Zomato Shares Jump 14%, Hit 52-Week High After First-Ever Quarterly Profit

Shares of online food delivery firm Zomato Ltd zoomed over 14 per cent in morning trade on Friday, after the company reported its first-ever consolidated profit after tax of Rs 2 crore in the April-June quarter of 2023-24.

The stock jumped 14.11 per cent to reach its 52-week high of Rs 98.39 on the BSE.

At the NSE, it rallied 13.69 per cent to its 52-week peak of Rs 98.40.

In traded volume terms, 70.26 lakh shares of the company were traded at the BSE and over 19.30 crore shares at the NSE in morning deals.

The company had posted a net loss of Rs 186 crore in the same quarter last fiscal, Zomato said in a regulatory filing on Thursday.

Consolidated revenue from operations in the first quarter of the current fiscal was at Rs 2,416 crore, as against Rs 1,414 crore in the year-ago period, it added.

Total expenses were higher at Rs 2,612 crore, as compared to Rs 1,768 crore in the same quarter a year ago.

In a letter to shareholders, Zomato Managing Director & Chief Executive Officer (CEO) Deepinder Goyal said the company has been working hard to make its business less complex, and putting the right people at the right spots within its businesses.

He had said in May that the company was confident of achieving profitability for the entire business in the next four quarters.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/qwAoQfD
via

Adani Group's Ambuja Cement Acquires Cement Maker Sanghi Industries

Ambuja Cement, a part of Adani Group, today announced its acquisition of Sanghi Industries at an enterprise value of Rs 5,000 crore.

Soon after the acquisition, Adani Group chairman Gautam Adani said Ambuja Cement's promise to double its cement capacity by 2028 is on track.

"Promise to double our cement capacity by 2028 on track. Delighted to announce addition of @CementSanghi, India's most efficient / lowest cost clinker manufacturer to Adani portfolio. As part of @AmbujaCementACL, Sanghi Cement (in our karmabhoomi Kutch) significantly leverages our coastal shipping (+ energy/logistics) advantages. Sanghipuram cement capacity to double to 15 MTPA," he posted on X, earlier called Twitter.

Promise to double our cement capacity by 2028 on track. Delighted to announce addition of @CementSanghi, India's most efficient / lowest cost clinker manufacturer to Adani portfolio. As part of @AmbujaCementACL, Sanghi Cement (in our karmabhoomi Kutch) significantly leverages our… pic.twitter.com/pjcUZFN3IH

— Gautam Adani (@gautam_adani) August 3, 2023

A statement by Ambuja Cement said the acquisition will be fully funded through internal accruals.

Sanghi Industries Limited (SIL) has a clinker capacity of 6.6 million tonnes per annum, cement capacity of 6.1 million tonnes per annum and limestone reserves of 1 billion tonne.

SIL's Sanghipuram unit is India's largest single-location cement and clinker unit by capacity, with a captive jetty and captive power plant.

This acquisition will boost Ambuja Cement's production capacity to 73.6 million tonnes per annum.

The statement said its goal to reach 140 million tonnes per annum capacity by 2028 will be achieved ahead of time.

"Our aim is to make SIL the lowest cost producer of clinker in the country. Ambuja will increase the cement capacity at Sanghipuram to 15 MTPA in the next two years," the company said.

from NDTV Profit-Latest https://ift.tt/4uB5hIE
via

Adopt WHO-Standard Manufacturing Practices, Centre Tells Pharma Companies

Pharmaceutical companies having an annual turnover of over Rs 250 crore will have to mandatorily adopt Good Manufacturing Practices (GMP) within six months, Union Health Minister Mansukh Mandaviya said on Wednesday.

The minister said while those with a turnover of less than Rs 250 crore will have to do so in a 12-month time.

Those who fail to follow the timelines may be penalised as per the provisions of the law, he added.

Mandaviya said that the draft of Schedule M of the Drugs and Cosmetics Act prepared in 2018 has been approved and implemented.

There are around 10,500 manufacturing units in the country out of which around 8,500 units fall under the MSME (Micro, Small and Medium Enterprises) category.

India is a major exporter of medicines to LMIC (Low and Middle-Income Countries) which require WHO GMP certification. There are around 2,000 units in the MSME category in the country having WHO GMP certification.

"Pharmaceutical manufacturing and quality domain has developed significantly in last 15-20 years. Our understanding of the domain has increased because of development in Pharmaceutical and Manufacturing Sciences. Linkage between manufacturing and product quality and interdependence between the two has been established," Mandaviya said.

