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Info Edge Reports 157% YoY Jump in Net Profit in Q4 – Top Indian Market News

Info Edge Q4 Results: Net profit jumps 157% YoY to Rs 306 crore

Info Edge (India) Ltd reported a 157.11% YoY increase in consolidated net profit to Rs 306.22 crore for the quarter ended March (Q4). Net profit has declined by 54.9% when compared to the previous quarter. Its revenue from operations rose 9.48% YoY to Rs 296.53 crore during the same period. The total billings growth in Naukri India and 99acres rose 26% YoY and 41.5% YoY, respectively in Q4. Net profit for the financial year ended March 31, 2021 (FY21) jumped 692.16% YoY to Rs 1,407.08 crore.

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Kiri Industries’ 37.57% stake in DyStar valued at $481.60 million

The Singapore International Commercial Court (SICC) has confirmed that the final value of Kiri Industries Ltd’s 37.57% stake in DyStar Global Holdings stands at $481.60 million (~Rs 3,570 crore). Kiri Industries had filed a minority oppression suit against Senda International Capital regarding its minority stake held in DyStar. Following the suit, SICC had directed Senda to buy out Kiri’s minority stake held in DyStar. [Ahmedabad-based Kiri Industries is a leading manufacturer and exporter of dyes and chemicals.]

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Bharti Airtel, TCS announce partnership to build 5G networks in India

Bharti Airtel Ltd has announced a strategic partnership with Tata Consultancy Services (TCS) for implementing 5G network solutions for India. The Tata Group has developed a state-of-the-art O-RAN-based Radio & Non-Standalone (NSA)/Standalone (SA) Core and has integrated an indigenous telecom stack. Bharti Airtel will pilot and deploy this indigenous solution during its 5G rollout. The pilot will begin in January 2022 as per guidelines formulated by the Government of India (GoI).

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Oil India Q4 Results: Net profit declines 8% YoY to Rs 848 crore

Oil India Limited (OIL) reported an 8% YoY decline in net profit to Rs 847.56 crore for the quarter ended March (Q4). Its revenue from operations rose 9% YoY to Rs 3,909.61 crore during the same period. The company received $59.80 for every barrel of crude oil in Q4 FY21, compared to $5.18 per barrel in Q4 FY20. Crude oil production for the financial year 2020-21 declined by 5.42% YoY to 2.964 million tonnes (MT). Oil India’s board has recommended a final dividend of Rs 1.5 per share.

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Maruti Suzuki to hike car prices in Q2 amid rise in input costs

Maruti Suzuki India said it plans to hike the prices of its cars in the July-September (Q2 FY21) quarter due to an increase in input costs. The price hike will vary across different models. The model-wise updated price list will be disclosed soon. In April, the automaker had announced a weighted average price increase of 1.6% in ex-showroom prices (Delhi) across models.

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Route Mobile announces technology partnership with Truecaller

Route Mobile Limited has announced a technology partnership with caller ID platform Truecaller. As part of the partnership, Route Mobile will provide enhanced business identification services to enterprises for building a trustworthy business communication ecosystem. With Truecaller Verified Business Caller ID and configuration capabilities, Route Mobile will empower enterprises to increase their customer outreach and improve response rates. 

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HBL Power Q4 Results: Net profit rises 36% YoY to Rs 9.6 crore

HBL Power Systems Ltd reported a 36.44% YoY increase in consolidated net profit to Rs 9.66 crore for the quarter ended March (Q4). Net profit has increased by 15.97% when compared to the previous quarter. Its total income rose 12% YoY (or 28.12% QoQ) to Rs 302.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 47.75% YoY to Rs 12.31 crore. The company’s board has approved a dividend of Rs 0.35 per share. HBL Power Systems is a leading battery and power systems company based in Hyderabad.

JSW Cement forays into ready mix concrete business

JSW Cement Ltd has announced its entry into the ready mix concrete (RMC) business under the brand name ‘JSW Concrete’. The company has set up its first commercial RMC unit in Chembur, Mumbai. This facility has a capacity of 2×60 cubic meters per hour, and will service the concrete requirements of construction projects in Central & South Mumbai. This is part of JSW Cement’s strategy to offer the entire range of building material products to its customers. The firm has plans to expand the RMC business to other locations.

