tata steel Archives

Economic Survey projects India’s real GDP growth at 11% in FY 2021-22

The Finance Ministry’s Economic Survey projects that India’s real gross domestic product (GDP) would record a growth of 11% in the financial year 2021-22. The nominal GDP growth has been estimated at 15.4%, implying an assumption of 4.4% inflation during the year. The survey states that the fundamentals of the Indian economy remain strong. The gradual scaling back of lockdowns, along with the support of the Atmanirbhar Bharat Mission have placed the economy firmly on the path of revival. It further states that the economy would take two years to reach and go past pre-pandemic levels.

Read more here.

Tata Motors Q3 Results: Net profit rises 67% YoY to Rs 2,906 crore

Tata Motors reported a 67.2% YoY increase in consolidated net profit to Rs 2,906.45 crore for the quarter ended December (Q3). Its revenue rose 5.5% YoY to Rs 75,653.8 crore during the same period. The company’s largest subsidiary, Jaguar Land Rover, reported a profit before tax of £439 million (~Rs 4,394 crore), compared with £121 million (~Rs 1,211 crore) in the corresponding quarter last year. Tata Motors’ overall sales in India rose 24% YoY to 1.50 lakh units.

Read more here.

SSAB withdraws initial interest for Netherlands business: Tata Steel

Tata Steel on Friday confirmed that Swedish steel-maker SSAB AB has withdrawn its initial interest for its Netherlands business. In November 2020, Tata Steel had announced that it was in talks with SSAB on a potential sale of its Netherlands assets, including the Ijmuiden steel mill. Tata Steel said it is committed to finding a strategic resolution for its European portfolio. The company’s European works council said it expected the separation of Tata Steel’s Dutch and British operations to continue.

Read more here.

Cipla Q3 Results: Net profit jumps 113% YoY to Rs 748 crore

Cipla Limited reported a 113% YoY increase in net profit to Rs 748.1 crore for the quarter ended December (Q3). The drugmaker’s revenue rose 18% YoY to Rs 5,168.7 crore during the same period. The company’s sales in India grew 22% YoY to Rs 2,231 crore in Q3. Cipla’s board has approved a scheme of arrangement with two wholly-owned subsidiaries. The company will transfer its India-based US business into Cipla BioTec and transfer consumer business to Cipla Health.

Read more here.

Indian Oil Corp Q3 Results: Net profit rises 62% YoY to Rs 4,359 crore

Indian Oil Corporation Limited (IOCL) reported a 62.41% YoY increase in consolidated net profit to Rs 4,359.11 crore for the quarter ended December (Q3). Its revenue from operations rose 0.57% YoY to Rs 1.47 lakh crore during the same period. The state-owned company sold 21.425 million metric tonnes (MMT) of oil products in domestic markets in Q3. IOCL’s board has approved an interim dividend of Rs 7.50 per share.

Read more here.

Manappuram Finance Q3 Results: Net profit rises 17% YoY to Rs 483 crore

Manappuram Finance Ltd reported a 16.64% YoY increase in consolidated net profit to Rs 483.19 crore for the quarter ended December (Q3). Its revenue from operations rose 14.46% YoY to Rs 1643.81 crore during the same period. Consolidated assets under management (AUM) grew by 14.70% YoY to Rs 27,642.48 crore in Q3. The company’s board has approved an interim dividend of Rs 0.65 per share.

Read more here.

Dr. Reddy’s Labs Q3 Results: Net profit at Rs 20 crore

Dr. Reddy’s Laboratories reported a consolidated net profit of Rs 19.8 crore for the quarter ended December (Q3). It had posted a net loss of Rs 527.4 crore in the corresponding quarter last year. The company’s consolidated revenue rose 12% YoY to Rs 4,930 crore in Q3 FY21. Dr. Reddy’s stated that it was progressing well on the Phase-3 clinical trials for the Sputnik-V vaccine in India.

Read more here.

