On a consolidated basis, net profit of Tata Steel rose 54.33% to Rs 1753.07 crore on 22.33% rise in net sales to Rs 40457.11 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.
Net profit of Bharat Petroleum Corporation (BPCL) declined 76.90% to Rs 495.14 crore on 30.59% rise in net sales to Rs 79168.84 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.
Dr Reddy's Laboratories announced that the audit of its formulations manufacturing plant - 3 at Bachupally, Hyderabad by the US Food and Drug Administration (USFDA) completed on 8 February 2019. The company has been issued a Form 483 with 11 observations. The company said it will address them comprehensively within the stipulated timeline. The announcement was made after market hours on Friday, 8 February 2019.
Pharma major Lupin announced the completion of the United States Food and DrugAdministration (USFDA) inspection at its Goa manufacturing facility. The inspection was carried out between January 28 to February 8, 2019. The inspection at the Goa facility closed with 2 observations. The observations are procedural in nature and the company is confident of addressing them satisfactorily. The announcement was made after market hours on Friday, 8 February 2019.
Bharti Airtel announced the signing of an agreement by its subsidiary, Airtel Networks Kenya (Airtel Kenya) with Telkom Kenya (Telkom Kenya) for merging their respective mobile, enterprise and carrier services businesses in Kenya to operate as - 'Airtel- Telkom'. The finalisation and closure of the transaction is subject to approval by the relevant authorities.
As per the agreement, both the partners will combine their operations in Kenya and establish an entity with enhanced scale, operational efficiency and strategic brand presence. The entity will invest in networks to further accelerate roll out of future technologies. The enterprise and carrier services businesses should benefit from a larger fibre footprint and an increased number of enterprise customers - including both large corporations and SMEs who would have access to a diverse portfolio of world-class solutions. The announcement was made after market hours on Friday, 8 February 2019.
Reliance Industries announced that Reliance Brands (RBL), a subsidiary of the company, has acquired a further stake of 2.5% in Future101 Design (Future101) on 7 February 2019, for a consideration of Rs. 1.99 crore, taking its total stake in Future101 to 15%.
Reliance Retail Ventures (RRVL), a subsidiary of the company has acquired a further stake of 9.44% on 7 February 2019 in Genesis Colors (GCL), for a consideration of Rs 45 crore taking its total stake in GCL to 29.07% on the enhanced capital of GCL. Consequently, the stake of RBL in GCL shall be 43.66% and the aggregate equity shareholding of RRVL and RBL in GCL stands at 72.73%.
The aforesaid acquisitions will help the company to strengthen its footage in the retail industry and support its long term strategy to enhance its value in the retail industry. No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction for the Company and none of RIL's promoter / promoter group / group companies have interest in the above entities. The announcement was made after market hours on Friday, 8 February 2019.
Rural Electrification Corporation (REC) announced that its board approved the proposal for incorporation of five project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC Transmission Projects Company for construction of projects. The announcement was made after market hours on Friday, 8 February 2019.