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DMart’s Net Profit Rises 24% YoY in Q3 – Top Indian Market News

Avenue Supermarts Q3 Results: Net profit rises 24% YoY to Rs 553 crore

Avenue Supermarts Ltd (DMart) reported a 23.71% YoY increase in consolidated net profit to Rs 553 crore for the quarter ended December (Q3 FY22). Net profit rose 32% compared to the previous quarter. Its revenue from operations rose 22.2% YoY (or 18% QoQ) to Rs 9,218 crore during the same period. The company added 17 stores in Q3 FY22, taking the tally to 263 stores.

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Oberoi Realty’s sales bookings jump 2-fold to Rs 1,965 crore in Q3

Oberoi Realty Ltd reported an over two-fold jump in sales bookings to Rs 1,965 crore for the quarter ended December (Q3 FY22). The realty company sold 371 units in Q3, compared to 234 units in the corresponding quarter last year. During the first nine months of FY 2021-22, Oberoi Realty’s sales bookings more than doubled to Rs 2,964 crore.

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Mahanagar Gas hikes CNG-PNG prices for second time in 3 weeks

Mahanagar Gas Ltd (MGL) has decided to hike prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Saturday midnight. The basic price of CNG has been increased by Rs 2.50 per kg and domestic PNG by Rs 1.50 per standard cubic meter (SCM) for the Mumbai Metropolitan Region (MMR).

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Maruti Suzuki lines up its biggest annual product launch

Maruti Suzuki India Ltd (MSIL) has lined up more product launches in 2022 than it has done ever during a year in the past. The automaker plans to launch more than half a dozen products in 2022. Half of these products will be in the fast-growing SUV space, and the rest in its core area of small cars. In the first nine months of FY22, MSIL has produced 1.164 million vehicles, compared to 939,000 units in the same period last year. 

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Equitas Holdings to divest its stake in subsidiary ETPL ahead of merger with Equitas SFB

Equitas Holdings Ltd will divest its entire stake in subsidiary Equitas Technologies Pvt Ltd (ETPL) as part of the requirement for the merger with Equitas Small Finance Bank (ESFB). As part of the Reserve Bank of India’s licensing conditions, the boards of Equitas Holdings and ESFB had in July 2021 approved the scheme of amalgamation between them. According to the scheme, all assets held by Equitas Holdings (including its investments in ETPL) have to be transferred to ESFB.

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CSB Bank MD & CEO takes early retirement; lender to set up panel to find successor

C V R Rajendran, the Managing Director & Chief Executive Officer of CSB Bank, has decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022. His current three-year term was supposed to end on December 8, 2022. The Board of Directors of CSB Bank has decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of MD & CEO.

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Wonderla Holidays temporarily shuts Bangalore Park for two weekends

Wonderla Holidays Ltd has announced that the Bangalore park operations will be temporarily shut for the two weekends i.e., January 8 & 9 and 15 & 16. The move comes after the Government of Karnataka announced strict restrictions to contain the Covid-19 pandemic.

USFDA rejects Biocon, Vitaris’ application for Insulin Aspart

Biocon Biologics, a subsidiary of Biocon Ltd, said the US Food & Drug Administration (USFDA) has not approved an application for Insulin Aspart filed by its partner Viatris Inc. The USFDA has issued a complete response letter (CRL) for the biologics license application (BLA) for Insulin Aspart. Biocon Biologics said it will respond to the CRL to satisfy the FDA’s requests.

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DLF launches luxury residential project in New Delhi

DLF Home Developers Ltd. (DHDL) and GIC, Singapore’s sovereign wealth fund, will develop over 900 luxury apartments at Delhi’s Moti Nagar. The revenue potential of the project is Rs 4,000 crore. DLF’s ONE Midtown luxury residential project will have luxury condominiums with two, three, and four-bedroom residences. DHDL is a wholly-owned subsidiary of DLF Ltd.

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Indian Oil Acquires 4.93% Stake in IGX – Top Indian Market News

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

Indian Oil Corp acquires 4.93% stake in IGX

Indian Oil Corporation (IOC) has acquired a 4.93% stake in Indian Gas Exchange (IGX). At face value, the acquisition will cost IOC Rs 3.7 crore. IGX is India’s first automated national-level gas exchange. It ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India’s energy basket.

