SYNGENE INTERNATIONAL Q3
PE investment in real estate hits $2.5 bn in Q2, a 3-year high
Institutional investments in India's real estate sector surged to a three-year high of $2.5 billion in the June quarter, primarily driven by robust activity in the industrial and warehousing, and residential segments, according to Colliers. The industrial and warehousing segment attracted the majority of investments at $1.5 billion, marking an 11-fold increase from Q2 2023, while the residential segment also experienced significant growth. Conversely, investments in the office sector plummeted 83%. Foreign investors, particularly from the US and UAE, were prominent contributors in the market, indicating a positive outlook for the industry.
Institutional investment in Indian real estate at $2.5 billion in Q2, marking a 3-year high
Private equity investments in Indian real estate hit a three-year high in Q2 2024, totaling $2.5 billion. The industrial and warehousing segment led with 61% of the total investments ($1.5 billion), driven by large deals. The residential segment saw a 7.5x increase from Q2 2023, making up 21% of total inflows. Office assets received $0.3 billion, showing a significant annual decline.
F&O stocks to buy today: L&T, IGL among top 9 trading ideas for July 3, 2024
The Indian market is expected to open higher on Wednesday, following positive global cues. On Tuesday, the Nifty futures closed marginally higher, gaining 0.02% to reach 24,210 levels. The India VIX decreased by 1.14% from 13.83 to 13.67 levels.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
India's GDP grows 7.8 per cent in Q4, FY24 growth pegged at 8.2 per cent
India Q4 GDP: The analysts were anticipating a better-than-expected growth for the January to March quarter this time around. The Reserve Bank of India (RBI) estimated Q4FY24 real GDP growth to be 7 per cent while ET Poll suggested the growth rate of 6.8 per cent. As per a Reuters poll, the Indian economy was expected to grow at 6.7 per cent in the January-March quarter on a year-on-year basis, owing to weak demand.
Q2, Q3 and Q4 will be better for MAN Industries: Ramesh Chandra Mansukhani
Ramesh Chandra Mansukhani, Chairman of MAN Industries, outlines ambitious growth plans for FY25 and FY26, including expansion in Saudi Arabia and the development of high-margin hydrogen pipes. The company's focus on exports and value-added products is set to propel its revenue and profit growth. He says, India will be a very promising market in coming days.
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IMF revises China's GDP to 5% this year; growth may decelerate to 3.3 per cent by 2029, says Gita Gopinath
The 5 per cent growth revision by the International Monetary Fund (IMF) is in line with the target set by the Chinese government for the world's second-largest economy which is grappling with a slowdown triggered by the crippling property sector crisis and industrial overcapacity.
Samvardhana Motherson Q4 Results: Net profit jumps 2-fold to Rs 1,444 cr
Auto components maker Samvardhana Motherson International Ltd on Wednesday posted a two-fold jump in consolidated net profit to Rs 1,444 crore for the fourth quarter ended March 2024. The company had reported a net profit of Rs 699 crore in the January-March period of the last fiscal.
India's growth outlook: Economy to get a blockbuster release this Friday? But that's too late to stream in poll campaigns
GDP Q4: As the country buzzes with election excitement, India is set to release its GDP growth numbers for the fourth quarter of FY24 this Friday, alongside the full fiscal year figures. Analysts are eagerly awaiting to see if the January to March quarter numbers surpass expectations, fueling hopes of a surprising uptick in growth.
Bikaji Foods International shares jump over 9% on robust Q4 results
Bikaji Foods International's shares surged 9.3% to Rs 583.9 following a 200% jump in net profit to Rs 116.3 crore. The stock has an average target price of Rs 627, indicating a 12% upside potential.
Visa fee hike hits IT cos; Airport cab fares set to rise
Happy Friday! The hike in H-1B visa fee will hurt IT service companies severely, experts have warned. This and more in today’s ETtech Morning Dispatch.
Wipro promotes veterans; Paytm & Nykaa Q4 financials
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
Nykaa Q4 Results: Profit zooms 187% YoY to Rs 6.9 crore; revenue rises 28%
Nykaa Q4 Results: The consolidated net profit stood at Rs 2.4 crore in the last-year period. The company's board has approved an investment of Rs 20 crore in FSN International, a wholly-owned subsidiary, on a rights basis.
Max Healthcare Q4 Results: Net profit drops 3% YoY to Rs 311 crore
Max Healthcare's Q4FY24 net profit dips 3% YoY to Rs 311 crore, attributed to lower effective tax rate in Q4FY23 and new unit losses. Gross revenue rises 15% YoY to Rs 1,890 crore.
