Economic Survey projects India’s real GDP growth at 11% in FY 2021-22
The Finance Ministry’s Economic Survey projects that India’s real gross domestic product (GDP) would record a growth of 11% in the financial year 2021-22. The nominal GDP growth has been estimated at 15.4%, implying an assumption of 4.4% inflation during the year. The survey states that the fundamentals of the Indian economy remain strong. The gradual scaling back of lockdowns, along with the support of the Atmanirbhar Bharat Mission have placed the economy firmly on the path of revival. It further states that the economy would take two years to reach and go past pre-pandemic levels.
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Tata Motors Q3 Results: Net profit rises 67% YoY to Rs 2,906 crore
Tata Motors reported a 67.2% YoY increase in consolidated net profit to Rs 2,906.45 crore for the quarter ended December (Q3). Its revenue rose 5.5% YoY to Rs 75,653.8 crore during the same period. The company’s largest subsidiary, Jaguar Land Rover, reported a profit before tax of £439 million (~Rs 4,394 crore), compared with £121 million (~Rs 1,211 crore) in the corresponding quarter last year. Tata Motors’ overall sales in India rose 24% YoY to 1.50 lakh units.
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SSAB withdraws initial interest for Netherlands business: Tata Steel
Tata Steel on Friday confirmed that Swedish steel-maker SSAB AB has withdrawn its initial interest for its Netherlands business. In November 2020, Tata Steel had announced that it was in talks with SSAB on a potential sale of its Netherlands assets, including the Ijmuiden steel mill. Tata Steel said it is committed to finding a strategic resolution for its European portfolio. The company’s European works council said it expected the separation of Tata Steel’s Dutch and British operations to continue.
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Cipla Q3 Results: Net profit jumps 113% YoY to Rs 748 crore
Cipla Limited reported a 113% YoY increase in net profit to Rs 748.1 crore for the quarter ended December (Q3). The drugmaker’s revenue rose 18% YoY to Rs 5,168.7 crore during the same period. The company’s sales in India grew 22% YoY to Rs 2,231 crore in Q3. Cipla’s board has approved a scheme of arrangement with two wholly-owned subsidiaries. The company will transfer its India-based US business into Cipla BioTec and transfer consumer business to Cipla Health.
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Indian Oil Corp Q3 Results: Net profit rises 62% YoY to Rs 4,359 crore
Indian Oil Corporation Limited (IOCL) reported a 62.41% YoY increase in consolidated net profit to Rs 4,359.11 crore for the quarter ended December (Q3). Its revenue from operations rose 0.57% YoY to Rs 1.47 lakh crore during the same period. The state-owned company sold 21.425 million metric tonnes (MMT) of oil products in domestic markets in Q3. IOCL’s board has approved an interim dividend of Rs 7.50 per share.
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Manappuram Finance Q3 Results: Net profit rises 17% YoY to Rs 483 crore
Manappuram Finance Ltd reported a 16.64% YoY increase in consolidated net profit to Rs 483.19 crore for the quarter ended December (Q3). Its revenue from operations rose 14.46% YoY to Rs 1643.81 crore during the same period. Consolidated assets under management (AUM) grew by 14.70% YoY to Rs 27,642.48 crore in Q3. The company’s board has approved an interim dividend of Rs 0.65 per share.
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Dr. Reddy’s Labs Q3 Results: Net profit at Rs 20 crore
Dr. Reddy’s Laboratories reported a consolidated net profit of Rs 19.8 crore for the quarter ended December (Q3). It had posted a net loss of Rs 527.4 crore in the corresponding quarter last year. The company’s consolidated revenue rose 12% YoY to Rs 4,930 crore in Q3 FY21. Dr. Reddy’s stated that it was progressing well on the Phase-3 clinical trials for the Sputnik-V vaccine in India.
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Sun Pharma Q3 Results: Net profit jumps two-fold to Rs 1,852 crore
Sun Pharmaceuticals Ltd reported a two-fold YoY jump in consolidated net profit to Rs 1,852.5 crore for the quarter ended December (Q3). The drugmaker’s consolidated revenue rose 8% YoY to Rs 8,837 crore during the same period. Sun Pharma’s global specialty sales have continued to show an improving trend and have crossed pre-Covid levels. The company’s board has declared an interim dividend of Rs 5.50 per share.
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IndusInd Bank Q3 Results: Net profit falls 36% to Rs 830 crore
IndusInd Bank Ltd reported a 36.5% YoY decline in net profit to Rs 830.39 crore for the quarter ended December (Q3). Net interest income (NII) rose 11% YoY to Rs 3,406 crore during the same period. The lender’s gross non-performing asset (NPA) ratio stood at 1.74%, compared with 2.21% in Q2 FY21. IndusInd Bank’s total provisions rose 77.6% YoY to Rs 1,853.52 crore in Q3.
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L&T bags contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad bullet train project
Larsen & Toubro (L&T) has received a contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad high-speed rail corridor project. The order is to procure, fabricate, assemble, paint, and transport 28 bridges. L&T said the project was secured through a consortium of L&T and IHI Infrastructure Systems (IIS) of Japan.
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UPL Q3 Results: Net profit rises 13% YoY to Rs 794 crore
UPL Limited reported a 13% YoY increase in net profit to Rs 794 crore for the quarter ended December (Q3). Its revenue rose 3% YoY to Rs 9,126 crore during the same period. The company’s India business grew 21% YoY to Rs 906 crore, despite a market slowdown during the quarter. UPL also reported an exceptional loss of Rs 78 crore in Q3 for costs related to restructuring in Europe and provision written back related to litigation costs in North America.
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Vedanta Q3 Results: Net profit rises 59% YoY to Rs 4,224 crore
Vedanta Ltd reported a 59% YoY increase in consolidated net profit to Rs 4,224 crore for the quarter ended December (Q3). Its revenue rose to Rs 23,621 crore, compared with Rs 22,007 crore in the corresponding quarter last year. The company’s strong performance in Q3 was mainly on account of increased commodity prices and better sales volumes in Zinc and Iron Ore businesses. Vedanta plans to reduce its debt by Rs 5,000 crore in the January-March quarter (Q4).
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