In other news, the Board of Directors of IOC has approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity to transport 17.5 million tonnes (MT) of imported crude oil per annum from the Gujarat port to IOC’s refinery in Haryana.

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NTPC plans to have 35 GW of renewable energy capacity by 2027

NTPC Ltd has announced plans to have total renewable energy (RE) capacity of 35 gigawatts (GW) by 2027. The company expects to generate 10 billion units of green energy by 2022-23. The state-owned power giant has 2,095.5 megawatts (MW) of RE capacity, including solar, wind, and hydro energy. Its RE generation in April-November 2021 stands at 4,089.64 million units.

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Piramal Pharma invests Rs 102 crore for minority stake in Yapan Bio

Piramal Pharma Ltd (PPL) has invested Rs 101.77 crore in Hyderabad-based Yapan Bio to augment the capabilities of its contract development and manufacturing organisation (CDMO) business. PPL will hold a 27.78% stake in Yapan Bio. The investment will allow Piramal Pharma to strengthen its CDMO business by broadening its service offerings.

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Exide Industries to set up li-ion cell manufacturing plant

Exide Industries Ltd has announced plans to set up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The company also plans to apply for the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries. This scheme will facilitate the reduction of import dependence of ACC batteries. It will also reduce the prices of batteries used in electric vehicles.

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Yes Bank board approves raising up to Rs 10,000 crore

The Board of Directors of Yes Bank has approved raising funds up to Rs 10,000 crore through various instruments. The funds would be raised via the issue of equity shares, depository receipts, convertible bonds, debentures, or warrants. The fundraising is subject to necessary approvals from shareholders and regulators.

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Inox Wind secures 150 MW wind project from NTPC Renewable Energy

Inox Wind Ltd has secured a 150 megawatt (MW) wind power project from NTPC Renewable Energy Ltd. The project will help NTPC achieve its target of having over 60 GW renewable energy capacity, constituting ~50% of the company’s overall power generation capacity by 2032. The project will be executed on a turnkey basis at Dayapar site in Kutch district, Gujarat. It is scheduled to be commissioned by April 2023.

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RBI appoints CSB Bank to undertake banking business of central, state governments

The Reserve Bank of India (RBI) has empanelled CSB Bank as an ‘agency bank’ to undertake the general banking business of central and state governments. CSB Bank is now authorised to enter into agreements with central and state government departments for handling tax collections, pension payments, collection of stamp duty, etc. It will also enable the bank to handle a broad range of transactions related to goods & services tax (GST), property tax, and value-added tax.

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Shilpa Medica launches chronic constipation drug

Shilpa Medicare Ltd has announced the launch of ‘Prucalshil’ (Prucalopride), a chronic constipation drug for adults. Prucalopride is used for symptomatic treatment of chronic constipation in adults at times when laxatives fail to provide adequate relief. The launch of Prucalshil will help Shilpa Medicare to build its gastro portfolio. Going forward, the pharma company aims to add more products to its gastro basket.

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SBI acquires minority stake in JSW Cement for Rs 100 crore

State Bank of India (SBI) has acquired a minority stake in JSW Cement Ltd at an investment of Rs 100 crore via compulsorily convertible preference shares (CCPS). The conversion of such CCPS into common equity will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering. This capital infusion will support the JSW Cement’s capacity expansion from the current 14 million tonnes per annum (MTPA) to 25 MTPA

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Jio adds 17.6 lakh mobile users in October; Airtel, Vi lose subscribers: TRAI

Reliance Jio Infocomm gained 17.6 lakh mobile subscribers in October. Jio’s total subscriber base rose to 42.65 crore during the same month. Bharti Airtel lost 4.89 lakh users, taking its overall mobile user base to 35.39 crore at the end of October. Vodafone Idea (Vi) lost 9.64 lakh subscribers in October and its user base shrunk to 26.9 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).

