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Maruti Suzuki Reports 48% YoY Fall in Net Profit in Q3 – Top Indian Market News

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

Maruti Suzuki Q3 Results: Net profit falls 48% YoY to Rs 1,011 crore

Maruti Suzuki India Ltd (MSIL) reported a 47.9% YoY decline in net profit to Rs 1,011 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 1% YoY to Rs 23,246 crore during the same period. The global chip shortage and high commodity costs continued to affect the automaker’s sales. EBITDA stood at Rs 1,559 crore, down 30% YoY. MSIL’s total sales fell 13% YoY to 4.3 lakh units in Q3.

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BPCL to invest Rs 10,000 crore in six new city gas licenses

Bharat Petroleum Corporation Ltd (BPCL) will invest Rs 10,000 crore over the next five years to set up city gas distribution networks in cities for which it secured licenses in the latest bidding round of the Petroleum and Natural Gas Regulatory Board (PNGRB). The company won licenses to retail CNG to automobiles and piped natural gas (PNG) for cooking purposes in the bid-out of six geographical areas.

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Cipla Q3 Results: Net profit falls 2.6% YoY to Rs 729 crore

Cipla Limited reported a 2.61% YoY decline in consolidated net profit to Rs 728.6 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 5,478.86 crore during the same period. The pharma company’s EBITDA stood at Rs 1,231 crore, up 5.7% YoY. Its India business registered a 13% YoY growth in sales to Rs 2,518 crore in Q3.

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TCS selected as launch partner for Microsoft Cloud for Retail

Tata Consultancy Services (TCS) announced that it is now a partner for the newly-launched Microsoft Cloud for Retail. TCS will help retail clients leverage Microsoft Cloud for Retail to accelerate their growth and transformation journeys. Microsoft Cloud for Retail is an industry-specific cloud that brings together various Microsoft technologies. It connects experiences across the end-to-end shopper journey with integrated and intelligent capabilities.

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Pidilite Industries Q3 Results: Net profit falls 20% YoY to Rs 359 crore

Pidilite Industries Ltd reported a 19.5% YoY decline in consolidated net profit to Rs 359.24 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 24% YoY to Rs 2,850.72 crore during the same period. The company’s total expenses stood at Rs 2,372.9 crore in Q3, up 37.98% YoY. Gross margins were affected due to high input costs. Pidilite Industries is a leading manufacturer of adhesives & sealants, construction chemicals, and craftsmen products.

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Sterlite Tech secures Rs 170 crore deal from Power Grid

Sterlite Technologies Ltd (STL) has secured a deal worth ~Rs 170 crore for building a unified network management system (UNMS) for Power Grid Corporation of India Ltd (PGCIL). STL will fulfill PGCIL’s requirement for high-performance and integrated network management systems across their regional communications networks. PGCIL owns and operates 90% of India’s interstate and inter-regional electric power transmission network.

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United Spirits Q3 Results: Net profit rises 27% YoY to Rs 291 crore

United Spirits Ltd reported a 26.6% YoY increase in consolidated net profit to Rs 291.1 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 7.6% YoY to Rs 8,854.5 crore during the same period. The company’s total expenses stood at Rs 8,463.8 crore in Q3, up 6.5% YoY. A healthy operating cash flow has enabled the liquor maker to achieve a debt-free status as of December 31, 2021.

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Torrent Pharma Q3 Results: Net profit falls 16% YoY to Rs 249 crore

Torrent Pharmaceuticals Ltd reported a 16% YoY decline in consolidated net profit to Rs 249 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 5.7% YoY to Rs 2,108 crore during the same period. The pharma company’s EBITDA stood at Rs 538 crore, up 11.4% YoY. Its US segment revenues fell 20% YoY to Rs 235 crore in Q3, while its India segment revenues rose 15% YoY to Rs 1,072 crore. 

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SRF Q3 Results: Net profit rises 56% YoY to Rs 506 crore

SRF Limited reported a 56% YoY increase in consolidated net profit to Rs 506 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 56% YoY to Rs 3,346 crore during the same period. Revenue from its chemical business grew 58% YoY to Rs 1,428 crore in Q3. The operating profit of the chemical business stood at Rs 419 crore, up 121% YoY. SRF’s board has approved an interim dividend of Rs 4.75 per share.

