HFCL, SAIL and Tata Steel to see some action today

Steel Authority Of India Ltd. | Steel & Iron Products | Metals & Mining | BSE: 500113 | NSE: SAIL

31 Oct 2022 Evaluate

HFCL has received the Purchase Orders (PO) aggregating to Rs 115 crore, from Reliance Projects & Property Management Services for supply of Optical Fiber Cables to one of the leading Private Telecom Operators of the Country.

Steel Authority of India (SAIL) has entered into agreement with Airport Authority of India (AAI) for launching commercial flights from Rourkela in Odisha. The company has signed the operation and management contract with AAI through its unit Rourkela Steel Plant. AAI, on behalf of SAIL - Rourkela Steel Plant, will operate and manage the airport.

Tata Steel has, on October 28, 2022, acquired 1,56,12,802 equity shares of Rs 10 each at an issue price of Rs 12.81 per share (including a premium of RS 2.81 per share), of Tata Steel Advanced Materials (TSAML), for an amount aggregating to approximately Rs 20 crore. On completion of the above acquisition, TSAML will continue to be a wholly owned subsidiary of the Company.

AF Enterprises has been qualified as L1 Bidder and has received work order from MP State Cooperative Dairy Federation Indore Sahkari Dugdha Sangh-MPCDF for manufacturing and supply of Milk Plastic Crates till March 31, 2023. The size of the order is worth Rs 63 lakh.

Reliance Industries’ wholly owned subsidiary -- Reliance Strategic Business Ventures (RSBVL) has invested an amount of USD 15 million in its subsidiary, SkyTran Inc. RSBVL has invested in SkyTran to increase its shareholding to 62.83% on a fully diluted basis.

US Food and Drug Administration (USFDA) has completed a Pre-Approval Inspection (PAI) at Laurus Labs’ manufacturing facility at Unit-5, Parawada, Visakhapatnam, Andhra Pradesh. The inspection was conducted from October 24, 2022 to October 28, 2022. The company has been issued a Form 483 with one observation. The observation is procedural in nature. The company will address the observation within stipulated timelines.

Dr. Reddy's Laboratories has reported results for second quarter ended September 30, 2022. The company has reported 2- fold jump in its net profit at Rs 1116.30 crore for the quarter under review as compared to Rs 449.00 crore for the same quarter in the previous year. Total income of the company increased by 26.81% at Rs 4998.30 crore for Q2FY23 as compared Rs 3941.50 crore for the corresponding quarter previous year. On the consolidated basis, the company has reported rise of 11.89% in its net profit at Rs 1114.20 crore for the quarter under review as compared to Rs 995.80 crore for the same quarter in the previous year. Total income of the company increased by 6.34% at Rs 6372.60 crore for Q2FY23 as compared Rs 5992.40 crore for the corresponding quarter previous year.