HDFC Bank to acquire 4.99% stake in HDFC ERGO
HDFC Bank Ltd will acquire a 4.99% stake (or 3.56 crore shares) in HDFC ERGO General Insurance Co. from its parent company Housing Development Finance Corp. Ltd (HDFC). The Board of Directors of HDFC Limited has approved the sale of these shares at Rs 536 per share. The aggregate consideration for the sale is Rs 1,906.43 crore. The transaction is expected to be completed by September 30, 2021. HDFC ERGO is a general insurance joint venture (JV) between HDFC and Germany-based ERGO Group.
Read more here.
NTPC Q4 Results: Net profit jumps 258% YoY to Rs 4,479 crore
NTPC Limited reported a 258% YoY jump in standalone net profit to Rs 4,479 crore for the quarter ended March (Q4). Its revenue from operations declined by 2.5% YoY to Rs 26,567 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) rose 36% YoY to Rs 13,769 crore. The company’s board has declared a final dividend of Rs 3.15 per share. State-owned NTPC Ltd has been ranked 38th in the ‘Great Place to Work’ ranking in 2021.
Read more here.
Adani Power emerges as successful bidder for Essar Power’s 1,200 MW Mahan project
Adani Power has emerged as the successful bidder for Essar Power’s 1,200 megawatt (MW) thermal power project (Essar Power MP Ltd) in Mahan, Madhya Pradesh. The company’s bid for the project has been approved by a committee of creditors (CoC). Adani Power will now have to seek approval from the National Company Law Tribunal (NCLT) to acquire the project. Essar Power MP is currently undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).
Read more here.
Vakrangee Q4 Results: Net profit declines 33% YoY to Rs 20.7 crore
Vakrangee Ltd reported a 33.28% YoY decline in consolidated net profit to Rs 20.79 crore for the quarter ended March (Q4). Net profit has increased by 23.82% when compared to the previous quarter. Its revenue from operations declined by 50.89% YoY to Rs 101.85 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 11.91 YoY to Rs 62.79 crore. Mumbai-based Vakrangee is a technology company that offers banking, e-governance, e-commerce, and logistics services.
Read more here.
Reliance Jio adds 79 lakh subscribers in March: TRAI
Telecom operator Reliance Jio’s total subscriber addition in March 2021 surpassed the combined net addition by its rivals Bharti Airtel and Vodafone Idea. According to data released by TRAI, Jio gained over 79 lakh subscribers in March. Bharti Airtel added 40.5 lakh subscribers, while Vodafone Idea (Vi) gained 10.8 lakh subscribers during March. In terms of total subscriber base, Reliance Jio topped the chart with 42.22 crore subscribers, followed by Airtel at 35.23 crore and Vi at 28.37 crore subscribers.
Read more here.
GMR Infra Q4 Results: Net loss at Rs 725 crore
GMR Infrastructure Ltd reported a net loss of Rs 725.47 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,127.16 crore in the corresponding quarter last year (Q4 FY20). Total revenue from operations declined by 16.12% YoY to Rs 1,633.76 crore in Q4 FY21. Net loss for the financial year 2020-21 (FY21) widened to Rs 3,427.75 crore, compared to a net loss of Rs 2,198.5 crore in FY20. GMR Infra is a global infrastructure conglomerate with interests in airports, energy, transportation, etc.
Read more here.
Alkem Labs gets two observations from USFDA for manufacturing unit at St Louis
Alkem Laboratories Ltd said that the US Food & Drug Administration (USFDA) has issued a Form 483 with two observations after inspection of its St Louis-based manufacturing facility. An FDA Form 483 is issued to a firm if an investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic Act and other related norms. Alkem Labs will submit a detailed response to the USFDA to close out all the observations associated with the inspection.
Read more here.
Birla Cable Q4 Results: Net profit at Rs 6.32 crore
Birla Cable Limited reported a 6,868% YoY jump in net profit to Rs 6.32 crore for the quarter ended March (Q4). Net profit has increased by 2,086% when compared to the previous quarter. Its total income rose 101.98% YoY (or 40.23% QoQ) to Rs 119.41 crore during the same period. Net profit for the financial year 2020-21 (FY21) increased sharply by 711.8% YoY to Rs 8.20 crore. The company’s board has declared a final dividend of Re 1 per share. Madhya Pradesh-based Birla Cable is a leading manufacturer of fibre optic cables.
Travel tech services firm RateGain plans Rs 1,200 crore IPO: Report
According to a report from Mint, travel technology services provider RateGain Travel Technologies Pvt. Ltd is planning to launch an initial public offering (IPO). RateGain helps travel and hospitality firms in revenue management, e-distribution, and brand engagement. The company claims its services are used by more than 25 out of the top 30 online travel agencies, airlines, hotel chains, and tour operators in India. The report further states that RateGain may raise ~Rs 1,200 crore through the IPO, which will be a mix of primary and secondary share sale.
Read more here.
Muthoot Capital Q4 Results: Net profit declines 35% YoY to Rs 9 crore
Muthoot Capital Services Limited reported a 34.89% YoY decline in net profit to Rs 9.05 crore for the quarter ended March (Q4). Net profit has declined by 34.09% when compared to the previous quarter. Its total income declined by 25.4% YoY (or 9.23% QoQ) to Rs 109.59 crore during the same period. Net profit for the financial year 2020-21 (FY21) declined by 14.9% YoY to Rs 51.46 crore.
