Titan Q3 Results: Net profit jumps 135% YoY to Rs 987 crore
Titan Company Ltd reported a 135% YoY jump in net profit to Rs 987 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 34.8% YoY to Rs 9,381 crore during the same period. The watches and wearables segment registered an income of Rs 708 crore, up 29% YoY. Titan’s eyewear business recorded revenue growth of 26% in Q3. Its jewellery business registered an income of Rs 8,563 crore, up 37% YoY.
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Services PMI falls to 51.5 in January
India’s services sector activity fell further in January but remained in the expansion zone for the sixth-straight month. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 51.5 in January, compared to 55.5 in December. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. New business rose at a noticeably slower rate in Jan amidst the third wave of the Covid-19 pandemic.
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GAIL Q3 Results: Net profit jumps over two-fold to Rs 3,288 crore
GAIL reported a 121% YoY (or 15% QoQ) jump in net profit to Rs 3,288 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 67% YoY (or 19.8% QoQ) to Rs 25,776 crore during the same period. The operating profit from marketing natural gas stood at Rs 1,750 crore, compared to a loss of Rs 74 crore in Q3 FY21. The LPG and liquid hydrocarbons segment registered an operating profit of Rs 855 crore, up 202% YoY.
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TCS to expand New Jersey operations, hire 1,000 employees
Tata Consultancy Services (TCS) will expand its operations in New Jersey by hiring nearly 1,000 additional employees by the end of 2023. The IT company aims to meet the growing needs of global customers to digitally transform their businesses. To grow its local IT talent pool for the state, TCS will expand the reach of its science, technology, engineering, and mathematics (STEM) and computer science education programs in New Jersey by 25%.
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Tata Power signs pact with Apollo Tyres to deploy EV charging stations
Tata Power has partnered with Apollo Tyres Ltd to deploy electric vehicle (EV) charging stations to strengthen their green mobility commitments. The charging stations will be set up at Apollo Tyres’ commercial and passenger vehicle zones across India. Apart from the customers visiting the tyre retail outlets, the EV chargings stations would also be open for use by the general public.
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Godrej Properties Q3 Results: Net profit jumps 171% YoY to Rs 39 crore
Godrej Properties Ltd (GPL) reported a 171.4% YoY jump in consolidated net profit to Rs 39.95 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 63.5% YoY to Rs 278.76 crore during the same period. EBITDA stood at Rs 115 crore in Q3, up 42% YoY. The real estate firm’s sales bookings rose 3.56% YoY to Rs 1,541 crore.
In other news, GPL will invest Rs 400 crore to acquire a 10% stake in DB Realty. The company will also set up an equity platform with DB Realty that focuses on slum redevelopment projects in Mumbai.
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Granules India gets USFDA approval for antidepressant drug
Granules India has received approval from the US Food & Drug Administration (USFDA) to market Bupropion Hydrochloride extended-release tablets. The drug is used as an antidepressant medication to treat major depressive disorder and seasonal affective disorder. As per IQVIA data, the total sale of the tablets during the twelve months ended December 2021 stood at $661 million.
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Adani Power Q3 Results: Net profit at Rs 218 crore
Adani Power Ltd reported a consolidated net profit of Rs 218.49 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 288.74 crore in Q3 FY21 and a loss of Rs 230 crore in Q2 FY22. Its total income fell 21.2% YoY to Rs 5,593.58 crore in Q3 FY22. Total expenses declined by 26.22% YoY to Rs 5,389.24 crore during the same period. Adani Power’s capacity utilization was impacted in Q3 due to the shortage of domestic coal and high prices of imported coal.
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Bosch to invest Rs 2,000 crore in India over next 5 years
The Bosch Group has announced plans to invest Rs 2,000 crore in India over the next five years. The investments would be primarily in advanced automotive technologies and digital mobility space. The German multinational engineering and technology company is celebrating a century of its presence in India. Over the next 5 years, Bosch India will invest over Rs 1,000 crore in the localisation of advanced automotive technologies and support Atmanirbhar Bharat.
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ITC Q3 Results: Net profit rises 15% YoY to Rs 4,056 crore
ITC Limited reported a 15% YoY increase in consolidated net profit to Rs 4,056 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 30% YoY to Rs 18,365 crore during the same period. Revenue from its cigarette business grew 14% YoY to Rs 6,958 crore. The non-cigarette FMCG business revenues stood at Rs 4,099 crore, up 9% YoY. ITC’s board has declared an interim dividend of Rs 5.25 per share.
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