Zee Entertainment Enterprises Ltd (ZEEL) has made significant changes to its organisational structure, with MD and CEO Punit Goenka taking direct charge of critical verticals, including the domestic broadcast business. The company’s board has approved a new structure that will see ZEEL operating in four key business segments—broadcast, digital, movies, and music. However, the stock has been excluded from derivative contracts by the NSE, effective June 28.
In other news, revenue-based finance platform Klub has partnered with U Gro Capital to provide Indian small businesses with loans of up to ₹150 crore. This collaboration aims to support digital SMEs at various growth stages, offering debt financing of up to ₹30 crore in a single tranche through Klub’s platform.
ICICI Lombard General Insurance Co Ltd has reported a 19 per cent increase in its net profit for the March quarter, reaching ₹520 crore compared to ₹437 crore in the previous year. The company also saw an 11 per cent growth in profit after tax for FY24, reaching ₹1,919 crore.
Biocon has entered into a partnership with Brazil-based Biomm SA for the commercialisation of its diabetes drug in Brazil. Under the agreement, Biocon will handle the development, manufacturing, and supply of Semaglutide (gOzempic), while Biomm will be responsible for regulatory approval and commercialisation in the Brazilian market.
Tata Communications’ consolidated profit slightly declined to ₹321.55 crore in the fourth quarter, while revenue increased by 24.5 per cent to ₹5,691.7 crore. For the full year, net profit decreased to ₹969.58 crore from ₹1,800.87 crore in FY23.
Adanis have invested an additional ₹8,339 crore in Ambuja Cements, raising their stake in the company to 70.3 per cent. This investment aims to enhance the cement maker’s manufacturing capacity, following previous investments of ₹5,000 crore and ₹6,661 crore.
JSW Energy has received approval from an Arbitral Tribunal to recover ₹120 crore from Tamil Nadu Generation and Distribution Corporation. The tribunal also rejected TANGEDCO’s counterclaim for penalty and termination charges.
Jubilant Pharma’s subsidiary’s Roorkee-based plant has been classified as voluntary action indicated (VAI) by the USFDA, indicating that objectionable conditions found during inspection do not warrant regulatory action at this time.
Power Grid Corporation of India plans to raise up to ₹12,000 crore through bond issuance, while PC Jeweller aims to raise ₹2,000 crore through rights issues and preferential allotment. IIFL Finance has approved a rights issue to raise up to ₹1,271.83 crore.
The USFDA has issued an establishment inspection report for Piramal Pharma’s Riverview manufacturing facility, following an inspection on February 7. Angel One reported a one per cent rise in revenue and a 27 per cent increase in net profit for the March quarter.
Shilpa Medicare’s Unit-4 in Telangana has received GMP certification from Austrian regulators, allowing the manufacturing and distribution of sterile injections and non-sterile tablets and capsules. KIMS subsidiary SPANV Medisearch Lifesciences Private Ltd has received a demand notice for ₹306.97 crore under the Income Tax Act.
