Government working on next stimulus package: Finance Ministry official
Economic Affairs Secretary Tarun Bajaj, on Wednesday, stated that the Indian Government is working on the next stimulus package. The new stimulus would help to further support the Indian economy, amidst positive signs of a fall in Covid-19 cases. He also stated that the Union Cabinet is considering a new public sector enterprise policy, that will define strategic sectors that would not have more than four state-owned firms.
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Bajaj Finance reports 36% YoY decline in net profits
Bajaj Finance Limited reported a 35.94% year-on-year (YoY) decline in net profit to Rs 964.88 crore, for the quarter ended September (Q2). The net interest income of the company increased 4% YoY to Rs 4,165 crore, during the same period. The share price of Bajaj Finance saw a decline of 0.31%, and closed at Rs 3,525 on Wednesday.
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Union Cabinet approves bonus for 30 lakh government employees
Union Minister Prakash Javadekar announced that the cabinet has approved an amount of Rs 3,737 crore to be given out as bonus to 30.67 lakh public sector employees. The minister stated that this move would help boost demand in the economy, as people can purchase more ahead of the festive season. The bonus will be given as a single installment, through the medium of Direct Benefit Transfer, before 25th October.
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Colgate Palmolive Q2 Results: Net profit increases 12% YoY
Colgate Palmolive (India) Ltd reported a 12% year-on-year (YoY) increase in net profit to Rs 274.2 crore, for the quarter ended September (Q2). The company’s revenue saw a rise of Rs 5.2% YoY to Rs 1,285.5 crore, during the same period. The Board of Directors of the company has also declared an interim dividend of Rs 18 per share.
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Dhoot family offers to pay Rs 30,000 crore to settle debts of Videocon
The Dhoot family, who are promoters of Videocon Industries Ltd, has offered to pay Rs 30,000 crore to the company’s lenders, and pull out 13 Videocon group firms from insolvency proceedings. A proposal for paying the amount has been forwarded to the Committee of Creditors (CoC). Insolvency means the financial state of a company of not being able to pay its bills or other obligations such as loans. When this happens, the company has to sell off its assets and raise funds in order to pay lenders.
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UltraTech Cement reports 113% YoY increase in net profits
UltraTech Cement Limited reported a 113% year-on-year increase in net profit to Rs 1,234 crore, for the quarter ended September (Q2). During the same period, the company’s net sales increased 7.8% to Rs 10,231 crore. The share price of UltraTech saw a rise of 1.93%, and closed at Rs 4.631.95 on Wednesday.
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DLF pre-leases 7.7 lakh sq ft office space to Standard Chartered GBS
Real estate developer DLF’s rental arm has given on lease 7.7 lakh square feet of office space to Standard Chartered Global Business Services (GBS). The office space is in an upcoming commercial tower in Chennai, which will be constructed at a cost of Rs 450 crore. This is one of the largest commercial office space deals in India during recent times.
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Fire breaks out at Royal Enfield stockyard in Jaipur
A fire broke out at a transit stockyard of Royal Enfield in Jaipur, at around 12:30 PM on Wednesday. Eicher Motors (the parent company), in a statement, said that the fire was largely contained and damage to inventory was very minimal. The cause of the incident will be investigated by local authorities. The share price of Eicher Motors Ltd saw a fall of 0.71%, and closed at Rs 2,178.90 on the NSE today.
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Newgen Software Q2 Results: Net profit rises seven-fold YoY to Rs 29 crore
Newgen Software Technologies reported a seven-fold increase in net profit at Rs 29.2 crore, for the quarter ended September (Q2). The operational revenue remained unchanged at Rs 155 crore, during the same period. The share price of the company saw a rise of 9.07%, and closed at Rs 245.95 on the NSE today.
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SEBI orders Prabhat Dairy Ltd to deposit Rs 1,292 crore
Market regulator SEBI has ordered Prabhat Dairy Limited to deposit Rs 1,292 crore for not cooperating with its auditor. The company is currently being investigated by auditor Grant Thornton Bharat LLP, over illegal diversion of funds and wrongful representation of its financial books. The auditor has only received 3 out of the 27 required documents from Prabhat Dairy.
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