Tata Elxsi Q3 Results: Net profit rises 39% YoY to Rs 105 crore
Tata Elxsi Ltd reported a 39.49% year-on-year (YoY) increase in net profit to Rs 105.2 crore, for the quarter ended December (Q3). This is the highest-ever quarterly profit achieved by the IT company. The firm’s revenue showed a growth of 12.67% YoY to Rs 477.10 crore. The robust growth in top-line revenue was largely led by Tata Elxsi’s design-led technology services.
Read more here.
Tesla in talks with 5 state governments to begin India operations: Report
As per a report from CNBC-TV18, Tesla is exploring the possibility of setting up manufacturing, R&D centres in India. The report states that Tesla is actively consulting Centre and state governments and is in the process of carrying out a location search for setting up operations. The electric vehicle (EV) manufacturing giant has hired a global consulting firm for the same. The state governments of Maharashtra, Gujarat, Andhra Pradesh, Karnataka, and Tamil Nadu have held talks with Tesla.
Read more here.
CCI finalises investigation report on complaints against Maruti Suzuki
The investigation wing of the Competition Commission of India (CCI) has submitted its report on complaints against Maruti Suzuki for final consideration. The report says that Maruti does not allow dealers to pass on discounts to consumers. It found that the company created a lack of competition between dealers and even sent decoy customers to ensure that they do not give out discounts. Maruti Suzuki would penalize dealers if they were found to be passing on discounts.
Read more here.
SpiceJet signs MoU with Brussels Airport for transporting Covid-19 vaccines
SpiceJet Ltd has signed a Memorandum of Understanding (MoU) with Belgium’s Brussels Airport for providing seamless transportation of Covid-19 vaccines. As part of the agreement, Brussels Airport would assist SpiceJet with respect to slots, networking, and contracts for the speedy delivery of vaccines. Brussels Airport will be the airlines’ first flight point for Europe.
SpiceJet, on Tuesday, carried India’s first consignment of Serum Institute’s ‘Covishield’ consisting of 34 boxes and weighing 1,088 kilograms from Pune to Delhi. The first consignment of the Covishield vaccine was dispatched from SII in the early hours of Tuesday. India will launch its nationwide vaccination drive on January 16.
Read more here.
PVR to launch QIP in February to raise Rs 800 crore: Report
As per a report from CNBC-TV18, PVR is planning to launch a qualified institutional placement (QIP) by February to raise about Rs 800 crore. The report states that PVR’s Board of Directors has already approved this fundraise. PVR will use the funds to acquire independent multiplexes. Axis Capital and Kotak Investment Banking have been appointed as advisers to take this transaction forward.
Read more here.
L&T Infotech expands global alliance with IBM
Larsen & Toubro Infotech (LTI) said that it would expand its global alliance with IBM to help businesses transform their operations through hybrid cloud adoption. LTI will help clients migrate and modernize core business applications by leveraging IBM Cloud offerings. Under this agreement, L&T Infotech and IBM plan to establish an innovation center in Bengaluru in 2021.
Read more here.
Karnataka Bank Q3 Results: Net profit rises 10% YoY to Rs 135 crore
Karnataka Bank Ltd reported a 10% rise in net profit at Rs 135.38 crore for the quarter ended December (Q3), as compared to Rs 123.14 crore in the year-ago period. The bank’s net interest income (NII) increased by 21% YoY to Rs 614 crore in Q3. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The aggregate provision against the likely impact of Covid-19 as of December 31, 2020, stood at Rs 148 crore.
Read more here.
Tata Chemicals in advanced talks to acquire Archean’s industrial salt unit: Report
As per a report from BloombergQuint, Tata Chemicals Ltd is in advanced talks to acquire the industrial salt unit of Archean Group that could value the business at Rs 450 crore ($61 million) at a minimum. The report states that the board of Tata Chemicals is set to discuss the potential offer later this month. The Archean unit makes industrial salt used as an intermediary in the manufacturing of products such as detergents, textile dyes, plastics, and glass. It has a production capacity of 3 million metric tonnes.
Read more here.
IndiGo plans to add flights connecting 7 more cities
InterGlobe Aviation Ltd (IndiGo) announced that it plans to start new flights connecting Leh, Darbhanga, Agra, Kurnool, Bareilly, Durgapur, and Rajkot from February onwards. The low-cost carrier currently connects 61 domestic cities, and the addition of these new stations will take the number to 68. IndiGo will secure all regulatory approvals, and specific flight schedules will be announced as these approvals are received.
Read more here.
Mahindra Lifespace Developers partners with SBI for faster home loan approvals, discounts
Mahindra Lifespace Developers Ltd has signed an MoU with State Bank of India (SBI) for faster home loan approvals, as well as to offer special discounts to customers and employees of both companies. The agreement also includes co-promotional activities and outreach initiatives. Mahindra Lifespace’s development footprint spans 25.1 million sq ft of completed, ongoing, and forthcoming residential projects across 7 Indian cities.
Read more here.
RPP Infra Projects JV bags order worth Rs 232 crore
RPP-RK JV has received a new work order for Rs 231.77 crore from Highways Department for Chennai-Kanyakumari Industrial Corridor Projects. RPP Infra Projects Ltd holds a 60% share in the JV firm. The company has to execute these orders within 24 months. With this work order, the company is on its way to achieving an order book of Rs 2,000 crore.
Read more here.
