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 National Stock Exchange (NSE) has decided to exclude the stock from derivative contracts starting 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. The collaboration aims to support digital SMEs at various growth stages by 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% 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% growth in profit after tax for FY24, amounting to ₹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 obtaining regulatory approval and commercialising the product in the Brazilian market.
Tata Communications recorded a marginal decline in consolidated profit for the fourth quarter, reaching ₹321.55 crore compared to ₹326.64 crore in the same period last year. However, the company’s revenue increased by 24.5% to ₹5,691.7 crore. For the full year ending March 31, 2024, 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%. This investment is aimed at enhancing the cement maker’s manufacturing capacity, following previous investments of ₹5,000 crore in October 2022 and ₹6,661 crore in March 2024.
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 following an inspection. This classification indicates that while objectionable conditions were found during the inspection, no regulatory or enforcement action will be taken at this time.
Power Grid Corporation of India has approved a proposal to raise up to ₹12,000 crore through the issuance of bonds in the upcoming financial year. Additionally, PC Jeweller and IIFL Finance have also announced plans to raise funds through rights issues and preferential allotment of warrants, respectively.
In other updates, the USFDA has issued an establishment inspection report for Piramal Pharma’s Riverview manufacturing facility, while Angel One has reported a one per cent rise in revenue and Shilpa Medicare’s Unit-4 in Telangana has received GMP certification from Austrian regulators. Lastly, Krishna Institute of Medical Sciences Ltd (KIMS) has received a demand notice for ₹306.97 crore under the Income Tax Act.
