Nestle India Q4 Results: Net profit falls 20% YoY to Rs 387 crore
Nestle India Ltd reported a 19.9% YoY decline in net profit to Rs 386.66 crore for the quarter ended December (Q4 CY21). The company follows the January-Dec financial year cycle. Its revenue rose 9% YoY to Rs 3,739.32 crore during the same period. EBITDA stood at Rs 865.6 crore, up 11% YoY. The FMCG firm reported a one-time loss of Rs 236 crore due to past service costs. Nestle India’s board has declared a final dividend of Rs 65 per share.
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Purvankara to invest Rs 1,550 crore in Kochi realty project
Puravankara Ltd will invest over Rs 1,550 crore to construct a 3 million mixed-use project at Kochi, Kerala. It is part of the realty firm’s plan to expand business amid the rise in demand for apartments post the second wave of the Covid-19 pandemic. The company is expecting a sales realisation of ~Rs 3,000 crore from this project over the next 6-7 years.
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Jio loses 1.29 crore subscribers, Airtel adds 4.75 lakh in December: TRAI
Reliance Jio lost 1.29 crore wireless subscribers, and its total subscriber base fell to 41.57 crore in December 2021. Bharti Airtel gained 4.75 lakh subscribers, and its overall mobile user base stood at 35.57 crore during the same month. Meanwhile, Vodafone Idea (Vi) lost 16.14 lakh subscribers in Dec, and its user base shrunk to 26.55 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).
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Apollo Hospitals to operate, manage tertiary care hospital in Uzbekistan
Apollo Hospitals has entered into a partnership with Marafon Group to operate and manage (O&M) an upcoming tertiary care hospital in Uzbekistan. The O&M agreement is for 10 years, which can be extended automatically for a period of 10 years thereafter. Apollo will provide clinical, technical, and feasibility support, along with helping Marafon in setting up diagnostics and pharmacy.
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Maruti Suzuki partners with Quicklyz for vehicle subscription program
Maruti Suzuki India Ltd (MSIL) has partnered with Quiklyz by Mahindra Finance for its vehicle subscription program, Subscribe. Quiklyz will offer a white plate subscription, wherein the vehicle is registered under the user’s name and hypothecated to the subscription partner for a range of MSIL vehicles. MSIL’s Subscribe service is currently available in 20 cities across India.
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Ashok Leyland expects turnaround in CV biz; targets 30% market share in FY23
Ashok Leyland Ltd is eyeing a strong comeback in the commercial vehicle (CV) segment this year. The company is looking to consolidate its position in the intermediate commercial vehicle (ICV) segment. It is also betting on the overall improvement in economic conditions and gradual easing of supply chain issues to cross 30% of the overall market share in the CV segment in FY 2022-23.
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Vedanta signs pact with TERI to accelerate ESG goals
Vedanta Ltd has signed a pact with The Energy and Resources Institute (TERI) to accelerate its environmental, social, and governance (ESG) goals. The company plans to invest ~Rs 200 crore over the next 5-10 years in research & development (R&D) and various initiatives to promote and build a sustainable ecosystem.
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RITES, IIT-Madras signs MoU for marine infra works
RITES has signed a Memorandum of understanding (MoU) with the Indian Institute of Technology, Madras (IIT-M), to cooperate and explore marine infrastructure works. The two entities will collaborate for providing engineering consultancy services and enhancing knowledge sharing for the development of marine infrastructure.
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Punjab & Sind Bank’s gets board approval to raise Rs 4,600 crore by issuing shares to govt
The board of Punjab & Sind Bank (PSB) has given the approval to raise equity capital worth Rs 4,600 crore by issuing preference shares to the government. The Delhi-headquartered bank had posted a record net profit of Rs 301 crore in the quarter ended December 2021. It had posted a net loss of Rs 2,376 crore in the same quarter a year ago.
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BSE EBIX partners with LIC to distribute insurance products
BSE Ebix Insurance Broking Pvt Ltd has signed an Insurance Broker Agreement for the distribution of Life Insurance Corporation (LIC) products on its platform. Under this agreement, BSE EBIX will offer its clients insurance products offered by LIC using its omnichannel digital presence. BSE Ebix is a joint venture of BSE Limited and Ebix Fincorp Exchange Pte Ltd.
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