Ircon International Q4 Results: Net profit rises over 15% YoY to Rs 286 crore
Ircon International Ltd on Tuesday said it has posted a 15.1 per cent growth in its profit after tax at Rs 285.68 crore during the March 2024 quarter. It had clocked Rs 248.18 crore profit after tax (PAT) during the January-March quarter of the 2022-23 financial year, Ircon International said in a statement.
PSU railway stocks rally up to 8%. What’s the good news?
Shares of railway PSU stocks RVNL and IRFC surged on Tuesday, with RVNL jumping 8% to Rs 322 and IRFC rising 5% to Rs 181 on the BSE. This rally was triggered by the Q4 profit growth reported by these companies. Additionally, IRCON International shares soared 8% to a new high of Rs 296 ahead of its Q4 results, scheduled for release today.
Honeywell Automation declares Rs 100 dividend along with Q4 results
Honeywell Automation’s net profit for the quarter ended March 31, 2024, was reported at Rs 148.2 crore, up 32% YoY from Rs 112 crore for the same period a year ago. Ashish Gaikwad has resigned as MD and Atul Vinayak Pai has been appointed in his place.
Sonata loses tempo on weak demand; mid-term view hazy
With over $ 1 billion or Rs 8,613 crore in FY24 revenue, Sonata generates over two-third of revenue from the domestic products licensing and related services and the remaining from the international IT services across verticals including travel, manufacturing, retail, healthcare, and banking, financial services and insurance.
ICC rights may bleed Disney's streaming entertainment business
Disney's streaming profit faces loss due to ICC rights on Disney+ Hotstar. Iger expects weaker Q3 tied to Indian sports. Zee Entertainment disputes ICC TV rights in arbitration.
L&T Q4 Results: Profit jumps 10% YoY to Rs 4,396 crore; dividend declared at Rs 28/share
L&T Q4 Results: The Board has also recommended a final dividend of Rs 28 per share of the face value Rs 2 each for the financial year ended March 2024. L&T received orders worth Rs 3.02 lakh crore at the group level during the year ended March 2024, registering a 31% YoY growth.
Expect Syngene revenue to grow from high single digits to low double digits next year: Jonathan Hunt
Jonathan Hunt detailed the investment strategy of Syngene International, facing revenue growth challenges due to US biotech funding delays. Expecting high single to low double digits growth for FY25, with ongoing developments in various company facilities. Hunt says: "We deployed $55 million last year. Next year, we will be a little bit ahead of that."
Syngene Q4 Results: Net profit rises 6% to Rs 189 crore, revenue drops 8%
The earnings before interest, tax, depreciation and ammortisation dropped 1% YoY to Rs. 333 crore in Q4FY24. The EBITDA margin rose 300 basis points YoY to 36%.
Q4 results today: HUL, Axis Bank, LTIMindtree among 22 companies to announce earnings
Today marks a significant day for investors and market participants as several key companies from various sectors are set to announce their fourth-quarter results. Among the notable earnings releases, Hindustan Unilever (HUL), LTIMindtree, Indian Hotels, Axis Bank, Macrotech, and Tata Investment stand out.
Goldman picks 2 pharma stocks, screams sells on Laurus Labs
Goldman Sachs' ratings triggered price movements, with Syngene and Neuland rising but Laurus falling. Syngene is set to benefit from China+1, while Neuland sees growth opportunities in APIs and chemistry solutions. In contrast, Laurus faces challenges in its business transition and growth prospects.
ET poll sees India's growth at 6.6% in Q3, 7% for FY24
Experts said the agriculture sector may have also contributed to the slowdown, even as industry and services kept the economy growing. "The agricultural sector is expected to experience a pronounced slowdown due to diminished rainfall activity and subsequent declines in reservoir levels," said Rajani Sinha, chief economist at CareEdge. "After a lower-than-projected kharif output, rabi sowing has exhibited a sluggish trend through most of the season, except for an uptick in the last couple of weeks," Sinha said.
FIIs dumped Rs 7K-crore worth Paytm shares before RBI ban. Look, what else they sold
According to a report by PRIME Database, Paytm shares worth Rs 7,441 crore were offloaded by foreign investors in the December quarter, making it the top sell by FIIs in the quarter gone by. Their holding value in Paytm's parent company, One97 Communications, dropped to Rs 25,706 crore from Rs 33,148 crore at the end of the third quarter.
Syngene International Q3 Results: Net profit rises 2% YoY to Rs 112 crore, company revises revenue guidance
The rise in Q3 profit of Syngene International was led by dedicated centres and development and manufacturing services, even as discovery services business remained soft. The third quarter revenue from operations rose 9% YoY to Rs. 854 crore. The earnings before interest, tax, depreciation and ammortisation (EBITDA) rose 5% YoY to Rs. 261 crore in Q3FY24. The EBITDA margin dropped 100 basis points YoY to 30%.
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