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Tata Power Solar Secures Contract from NHPC – Top Indian Market News

Tata Power Solar secures contract worth Rs 188 crore from NHPC

State-owned NHPC Ltd has awarded an EPC (engineering procurement, and construction) contract worth Rs 188.19 crore to Tata Power Solar Systems (TPSS) to set up a 40 megawatt (MW) solar power project at Ganjam, Odisha. The contract also includes work of associated 220 KV transmission lines for connectivity at 220 KV OPTCL Transmission System, and comprehensive operation & maintenance (O&M) for 10 years. The power generated from this project will be procured by Grid Corporation of Odisha (GRIDCO) for 25 years. TPSS is a wholly-owned subsidiary of Tata Power Ltd.

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Bajaj Electricals Q4 Results: Net profit at Rs 54 crore

Bajaj Electricals reported a consolidated net profit of Rs 54.26 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 81 lakh in the corresponding quarter last year (Q4 FY20). The company’s revenue from operations declined 3.25% YoY to Rs 1,258.47 crore in Q4 FY21. Revenue from its consumer products segment grew 30.6% YoY to Rs 975 crore. Its EPC segment posted a 48.9% YoY decline in revenue to Rs 283 crore during the quarter.

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Finance Ministry planning stimulus package to support economic growth: Report

According to a report from BloombergQuint, India is preparing a stimulus package for sectors worst affected by the deadly second wave of the Covid-19 pandemic. The Finance Ministry is working on proposals to support the tourism, aviation, and hospitality industries, along with small and medium-sized companies. The report further states that discussions are at an early stage, and no timeline for an announcement has been decided.

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Emami Q4 Results: Net profit jumps over three-fold to Rs 88 crore

Emami Limited reported over three-fold (~275%) YoY jump in consolidated net profit to Rs 87.73 crore for the quarter ended March (Q4). Net profit has declined by 58% when compared to the previous quarter. The FMCG firm’s revenue from operations rose 37.2% YoY to Rs 730.76 crore during the same period. The company’s domestic business grew 44% YoY, while its international business grew 28% YoY in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 50% YoY to Rs 454.7 crore.

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LTI launches Operational Technology Transformation solution with ServiceNow

Larsen & Toubro Infotech (LTI) has launched ServiceNow-based Operational Technology (OT) Management solution for the manufacturing industry. The solution aims to address the latent demand of the industry to have digital workflows for OT Service Management. The solution leverages LTI’s tech and domain expertise and the digital workflow enabling capabilities of US-based software company ServiceNow.

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TVS Srichakra Q4 Results: Net profit rises 44% YoY to Rs 35 crore

TVS Srichakra Ltd reported a 44.75% YoY increase in consolidated net profit to Rs 35 crore for the quarter ended March (Q4). Net profit has declined by 3.42% when compared to the previous quarter. Its revenue from operations rose 39.52% YoY (or 5.11% QoQ) to Rs 601.99 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 10.23% YoY to Rs 73.92 crore. The tyre manufacturer’s board has declared a dividend of Rs 30 per share.

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Everest Organics launches Posaconazole API to treat Black Fungus

Everest Organics Ltd has announced the successful development of Posaconazole API (Active Pharmaceutical Ingredient), which is used for the treatment of Black Fungus. The pharma company is in the advanced stage of commercializing the drug. Posaconazole is a triazole antifungal agent indicated for treating mucormycosis (or Black Fungus) in post-Covid complications.

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Alkem Lab Q4 Results: Net profit rises 27% YoY to Rs 240 crore

Alkem Laboratories Ltd reported a 27.1% YoY increase in consolidated net profit to Rs 239.99 crore for the quarter ended March (Q4). Net profit has declined by ~46% when compared to the previous quarter. Its revenue from operations rose 7% YoY to Rs 2,192.2 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 40.6% YoY to Rs 1,585 crore. The pharma company’s board has declared a final dividend of Rs 5 per share. 

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HCL Tech to provide digital transformation services to McLaren Health Care

HCL Technologies Ltd has been selected by US-based McLaren Health Care to provide digital transformation and enable higher standards of service to members, providers, and employees. The IT company will deliver its services for all 15 McLaren system hospitals located in Michigan and Ohio. HCL’s services would include managing and transforming the digital infrastructure foundation and the core clinical and non-clinical applications using its DRYICE automation framework. 