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Cadila and Bayer to extend JV partnership for three years

Cadila Healthcare and Bayer (South East Asia) have decided to extend the operations of their joint venture (JV) by three years, with effect from June 2021. The companies had entered into an agreement in January 2011 to set up a JV, Bayer Zydus Pharma, for the sales and marketing of pharma products in India. Bayer Zydus Pharma will continue to operate in core therapies, including cardiovascular diseases, diabetes, women’s health, etc.

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Dish TV to raise up to Rs 1,000 crore via rights issue

The Board of Directors of Dish TV India has approved a proposal of raising up to Rs 1,000 crore through a rights issue in one or more tranches (rounds). The company will issue fully paid-up equity shares at Rs 10 per share (including a premium of Rs 9 per share) to eligible shareholders. The DTH service provider’s fundraising plan is subject to regulatory approvals.

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CCI approves Heineken’s additional equity stake acquisition in UBL

The Competition Commission of India (CCI) has approved Heineken International B.V’s proposed acquisition of an additional equity stake in United Breweries Ltd (UBL). The CCI added that the acquisition is subject to the outcome of certain court proceedings. Heineken International BV is an investment holding company. It is a direct and indirect shareholder for all non-Dutch companies that form part of the Heineken Group.

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Bharat Dynamics Q4 Results: Net profit falls 15.9% YoY to Rs 260 crore

Bharat Dynamics Ltd (BDL) reported a 15.9% YoY decline in standalone net profit to Rs 260.36 crore for the quarter ended March (Q4). Its revenue from operations fell 21.9% YoY to Rs 1,106.10 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 51.8% YoY to Rs 257.76 crore. The company’s board has approved a dividend of Rs 0.65 per share. BDL is a leading manufacturer of ammunition and missile systems.

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MRF Reports 51% YoY Decline in Net Profit in Q4 – Top Indian Market News

MRF Q4 Results: Net profit declines 51% YoY to Rs 332 crore

MRF Limited reported a 51.1% YoY decline in consolidated net profit to Rs 332.15 crore for the quarter ended March (Q4). Net profit has declined by 36.2% when compared to the previous quarter. Its revenue from operations rose 30.7% YoY to Rs 4,816.46 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 10.2% YoY to Rs 1,277.07 crore. The tyre manufacturer’s board has recommended a final dividend of Rs 94 per share and a special dividend of Rs 50 per share.

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Centre to provide free Covid-19 vaccines to all adults from June 21: PM Modi

In his address to the nation, Prime Minister Narendra Modi stated that the Centre will take over the task of vaccination from state governments and provide Covid-19 vaccines free of cost to all adults from July 21. Out of the total vaccine being produced in India, the Centre will buy 75% and give it to states for free. Private hospitals will continue to have access to 25% of all vaccines. The government has also decided to extend the Pradhan Mantri Garib Kalyan Anna Yojana (free ration scheme) till Diwali in November. 

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L&T Construction wins significant orders for various businesses

The construction arm of Larsen & Toubro (L&T) has secured significant orders (in the range of Rs 1,000-2,500 crore) for its various businesses. Its water and effluent treatment business has received an order from Bangalore Water Supply & Sewerage Board to design, build, and operate sewage treatment plants and pumping stations in the city. The buildings and factory business of L&T Construction has secured an order for the construction of sports infrastructure facilities at Kalinga Stadium in Odisha. 

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Central Bank of India Q4 Results: Net loss at Rs 1,349 crore

Central Bank of India reported a standalone net loss of Rs 1,349.21 crore for the quarter ended March 2021 (Q4 FY21). It had posted a net loss of Rs 1,529.07 crore in the corresponding period last year (Q4 FY20). The bank’s total income declined by 14% YoY to Rs 5,779.84 crore in Q4 FY21. The gross non-performing assets (GNPA) ratio fell to 16.55%, compared with 18.92% in the year-ago period. Net profit for the entire financial year 2020-21 fell 20.84% YoY to Rs 887.58 crore.