Sun Pharma Q3 Results: Net profit jumps two-fold to Rs 1,852 crore

Sun Pharmaceuticals Ltd reported a two-fold YoY jump in consolidated net profit to Rs 1,852.5 crore for the quarter ended December (Q3). The drugmaker’s consolidated revenue rose 8% YoY to Rs 8,837 crore during the same period. Sun Pharma’s global specialty sales have continued to show an improving trend and have crossed pre-Covid levels. The company’s board has declared an interim dividend of Rs 5.50 per share.

Read more here.

IndusInd Bank Q3 Results: Net profit falls 36% to Rs 830 crore

IndusInd Bank Ltd reported a 36.5% YoY decline in net profit to Rs 830.39 crore for the quarter ended December (Q3). Net interest income (NII) rose 11% YoY to Rs 3,406 crore during the same period. The lender’s gross non-performing asset (NPA) ratio stood at 1.74%, compared with 2.21% in Q2 FY21. IndusInd Bank’s total provisions rose 77.6% YoY to Rs 1,853.52 crore in Q3.

Read more here.

L&T bags contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad bullet train project

Larsen & Toubro (L&T) has received a contract worth up to Rs 2,500 crore for Mumbai-Ahmedabad high-speed rail corridor project. The order is to procure, fabricate, assemble, paint, and transport 28 bridges. L&T said the project was secured through a consortium of L&T and IHI Infrastructure Systems (IIS) of Japan.

Read more here.

UPL Q3 Results: Net profit rises 13% YoY to Rs 794 crore

UPL Limited reported a 13% YoY increase in net profit to Rs 794 crore for the quarter ended December (Q3). Its revenue rose 3% YoY to Rs 9,126 crore during the same period. The company’s India business grew 21% YoY to Rs 906 crore, despite a market slowdown during the quarter. UPL also reported an exceptional loss of Rs 78 crore in Q3 for costs related to restructuring in Europe and provision written back related to litigation costs in North America.

Read more here.

Vedanta Q3 Results: Net profit rises 59% YoY to Rs 4,224 crore

Vedanta Ltd reported a 59% YoY increase in consolidated net profit to Rs 4,224 crore for the quarter ended December (Q3). Its revenue rose to Rs 23,621 crore, compared with Rs 22,007 crore in the corresponding quarter last year. The company’s strong performance in Q3 was mainly on account of increased commodity prices and better sales volumes in Zinc and Iron Ore businesses. Vedanta plans to reduce its debt by Rs 5,000 crore in the January-March quarter (Q4).

Read more here.

Bharat Biotech’s Covaxin gets approval for restricted emergency use: Report

The Subject Expert Committee of the Central Drugs Standard Control Organisation (CDSCO) on Saturday gave its approval for the restricted emergency use of Covaxin in India. Covaxin is jointly developed by Bharat Biotech and the Indian Council of Medical Research (ICMR). This is the second Covid-19 vaccine that has been recommended for emergency use approval to DCGI, after Serum Institute’s locally produced Oxford-AstraZeneca vaccine ‘Covishield’. The Drug Controller General of India (DCGI) will give the final approval to both the vaccine candidates. [This has been reported by news agencies PTI and ANI, citing government sources]

Read more here.

SEBI fines RIL, Mukesh Ambani for manipulative trades in RPL

The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 25 crore on Reliance Industries Ltd (RIL) and Rs 15 crore on its chairman, Mukesh Ambani, for their alleged role in manipulative trades in Reliance Petroleum Ltd (RPL) in 2007. The penalties imposed pertain to the trading of RPL shares in the cash and futures segments in November 2007. SEBI believes illegal profits were made by RIL and other parties through manipulation of RPL’s share prices. This followed RIL’s decision in March 2007 to sell a 4.1% stake in RPL, a listed subsidiary that was later merged with RIL in 2009.

Read more here.

