HUL Q4 Results: Net profit rises 9% YoY to Rs 2,327 crore
Hindustan Unilever Ltd (HUL) reported an 8.6% YoY increase in net profit to Rs 2,327 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 10.4% YoY to Rs 13,190 crore during the same period. The FMCG company’s home care segment grew 24% YoY in Q4, while its foods & refreshment segment grew 5%. HUL’s board has declared a dividend of Rs 19 per share.
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NTPC partners with Energy Vault for gravity-based energy storage tech
NTPC Limited has signed a Memorandum of Understanding (MoU) with Switzerland-based Energy Vault Holdings, Inc. The two entities aim to deploy gravity-based energy storage technology and software solutions based on the outcome of a joint feasibility study. The technology also offers beneficial utilization of coal ash for manufacturing composite blocks for Energy Vault’s energy storage system.
In other news, NTPC will raise Rs 1,500 crore by issuing non-convertible debentures (NCDs) on a private placement basis on Friday. The proceeds will be utilised for funding capital expenditure and refinancing existing loans.
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ONGC signs pact with Equinor for E&P, clean energy
Oil & Natural Gas Corporation (ONGC) signed a pact with Norwegian energy giant Equinor ASA for collaboration in oil and gas exploration and production as well as clean energy projects. The two entities will collaborate in the field of upstream oil and gas, midstream, marketing, and trading. They will also explore options in low carbon fuel, renewables, Carbon Capture Storage (CCS) solutions, etc.
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IEX Q4 Results: Net profit rises 45% YoY to Rs 88 crore
Indian Energy Exchange (IEX) reported a 45% YoY increase in net profit to Rs 88 crore for the quarter ended March (Q4 FY22). Net profit rose 10% when compared to the previous quarter. Its revenue from operations rose 19% YoY to Rs 112 crore during the same period. EBITDA stood at Rs 95 crore, up 23% YoY. The company’s board has declared a final dividend of ₹1 per share.
Bajaj Auto Q4 Results: Net profit falls 2% YoY to Rs 1,526 crore
Bajaj Auto Ltd reported a 2% YoY decline in consolidated net profit to Rs 1,526 crore for the quarter ended March (Q4 FY22). Its revenue from operations fell 7% YoY (or 11.35% QoQ) to Rs 7,974.84 crore during the same period. Bajaj Auto sold 3,89,155 units domestically in Q4, registering a 27% YoY decline. The company’s board has declared a dividend of Rs 140 per share.
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Lupin partners with Yabao to market pediatric formulations in China
Lupin Ltd has partnered with Yabao Pharmaceutical Co. Inc. to meet the growing demand for quality drugs with pediatric formulations in the Chinese market. The latest Chinese pediatric pharma market report indicates that the market for pediatric drugs in China was pegged at ~$33 billion in 2021, growing at a rate of 9.23%. Yabao is a leading pharma company with fully integrated development, manufacturing, and commercialization in China.
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Mahindra Logistics Q4 Results: Net profit falls 9% YoY to Rs 11 crore
Mahindra Logistics Ltd reported a 9% YoY decline in net profit to Rs 11 crore for the quarter ended March (Q4 FY22). Net profit jumped 119% when compared to the previous quarter. Its revenue from operations rose ~10% YoY to Rs 1,073 crore during the same period. EBITDA stood at Rs 54.96 crore, up 19% YoY. Mahindra Logistics’ board has declared a dividend of Rs 2 per share.
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TVS Motor partners with Rapido to expand hyperlocal mobility
TVS Motor Company has announced a strategic partnership with Bengaluru-based on-demand delivery and mobility platform Rapido. The two entities will collaborate by leveraging synergies of their respective businesses in India’s fast-moving mobility market. The partnership will cover two-wheeler and three-wheeler vehicles. It will also extend across internal combustion engine (ICE) and electric vehicle (EV) segments.
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Bharti Airtel acquires 7% stake in NaaS startup Cnergee Technologies
Bharti Airtel has acquired a 7% stake in Navi Mumbai-based cloud-based networking solutions provider Cnergee Technologies. This move will enable Airtel to sharpen its Network as a Service (NaaS) proposition for Small & Medium Businesses (SMBs) looking to accelerate their shift to cloud-based applications. Cnergee Technologies has developed a range of 5G-ready software tools for NaaS that can be deployed at scale.
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Centre offers higher fertilizer subsidy for Kharif season
The Central government has announced nutrient-based subsidy rates for phosphatic and potassic fertilizers for the upcoming Kharif crop season. The new subsidy rates translate to over a 50% YoY increase in the subsidy given per bag of fertilizer. The higher fertilizer subsidies will help farmers cushion the impact of rising global prices. The Union Cabinet also approved the construction of the 540 megawatts (MW) Kwar Hydro Electric project in Jammu & Kashmir.
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HDFC AMC Q4 Results: Net profit rises 8.7% YoY to Rs 343.5 crore
HDFC Asset Management Company (AMC) reported an 8.7% YoY increase in net profit to Rs 343.55 crore for the quarter ended March (Q4 FY22). Net profit fell 5% when compared to the previous quarter. Its total income rose 6.5% YoY to Rs 580.93 crore during the same period. HDFC AMC’s board has declared a dividend of Rs 42 per share.
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