Natco Pharma's Hyderabad API plant receives EIR from U.S. FDA
The U.S. FDA had inspected the API facility, in Mekaguda here, from June 9-13 and issued Form 483 with one observation. The regulator had classified it as 'voluntary action indicated' (VAI), the company said on Thursday, announcing issue of the EIR.
Natco Pharma shares closed 3.58% lower at ₹997.70 each on the BSE.
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Business Standard
2 hours ago
- Business Standard
PNB Housing Finance stock plummets 18% on MD & CEO Girish Kousgi exit
Shares of PNB Housing Finance plummeted approximately 18 per cent on Friday, closing at Rs 808.05 on the BSE, after the mortgage lender announced that its MD & CEO, Girish Kousgi, had resigned to pursue opportunities outside the company. His resignation will take effect on October 28, 2025, a year before his term was due to end. "The sharp drop in shares of PNB Housing Finance was a result of an overreaction by the market to the MD & CEO's resignation, along with broader uncertainty and weakness in the market. Additionally, the housing finance sector has been broadly muted due to lower interest rates coupled with uncertainty in the IT sector, which is affecting overall demand for real estate and housing finance," said Kranthi Bathini, equity strategist at Wealthmills Securities. To calm investor sentiment, the company issued a statement on Friday, assuring that its team will continue to work towards achieving the company's goals of robust growth, asset quality, and margins. The company's board will immediately begin searching for a seasoned professional with proven expertise and industry experience to fill the leadership role. Additionally, Kousgi will work closely with the board and senior management to ensure a smooth transition during this period. The company also emphasized that its strategic priorities, business focus, and growth trajectory remain intact, based on the strong foundation that Kousgi helped build. R Chandrasekaran, Chairman of the Nomination and Remuneration Committee at PNB Housing Finance, said, 'The Board will initiate a rigorous, transparent, and merit-based selection process to appoint a new leader who will further enhance the legacy of PNB Housing Finance. We are confident of identifying a suitable professional soon, who will further accelerate our strategic direction and long-term value creation.' Kousgi was appointed MD & CEO of the company on October 21, 2022. His appointment was approved by shareholders through a postal ballot on December 22, 2022, for a term of 4 years, following the early exit of Hardayal Prasad, who resigned on October 20, 2022, for personal reasons. 'There seems to be a perception that the company has faced challenges in recent times. In 2019, the promoter, Punjab National Bank (PNB), decided to divest its stake in the company. PNB entered into share purchase agreements (SPA) with Varde Partners and General Atlantic Group, but the deal was later terminated in May 2019, with PNB continuing as the sole promoter,' said an industry expert. 'Later in 2022, the company saw an early exit from the then MD & CEO, Hardayal Prasad, who left a year before the end of his tenure. This year also saw multiple senior management exits, culminating in the resignation of the MD & CEO. Additionally, guidance from the board has been quite limited,' he added. The company also saw multiple exits in the quarter, including Dilip Vaitheeswaran, Chief Sales Officer (Function Head), and Anujai Saxena, Business Head (Affordable Business), apart from the resignation of Kousgi. In Q1 FY26, the retail loan assets of the company increased 18 per cent year-on-year (YoY) to Rs 76,923 crore, with a 143 per cent YoY increase in the affordable housing segment to Rs 5,744 crore and a 20 per cent growth YoY in emerging market segments to Rs 22,701 crore. The retail loan assets of the company stood at Rs 53,123 crore in the October-December quarter of FY23 (Q3 FY23).
