Gautam Adani is now the wealthiest Asian, overtakes Ambani
Gautam Adani, Chairperson of Adani Group, has overtaken Reliance Industries’ Mukesh Ambani as the richest Asian. According to Bloomberg Billionaire’s index, Gautam Adani is ranked #10, worth nearly $88.5 billion, just above Mukesh Ambani, who was ranked #11 at 87. Around a year ago, Gautam Adani had a net worth of $38.1 billion, less than half of his current net worth.
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Airtel Q3 Results: Net profit falls 3% YoY to Rs 830 crore.
Bharti Airtel announced its quarterly results where the company’s consolidated net profit rose by 22%, to Rs 29,866 crore. Yet, the profit attributable to owners fell 3% to Rs 830 crore as against Rs 853 crore in the same quarter last year. The company’s total revenue rose by ~13% to Rs 29,866 crore against Rs 26,517 crore in the same period. Bharti Airtel’s Average Revenue Per User (ARPU) per month increased to Rs 163, as against Rs 146 in the same quarter last year.
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IRCTC Q3 Results: Profit jumps ~3x to Rs 209 crore.
Indian Railway Catering and Tourism Corporation (IRCTC) has announced its quarterly results with a nearly three-fold jump in profits on a yearly basis (YoY). The company reported a Net Profit of Rs 209 crore this quarter against Rs 158.57 in the last quarter and Rs 78.08 crore in the same period last year. Revenue from operations was up ~141% to Rs 540.21 crore as against Rs 224.37 crore in the same period last year. IRCTC also declared an interim dividend of Rs 21 per share for FY 2021-22.
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Adani Wilmar IPO debuts today, share price rallies ~18%
Adani Wilmar, an FMCG company and a part of the Adani group, got listed on the exchanges today. The company opened up at a premium of nearly 13%. The day’s gain stood at 18%, where the price started from Rs 248 to Rs 270. Adani Wilmar is an FMCG company that offers kitchen commodities like edible oil, wheat flour, rice, pulses, and sugar.
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Godrej & Boyce bag order worth Rs 550 crore.
Godrej and Boyce announced that the company’s power infrastructure and renewable energy business unit had secured orders worth Rs 550 crore. The order consists of 400kV new AIS substations, 220kV transmission lines, 220kV new GIS substations, and 220kV underground cables used in Transmission and Distribution.
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RBI Monetary Policy meet begins today, Governor to announce policy resolution on Thursday.
The RBI Monetary Policy Committee meeting has begun today. It is responsible for fixing the benchmark interest rate in India. The RBI Governor Shaktikanta Das is likely to announce the policy on Thursday. A look at news ports all across shows that general market sentiment is that RBI might hike reverse repo rate and keep an accommodative stance.
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Escorts Q3 Results: Net profit falls ~28%
Escorts announced its results for the third quarter for the FY 2021-22, where it reported a net profit of Rs 201.52 crore, down 28.19% from the previous year. The company’s revenue declined 2.97% YoY to Rs Rs 1,957.49 crore in Q3 FY22. As for sales volumes, Tractor volumes fell 19.8% YoY to 25,325 units in Q3 FY22 over Q3 FY21. Construction volumes were down 8.2% YoY, and Railway revenues grew 48.1% YoY in the same period.
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JSPL Q3 Results: Revenue up ~35%, net profit down ~33.5%
Jindal Steel and Power Ltd has announced its quarterly results where it reported a revenue of Rs 12,525 crore, up ~35% from the previous year. The company’s net profit declined by 33.5% to Rs 1,621.6 crore as against Rs 2440 crore posted in the same quarter last year.
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Huawei gets Rs 150 crore contract from Bharti Airtel
Chinese telecom giant Huawei has received a contract worth Rs 150 crore from Bharti Airtel for the maintenance and upkeep of its existing transmission network.
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