om metals Archives

Reliance Industries Q3 Results: Net profit rises 12% YoY to Rs 13,101 crore

Reliance Industries Ltd (RIL) reported a 12.5% YoY increase in consolidated net profit to Rs 13,101 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 11,640 crore during the corresponding period in FY20. RIL’s consolidated revenue declined 21% YoY to Rs 1.23 lakh crore in Q3 FY21. The weak topline performance of the company was attributed to the continued struggles of the refining business. The revenues of the refining and petrochemical business, which contribute nearly two-thirds to RIL’s topline revenues, fell to Rs 83,838 crore in Q3.

Reliance Jio Infocomm Ltd reported a 15.5% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 3,489 crore for the quarter ended December (Q3). Revenue from operations increased 5.3% QoQ to Rs 19,475 crore. The telecom company witnessed a net addition of 52 lakh customers during the same period. The average revenue per user (ARPU) came at Rs 151 per subscriber per month.

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Grasim to enter paints business with Rs 5,000 crore investment

Aditya Birla Group’s flagship company, Grasim Industries Ltd, announced its plans to enter the paints business with an initial investment of Rs 5,000 crore over the next 3 years. Kumar Mangalam Birla, Chairman of Aditya Birla Group, stated that Grasim’s entry into the paints segment will add size, scale, and diversity to its existing portfolio of established standalone businesses. Grasim will offer a wide choice to Indian consumers, as it plans to introduce the latest range of paint products in line with global mega-trends.

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Yes Bank Q3 Results: Net profit rises to Rs 151 crore

Yes Bank Ltd reported a net profit of Rs 150.7 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 18,560 crore in the corresponding period in FY20. Net interest income (NII) jumped more than two-fold YoY to Rs 2,560.4 crore. The bank’s gross non-performing asset (NPA) ratio stood at 15.36% compared with 16.9% in the July-September quarter (Q2 FY21).

Yes Bank’s board has voted in favour of raising funds worth Rs 10,000 crore via qualified institutional placement (QIP), non-convertible debentures (NCDs), etc.

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Adani Total Gas, Torrent Gas acquires 5% stake each in Indian Gas Exchange

Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange (IGX). Both companies have spent Rs 3.69 crore each for acquiring the stake. IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX) and is the first authorised gas exchange in the country. It has 16 members and more than 500 registered clients, along with 3 physical hubs across Gujarat and Andhra Pradesh.

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JSW Steel Q3 Results: Net profit jumps 13-fold to Rs 2,681 crore

JSW Steel Ltd reported a 12.70 times (or 1,170%) YoY jump in consolidated net profit to Rs 2,681 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 211 crore in the corresponding period in FY20. Revenue from operations rose 21.1% YoY to Rs 21,859 crore in Q3 FY21. Its average capacity utilisation improved to 91%, compared to 86% in the September quarter (Q2 FY21). JSW Steel’s performance in Q3 was driven by robust operating income amid a strong demand environment.

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NTPC declares 150 MW unit of Kameng Hydro-Electric Project commercially operational

NTPC Limited announced that the 150 megawatt (MW) unit of Kameng Hydro-Electric Project of its subsidiary, North Eastern Electric Power Corporation, is commercially operational. With this, the commissioned and commercial capacity of the NTPC group has become 63,785 MW and 63,125 MW, respectively. [NTPC Ltd is a state-owned power generation company]

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Indian Bank Q3 Results: Profit rises 108% YoY to Rs 514 crore

Indian Bank Ltd reported a 108% YoY increase in profit to Rs 514.28 crore for the quarter ended December (Q3). The bank’s net interest income (NII) jumped 120% YoY to Rs 4,313.3 crore during the same period. Gross non-performing assets (NPAs) as a percentage of assets rose to 9.04% in Q3. Indian Bank’s board has approved a proposal to raise Rs 4,000 crore through qualified institutional placements (QIP), follow-on public offer (FPO), or rights issue.

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Om Metals Infra receives LoA for Shahpurkandi power house project

Om Metals Infraprojects Ltd has received a letter of award (LoA) from the Water Resources Department, Govt. of Punjab, for project works of Shahpurkandi power-house project. The estimated value of the contract is Rs 621 crore. The company will construct two power houses as part of the Hydel Channel of Shahpurkandi Dam Project via an engineering, procurement, and construction (EPC) mode.

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SBI Life Q3 Results: Profit falls 40% YoY to Rs 232 crore

SBI Life Insurance Ltd reported a 40.2% YoY decline in profit to Rs 232.85 crore for the quarter ended December (Q3). Net premium income rose to Rs 13,766.49 crore in Q3 FY21, as compared to Rs 11,694.51 crore in Q3 FY20. The company has kept an additional reserve of Rs 70.38 crore for Covid-19 pandemic-related liabilities.

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Alembic Pharma gets USFDA approval for orthostatic hypotension tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)- Midodrine Hydrochloride Tablets USP. The tablets are indicated for the treatment of symptomatic orthostatic hypotension (OH). OH refers to a sudden drop in blood pressure when you stand from a seated or prone (lying down) position. According to IQVIA data, the tablets had an estimated market size of $60 million (~Rs 437 crore) for the twelve months ended September 2020.

