Axis Bank, L&T, Biocon to be watched

Axis Bank reported a net loss of Rs 1387.78 crore in Q4 March 2020 compared with net profit of Rs 1505.06 crore in Q4 March 2019. Total income rose 10.34% to Rs 20,219.57 crore in Q4 March 2020 over Q4 March 2019. The private lender's pre-tax loss stood at Rs 1879 crore in Q4 March 2020 compared with profit before tax of Rs 2303 crore in Q4 March 2019. The result was announced after market hours on Tuesday (28 April).

Meanwhile, the bank's board approved raising Rs 35,000 crore in Indian currency/foreign currency by issue of debt Instruments including but not limited long term bonds, non-convertible debentures, perpetual debt instruments and Tier II Capital Bonds or such other debt securities as may be permitted under RBI guidelines, from time to time.

L&T has yesterday issued and allotted 25,000 7.70% Rated Listed Unsecured Redeemable Non-Convertible Debentures of Rs. 10 lakh each aggregating to Rs. 2500 crore which will mature on April 28, 2025. The Debentures are proposed to be listed on the National Stock Exchange of India.

Biocon and Mylan N.V. yesterday announced the launch of Fulphila, a biosimilar to Neulasta (pegfilgrastim). Fulphila is approved by Health Canada to decrease the incidence of infection, as manifested by febrile neutropenia, in patients with non-myeloid malignancies receiving myelosuppressive anti-neoplastic drugs.

Crompton Greaves Consumer Electricals said the company has partially resumed the operations at its plant(s) located at Baddi (Unit III) in a phased manner.

NLC India said that the company has commenced coal production at Talabira II and III mines on 26 April 2020.

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