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Manappuram Finance Posts 8% YoY Fall in Net Profit in Q2 – Top Indian Market News

Manappuram Finance Q2 Results: Net profit falls 8.8%% YoY to Rs 369 crore 

Manappuram Finance Ltd reported an 8.8% YoY decline in consolidated net profit to Rs 369.88 crore for the quarter ended September (Q2 FY22). Its income from operations fell 2.15% YoY to Rs 1,531.92 crore during the same period. Assets under management (AUM) grew 5.7% YoY to Rs 28,421.63 crore in Q2. The company’s board has declared an interim dividend of Rs 0.75 per share.

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SBI credit card users to pay Rs 99 + tax on all EMI transactions from Dec 1

State Bank of India has announced that it will charge its credit card customers a fee of Rs 99 plus taxes on all equated monthly installment (EMI) purchases from December 1. The processing fee will be charged at merchant outlets, e-commerce websites, and apps when making payments through SBI credit cards. The adoption of fees follows industry standards, as most banks have already been charging processing fees for EMI transactions for a long time now.

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SpiceJet Q2 Results: Net loss widens to Rs 562 crore

SpiceJet Limited reported a net loss of Rs 562 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 112.5 crore in the corresponding quarter last year (Q2 FY21). The airlines’ sales rose 27% YoY to Rs 1,342.5 crore in Q2 FY22. Jet fuel costs surged 120% YoY to Rs 615 crore for the company, followed by a rise in aircraft lease rentals. 

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Ujjivan Financial Services Q2 Results: Net loss at Rs 68 crore

Ujjivan Financial Services Ltd reported a net loss of Rs 68.18 crore for the quarter ended September (Q2 FY22). It had posted a net profit of Rs 89.76 crore in the corresponding quarter last year (Q2 FY21). Its total income fell 11.65% YoY to Rs 731.90 crore in Q2 FY22. Expenses stood at Rs 822.73 crore in Q2, an increase of 16.7% YoY.

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Granules India Q2 Results: Net profit falls 50.7% YoY to Rs 80.68 crore

Granules India Ltd reported a 50.69% YoY decline in net profit to Rs 80.68 crore for the quarter ended September (Q2 FY22). Net profit declined 32.99% compared to the previous quarter. Its total revenue rose 3.52% YoY (or 4.53% QoQ) to Rs 888.33 crore during the same period. During the quarter, pharma formulations grew 10% but active pharma ingredients (API) sales were down 25%.

Tata Consumer Products to acquire Tata SmartFoodz for Rs 395 crore

Tata Consumer Products Ltd (TCPL) will acquire Tata SmartFoodz Ltd (TSFL) from its group firm Tata Industries for a cash consideration of Rs 395 crore. This move is consistent with TCPL’s strategic intent to expand into value-added categories. TSFL, under the brand name Tata Q, offers a range of differentiated products manufactured using MATS technology in India.

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Nalco Q2 Results: Net profit rises seven-fold YoY to Rs 747 crore

National Aluminum Co. Ltd (NALCO) reported a seven-fold YoY jump in consolidated net profit to Rs 747.80 crore for the quarter ended September (Q2 FY22). Net profit increased 115% compared to the previous quarter. Its revenue from operations rose 51% YoY to Rs 3,592 crore during the same period. EBITDA stood at Rs 1,126 crore in Q2, an increase of 310% YoY.

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Ipca Labs Q2 Results: Net profit declines 6% YoY Rs 250 crore

Ipca Laboratories Ltd reported a 6.3% YoY decline in consolidated net profit to Rs 250.23 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 13.46% YoY to Rs 1,544.43 crore during the same period. The pharma company’s board has declared an interim dividend of Rs 8 per share.

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Finance Ministry Announces Rs 6.28 lakh crore Stimulus Package – Top Indian Market News

Finance Ministry announces relief measures for sectors impacted by Covid-19

Union Finance Minister Nirmala Sitharaman has announced a Rs 6.28 lakh crore stimulus package to boost Covid-affected sectors. An amount of Rs 23,220 crore will be set aside for the expansion of medical infrastructure for one year. Once issuance resumes, five lakh tourist visas will be issued free of charge. This incentive will cost the government around Rs 100 crore. 

