Sun Pharma’s Q2 profit falls 59.7% on weak US sales

Sun Pharmaceutical Industries Ltd, India’s largest drug maker, reported a 59.7% decline in fiscal-second quarter profit because of weak US sales.

Net profit declined to Rs1,001.79 crore in the three months ended 30 September from Rs2,487.89 crore a year ago. Sales fell 15% to Rs6,590.06 crore.

A Bloomberg poll of 22 analysts had estimated Sun Pharma’s September profit at Rs800.40 crore and sales at Rs6,803.90 crore.

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“A challenging US generic pricing environment coupled with continued investments in building our global specialty business has impacted our Q2 performance,” Dilip Shanghvi, managing director of the company, said in a statement.

Sun Pharma invested Rs511 crore, or 7.7% of its sales, in research and development (R&D) in the September quarter.

This includes investments on account of funding the clinical development of its global specialty pipeline, the company said.

In a conference call with analysts, Shanghvi said a delay in the approval of certain important products in the US due to regulatory issues at the company’s manufacturing unit in Halol, Gujarat, has also affected US business.

The US Food and Drug Administration (FDA) had issued a warning letter to the Halol unit in December 2015 for violation of good manufacturing practices. Since then, new product approvals have been held back by the regulator. “There are no new updates on Halol. We are awaiting re-inspection from the US FDA. Site transfers for some products from the facility ongoing,” Shanghvi said.

The company’s sales in the US, which contributed 30% to the total revenue, fell 44% to $309 million in the quarter due to pricing pressure in existing products and lower contribution from generic of cancer drug Gleevec.

In the same period last year, Sun Pharma had benefited from marketing exclusivity for Gleevec generic.

Market Live: Sensex tests 33,000 in opening, Nifty trades flat; Bharti Infra dips

Equity benchmarks opened flat on Tuesday after sharp correction seen in previous session. Investors focussed on corporate earnings.

The 30-share BSE Sensex was down 14.55 points at 33,019.01 and the 50-share NSE Nifty fell 3 points to 10,222.

Coal India, Vedanta, BPCL, L&T and Bharti Infrtel were early losers.

Sun Pharma, HCL Technologies, Bharti Airtel, M&M, Lupin, Yes Bank, Kotak Mahindra Bank and Eicher Motors were early gainers.

PTC India Financial, Dhanlaxmi Bank, United Bank, Jindal Poly and TNPL fell 1-8 percent after weak earnings. Repco Home, Satin Creditcare, KEI Industries and NMDC were under pressure.

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Havells India rises 1% on MoU with with Hyundai Electric

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Share price of Havells India gained 1 percent in the early trade on Tuesday on signing pact with Hyundai Electric & Energy Systems.

Hyundai Electric & Energy Systems and Havells India announced the signing of memorandum of understanding (MoU) to mutually explore and supply low and medium voltage protection and switching devices, as per company release.

Under the agreement, Hyundai Electric will supply low and medium voltage protection and switching devices to Havells as brand labeling.

Hyundai Electric will also grant manufacturing license and technology transfer for low-capacity Magnetic Contactors (MC) and Molded Case Circuit Breakers (MCCBs) to Havells.\

Havells will supply equipment such as Miniature Circuit Breakers (MCBs) & Magnetic Contactors (MC) to Hyundai Electric. Both companies will cooperate for localization and customization of products.

Rajiv Goel, Executive Director, Havells India said, “The MoU will be a win-win proposition for both Havells and Hyundai Electric. It also establishes Havells and India as a quality manufacturing base for global procurement.”

Sanghvi Movers, AksharChem down 7-9% on Dismal Q2 Numbers

Shares of Sanghvi Movers and AksharChem (India) fell 7-9 percent intraday Monday on the back of dismal September quarter (Q2FY18) numbers.

Sanghvi Movers has reported Q2 net loss at Rs 22.3 crore against profit of Rs 12.5 crore, in a year ago period.

Revenue declined 64.3 percent at Rs 39.7 crore versus Rs 111.1 crore.

Earnings before interest, tax, depreciation and amortization (EBITDA) was down 83.3 percent at Rs 10.8 crore and EBITDA margin fell 3120 bps at 27.3 percent.

Akshar Chem has reported 60.8 percent fall in its Q2 net profit at Rs 13.5 crore against Rs 34.4 crore. Revenue was down 21.6 percent at Rs 65.6 crore.

EBITDA was down 64.6 percent at Rs 11.2 crore and EBITDA margin was down 2070 bps at 17 percent.

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Uber`s South Asia Policy chief Shweta Rajpal Kohli Quits in latest Senior Departure

Uber's chief of policy for India and South Asia has quit, two sources familiar with the matter said on Monday, in the latest high-level departure at the online taxi company.

Shweta Rajpal Kohli, a former Indian journalist who joined Uber last year, would join cloud-based software maker Salesforce.com Inc next month, the sources told Reuters.

Uber said it did not have an immediate comment. Kohli did not respond to an email seeking comment.

Kohli was mostly tasked with building Uber's relations with regulators and government officials in India, a market where the firm has faced several regulatory and reputational hurdles.