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Newgen Software Q4 Results: Net profit rises 27% YoY to Rs 53 crore

Newgen Software Technologies reported a 27.15% YoY increase in consolidated net profit to Rs 52.73 crore for the quarter ended March (Q4). Net profit has risen by 49% when compared to the previous quarter. Its revenue from operations rose 4.79% YoY to Rs 199.98 crore during the same period. Subscription revenues grew 10.5% YoY to Rs 52.3 crore in Q4. The company’s board has recommended a final dividend of Rs 3.5 per share.

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Major fire breaks out at HPCL unit in Visakhapatnam

A major fire broke out at the Hindustan Petroleum Corporation Ltd (HPCL) plant in Visakhapatnam, Andhra Pradesh. The fire erupted in the crude distillation unit in the HPCL old terminal. “A fire incident occurred in one of the crude processing units of HPCL’s Visakh Refinery at 3 pm on 25th May 2021. Safety measures and firefighting was activated immediately. The fire has been extinguished. There is no casualty and no risk to public. Other Refinery operations are normal,” HPCL said in a tweet.

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CAMS Q4 Results: Net profit rises 40% YoY to Rs 60 crore

Computer Age Management Services (CAMS) reported a 39.62% YoY increase in consolidated net profit to Rs 60.12 crore for the quarter ended March (Q4). Net profit has increased by 6.5% when compared to the previous quarter. Its total income rose 14.3% YoY to Rs 203.93 crore during the same period. For the quarter ended March 31, 2021 (FY21), net profit rose 19.5% YoY to Rs 205.29 crore. The company’s board has declared a dividend of Rs 11.84 per share.

CAMS is a mutual fund transfer agency. It provides services for investors, distributors, asset management companies (AMCs), and demat account holders in India.

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Tata Motors Reports Net Loss of Rs 7,605 crore in Q4 – Top Indian Market News

Tata Motors Q4 Results: Net loss at Rs 7,605 crore

Tata Motors reported a consolidated net loss of Rs 7,605.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 9,894.3 crore in the corresponding quarter last year (Q4 FY20) and a net profit of Rs 2,906.45 crore in Q3 FY21. The automaker’s consolidated revenues rose 42% YoY to Rs 88,728 crore in Q4 FY21. The company’s exceptional loss related to Jaguar Land Rover (JLR) stood at nearly Rs 14,000 crore during the quarter. Its India business posted a 106% YoY jump in revenues to Rs 20,046 crore in Q4. 

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L&T Infotech signs digital banking deal with Hoist Finance

L&T Infotech (LTI) has entered into a strategic engagement with Sweden-based Hoist Finance AB to provide banking-as-a-service for performing loans segment through its digital banking platform. The platform will enable Hoist Finance to be more scalable and ensure faster on-boarding of new asset classes across regions. LTI’s digital banking platform provides agility and higher security at a lower total cost of ownership.

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Canara Bank Q4 Results: Net profit at Rs 1,011 crore

Canara Bank reported a net profit of Rs 1,011 crore for the quarter ended March (Q4). It had posted a net loss of Rs 3,259 crore in the corresponding quarter last year (Q4 FY20). Net interest income (NII) rose 68.4% YoY to Rs 5,589 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio stood at 8.93%, compared with 7.46% in the previous quarter (Q3 FY21). The bank’s provisions and contingencies declined to Rs 4,134 crore in Q4, compared with Rs 4,325 crore in the October-December quarter (Q3).

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Praj Industries develops technology to produce bio-bitumen based on lignin

Praj Industries announced that it has developed a technology to produce bio-bitumen based on lignin. The Netherlands-based Circular Biobased Delta has approved the company’s samples processed from Purified Lignin, as a part of their flagship CHAPLIN program. Lignin is one of the co-products resulting from 2nd generation ethanol plants, paper making, and also from compressed biogas plants. Bitumen is a black viscous mixture of hydrocarbons used in road construction and roofing.

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Jyothy Labs Q4 Results: Net profit rises 3% YoY to Rs 27 crore

Jyothy Labs reported a 2.59% YoY increase in consolidated net profit to Rs 27.28 crore for the quarter ended March (Q4). Its revenue from operations rose 26% YoY to Rs 495.11 crore during the same period. The FMCG firm incurred an exceptional expense of Rs 23.5 crore in Q4. The Managing Director of Jyothy Labs said they have been witnessing good traction across segments and are aligned to achieve higher growth. The company’s board has recommended a final dividend of Rs 4 per share.