The Finance Ministry also announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors. Under this scheme, around 25 lakh beneficiaries will be able to borrow up to Rs 1.25 lakh through micro-finance institutions (MFIs). The cap of the Emergency Credit Line Guarantee Scheme (ECLGS) will be raised from Rs 3 lakh crore to Rs 4.5 lakh crore. The Centre will also allocate Rs 3.03 lakh crore to revamp state-owned power distribution companies.

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HAL Q4 Results: Net profit rises 31% YoY to Rs 1,622 crore

Hindustan Aeronautics Ltd (HAL) reported a 31.27% YoY increase in consolidated net profit to Rs 1,622.19 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its total income rose 4.38% YoY (or 97% QoQ) to Rs 10,870.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 12.37% YoY to Rs 3,239.46 crore. HAL’s board has recommended a final dividend of Rs 30 per share.

Tata Motors to launch 10 new electric vehicles by 2025

Tata Motors Ltd has announced plans to roll out 10 new battery electric vehicles (BEVs) in its domestic portfolio by 2025. Going ahead, the automaker plans to drive its business model towards sustainable mobility. The company is also exploring opportunities to invest in lithium cell manufacturing in India and Europe. This is to establish a proper supply chain for its zero-emission vehicles in the coming decade. Tata Motors will also leverage its resources to set up a wide network of charging infrastructure in India. 

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NALCO Q4 Results: Net profit jumps 830% YoY to Rs 935 crore

National Aluminium Company Ltd (NALCO) reported an 830.99% YoY jump in consolidated net profit to Rs 935.74 crore for the quarter ended March (Q4). Net profit has increased by 290.36% when compared to the previous quarter. Its total income rose 40.75% YoY (or 19% QoQ) to Rs 2,874.47 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 853.8% YoY to Rs 1,299.41 crore.

Power Mech Projects secures order worth Rs 9,300 crore from Coal India

Power Mech Projects Ltd has received an order worth Rs 9,294 crore for a mine development and operation (MDO) project from Central Coalfields Ltd (CCL), a subsidiary of Coal India. The contract consists of mine infrastructure development, extraction of coking coal, processing, crushing, and transportation of coal to a washery of CCL. The project has been awarded to a consortium of Power Mech Projects and AMR India. Interestingly, the market cap of Power Mech Projects is less than Rs 1,000 crore.

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Tech Mahindra to acquire US-based Brainscale

Tech Mahindra Ltd, through its wholly-owned subsidiary Tech Mahindra (Americas) Inc., will acquire a 100% stake in US-based Brainscale. The cost of the acquisition is $28.8 million (~Rs 214 crore). Brainscale is a cloud-focused company that has expertise in cloud consulting, application development, and data analytics. This acquisition will help Tech Mahindra drive the growth of its cloud-related IT services in the North American market.

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KIOCL gets in-principle approval for mining in Devadari mines

The Union Ministry of Environment, Forests, and Climate Change has given Stage-I approval for the diverting 401.57 hectares of forest land at Devadari Hill Range in Ballari district (Karnataka) for iron ore and manganese ore mining by KIOCL Limited. The contract is for a period of 50 years. The Stage-II clearance is likely to be received by the end of the current financial year. Mining operations are expected to commence in 2022-23 (FY23).

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Commercial Bank of Kuwait selects TCS’ BaNCS for treasury solutions

The Commercial Bank of Kuwait (CBK) has selected Tata Consultancy Services (TCS) Ltd’s ‘BaNCS for Treasury’ solution to manage risks, enhance asset class coverage, and drive future growth. The solution will help CBK offer a wider range of cash and derivative treasury products and integrate various trading and messaging platforms. It will also help CBK offer extensive accounting and reporting capabilities and manage cash and positions in real-time.

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NLC India Q4 Results: Net profit rises 52% YoY to Rs 756 crore

NLC India reported a 51.9% YoY increase in consolidated net profit to Rs 756.83 crore for the quarter ended March (Q4). Its revenue from operations declined by 7.4% YoY to Rs 2,839.55 crore during the same period. The revenue from the lignite mining segment declined by 24.88% YoY to Rs 1,258.93 crore in Q4. Net profit for the financial year 2020-21 (FY21) declined by 7.4% YoY to Rs 1,345.44 crore. NLC India’s board has recommended a final dividend of Rs 1.5 per share. NLC India is a state-owned company engaged in fossil fuel mining and thermal power generation.