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Tech Mahindra Reports 26% YoY Rise in Net Profit in Q2 – Top Indian Market News

Tech Mahindra Q2 Results: Net profit rises 26% YoY to Rs 1,339 crore

Tech Mahindra reported a 25.8% year-on-year (YoY) increase in consolidated net profit to Rs 1,338.7 crore for the quarter ended September (Q2 FY22). Net profit fell 1.07% compared to the previous quarter. Its revenue from operations rose 16.1% YoY (or 6.7% QoQ) to Rs 10,881.3 crore during the same period. EBITDA stood at Rs 1,995 crore, up 17.2% YoY and 6.3% QoQ. The IT company’s board has declared a special dividend of Rs 15 per share.

Tech Mahindra has acquired Lodestone, a digital engineering quality assurance provider for new-age digital firms, for $105 million (~Rs 789 crore). It has also acquired WMW by Born London Ltd, UK, for ~Rs 97 crore.

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Tata Power completes installation of over 1,000 EV charging stations in India

Tata Power announced that it now has a network of more than 1,000 electric vehicle (EV) charging stations across the country. The network provides innovative and seamless EV charging experiences for Tata Power’s customers across offices, malls, hotels, retail outlets, and places of public access. Tata Power EZ Chargers ecosystem covers the entire value chain of the public, captive, bus/fleet, and home chargers.

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Indus Towers Q2 Results: Net profit rises 38% YoY to Rs 1,559 crore

Indus Towers reported a 38% YoY increase in consolidated net profit to Rs 1,559 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 8% YoY to Rs 6,877 crore during the same period. EBITDA stood at Rs 3,641 crore in Q2, up 17% YoY. With a portfolio of over 1.83 lakh telecom towers, Indus Towers is one of the largest tower infrastructure providers in India, with a presence in all 22 telecom circles. 

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JSW Steel to set up colour coated steel facility in Kashmir

JSW Steel will set up a colour-coated steel facility in the Pulwama district of Kashmir with a total investment of Rs 150 crore. With a capacity of 120,000 metric tonnes per annum (MTPA), the facility will also have special lines to produce steel sandwich panels and steel doors for the local market in Jammu and Kashmir. JSW Steel is India’s leading integrated steel company with a capacity of 27 MTPA. It aims to produce 40 million tonnes of steel annually by 2025.

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SRF Q2 Results: Net profit rises 21% YoY to Rs 382 crore

SRF Limited reported a 21% YoY increase in consolidated net profit to Rs 382.45 crore for the quarter ended September (Q2 FY22). Total income rose 35% YoY to Rs 2,850.1 crore during the same period. Earnings before Interest and Tax (EBIT) increased 19% YoY to Rs 570 crore in Q2. To enhance the production capacity of a key product in the agrochemical segment, SRF’s board has approved an expansion project at Dahej at a projected cost of Rs 27.5 crore.

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TVS Motor partners with Bahwan International Group to strengthen presence in Iraq

TVS Motor Company has signed a tri-party deal arrangement with Bahwan International Group (BIG) to boost its presence in Middle East’s Iraq and other North African regions (MENA). As per the deal, ARATA International FZC (a subsidiary of BIG) will be the new distributor of TVS in Iraq. BIG and its channel partners plan to operate more than 30 dealerships for TVS Motor Company.

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CSB Bank Q2 Results: Net profit rises 72% YoY to Rs 119 crore

CSB Bank reported a 72% YoY increase in net profit to Rs 118.57 crore for the quarter ended September (Q2 FY22). Net profit rose 94.4% compared to the previous quarter. Its net interest income (NII) rose 21% YoY to Rs 278 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.11% in Q2, compared to 4.88% in the previous quarter. Deposits grew 9.09% YoY to Rs 19,055.49 crore in Q2.

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Mindtree launches industry-specific IoT solutions built on ServiceNow Connected Operations

Mindtree has announced an expanded relationship with US-based ServiceNow, a leading digital workflow company. As a partner for ServiceNow Connected Operations, Mindree will build industry solutions to help enterprises turn data from their Internet of Things (IoT) infrastructure into actionable workflows. The combined solutions of Mindtree and ServiceNow will allow customers to break down data silos and resolve issues proactively. 