Mint
3 hours ago
- Mint
Housing sector entering a phase of steady price, sales: Pirojsha Godrej
The post-pandemic boom in India's residential real estate appears to be moderating, as steep prices prompt customers to defer purchases. This is perhaps evident in Godrej Properties Ltd (GPL) that clocked sales bookings worth ₹7,082 crore for the April-June period, 18% lower from a year ago, due to a record-high sales base last year and fewer project launches in first quarter of the ongoing fiscal year. 'After the euphoric growth in a real estate cycle, the housing sector is entering a phase that will see steady pricing and sales growth instead of a sharp spike. Demand still remains strong, and Godrej Properties remains the fastest growing real estate company," Pirojsha Godrej, executive chairperson of Godrej Properties, told Mint in an interview. GPL has set the highest sales target of ₹32,500 crore for 2025-26 among India's top four developers, which include DLF Ltd, Prestige Estate Projects Ltd and Lodha Developers Ltd. Last year, it sold 15,000 homes worth ₹29,444 crore, the highest-ever by an Indian real estate firm. The Mumbai-based developer on Friday reported a 15.3% year-on-year growth in net profit to ₹598.40 crore in the first quarter, compared to ₹518.80 crore a year ago, according to an exchange revenuefrom operations fell 41% to ₹434.6 crore during the period on account of lower isrecognized based on project completion milestones. Though GPL delivered 0.8 million sq ft in the April-June quarter, the developer has set an ambitious project deliverytarget of 10 million sq ft in FY26. 'In Q1, we did about 22% of the FY26 sales guidance. Typically, sales in the second half of the year are meaningfully higher. We are quite confident of achieving the sales target for this year," Godrej added. Shares of Godrej Properties settled 2.5% lower at ₹2,049.25 apiece on the BSE on Friday. In FY26, GPL has laid out a fairly large launch pipeline spanning multiple cities including Mumbai and Navi Mumbai, Gurugram and Greater Noida, Bengaluru and Hyderabad for its group housing projects. Then, it has plotted development launches planned beyond the metros, in smaller cities. One of its prominent launches this year would be in the posh Mumbai neighbourhood of Worli. The million sq ft, high-end project, that has the potential to bring in ₹10,000 crore of sales bookings, will be launched later in the year. Among its peers, GPL has arguably been one of the most proactive in terms of business development, or acquisition of land to expand its portfolio. It has guided for a conservative ₹20,000 crore of business developmentthis year, and has already added five projects with a total estimated booking value of ₹11,400 crore (57% of its full-year target) in the June-ended quarter itself. 'The focus of the company will be on both—business development for growth, along with executing well and improving project construction timelines," Godrej said. Real estate sales have started seeing some plateauing in recent months, due to rising home prices, among other factors. Despite that, the top four developers including Godrej Properties are collectively aiming to cross ₹1 trillion in residential sales in FY26, marking the strongest year yet for branded players. In FY25, the four developers clocked combined residential sales of around ₹85,190 crore.
Time of India
3 hours ago
- Time of India
Indus Towers stock falls over 4% as BNP calls cash conservation move 'perplexing'
Indus Towers shares fell over 4% in trade on Friday, a day after the passive telecom infrastructure company announced it would conserve cash in the short term and not return it to shareholders. In afternoon trade, Indus stock was down 4.1% at Rs 347.75 on the BSE. Explore courses from Top Institutes in Please select course: Select a Course Category Management Public Policy Cybersecurity CXO PGDM Others Healthcare Product Management Finance Leadership Technology Data Analytics Design Thinking Digital Marketing Project Management Operations Management MBA Data Science Data Science others MCA Degree Artificial Intelligence healthcare Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo 'Indus Towers' Q1FY26 results were slightly below our estimates, with rental revenue and EBITDA 1% lower than expected, while maintenance capex was higher. We are disappointed by the board's decision to conserve cash, attributing it to the evolving industry landscape, elevated capex, and potential inorganic growth opportunities,' brokerage BNP said in a report. It added that the decision was 'perplexing,' as tower additions are set to moderate in FY26 and the receivables issue has been largely resolved. The brokerage lowered its FY26–28E earnings per share estimate by 2–3%, stating that "Indus is set to remain a low to moderate growth business.' On Thursday, Indus Towers reported a 9.8% year-on-year fall in Q1 net profit to Rs 1,737 crore, driven by higher power and fuel costs, employee benefit expenses, and repair and maintenance costs. The fall came despite an Rs 88 crore write-back of provisions for doubtful receivables from Vodafone Idea (Vi), one of its key customers. Live Events The Bharti Airtel subsidiary posted a 9.1% year-on-year rise in revenue to Rs 8,058 crore. Rental revenue grew 10.1% YoY but was 1% below BNP's estimates. Organic tower additions slowed from 4,300 in Q4FY25 to 2,500 in Q1FY26, as Airtel's rural expansion has largely been completed. However, management expects robust tower additions to continue through FY26. During its earnings call, Indus said most of the backlog receivables from Vi were collected in FY25, contributing to a free cash flow of Rs 1,570 crore for the quarter ended June. Trade receivables declined by Rs 406.4 crore during the June quarter to Rs 4,361.1 crore, following Vi's repayment of Rs 88 crore in Q1FY26, said CEO Prachur Sah. The board's decision to conserve cash was driven by the evolving industry landscape, customer stability, elevated capex, and potential inorganic growth opportunities, Sah noted. He clarified that the decision is not a change in dividend policy but a short-term measure. 'The policy requires the board to consider predefined parameters, including the company's future cash requirements, before distributing free cash,' Sah said. He added that free cash flows generated in the previous and current fiscal years will be available for dividend payments once distributions resume. The company cited its elevated capex outlook as a key reason for conserving cash, with funds allocated toward tower growth, infrastructure replacement, and tenancy upgrades. Indus reported maintenance capex of Rs 1,190 crore in the first half of calendar 2025, nearly matching the capex for the entire 2024. Beyond tower additions, investments are expected in solar sites, battery upgrades to lithium-ion, and more diesel generators. 'These are upgrades that incur capex but do not always increase tower count,' Sah said, adding that maintenance capex is likely to remain high for the next 3–4 years as ageing infrastructure is upgraded.
