Cabinet approves PLI scheme worth Rs 2 lakh crore for 10 sectors
The Union Cabinet has approved Production Linked Incentive (PLI) scheme worth up to Rs 2 lakh crore for 10 key sectors, for the next 5 years. The scheme will provide a boost to India’s manufacturing capabilities and improve exports. The sectors that will get the benefit of the PLI scheme include telecom, automobile, pharmaceuticals, electronic products, and speciality steel.
Read more here.
Aurobindo Pharma Q2 Results: Net Profit rises 25% YoY to Rs 805 crore
Aurobindo Pharma Ltd. reported a 25% year-on-year (YoY) increase in net profit to Rs 805 crore, for the quarter ended September (Q2). The drug-maker posted a 15% YoY increase in revenue to Rs 6,377 crore, during the same period. Before the results were declared, the share price of Auro Pharma jumped 7.02% and closed at Rs 814.45 on the NSE today.
Coal India Q2 Results: Net Profit falls 16% YoY to Rs 2,948 crore
Coal India Limited reported a 16.31% year-on-year (YoY) decline in consolidated net profit to Rs 2,948.12 crore, for the quarter ended September (Q2). The company’s revenue from operations increased by 3.78% YoY to Rs 21,153.07 crore, during the same period. The Board of Directors of Coal India has approved an interim dividend of Rs 7.50 per share.
Read more here.
SpiceJet Q2 Results: Net Loss narrows to Rs 113 crore
SpiceJet Limited reported that its net loss has reduced to Rs 112.59 crore, for the quarter ended September (Q2). The company had posted a loss of Rs 462.58 crore in Q2 of the previous financial year. The airline’s total revenue from operations declined by 62.92% YoY to Rs 1,054.98 crore in Q2 FY21. SpiceJet has stated that they are focusing on further expansion of its cargo business.
Read more here.
Passenger vehicle wholesale up 14% in October: SIAM
The total domestic sale of passenger vehicles in India increased by 14.19% YoY to 3,10,294 units in October. The sale of two-wheelers was up by 17% YoY to 20 lakh units, during the same month. The data has been compiled by the Society of Indian Automobile Manufacturers (SIAM).
Read more here.
Godrej Industries Q2 Results: Net Profit declines 45% YoY to Rs 205 crore
Godrej Industries Ltd. reported a 44.84% year-on-year (YoY) decline in consolidated net profit to Rs 205.33 crore, for the quarter ended September (Q2). The company’s revenue from operations declined by 9.22% YoY to Rs 2,386.29 crore, during the same period. The company has posted a sharp rebound from Q1, but are yet to recover to pre-Covid levels.
Read more here.
L&T Construction wins RRTS order in Uttar Pradesh
The construction arm of Larsen & Toubro (L&T) has secured significant contracts, including a Regional Rapid Transit System (RRTS) order in Uttar Pradesh. L&T would provide its services to execute the new high-speed rail project in the Delhi-Ghaziabad-Meerut Corridor. The company’s Power Transmission & Distribution segment has won a set of orders in the international market as well.
Read more here.
KPIT Technologies wins strategic deal with BMW Group
The share price of KPIT Technologies jumped 8% on Wednesday after it won a strategic large deal with BMW Group. The automotive software company will provide its services to design and enhance BMW’s combined charging electronics program. The deal with BMW will be spread across 5 years.
Read more here.
Indiabulls Housing Q2 Results: Net Profit falls 54% YoY to Rs 323 crore
Indiabulls Housing Finance Ltd. reported a 54% year-on-year (YoY) decline in consolidated net profit to Rs 323.20 crore, for the quarter ended September (Q2). The company’s total income declined by 25.9% YoY to Rs 2,581 crore, during the same period. The Haryana-based mortgage lender has also stated that they are back on track to disburse Rs 1,000 crore through a co-lending model in 2020-21.
Read more here.
LIC Housing Finance Q2 Results: Net Profit rises 3% YoY to Rs 790 crore
LIC Housing Finance Ltd. reported a 3% year-on-year (YoY) increase in net profit to Rs 789.67 crore, for the quarter ended September (Q2). The company’s total income grew marginally to Rs 4,987.64 crore, during the same period. The company, promoted by the country’s largest insurer LIC, is mainly engaged in providing loans for the purchase or construction of residential houses.
Read more here.