Existing schedule M under the Drugs Rules, 1945 prescribes details of requirements of facilities and their maintenance, personnel, manufacture, control and safety testing, storage and transport of material, written procedures, written records, traceability, etc.

The GMP was first incorporated in Schedule M in 1988 and the last amendment was done in 2018.

"The Schedule M (of the Drugs and Cosmetics Act) has not been implemented properly by the majority of the drugmakers," he said.

Also, observations from ongoing risk-based inspections further reiterated the need to have a re-look at the current GMP regulations and quality management systems being followed by pharmaceutical manufacturers, the health ministry said in a statement.

Recently, drug regulators inspected 162 units and 14 public testing labs and major issues found during inspections are poor documentation, lack of process and analytical validations, absence of quality failure investigation, absence of internal product quality review and faulty design of manufacturing and testing areas, among others.

"Based on these factors and to keep pace with fast-changing manufacturing and quality domain, there was a necessity to revisit and revise the principles and concept of GMP mentioned in current Schedule M.

"This would bring our GMP recommendations and compliance expectation at par with global standards, specially to those of WHO, and ensure production of globally acceptable quality of drug," the statement said.

Some of the major changes which will happen with the introduction of revised Schedule M to support the upgradation of the units are the introduction of Pharmaceutical Quality System (PQS), Quality Risk Management (QRM), Product Quality Review (PQR), qualification and validation of equipment, change control management, self-inspection & quality audit team, suppliers audit and approval, stability studies as per recommended climate condition, validation of GMP-related computerised system, specific requirements for manufacturing of hazardous products, biological products, radiopharmaceutical and phytopharmaceuticals.

This will address most of the deficiencies related to documentation, failure investigation and technically qualified personnel with the right person doing the right job. It will support the development of a robust quality management system in the company thereby enabling the production of globally acceptable quality medicine, the ministry said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/8DbEAy1
via

Adopt WHO-Standard Manufacturing Practices, Centre Tells Pharma Companies

Pharmaceutical companies having an annual turnover of over Rs 250 crore will have to mandatorily adopt Good Manufacturing Practices (GMP) within six months, Union Health Minister Mansukh Mandaviya said on Wednesday.

The minister said while those with a turnover of less than Rs 250 crore will have to do so in a 12-month time.

Those who fail to follow the timelines may be penalised as per the provisions of the law, he added.

Mandaviya said that the draft of Schedule M of the Drugs and Cosmetics Act prepared in 2018 has been approved and implemented.

There are around 10,500 manufacturing units in the country out of which around 8,500 units fall under the MSME (Micro, Small and Medium Enterprises) category.

India is a major exporter of medicines to LMIC (Low and Middle-Income Countries) which require WHO GMP certification. There are around 2,000 units in the MSME category in the country having WHO GMP certification.

"Pharmaceutical manufacturing and quality domain has developed significantly in last 15-20 years. Our understanding of the domain has increased because of development in Pharmaceutical and Manufacturing Sciences. Linkage between manufacturing and product quality and interdependence between the two has been established," Mandaviya said.

Existing schedule M under the Drugs Rules, 1945 prescribes details of requirements of facilities and their maintenance, personnel, manufacture, control and safety testing, storage and transport of material, written procedures, written records, traceability, etc.

The GMP was first incorporated in Schedule M in 1988 and the last amendment was done in 2018.

"The Schedule M (of the Drugs and Cosmetics Act) has not been implemented properly by the majority of the drugmakers," he said.

Also, observations from ongoing risk-based inspections further reiterated the need to have a re-look at the current GMP regulations and quality management systems being followed by pharmaceutical manufacturers, the health ministry said in a statement.

Recently, drug regulators inspected 162 units and 14 public testing labs and major issues found during inspections are poor documentation, lack of process and analytical validations, absence of quality failure investigation, absence of internal product quality review and faulty design of manufacturing and testing areas, among others.

"Based on these factors and to keep pace with fast-changing manufacturing and quality domain, there was a necessity to revisit and revise the principles and concept of GMP mentioned in current Schedule M.

"This would bring our GMP recommendations and compliance expectation at par with global standards, specially to those of WHO, and ensure production of globally acceptable quality of drug," the statement said.

Some of the major changes which will happen with the introduction of revised Schedule M to support the upgradation of the units are the introduction of Pharmaceutical Quality System (PQS), Quality Risk Management (QRM), Product Quality Review (PQR), qualification and validation of equipment, change control management, self-inspection & quality audit team, suppliers audit and approval, stability studies as per recommended climate condition, validation of GMP-related computerised system, specific requirements for manufacturing of hazardous products, biological products, radiopharmaceutical and phytopharmaceuticals.

