Tag: md

The share price of midcap IT firm Persistent Systems gained over 7 percent on January 19 after the company registered an 8.2 percent sequential growth in profit at Rs 238 crore for the quarter that ended December 31, 2022. The company had reported a net profit of Rs 176.4 crore in the same quarter of the previous fiscal year. The company's earnings were majorly in line with the analysts' estimates, which pushed the stock to move higher. Persistent clocked a 45.4% increase in the revenue from operations at Rs 2,169.3 crore during the October-December 2022 period, which stood at Rs 1,491.7 crore in the year-ago period, whereas the operating EBITDA of the company stood at 401.5 crores in Q3FY23, up 59.9% YoY. The IT company also announced an interim dividend of Rs 28 a share for FY23.The total expenses of the company spiked 43.83% YoY to Rs 1,849.6 crore during the quarter. Read more

The Securities and Exchange Board of India today(15th Feb.2022) changed the requirement for listed companies to separate roles of Chairperson and MD/CEO to voluntary from mandatory. The decision was taken at a Sebi board meet today. Sebi had earlier asked listed entities to split the roles of Chairperson and MD before the April 2022 deadline. Listed entities were initially required to separate the roles of chairperson and MD/CEO from April 1, 2020, onwards. However, based on industry representations, an additional time period of two years was given for compliance. The norms were part of the series of recommendations given by the Sebi-appointed Uday Kotak committee on corporate governance. Read more

The news of Zee Entertainment - Sony Pictures India merger news has resulted in the stock of the Punit Goenka controlled firm hitting the upper circuit of 20 percent at Rs 306.75 on the BSE. This is also the 52-week high level for the counter. According to the analysts, the deal should put to rest investor's concerns regarding corporate governance issues and can result in significant re-rating for the stock going ahead. It currently trades at around 16/14x FY23/24 earnings. Among the other Essel Group stocks, Dish TV India surged 10 percent to Rs 21.54 on the BSE. Zee Media Corporation hit the upper circuit of 5 percent at Rs 12.36, while Zee Learn was up 20 percent to Rs 16.64 on the BSE in intraday trades. In comparison, the S&P BSE Sensex gained 0.27 percent at 59,162 points. Read more

Rainfall over the country as a whole is most likely to be normal, as per IMD's forecast for July. According to IMD, monthly rainfall for July 2021 over the country is most likely to be normal (94 to 106 % of Long Period Average - LPA). "The latest global model forecasts indicate that the prevailing neutral ENSO conditions are likely to continue over the equatorial Pacific Ocean and that there is enhanced possibility of development of negative IOD conditions over the Indian Ocean during July to September 2021. As sea surface temperature (SST) conditions over the Pacific and the Indian Oceans are known to have a strong influence on Indian monsoon, IMD is carefully monitoring the evolution of sea surface conditions over these Ocean basins," the weather department said.

Shares of Sun Pharmaceutical Industries hit a 52 week high of Rs 721.85, up 3 percent on the BSE in intra-day trade on Tuesday after it signed an agreement with Eli Lilly to manufacture its drug, Baricitinib in India. "Sun Pharma yesterday announced that it has entered into a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly and Company for expanding access to Lilly's drug, Baricitinib in India. "Baricitinib is used in combination with Remdesivir for the treatment of suspected or laboratory-confirmed COVID-19 in hospitalized adults requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO). The drug is approved by the Central Drugs Standard Control Organization (CDSCO) for restricted emergency use in India,"This is another step by Sun Pharma towards making more treatment options available to patients in India dealing with the pandemic, Sun Pharma added. Read more

Shares of Coforge IT firm gained 17 percent intraday on May 6 and hits 52 weeks high of Rs 3449 after the company declared a17 percent rise in consolidated net profit at Rs 133 crore in the three months ended March 2021. The company had posted a net profit of Rs 113.6 crore in the year-ago period, Coforge said in a regulatory filing. Consolidated revenue grew 7.1 percent sequentially in dollar terms to USD 172.1 million during the January-March quarter. Revenue in constant currency (CC) terms grew 5.1 percent over the preceding quarter. In rupee terms, revenue was up by 6 percent sequentially and up by 13.7 percent year-on-year (YoY) at Rs 1,261 crore during Q4FY21. The company’s profit after tax (PAT) for the quarter increased 17 percent year-on-year to Rs 133 crore. Read more

India's largest liquor brand United Spirits Ltd (USL) on December 10 appointed new Managing Director and Chief Executive Officer named Hina Nagarajan effective from July 1st 2021. Anand Kripalu who was CEO and MD for seven years since 2014 will step down on June 30.Nagarajan, an Indian Institute of Management, Ahmedabad graduate is the first woman to lead USL and also the first woman leading a liquor company of such a large scale in the country. Nagarajan who joined Diageo in summer 2018, is currently the managing director of the Africa Regional Markets (ARM) at Diageo and will join USL as the CEO-Designate from April 1 and, will be based in Bengaluru and will work closely with Kripalu to ensure a smooth transition, the company said. She will report to John Kennedy, the president of Diageo Europe and India. Read more

Hindustan Unilever (HUL) share price fell over 2 per cent to Rs 2,133 apiece in intraday deals on BSE on Tuesday after the Company reported an 8.7 per cent year-on-year (YoY) rise in its net profit at Rs 2,009 crore for the second quarter of the current fiscal year (Q2FY21). The company had logged a profit of Rs 1,848 crore in the year-ago period. Total sales (revenue) of the company increased 16 per cent during the quarter to Rs 11,442 crore, against Rs 9,852 crore in the year-ago period. The board also declared an interim dividend of Rs 14 per share. The record date for the purpose of determining the entitlement for payment of the interim dividend is fixed as October 29, 2020. HUL’s earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter came at Rs 2,869 crore, which registered a 17 per cent on-year growth. Read more

HCL Technologies share price fell 4.4 % to Rs 821 apiece on BSE after the IT company announced July-September quarter results. HCL Tech Q2 net profit came at Rs 3,142 crore in July-September quarter, rising 18.5 per cent year on year and up 7.4 per cent on a sequential basis. The company had posted a net profit of Rs 2,651 crore in the corresponding period of the last year. Revenue for the quarter rose 6.1 per cent YoY to Rs 18,594 crore compared with Rs 17,528 crore sales the company reported in the year-ago quarter. The operating margin of the IT services provider improved 110 basis points sequentially to 21.6 per cent in the July-September period—a 22-quarter high. The dollar revenue growth stood at 6.4% at 2,507 million and the company posted constant currency revenue growth at 4.5 per cent. The company has also declared an interim dividend of Rs 4 per equity share of Rs 2 each for FY21. The company has signed 15 transformational deals in the quarter ended September 2020 Read more

IT major Wipro share price gained 5 per cent intraday on May 29 after the company appointed Capgemini's Thierry Delaporte as CEO & Managing Director of the company effective July 6, 2020, He will be based in Paris and report to Rishad Premji. In January this year, the company had said its CEO and Managing Director Abidali Z Neemuchwala had decided to step down from the company. Abidali Neemuchwala will relinquish his position as CEO and MD on June 1. Delaporte was the Chief Operating Officer of Capgemini Group and a member of its Group Executive Board. During his twenty-five year career with Capgemini, he held several leadership roles. Thierry has a Bachelor's degree in Economy and Finance from Sciences Po Paris and a Masters in Law from Sorbonne University. Read more