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CEAT Q2 Results: Net profit falls 77% YoY to Rs 42 crore

CEAT Limited reported a 77% YoY decline in consolidated net profit to Rs 42.28 crore for the quarter ended September (Q2 FY22). Net profit increased 75% compared to the previous quarter. Its revenue from operations rose 24% YoY (or 29% QoQ) to Rs 2,451.76 crore during the same period. The tyre manufacturer’s total expenses stood at Rs 2,401.64 crore in Q2, an increase of 32.3% YoY. CEAT Ltd’s board has approved a proposal to raise up to Rs 500 crore via the issue of non-convertible debentures (NCDs).

The Ramco Cements Q2 Results: Net profit jumps two-fold YoY to Rs 515 crore

The Ramco Cements reported a 111.83% YoY jump in consolidated net profit to Rs 515.84 crore for the quarter ended September (Q2 FY22). Net profit increased 200.87% compared to the previous quarter. Its total income rose 18.6% YoY (or 21.8% QoQ) to Rs 1,510.33 crore during the same period. The cement manufacturer’s total expenses stood at Rs 1,231.6 crore in Q2, an increase of 32.3% YoY. Cement sales grew 23% YoY to Rs 2.71 million tonnes.

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Colgate-Palmolive Q2 Results: Net profit falls 2% YoY to Rs 269 crore

Colgate-Palmolive India reported a 1.83% YoY decline in consolidated net profit to Rs 269.17 crore for the quarter ended September (Q2 FY22). Net profit increased 15% compared to the previous quarter. Its revenue from operations rose 5.19% YoY to Rs 1,343.96 crore during the same period. The company’s board has declared an interim dividend of Rs 19 per share.

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Avenue Supermarts Reports 31% Rise in Revenue in Q1 – Top Indian Market News

Avenue Supermarts reports 31% YoY rise in revenue in Q1

Avenue Supermarts Ltd reported a 31.27% YoY increase in standalone revenue to Rs 5,031.75 crore for the quarter ended June 2021 (Q1 FY22). It had posted a revenue of Rs 3,833.23 crore in the corresponding quarter last year (Q1 FY21). The total number of stores at the end of June 30, 2021, stood at 238. Avenue Supermarts owns and operates the chain of ‘D-Mart’ supermarkets across India.

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Zomato gets SEBI approval for Rs 8,250 crore IPO

Food delivery platform Zomato has received approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth Rs 7,500 crore and an offer for sale (OFS) by Info Edge India Ltd worth Rs 750 crore. Zomato aims to use Rs 5,625 crore of the net proceeds of the IPO towards funding organic and inorganic growth initiatives. According to reports, the company plans to launch its IPO by mid-July.

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Lumax Auto to set up joint venture with Alpine Co. for electric parts

Lumax Auto Technologies Ltd has signed a joint venture (JV) agreement with Japan-based Alpine Co. Ltd. The parties have agreed to establish a 50:50 joint venture in India to manufacture and sell electronic devices and components, as well as software related to the automotive industry. Lumax Auto Technologies is a leading manufacturer of shifters, telematics, antennas, two-wheeler chassis, seat structures, etc.

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Tata Steel transfers stake in HSMS, TSAML to subsidiary companies

Tata Steel Ltd has announced the transferring of its 26% stake in Himalaya Steel Mill Services Pvt Ltd to Tata Steel Utilities and Infrastructure Services Ltd (TSUISL) for an undisclosed amount. The company has also transferred its 100% stake in Tata Steel & Advanced Materials Ltd (TSAML) to another subsidiary company— Tata Steel Downstream Products Ltd (TSDPL).

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Gujarat Industries restores Unit-2 of Surat plant

Gujarat Industries Power Company Ltd (GIPCL) announced the restoration of Unit-2 (125 megawatts) of its Surat Lignite Power Plant (SLPP) situated at Surat, Gujarat. The company operates a 4×125 MW power plant at SLPP. GIPCL had declared forced shutdown at Unit-2 of SLPP from December 16, 2020, due to a major technical snag in economizer beams. The beams have been replaced, and maintenance works at the plant have been completed.

