Latest Business, Finance, and Share Market News as of 5:30 pm on May 13, 2024

Varun Beverages reported a strong performance in the first quarter of 2024, with a profit of Rs 547.98 crore, marking a 24.9% increase from the same period last year. The company’s revenue from operations also saw a significant growth of 11.3% to Rs 4397.98 crore. The EBITDA stood at Rs 990 crore, up 24% year-on-year, driven by higher gross margins and increased realization.

In the pharmaceutical sector, Cipla witnessed a surge in its shares by over 6% after reporting a 79% jump in net profit for Q4FY24. The company’s net profit stood at Rs 939 crore, a substantial increase from the previous year. Revenue from operations also saw a 7% year-on-year growth to Rs 6,163 crore. The board proposed a final dividend of Rs 13 per equity share for the fiscal year ended March 2024.

VA Tech Wabag secured a repeat order worth $49 million from Kathmandu Upatyaka Khanepani Limited for the construction of three Waste Water Treatment Plants in Nepal. The order is expected to be completed over a period of 24 months, followed by a 5-year operation and maintenance contract.

In other news, Maharashtra reported 91 cases of the new COVID-19 Omicron subvariant KP.2, with Pune and Thane being the most affected areas. Additionally, Biocon Limited signed a distribution agreement with Medix for the commercialization of its drug product Liraglutide in Mexico.

The benchmark equity indices opened in the negative territory on Monday, with NSE Nifty 50 and BSE Sensex dropping in the opening trade. Cipla, Asian Paints, and Divi’s Lab were among the top gainers, while Tata Motors and BPCL were the major losers in the Nifty 50.