Indian drugmaker Cipla beats first-quarter profit view
The company's consolidated net profit increased 10% to 12.98 billion rupees ($150 million) in the April-June quarter, beating analysts' estimates of 12.11 billion rupees, per data compiled by LSEG.
($1 = 86.5750 Indian rupees)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
11 minutes ago
- Reuters
India's April-June finished steel imports fall nearly 30% as China, Japan shipments slow
NEW DELHI, July 29 (Reuters) - India's finished steel imports dropped nearly 30% in the first three months of the financial year that started in April, due to a persistent fall in shipments from China and Japan, according to provisional government data reviewed by Reuters on Tuesday. The world's second-biggest crude steel producer imported 1.4 million metric tons of finished steel during April-June, down 28.8% from a year earlier, the data showed. Shipments from China fell 45.8%, while those from Japan declined 65.2%. China shipped 0.3 million tons of finished steel into India during the period, while Japan exported 0.2 million tons, the data showed. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. South Korea was the biggest exporter to India, with shipments reaching 0.5 million tons, down 6.5%. India remained a net importer during the period, with exports easing 5.1%. Belgium was the top destination for finished steel exports from India, with shipments rising 40.8%. Shipments to the United States, Spain and Nepal climbed, while exports to Italy dropped. Volume-wise, galvanised plain or corrugated sheets or coils were India's biggest exports. Domestically, crude steel production was at 40.6 million tons, up 11.2%. Finished steel consumption was at 38.3 million tons, up 7.9%. Indian domestic rebar prices edged lower as underlying market sentiment remained weak amid sluggish demand and the onset of monsoon, the government said in its report.
Reuters
12 minutes ago
- Reuters
Bank of Korea board members saw more interest rate cuts necessary, minutes show
SEOUL, July 29 (Reuters) - Board members of South Korea's central bank said there was a need to lower interest rates, citing downward economic pressure from U.S. tariffs, at their latest meeting on July 10, minutes showed on Tuesday. The Bank of Korea kept its benchmark interest rate unchanged at 2.50% at the meeting, but a majority of board members signalled another rate cut in the next three months and warned of "significant" economic uncertainty from U.S. tariffs.
Reuters
14 minutes ago
- Reuters
Bank Millennium beats Q2 forecasts as Swiss mortgage impact wanes
GDANSK, July 29 (Reuters) - Bank Millennium ( opens new tab on Tuesday reported second-quarter net profit of 331.5 million zlotys ($90.1 million), surpassing the 270 million zlotys forecast in a Reuters poll, boosted by a strong performance at its core business. That helped the bank offset higher FX-mortgage costs. Bank Millennium is Poland's seventh-largest lender by total assets and the Polish arm of Portugal's Millennium bcp ( opens new tab. The lender's second-quarter net interest income reached 1.45 billion zlotys, against the average forecast 1.44 billion zlotys from analysts polled by Reuters. Net fee and commission income came in at 188 million zlotys, compared with expectations of 187 million zlotys. The group booked 573 million zlotys in provisions for legal risks related to Swiss franc mortgages. Initially appealing to borrowers in the 2000s due to low interest rates, Swiss franc loans have become a significant burden for the sector as repayment costs surged following the zloty's depreciation and Swiss interest rate hikes. This has led to widespread legal disputes, pressuring Polish banks to offer settlements and book substantial provisions, weighing on their results for years. ($1 = 3.6776 zlotys)
