Nalco’s Q4 profit soars
- The state-owned mining company posted a nine-fold growth in its consolidated net profit to ₹935 crore for the March quarter. Profit was boosted by a 45% rise in revenue from operations at ₹2,821 crore. Higher revenues from the aluminium segment aided the overall revenue growth.
- The management said that it witnessed a significant recovery in the second half of FY21. Further, it is optimistic for a robust growth in the long run with a focus on increasing the production in mining and refining segments and opening of the new coal blocks. Despite the strong results, the stock fell over 4% today.
Bajaj Healthcare jumps on Covid drug patent application
- Shares of Bajaj Healthcare surged 20% on the BSE a day after it moved the India Patent Office requesting to grant a compulsory license for the manufacture and supply of Covid drug Baricitinib. The stock closed around 13% higher today.
- Currently, global pharma giant, Eli Lilly has the emergency use authorisation (EUA) from the USFDA for use of Baricitinib along with Remdesivir in the treatment of Covid patients. Earlier, Bajaj Healthcare had approached Eli Lilly and Company on two occasions to sign the voluntary license for manufacturing and supply of the drug but the latter had declined on both occasions.
Big boost for tourism sector
- Finance Minister Nirmala Sitharaman yesterday announced measures to provide relief for the pandemic-hit tourism sector. She said that five lakh tourists will be given free visas once international travel restarts.The government will also provide a 100% guarantee to financial institutions for extending loans to the tourism sector.
- Shares of travel service companies Thomas Cook and Easy Trip Planners’ shares rose up to 1%. Similarly, SpiceJet rose around 3% today, while the shares of airlines InterGlobe Aviation (Indigo) were flat.
Graphite India posts profit despite weak sales
- India’s largest graphite-electrode maker posted a 6% drop in its March quarter sales owing to lower price per unit. Graphite electrodes are used in steel mills and are a consumable item in the steel manufacturing process.
- Despite weak sales, it posted a profit of ₹64 crore, versus a loss in Q4 last year, on account of inventory gains. Going forward, it’s management expects recovery in demand for electrodes and stabilisation of prices. Further, it has a comfortable net cash position of ₹2,734 crore as of March 2021. The stock gained 3.4% today.