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Federal Bank Q3 Results: Net profit rises 29% YoY to Rs 522 crore

Federal Bank reported a 29% YoY increase in net profit to Rs 521.7 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 7.1% YoY to Rs 1,538.9 crore during the same period. [NII is the difference between the interest earned on loans and the interest paid on deposits.] The gross non-performing assets (GNPA) ratio stood at 3.06% in Q3 FY22, compared to 3.24 crore in Q2 FY22. Provisions fell 48.3% YoY to Rs 213.98 crore in Q3 FY22.

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Akasa Air plans to commence domestic operations by late May

Rakesh Jhunjhunwala-backed airline Akasa Air is aiming to start flights in late May or early June after getting its first Boeing 737 MAX aircraft in April. The low-cost airline is looking to own and operate 18 planes in its fleet by the end of March 2023. Akasa Air will initially have services from metros to Tier II and III cities.

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Passenger Vehicle Sales Fall 19% in November – Top Indian Market News

Passenger vehicle sales fall 19% in November: SIAM

Passenger vehicle wholesales in India fell 19% in November as the semiconductor shortage continued to impact vehicle production. Total passenger vehicle (PV) dispatches last month stood at 2,15,626 units, a decline of 19% from 2,64,898 units in November 2020. Two-wheeler sales fell sharply by 34% YoY to 10,50,616 units. Three-wheeler dispatches stood at 22,471 units, down 7% YoY. The data was released by the Society of Indian Automobile Manufacturers.

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Factory output grows 3.2% in October

India’s factory output, as measured by the Index of Industrial Production (IIP), grew 3.2% in October 2021, led by growth in primary goods. The growth comes on the back of a 4.5% rise witnessed in the same period last year as the economy was recovering from the first round of lockdown-induced contraction. The manufacturing sector’s output grew 2% in October, while mining output surged by 11.4%. Power generation went up by 3.1%.

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LIC gets RBI approval to increase stake in IndusInd Bank to 9.99%

The Reserve Bank of India (RBI) has allowed Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank to 9.99%. LIC currently holds 4.95% of the total issued and paid-up capital of the private sector lender. The approval is valid up to December 8, 2022. The RBI norms mandate that an entity that intends to acquire more than a 5% stake in a private bank has to take prior approval from the central bank.

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RIL raises stake in HFCL to 5% via QIP

Reliance Industries Ltd (RIL) has increased its stake in HFCL to 5% by investing in its qualified institutional placement (QIP). HFCL is India’s largest integrated telecom network provider. In an exchange filing, HFCL said its board had approved the allotment of 8.73 crore equity shares at Rs 68.75 per share to qualified institutional buyers (QIBs). The company has raised Rs 600 crore through the QIP issue.

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Cadila gets USFDA approval to start clinical trials in patients with PBC

Cadila Healthcare Ltd has received approval from the US Food & Drug Administration (USFDA) to initiate the Phase 2(b)/3 clinical trials to evaluate the efficacy and safety of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis (PBC). PBC is a severe liver disease that leads to cirrhosis of the liver, liver failure, and possibly death. Nearly 50% of PBC patients are unable to benefit from the existing therapy due to lack of response or intolerable side effects.  

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Sterlite Tech unveils 5G-from-India offering at IMC 2021

Digital networks integrator Sterlite Technologies Ltd (STL) has unveiled its 5G-from-India offering at the India Mobile Congress (IMC) event. The company’s 5G portfolio includes optical, radio, and deployment solutions. STL expects that the end-to-end nature of solutions will fundamentally alter the game for super-fast and high-quality 5G deployments.

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Apollo TeleHealth secures ISO certification from BSI

Apollo TeleHealth (ATH) has become the first-ever organisation in the world to attain the ISO 13131:2021 certification presented by the British Standards Institution (BSI). ISO 13131:2021 belongs to a class of standards that provides flexible, general guidelines that support innovation in healthcare. ATH is a multi-specialty telemedicine network and part of the Apollo Hospitals Group.

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Greenlam Industries temporarily shuts plant in Rajasthan

Greenlam Industries Ltd (GIL) has temporarily closed down manufacturing activities at its plant in Behror, Rajasthan, as per the directions from Commission for Air Quality Management in National Capital Region and Adjoining Areas on December 9, 2021. The company stated that the facts and reports issued by the commission seem improper. GIL has already presented its case before the competent authority in this regard. It is taking the necessary steps to resolve the matter at the earliest.

