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Lupin up 2.5% as net profit jumps ~50% yoy in Q1FY20
Shares of Lupin Ltd. are currently up 2.5% on reporting Q1FY20 results.In the quarter ended June 2019, sales came in at Rs4, 355cr compared to Rs4, 326cr in Q4FY19 (up 0.7% qoq) and Rs3, 775cr in Q1FY19 (up 15.4% yoy). EBITDA for the quarter was Rs932cr compared to Rs711cr in Q1FY19 up 31.1% yoy.Consequently, net profits for the quarter came in at Rs303.1cr vs. Rs202.8cr in Q1FY19, up 49.5% yoy.The co's investment in Research and Development for the quarter was Rs378.5cr, which accounts for 8.7% of sales.
SBI to reduce MCLR by 15bps from August 10
Country largest lender State Bank of India (SBI) has announced the reduction in its MCLR by 15bps across all tenors The 1-year MCLR would come down to 8.25% p.a from 8.40% p.a. with effect from August 10, 2019. This is the fourth consecutive cut in MCLR in FY 2019-20.With today MCLR cut, home loans have become cheaper by 35bps since April 10, 2019. Also, SBI is offering a Repo Linked Home Loan Product w.e.f July 1, 2019.With today cut in the Policy rate, SBI effective Repo Linked Lending Rate (RLLR) for CC/ OD customers will stand revised to 7.65% w.e.f. September 01, 2019.
Cadila down 1% after USFDA classifies Moraiya unit as OAI
The company's filing on NSE read, "We wish to inform you that the Company has received a letter from the USFDA classifying the inspection conducted at the Company's Moraiya facility located at Ahmedabad, Gujarat from April, 22 2019 to May 3, 2019 as 'Official Action Indicated' (OAI). The Company believes that this classification will not have any impact on the current supplies or revenues of this facility."The company is in the process of sending further updates of its corrective actions to the USFDA and remains hopeful of a positive outcome, it added.
Rain Industries closes Netherlands plant on eroding profits
Shares of Rain Industries rose 1% in the late morning trade on the BSE. The company said in the press release that Rain Carbon Inc., a leading global producer of carbon-based products, has approved the shutdown of its Uithoorn resins production facility in the Netherlands by the end of March 2020.
"In light of eroding profitability for hydrocarbon and C9 aromatic resins, particularly for printing inks and adhesives, our subsidiary RUTGERS Resins B.V. will cease production in Uithoorn by the end of the first quarter next year," said Rain Carbon President Gerry Sweeney.
Voltas net profit at Rs166cr in Q1FY20
Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, today announced the Consolidated Financial Results (including the Consolidated Segment Report) for the quarter ended 30th June 2019.The company's profit after tax was Rs166cr as compared to Rs187cr last year. The Consolidated Gross Sales / Income from Operations for the quarter ended June 30, 2019 was higher by 24%, at Rs2, 647cr as compared to Rs2, 134cr in the corresponding quarter last year.
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