HDFC Bank Q3 Results: Net profit rises 18% YoY to Rs 10,342 crore
HDFC Bank reported an 18% YoY increase in net profit to Rs 10,342.2 crore for the quarter ended December (Q3 FY22). Net profit increased 17% when compared to the previous quarter. Its net interest income (NII) grew 13% YoY (or 4% QoQ) to Rs 18,443.5 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest it pays depositors.] The gross non-performing assets (GNPA) ratio stood at 1.26% in Q3 FY22, compared to 1.35% in Q2 FY22. HDFC Bank’s provisions fell 12.3% YoY to Rs 2,994 crore in Q3 FY22.
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Maruti Suzuki hikes prices for fourth time in FY22
Maruti Suzuki India Ltd has hiked the prices of its models for the fourth time in the current financial year (FY22). Prices of all models will go up 1.7% on a weighted average basis. Prices of select Maruti Suzuki cars went up by 1.6% in April and 1.9% in September 2021. The rise in input costs has put pressure on the margins of automakers, leading them to pass these costs on to consumers.
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Telcos seek refund of Rs 35,000 crore input tax credit, GST waiver on license fee, SUC: COAI
As per the Cellular Operators Association of India (COAI), telecom operators want the government to refund input tax credit (ITC) of around Rs 35,000 crore, reduce levies, and waive Goods & Service Tax (GST) on licence fees and spectrum usage in the upcoming Budget. Telcos Vodafone Idea, Bharti Airtel, and Reliance Jio also want the govt to suspend the universal service obligation fund (USOF) to reduce the burden on service providers. [USOF financially supports the rollout of telecom services in rural areas.]
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Hero MotoCorp lines up Rs 420 crore fresh investment in Ather Energy
Hero MotoCorp Ltd announced a new investment of Rs 420 crore in electric vehicle (EV) company Ather Energy. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8%. The two-wheeler manufacturer is also exploring collaborations with Ather Energy in various spheres such as charging infrastructure, technology, and sourcing.
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Metro Brands Q3 Results: Net profit rises 53% YoY to Rs 102 crore
Metro Brands Ltd reported a 53% YoY increase in consolidated net profit to Rs 102 crore for the quarter ended December (Q3 FY22). Net profit increased 84% when compared to the previous quarter. Its revenue from operations rose 59% YoY (or 49% QoQ) to Rs 484 crore during the same period.
In other news, Metro Brands has signed an exclusive strategic partnership with wellbeing footwear brand FitFlop for sale and distribution in India.
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Vedanta plans investments in Saudi Arabia’s mineral sector
Vedant Ltd has announced plans to invest in Saudi Arabia’s mineral sector, as the country is looking to team up with global companies to become a leading producer of zinc metal. “The company is in discussions to identify investment opportunities in Saudi Arabia, which will transform itself into a mineral hub in the Middle East,” said Vedanta’s chairman, Anil Agarwal.
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Govt to offer land for EV public charging stations through bidding
The Indian government has allowed state-owned entities to offer land to private agencies setting up public charging stations through a bidding process. The land available with government agencies can be offered to public sector undertakings (PSUs) at a concessional rate of Rs 1 per unit for setting up public charging stations. The tariff of public charging stations has also been capped to not exceed the average cost of supply till March 2025.
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NXTDigital board approves sale of digital, media businesses to Hinduja Global Solutions
NXTDigital Ltd’s (NDL) board has given in-principal approval for the sale of its digital and media businesses to Hinduja Global Solutions Ltd (HGSL). The move will fuel and accelerate NDL’s planned expansion across the digital ecosystem through optimal synergies with HGSL’s strength in digital processing. The proposed acquisition will include the management team, employees, all businesses and technology across NDL’s media, communications, and broadband segments.
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