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CSB Bank’s deposits grow 14%, advances up 24% in Q1

CSB Bank Ltd reported a 14.17% YoY increase in total deposits to Rs 18,652.80 crore for the quarter ended June 2021 (Q1 FY22). The current and savings account (CASA) deposits grew 7.95% YoY to Rs 6,171.71 crore in Q1. Gross advances rose 23.71% YoY to Rs 14,146 crore during the same period. CSB Bank’s advances against gold and gold jewellery rose 46.16% YoY to Rs 5,617.68 crore at the end of the April-June quarter.

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Bharat Dynamics to set up test facility in Vishakhapatnam

Bharat Dynamics Ltd (BDL) will set up a first-of-its-kind environmental test facility (ETF) in Vishakhapatnam. Vice Admiral Biswajit Dasgupta, Chief of Staff, Eastern Naval Command, laid the foundation stone for establishing the ETF at the Vishakhapatnam unit of BDL. The ETF will consist of vibration testing, thermal chamber, and walking chamber for a whole torpedo (underwater missile).

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HCL announces multi-year agreement with Fiskars Group

HCL Technologies has announced a multi-year agreement with Finland-based Fiskars Group. The IT company will accelerate Fiskars Group’s digital journey through applications and infrastructure modernisation. HCL Tech will standardise Fiskars’ IT and business processes, drive operating model transformation, and increase overall digital maturity. Fiskars Oyj Abp manufactures and markets consumer products across Europe, the Americas, and the Asia Pacific.

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Bharat Biotech’s Covaxin 77.8% effective against symptomatic Covid-19

Bharat Biotech said the final efficacy analysis of Covaxin shows that it is 77.8% effective against symptomatic Covid-19. The vaccine offers 65.2% protection against the emerging Delta variant. Covaxin was also found to be 93.4% effective against severe cases of symptomatic Covid-19. The Phase-3 clinical trial was an event-driven analysis of 130 symptomatic Covid-19 cases (reported at least two weeks after the second dose) conducted at 25 sites across India. The data from the trials are yet to be peer-reviewed.

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Bandhan Bank Reports 80% YoY Fall in Net Profit in Q4 – Top Indian Market News

Bandhan Bank Q4 Results: Net profit declines 80% YoY to Rs 103 crore

Bandhan Bank reported an 80% YoY decline in net profit to Rs 103 crore for the quarter ended March (Q4). Net interest income (NII) rose 4.6% YoY to Rs 1,757 crore during the same period. [NII is the interest income a bank receives on assets such as loans, and the interest it pays to depositors] The gross non-performing assets (NPAs) ratio fell to 6.8%, compared with 7.1% in the previous quarter (Q3 FY21). The bank’s provisions increased sharply to Rs 1,594 crore in Q4 FY21, compared with Rs 827.36 crore in Q4 FY20. Bandhan Bank’s board has announced a dividend of Rs 1 per share.

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Cadila Healthcare eyes approval for Covid-19 vaccine by June in India: Report

According to a report from Financial Express, Cadila Healthcare is all set to submit data related to its vaccine candidate ZyCov-D by the end of May. The pharma company is looking forward to receiving approval for its vaccine from India’s drug regulator in June. Cadila’s Managing Director Dr. Sharvil Patel said Phase-III clinical trials of ZyCov-D will be truly representative of its efficacy against many known variants of the virus. It is by far the largest trial being conducted in India, and the company has recruited more than 28,000 volunteers.

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CSB Bank Q4 Results: Net profit at Rs 42.89 crore

CSB Bank reported a net profit of Rs 42.89 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 59.70 crore in the corresponding period last year (Q4 FY20). Net interest income (NII) rose 28% YoY to Rs 497 crore in Q4 FY21. The gross non-performing assets (NPAs) ratio stood at 2.68%, compared with 3.54% in Q4 FY20. Provisions for bad loans and contingencies declined to Rs 70.95 crore in Q4 FY21, compared with Rs 84.32 crore in the year-ago period. CSB Bank reported its highest-ever net profit of Rs 218.40 crore for the financial year ended March 31, 2021 (FY21).

