Bajaj Finance Q3 Results: Net profit rises 85% YoY to Rs 2,125 crore
Bajaj Finance Ltd reported an 85% YoY increase in consolidated net profit to Rs 2,125 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 40% YoY to Rs 6,000 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 1.73% in Q3 FY22, compared to 2.45% in Q2 FY22. Bajaj Finance’s assets under management (AUM) rose 26% YoY to Rs 1,81,250 crore in Q3 FY22.
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Reliance Retail acquires 54% stake in Addverb Technologies for $132 million
Reliance Retail Ventures Ltd has acquired a 54% stake in robotics startup Addverb Technologies for $132 million (~Rs 984.4 crore). The deal will provide Addverb Technologies an opportunity to deploy robots at scale in omnichannel distribution centres across different segments. The company is planning to deploy its robots across hospitals and airports.
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L&T Tech Q3 Results: Net profit rises 34% YoY to Rs 249 crore
L&T Technology Services Ltd (LTTS) reported a 34% YoY increase in consolidated net profit to Rs 248.8 crore for the quarter ended December (Q3 FY22). Net profit rose 8% when compared to the previous quarter. Its revenue from operations rose 21% YoY (or 5% QoQ) to Rs 1,687.5 crore during the same period. EBITDA stood at Rs 314 crore, up 48% YoY. LTTS has declared an interim dividend of Rs 10 per share.
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Tata Motors to hike prices of passenger vehicles from Jan 19
Tata Motors Ltd will increase the prices of its passenger vehicles by an average of 0.9%, with effect from January 19. The steep rise in overall input costs has compelled the automaker to pass on some proportion to customers through a minimal price hike. At the same time, Tata Motors has introduced a reduction of up to Rs 10,000 on specific variants in response to customer feedback.
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EaseMyTrip signs pact with Flybig to sell tickets exclusively on its platform
Easy Trip Planners Ltd has partnered with regional airline Flybig to sell its tickets exclusively on the EaseMyTrip platform. All bookings of Flybig by any other online travel portals will also go through and be processed by EaseMyTrip. With this partnership, Flybig aims to explore new avenues for growth and widen its network. Flybig plans to induct five aircraft by the end of March 2022.
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DCM Shriram Q3 Results: Net profit rises 38% YoY to Rs 350 crore
DCM Shriram Ltd reported a 38% YoY increase in consolidated net profit to Rs 349.57 crore for the quarter ended December (Q3 FY22). Net profit jumped 122% when compared to the previous quarter. Its revenue from operations rose 26.5% YoY to Rs 2,790 crore during the same period. EBITDA rose 46% YoY to Rs 588 crore in Q3. The chemical manufacturer has declared an interim dividend of Rs 5.2 per share.
IndusInd Bank sells Rs 4,050 crore distressed loans to ARC in last 9 months
As per a report from the Economic Times, IndusInd Bank sold more than Rs 4,050 crore of distressed loans to asset reconstruction companies (ARC) in the last nine months to clean its books. The bank sold Rs 2,552 crore loans to Edelweiss ARC and Rs 1,500 crore to Omkara ARC in separate pools, comprising retail and corporate loans. The report further states that IndusInd Bank’s aim to maintain its net non-performing assets (NPAs) below 1% could have prompted it to sell the distressed loans.
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Tata Elxsi Q3 Results: Net profit rises 43% YoY to Rs 151 crore
Tata Elxsi Ltd reported a 43.5% YoY increase in net profit to Rs 151 crore for the quarter ended December (Q3 FY22). Net profit rose 20.4% when compared to the previous quarter. Its revenue from operations rose 33.2% YoY (or 6.7% QoQ) to Rs 635.4 crore during the same period. EBITDA grew 46.8% YoY to Rs 210.8 crore in Q3.
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Dixon Tech enters into JV with Imagine Marketing
Dixon Technologies Ltd has entered into a 50:50 joint venture (JV) with the makers of Boat brand of electronics, Imagine Marketing. The JV will undertake the design and manufacturing of wireless audio solutions in India. The partners will also co-invest in the evolving Indian mobile accessory market as part of the Make in India initiative. The joint venture will invest Rs 40 crore over the next four years.
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Nazara Tech acquires 55% stake in adtech firm Datawrkz
Nazara Technologies Ltd has acquired a 55% stake in programmatic advertising and monetisation company Datawrkz. The transaction will value the company at around Rs 225 crore. The acquisition will help enhance Nazara Tech’s in-house capabilities to optimise its customer acquisition spending. It will also help the company enhance yields on ad monetisation of its large consumer base.
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Jio adds 20.1 lakh mobile subscribers in November; Airtel adds 13 lakh users
Reliance Jio Infocomm gained 20.1 lakh mobile subscribers in November 2021. Jio’s total subscriber base rose to 42.86 crore during the same month. Bharti Airtel added 13.1 lakh users, taking its overall mobile user base to 35.52 crore at the end of November. Vodafone Idea (Vi) lost 18.9 lakh subscribers in November and its user base shrunk to 26.71 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).
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Trident Q3 Results: Net profit rises 88% YoY to Rs 211 crore
Trident Ltd reported an 88% YoY increase in net profit to Rs 211.09 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 51.6% YoY to Rs 1,983.65 crore during the same period. The textile firm’s EBITDA stood at Rs 406 crore in Q3, up 68% YoY.
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