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Lupin launches diagnostic business; to open 100 labs in India

Lupin Ltd has announced the launch of its diagnostics arm as part of its strategy to provide integrated healthcare services in India. The company commenced operations with 11 labs, including a 45,000 sq. ft. national reference lab in Navi Mumbai and 200 collection centres in West and East India.  The pharma company plans to open over 100 labs across and 1000 collection centres across India in the next three years.

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Alembic Pharma acquires stake in US biotech RIGImmune

Alembic Pharmaceuticals Ltd has made a strategic investment in RIGImmune, a US-based biopharmaceutical research company. The pharma company has acquired shares in RIGImmune that amount to a 19.97% post-money stake in the first closing of the series seed round. RIGImmune focuses on the development of novel treatments for RNA (ribonucleic acid) viruses.

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TVS Motor strengthens product portfolio in Philippines market

TVS Motor Company announced the launch of its premium Apache RR310 and 125cc scooter TVS NTORQ in the Philippines market. The company has launched TVS Apache RR310 with Race Tuned Fuel Injection and feature-rich connected scooter TVS NTORQ 125 for aspirational young customers in the Philippines.

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GAIL Reports 28% QoQ Rise in Net Profit in Q4 – Top Indian Market News

GAIL Q4 Results: Net profit rises 28% QoQ to Rs 1908 crore

GAIL (India) Limited reported a 28% quarter-on-quarter (QoQ) increase in net profit to Rs 1907.7 crore for the quarter ended March (Q4). Its revenue from operations rose 0.6% QoQ to Rs 15,548.1 crore during the same period. Revenue from the petrochemicals and natural gas segments rose 14.5% and 0.7%, respectively, over the previous quarter. Net margins increased to 16%, compared with 12.4% in Q3 FY21. Net profit for the financial year 2020-21 (FY21) declined by 26% YoY to Rs 4,890.18 crore.

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Dr Reddy’s partners with Rockwell for Sputnik V rollout in India

Dr Reddys Laboratories has entered into a strategic partnership with Rockwell Industries to provide WHO-certified Covid-19 vaccine freezers for the storage of Sputnik V vaccines across India. On May 14, Dr Reddy’s had announced a limited pilot soft launch of Sputnik V in India, ahead of the commercial launch in June. Rockwell will provide end-to-end logistics and after-sales service support for vaccine freezers across the country. The freezers play a critical role in the safety of the vaccine and its potency. 

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Cabinet allocates 5 MHz spectrum for Indian Railways to improve communication

The Union Cabinet has allocated a 5 MHz spectrum in the 700 MHz band to the Indian Railways to boost hi-speed radio communication. The Centre will spend around Rs 25,000 crore in the next 5 years for signal modernization and 5G spectrum implementation in Railways. Long Term Evolution (LTE) for Indian Railways will enable secure and reliable voice, video, and data communication services for better safety. 

In other news, the Cabinet has approved an increase in minimum support prices (MSP) for Kharif crops. The Cabinet Committee on Economic Affairs has also approved the revival of Ramagundam Fertilizers & Chemicals Ltd (RFCL) to boost local production of gas-based urea. RFCL is a joint venture (JV) company of National Fertilizers Ltd and Engineers India Ltd.

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Varroc Engineering signs MoU with Candera GmbH for integrating HMI technology

Varroc Engineering Ltd has signed a Memorandum of Understanding (MoU) with Candera GmbH for a strategic association to integrate the Human Machine Interface (HMI) technology in Varroc’s thin-film-transistor (TFT) instrument cluster. As per the MoU, Varroc will develop the hardware and base software of the product. Austria-based Candera will provide software solutions for HMI. The TFT cluster provides an array of features such as navigation, Bluetooth connectivity, and mobile phone synchronization.

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Petronet LNG Q4 Results: Net profit rises 71% YoY to Rs 638 crore

Petronet LNG reported a 70.9% YoY increase in consolidated net profit to Rs 637.92 crore for the quarter ended March (Q4). Net profit has declined by 27.7% when compared to the previous quarter. Its revenue from operations declined by 11.6% YoY to Rs 7,575.32 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 8.7% YoY to Rs 2,939.23 crore. Petronet LNG’s board has recommended a final dividend of Rs 3.5 per share.

