HCL Technologies Expected to Report Q1FY24 Net Profit of Rs 3,782 Crore
According to estimates from Philip Capital, Nirmal Bang, AMP, and HDFC Securities, HCL Technologies is anticipated to report a net profit of Rs 3,782 crore in the first quarter of the fiscal year 2023-24. This represents a 5.3 per cent decline compared to the previous quarter but reflects an 8.1 per cent increase compared to the same period last year. Dollar revenues for the April to June quarter are expected to reach around $3,268 million, indicating a sequential growth of 0.8 per cent and a year-on-year growth of 7.8 per cent. In terms of revenue in Indian Rupees, the tech company is estimated to achieve around Rs 26,858 crore in Q1FY24. This represents a 0.4 per cent increase quarter-on-quarter and a substantial 13.8 per cent increase year-on-year, based on the consensus among the four brokerage firms mentioned.
Lupin Receives EIR from USFDA for Pithampur Unit-2 Manufacturing Facility
Pharmaceutical behemoth Lupin has obtained the establishment inspection report (EIR) from the United States Food and Drug Administration (USFDA) for its Pithampur Unit-2 manufacturing facility, which produces oral solids and ophthalmic dosage forms. The EIR was issued after the facility’s last inspection, conducted from March 21 to March 29, 2023. The USFDA has classified the inspection as Voluntary Action Indicated (VAI), indicating compliance with regulatory requirements.
Plastiblends India Reports YoY Decline in Q1 Profit and Revenue
Plastiblends India has announced a 24 per cent year-on-year decline in its Q1 profit, amounting to Rs 7.6 crore compared to Rs 10 crore in the previous year. Additionally, the company’s revenue for the same period fell by 4.2 per cent to Rs 195.7 crore. The EBITDA margin stood at 6.8 per cent, lower than the 8 per cent reported in the corresponding quarter last year.
Sterlite Technologies Collaborates with Windstream for Fiber Expansion Projects
Sterlite Technologies has formed a partnership with Windstream, a privately held communications and software company, to support Windstream’s large-scale fibre expansion projects. The collaboration between the two companies began in February 2021 when STL started providing Optical Networking Solutions to Windstream.
Credent Global Finance Approves Rights Issue
Credent Global Finance has announced that the Rights Issue Committee of the Board, in its meeting held on July 11, 2023, approved a rights issue size of 34,68,750 shares. The issue price was slated at Rs 140 per share, and the Rights Entitlement Ratio will be 1 share for every 2 fully shares held by eligible equity shareholders. The record date for the rights issue is set for July 17.
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