UltraTech Cement Q3 Results: Net profit rises 122% YoY to Rs 1,584 crore
UltraTech Cement Ltd reported a 122.7% YoY increase in consolidated net profit to Rs 1,584 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 711.17 crore during the corresponding period in FY20. Revenue from operations rose 17% YoY to Rs 12,254 crore in Q3 FY21. During the quarter, it had a volume growth of 14% to 22.82 million tonnes. UltraTech Cement’s performance in Q3 was driven by pent-up demand, supply restoration, and improving cost efficiencies.
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Tata Power Solar wins Rs 1,200 crore order to set up 320 MW project
Tata Power Solar Systems announced that it has bagged an order worth Rs 1,200 crore from state-run power giant NTPC Ltd for setting up a 320 MW ground-mounted solar project. The company is a wholly-owned subsidiary of Tata Power Limited. The scope of work includes the acquisition, engineering, procurement, installation, and commissioning of the grid-connected solar project on a turnkey basis. The commercial operation date for this project is set for May 2022.
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Mahindra Lifespaces Q3 Results: Net loss at Rs 11.19 crore
Mahindra Lifespace Developers Ltd reported a consolidated net loss of Rs 11.19 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 1.81 crore in the corresponding period in FY20. Total income declined 17% YoY to Rs 70.19 crore in Q3 FY21. The company stated that it has important project launches lined up and a few land acquisition deals expected to conclude in the current quarter (Q4).
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Apollo Hospitals raises Rs 1,170 crore through allotment of shares to QIBs
Apollo Hospitals announced raising Rs 1,169.99 crore through allotment of shares to qualified institutional buyers (QIBs). Its Fund Raising Committee has approved the allotment of 45.59 lakh equity shares of the face value of Rs 5 each to eligible QIBs, at the issue price of Rs 2,511 per share. The issue opened on January 18 and closed on January 22.
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Zydus Cadila gets USFDA approval for thyroid drug
Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Liothyronine Sodium tablets. The tablets are indicated for the treatment of underactive thyroid. The drug will be manufactured at the group’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.
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DCB Bank Q3 Results: Net profit at Rs 96 crore
DCB Bank Ltd reported a net profit of Rs 96.21 crore for the quarter ended December (Q3). The bank had posted a net profit of Rs 96.7 crore in the same period last year. Net interest income (NII) increased by 4% YoY to Rs 335 crore in Q3 FY21. Provisions rose 150% YoY to Rs 147 crore during the same period.
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Birla Corp Q3 Results: Net profit jumps 82% YoY to Rs 148 crore
Birla Corporation Ltd announced an 82.1% YoY increase in net profit to Rs 148.42 crore for the quarter ended December (Q3). Its revenue rose 5% YoY to Rs 1,823 crore during the same period. The company’s performance in Q3 was driven by growth in sales volume for the cement division, aggressive cost rationalisation, and higher sales of premium products. Birla Corp is on course to expand its production capacity to 25 million tonnes (MT) by 2025.
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Supreme Industries Q3 Results: Net profit rises 153% YoY to Rs 312 crore
Supreme Industries Ltd reported a 153.08% YoY increase in net profit to Rs 312.28 crore for the quarter ended December (Q3). Revenue rose 34.26% YoY to Rs 1,843.80 crore during the same period. The company has announced plans to invest around Rs 400 crore to support construction activities at seven production sites. Supreme Industries is an Indian plastics company, based in Mumbai.
Petrol price touches record high of Rs 85.70 in Delhi; diesel at Rs 75.88
Petrol and diesel prices on Saturday touched new all-time highs after rates were increased for the fourth time this week. This took the petrol price in Delhi to Rs 85.70 per litre and diesel price to Rs 75.88 per litre. All prices have gone up by Re 1 per litre this week. Earlier this week, Oil Minister Dharmendra Pradhan blamed the Saudi oil output cut for the surge in oil prices but remained non-committal on tax cuts.
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Polycab Q3 Results: Net profit rises 19% YoY to Rs 263 crore
Polycab India Ltd reported a 19.07% YoY increase in net profit to Rs 263.62 crore for the quarter ended December (Q3). Its revenue rose 11.63% YoY to Rs 2,798.83 crore during the same period. The company saw volume growth across its two product segments- wires & cables and fast-moving electrical goods (FMEG).