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Majesco partners with Infosys to accelerate digital transformation for insurers

Majesco and Infosys have announced a strategic collaboration through which they will work to help joint customers accelerate their digital transformation journey. Infosys’ insurance domain and digital capabilities combined with Majesco’s cloud-based next-generation suite of solutions will accelerate growth and innovation for the insurance industry. Through this partnership, the companies will enable insurers to unlock new opportunities, address the demand for personalised customer experiences, and ensure digital adoption across the insurance business value chain.

Torrent Pharma Q4 Results: Net profit rises 3% YoY to Rs 324 crore

Torrent Pharmaceuticals reported a 3.18% YoY increase in consolidated net profit to Rs 324 crore. Its total revenue rose 0.15% YoY to Rs 1,915 crore during the same period. The pharma company’s India revenues grew 10% YoY to Rs 992 crore, while revenues from the US market declined 30% YoY to Rs 269 crore. The company’s board has recommended a final dividend of Rs 15 per share. Its board has also approved the raising of up to Rs 5,000 crore through the issuance of equity shares, convertible debentures, or via qualified institutional placement (QIP) or any other mode. 

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Ujjivan SFB Q4 Results: Net profit rises 86% YoY to Rs 136 crore

Ujjivan Small Finance Bank reported an 86.59% YoY increase in net profit to Rs 136.49 crore for the quarter ended March (Q4). Its total operating income declined 16.22% YoY to Rs 617.85 crore during the same period. Total deposits grew 22% YoY to Rs 13,136 crore. The gross non-performing assets (GNPA) ratio stood at 7.1%, compared with 1% in Q4 FY20. For the financial year ended March 31, 2021 (FY21), net profit declined 97.6% YoY to Rs 8.30 crore.

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Abbott India Q4 Results: Net profit rises 37% YoY to Rs 152 crore

Abbott India reported a 37.4% YoY increase in net profit to Rs 152.47 crore for the quarter ended March (Q4). Net profit has declined by 13.93% when compared with the previous quarter. Its revenue from operations rose 14% YoY to Rs 1,095.54 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 16.49% YoY to Rs 690.69 crore. The drugmaker’s board has recommended a final dividend of Rs 120 per share and a special dividend of Rs 155 per share.

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CCI approves acquisiton of additional 25% stake of Krishnapatnam Port by Adani Ports

The Competition Commission of India (CCI) has approved the proposed acquisition of an additional 25% shareholding of Krishnapatnam Port by Adani Ports and Special Economic Zone Ltd (APSEZ). The cost of acquisition of the 25% stake from Vishwa Samudra Holdings will be Rs 2,800 crore. After the successful completion of the acquisition, Krishnapatnam Port will become a wholly-owned subsidiary of APSEZ. The all-weather, deep water port has a multi-cargo facility with an annual capacity of 64 million tonnes.

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Route Mobile Q4 Results: Net profit jumps 161% YoY to Rs 35 crore

Route Mobile reported a 161.81% YoY jump in consolidated net profit to Rs 35.37 crore for the quarter ended March (Q4). Net profit has declined by 6.9% when compared to the previous quarter. Its revenue rose 36.38% YoY to Rs 362.44 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 128.8% YoY to Rs 133.32 crore. The company’s board has recommended a dividend of Rs 2 per share. Route Mobile is a leading cloud communications platform provider based in Mumbai.

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Tata Elxsi Reports 39% YoY Rise in Net Profit – Top Indian Market News

Tata Elxsi Q3 Results: Net profit rises 39% YoY to Rs 105 crore

Tata Elxsi Ltd reported a 39.49% year-on-year (YoY) increase in net profit to Rs 105.2 crore, for the quarter ended December (Q3). This is the highest-ever quarterly profit achieved by the IT company. The firm’s revenue showed a growth of 12.67% YoY to Rs 477.10 crore. The robust growth in top-line revenue was largely led by Tata Elxsi’s design-led technology services.

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Tesla in talks with 5 state governments to begin India operations: Report

As per a report from CNBC-TV18, Tesla is exploring the possibility of setting up manufacturing, R&D centres in India. The report states that Tesla is actively consulting Centre and state governments and is in the process of carrying out a location search for setting up operations. The electric vehicle (EV) manufacturing giant has hired a global consulting firm for the same. The state governments of Maharashtra, Gujarat, Andhra Pradesh, Karnataka, and Tamil Nadu have held talks with Tesla.

