Finance Minister presents Union Budget 2022 in Parliament
Finance Minister Nirmala Sitharaman has presented the Union Budget 2021-22 in the Parliament. The minister has announced the scrapping of income tax for senior citizens above 75 years and new rules for the removal of double taxation for NRIs. Sitharaman has also announced a Rs 64,180 crore package for the healthcare sector, which will be spread over the next 6 years. A voluntary scrapping policy for old vehicles has also been launched. India’s fiscal deficit is set to jump to 9.5% of the GDP in 2020-21.
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Automobile companies register strong sales growth in January
Major automobile companies registered healthy sales growth during January 2021. Tata Motors posted a 28% YoY increase in domestic sales to 57,742 units, which was led by higher car sales. TVS Motor Company reported a 31% YoY increase in total sales to 3.07 lakh units in January. Mahindra & Mahindra’s farm equipment sales rose 50% YoY to 34,778 units. Maruti Suzuki posted a 4.3% YoY increase in total sales to 1.60 lakh units during the same period.
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Adani Green Energy commissions 100 MW solar power plant in Uttar Pradesh
Adani Solar Energy Four Pvt Ltd, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 100 MW (2×50 MW) solar power project at Jalalabad in Uttar Pradesh. The two solar plants have power purchase agreements (PPAs) with Uttar Pradesh Power Corporation Ltd (UPPCL) at Rs 3.22/kWh and 3.19/kWh, respectively, for a period of 25 years. This places AGEL’s total renewable portfolio of 14,815 MW well on track to reach its vision of 25 GW capacity by 2025.
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SJVN bags 679 MW hydroelectric project in Nepal
SJVN Ltd has received an order from the Investment Board of Nepal to construct a 679 MW Lower Arun Hydropower Project. The project will be constructed under a Build, Own, Operate and Transfer (BOOT) model. On completion, the project will generate 3,561 million units of electricity per annum.
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Kansai Nerolac Paints Q3 Results: Net profit rises 76% YoY to Rs 204 crore
Kansai Nerolac Paints reported a 76.58% YoY increase in consolidated net profit to Rs 204.5 crore for the quarter ended December (Q3). Its revenue rose 19.68% YoY to Rs 1,606.86 crore during the same period. The company stated that both the decorative and industrial segments witnessed double-digit volume growth in Q3.
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Coromandel Q3 Results: Net profit rises 26% YoY to Rs 333 crore
Coromandel International Ltd reported a 26.20% YoY increase in net profit to Rs 333.80 crore for the quarter ended December (Q3). Its revenue rose 7.76% YoY to Rs 3,541.87 crore during the same period. The company’s board has declared an interim dividend of Rs 6 per share. Hyderabad-based Coromandel International is in the business of fertilizers, pesticides, and specialty nutrients.
Tata Power gets LoI for distribution and retail sale of electricity
Tata Power Ltd has received a Letter of Intent (LoI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in the 5 circles of North Eastern Electricity Supply Company of Odisha Ltd’s (NESCO) Utility. This includes the areas of Balasore, Bhadrak, Baripada, Jajpur, and Keonjhar. The proposed sale of NESCO Utility to Tata Power will be through the formation of a Special Purpose Vehicle (SPV) entity.
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Zensar launches integrated Digital XDR solution
Zensar Technologies Ltd has launched an integrated Digital XDR (extended threat detection response) solution as part of its Digital Foundation Services offerings. The XDR solution provides organizations with adaptive expert intelligence and threat prediction capabilities by prioritizing the business risk tailored to their environment. This offering eliminates the need for expensive hardware appliances and provides usage-based threat detection and hunting services.
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Rane Brake Q3 Results: Net profit rises 26% YoY to Rs 12 crore
Rane Brake Lining Ltd reported a 25.9% YoY increase in net profit to Rs 12.88 crore for the quarter ended December (Q3). Its revenue rose 4.7% YoY to Rs 126.58 crore during the same period. The Chennai-based company manufactures and sells brake pads, brake blocks, and other friction materials for the automobile industry.
MRPL Q3 Results: Net loss at Rs 71 crore
Mangalore Refinery and Petrochemicals Ltd (MRPL) reported a net loss of Rs 71 crore for the quarter ended December (Q3). It has posted a net loss of Rs 37 crore in the corresponding period last year. The company’s revenue from operations stood at Rs 14,136 crore in Q3, compared with Rs 16,745 crore in Q3 FY20. The gross refining margin (GRM) of MRPL stood at $3.26 per barrel in Q3 FY21, as against $3.19 per barrel in the corresponding period last year.
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NCC secures five new orders worth Rs 1,200 crore
NCC Limited announced that it had received five new orders worth Rs 1,200 crore in the month of January 2021. Out of these, orders worth Rs 607 crore pertain to the Water & Environment Division, and order worth Rs 593 Crore pertain to its Buildings Division. These orders have been received from various Central/State Government agencies.