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Emami hikes stake in male grooming startup The Man Company

Emami Limited has increased its stake in Helios Lifestyle from 33.09% to 45.96%. Helios Lifestyle is a direct-to-consumer startup that sells male grooming products under The Man Company brand. It offers a wide range of premium men’s grooming products under the bath and body, beard management, shaving, and perfumes category. FMCG firm Emami said this investment was in line with its strategy of leveraging emerging online opportunities brought about by rapid digitisation. This transaction makes Emami the largest shareholder in Helios Lifestyle.

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Mindtree Reports 53% YoY Rise in Net Profit in Q4 – Top Indian Market News

Mindtree Q4 Results: Net profit rises 53% YoY to Rs 317 crore

Mindtree Limited reported a 53.4% year-on-year (YoY) increase in consolidated net profit to Rs 317.3 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 2.9%. The IT firm’s revenue from operations rose 3% YoY to Rs 2,109.3 crore during the same period. Its order book grew 12.3% YoY to $1,382 million in FY21. Mindtree has announced a final dividend of Rs 17.5 per share.

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NALCO receives mining lease for Utkal-E coal block in Odisha

The Department of Steel & Mines, Government of Odisha, has granted the mining lease of Utkal-E coal block to National Aluminium Company (NALCO) Limited. The initial capacity of the Utkal-E coal block is 2 million tonnes per year, with a total mineable reserve of ~70 million tonnes. With the grant of Utkal D & E coal blocks, NALCO’s total mineable coal reserve will increase to 175 million tonnes.

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Ashok Leyland delivers light bulletproof vehicles to Indian Air Force

Ashok Leyland said it has delivered the first lot of Light Bulletproof Vehicles (LBPV) to the Indian Air Force. The LBPV is an adopted version of Lockheed Martin’s Common Vehicle Next-Gen (CVNG). It was developed under a transfer of technology (TOT) agreement between Ashok Leyland and Lockheed Martin. The LBPV has high off-road mobility in mud, sand, rocks, and shallow water. It can accommodate a crew of six people, with ample cargo space to carry substantial mission equipment.

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L&T secures significant orders across business segments

Larsen & Toubro (L&T) said its construction arm has received significant orders (in the range of Rs 1,000-2,500 crore) across business segments in the domestic and international markets. Its power transmission and distribution business has won orders to construct two 132/11kV substations in Dubai. L&T’s building and factories business has secured an order from a leading cement manufacturer to construct a 3.5 MTPA cement plant in Rajasthan.

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Maruti Suzuki hikes prices of select models by up to Rs 22,500

Maruti Suzuki India said it has hiked prices of select car models by up to Rs 22,500 to partially offset the impact of rising input costs. The weighted average price increase of ex-showroom prices (Delhi) across models is 1.6%. The price hike will be applicable to all car models, except Celerio and Swift. In January 2021, the automaker had announced a price hike of select models by Rs 34,000 due to a rise in input costs.

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Quess Corp to acquire remaining 30% stake in Conneqt from Tata Sons for Rs 208 crore

Quess Corp Limited said it will acquire the remaining 30% equity stake in Conneqt Business Solutions Ltd from Tata Sons for Rs 208 crore. With this transaction, Conneqt will become a wholly-owned subsidiary of Quess Corp. This will allow the company to realise synergies between its various divisions (including Conneqt and Allsec Technologies). It will also strengthen Quess’ position to accelerate growth in the IT/ITeS space.

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GTPL Hathway Q4 Results: Net profit at Rs 56.89 crore

GTPL Hathway Ltd reported a consolidated net profit of Rs 56.89 crore for the quarter ended March (Q4). It had posted a net loss of Rs 13.62 crore in the corresponding period last year. The company’s revenue from operations rose 17.82% YoY to Rs 748.72 crore in Q4 FY21. Its board has recommended a dividend of Rs 4 per share. GTPL Hathway is a leading digital cable TV and broadband service provider.