The company has announced plans to invest $2.6 billion (~Rs 18,960 crore) over the next five years to expand local infrastructure. Its head of finance stated that investing in overseas projects is ‘not lucrative’ in the current liquefied natural gas (LNG) surplus market.

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Sterlite Tech signs fibre network expansion deal with Vocus Group

Sterlite Technologies Ltd (STL) has signed a partnership with Australia-based Vocus Group to expand its fibre network in the country. Under the agreement, STL will supply its ‘Opticonn’ solutions to the Australian fibre and network solutions provider. The Opticonn offerings include a range of optical fibre and cable products, optical interconnect, and pre-connectorised kits. This deal will enable STL to strengthen its presence in the Australian market and help network creators to deploy high-capacity networks nationwide.

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Bajaj Healthcare Q4 Results: Net profit rises 70% YoY to Rs 21.28 crore

Bajaj Healthcare Ltd reported a 69.5% YoY increase in consolidated net profit to Rs 21.28 crore for the quarter ended March (Q4). Net profit has declined by 19.45% when compared to the previous quarter. Its revenue from operations rose 11.54% YoY to Rs 132.18 crore during the same period. Bajaj Healthcare’s board has recommended a final dividend of Rs 0.5 per share and a special dividend of Rs 0.5 per share.

Ramco Systems launches AI-based Self Explaining Payslip

Ramco Systems Ltd announced the launch of Self Explaining Payslip, an AI-based service that lets employees seek explanations of their compensation and payslip component. It helps employees receive prompt and personalized responses to their payroll queries. The Self Explaining Payslip eases employee experience through proactive notifications across payslip availability, tax declarations, and salary analytics. Ramco Systems is a software and services provider based in Chennai.

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Star Cement Q4 Results: Net profit rises 4.72% YoY to Rs 62 crore

Star Cement Limited reported a 4.72% YoY increase in standalone net profit to Rs 62.11 crore for the quarter ended March (Q4). Net profit has jumped 195% when compared to the previous quarter. Its revenue from operations rose 12.35% YoY to Rs 589.86 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined 28.09% YoY to Rs 157.27 crore.

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Net inflows into equity MFs rise to 14-month high in May

Net inflows into equity and equity-linked schemes jumped nearly threefold over the preceding month to Rs 10,083 crore in May 2021. This is the highest inflow since March 2020. Large-cap, mid-cap, and small-cap funds witnessed net inflows for the third straight month. A net outflow of Rs 44,512 crore was seen in debt funds in May, compared to an inflow of Rs 1 lakh crore in April. The data was released by the Association of Mutual Funds in India (AMFI).

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Indian Metals Q4 Results: Net profit at Rs 65.4 crore

Indian Metals and Ferro Alloys Ltd reported a consolidated net profit of Rs 65.4 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 51.94 crore in the corresponding quarter last year (Q4 FY20). Total income rose 54.31% YoY (or 36.7% QoQ) to Rs 587.95 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit jumped 350.5% YoY to Rs 166.55 crore. The company’s board has recommended a dividend of Rs 7 per share.

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Infosys Reports 2.32% QoQ Decline in Net Profit in Q4 – Top Indian Market News

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Infosys Q4 Results: Net profit falls 2.32% QoQ to Rs 5,078 crore

Infosys Limited reported a 2.32% quarter-on-quarter (QoQ) decline in net profit to Rs 5,078 crore for the quarter ended March (Q4). The IT company’s revenue rose 1.5% QoQ to Rs 26,311 crore during the same period. Infosys crossed a revenue milestone of Rs 1 lakh crore in FY21. Total deal wins during the financial year stood at a record $14.1 billion (~Rs 1.05 lakh crore). Infosys’ board has approved a dividend of Rs 15 per share.

The Board of Directors of Infosys Ltd has approved a proposal to buyback equity shares worth Rs 9,200 crore. The company will buy back 5.25 crore equity shares at Rs 1,750 per share through the open market. The maximum buyback price represents a 25.2% premium to Tuesday’s closing price.