CSB Bank said it will double down on branch expansion as it seeks to reduce dependence on its home state of Kerala. The lender will seek growth in newer markets, especially in retail banking.

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Coal India fuel allocation through spot e-auction rises 43% in FY21

Coal India Ltd (CIL) allocated 42.51 million tonnes (MT) of coal in FY 2020-21 under the government’s spot e-auction scheme. This is a 42.5% increase as compared to the previous financial year. Fuel allocation by CIL under the scheme increased to 5.30 MT in March, compared with 2.53 MT in the corresponding month in FY20. State-owned CIL, which accounts for over 80% of domestic coal output, has set a target of 1 billion tonnes of production by 2023-24.

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DCB Bank Q4 Results: Net profit rises 13% YoY to Rs 78 crore

DCB Bank reported a 13.3% YoY increase in net profit to Rs 77.91 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 19%. Total income fell 5.15% YoY to Rs 971.16 crore during the same period. The bank’s gross non-performing assets ratio (NPAs) increased to 4.09%, compared with 2.46% in the corresponding period last year (Q4 FY20).

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Economic impact of second wave of Covid-19 to be muted: Finance Ministry

According to the Finance Ministry’s monthly economic report, the second Covid-19 wave in India poses a downside risk to economic activities in the first quarter of 2021-22. However, the economic impact is expected to be muted compared to the first wave. “Learning to ‘operate with Covid-19′, as borne by international experience, provides a silver lining of economic resilience amidst the second wave”, the report said.

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Avenue Supermarts Q4 Results: Net profit rises 53% YoY to Rs 414 crore

Avenue Supermarts Ltd reported a 52.56% YoY increase in consolidated net profit to Rs 413.87 crore for the quarter ended March (Q4). Its revenue from operations rose 18.47% YoY to Rs 7,411.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit fell 15.5% YoY to Rs 1,099 crore. Avenue Supermarts opened 22 new stores last year. The company said that the second wave of Covid-19 infections has once again resulted in significant disruption to its business. Close to 80% of its stores have been impacted by Covid-related restrictions.

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Reliance Power Q4 Results: Net profit at Rs 72.56 crore

Reliance Power reported a consolidated net profit of Rs 72.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 4,206.38 crore in the corresponding period last year (Q4 FY20). The company’s total income fell to Rs 1,691.19 crore in Q4 FY21, compared with Rs 1,902.03 crore in Q4 FY20. At the same time, total expenses including fuel and finance costs came down to Rs 1,648 crore from Rs 2,334 crore in Q4 FY20.

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Vardhman Acrylics Q4 Results: Net profit rises 107% YoY to Rs 22.9 crore

Vardhman Acrylics Limited reported a 107.32% YoY increase in net profit to Rs 22.93 crore for the quarter ended March (Q4). On a quarterly basis, net profit rose 54.6%. Revenue from operations rose 18.3% YoY to Rs 108 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined 7.24% YoY to Rs 42.92 crore. Vardhman Acrylics is a leading manufacturer of acrylic fibre and tow.

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Adani Group, AAI Sign Concession Agreement for 3 Airports – Top Indian Market News

Adani Group signs concession agreement with AAI for Jaipur, Guwahati, TVM airports

Adani Group has signed a concession agreement with the Airports Authority of India (AAI) for operating and maintaining Jaipur, Guwahati, and Thiruvananthapuram airports. The concession period is 50 years from the commercial operation date. The group will now get six months to take over the three airports. Adani Group had emerged as the highest bidder for six AAI airports, namely, Lucknow, Mangalore, Ahmedabad, Jaipur, Guwahati, and Thiruvananthapuram in February 2019.

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Alembic Pharma Q3 Results: Net profit rises 25% YoY to Rs 292 crore

Alembic Pharmaceuticals Ltd reported a 24.92% YoY increase in consolidated net profit to Rs 292.57 crore for the quarter ended December (Q3). The drug firm’s consolidated revenue rose 9% YoY to Rs 1314 crore during the same period. The company’s performance in Q3 was led by strong growth in its India formulation business, which grew 14% YoY to Rs 418 crore. 

