Mindtree’s net profit rises 88% year-on-year to Rs 254 crore
IT services company Mindtree Limited on Thursday reported a rise in net profit by 87.9% year-on-year (YoY) to Rs 253.7 crore for the quarter ended September (Q2). The company’s revenue increased by 0.6% YoY to Rs 1,926 crore. Mindtree has also declared an interim dividend of Rs 7.5 per share.
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Centre to borrow Rs 1.1 lakh crore to meet GST compensation shortfall
The Finance Ministry announced that the Central Government will borrow Rs 1.1 lakh crore to meet the shortfall of Goods and Services Tax (GST) compensation cess. The amount borrowed will be passed on to the states as a back-to-back loan.
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Equitas Small Finance Bank fixes IPO price band at Rs 32-33
Equitas Small Finance Bank, a subsidiary of Equitas Holdings, has fixed the price band at Rs 32-33 per share for its Initial Public Offering (IPO). The Rs 280 crore IPO is all set to open for subscription on October 20th. The expected date of listing has been set for November 2nd.
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Lakshmi Vilas Bank board approves rights issue of Rs 500 crore
The Board of Directors of private-sector lender Lakshmi Vilas Bank has approved the decision to raise up to Rs 500 crore through a rights issue. A rights issue means that a company offers more shares to its current shareholders, in order to raise extra capital. Last week, the bank said that it had received a non-binding offer for a merger with Clix Group.
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Hindustan Zinc signs pact with Gujarat Govt to set up zinc smelter plant
Hindustan Zinc Ltd has signed a Memorandum of Understanding (MoU) with the Gujarat government to set up a greenfield zinc smelter. The project will require an investment of up to Rs 10,000 crore, and will create more than 5,000 direct and indirect jobs. This is one of the largest MoUs signed by the state under its new industrial policy.
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Apollo Hospitals ready to administer 10 lakh Covid-19 vaccines a day
Apollo Hospitals has announced that it is prepared to administer 10 lakh Covid-19 vaccines per day. The company has laid out a well-detailed plan to use 500 corporate health centers and 4,000 pharmacies, along with their digital platform Apollo 24/7, to ensure widespread reach of the much-awaited vaccine.
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Tata Elxsi selected as certified 3PL partner for Google Widevine
Design and technology services company Tata Elxsi has announced its selection as a 3PL certification partner for Google Widevine. The company will deliver secure content protection for broadcast, media, and consumer electronics. Third-party logistics (3PL) refers to an organization’s use of third party businesses to outsource certain specific activities.
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Infosys hits Rs 5 lakh crore in market capitalization
Infosys Limited on Thursday became the fifth Indian company to cross Rs 5 lakh crore in market capitalization. It is the second IT firm, after TCS, to have achieved this milestone. Infosys had reported great Q2 results on Wednesday, and announced an interim dividend of Rs 12 per share.
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Adani Green transfers Essel solar assets to Total JV
Adani Green Energy Ltd, on Thursday, announced that it has transferred Essel Group’s 205 MW (megawatt) solar assets to its joint venture with French energy company TOTAL SE. The transfer has been completed for an amount of Rs 1,632 crore, as per a regulatory filing to the BSE. The solar assets are located in Punjab, Karnataka, and Uttar Pradesh.
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Rane Brake announces share buyback at Rs 825 per share
On Thursday, the Board of Directors of Rane Brake Linings approved a share buyback at Rs 825 per share. Shares of the company saw a rise of 12% to Rs 715, after the announcement was made. According to its latest Q2 results, the company has reported a 54.7% year-on-year (YoY) increase in net profits at Rs 11.5 crore.
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