India's Vinati Organics says accident at plant kills one
The company does not foresee any material financial or operational impact due to the incident.
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Reuters
11 minutes ago
- Reuters
Indian drugmaker Torrent Pharma's quarterly profit jumps on strong demand
July 28 (Reuters) - India's Torrent Pharma ( opens new tab reported a 20% jump in its first-quarter profit on Monday, driven by demand for drugs used to treat long-term conditions. The firm's consolidated net profit rose to 5.48 billion rupees ($63.2 million) for the quarter ended June 30, from 4.57 billion rupees year ago. Its total revenue grew 11% to 31.78 billion rupees, surpassing analysts' estimates of 31.57 billion rupees, as per data compiled by LSEG. For further earnings highlights, click. Torrent Pharma, which makes drugs for treating conditions such as diabetes, infections, and cancer, continued to benefit from strong domestic demand for these medicines. Revenue from India, which contributed around 56% to the total, jumped 11% from a year earlier. This was led by strong demand for Torrent's therapies such as cardiovascular, gastro-intestinal and anti-infectives. Diabetes, which is one of Torrent's key therapy areas, led demand in the Indian pharmaceutical market, which grew 8% in June, according to data from India Ratings and Research. PEER COMPARISON * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT APRIL TO JUNE STOCK PERFORMANCE -- $1 = 86.6530 Indian rupees
Reuters
14 minutes ago
- Reuters
India's third largest airport operator eyes Oct close for over $500 mln bond, sources say
MUMBAI, July 28 (Reuters) - India's Bangalore International Airport Ltd (BIAL) plans to raise over 46.3 billion rupees ($535 million) via a second tranche of bonds by early October, three sources told Reuters on Monday. Earlier this month, the company which operates the country's third-busiest airport, raised 43.62 billion rupees through the sale of 15-year bonds at a coupon of 8.15% payable on a monthly basis. BIAL will raise the funds through its second tranche at a similar rate as the first transaction, the sources added. All the sources requested anonymity as the talks are still private. The company did not immediately respond to a Reuters email seeking comment. The bonds are rated AAA by Crisil Ratings, India Ratings and ICRA. SBI Capital Markets was the arranger of the previous issue, and will also be the arranger for the second tranche, two of the sources added. The planned bond issue will also be of 15-year maturity and will be privately placed and will not be auctioned on the electronic bond platform like the first tranche, the sources said. "The deal was closed with wide participation from banks, insurance companies and infrastructure focused funds," said one of the sources. The money raised will be used for refinancing of existing debt and new capital expenditure, the person said. BIAL is planning to undertake capital expenditure worth 155 billion rupees over financial years 2026 to 2030 for capacity expansion, according to an ICRA report. This is expected to increase its passenger handling capacity to 80-85 million each year from 51.5 million passengers per annum currently. ($1 = 86.5200 Indian rupees)
Reuters
14 minutes ago
- Reuters
India's industrial output rises 1.5% year-on-year in June
NEW DELHI, July 28 (Reuters) - India's industrial output (INIP=ECI), opens new tab grew 1.5% year-on-year in June, government data showed on Monday. Economists polled by Reuters projected a growth of 2%. Industrial output grew at a revised 1.9% year-on-year in May. * Manufacturing output up 3.9% in June as compared to a revised growth of 3.2% in May * Electricity generation fell 2.6% in June as against a revised drop of 4.7% a month earlier * Mining activity dropped 8.7% in June as against a fall of 0.1% a month ago * Output of consumer durables, including cards and phones, grew 2.9% in June as compared to a revised drop of 0.9% a month ago * Output of consumer non-durables, such as food items and toiletries, fell 0.4% in June as compared to a revised drop of 1% in May * Capital goods output increased 3.5% in June as compared to a revised increase of 13.3% in May * Industrial output in April-June grew 2% as compared to a revised increase of 5.4% a year ago