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RITES-led consortium emerges lowest bidder for railway project in Bangladesh

A consortium led by RITES Limited has emerged as the lowest (L1) bidder for a tender floated by Bangladesh Railways. The order consists of the construction of a dual gauge railway line from Bogura to Shahid M. Mansur Ali station in Bangladesh. The project is funded by Exim Bank of India under the Line of Credit (LOC) scheme. RITES stated that the total fee income would be ~Rs 63 crore.

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NTPC to raise Rs 3,996 crore via bonds

NTPC Limited said it will raise Rs 3,996 crore through the issuance of non-convertible bonds on April 20, 2021 (Tuesday). The bonds will be issued on a private placement basis at a coupon rate of 6.87% per annum. The proceeds from this issue will be utilised for funding capital expenditure, refinancing of existing loans, and other general corporate purposes. The bonds are proposed to be listed on NSE.

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Vivimed Labs receives approval for 3 products

Vivimed Labs Limited has received approvals for 3 products from its state-of-the-art manufacturing site in Hyderabad. The approved products include Bilastine tablets 20mg under the brand name- FLUSTIN. It is used in the treatment of allergic Rhinoconjunctivitis and Urticaria (hives). The second product is Ornidazole and Otloxacin tablets, used in the treatment of bacterial and parasitic infections. The third product is Paracetamol 12 Smg/Sml and Chlorpheniramine Maleate Syrup (used to treat symptoms of allergic conditions).

IndiGo to waive-off change fees on domestic bookings made from April 17-30

InterGlobe Aviation Ltd (IndiGo) announced that it will not charge any fees to change the time or date on domestic tickets that are booked between April 17-30. The airline said passengers can make unlimited changes on domestic tickets booked between this period. However, there will be no change in cancellation fees.

In other news, IndiGo said it had transported a total of 81,437 kg of Covid-19 vaccines between January 12 and April 12. The airline had a leading market share of 36.56% in Covid-19 vaccine transportation during this period.

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HUL’s Q3 Profit Jumps 19% YoY to Rs 1,921 crore – Top Indian Market News

HUL Q3 Results: Net profit rises 19% YoY to Rs 1,921 crore

Hindustan Unilever Ltd (HUL) reported an 18.8% YoY increase in net profit to Rs 1,921 crore for the quarter ended December (Q3). The FMCG firm’s revenue rose 20.94% YoY to Rs 11,862 crore during the same period. Its domestic volume growth jumped 7% in Q3. The company’s strong performance was led by double-digit growth in its homecare product segment, while its beauty and personal care segment clocked a 9% YoY rise in revenues. HUL stated that rural growth continued to outpace urban during the quarter and is growing in double digits. 

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Hero MotoCorp to enter Mexican market; enters into partnership with Grupo Salinas

Hero MotoCorp Ltd announced that it will soon commence operations in Mexico. The company has entered into a distribution agreement with Grupo Salinas (a group of companies founded by Mexican entrepreneur Ricardo Salinas). In the first phase of operations, Hero MotoCorp will launch 9 products. This includes motorcycles for work (100cc), street (125cc), premium (150cc,160cc), as well as scooters.

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Marico Q3 Results: Net profit rises 13% YoY to Rs 312 crore

Marico Ltd reported a 13% YoY increase in consolidated net profit to Rs 312 crore for the quarter ended December (Q3). The FMCG firm’s revenue rose 16.34% YoY to Rs 2,122 crore during the same period. The company’s performance in Q3 was driven by strong domestic volume growth of 15% and a constant currency growth of 8% in the international business. 

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NALCO announces Rs 749 crore share buyback plan

National Aluminium Company’s (NALCO) board has approved the buyback of 13.03 crore shares for about Rs 749.10 crore. The shares will be bought back at Rs 57.5 per share, which is a 24.5% premium over Monday’s closing price of Rs 46.15. NALCO has fixed February 8 as the record date to ascertain the eligibility of shareholders for the buyback of equity shares.

