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RBI Keeps Policy Rates Unchanged; Projects GDP Growth at 10.5% in FY22 – Top Indian Market News

RBI keeps policy rates unchanged; projects GDP growth at 10.5% in FY 2021-22

The Monetary Policy Committee (MPC) of the Reserve Bank of India has decided to keep the repo rate unchanged at 4%. The reverse repo rate will remain unchanged at 3.35%. The MPC has projected gross domestic product (GDP) to grow at a rate of 10.5% for the financial year 2021-22. RBI Governor Shaktikanta Das said that outlook on India’s growth has improved significantly. He stated that the manufacturing, infrastructure, and services sectors are showing impressive growth.

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks] 

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M&M Q3 Results: Net profit rises 40% YoY to Rs 531 crore

Mahindra & Mahindra (including Mahindra Vehicle Manufacturers) reported a 40% YoY increase in net profit to Rs 530.9 crore for the quarter ended December (Q3). Its revenue rose 16% YoY to Rs 14,056.5 crore during the same period. M&M’s total vehicle sales declined by 7% YoY to 1.55 lakh units. Tractor sales rose 20% YoY to 97,420 units.

The carmaker estimates it will incur a one-time loss of Rs 1,210.48 crore on its South Korean unit, Ssangyong Motor, which has filed for bankruptcy. M&M said it may not be able to complete the majority stake sale in Ssangyong by February 28 as planned earlier.

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HAL, Rolls-Royce expand partnership in India

Hindustan Aeronautics Ltd (HAL) and Rolls-Royce have agreed to expand their partnership in India for collaboration in two significant areas. This includes expanding the supply chain for both Civil and Defence Aerospace and establishing an authorized maintenance centre for Adour Mk871 engines to support Rolls-Royce’s global customers. Both companies will build on their partnership of over 60 years, wherein Rolls-Royce engines have been ‘Made in India’ and supported by HAL under license from Rolls-Royce.

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Punjab National Bank Q3 Results: Net profit at Rs 506 crore

Punjab National Bank (PNB) reported a net profit of Rs 506 crore for the quarter ended December (Q3). It had posted a net loss of Rs 492.28 crore in the corresponding quarter last year. The bank’s net interest income (NII) grew 90% YoY to Rs 8,313 crore in Q3 FY21. PNB’s gross non-performing assets (GNPAs) reduced to 12.99% in Q3, compared to 13.43% in Q2 FY21.

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Cadila Health Q3 Results: Net profit rises 41% YoY to Rs 527 crore

Cadila Healthcare Ltd reported a 41% YoY increase in consolidated net profit to Rs 527.2 crore for the quarter ended December (Q3). Its consolidated revenue rose 4.3% YoY to Rs 3,795.6 crore during the same period. The company’s business in India (including health formulations business and consumer wellness business) grew 20% YoY to Rs 1,643 crore in Q3. 

Cadila Healthcare has received approval to start Phase-III clinical trials of its Covid-19 vaccine ZyCoV-D in India. The vaccine will be tested across 60 locations in 30,000 healthy adult volunteers.

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Expenditure Finance Committee approves PLI proposal for LEDs, ACs

The Expenditure Finance Committee has approved the proposal of the Ministry of Commerce and Industry for providing incentives to ACs and LED lights under the production linked incentive (PLI) scheme. In November 2020, the Union Cabinet had approved Rs 6,238-crore outlay for these two sectors under the PLI scheme. This would help boost domestic manufacturing in the country.

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Sundaram Finance Q3 Results: Net profit rises 45% YoY to Rs 242 crore

Sundaram Finance Ltd reported a 45% YoY increase in net profit to Rs 242 crore for the quarter ended December (Q3). Its total income rose 7% YoY to Rs 1,045 crore during the same period. The company’s assets under management (AUM) stood at Rs 31,226 crore in Q3, compared to Rs 30,502 crore in the corresponding quarter last year (Q3 FY20).

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Alkem Lab Q3 Results: Net profit rises 18% YoY to Rs 450 crore

Alkem Laboratories reported an 18.06% YoY increase in consolidated net profit to Rs 450.96 crore for the quarter ended December (Q3). The pharma company’s revenue rose 6.24% YoY to Rs 2,318.05 crore during the same period. Alkem Lab’s board has declared an interim dividend of Rs 25 per share.  

Natco Pharma receives registration approval for Chlorantraniliprole

Natco Pharma Ltd has received registration approval from the Central Insecticide Board & Registration Committee for Chlorantraniliprole (CTPR). CTPR is an active ingredient used in pest management products. Natco would be the first indigenous manufacturer of this technical product. The company hopes to bring products based on CTPR shortly that would be affordable and accessible to farmers across India.