Tata Steel transfers stake in processing arms to TSDPL

Tata Steel Ltd has transferred the 51% stake it holds in Jamshedpur Continuous Annealing & Processing Company Private Ltd (JCAPCPL) and 50% stake it holds in Tata BlueScope Steel Private Ltd (TBSPL) to Tata Steel Downstream Products Ltd (TSDPL). The company stated that this step was taken to reorganise the company’s India footprint into four clusters to drive scale, synergies, and create value for all stakeholders. The transfer will help consolidate its downstream steel processing services.

Read more here.

EID Parry to close sugar unit in Tamil Nadu

EID Parry India Ltd has decided to close down one of its non-operating sugar units in Tamil Nadu. The company stated that the expectation of revival of cane cultivation in the area is low due to a variety of factors. The company’s sugar mill at Pettavaithalai in Tamil Nadu had not been operational due to the continuous non-availability of adequate sugar cane. East India Distilleries (EID) Parry India Limited is a wholly-owned subsidiary of the Murugappa Group.

Read more here.

Exports decline by 0.8% in December; trade deficit widens to $15.71 billion

India’s exports declined marginally by 0.8% to $26.89 billion in December 2020 due to contraction in sectors like petroleum, leather, and marine products, according to preliminary data released by the Ministry of Commerce & Industry. The trade deficit in December widened to $15.71 billion, as imports grew by 7.6% to $42.6 billion. During the same period, oil imports declined by 10.37% to $9.61 billion.

Read more here.

Tower damage case: Airtel writes to DoT, says Jio’s charges are baseless

Bharti Airtel has sent a letter to the Department of Telecommunications (DoT), slamming Reliance Jio’s allegations that channel partners of rival telecom companies were inciting and provoking agitators involved in tower disruption. The company stated that Jio’s complaint should be dismissed “with the contempt that it deserves”. Airtel further urged the DoT to bring forth a policy to mandate ICR (Intra circle roaming) in such situations of vandalism and network outages as a matter of course so that customers were never inconvenienced.

Read more here.

Free Covid-19 vaccine for all healthcare workers in first phase: Harsh Vardhan

Union Health Minister Dr. Harsh Vardhan on Saturday said that in the first phase of Covid-19 vaccination, free vaccine shall be provided across the nation to most prioritised beneficiaries that include one crore healthcare and two crore frontline workers. He also said that details of how further 27 crore priority beneficiaries are to be vaccinated until July are being finalised. As India began its nationwide Covid-19 vaccine dry run from today before the rollout of a potential vaccine to the citizens, the health minister appealed to people not to pay heed to rumors about the Covid-19 vaccine.

Read more here.

PFC raises borrowing limit to Rs 1.18 lakh crore

State-owned Power Finance Corporation (PFC) has raised its borrowing limit to Rs 1.18 lakh crore for the ongoing financial year. The company now plans to raise a maximum of Rs 83,000 crore from long-term borrowing, Rs 15,000 crore from long-term foreign currency borrowing, Rs 5,000 crore from short-term borrowing, and Rs 15,000 crore from commercial papers. PFC further stated that it does not see any challenges in raising the borrowing amount, which is being used to lend for various power sector projects in India.

Read more here.

India-UK flights to restart from Jan 6: Puri

Aviation Minister Hardeep Singh Puri on Saturday said that flights from India to the United Kingdom will resume from January 6, while services from that country to here would resume from January 8 onwards. He stated that this schedule is valid till 23 Jan 2021 and further frequency will be determined after reviews. Earlier, India had suspended all passenger flights connecting the two countries from December 23 to January 7, as a new variant of coronavirus emerged in the UK.

Read more here.

TVS reports 17.5% increase in sales in December

TVS Motor Company Ltd, on Saturday, reported a 17.5% YoY increase in total sales to 2,72,084 units in December. The company, which primarily makes two-wheelers and three-wheelers, had sold 2,31,571 units in December 2019. The total two-wheeler sales during the month increased by 20% to 2,58,239 units, as against 2,15,619 in December 2019. The total exports increased by 28% to 94,269 units last month, as against 73,512 in the year-ago period.

Read more here.