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CCI finalises investigation report on complaints against Maruti Suzuki

The investigation wing of the Competition Commission of India (CCI) has submitted its report on complaints against Maruti Suzuki for final consideration. The report says that Maruti does not allow dealers to pass on discounts to consumers. It found that the company created a lack of competition between dealers and even sent decoy customers to ensure that they do not give out discounts. Maruti Suzuki would penalize dealers if they were found to be passing on discounts.

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SpiceJet signs MoU with Brussels Airport for transporting Covid-19 vaccines

SpiceJet Ltd has signed a Memorandum of Understanding (MoU) with Belgium’s Brussels Airport for providing seamless transportation of Covid-19 vaccines. As part of the agreement, Brussels Airport would assist SpiceJet with respect to slots, networking, and contracts for the speedy delivery of vaccines. Brussels Airport will be the airlines’ first flight point for Europe.

SpiceJet, on Tuesday, carried India’s first consignment of Serum Institute’s ‘Covishield’ consisting of 34 boxes and weighing 1,088 kilograms from Pune to Delhi. The first consignment of the Covishield vaccine was dispatched from SII in the early hours of Tuesday. India will launch its nationwide vaccination drive on January 16.

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PVR to launch QIP in February to raise Rs 800 crore: Report

As per a report from CNBC-TV18, PVR is planning to launch a qualified institutional placement (QIP) by February to raise about Rs 800 crore. The report states that PVR’s Board of Directors has already approved this fundraise. PVR will use the funds to acquire independent multiplexes. Axis Capital and Kotak Investment Banking have been appointed as advisers to take this transaction forward.

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L&T Infotech expands global alliance with IBM

Larsen & Toubro Infotech (LTI) said that it would expand its global alliance with IBM to help businesses transform their operations through hybrid cloud adoption. LTI will help clients migrate and modernize core business applications by leveraging IBM Cloud offerings. Under this agreement, L&T Infotech and IBM plan to establish an innovation center in Bengaluru in 2021. 

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Karnataka Bank Q3 Results: Net profit rises 10% YoY to Rs 135 crore

Karnataka Bank Ltd reported a 10% rise in net profit at Rs 135.38 crore for the quarter ended December (Q3), as compared to Rs 123.14 crore in the year-ago period. The bank’s net interest income (NII) increased by 21% YoY to Rs 614 crore in Q3. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The aggregate provision against the likely impact of Covid-19 as of December 31, 2020, stood at Rs 148 crore.

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Tata Chemicals in advanced talks to acquire Archean’s industrial salt unit: Report

As per a report from BloombergQuint, Tata Chemicals Ltd is in advanced talks to acquire the industrial salt unit of Archean Group that could value the business at Rs 450 crore ($61 million) at a minimum. The report states that the board of Tata Chemicals is set to discuss the potential offer later this month. The Archean unit makes industrial salt used as an intermediary in the manufacturing of products such as detergents, textile dyes, plastics, and glass. It has a production capacity of 3 million metric tonnes. 

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IndiGo plans to add flights connecting 7 more cities

InterGlobe Aviation Ltd (IndiGo) announced that it plans to start new flights connecting Leh, Darbhanga, Agra, Kurnool, Bareilly, Durgapur, and Rajkot from February onwards. The low-cost carrier currently connects 61 domestic cities, and the addition of these new stations will take the number to 68. IndiGo will secure all regulatory approvals, and specific flight schedules will be announced as these approvals are received.

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Mahindra Lifespace Developers partners with SBI for faster home loan approvals, discounts

Mahindra Lifespace Developers Ltd has signed an MoU with State Bank of India (SBI) for faster home loan approvals, as well as to offer special discounts to customers and employees of both companies. The agreement also includes co-promotional activities and outreach initiatives. Mahindra Lifespace’s development footprint spans 25.1 million sq ft of completed, ongoing, and forthcoming residential projects across 7 Indian cities.

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RPP Infra Projects JV bags order worth Rs 232 crore

RPP-RK JV has received a new work order for Rs 231.77 crore from Highways Department for Chennai-Kanyakumari Industrial Corridor Projects. RPP Infra Projects Ltd holds a 60% share in the JV firm. The company has to execute these orders within 24 months. With this work order, the company is on its way to achieving an order book of Rs 2,000 crore.

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