Pharma major Lupin Ltd. on February 7 reported a percent 300 percent year-on-year rise in consolidated net profit at Rs 613 crore for the October-December quarter of the current financial year. The company had reported a profit of Rs 157.6 crore in the same period last year. Revenue came in at Rs crore, up percent from the year-ago quarter numbers of Rs 4,322.2 crore.

SpiceJet, a low-cost airline, may settle with tech service provider Raymach Technologies over alleged outstanding dues of Rs 2.7 crore. Raymach has filed an insolvency plea against SpiceJet and NCLT has directed the airline to respond. Similar pleas have been filed by four aircraft lessors. The tribunal has dismissed two pleas and urged SpiceJet to settle with others.

Apollo Hospitals Ltd reported a 60% increase in net profit at Rs 245 crore for the October-December quarter, surpassing estimates. Revenue also rose by 14%. The company declared an interim dividend of Rs 6 per share and saw a higher EBITDA margin of 12.7%. This is a developing story. Check back for updates.

India will oppose any discussion on non-trade issues, such as EU's carbon tax on steel, iron ore, and cement imports, at the upcoming WTO Ministerial Conference. The country believes these topics should be addressed in other forums, like the UN. India has also submitted a paper expressing concerns about the carbon tax and is engaging in bilateral talks to lessen its impact on domestic industries.

Vedanta Base Metals CEO Chris Griffith plans to raise $1.3 bn for a restart of its Konkola Copper Mines unit in Zambia. The company is seeking financing partners, including potentially selling a minority stake, with Vedanta retaining majority ownership and operational control. Griffith aims to increase copper output to 200,000 tons after investing $1 billion over the next five years in the mines.

Major stock indexes, including the S&P 500 and Nasdaq, opened with gains on Wednesday fueled by strong company earnings and expectations of interest rate cuts. The Dow Jones rose by 0.24% while the S&P 500 and Nasdaq both increased by over 0.3%. Investors are eagerly awaiting updates from policymakers.

A recent survey in Pune, India found that over 5.77 lakh houses were left out of the Maratha reservation survey due to locked doors or refusal to participate. The survey aimed to gather data on social, economic, and educational backwardness in the community in order to support the state's case for a Maratha quota in the SC.

Artisan Partners, an asset management company, sold a 1.2% stake in Indus Towers for Rs 717 crore through a bulk deal on the BSE. This reduced their shareholding to 0.47%. The buyers are unknown. Last week, KKR and other entities also sold shares worth Rs 3,978 crore. Indus Towers provides telecom infrastructure and is now known as Bharti Airtel-promoted Indus Towers Ltd.

The Jana Small Finance Bank IPO received a good response from investors on February 7, with an 88% subscription rate. The bank plans to raise Rs 570 crore through its IPO and has already gathered Rs 166.95 crore from institutional investors. The IPO will close on February 9, and shares will be available for trading on February 14. The bank aims to use the funds to boost its Tier-1 capital base.

Advent International, a leading global private equity fund led by Shweta Jalan in India, has initiated merger process between its portfolio companies Suven Pharmaceuticals and Cohance Lifesciences. The merger, if approved, aims to create a top CDMO and API firm for the pharma and specialty chemical markets. Investment banks Kotak Mahindra Capital and Citi have been chosen as advisors for the deal.

Electric mobility company Magenta Mobility and commercial EV manufacturer Euler Motor are extending their partnership to include an additional 2,000 cargo e-three-wheelers. This follows the delivery of 500 vehicles to Magenta and will be manufactured at Euler Motors' Palwal facility. The collaboration aims to promote the adoption of EVs in India and contribute to sustainable transportation.

FM Sitharaman said that India's retail inflation is stable and within the 2-6% tolerance band. In Dec 2023, the rate was at 5.55%, within RBI's range for the third straight month. The govt has taken steps to control food prices, including launching subsidised essentials like Bharat Atta and Dal. FM also mentioned that Karnataka is receiving funds as per the Finance Commission's recommendation.

Reliance Jio said that the 6 GHz band (1200 MHz) is critically required for the growth of 5G and the introduction of 6G in the country, and the entire band should be earmarked for IMT or mobility services, so that around 300 MHz to 400 MHz is available to each of the telecom operators. Jio dismissed the demands made by tech companies to allocate airwaves in this band for WiFi services.

British American Tobacco Plc's shares rose after it announced plans to sell part of its stake in Indian company ITC, valued at over £14 billion. This news was well received by analysts, who believe it will accelerate the company's deleveraging and share buyback plans. However, BAT also reported an increase in writedowns on its US brands due to declining sales as more Americans quit smoking.

Snap's stock plummeted over 32% after missing revenue expectations and struggling against competitors like Meta and Alphabet for advertising dollars. This stands in contrast to the strong ad sales reported by other companies, which could indicate a preference for larger, more stable companies amid economic uncertainty.