ICICI Bank Q4 Results: Net profit rises 260% YoY to Rs 4,402 crore
ICICI Bank reported a 260% year-on-year (YoY) jump in net profit to Rs 4,402.6 crore for the quarter ended March (Q4). Net interest income (NII) rose 16.8% YoY to Rs 10,431 crore during the same period. The bank’s gross non-performing assets (NPA) ratio stood at 4.96% in Q4, as compared with 5.42% in Q3 FY21. Provisions during the quarter declined by 51.7% YoY to Rs 2,883.47 crore. ICICI Bank’s board has recommended a final dividend of Rs 2 per share.
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Govt waives customs duty on import of Covid-19 vaccines, oxygen for 3 months
The Central Government, on Saturday, decided to waive basic customs duty and health cess on import of oxygen and oxygen-related equipment for three months. Customs duty on import of Covid-19 vaccines will also be exempted for the same time period. The decision was taken during a high-level meeting chaired by PM Narendra Modi to review steps to boost oxygen availability in India. PM Modi stressed that all ministries and departments need to work in synergy to improve the availability of oxygen and medical supplies.
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Tata Steel approves conversion of 73,888 partly paid-up shares into fully paid-up shares
The Board of Directors of Tata Steel Limited has approved the conversion of 73,888 partly paid-up equity shares of face value of Rs 10 each (Rs 2.504 paid-up) into fully paid-up equity shares of face value of Rs 10 each, on which the first and final call money of Rs 461 per share has been received. The call money comprises the face value of Rs 7.496 per share and securities premium of Rs 453.504 per share. To know more about partly paid-up shares, click here.
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ITC partners with Linde India to import cryogenic containers
ITC Limited has announced a partnership with Linde India to air-freight 24 cryogenic ISO containers of 20 tonnes each from Asian countries to help with the transportation of medical oxygen to hospitals. The FMCG firm will also airlift a large number of oxygen concentrators for distribution. ITC’s paperboards unit in Bhadrachalam (Telangana) has commenced the supply of oxygen to neighbouring areas. India has been witnessing a sharp increase in the demand for medical oxygen due to the surge in Covid-19 cases.
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TV ad volumes in January-March highest since 2018: BARC
According to data from the Broadcast Audience Research Council (BARC), television advertising volumes in January-March 2021 witnessed the highest growth since 2018. TV ad volumes on news channels grew by 25% during the same period. Ad volume growth in general entertainment channels (GECs) rose 21%, while those in movies increased by 23%. Advertising rates are back to pre-Covid levels for categories such as sports (due to IPL) and GECs.
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Tata Consumer’s Rs 100-crore tea packaging unit in Odisha to start production soon
Tata Consumer Products Ltd announced that its Rs 100 crore tea packaging unit in Gopalpur Industrial Park in Odisha will commence commercial production soon. The unit has an annual production capacity of 60 million kilograms. It will be operated by Amalgamated Plantations, an associate company of Tata Consumer Products. The unit has been constructed over an area of 16 acres at the Tata Steel Special Economic Zone.
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Reliance Industries to offload 11.61% stake in Hathway Cable
Reliance Industries Ltd (RIL) will offload an 11.61% stake in Hathway Cable & Datacom Limited through an offer for sale (OFS) to comply with market regulator SEBI’s minimum public holding norms. Jio Content Distribution Holdings, Jio Internet Distribution Holdings, and Jio Cable and Broadband Holdings, who are the promoters of Hathway Cable & Datacom, will sell 20.54 crore shares (or 11.61% stake) at a floor price of Rs 21.50 per share. The OFS will open for non-retail investors on April 26 (Monday) and for retail investors on April 27.
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Dhampur Sugar Mills Q4 Results: Net profit declines 12% YoY to Rs 91 crore
Dhampur Sugar Mills Limited reported a 12.16% YoY decline in net profit to Rs 91.44 crore for the quarter ended March (Q4). On a quarterly basis, net profit has risen by 66.92%. Total revenue from operations fell 1.32% YoY to Rs 1,078.29 crore during the same period. Net profit has increased by 5.86% YoY to Rs 229.19 crore for the financial year ended March 31, 2021 (FY21).
Rajratan Global Wire Q4 Results: Net profit rises 282% YoY to Rs 23.21 crore
Rajratan Global Wire reported a 282.37% YoY jump in consolidated net profit to Rs 23.21 crore for the quarter ended March (Q4). Its revenue from operations rose 47.33% YoY to Rs 183.65 crore during the same period. Net profit has increased by 60.81% YoY to Rs 53.13 crore for the financial year ended March 31, 2021 (FY21). The company has declared a final dividend of Rs 8 per share. Rajratan Global Wire is a leading manufacturer of high carbon steel wire in India.
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