Franklin Templeton mutual fund’s shut schemes receive Rs 4,280 cr since closure

NEW DELHI : Franklin Templeton Mutual Fund’s six shut schemes have received ?4,280 crore from maturities, pre-payments and coupon payments since the announcement of their closure in April. The amount has been received without the ability to efficiently monetise assets, Franklin Templeton Asset Management (India) president Sanjay Sapre said in a letter to investors on […]

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M&M expected to post about 60% decline in Q1FY21 revenues due to covid woes

Mahindra and Mahindra Ltd (M&M), India’s largest tractor manufacturer, is expected to report a sizeable decline in its consolidated revenues for the June quarter on the back of low sales owing to covid-19–led disruptions. According to Edelweiss Securities Ltd, M&M’s consolidated revenues are expected to be at Rs5,260 crore, down 59% from Rs12,806 crore from […]

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Lupin’s Q1 net profit falls 59% YoY as covid-19, lockdowns drag India, US sales

NEW DELHI: Lupin posted a 59% slump in its consolidated net profit year-on-year for the April-June quarter at ?108.2 crore as the covid-19 pandemic and the lockdowns imposed to curb it dragged sales of its medicines in India and US. The company’s consolidated revenue from operations were down 9% at ?3,529 crore, with operating margins […]

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India’s consumer confidence plummets to record low in July

Consumer confidence fell to a record low in India last month as citizens grew more pessimistic about their jobs, incomes and spending, a survey from the central bank showed. Sentiment had been steadily falling since the government imposed the world’s biggest pandemic lockdown in late March and collapsed further in July to reach 53.8, the […]

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Aurobindo Pharma working on COVID-19 vaccine; Shortlisted for BIRAC funding

Aurobindo Pharma Limited is working on developing several viral vaccines including one for COVID-19 even as the candidate was approved for funding by the Department of BioTechnology, the company said in its latest annual report. “During the year (FY20), we have further strengthened our presence in the vaccines segment through the acquisition of R&D assets […]

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RBI Policy: Repo rate unchanged at 4%, to maintain accommodative stance

MUMBAI: The Reserve Bank of India on Thursday kept the repo rate, the key interest rate at which it lends to commercial banks, unchanged at 4%, according to a statement by the central bank governor Shaktikanta Das on Thursday. The central bank’s six-member Monetary Policy Committee (MPC) was unanimous in its decision to stand pat […]

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Adani-Total JV to seek fuel retailing licence

MUMBAI: The Adani Gas and French energy major Total SA will soon seek government nod to open retail fuel stations in India, said the former’s chief executive officer, Suresh Manglani, on Wednesday. “Definitely we will take full benefit of the expertise and strength of Total,” Manglani had told reporters on an earnings call, adding that […]

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Gold prices today jump, silver surges 10% in just 3 days

Gold and silver prices in India moved higher today, in line with a strong global rally in precious metals. On MCX, October gold futures moved 0.35% higher to ?55,290 per 10 gram. September silver futures moved 1% higher to ?72,600 per kg. In the previous session, gold had risen over 1% or ?580 per 10 […]

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Jyothy Labs Q1 net up 34 pc to Rs 50.01 cr

NEW DELHI : FMCG firm Jyothy Labs on Wednesday reported 33.78 per cent increase in consolidated net profit at ?50.01 crore for the quarter ended June 30, 2020. The company had posted a net profit of ?37.38 crore in the corresponding period a year ago. Total income during the reported quarter stood at ?436.93 crore, […]

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Zydus Cadila, Bharat Biotech covid vaccine trials move to phase II

NEW DELHI : Bharat Biotech International Ltd and Zydus Cadila Ltd have completed phase I of clinical trials for their respective vaccine candidates against covid-19, just three weeks after the two companies started human dosing of the immunization shots against the fatal respiratory disease, Indian Council of Medical Research (ICMR) director-general Balram Bhargava said. “At […]

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