SpiceJet Q3 Results: Net profit at Rs 23 crore
SpiceJet Ltd reported a net profit of Rs 23.28 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 59.96 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 33.95% YoY to Rs 2,259.3 crore during the same period. The airline’s capacity in terms of seat kilometers increased by 78% quarter-on-quarter (QoQ), while flight departures increased 59% QoQ.
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ACC commission grinding unit in Tikaria
Cement manufacturer ACC Limited has commissioned a 1.6-million tonnes per annum (MTPA) grinding unit at Tikaria in Uttar Pradesh. With this addition, the total capacity at Tikaria will increase to 3.91 MTPA. The new facility will manufacture environment-friendly cement products with low carbon emissions.
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IndusInd Bank to facilitate digital transactions on e-NAM for agri-value chain participants
The Small Farmers Agri-Business Consortium (SFAC) has selected IndusInd Bank to facilitate digital collection and settlement services on National Agriculture Market (e-NAM) portal for transactions between farmers and traders across India. The bank will offer a range of transaction services via digital modes to the buyer and seller of agricultural produce. This includes multi-net banking, debit card, NEFT, RTGS, IMPS, and UPI.
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Info Edge to acquire 25% stake in Juno Learning
Info Edge (India) Ltd has acquired a 25% stake in Gurugram-based Juno Learning for Rs 11 crore. The company has agreed to acquire 4,331 compulsorily convertible preference shares of the face value of Rs 10 each as the primary acquisition of shares. Juno Learning is building an interactive online school that teaches sales techniques, processes, and tools to entry-level professionals and students to enhance employability.
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Spandana Sphoorty Q3 Results: Net profit at Rs 45 crore
Spandana Sphoorty Financial Ltd reported a consolidated net profit of Rs 45.1 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 29.7 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 2.4% YoY to Rs 346.1 crore in Q3 FY22. The company’s board has approved a proposal to raise Rs 300 crore via preferential allotments of shares and warrants to support future growth plans.
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Ansal Properties to invest Rs 46 crore for faster completion of projects
Ansal Properties and Infrastructure Ltd (APIL) will invest Rs 46 crore through warrants for reducing debt and speeding up the development of existing projects. The company’s board has approved the issue and allotment of 2.70 crore warrants to promoter group entity and non-promoter (public) investors. APIL has been focusing on reducing debt in the past 12-18 months by settling debts with various lenders.
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SC allows Future Retail to approach Delhi HC on Reliance Retail deal
The Supreme Court (SC) has allowed Future Retail Ltd (FRL) to approach the Delhi High Court to seek permission for the continuation of proceedings in the National Company Law Tribunal (NCLT) regarding the sanction for its merger with Reliance Retail. The SC bench said that the high court should consider the plea of FRL on the issue without being influenced by the observations made in its order.
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ABG Shipyard floated 98 companies to divert funds: CBI
The probe into the alleged fraud caused by ABG Shipyard Ltd (ABGSL) by the Central Bureau of Investigation (CBI) has revealed that at least 98 companies were floated by the accused to divert funds. The diverted funds were then used to create personal assets and for evergreening loans. Last week, the CBI booked ABGSL and its directors for allegedly defrauding a consortium of banks of over Rs 22,8482 crore.
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India’s exports jump 25.28% to $34.5 billion in January
India’s exports rose 25.28% to $34.50 billion in January 2022. This was on account of healthy performance by the engineering, petroleum and jewellery sectors. The trade deficit during the month widened to $17.42 billion. Imports grew by 23.54% to $51.93 billion in Jan.
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