Diva’s Lab India’s largest manufacturer of active pharmaceutical ingredients hit a 52-week low | Top Stock Market News
With CPI inflation at 7.79% the government has taken steps to reduce inflation
With CPI inflation at 7.79%, government has embarked on measures to curb inflation. After fuel
and steel, government has cut customs duty on imported soybean and sunflower oil from 5.5%
to 0% up to 2 million tones. Edible oil prices shot up after Indonesia banned export of palm oil.
At the same time, Indian government also banned export of wheat and curbed sugar exports to
10 MTPA in Sugar Year 2021-22 to prevent stock depletion. Out of estimated output of 35.5
million tones, it can now export up to 10 MTPA.
Diva’s Laboratories, India’s largest manufacturer of active pharmaceutical ingredients (API), hit a 52-week low of Rs3,708 In just two days
India’s foremost manufacturer of active pharma ingredients (API), Diva’s Laboratories, hit a 52-
week low of Rs3,708. In just 2 days, the stock has slipped 15%. The correction in the stock came
after Motilal Oswal cut the EPS estimates by 12-14%. Board had even recommended a dividend
of Rs30 per share. However, markets are worried about several headwinds for Divi’s
Laboratories like reduced sales of COVID-related products and delay in implementation of the
Kakinada project. These concerns caused the stock to fall.
Sharda Cropchem stock reached a new high of Rs768 on the back of a positive business outlook
Sharda Cropchem stock hit a new high of Rs768 on strong business outlook. Sharda Cropchem is
into the manufacture of pesticides and agrochemicals. For the March 2022 quarter, Sharda
reported 32% higher PAT at Rs177 crore while the sales revenues were also up 32% at Rs1,434
crore. Top line growth was triggered by better product mix and price realization. EBITDA
margins were up 29% at Rs317 crore even in tough conditions, while EBITDA margins shrank by
50 bps. It is expanding its product range aggressively.
Bank of India’s net profits more than doubled to Rs606 crore in Q4FY22, thanks to higher net interest income (NII) and lower provisioning
Bank of India doubled net profits to Rs606 crore for Q4FY22 on the back of higher net interest
income (NII) and lower provisioning. NII was up 36% at Rs3,986 crore while the net interest
margins expanded by 39 bps sequentially. Total provisions were 4% lower at Rs1,541 crore.
Credit growth in Q4FY22 was 8.73% and BOI plans to enhance this credit growth to 12% in FY23.
BOI expects a lot of growth traction in FY23 coming from its focus on small and medium sized
businesses with several government initiatives to boot.
Aditya Birla Fashion (ABFRLboard )’s of directors approved a Rs2,195 crore loan from Singapore’s Government Investment Corp (GIC)
Aditya Birla Fashion (ABFRL) board approved raising Rs2,195 crore the Government Investment
Corp (GIC) of Singapore. GIC will invest Rs770 crore upfront via equities and warrants and infuse
the balance Rs1,425 crore in tranches taking its stake in ABFRL to 7.5%. AV Birla group will still
hold 51.9% stake post the deal. ABFRL has a portfolio of marquee brands like Van Heusen, Allen
Solly and Peter England in the formal wear segment. ABFRL has also been buying fashion brands
like Masaba, Sabyasachi and Tarun Tahiliani.
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