Axis Bank, ONGC in focus after Q2 results

Net profit of Axis Bank rose 82.62% to Rs 789.61 crore on 15.5% rise in total income to Rs 15959.37 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.

Separately, Axis Bank announced that its board approved the appointment of Amitabh Chaudhry, as managing director-designate in executive position of the bank, with effect from 19 November 2018 upto 31 December 2018 (both days inclusive). This will facilitate smooth transition and familiarize Amitabh Chaudhry with the business and operations of the bank, before he assumes charge as the managing director & CEO of the bank, with effect from 1 January 2019, as approved by RBI.

Adani Gas, the gas sourcing and distribution business that was spun off from Adani Enterprises earlier this year, will be listed on the BSE and NSE today, 5 November 2018.

ONGC's net profit rose 61.1% to Rs 8,264.61 crore on 47.6% increase in net sales to Rs 27,989.17 crore in Q2 September 2018 over Q2 September 2017. The result was announced on Saturday, 3 November 2018.

Net profit of Sun TV Network rose 23.41% to Rs 351.32 crore on 10.90% rise in net sales to Rs 749.55 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.

On a consolidated basis, Tata Chemicals' net profit fell 2.42% to Rs 408.82 crore on 10.05% rise in net sales to Rs 2960.66 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours on Friday, 2 November 2018.

Laurus Labs announced that it successfully completed the US Food and Drug Administration (USFDA) inspection of its unit-6 API intermediate facility with one observation, which is related to a procedure, on 2 November 2018. The manufacturing facility unit-6 is located at Atchutapuram in Visakhapatnam, Andhra Pradesh and has 42 reactors with 253 kilo-liters capacity. The announcement was made after market hours on Friday, 2 November 2018.

KEC International said it signed a share purchase agreement (SPA) with Adani Transmission for selling its entire stake in KEC Bikaner Sikar Transmission at an enterprise value of approximately Rs 227.5 crore, subject to regulatory and other approvals. KEC Bikaner Sikar Transmission is having an operational transmission line of 344 ckt. kms in Rajasthan from Bikaner to Sikar. This sale is in line with KEC's strategy to focus on its core EPC business. The result was announced on Saturday, 3 November 2018.

Strides Pharma Science announced that its formulations facility in Bangalore recently underwent a US Food and Drug Administration (USFDA) inspection that ended on 2 November 2018. The inspection was completed successfully with Zero 483 observations. The facility (KRS Gardens) in Bangalore is the largest facility for the company and has capability in several dosage formats including tablets, capsules (both hard gelatin and soft gelatin), ointments, creams and liquids. The facility supports several important current and future submissions for the US market. The announcement was made after market hours on Friday, 2 November 2018.

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