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GAIL comes to the rescue of sick IL; FS: Stocks in news: Britannia Industries, Godrej Prop, Future Retail, GAIL, Divi’s Lab and Pharma companies in focus .
Britannia Industries: The company will announce its earnings for the quarter ended September 2021.
GAIL: The National Company Law Tribunal (NCLT) approved the acquisition of the 26 percent stake of Infrastructure Leasing & Financial Services (IL&FS) Group by Gail (India) in ONGC Tripura Power Company (OTPC).
In escalation of the Future group-Amazon feud, Future Retail Ltd’s independent directors have urged the Competition Commission to revoke the approval given two years ago for Amazon’s deal with Future Coupons, alleging that the e-commerce major had made false statements for getting the regulatory nod.
Future Retail: The company’s independent directors on Sunday wrote to the Competition Commission of India (CCI) Chairman on the matter.
The CCI should immediately confirm the revocation of the approval granted to Amazon for its investment in Future Coupons Pvt Ltd (FCPL), according to the letter written by the independent directors to the regulator.
Sun Pharma, Lupin: Leading drug makers Sun Pharma and Lupin are recalling different products in the US, the world’s largest market for medicines, for different reasons. As per the latest enforcement report by the US Food and Drug Administration (USFDA), Sun Pharma is recalling 22,752 blister packs of Loratadine-D extended-release tablets, used for the treatment of allergic rhinitis and the common cold, in the US market.
According to USFDA, the Mumbai-based drug maker is recalling the affected lot due to “failed moisture limits.”
Divi’s Lab: Drug firm Divi’s Laboratories reported a 16.71 per cent jump in its consolidated net profit to Rs 606.46 crore for the quarter ended September 30, mainly on account of robust sales. The company had posted a net profit of Rs 519.59 crore for the corresponding period of the previous fiscal, Divi’s Laboratories said in a filing to the BSE.
Its consolidated total income during July-September 2021 stood at Rs 2,006.62 crore. It was Rs 1,762.94 crore in the year-ago period, it added.
Godrej Properties: Realty firm Godrej Properties’ sales bookings rose 18 per cent to Rs 3,072 crore during the April-September 2021 period, driven by higher demand of its residential properties in Delhi-NCR.
The sales bookings had stood at Rs 2,605 crore in the corresponding period of the last financial year.
In terms of volume, the sales bookings grew 3 per cent to 43,83,959 sq ft during the first six months of this fiscal as against 42,41,283 sq ft in the year-ago period, according to an investors’ presentation.
Suven Pharmaceuticals: The company posted a 31 per cent increase in its consolidated net profit at Rs 97 crore for the second quarter ended September 30. The company had reported a net profit of Rs 74 crore in the July-September period of the previous fiscal.
Revenue from operations rose to Rs 301 crore for the quarter under review, as against Rs 237 crore in the year-ago period, Suven Pharmaceuticals said in a regulatory filing.
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