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Jubilant Life Q3 Results: Net profit rises 52% YoY to Rs 310 crore

Jubilant Life Sciences reported a 52.39% YoY increase in consolidated net profit to Rs 309.93 crore for the quarter ended December (Q3). Its revenue rose 16.63% YoY to Rs 1,743.63 crore during the same period. Jubilant Life Sciences is a pharmaceutical company based in Noida.

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Adani Ports’ Net Profit Rises 32% YoY – Top Indian Market News

Adani Ports Q2 Results: Net Profit rises 32% YoY to Rs 1,394 crore

Adani Ports & Special Economic Zone Ltd. reported a 31.57% year-on-year increase in consolidated net profit at Rs 1,393.69 crore, for the quarter ended September (Q2). The revenue from operations increased by 3% YoY to Rs 2,902.52 crore, during the same period. The company has stated that its market share in India’s overall cargo has increased to 24%, as compared to 21% in Q1 of the current financial year.

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Vedanta, Hindalco win in commercial coal mine auctions

Vedanta Ltd. and Hindalco Industries Ltd. are among the first private companies chosen to operate coal mines in India. The Government had allocated 38 coal mines in the country for auction to the private sector. Vedanta Ltd has placed the winning bid for the Radikapur West Coal Block in Odisha. Hindalco has won the right to operate the Chakla Coal Block in Jharkhand.

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PVR Q2 Results: Net Loss stands at Rs 184 crore

PVR Limited reported a consolidated net loss of Rs 184 crore, for the quarter ended September (Q2). The consolidated revenue of the multiplex operator was at Rs 40.4 crore, during the same period. PVR has stated that most of its theatres have reopened, under the Unlock 5.0 guidelines. They are optimistic for a gradual improvement in revenues over the next few months.

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Ajanta Pharma Q2 Results: Net Profit up by 45% YoY

Ajanta Pharma Limited reported a 45% year-on-year (YoY) increase in net profit at Rs 170 crore, for the quarter ended September (Q2). The company’s revenue has increased by 11% YoY to Rs 715 crore, during the same period. The Board of Directors of Ajanta Pharma has approved an interim dividend of Rs 9.50 per share. They have also announced a share buyback of 7.35 lakh equity shares, at a price of Rs 1,850 per share.

Sun Pharma Q2 Results: Net Profit jumps 70% YoY to Rs 1,813 crore

Sun Pharmaceutical Industries Ltd. reported a 70.4% year-on-year (YoY) increase in consolidated net profit to Rs 1,813 crore, for the quarter ended September. The drug firm’s consolidated revenue from operations has increased by 5.3% YoY to Rs 8,553 crore, during the same period. The share price of Sun Pharma saw a rise of 3.85%, and closed at Rs 487.45 on the NSE today.

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Muthoot Finance Q2 Results: Net profit rises 2.5% to Rs 931 crore

Muthoot Finance Ltd. reported a 2.5% year-on-year (YoY) increase in consolidated net profit at Rs 930.81 crore, for the quarter ended September (Q2). The company has posted a 17.4% YoY increase in total income to Rs 2,824.19 crore, during the same period. The non-banking financial company has also recorded its highest-ever quarter-on-quarter (QoQ) growth in its gold loan portfolio.

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TCS partners with B3i to launch solutions for insurance industry

Tata Consultancy Services (TCS) has partnered with B3i Services AG to design, develop, and launch ecosystem innovations for the insurance industry. The partnership will be aimed at providing solutions to improve the digital systems of insurers, brokers, and industry service providers. B3i is an industry-led blockchain initiative that is owned by 20 insurance companies around the world.

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Dabur Q2 Results: Net Profit rises 20% YoY to Rs 483 crore

Dabur India Ltd. reported a 20.6% year-on-year (YoY) increase in consolidated net profit to Rs 482.86 crore, for the quarter ended September (Q2). The company’s consolidated revenue has increased by 14% YoY to Rs 2,516.04 crore, during the same period. The e-commerce business of Dabur grew by 200% YoY in Q2.

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PNB to raise Rs 7,000 crore through QIP in December

Punjab National Bank (PNB), on Tuesday, said it is planning to raise Rs 7,000 crore through qualified institutional placement (QIP) of shares by December 2020. QIP is a method that allows listed companies to raise capital from domestic markets through the issue of equity shares or any other securities. This is part of PNB’s overall plan to raise capital worth Rs 14,000 crore during the current financial year.

