RBI keeps policy rates unchanged, cuts FY22 GDP growth to 9.5%
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and keep inflation within the target. RBI has projected real GDP growth of 9.5% for the current financial year (FY22), which is lower than its earlier estimate of 10.5%. The central bank will create a special liquidity window of Rs 15,000 crore to support the hotel, tourism, and aviation sectors.
[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks]
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Bharat Forge Q4 Results: Net profit at Rs 212 crore
Bharat Forge Limited reported a consolidated net profit of Rs 212.12 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 68.59 crore in the corresponding quarter last year (Q4 FY20). Revenue from operations rose 16.36% YoY to Rs 2,082.85 crore in Q4 FY21. Bharat Forge reported a net loss of Rs 126.97 crore for the financial year 2020-21 (FY21). This is compared to a net profit of Rs 349.25 crore in FY20. The company’s board has recommended a final dividend of Rs 2 per share.
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Tata Consumer enters premium coffee market; launches ‘Sonnets by Tata Coffee’
Tata Consumer Products Ltd (TCPL) has entered the premium roast and ground coffee segment with the launch of ‘Sonnets by Tata Coffee’. Through this brand, TCPL is targeting customers who seek a special coffee experience. They will provide microlot coffees that are limited edition offerings and are processed distinctively on the estates. Sonnets is sourced from Tata Coffee’s plantations in South India. TCPL is also entering the direct-to-consumer space in the coffee segment as it would be sold online only.
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Jubilant Pharmova Q4 Results: Net profit declines 17% YoY to Rs 214 crore
Jubilant Pharmova Ltd reported a 17.89% YoY decline in consolidated net profit to Rs 213.90 crore for the quarter ended March (Q4). Net profit has declined by 30.98% when compared to the previous quarter. Its revenue from operations rose 3.63% YoY to Rs 1,551.69 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 6.94% YoY to Rs 835.87 crore. The pharma company’s board has recommended a dividend of Rs 5 per share.
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Glenmark Pharma gets USFDA approval for Theophylline tablets
Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Theophylline extended-release (ER) tablets. The drug is used to prevent and treat wheezing, shortness of breath, and chest tightness caused by asthma, chronic bronchitis, and other lung diseases. According to IQVIA data, Theophylline ER tablets had achieved annual sales of ~$47.8 million (~Rs 348.5 crore) for the 12 months ended April 2021.
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RailTel Corp secures order worth Rs 120 crore from Bharat Coking Coal
RailTel Corporation of India has secured an order worth Rs 119.72 crore from Bharat Coking Coal Ltd (BCCL). The work order is for the implementation of MPLS-VPN services along with miscellaneous services at 340 locations of BCCL for a period of five years. RailTel is a Mini Ratna PSU and a leading neutral telecom infrastructure provider. It has a pan-India optic fibre network on exclusive right of way along railway lines.
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Bank of India Q4 Results: Net profit at Rs 250 crore
Bank of India reported a standalone net profit of Rs 250.19 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 3,571.41 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) declined by 29% YoY to Rs 2,936 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 13.77%, compared with 14.78% in the year-ago period. The bank’s net profit for the financial year ended March 31, 2021 (FY21) stood at Rs 2,160.3 crore, compared to a net loss of Rs 2956.89 crore in FY20.
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Tesla to start testing Model 3 in India from July-August
According to a report from CNBC-TV 18, Tesla is looking to bring Model 3 to India for testing by July or August. Tesla’s Model 3 is its most affordable and largest selling product in the world. The report further states that backend work to get the product ready for sale before the end of the year is currently underway. The cars will be brought in for testing, Automotive Research of India (ARAI) approvals, and for other regulatory compliances. Tesla will come up with company-owned showrooms in Mumbai, Bangalore, and Delhi, while it may explore a franchise-based model for its workshops in the country.
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MOIL Q4 Results: Net profit rises 125% QoQ to Rs 116 crore
MOIL Limited reported a 125.83% quarter-on-quarter (QoQ) increase in net profit to Rs 116.03 crore for the quarter ended March (Q4). Net profit has jumped 761% when compared to the corresponding quarter last year. The mining company’s total income rose 67.7% QoQ (or 70.19% YoY) to Rs 481.56 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 28.84% YoY to Rs 176.63 crore. MOIL’s board has recommended a final dividend of Rs 4.9 per share.
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Jai Corp Q4 Results: Net profit jumps 415% YoY to Rs 14 crore
Jai Corp Limited reported a 415% YoY jump in consolidated net profit to Rs 14.08 crore for the quarter ended March 2021 (Q4). Net profit has declined by 80.48% when compared to the previous quarter. Its revenue from operations rose 17.55% YoY to Rs 137.74 crore in Q4 FY21. The company’s board has proposed a dividend of Rs 0.50 per share. Jai Corp is primarily engaged in the plastic processing business in India. It also produces, processes, and trades in steel products.
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NIIT Q4 Results: Net profit at Rs 46.5 crore
NIIT Limited reported a net profit of Rs 46.5 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net profit of Rs 0.6 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 30% YoY to Rs 275.5 crore in Q4 FY21. Net profit for the financial year ended March 31, 2021 (FY21) declined by 89% YoY to Rs 143.66 crore. NIIT’s board has recommended a dividend of Rs 2.5 per share.
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