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Jyothy Labs Q3 Results: Net profit rises 18% YoY to Rs 53 crore

Jyothy Labs Ltd reported an 18% YoY increase in consolidated net profit to Rs 53.2 crore for the quarter ended December (Q3). The FMCG firm’s revenue from operations rose 13.3% YoY to Rs 477 crore during the same period. Jyothy Labs stated that the revival of consumer sentiment is reflecting in the company’s performance across its brand portfolio. The company has witnessed demand acceleration in general trade and e-commerce platforms in Q3.

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Sterling and Wilson Solar commissions 25 MW solar energy project in Oman

Sterling and Wilson Solar Ltd (SWSL) has commissioned a 25 megawatt (MW) solar project in Oman. The project was awarded to SWSL by global energy company Shell. The solar project, located on a 50-hectare site within Sohar Freezone, will save 25,000 tonnes of carbon emissions annually. 

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India Cements Q3 Results: Net profit at Rs 67.90 crore

India Cements Ltd reported a consolidated net profit of Rs 67.90 crore for the quarter ended December (Q3). It had posted a net loss of Rs 8.79 crore during the corresponding period in FY20. The company’s revenue from operations declined 4.79% YoY to Rs 1,184.68 crore in Q3 FY21. The company stated that the Covid-19 pandemic had severely impacted its normal business operations.

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Dr. Reddy’s Labs terminates Covid-19 treatment study in Kuwait

Dr. Reddy’s Laboratories has terminated its clinical study of Fujifilm Holdings’ Covid-19 treatment Avigan in patients with moderate to severe symptoms in Kuwait. This comes after data from the Kuwait trial showed that the difference in time taken by Avigan and a placebo to resolve a sustained absence of oxygen in the tissues was not significant enough to continue the trial. Dr. Reddy’s stated that a late-stage North American trial of Avigan in patients with mild to moderate Covid-19 will continue.

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Canara Bank Q3 Results: Net profit at Rs 739 crore

Canara Bank reported a consolidated net profit of Rs 739.20 crore for the quarter ended December (Q3). The state-owned bank had reported a net profit of Rs 406.43 crore during the corresponding period in FY20. Net interest income (NII) grew 14.58% YoY to Rs 6,081 crore in Q3 FY21. Provisions for bad loans and contingencies stood at Rs 4,327.34 crore, compared with Rs 1,814.32 crore in Q3 FY20.

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Axis Bank Q3 Results: Net profit falls 36% YoY to Rs 1,117 crore

Axis Bank Ltd reported a 36% YoY decline in net profit to Rs 1,116.6 crore for the quarter ended December (Q3). The bank’s net interest income (NII) rose 14% YoY to Rs 7,372.7 crore during the same period. Provisions increased by 32.7% YoY to Rs 4,604.28 crore. Axis Bank’s gross non-performing asset (NPA) ratio stood at 3.44%, compared with 4.18% in Q2.

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Aditya Birla Fashion to acquire 51% stake in Sabyasachi for Rs 398 crore

Aditya Birla Fashion and Retail Ltd (ABFRL) has announced a strategic partnership with designer brand Sabyasachi, by signing a definitive agreement for acquiring a 51% stake in the Sabyasachi brand. The cost of acquisition or the price at which the shares are acquired will be approximately Rs 398 crore. The indicative time period for completion of the acquisition is 30-45 days.

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Tata Elxsi partners with Syntiant to provide low-power edge AI device development for voice applications

Tata Elxsi and US-based Syntiant Corp. have announced a collaboration to help manufacturers design and develop low-power always-on voice applications across multiple product categories. Some of these categories include smart home devices and consumer electronics, along with industrial & automotive use cases. The developed application aims to provide end-to-end solutions and services for customers using Syntiant’s deep learning Neural Decision Processors.  

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Stove Kraft IPO subscribed 2.93 times on Day 2

The initial public offering (IPO) of Stove Kraft was subscribed 2.93 times on the second day of bidding. The IPO has received bids for 1.72 crore equity shares, against an offer size of 58.94 lakh equity shares. The reserved portion for retail investors was subscribed 13.07 times. The portion set aside for non-institutional investors was subscribed 1.85 times. Qualified institutional investors have put in 8.15% bids against the reserved portion.

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