Q2 Results Archives

Kalyan Jewellers gets approval from SEBI to conduct IPO

Kalyan Jewellers India Ltd has received approval from market regulator SEBI to go ahead and raise Rs 1,750 crore through an initial public offering (IPO). The initial sale of shares consists of the issuance of fresh equity aggregating to Rs 1,000 crore, and an offer for sale (OFS) of Rs 750 crore. The company’s promoter, T. S. Kalyanaraman, would be offloading shares worth up to Rs 250 crore. An OFS is a method by which the promoters of a company sell their shares and reduce their holdings.

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HDFC Life Q2 Results: Profit rises 6% YoY to Rs 326 crore

HDFC Life Insurance Company reported a 6% year-on-year (YoY) increase in consolidated net profit to Rs 326 crore, for the quarter ended September (Q2). The company’s total income increased by almost 90% to Rs 16,426 crore for the same period.

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IPOs and share buybacks to support Government’s divestment plan

The Central Government is planning to go for IPOs and share buybacks in key public sector undertakings (PSUs), in order to meet expenses amidst the Covid-19 pandemic. The Department of Investment and Public Asset Management (DIPAM) stated that the BPCL stake sale would be completed before April. The Government has set a disinvestment target of Rs 2.1 lakh crore for the current financial year (FY21).

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ACC reports 20.26% YoY increase in net profit

Cement manufacturer ACC reported a 20.26% year-on-year increase in net profit to Rs 363.8 crore for Q3 CY21. The company also posted a revenue of Rs 3,537.3 crore for the same period. Since ACC is owned by a Swiss company, it follows international standards. Q3 CY21 is the same as the second quarter of the financial year 2020-2021 in India.

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MCX to start index futures in base metals from today

Multi Commodity Exchange (MCX) has formally launched its metal futures indices, MCX iComdex, on Monday. The metals being traded on this platform are gold, silver, copper, zinc, nickel, etc. MCX had received approval for the indices from SEBI on July 29, and had started mock trading of these metals on July 31.

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Bank of Maharashtra Q2 Results: Profit rises 13% YoY to Rs 130 crore

Bank of Maharashtra reported a 13.4% year-on-year increase in consolidated net profit at Rs 130.44 crore, for the quarter ended September (Q2). The bank’s income increased to Rs 3319.34 crore during the quarter, as compared to Rs 3,296.28 crore in the same quarter in FY20. The share price of the bank saw a rise of 7%, and closed at Rs 11.95 on the NSE today.

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Inox Wind confirms order of 40 MW wind power projects

Inox Wind Limited has announced new orders for the supply and installation of wind turbine generators of 40 MW (megawatts) from retail customers. The projects will be executed across locations in Gujarat and Karnataka, by March 2021. The share price of the company saw a rise of 0.12%, and closed at Rs 40.30 on the NSE today.

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CSB Bank reports two-fold increase in net profit

CSB Bank on Monday reported a two-fold year-on-year (YoY) increase in net profit at Rs 68.9 crore, for the quarter ended September (Q2). The bank’s half-yearly profit after tax was recorded at Rs 122.5 crore. CSB Bank’s total income grew to Rs 567.55 crore during the same period.

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NCLT approves JSW Steel’s acquisition of Asian Color Coated Ispat

The National Company Law Tribunal (NCLT) has given approval to JSW Steel to acquire bankrupt steel company Asian Colour Coated Ispat. JSW Steel has offered over Rs 1,550 crore for the 1 million tonne steel plant. Also, according to JSW Shareholding records, LIC has increased its stake in the company to 3.40% (from 2.43%) in the September quarter.

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Century Textiles reports net loss of Rs 10.35 crore in Q2

Century Textiles and Industries Ltd on Monday reported a consolidated net loss of Rs 10.35 crore, for the quarter ended September (Q2). The company’s net sales dropped 30.01% to Rs 595.77 crore during the same period. The share price of the company settled at Rs 319.35 on Monday, and saw a 0.7% decline from its previous close of Rs 321.60 on the NSE.

