectrum in a given band within a circle for greater spectral efficiency. However, since the spectrum caps have neither been raised nor done away with, the norms would not enable two big operators with large spectrum holding, Bharti Airtel and MTNL, for instance, to share spectrum in a circle.
• Ford India launches compact sedan Aspire
Ford India has launched its first compact sedan (sub 4 metre) ‘ Aspire’ for the India market. The Aspire will be available with both petrol and diesel option with a starting price of Rs4.89 lakh ex-showroom Delhi. The Aspire has been priced at a marginal (Rs10,000-20,000) discount to the segment market leader i.e Maruti Dzire. The Maruti Dzire does about 17,000 units per month and is one of Maruti’s largest selling models.
• Aurobindo Pharma gains on strong Q1 performance
Revenue for the quarter grew by 14% YoY to Rs3320 crore which was driven by strong performance in US market. Revenue in US market grew by 28% YoY, led to a 16% YoY increase in formulation segment.
Operating margin during the quarter stood at 21.8% (in line with estimates). Hence operating profit for the quarter grew by 10% YoY to Rs724.7 crore. Earning for the quarter was Rs432 crore growth of 4% YoY, however it include forex exchange loss of Rs25.6 crore adjusting to that earnings for the quater grew by 10.6% YoY to Rs458 crore. We have currently Hold rating on the stock, will come out with detail update post the management concall.
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