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Cipla launches ‘Covi-G’, a rapid antibody test kit for COVID-19

Global pharmaceutical company, Cipla Limited announced that it has signed a licensing agreement with Multi G, a Belgium-based company for distribution of its Rapid Antibody test kit for COVID-19.

The distribution of Covi-G will be done in Europe and across most of the emerging markets. As a part of the agreement, Cipla will take the responsibility of distribution of the COVID-19 rapid antibody kit manufactured by MultiG which will be marketed under the brandname of ‘Covi-G’. 

With extensive reach, partnership and network with the public health authorities and other institutions, Cipla will ensure uninterrupted access of these kits across more than 25 markets in Asia, Australia, Europe, Middle East, North Africa and Latin America. 

Cipla is ranked the third largest pharmaceutical company in the country and also the third largest in pharmaceutical private market in South Africa according to IQVIA MAT data for September 20.

Sadbhav Engineering receives LOA for projects worth Rs 1572.30 crore

Sadbhav Engineering has received Letter of Acceptance (LoA) from NHAI for two EPC road projects amounting to Rs 1572.30 crore. The first project includes construction of Four Lane Expressway from Sardar Patel ring road to Sindhrej Village of Ahmedabad District (22 kms length) under EPC Mode. The contract value of the same is Rs 690.30 crore and the construction period will be 24 months. The second project includes construction of Four Lane Expressway from Sindhrej Village to Vejalka village of Ahmedabad under EPC mode. The contract value of the same is Rs 882 crore and the construction period will be 24 months.

On the order book front, total order book stood at Rs 9397.38 crore as on September 30, 2020. Out of this, transport sector is the largest contributor with order book of Rs 7087.76 crore. Mining sector and Irrigation sector order book stood at Rs 1957.03 crore and Rs 352.59 crore, respectively.

Recently, the company has also announced its quarterly numbers for Q2FY21. The consolidated revenue for Q2FY21 was Rs 540.72 crore as against Rs 938.13 crore in the corresponding quarter last year, registering 42.4 per cent YoY decline. The EBITDA for the quarter fell by 50.2 per cent YoY to Rs 163.45 crore as against Rs 328.35 crore in the corresponding quarter last year, with a corresponding margin contraction of 477 bps. EBITDA margin for the quarter stood at 30.2 per cent. The net loss for the quarter came in at Rs 60.41 crore as against the net loss of Rs 39.89 crore in the corresponding quarter last year.

Akzo Nobel reports improved demand due to festive season

As Akzo Nobel declared its results for the quarter ended September 30, 2020, its consolidated revenue for the quarter Q2FY21 came in at Rs 606.86 crore as against Rs 633.82 crore in the corresponding quarter last year, registering a 4.3 per cent YoY decline. By September 2020, it has recovered back to its pre-COVID levels. However, on a QoQ basis, its revenue jumped by 134.8 per cent.

EBITDA for the quarter grew by 43.1 per cent YoY to Rs 104.55 crore as against Rs 73.06 crore in the corresponding quarter last year, with a corresponding margin expansion of 570 bps. EBITDA margin for the quarter stood at 17.2 per cent.

PAT for the quarter came in at Rs 66.28 crore as against Rs 49.25 crore in the corresponding quarter last year, with a YoY increase of 34.6 per cent.

Its business has seen improved recovery reaching pre-COVID 19 levels in the rural and non-metro markets during the quarter. The demand in the metro cities remained muted during the quarter and has improved due to the festive season and pent-up demand. The revival in the automotive sector benefitted the business while infrastructure, oil & gas and power segments continued to see demand challenge.

During the quarter, the company has launched Dulux SuperClean and Dulux Promise in the economy segment.

Akzo Nobel India Limited is engaged in manufacturing, trading, and selling paints & coating. It provides research & development services to the holding company along with its group companies.

ONGC Videsh forays into Senegal blocks; signs agreements with FAR Ltd 

ONGC Videsh Limited (OVL) is about to enter in Senegalese offshore after signing a definitive binding agreement with Australia’s FAR Limited.

The agreement has been signed to acquire a 13.66 per cent participating stake in the exploitation area of Sangomar field and 15 per cent participating interest in the remaining contract area of Rufisque, Sangomar Offshore & Sangomar Deep Offshore (RSSD) block.

The acquisition includes an upfront consideration of US$ 45 million with customary adjustments including the opening working capital as of January 2020 and the cash calls paid or to be paid from January 2020 onwards until completion. The agreement also includes contingent payments payable annually (capped at US$ 55 million) depending upon the Brent Oil price, the company stated in a press release to BSE.

The total investment involved, including the development cost until the first oil, is expected to be around US$ 600 million. The acquisition is consistent with the company’s strategic objective of adding high impact exploration and near-term production assets to its existing exploration and production portfolio.

Larsen & Toubro receives an order from Tata

Steel L&T, India's leading engineering, procurement and construction projects, manufacturing, defence and services conglomerate, has received an order to supply 46 units of Komatsu Mining Equipment from Tata Steel. The order comprises of 41 units of Komatsu HD785-7, three units of Komatsu WA900-3E0 and two units of Komatsu D275A-5R. The company reported a consolidated net profit of Rs 1410.29 crore in Q2FY21, that fell by 44.73 per cent YoY, as compared to Q2FY20, while it reported a profit of Rs 2551.67 crore. The company reported revenue from operations of Rs 31037.74 crore, for Q2FY21 a decrease of 12.15 per cent, as against Rs 35328.45 crore for Q2FY20.

Steel Strips Wheels (SSWL) receives export order

Steel Strips Wheels Limited (SSWL) announced of receiving export orders of nearly 57000 wheels for US & EU trailer market. The said order is to be executed from its Chennai plant in the month of December. The company further stated that it is expecting to receive more such orders of the similar kind and capacity as the demand is steadily increasing with recovery in business.

Previously, SSWL had bagged exports orders for more than 11,000 wheels from a new US customer, thus indicating increase in new customers of the company. For Q2FY21, the company reported 11.78 per cent YoY increase in net sales to Rs 404.74 crore while net profit jumped by 82.37 per cent YoY to Rs 14.02 crore.

SSWL commands market leadership in the industry with a market share of around 55 per cent in steel rims and of about 20 per cent in alloy wheels. Thus, the pent up demand in the auto sector is expected to provide an opportunity for SSWL to outperform the industry backed with better capacity utilization as well as increased exports.

KPIT Technologies secures large deal from BMW Group 

Leading independent software development & integration partner to the automotive industry, KPIT Technologies has received a significant strategic large deal from BMW Group.

The order is for the next generation charging electronics program spread over several years. The strategic collaboration includes software development and integration. It also covers maintenance of the combined powertrain coordination units including charging control.

MicroFuzzy and KPIT together will execute this strategic software program representing the first step for BMW Group in establishing strategic software development partners for automotive software.

KPIT Technologies Limited, a global technology company that provides software solutions would help mobility leapfrog towards an autonomous, smart, and a connected future. The company’s product wise revenue mix stands at 93 per cent from product engineering services and 7 per cent from product organisation.

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