HCL Tech Q1 Results: Net profit rises 9% YoY to Rs 3,213 crore
HCL Technologies Ltd reported a 9.4% year-on-year (YoY) increase in consolidated net profit to Rs 3,213 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12.5% YoY to Rs 20,068 crore during the same period. The total contract value (TCV) of new deals stood at $1,664 million in Q1, an increase of 37% YoY. HCL Tech’s attrition rate for IT services declined from 14.6% in Q1 FY21 to 11.8% in Q1 FY22. The IT company’s board has declared an interim dividend of Rs 6 per share.
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SC reserves order on Bharti Airtel, Vodafone Idea’s pleas in AGR case
The Supreme Court (SC) reserved its order on Bharti Airtel and Vodafone Idea’s pleas seeking correction of errors in adjusted gross revenue (AGR) demands. The SC stated that recalculation of AGR dues will not be allowed. The telecom operators had sought the correction in AGR demand, citing errors in the Department of Telecommunications’ (DoT) calculation of dues. You can learn more about the entire telecom AGR saga here.
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ACC Q2 Results: Net profit jumps two-fold to Rs 569 crore
ACC Limited reported a 110% YoY jump in consolidated net profit to Rs 569.45 crore for the quarter ended June (Q2 CY21). The cement maker follows the January-December financial year cycle. Its revenue from operations rose 49.29% YoY to Rs 3,884.94 crore during the same period. Total cement volumes rose 43.7% YoY to 6.84 million tonnes (MT) in Q2. Revenue from its cement business increased by 43.9% YoY to Rs 3,672.31 crore.
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HDFC Life Q1 Results: Net profit declines 33% YoY to Rs 302 crore
HDFC Life Insurance Company Ltd reported a 33% YoY decline in standalone net profit to Rs 302 crore for the quarter ended June (Q1 FY22). Its total premium rose 31% YoY to Rs 7,656 crore during the same period. The fall in profit was due to higher claim payout and higher provisions to mitigate the impact of the Covid-19 pandemic. HDFC Life paid over 70,000 claims in Q1. The gross and net claims provided amounted to Rs 1,598 crore and Rs 956 crore, respectively.
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L&T Construction secures contracts under various businesses
The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The power transmission and distribution business has won an order to construct a 220 kilovolt (kV) transmission line in Ladakh. It has also received an order to design, supply, construct, test, and commission a 132/11kV substation with associated cable works in Dubai city. L&T’s factory business has secured an order from a leading cement manufacturer to construct a 1.8 million tonne per annum (MTPA) grinding unit in Dolvi, Maharashtra.
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Centre to collect Rs 70,000 crore from asset monetisation of PowerGrid, NTPC, REC over five years
According to a report from ET Now, the Central government is likely to collect Rs 70,000 crore through monetisation of assets of state-owned power giants such as Power Grid, NTPC, and REC in the next five years. Around 50% of funds are likely to be utilised for boosting state transmission and power distribution infrastructure. Central public sector enterprises (CPSEs) will join hands with state power distribution companies (discoms) through joint venture agreements for support.
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Tatva Chintan IPO subscribed 15 times on second day of bidding
The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 15.05 times on the second day of bidding. The IPO received bids for 4.90 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 23.74 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 12.21 times and 1.97 times, respectively, against their reserved portions.
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Indian Bank Q1 Results: Net profit jumps multifold to Rs 1,182 crore
Indian Bank reported a 220% YoY jump in net profit to Rs 1,182 crore for the quarter ended June (Q1 FY22). Net profit has declined 31% when compared to the previous quarter. Its Net Interest Income (NII) rose 3% YoY to Rs 3,994 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 9.69% in Q1 FY22, compared to 10.9% in Q1 FY21.
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GTPL Hathway Q1 Results: Net profit rises 16% YoY to Rs 47 crore
GTPL Hathway Ltd reported a 16.1% YoY increase in consolidated net profit to Rs 47.46 crore for the quarter ended June (Q1). Net profit has declined by 16.5% when compared to the previous quarter. Its revenue from operations rose 21.46% YoY to Rs 601.77 crore during the same period. GTPL Hathway is a leading provider of cable television and broadband services. The company serves customers in ~800 cities across 12 states in India.
Tata Steel Mining and Jindal Stainless signs MoU for joint mining operations
Tata Steel Mining and Jindal Stainless have signed a Memorandum of Understanding (MoU) to jointly unearth the Chrome Ore locked up in the boundary between their mines at Sukinda (Odisha). It would help in the conservation of chromite ore, which otherwise would have been left unmined forever. The companies have initiated steps to get necessary approvals from the concerned authorities before jointly starting mining operations.
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NAM India Q1 Results: Net profit rises 16% YoY to Rs 182 crore
Nippon Life India Asset Management Ltd (NAM India) reported a 16% YoY increase in net profit to Rs 181.54 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.8% when compared to the previous quarter. Its total income rose 10% YoY to Rs 369.18 crore during the same period. The average quarterly assets under management (AUM) rose 33% to Rs 2.40 lakh crore in Q1.
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