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IndusInd Bank fined Rs 4.5 crore for non-compliance with RBI provisions

RBI has imposed a penalty of Rs 4.5 crore on IndusInd Bank for non-compliance with certain provision norms. Through an inspection by RBI, it has been found that the bank has not adhered to exposure norms, and norms for Income Recognition, Asset Classification (IRAC). IRAC are rules that determine whether a loan should be declared as a non-performing asset (NPA).

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HDFC Bank reports 18% YoY increase in net profit

HDFC Bank Ltd. had reported an increase in net profit by 18.4% year-on-year (YoY) to Rs 7,513 crore, for the quarter ended September. The bank’s Net Interest Income (NII) increased by 16.7% YoY to Rs 15,776.4 crore. NII is the difference between the interest income a bank earns from its lending activities, and the interest it pays to depositors.

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Blackstone Group to acquire assets of Prestige Estates for Rs 14,000 crore

Real estate firm Prestige Estates Projects Ltd. has signed a deal with Blackstone Group for a stake sale in the company’s commercial, retail, and hotel properties. It has been reported that through this new deal, Prestige Estates is looking to sell the assets in order to reduce debt and generate liquidity. The value of the properties has been estimated at Rs 14,000 crore. Blackstone is the largest owner of commercial real estate in India.

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Bajaj Consumer Q2 Results: Profit increases 1.6% to Rs 56.92 crore

Bajaj Consumer Care Ltd reported a 1.6% YoY increase in its consolidated profit to Rs 56.92 crore, for the quarter ended September (Q2). The fast-moving consumer goods (FMCG) company also reported a total income of Rs 235.36 crore during the same period.

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Tata Motors partners with HDFC Bank for financing of passenger vehicles

Tata Motors on Saturday said it has collaborated with HDFC Bank for the financing of its passenger vehicles. Tata Motors has introduced two new schemes under the partnership – ‘Gradual Step Up Scheme’ and ‘TML Flexi Drive’ scheme. The offers are aimed at improving sales during the festive season in India.

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Avenue Supermarts reports 38% YoY decline in net profits

Avenue Supermarts Ltd. reported a 38% year-on-year (YoY) decline in its consolidated net profit at Rs 199 crore, for the quarter ended September (Q2). Consolidated revenue decreased by 11% YoY to Rs 5,306 crore. The company stated that poor sales and a lower number of customers (due to the Covid-19 pandemic) have been the main reasons for these results. Avenue Supermarts runs the popular grocery chain DMart.

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Tata Communications Q2 Results: Profit up 7-fold to Rs 385 crore

Tata Communications Limited posted a 7-fold jump in consolidated net profit at Rs 384.81 crore, for the quarter ended September (Q2). The company had registered a profit of Rs 54.31 crore during the same period in the financial year 2019-2020. The firm also reported a growth in revenue by 4.5% to Rs 4,477.16 crore during the Q2 period.

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Dr. Reddy’s, RDIF gets approval to conduct Phase-3 trials for Covid-19 vaccine

Dr. Reddy’s Laboratories Ltd. has announced that it has received approval from the Drug Control General of India (DGCI) to conduct the Phase-3 trials for the Sputnik-V vaccine in India. The company had entered into an agreement with the Russian Direct Investment Fund (RDIF), for conducting trials and ensuring distribution of the coronavirus vaccine in India. Once testing is completed and approvals are granted, RDIF will supply 100 million doses of Sputnik-V to Dr. Reddy’s.

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Aurobindo Pharma acquires 100% equity in Mviyes Pharma Ventures Ltd.

Aurobindo Pharma Limited has entered into a share purchase agreement to acquire 100% equity share capital of Mviyes Pharma Ventures Private Limited. Aurobindo Pharma will acquire a total of about 15 crore equity shares of Rs 10 each, at a price of Rs 18.25 per share. The cost of the acquisition is estimated at Rs 274.22 crores.

CoC approves revival plan for Jet Airways

The Committee of Creditors (CoC) has approved the resolution plan of Kalrock Capital-Murari Lal Jalan for the revival of Jet Airways. The airline had been shut down for eight months, and is finally set to make a comeback. The plan has to be further approved by the National Company Law Tribunal (NCLT), and the Civil Aviation Ministry.

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