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Indigo Paints IPO subscribed over 117 times on final day

The initial public offering (IPO) of Indigo Paints was subscribed 117.02 times on the final day of the bidding process. The issue received bids for 64.57 crore shares against the issue size of 55.18 lakh shares. The reserved portion for retail investors witnessed a subscription of 15.93 times, and that of employees 2.49 times. The portion set aside for qualified institutional buyers was subscribed 189.6 times, and that of non-institutional investors 263 times.

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TCS Q3 Results: Net profit rises 7% YoY to Rs 8,701 crore

Tata Consultancy Services (TCS) reported a 7.18% YoY increase in net profit to Rs 8,701 crore for the quarter ended December (Q3). The IT major had posted a profit of Rs 8,118 crore in Q3 of the previous financial year. Its revenue rose 5% YoY to Rs 42,015 crore in Q3 FY21. The company said it has benefited from greater demand for its cloud services during the Covid-19 pandemic. TCS has announced an interim dividend of Rs 6 per share, for which the record date is January 16 and the payment date is February 3.

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SAIL reports 9% growth in crude steel production

Steel Authority of India Ltd (SAIL) reported a 9% YoY growth in crude steel production for the December quarter (Q3) of FY21 at 4.37 million tonnes (mt), as against a production of 4 mt during the same period last year. The state-owned company’s sales volume registered a growth of 5.6% YoY during the Q3 of FY 21, at 4.32 million tonnes. SAIL stated that it had reduced net debt from a peak of Rs 52,290 crore as of April 30, 2020, to Rs 44,308 crore on December 31, 2020.

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Phoenix Mills sees healthy demand recovery in Q3

Phoenix Mills reported a 192% quarter-on-quarter (QoQ) growth in consumption across its retail portfolio in Q3 FY21, which came to around Rs 1,370 crore. The company’s retail collections saw an improvement to approximately Rs 260 crore in Q3. In the residential category, the developer sold 14 units with an aggregate sales value of approximately Rs 74 crore.

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Empowered Group of Secretaries recommends cabinet note on 5 PLI sectors: Report

According to a report from CNBC-TV18, the Empowered Group of Secretaries (EGoS) has recommended a cabinet note on five production linked incentive (PLI) sectors. The sectors include Advanced Chemistry Cell Battery, Telecom & Networking Goods, Pharmaceutical Drugs, Technical Textiles, and Automobiles & Auto components.

EGoS has suggested that ministries should be careful in the identification of the base year and examination of incremental production and incentive. It has further recommended to bring in a uniform approval process for choosing a beneficiary company under the PLI scheme.

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Om Metals Infra emerges lowest bidder for Punjab-based project

Om Metals Infraprojects Ltd was declared the lowest bidder in competitive bidding for a tender value of about Rs 621 crore, floated by the Punjab Government. The tender is for constructing two powerhouses and part of the hydel channel of Shahpurkandi Dam Project on EPC mode. Om Metals is an engineering, procurement, and construction (EPC) company that focuses on water, irrigation, and hydroelectric projects.

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Shalby Q3 Results: Net profit rises 106% YoY to Rs 16 crore

Shalby Ltd reported a 106.38% YoY increase in consolidated net profit to Rs 16.82 crore for the quarter ended December (Q3). The company had reported a net profit of Rs 8.15 crore in Q3 of the previous financial year. Shalby’s revenue increased by 9.11% YoY to Rs 131.80 crore in Q3 FY21. Shalby Ltd operates a chain of multispeciality hospitals in India.

Mahindra & Mahindra hikes prices of personal, commercial vehicles by 1.9%

Mahindra & Mahindra (M&M) Ltd announced a hike in prices of its range of personal and commercial vehicles by around 1.9%. The automaker stated that it will raise prices by Rs 4,500-Rs 40,000, depending on the model and variant. M&M said the price increase was necessitated due to an unprecedented increase in commodity prices and various other input costs over the past many months.

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Himatsingka Seide enters into licensing agreement with Disney for European region

Himatsingka Seide Ltd has entered into a licensing agreement with The Walt Disney Company for the European region. The license will give Himatsingka the rights to design, develop, manufacture, and distribute a broad range of home textile products inspired by Disney’s archives and characters from all its franchises including Disney, Marvel, Pixar, and Lucas. Himatsingka will distribute an extensive range of licensed home textile products across the United Kingdom, Germany, France, Italy, Spain, and South Africa.

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SBI, IOCL launch contactless RuPay debit card

State Bank of India (SBI) and Indian Oil Corporation Ltd (IOCL) announced the launch of a co-branded contactless Rupay debit card. The features of the card include 6 reward points for Rs 200 spent at an Indian Oil fuel station every time and loyalty points worth 0.75% against the purchase of fuel. Customers can earn and redeem reward points by spending on dining, movies, grocery, and utility bills. Transactions up to Rs 5,000 can be paid for with a tap through the contactless card.

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J B Chemicals receives USFDA approval for generic antihistamine

J B Chemicals & Pharmaceuticals Ltd announced that it has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Loratadine tablets. The tablets are used for treating allergic rhinitis caused by pollen and upper respiratory tract allergy. The company said it expects to commercialize this product by Q1 of the next financial year (FY 2021-2022).

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