SBI Q2 Results: Net Profit jumps 52% YoY to Rs 4,574 crore
State Bank of India (SBI) reported a 51.9% year-on-year (YoY) increase in net profit to Rs 4,574.16 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 14.56% YoY to Rs 28,181.5 crore, during the same period. The share price of SBI Bank saw a rise of 0.37%, and closed at Rs 205.50 on the NSE today.
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Gland Pharma IPO to open on November 9
Hyderabad-based Gland Pharma is set to launch its initial public offering (IPO) on November 9, in order to raise Rs 6,450 crore. The price band for the offer has been fixed at Rs 1,490-1500 per share. The issue will be closed on 11 November. This would be the largest IPO by a pharmaceutical firm in India.
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Adani Enterprises Q2 Results: Profit stands at Rs 436 crore
Adani Enterprises Ltd. reported a consolidated profit of Rs 435.73 crore, for the quarter ended September (Q2). The company had posted a consolidated loss of Rs 10.06 crore in Q2 of the previous financial year. The total income of the company stood at Rs 9,312.14 crore in Q2 FY21.
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India’s services PMI expands for first time in eight months
India’s service sector activity showed great signs of recovery, as the PMI increased from 49.8 in September to 54.1 in October. Economic activity has continued to pick up, as lockdown restrictions have been removed. The IHS Markit Services Purchasing Managers’ Index (Services PMI) is a month-on-month calculation of service activity in a country. A PMI value of more than 50 shows expansion, and a value of less than 50 shows contraction.
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HPCL announces Q2 results and share buyback plan
Hindustan Petroleum Corporation Ltd. (HPCL) reported a 135% year-on-year (YoY) increase in net profit to Rs 2,477.4 crore, for the quarter ended September (Q2). The company’s revenue has declined by 14.9% YoY to Rs 51,773.3 crore, during the same period. HPCL has announced a share buyback worth Rs 2,500 crore, at Rs 250 per share.
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Jyothy Labs Q2 Results: Net Profit rises 12% YoY to Rs 60 crore
Jyothy Labs Ltd. reported a 12.2% year-on-year (YoY) increase in consolidated net profit to Rs 60.13 crore, for the quarter ended September (Q2). The FMCG firm’s total income has increased by 5.86% YoY to Rs 508.51 crore, during the same period. The company has stated that its general trade and e-commerce platform had seen a strong demand in Q2.
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SBI Cards partners with Paytm to launch co-branded credit cards
SBI Cards has partnered with financial services platform Paytm to launch Paytm-SBI Card co-branded credit cards. The company has stated that these credit cards are equipped with smart features and will provide superior rewards and benefits. The credit card company had earlier reported very weak Q2 earnings, due to the effects of the Covid-19 pandemic.
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United Spirits Q2 Results: Net Profit falls 21% YoY to Rs 125 crore
United Spirits Ltd. reported a 20.62% year-on-year (YoY) decline in consolidated net profit to Rs 125.1 crore, for the quarter ended September (Q2). The company had posted a net profit of Rs 157.6 crore in Q2 of the previous financial year. The revenue from operations has increased by 3.97% YoY to Rs 7,590.4 crore in Q2 FY21.
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SRF Q2 Results: Profit up by 57% YoY to Rs 316 crore
SRF Limited reported a 57% year-on-year (YoY) increase in consolidated net profit to Rs 316 crore, for the quarter ended September (Q2). The manufacturing firm’s consolidated revenue increased by 21% YoY to Rs 2,101 crore, during the same period. The company has stated that its Packaging Films and Special Chemicals businesses have posted a robust performance in Q2.
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Pidilite Q2 Results: Net Profit rises 9.5% YoY to Rs 356 crore
Pidilite Industries Ltd. reported a 9.5% year-on-year (YoY) increase in net profit to Rs 356 crore, for the quarter ended September (Q2). The company’s revenue has increased by 4% YoY to Rs 1,880 crore, during the same period. Pidilite has also confirmed that it has completed the acquisition of Huntsman Group’s Indian subsidiary for Rs 2,100 crore.
