Top stocks in focus today: Sun Pharma, Infibeam, Jet Airways
These companies will be in focus during trade today based on recent and latest news developments.
Sun Pharma’s revenue declined 16% yoy to Rs6,653cr in Q3FY18. The decline in the revenue was primarily due to the decline in the US business, which declined 35% yoy to $328mn. This was triggered by pricing pressure in the US market and decline in sales of gImatinib and gOlmesartan authorized generics.
Idea Cellular has finalised plans to raise an additional Rs3,500cr through the QIP route as part of its stated plans to raise Rs6,750cr to cut debt and free up cash ahead of its upcoming merger with Vodafone India.
Infibeam consolidated revenue grew by 107.8% yoy and 5.9% qoq to Rs213cr. The company has announced issue of Preferential issue of Fully Convertible Warrants, convertible into equivalent number of Equity Shares to TV18 Broadcast Limited, at a conversion price of Rs186.91 per share for an aggregate consideration of not exceeding Rs40cr.
Jet Airways Q3FY18 revenue grew by 10.4% yoy to Rs6,086.2cr from Rs5,511.1cr in Q3FY17. Operational cost increased by 20.7% yoy, which impacted EBITDA. However, other expenses and employee cost have risen at a slower pace of 4% yoy and 5.3% yoy respectively.
Zee Learn to acquire 44.5% stake in MT Educare for Rs 200cr.
Torrent Power signs a pact with Siemens Gamesa to set up 120 MW wind power project.
Sunteck Realty board approves merger of three subsidiaries with itself.