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Godrej Properties Q2 Results: Net Profit declines 77% YoY to Rs 7 crore

Godrej Properties Ltd. reported a 77% year-on-year (YoY) decline in consolidated net profit at Rs 7 crore, for the quarter ended September (Q2). The real-estate company posted a 36% YoY decline in total income at Rs 238 crore, during the same period. The company has stated that construction activity has resumed across its sites, with a high increase in the workforce.

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Meghmani Finechem expands Caustic Soda Plant 

Meghmani Finechem is expanding production at its existing Caustic Soda Plant from 2.94 lakh tonnes per annum (TPA) to 4 lakh TPA. The company is also upgrading the Captive Power Plant capacity to 123 MW (megawatts) at its production site in Gujarat. The total cost of these projects is estimated at Rs 230 crore. Meghmani Finechem is a material subsidiary of Meghmani Organics Ltd.

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Centre to Transfer Rs 6,000 crore as GST Compensation to 16 States – Top Indian Market News

Centre to transfer Rs 6,000 crore as GST compensation to 16 states

The Central Government will release Rs 6,000 crore to 16 states and 3 union territories on Monday. This amount will be the second round of back-to-back loans given to states/UTs to meet the shortfall in Goods and Services Tax (GST) collections. There was a major decline in GST collections earlier this year due to the Covid-19 pandemic. The total amount released to states is now at Rs 12,000 crore. 

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HDFC Q2 Results: Net Profit declines 28% YoY to Rs 2,870 crore

Housing Development Finance Corp Ltd. (HDFC) reported a 27.5% year-on-year (YoY) decline in net profit to Rs 2,870.12 crore, for the quarter ended September (Q2). The non-banking financial company reported a 20.7% YoY increase in net interest income (NII) to Rs 3,647 crore, during the same period. The share price of HDFC Bank saw a rise of 5.13%, and closed at Rs 2,022.30 on the NSE today.

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India’s manufacturing PMI rises for third straight month

Factory activity in India has expanded for the third straight month this year, as the removal of lockdown restrictions led to a surge in demand and output. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has increased from 56.8 in September to 58.9 in October. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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NTPC announces Q2 results and share buyback plan

The National Thermal Power Corporation Ltd. (NTPC) reported a 7.43% year-on-year (YoY) increase in standalone net profit to Rs 3,504 crore, for the quarter ended September (Q2). The company’s revenue from operations was up by 8.4% YoY to Rs 24,677 crore, during the same period. The Board of Directors of NTPC has approved a buyback of 19.78 crore equity shares at Rs 115 per share.

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Zee Entertainment Q2 Results: Net Profit declines 77% YoY to Rs 93 crore

Zee Entertainment Enterprises Ltd. reported a 77% year-on-year (YoY) decline in consolidated net profit to Rs 93.41 crore, for the quarter ended September. The company’s total income saw a decline of 19.6% YoY to Rs 1,760.61 crore, during the same period. Zee also stated that it had introduced cost-saving initiatives and sold various non-core assets in Q2.

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Punjab National Bank Q2 Results: 22% YoY increase in net profit

Punjab National Bank reported a 22% year-on-year (YoY) increase in standalone net profit to Rs 621 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 85% YoY to Rs 8,393 crore, during the same period. The company has also posted an improvement in its asset quality.

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Pfizer Q2 Results: 15% YoY decline in net profit

Pfizer Limited reported a 14.83% year-on-year (YoY) decline in net profit to Rs 131.37 crore, for the quarter ended September (Q2). The total income stood at Rs 607.56 crore, during the same period. In a statement made last week, Pfizer had said that it could deliver the Covid-19 vaccine in 2020.

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Thermax gets Rs 320 crore order to set up Combined Heat and Power plant

Thermax Limited announced that it has received an order of Rs 320 crore, for setting up a Combined Heat and Power (CHP) plant for Assam Bio Refinery Pvt Ltd (ABRPL). The company is a leading energy and environment solutions provider. Thermax Ltd. will help in the design, engineering, and construction of the CHP plant in Assam.

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Escorts Q2 Results: Two-fold jump in net profit to Rs 227 crore

Escorts Ltd reported a 130% year-on-year (YoY) increase in consolidated net profit at Rs 227.22 crore, for the quarter ended September (Q2). The company’s revenue from operations stood at Rs 1,654.18 crore, during the same period. Haryana-based Escorts is a multinational engineering company that mainly produces farm equipment.

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Wockhardt Q2 Results: Net Profit at Rs 3.29 crore

Drug firm Wockhardt Limited reported a consolidated net profit of 3.29 crore, for the quarter ended September (Q2). The consolidated revenue of the company stood at Rs 714.05 crore, during the same period. The company has been selected by the UK Government to supply Covid-19 vaccine. The share price of Wockhardt saw a rise of 0.94%, and closed at Rs 295.05 on the NSE today.

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