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Petrol price touches record high of Rs 85 in Delhi; diesel crosses Rs 75 mark

The price of petrol in Delhi rose by 25 paise on Tuesday, reaching an all-time high of Rs 85.20 per litre. The diesel price has jumped to Rs 75.38 per litre in the national capital. The rates have been hiked for the second consecutive day after remaining unchanged for three days. State-owned fuel retailers– Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)– resumed daily price revision on January 6 after nearly a month-long hiatus. Since then, fuel rates have gone up by Rs 1.49 a litre on petrol and Rs 1.51 in the case of diesel.

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CSB Bank Q3 Results: Net profit rises 88% YoY to Rs 53 crore

Kerala-based CSB Bank reported an 88% YoY increase in net profit to Rs 53 crore for the quarter ended December (Q3). The bank’s net interest income (NII) grew by 61.8% YoY during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] CSB Bank’s overall provisions stood at Rs 111 crore in Q3. The bank has also announced a voluntary retirement scheme (VRS) for its select employees.

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Bank of Maharashtra Q3 Results: Net profit rises 14% YoY to Rs 154 crore

Bank of Maharashtra reported a 14% YoY increase in net profit to Rs 154 crore for the quarter ended December (Q3). The Pune-based lender’s total income rose 3.42% YoY to Rs 3,577 crore. On the asset quality front, the bank recorded improvement with gross non-performing assets (NPAs) falling from 16.77% in Q3 of the previous financial year to 7.69% in Q3 FY21. The bank’s provisions fell by more than 80% YoY to Rs 498 crore in Q3.

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IRFC IPO gets fully subscribed on Day 2

The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) was fully subscribed on the second day of bidding. The IPO has received bids for 152.6 crore equity shares, against an offer size of over 124.75 crore equity shares. The portion set aside for retail investors witnessed a subscription of 2.33 times and that of employees 27.40 times. The reserved portion of non-institutional investors was subscribed 24.3% and that of qualified institutional buyers 0.16%.

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CEAT Q3 Results: Net profit rises 150% YoY to Rs 132 crore

Ceat Ltd reported a 150% YoY increase in consolidated net profit to Rs 132 crore for the quarter ended December (Q3). The tyre manufacturer’s revenue surged 26% YoY to Rs 2,221 crore during the same period. The company’s strong performance in Q3 was backed by an increase in overall vehicle production. Sales in the after-market segment had also made a strong comeback.

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Tata Communications Q3 Results: Net profit jumps 5-fold to Rs 309 crore

Tata Communications’s net profit jumped 5 times (or 425%) YoY to Rs 309.41 crore for the quarter ended December (Q3). The company’s revenue stood at Rs 4,222.83 crore during the same period. The growth in profits at an operational level was largely due to a fall in network and transmission costs. The firm had also introduced cost-cutting measures in the current financial year. 

Hatsun Agro Q3 Results: Net profit rises 141% YoY to Rs 67 crore

Hatsun Agro Products Ltd reported a 141.2% YoY increase in net profit to Rs 67.3 crore for the quarter ended December (Q3). It had posted a net profit of Rs 28 crore in the corresponding period in FY20. The company’s revenue rose 4.1% YoY to Rs 1,394.6 crore in Q3 FY21. Chennai-based Hatsun Agro is a leading private sector dairy company.

Brigade Group launches 11-acre residential project at Hyderabad

Brigade Group announced the expansion of its footprint in Hyderabad by launching a residential project named ‘Brigade Citadel’. The 11-acre residential project is situated in Hyderabad’s Moti Nagar area. Brigade Citadel comprises of over 1,300 luxurious two and three-bedroom homes which are competitively priced, starting at Rs 75 lakh and Rs 99 lakh, respectively. 

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Man Industries secures order worth Rs 250 crore

Pipe manufacturer Man Industries (India) Ltd announced that it has secured orders worth Rs 250 crore. The orders will be executed over the next 5 months. Man Industries is the flagship company of Man Group and is one of the largest players in longitudinal submerged arc welding (LSAW) pipes, spirally welded pipes, and coating systems.

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