IOCL Q4 Results: Net profit rises 78% QoQ to Rs 8,781 crore
Indian Oil Corporation Ltd (IOCL) reported a 78.6% quarter-on-quarter (QoQ) increase in net profit to Rs 8,781 crore for the quarter ended March (Q4). Its revenue rose 16.3% QoQ to Rs 1.24 lakh crore during the same period. The oil retailer’s operating profit grew 40.3% QoQ to Rs 13,502 crore. The company’s gross refining margin (GRM) stood at $5.46 a barrel in FY21, compared with $0.08 per barrel in FY20. IOCL’s board has recommended a final dividend of Rs 1.50 per share.
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Adani Green Energy to acquire 5-GW renewable portfolio from SB Energy for $3.5 billion
Adani Green Energy Ltd (AGEL) has signed definitive agreements to acquire 5 gigawatts (GW) of renewable power portfolio from SB Energy India for a fully completed enterprise evaluation of $3.5 billion (~Rs 25,600 crore). SB Energy is a joint venture (JV) between Japan-based Softbank Group and Bharti Group, who held 80% and 20% stake, respectively. It has a total renewable portfolio of 4,954 megawatts (MW) across four states in India. This transaction marks the largest acquisition in the renewable energy sector in India.
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JK Tyre Q4 Results: Net profit at Rs 196 crore
JK Tyre & Industries reported a consolidated net profit of Rs 196.02 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 46.95 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 63.3% YoY to Rs 2,921.28 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has jumped 111% YoY to Rs 319.34 crore. The company’s board has recommended a dividend of Rs 2 per share.
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Anupam Rasayan secures orders worth Rs 540 crore to supply specialty chemicals
Anupam Rasayan India Ltd has secured orders worth Rs 540 crore from two multinational companies for supplying specialty chemicals. The company will provide life sciences-related specialty chemicals to both firms for a period of five years. It will produce the materials required for these contracts in its current multipurpose facilities. Gujarat-based Anupam Rasayan is engaged in custom synthesis and manufacturing of specialty chemicals.
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BEML unveils mechanical minefield marking equipment for Indian Army
BEML has rolled out the prototype of mechanical minefield marking equipment Mk-II, built on BEML TATRA 6×6— an ‘Atmanirbhar’ product. The equipment is designed for marking minefields at a faster rate, semi-automatically, and with minimal human intervention. The product was developed through a transfer of technology (ToT) from Research & Development Establishment Engineers (R&DE Engineers) of the Defence Research and Development Organisation (DRDO).
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Heritage Foods Q4 Results: Net profit at Rs 24 crore
Heritage Foods Ltd reported a consolidated net profit of Rs 24.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 209.9 crore in the corresponding quarter last year (Q4 FY20). The dairy company’s revenue from operations declined by 5% YoY to Rs 619.4 crore in Q4 FY21. The board of Heritage Foods has recommended a dividend of Rs 5 per share.
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Royal Enfield to recall 2.36 lakh motorcycles due to defects in ignition coil
Eicher Motors-owned Royal Enfield announced that it will recall around 2,36,966 motorcycles across several models due to defects in the ignition coil. The defects could cause misfiring, and in rare cases, an electric short circuit. The recall will apply to Meteor, Classic, and Bullet model motorcycles sold in India, Thailand, Indonesia, Philippines, Australia, New Zealand, and Malaysia. The defect was discovered during routine internal testing.
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Endurance Tech Q4 Results: Net profit rises 75% YoY to Rs 187.4 crore
Endurance Technologies reported a 75.42% YoY increase in consolidated net profit to Rs 187.4 crore for the quarter ended March (Q4). Net profit has declined by 1.4% when compared to the previous quarter. Its sales revenues rose 33.58% YoY to Rs 2,132.90 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 8% YoY to Rs 519.7 crore. The company’s board has recommended a dividend of Rs 6 per share. Endurance Technologies is a leading manufacturer of automotive components in India.
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Happiest Minds partners with Coca Cola Bottling Company to drive robotic automation journey
Happiest Minds Technologies said it has successfully executed a digital transformation project for Coca Cola Bottling Company United. The order is for streamlining Coca Cola United’s order management with robotic process automation (RPA) in Microsoft Power Automate. The new, simplified process allows orders from all channels, such as inbound and outbound call center agents, field service sales representatives at customer sites, and via a customer self-service portal.
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Dr Reddy’s in talks with RDIF on Sputnik V for other countries
Dr Reddys Laboratories is in discussions with the Russian Direct Investment Fund (RDIF) for acquiring rights of Covid-19 vaccine Sputnik V for more countries. Recently, Dr Reddy’s and Apollo Hospital announced that they have kicked off the first phase of vaccinations with Sputnik V in Hyderabad and Visakhapatnam. The pharma company plans to supply Sputnik V to the Indian government only when local production begins around July.
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