India’s largest private lender achieved the strongest net interest income rise in seven quarters. The December quarter NII exceeded consensus projections. Net earnings also exceeded expectations. The bank’s asset quality was unchanged compared to September. HDB Financial had an increase in earnings and a gross NPA reduction.
Wipro: March quarter growth is predicted to be negative 0.6 percent to positive 1 percent, below a 0-2 percent increase. Wipro reported US dollar sales of $2,828 million, slightly below forecast. EBIT margin rose 120 basis points to 16.3 percent from 15.1 percent. The consensus predicted a 15-basis-point margin increase over September.
Avenue Supermarts: Due to rising costs, December quarter operations failed to meet street expectations. The EBITDA margin fell by 100 basis points from the previous year, falling below Rs 1,027 crore.Despite its highest quarterly sales of Rs 11,304 crore, the company’s margin suffered.
Pfizer’s breast cancer medicine PRIMCYV trademark rights for India have been acquired by Dr. Reddy’s Laboratories.PRIMCYV is a targeted therapy with palbociclib for first-line metastatic breast cancer treatment in adults. Dr. Reddy’s and Pfizer have marketed the medicine since May 2022. Hard capsules are 75 mg, 100 mg, and 125 mg.
Piramal Pharma: The company’s Sellersville location received a form 483 with two observations from the FDA. The observations are about VAI and unrelated to data integrity. Sellersville manufactures and packages solid oral dosage forms, liquids, lotions, and ointments.
Granules India: The USFDA issued Form 483 with three observations for its Gagillapur plant in Telangana.January 9–13, 2023, inspection. It makes completed doses and pharmaceutical formulation intermediates (PFIs).
Lupin: From January 2–13, the USFDA inspected the company’s Somerset, USA, facilities. The regulator issued two Form 483 observations. The FDA and the firm are resolving the concerns quickly.
Tata Motors files SEC Form 25 to terminate its American Depositary Share Program. Delisting securities requires Form 25.
L&T Finance Holdings: Disbursements rose 32.8 percent to Rs 13,155 crore in December. Gross NPA fell to 4.21 percent in October, down from 4 percent in September.Focused business assets under management fell 1.8 percent, or Rs 1,626 crore, from September. Net interest margin is at an all-time high of 7.41 percent vs. 6.31 percent year-on-year. Capital gains and deferred taxes enhanced net earnings. A net loss of Rs 1,727.8 crore was declared.
REC: Signs five non-binding memorandums of understanding (MOUs) for Rs 1 lakh crore with the UP government for financial assistance during the UP Global Investors Summit. MoUs cover electricity generation, transmission, distribution, renewable energy, and infrastructure development. signed a non-binding MoU with MP Power Management Company Ltd. to provide Rs 15,086 crore for Sarani and Amarkantak thermal power projects, system improvements, technological upgrades, etc.
Sula Vineyards: Own-brand sales and wine tourism revenue established quarterly records by expanding 13% to Rs 187.2 crore and Rs 23 crore, respectively. A new 2.5 million-litre cellar is ready for the 2023 grape harvest.
Tata Steel: The British Steel Pension Scheme, sponsored by Tata Steel UK, has covered 60% of its obligations.