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Lupin launches Digital Asthma Educator platform

Lupin Limited announced the launch of its Digital Asthma Educator platform for guiding patients on the correct technique of using inhalers. The platform is part of the pharma company’s long-running umbrella program, Joint Airways Initiative (JAI), for patients suffering from respiratory ailments. 

In a separate filing, Lupin announced it has received approval from the US Food & Drug Administration (USFDA) to market generic Emtricitabine and Tenofovir Disoproxil Fumarate tablets in the US market. The drug is used for the treatment of human immunodeficiency virus (HIV)-1 infection.

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ED transfers UBL shares worth over Rs 5,600 crore to recovery officer’s demat account

The Enforcement Directorate (ED) has transferred 4.13 crore equity shares of United Breweries Ltd (UBL) to the Demat account of the recovery officer of the Debt Recovery Tribunal. The shares are worth over Rs 5,600 crore. In March 2019, UBL had informed the exchanges that the Debt Recovery Tribunal in Bengaluru had transferred a 2.80% stake worth over Rs 1,025 crore held by United Breweries (Holdings) Ltd in the company in its name. UBL and United Breweries (Holdings) Ltd are promoted by Vijay Mallya.

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Union Bank of India Q4 Results: Net profit rises 83% QoQ to Rs 1,330 crore

Union Bank of India reported an 83% quarter-on-quarter (QoQ) rise in standalone net profit of Rs 1,330 crore for the quarter ended March (Q4). Net interest income (NII) declined by 18% QoQ to Rs 5,403 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 13.74%, compared with 13.49% in Q3. The bank stated that the results for the quarter and year ended March 31, 2021, include operations of Andhra Bank and Corporation Bank. The two banks were amalgamated into Union Bank of India on April 1, 2021. Hence, the results are not comparable.

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Average spot power price rises 10% to Rs 2.83 per unit in May at IEX

The average spot power price (or market clearing price) in the day-ahead market (DAM) increased over 10% YoY to Rs 2.83 per unit in May 2021 at the Indian Energy Exchange (IEX). The day-ahead market traded 4,364 million units (MU) volume in May with the average monthly price at Rs 2.83 per unit. The average spot power price saw a decline of 24% on a month-on-month basis, as the average monthly price was Rs 3.70 per unit in April. IEX traded 6,540 MU of electricity volume in May, achieving 9% YoY growth.

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NCLT approves Piramal Group’s resolution plan for DHFL

The National Company Law Tribunal (NCLT) approved Piramal Capital & Housing Finance’s resolution plan for the stressed mortgage lender Dewan Housing Finance Ltd (DHFL) with a few conditions. The Mumbai bench of NCLT has rejected former DHFL promoter Kapil Wadhawan’s plea to consider his offer for settlement. The tribunal has asked DHFL’s Committee of Creditors (CoC) to consider giving more money to small fixed deposit holders under the resolution plan. The Piramal Group has offered Rs 37,250 crore to DHFL’s creditors.

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Mrs. Bectors Food Q4 Results: Net profit rises 41% to Rs 12.77 crore

Mrs. Bectors Food Specialities reported a 41% YoY increase in consolidated net profit to Rs 12.77 crore for the quarter ended March (Q4). Net profit has declined by 38.3% when compared to the previous quarter. Its revenue from operations rose 15.26% YoY to Rs 223.98 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit jumped 138.47% YoY to Rs 72.28 crore. The company’s board has recommended a final dividend of Rs 2.40 per share.

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Infosys partners with Archrock for digital technology integration

Infosys Limited has collaborated with Archrock Inc to integrate digital technologies and mobile tools for its field service technicians. Archrock is a leading provider of natural gas compression services in the US. As part of the agreement, Infosys will leverage its pre-configured accelerator for Microsoft Dynamics 365 Field Service Application. This will help streamline and enhance Archorck’s field services and operational efficiencies.

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