Pharma major Strides Arcolab has posted a net profit of Rs 46 crore for the second quarter ended June 30, up 10% from Rs 41.77 crore in the corresponding quarter of the last fiscal. Revenue for the quarter was up 56% year-on-year to Rs 484 crore from Rs 311 crore registered during the same period last year. Strides financial year runs from January to December. According to a statement from the company, key growth drivers for the June quarter have been licencing income and new product launches in the specialties business and a strong performance by the Australasia region.
Resurgere Mines to issue bonus shares
Private iron ore miner Resurgere Mines & Minerals India said on Tuesday that the companys board of directors has approved issue of bonus shares and a stock split. The company will issue bonus shares in the ratio of 2:1 resulting in issue of two new fully paid equity shares for every one equity share held. The stock split is in1:10 ratio.
Hyundai Motor India signs MoU with UBI
Hyundai Motor India Ltd (HMIL) has inked an MoU with United Bank of India (UBI). This strategic alliance will help both the partners leverage their individual strengths and reach out to a wider market and make auto loans available for prospective car owners on user-friendly terms, said a press release on Tuesday. The memorandum of understanding was signed by Arvind Saxena, Director, marketing & sales, HMIL and RK Mohanty, general manager (retail banking, HRD, planning, resources & research) of the bank.