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JB Chemicals & Pharmaceuticals Q4 net profit jumps two-fold to Rs 101 cr

Drug firm JB Chemicals & Pharmaceuticals on Monday reported a two-fold jump in consolidated net profit to Rs 100.81 crore for the quarter ended March 2021 on account of robust sales. The company had posted a net profit of Rs 50.07 crore for the corresponding period of the previous fiscal year, JB Chemicals & Pharmaceuticals said in a regulatory filing. Consolidated revenue from operations stood at Rs 528 crore for the quarter under consideration. It was Rs 444 crore for the same period a year ago, it added.

SBI Cards raises Rs 500 crore by issuing bonds, allots 5,000 NCDs

SBI Cards and Payment Services on Monday said its has raised Rs 500 crore by issuing bonds. Its board of directors has approved the allotment of 5,000 fixed rate, unsecured, rated, taxable, redeemable and senior nonconvertible debentures aggregating to Rs 500 crore on a private placement basis, SBI Card said in a regulatory filing. The coupon on the bonds is 5.55 per cent per annum. The bonds have been allotted on June 14, 2021. The company said the bonds are set to mature on June 14, 2024. SBI Card said it will list the bonds on the wholesale debt market segment of the BSE.

SAIL sits on 42 mn tonnes of sub-grade ore, mulls beneficiation plant

With sub-grade iron ore fines inventory piling up, state-owned Steel Authority of India (SAIL) is looking to set up a beneficiation plant to consume the ore generated by its mines in future. As on March 31, 2021, the company is sitting on total 42.60 million tonne sub-grade iron ore fines and has been able to sell a meager 0.40 million tonne during the year. “Sub-grade iron ore fines sold outside of mining leased area attracts royalty for the seller making the dispatch costly. Due to this, instead of selling outside, it makes more sense (for the company) to set up a beneficiation plant in the mining lease area and consume in-house,” Manish Kharbanda, president at Pellet Manufacturers’ Association of India told

Govt may raise foreign investment limit to aid BPCL sale: Report

India is considering making it easier for foreign investors to acquire control of Bharat Petroleum Corp., according to people familiar with the matter, as the government tries to sell the state firm and bridge a widening budget deficit. If the cabinet clears the proposal, overseas funds would no longer need government approval to purchase a 100 per cent stake in state-run refiners cleared in-principle for disinvestment, the people said, asking not to be identified as the deliberations are private. The limit will stay 49 per cent for firms not lined up for asset sales.

Amara Raja to invest in lithium-ion batteries, expand current biz verticals

Amara Raja Batteries on Monday said it has decided to invest in green technologies, including in lithium-ion batteries, to capitalise on fastevolving trends in the energy and mobility sectors. The company's board has decided to expand its lead-acid batteries business and set up a new 'Energy SBU' encompassing lithium cell and battery pack, EV chargers, energy storage systems, advanced home energy solutions and related products and services, the company said in a statement.

NSDL says no freeze on accounts of 3 FPIs holding Adani stocks: Report

National Securities Depository Ltd (NSDL) on Monday clarified that the status of demat accounts of three foreign portfolio investors (FPI) accounts --- Albula Investment Fund, Cresta Fund and APMS Investment Fund ---- are in ‘active’ status in NSDL system, Reuters reported citing unnamed source.

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