5G Spectrum Auction Likely In Early June: Ashwini Vaishnav
The government is planning to hold a 5G spectrum auction in early June, as per telecom minister Ashwini Vaishnav. The minister stated that the Department of Telecom is on track to meet its deadlines and that the process to solve industry concerns about spectrum price is underway. TRAI has seconded a massive auction proposal worth over Rs 7.5 lakh crore for over 1 lakh megahertz spectrum, in case the government allocates it for 30 years and Rs 5.07 lakh crore if it is for 20 years.
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Canada-based Sagen picks a 31% stake in India Mortgage Guarantee Corporation.
Sagen, a Brookefield subsidiary and Canadian mortgage insurer, is acquiring a 31% share in India Mortgage Guarantee Corporation (IMGC). The deal’s value was not disclosed, and it would be completed subject to legislative and regulatory approvals. According to a public statement, IMGC will use the new funds to expand its business and improve its operational and technological capabilities. IMGC was set up in 2008 as India’s first mortgage guarantee company(MGC). The company has since received investment from National Housing Bank, International Finance Corp (IFC), Asian Development Bank, and Enact Holdings Inc.
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P&G Hygiene and Health Care Q3 Results: Profit Up 4.6% to Rs 102.85 crore.
Procter & Gamble Hygiene and Health Care Ltd recorded a 4.59% increase in net profit to Rs 102.85 crore in the third quarter ended March 2022Rs 98.33 crore last year. Revenue from operations increased by 28.11% to Rs 973.26 crore, up from Rs 759.66 crore the previous year. Total expenses were up 28.36% at Rs 828.19 crore, against Rs 645.18 crore in the previous year.
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SBI Life Q4 Results: Profit advances 26% YoY to Rs 672 crore
SBI Life Insurance recorded a 26.27% year-on-year (YoY) increase in net profit to Rs 672.15 crore, from Rs 532.30 crore the previous quarter. Net premium income increased by 12% year on year to Rs 17,433.77 crore, up from Rs 15,555.74 crore the previous quarter. In the quarter under review, total income increased by 2.5% to Rs 21,427.88 crore, up from Rs 20,896.70 crore the previous year.
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Vedanta Q4 Results: Profit declines 10% to Rs 5,799 crore YoY
For the current quarter Q4FY22, Vedanta recorded a 4.8% year-on-year (YoY) reduction in net profit standing at Rs 7,261 crore. The business had a net profit of Rs 7,629 crore in the same period the previous year. Revenue from operations increased by 41.14% to Rs 39,342 crore, up from Rs 27,874 crore in the previous quarter.
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TVS ties up with Bike-Taxi Platform Rapido
TVS Motor Company and Rapido, a bike-taxi platform, have established a strategic partnership. Both TVS and Rapido signed a memorandum of understanding (MoU) to allow them to capitalize on their synergies in the mobility industry. The partnership will cover both two-wheelers and three-wheelers in both ICE and EV segments.
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Viacom18 to get an investment worth ~$2 billion
Viacom 18 Media Private Limited is an Indian joint venture between Reliance-owned TV18 and US-based media company Paramount Global. Viacom18 will receive a Rs 13,500 crore ($1.8 billion) investment from Bodhi Tree Systems – run by James Murdoch and Uday Shankar, a former head of Walt Disney India. Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries, will invest another Rs 1,645 crore. Paramount Global shall continue to be a shareholder and supply its premium global content to Viacom18.
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World Bank approves $47 million for India’s Mission Karmayog
The World Bank Board of Executive Directors approved a $47 million project today to support the Government of India’s Mission Karmayogi, a national program to build civil service capacity, said the bank in a statement.
Mission Karmayogi is a program aimed to modernize thinking and approach, improve human resource management practices in the government, and improve the skillset of the millions of civil servants across the country.
There are nearly 18 million civil servants employed across India, with approximately two-thirds at the state government and local authority levels. While India has steadily improved its performance over the past decade, through the implementation of Mission Karmayogi the Government aims to make the country’s civil service force more future-ready and capable of meeting twenty-first-century challenges, the statement further said.
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PNB Housing Finance Q4 Results: Net Profit up 34% to Rs 170 crore
PNB Housing Finance report a 34% rise in consolidated net profit at Rs 170 crore compared with Rs 127 crore, the previous year. This was the case even as sales declined 18.52% YoY to Rs 6195.93 crore. Net Interest Income declined 37% QoQ to Rs Rs 377 crore compared to Rs 593 crore. While Gross NPA stood at 7.61% of loan assets while the net NPA ratio stood at 4.49%.
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Tata Power to set up 5,000 EV charging points across Maharashtra
Tata Power has partnered with Maharashtra’s National Real Estate Development Council (NAREDCO) to install up to 5,000 electric vehicle charging outlets across the developer properties of NAREDCO’s members. The two have signed a Memorandum of Understanding(MoU). Through Tata Power’s EZ Charge mobile app, EV owners across members’ properties will enjoy 24×7 vehicle charging, monitoring, and e-payments services.
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