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Maruti Suzuki sells record 1.57 lakh CNG vehicles in FY21

Maruti Suzuki India Ltd said it has achieved its highest-ever CNG vehicle sales for a financial year at 1,57,954 units in FY 2020-21. This is a 48.40% rise in CNG vehicle sales as compared to the previous financial year. The automaker had sold 1,06,444 CNG units in FY 2019-20. Maruti Suzuki sells a range of factory-fitted CNG cars, including Alto, Celerio, Wagon-R, S-PRESSO, Eeco, Ertiga, Tour S, and Super Carry.

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Happiest Minds partners with BeatRoute to offer revenue realisation solutions for CPG industry

Happiest Minds Technologies has entered into a strategic partnership with BeatRoute to solve typical revenue realization problems faced by the consumer packaged goods (CPG) industry. BeatRoute’s cloud SaaS CRM-SFA platform enables CPG enterprises to achieve high impact digital transformation across their retail and business-to-business (B2B) field sales operations. This partnership empowers CPG enterprises with a goal-oriented digital transformation journey, by leveraging new-age technologies such as machine learning (ML) and store analytics.

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Sterlite Tech partners with UK-based Openreach to build ‘Full Fibre’ network

Sterlite Technologies Ltd has announced a strategic collaboration with Openreach, the largest digital network business in the United Kingdom. Openreach has chosen Sterlite Tech as a key partner to provide optical cable solutions for its new, ultra-fast, ultra-reliable ‘Full Fibre’ broadband network. Under the partnership, Sterlite Tech will be responsible for delivering millions of kilometres of optical fibre cable to support the ‘Full Fibre’ build programme over the next three years.

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Bharti Airtel unveils new corporate structure

Bharti Airtel has introduced a new corporate structure to sharpen the company’s focus on driving the rapidly unfolding digital opportunity in India while enabling it to unlock value. The new structure involves Airtel Digital Limited folding into the listed entity— Bharti Airtel Limited. Bharti Airtel will now house all of the digital assets, including Wynk Music, Airtel Xstream, Airtel Thanks, Airtel Ads, Airtel IQ, Airtel Cloud, and all future digital products and services. Airtel Limited, a wholly-owned subsidiary of Bharti Airtel, will house all the telecom businesses.

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Amazon moves SC against Delhi High Court stay order restraining Future Retail deal with Reliance

Future Retail, on Wednesday, said Amazon.com, Inc. has approached the Supreme Court against a Delhi High Court order which stayed a single judge’s order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business. FRL said it will “defend the matter/proceedings through its legal counsels”. Future Group and Amazon have been locked in a battle after the US-based e-commerce giant took FRL into emergency arbitration over an alleged breach of contract between them.

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JSW Steel completes acquisition of 31% stake in GSI Lucchini

JSW Steel Italy Srl, a subsidiary of JSW Steel Limited, has completed the acquisition of a 30.73% stake of Italy-based GSI Lucchini for €1 million (~Rs 8.98 crore). The balance share capital (69.63%) of GSI is already held by JSW Steel Italy Srl. GSI Lucchini is a leading producer of forged steel balls used in grinding mills. The manufacturing unit of GSI is located at the port city of Piombino in the Tuscany region, providing easy access to export markets.

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Aditya Birla Capital approves Aditya Birla Sun Life AMC IPO

The Board of Directors of Aditya Birla Capital Ltd (ABCL) has approved an initial public offering (IPO) of its subsidiary, Aditya Birla Sun Life AMC. The asset management company (AMC) is a joint venture between the Aditya Birla Group and Sun Life Financial. ABCL holds 51% in the JV, while the remaining 49% is held by Sun Life. Through the IPO, ABCL will sell upto 28.51 lakh equity shares held by it in Aditya Birla Sun Life AMC, while Sun Life will sell upto 3.6 crore shares.

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CIL’s coal allocation under spot e-auction rises 36% in April-Feb 2020-21

Coal India Limited (CIL) allocated 37.21 million tonnes (MT) of coal during the April-February period of the financial year 2020-21 under the spot e-auction scheme. This is a 36.3% increase as compared to the same period in FY20. Fuel allocation by CIL under the scheme also increased to 4.41 MT in February, from over 3.31 MT in the corresponding month of 2019-20.

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