This will address most of the deficiencies related to documentation, failure investigation and technically qualified personnel with the right person doing the right job. It will support the development of a robust quality management system in the company thereby enabling the production of globally acceptable quality medicine, the ministry said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/8DbEAy1
via

Karnataka Government Closes-In On Deal With Foxconn For 2 Projects

The Karnataka government on Wednesday said it has signed a Letter of Intent (LoI) with Foxconn, a major iPhone assembler for tech giant Apple, to undertake two marquee projects in the state with an estimated investment worth Rs 5,000 crore. 

The projects would create employment opportunities for 13,000 people in the state, it said. The signing ceremony took place between a high-level delegation of the Government of Karnataka and Foxconn in Chennai recently, where Large and Medium Industries and Infrastructure Development Minister M B Patil and Minister for IT and BT, Rural Development and Panchayat Raj Priyank Kharge along with senior officials met Foxconn Chairman Young Liu and other executives of the company.

The two projects are: phone enclosure project under which the Foxconn subsidiary plans to invest USD 350 million (Rs 3,000 crore) with employment opportunities for 12,000 people, and semicon equipment project in collaboration with Applied Materials with a projected investment of USD 250 million (Rs 2,000 crore) and employment generation for 1,000 people.

The LoI outlined the framework for the two projects that Foxconn plans to establish in the state, an official release said, adding that the Karnataka government reaffirmed its commitment to providing a supportive environment for businesses to thrive.

"The meeting between Foxconn Chairman and the Government of Karnataka holds immense promise for the economic landscape of the state, with potential benefits in terms of employment generation, technology advancement, and overall socio-economic growth. The LOIs between Foxconn and the Government of Karnataka will boost investments in the State," Patil said.

"It is a significant opportunity for Foxconn to engage with the Government of Karnataka and move forward with the establishment of these ventures. The projects will significantly contribute to the state's economic growth and foster employment opportunities for thousands of skilled individuals," he added.

Foxconn's Chairman Young Liu, was quoted in the statement as saying: "We are excited about the possibilities that Karnataka offers for our expansion plans in India. The state's conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures. We look forward to building our success story with the state." 

The location for this project is likely to be finalised at Haraluru Muddenahalli - Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre land parcel.

Regarding the phone enclosure manufacturing project, the Industries department said Foxconn is setting up a facility for manufacturing sub-assembly components for smartphones, specifically mechanical enclosures of iPhones. The company is currently evaluating suitable land parcels in and around Bengaluru.

On the Semicon equipment manufacturing project, it said Foxconn is collaborating with Applied Materials on a project for manufacturing semiconductor manufacturing equipment.

FoxSemicon Integrated Technologies manufactures sophisticated subassemblies for Applied Materials, a semiconductor and display equipment manufacturer.

Separately, Applied Materials has also recently announced a USD 400 million investment to set up its collaborative engineering centre in India at Bengaluru that will work with both domestic and global suppliers to drive semiconductor manufacturing equipment R&D for the next level of innovation and commercialisation of technologies.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/kz7yi4H
via

Investors' Wealth Falls By Rs 3.46 Lakh Crore As Markets Crash

Investors' wealth eroded by Rs 3.46 lakh crore today as equity markets took a sharp tumble amid weak global trends and foreign fund outflows.

The 30-share BSE Sensex fell by 676.53 points or 1.02 per cent to settle at 65,782.78. During the day, it plunged 1,027.63 points or 1.54 per cent to 65,431.68.

In line with the weak trend in equities, the market capitalisation of BSE-listed firms eroded by Rs 3,46,947.54 crore to Rs 3,03,33,258.69 crore.

"After the euphoric June and July, we are witnessing some healthy corrections today in Indian markets, due to the downgrade of the US rating by Fitch. Frankly, the market was waiting for some reason to correct in the last few days as it was in an extremely over-bought zone, and it found its reason. The impact on the Indian market should also be short-lived, soon focus will come back on earnings, infra investments, and fund flows," said Vikram Kasat, Head Advisory at Prabhudas Lilladher.

Fitch Ratings has downgraded the US government's credit rating, citing rising debt at the federal, state, and local levels and a "steady deterioration in standards of governance" over the past two decades.

The rating was cut on Tuesday one notch to AA from AAA, the highest possible rating.

