Forbes EMF has left Sotac Pharmaceuticals after selling all 1.81 lakhs of its shares in an open market transaction for an average price of Rs 117. The buyer in this transaction was Minerva Ventures Fund.
Based on talks with clients, management commentary suggested that demand was further softening, and management has already withdrawn its double-digit growth forecast for FY24.
Sensex and Nifty
Guidance was pulled back as a result of extended ramp-up times and ongoing prudence. The oil palm division of Godrej Agrovet announced a prospective 47,000-acre site in Telangana’s Sangareddy District for expanding oil palm production and constructing processing facilities.
In the June quarter, Polycab India Ltd.’s net profit increased by 81%, exceeding analysts’ expectations. Revenue for the quarter increased by 42% year over year for the company, from Rs 2,736.56 crore to Rs 3,889.38 crore.
- Forbes EMF sells 1.81 lakh shares to Minerva Ventures Fund.
- Polycab India‘s net profit surges 81%, revenue 42%.
- Bharat Bijlee’s net profit and revenue surged in Q1.
Net sales for the quarter were projected to total Rs 3139 crore, and the company anticipated reporting a net profit of Rs 270 crore.
Sebi, the capital markets regulator, gave the green light to Piramal Pharma’s plan to offer rights to fund up to Rs 1,050 crore. The Nifty was up 55.80 points or 0.28% at 19,767.30, while the Sensex was up 273.58 points or 0.41% at 66,863.51. In an open market transaction, Cresta Fund sold 25 lakh equity shares—or 0.78% of the company—for an average price of Rs 330.01 per share.
In the first quarter, Bharat Bijlee’s net profit increased by 55% to Rs 25.3 crore from Rs 16.3 crore, while revenue increased by 59.3% to Rs 441.5 crore from Rs 277.1 crore, year over year.
Investors responded favorably to Netweb Technologies‘ first public offering, with high-net-worth individuals and retail investors continuing to hold the top positions. For the quarter that ended in June of FY24, Polycab India reported a 7% year-over-year increase in consolidated profit, which came in at Rs. 22.36 crore.
