Suven Pharma reported a 56.6% drop in net profit for the December quarter compared to the same period last year. Revenue also decreased by 37.9%. The decline was attributed to lower EBITDA and global supply chain destocking. However, their pharma CDMO business showed growth of 24% in the first 9 months of FY24. The CEO remains confident in achieving medium-term growth through ongoing discussions.

Arvind Vashistha, head of equity capital markets at Citi India, has resigned after nearly 10 years and is expected to join JP Morgan. The search for a replacement has begun. This move is part of a trend of high-level movements in the Indian investment banking industry amidst a spike in capital market deals. JM Financial and Axis Capital have also witnessed executive changes recently.

Snap will be reducing its workforce by 10%, or 528 employees, which is in line with other companies in the tech and media industry. The company's stock rose by 2% in pre-market trading. Snap expects to incur charges of $55 million to $75 million for severance and related costs, with most of the expenses happening in the first quarter of 2024.

Caterpillar beat estimates with a double-digit jump in operating profit on Monday to send its shares to a record high buoyed by mining equipment sales and higher prices across its machinery divisions. Shares for the Texas-based company were up 5%. Spending on heavy machinery held steady among commercial clients. Dealer inventories fell for the first time in four quarters, by $900 million.

Four companies have received approval from India's securities regulator, Sebi, to raise funds through initial public offerings. These include Juniper Hotels, Arkade Developers, CJ Darcl Logistics, and Indo Farm Equipment. However, two other companies, Kronox Lab Sciences and Shree Tirupati Balajee Agro Trading Company, had their draft IPO documents returned without reason.

In a 475-billion-rouble deal, Russian technology company Yandex NV is being sold to a group of Russian investors, making it the largest corporate exit from the country since 2014. The sale includes Yandex's most profitable businesses and aims to prevent nationalization by the Kremlin. The deal reflects a 50% discount due to government regulations.

Estee Lauder is reducing their global workforce by 3%-5% as Chinese customers opt for more affordable luxury products, causing a dip in sales and margins. Other global brands are also seeing a decline in demand due to economic challenges and the rise of local Chinese brands. Estee Lauder expects these cuts to result in higher profits by 2026, but has lowered their profit forecast.

US and India have a strong focus on energy transition and are working together to ensure alternative supply chains, particularly for renewables. Assistant Secretary of State Geoffrey Pyatt highlighted the importance of US-India energy relations, citing challenges such as geopolitical disruptions in supply chains and the need for alternative sources to China.

Finance Minister Nirmala Sitharaman announced a reduction in market borrowing plan for FY 2024-25, leading to a drop in government bond yields. The gross and net market borrowing has been pegged at Rs. 14.13 lakh crore and Rs. 11.75 lakh crore respectively, lower than most experts' expectations. This move is expected to benefit the private sector and households.

Mubadala Investment Company announced on Monday that it will invest in Manipal Health Enterprises, with Temasek maintaining a majority stake. Temasek had acquired 41% of the company last year, but has now reduced its share by 8%. The hospital chain also welcomed new investors Novo Holdings and CalPERS. Mubadala expressed its support for Manipal's future growth prospects.

Orient Cement Ltd's consolidated net profit for the December quarter increased 63.54% to Rs 44.99 crore, while its revenue from operations rose 2.6% to Rs 751.30 crore. Total expenses were down by 1%, bringing the company's total income to Rs 753.22 crore in the quarter. Its board also approved the reappointment of the MD and CEO for a one-year period.

China is taking steps to restrict trading amidst a stock market decline, including limiting cross-border swaps and banning sell orders from certain hedge funds. The government is also attempting to stabilize markets with measures such as preventing illegal activities and guiding long-term investment, but some investors remain skeptical and are concerned about margin calls and forced liquidation.

Healthcare distributor Entero Healthcare Solutions, backed by OrbiMed, will open its IPO on February 9. The price band will be announced on February 6 and the offer will close on February 13. The IPO consists of a fresh issue of Rs 1,000 crore and an offer-for-sale by current shareholders, including promoters Prabhat Agrawal and Prem Sethi.

BLS E-Services, a digital business correspondence services provider, is expected to have a strong debut on February 6 with experts predicting a listing premium of around 125-130 percent over the issue price of Rs 135 per share. This is due to a variety of factors such as positive market conditions, robust IPO subscription numbers, and the company's asset-light business model.

Shree Cement clarified that there is no demand for tax deposition from the Income Tax department, despite a news report claiming otherwise. The department had sent a notice last month, asking for a response on an inquiry, but there is no requirement for depositing taxes mentioned in the notice. The department conducted a survey in June 2023.