"The Indian market witnessed a broad sectoral slide, affected by weak global market trends. Negative news regarding the US rating downgrade on fiscal concerns, coupled with weak factory activity data from Eurozone and China, led to widespread worries across the globe. Additionally, prolonged FII selling, triggered by a rise in US bond yields, has disrupted the mood of the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services.

From the Sensex pack, Tata Steel declined 3.45 per cent, followed by Tata Motors 3.19 per cent. Bajaj Finserv, NTPC, State Bank of India, JSW Steel, Larsen & Toubro and Bharti Airtel were among the other major laggards.

Nestle, Hindustan Unilever, Asian Paints, Tech Mahindra and UltraTech Cement were the gainers.

In the broader market, the BSE midcap gauge fell by 1.39 per cent and smallcap index declined 1.18 per cent.

All indices ended lower with metal tumbling 2.45 per cent, utilities falling by 2.32 per cent, power (2.31 per cent), telecommunication (2 per cent), capital goods (1.83 per cent), auto (1.52 per cent), oil & gas (1.47 per cent), industrials (1.46 per cent), financial services (1.33 per cent) and commodities (1.22 per cent).

"A sharp sell-off in Asian and European markets gave investors a reason to encash on the recent upsurge. FIIs seem to have sold off local equities after the record rally last month," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

A total of 2,353 stocks declined while 1,240 advanced and 139 remained unchanged.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading in the red. The US markets ended mostly in the negative territory on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 92.85 crore on Tuesday, according to exchange data.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/VzF6XT9
via

Karnataka Government Closes-In On Deal With Foxconn For 2 Projects

The Karnataka government on Wednesday said it has signed a Letter of Intent (LoI) with Foxconn, a major iPhone assembler for tech giant Apple, to undertake two marquee projects in the state with an estimated investment worth Rs 5,000 crore. 

The projects would create employment opportunities for 13,000 people in the state, it said. The signing ceremony took place between a high-level delegation of the Government of Karnataka and Foxconn in Chennai recently, where Large and Medium Industries and Infrastructure Development Minister M B Patil and Minister for IT and BT, Rural Development and Panchayat Raj Priyank Kharge along with senior officials met Foxconn Chairman Young Liu and other executives of the company.

The two projects are: phone enclosure project under which the Foxconn subsidiary plans to invest USD 350 million (Rs 3,000 crore) with employment opportunities for 12,000 people, and semicon equipment project in collaboration with Applied Materials with a projected investment of USD 250 million (Rs 2,000 crore) and employment generation for 1,000 people.

The LoI outlined the framework for the two projects that Foxconn plans to establish in the state, an official release said, adding that the Karnataka government reaffirmed its commitment to providing a supportive environment for businesses to thrive.

"The meeting between Foxconn Chairman and the Government of Karnataka holds immense promise for the economic landscape of the state, with potential benefits in terms of employment generation, technology advancement, and overall socio-economic growth. The LOIs between Foxconn and the Government of Karnataka will boost investments in the State," Patil said.

"It is a significant opportunity for Foxconn to engage with the Government of Karnataka and move forward with the establishment of these ventures. The projects will significantly contribute to the state's economic growth and foster employment opportunities for thousands of skilled individuals," he added.

Foxconn's Chairman Young Liu, was quoted in the statement as saying: "We are excited about the possibilities that Karnataka offers for our expansion plans in India. The state's conducive business environment, coupled with its skilled workforce, makes it an attractive destination for our high-tech ventures. We look forward to building our success story with the state." 

The location for this project is likely to be finalised at Haraluru Muddenahalli - Hi-Tech Aerospace and Defence Park-Phase II in Bengaluru Rural district, where Foxconn has sought a 35-acre land parcel.

Regarding the phone enclosure manufacturing project, the Industries department said Foxconn is setting up a facility for manufacturing sub-assembly components for smartphones, specifically mechanical enclosures of iPhones. The company is currently evaluating suitable land parcels in and around Bengaluru.

On the Semicon equipment manufacturing project, it said Foxconn is collaborating with Applied Materials on a project for manufacturing semiconductor manufacturing equipment.

FoxSemicon Integrated Technologies manufactures sophisticated subassemblies for Applied Materials, a semiconductor and display equipment manufacturer.

Separately, Applied Materials has also recently announced a USD 400 million investment to set up its collaborative engineering centre in India at Bengaluru that will work with both domestic and global suppliers to drive semiconductor manufacturing equipment R&D for the next level of innovation and commercialisation of technologies.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/kz7yi4H
via