ITC Q1 Results: Net profit rises 30% YoY to Rs 3,343 crore
ITC Limited reported a 30.24% YoY increase in consolidated net profit to Rs 3,343.44 crore for the quarter ended June (Q1 FY22). Net profit has fallen by 12.4% when compared to the previous quarter. Its revenue from operations rose 36% YoY to Rs 14,240 crore during the same period. Total revenue from its FMCG-cigarette business rose 34% YoY to Rs 5,802 crore in Q1.
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ICICI Bank Q1 Results: Net profit rises 78% YoY to Rs 4,616 crore
ICICI Bank Ltd reported a 78% YoY increase in standalone net profit to Rs 4,616 crore for the quarter ended June (Q1 FY22). Net profit has increased by 4.8% when compared to the previous quarter. The net interest income (NII) rose 18% YoY (or 5% QoQ) to Rs 10,936 crore during the same period. The gross non-performing assets (GNPA) ratio rose to 5.15% in Q1, compared to 4.96% in the previous quarter. The bank’s provisions fell 62.4% YoY to Rs 2,852 crore in Q1. Total deposits grew 16% YoY to Rs 9.26 lakh crore during the same period.
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IndusInd Bank to raise up to Rs 30,000 crore through debt, equity
IndusInd Bank has announced plans to raise up to Rs 30,000 crore through a mix of equity and debt to support its business growth. The private sector lender will raise funds through debt securities or equity instruments or convertible debt securities in any permitted mode, including Qualified Institutional Placement (QIP). The fundraising is subject to the approval of shareholders and regulatory authorities.
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Adani Enterprises forms JV with Hungary’s Organica
Adani Enterprises Ltd has formed a joint venture (JV) with Hungary-based Organica Technologies Pvt Co. Ltd for building a sewage treatment plant in Bhagalpur, Bihar. The company will hold a 74% stake in Bhagalpur Waste Water Ltd (the JV firm), and Organica will hold the remaining 26% stake. The plant and associated infrastructure will be built on a hybrid annuity model (HAM).
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JSW Steel completes acquisition of Welspun’s steel business
JSW Steel Ltd has completed the acquisition of the steel plate and pipe business of Welspun Corp by paying the final tranche (round) of Rs 86 crore. In April 2021, the company had announced the acquisition of Welspun’s steel business on a slump sale basis for Rs 848 crore. JSW Steel had paid Rs 225 crore in April and another Rs 498 crore in June as part consideration for the acquisition.
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Navkar Corp to invest Rs 300 crore to set up inland container depot
The Board of Directors of Navkar Corporation Ltd has approved a proposal to set up an inland container depot and private freight terminal near Mundra or Pipavav (Gujarat). The cost of the project has been estimated at Rs 300 crore. The expansion project is expected to be completed by 2024. Navkar Corp is a leading container service operator in India.
Zen Technologies Q1 Results: Net loss at Rs 1.14 crore
Zen Technologies Ltd reported a consolidated net loss of Rs 1.14 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1.34 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 1.35 crore in the previous quarter (Q4 FY21). Its revenue from operations jumped 139.42% YoY to Rs 9.96 crore in Q1 FY22. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for defence and security forces worldwide.
Shakti Pumps Q1 Results: Net profit jumps 120% YoY to Rs 7.29 crore
Shakti Pumps (India) Ltd reported a 120% YoY jump in consolidated net profit to Rs 7.29 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 76% when compared to the previous quarter. Its revenue from operations rose 69.5% YoY to Rs 156.31 crore during the same period.
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Jharkhand CM asks Coal India to pay outstanding dues worth Rs 56,000 crore
Jharkhand Chief Minister Hemant Soren has asked Coal India Ltd (CIL) for immediate payment of Rs 56,000 crore outstanding dues in lieu of government land allotted to the company for mining. The minister also stated that CIL should start paying royalty on coal to the state on an ad valorem basis (based on estimated values). Soren has asked CIL to ensure extensive plantation work in the areas where mining takes place.
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Zee Media Corp Q1 Results: Net loss at Rs 9.06 crore
Zee Media Corporation Ltd reported a consolidated net loss of Rs 9.06 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 12.26 crore in the corresponding quarter last year (Q1 FY21). The company’s net profit stood at Rs 10.5 crore in the previous quarter (Q4 FY21). Its revenue from operations rose 28.79% YoY to Rs 170.18 crore in Q1 FY22. The company incurred a loss of Rs 17.11 crore for exceptional items and tax during the April-June quarter of FY22.
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