One source said Kohli "was leading government engagements in the influential circles, so her exit is a step back for Uber."

The sources asked not to be identified as the details were not public yet.

Uber was briefly banned in New Delhi after one of its drivers raped a woman passenger in 2014.

Uber hired a law firm this year to investigate how the firm managed to obtain the medical records of the rape victim, an incident that led to criticism of the culture at the U.S. firm, sources told Reuters in June. Uber declined to comment.

Kohli is the latest senior executive to leave Uber. The firm's European policy chief quit in October, shortly after the departure of Uber's top boss in Britain.

Uber has suffered a tumultuous few months which has seen former CEO and co-founder Travis Kalanick forced out after a series of boardroom controversies and other regulatory battles in multiple U.S. states and around the world.

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HDFC Mutual Fund buys 3.4 lakh Shares of Just Dial

On November 10, 2017 HDFC Mutual Fund bought 340,000 shares of Just Dial at Rs 520.08 per share on the NSE. Also, the house bought 340,000 shares of the company at Rs 522.79 per share on the NSE.

Samsung Asia Leaders Securities Master Investment Trust Equity bought 355,000 shares of Just Dial at Rs 513.21 per share on the NSE.

Just Dial closed at Rs 500.30, up Rs 41.30, or 9.00 percent.

The share touched its 52-week high Rs 619.45 and 52-week low Rs 318.20 on 17 March, 2017 and 27 December, 2016, respectively.

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Mahindra and Mahindra up 2% on Bonus Issue, Strong Q2 Numbers

Share price of Mahindra and Mahindra (M&M) gained 2.3 percent intraday Friday on the back of bonus announcement and strong September quarter numbers.

The company at its meeting held on November 10 has declared bonus share in the proportion of 1:1.

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It has fixed December 23, 2017 as the record date for the purpose of determining members who would be entitled to bonus ordinary equity shares.

The company (including Mahindra Vehicle Manufacturers) has reported 22 percent jump in its Q2 net profit at Rs 1,411 crore against Rs 1,156.7 crore in a year ago period.

Revenue of the company rose 19.4 percent at Rs 12,018 crore versus Rs 10,065 crore.

Earnings before interest, tax, depreciation and amortization (EBITDA) was up 35.1 percent at Rs 1,923.4 crore and EBITDA margin was up 210 bps at t 16 percent.

L&T`s Arm Bags order From ONGC

L&T has said that L&T Hydrocarbon Engineering Limited (LTHE), a wholly - owned subsidiary of the company, has bagged an offshore contract for the Balance Work for Pipeline Replacement Project - 4 from Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 1,267 crores (194 Million USD) . The Contract, won against international competitive bidding, encompasses total ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning for the project.

The project, part of ONGC’s strategy to replace some of its well fluid, gas lift and water injection pipelines along with brownfield modification works on existing platforms in its Mumbai High , Neelam , Heera and Bassein & Satellite Fields which are situated in the Western Offshore field in the Arabian Sea on the continental shelf of Western India.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over USD 17 billion in revenue. Meanwhile, shares of the company were trading at Rs 1222.95 apiece, down 3.25 per cent from the previous close at 10:05 hrs on BSE.

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TCS Recognized as Leader in IDC MarketScape Report

Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, has said that it has been recognized as a Leader in Cloud ERP Implementation in the recently published IDC MarketScape, "Worldwide Cloud ERP Implementation Services 2017 Vendor Assessment."

"Cloud ERP adoption is an important part of our customers' digital transformation journeys, driven largely by business imperatives," said Krishnan Ramanujam, President, Business & Technology Services, TCS. "This recognition as a Leader is a validation of our business-centric transformational approach, and of our market success," he added.

In the Cloud ERP solutions space, TCS offers a full, consulting-led suite of services spanning business transformation, cloud strategy and roadmap definition, cloud ERP implementation, upgrades, program governance, and change management. Meanwhile, shares of the company closed at Rs 2703.30 apiece, down 1.12 per cent from the previous close on BSE.

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Idea Cellular Slips 6% on Poor Q2 Numbers; Sells Tower biz to ATC Telecom

Shares of Idea Cellular declined 6 percent intraday Monday on the back of poor Q2 numbers and sale of tower business to ATC Telecom.

The company board in its meeting held on November 13 has approved sale of entire shareholding in Idea Cellular Infrastructure Services, a wholly owned subsidiary, to ATC Telecom Infrastructure for Rs 4,000 crore.

The sale process to be completed by first half of 2018.

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The company in the quarter ended September 2017 (Q2FY18) has reported loss of Rs 1106.8 crore against profit Rs 91.5 crore in the same quarter last fiscal.

The company had reported loss of Rs 814.9 crore in the quarter ended June 2017.

The company's revenue was down 8.6 percent at Rs 7,465 crore against Rs 8,166.5 crore. EBITDA was down 19.9 percent at Rs 1,501.6 crore and EBITDA margin was down 290 bps at 20.1 percent, QoQ.

The average revenue per user was at Rs 132 against Rs 141.

Vodafone & Co is also going to sell its tower business in India to ATC. Vodafone will get Rs 3,850 crore post completion of deal.