Zomato Q3 Results: Net loss narrows to Rs 63 crore
Zomato Ltd reported a consolidated net loss of Rs 63 crore for the quarter ended December (Q3 FY22). It had posted a net loss of Rs 352 crore in the corresponding quarter last year (Q3 FY21). Its revenue from operations rose 82.5% YoY to Rs 1,112 crore during the same period. This was driven by Rs 7.5 per order reduction in customer delivery charges in Q3. Zomato’s gross order value (GOV) grew 84.5% YoY (or 1.7% QoQ) to Rs 5,500 crore.
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ACC bags Kannur Limestone Block in Karnataka
ACC Ltd has been declared as the successful bidder for Kannur Limestone Block in Karnataka. Through this mining block, the company has secured estimated limestone resources above 250 million tonnes (MT). This limestone block is in close proximity to the company’s existing Wadi cement plant.
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Carborundum Universal Q3 Results: Net profit rises 28% YoY to Rs 111 crore
Carborundum Universal Ltd reported a 28% YoY increase in consolidated net profit to Rs 111 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 22% YoY to Rs 899 crore during the same period. The company incurred a capital expenditure of Rs 118 crore at the consolidated level during Q3. The Murugappa Group company’s board has declared an interim dividend of Rs 1.5 per share.
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Mahindra Lifespace to buy 9.24-acre land in Mumbai from M&M for Rs 365 crore
Mahindra Lifespace Developers Ltd will purchase about 9.24 acres of land in Kandivali, Mumbai, from Mahindra & Mahindra Ltd (M&M) for Rs 365 crore for the development of a housing project. M&M is the promoter and holding company of Mahindra Lifespace Developers. This new project will be Mahindra Lifespace’s second residential development in Kandivali after its successful ‘Mahindra Roots’ project and will offer about 1 million square feet of carpet area.
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Sundaram Fasteners Q3 Results: Net profit falls 17% YoY to Rs 103 crore
Sundaram Fasteners Ltd reported a 16.8% YoY decline in net profit to Rs 103 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 8.7% YoY to Rs 1,024 crore during the same period. SFL’s domestic sales volume witnessed a marginal increase of 3.4% to Rs 658 crore. Export volume grew by 21.2% to Rs 336 crore.
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Reliance Industries to acquire stake in EV tech firm Altigreen
Reliance Industries Ltd (RIL) announced the acquisition of a stake in electric vehicle (EV) technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore. The transaction is proposed to be completed before March 2022. The investment is part of the company’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystems.
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M&M Q3 Results: Net profit jumps 155% YoY to Rs 1,353 crore
Mahindra & Mahindra (M&M) reported a 155% YoY jump in standalone net profit to Rs 1,353 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 8% YoY to Rs 15,239 crore during the same period. M&M’s total sales fell 2% YoY to 1,18,174 units in Q3. M&M’s tractor sales declined 9% YoY to 91,769 units.
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Torrent Power to acquire 25 MW solar plant in Gujarat
Torrent Power Ltd has entered into a share purchase agreement with Blue Daimond Properties Pvt Ltd and Balrampur Chini Mills for the acquisition of 100% equity share capital of Visual Percept Solar Projects Pvt Ltd for about Rs 163 crore. Visual Percept Solar Projects (VPSP), currently owned 55% by Blue Daimond Properties Private Ltd and 45% by Balrampur Chini Mills, operates 25 MW solar power in Gujarat. VPSP has a long-term power purchase agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) for 25 years.
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MRF Q3 Results: Net profit falls 71% YoY to Rs 149 crore
MRF Limited reported a 71% YoY decline in net profit to Rs 149.4 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 6% YoY to Rs 4,920 crore during the same period. EBITDA stood at Rs 492.98 crore in Q3, up 49.5% YoY. Operating expenses increased by 19.2% YoY to Rs 4,787.33 core. MRF’s board has declared an interim dividend of Rs 3 per share.
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Repo rate unchanged at 4% for 10th consecutive time
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has kept the repo rate unchanged at 4% for the 10th consecutive time. The reverse repo rate too was kept unchanged at 3.35%. It will maintain an ‘accommodative stance’ as long as necessary. RBI Governor Shaktikanta Das said that India is charting a different course of recovery from the rest of the world and the country is poised to grow at the fastest pace YoY among major economies as per projections by IMF.
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