IndusInd Bank fined Rs 4.5 crore for non-compliance with RBI provisions
RBI has imposed a penalty of Rs 4.5 crore on IndusInd Bank for non-compliance with certain provision norms. Through an inspection by RBI, it has been found that the bank has not adhered to exposure norms, and norms for Income Recognition, Asset Classification (IRAC). IRAC are rules that determine whether a loan should be declared as a non-performing asset (NPA).
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HDFC Bank reports 18% YoY increase in net profit
HDFC Bank Ltd. had reported an increase in net profit by 18.4% year-on-year (YoY) to Rs 7,513 crore, for the quarter ended September. The bank’s Net Interest Income (NII) increased by 16.7% YoY to Rs 15,776.4 crore. NII is the difference between the interest income a bank earns from its lending activities, and the interest it pays to depositors.
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Blackstone Group to acquire assets of Prestige Estates for Rs 14,000 crore
Real estate firm Prestige Estates Projects Ltd. has signed a deal with Blackstone Group for a stake sale in the company’s commercial, retail, and hotel properties. It has been reported that through this new deal, Prestige Estates is looking to sell the assets in order to reduce debt and generate liquidity. The value of the properties has been estimated at Rs 14,000 crore. Blackstone is the largest owner of commercial real estate in India.
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Bajaj Consumer Q2 Results: Profit increases 1.6% to Rs 56.92 crore
Bajaj Consumer Care Ltd reported a 1.6% YoY increase in its consolidated profit to Rs 56.92 crore, for the quarter ended September (Q2). The fast-moving consumer goods (FMCG) company also reported a total income of Rs 235.36 crore during the same period.
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Tata Motors partners with HDFC Bank for financing of passenger vehicles
Tata Motors on Saturday said it has collaborated with HDFC Bank for the financing of its passenger vehicles. Tata Motors has introduced two new schemes under the partnership – ‘Gradual Step Up Scheme’ and ‘TML Flexi Drive’ scheme. The offers are aimed at improving sales during the festive season in India.
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Avenue Supermarts reports 38% YoY decline in net profits
Avenue Supermarts Ltd. reported a 38% year-on-year (YoY) decline in its consolidated net profit at Rs 199 crore, for the quarter ended September (Q2). Consolidated revenue decreased by 11% YoY to Rs 5,306 crore. The company stated that poor sales and a lower number of customers (due to the Covid-19 pandemic) have been the main reasons for these results. Avenue Supermarts runs the popular grocery chain DMart.
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Tata Communications Q2 Results: Profit up 7-fold to Rs 385 crore
Tata Communications Limited posted a 7-fold jump in consolidated net profit at Rs 384.81 crore, for the quarter ended September (Q2). The company had registered a profit of Rs 54.31 crore during the same period in the financial year 2019-2020. The firm also reported a growth in revenue by 4.5% to Rs 4,477.16 crore during the Q2 period.
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Dr. Reddy’s, RDIF gets approval to conduct Phase-3 trials for Covid-19 vaccine
Dr. Reddy’s Laboratories Ltd. has announced that it has received approval from the Drug Control General of India (DGCI) to conduct the Phase-3 trials for the Sputnik-V vaccine in India. The company had entered into an agreement with the Russian Direct Investment Fund (RDIF), for conducting trials and ensuring distribution of the coronavirus vaccine in India. Once testing is completed and approvals are granted, RDIF will supply 100 million doses of Sputnik-V to Dr. Reddy’s.
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Aurobindo Pharma acquires 100% equity in Mviyes Pharma Ventures Ltd.
Aurobindo Pharma Limited has entered into a share purchase agreement to acquire 100% equity share capital of Mviyes Pharma Ventures Private Limited. Aurobindo Pharma will acquire a total of about 15 crore equity shares of Rs 10 each, at a price of Rs 18.25 per share. The cost of the acquisition is estimated at Rs 274.22 crores.
CoC approves revival plan for Jet Airways
The Committee of Creditors (CoC) has approved the resolution plan of Kalrock Capital-Murari Lal Jalan for the revival of Jet Airways. The airline had been shut down for eight months, and is finally set to make a comeback. The plan has to be further approved by the National Company Law Tribunal (NCLT), and the Civil Aviation Ministry.
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