Amazon moves Supreme Court against Future-Reliance Retail deal

Amazon.com, Inc has moved the Supreme court against the Rs 24,713 crore deal between Future Retail and Reliance Retail. Recently, a special bench of the Delhi High Court dealt a blow to the US firm by revoking a previous court decision that effectively blocked the deal. The e-commerce giant has now challenged the lifting of ‘status quo’ orders by the special bench. Amazon had alleged that Future Retail violated contracts by agreeing to sell its retail assets to Reliance Industries in 2020. Future Group has denied any wrongdoing. 

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Oil India Q3 Results: Net profit rises 25% YoY to Rs 889 crore

Oil India Limited (OIL) reported a 25.42% YoY increase in consolidated net profit to Rs 889.69 crore for the quarter ended December (Q3). It had posted a net profit of Rs 709.39 crore in the corresponding quarter last year. However, the company’s revenue declined by 27.72% YoY to Rs 2,137.34 crore in Q3 FY21. OIL has declared an interim dividend of Rs 3.5 per share.

Blue Star launches commercial refrigeration products for vaccine storage

Blue Star Limited has announced the launch of a new range of refrigeration products and solutions that are ideal for storing vaccines. The products comprise of specifically designed, temperature-controlled refrigerators and transporters. These are integral for building a robust ecosystem for vaccine distribution in India. Blue Star has also announced the launch of its new touchless storage water coolers and soft-push bottled water dispensers.

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Piramal Enterprises Q3 Results: Net profit rises 10% YoY to Rs 799 crore

Piramal Enterprises Ltd reported a 10% YoY increase in consolidated net profit to Rs 799 crore for the quarter ended December (Q3). The company’s two prominent units- finance and pharma- reported a 3% YoY decline in consolidated revenues to Rs 3,169 crore in Q3. Piramal had recently emerged as the successful bidder for Dewan Housing Finance Corporation Ltd (DHFL). The company said that the acquisition is in line with its strategy to diversify its loan book.

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Natco Pharma Q3 Results: Net profit declines 39% YoY to Rs 63 crore

Natco Pharma reported a 39.27% YoY decline in consolidated net profit to Rs 63.40 crore for the quarter ended December (Q3). Its revenue from operations increased by 26.33% YoY to Rs 355.20 crore during the same period. The pharma company’s profit was impacted due to lower sales in domestic oncology. It also faced a weak realization of profit from oseltamivir products (used to treat symptoms caused by flu virus) in the US. Natco Pharma has declared an interim dividend of Re 1 per share.

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Coal India Q3 Results: Net profit falls 21% YoY to Rs 3,085 crore

Coal India Ltd (CIL) reported a 21.4% YoY decline in consolidated net profit to Rs 3,085.4 crore for the quarter ended December (Q3). Its revenue increased by 2.1% YoY to Rs 23,686 crore during the same period. CIL produced 156.8 million tonnes of coal during the quarter, compared to 147.50 million tonnes in Q3 FY20. The company’s expenses increased by 1.7% YoY to Rs 19,592 crore.

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MRF Q3 Results: Net profit jumps two-fold to Rs 521 crore

MRF reported a two-fold increase in consolidated net profit to Rs 520.54 crore for the quarter ended December (Q3). Its revenue from operations increased to Rs 4,641 crore, compared to Rs 4,057.75 crore in the corresponding quarter last year. The company’s board has approved raising of Rs 1,000 crore by issuing non-convertible debentures on a private placement basis. MRF has also declared an interim dividend of Rs 3 per share.

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BHEL secures order to supply 2 Super Rapid Gun Mounts for Indian Navy ships

Bharat Heavy Electricals Ltd (BHEL) has secured an order from the Indian Navy for supplying two Super Rapid Gun Mounts for all its warships. The company has established dedicated manufacturing and inspection facilities at its plant in Haridwar for the production, installation, and commissioning of these standardised guns. BHEL is also working on an upgraded version of these guns (with enhanced range) to cater to future requirements of warships.

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Sun Pharma founder to pay Rs 62.35 lakh to SEBI for settling whistleblower charges

Dilip Shanghvi, founder and MD of Sun Pharmaceutical Industries Ltd (SPIL), will have to pay Rs 62.35 lakh to market regulator SEBI towards settling the charges by a whistleblower. In a letter to SEBI, the whistleblower alleged that Sun Pharma and its subsidiary, Sun Pharmaceutical Laboratories, had been diverting funds through Aditya Medisales Ltd (AML), which is its sole distributor in India. The letter also alleged that transactions with AML were ongoing for several years. However, AML was disclosed as a related party of SPIL only in FY 2017-18. 

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ACC Q4 Results: Net profit rises 73% YoY to Rs 472 crore

ACC Limited reported a 72.88% YoY increase in consolidated net profit to Rs 472.44 crore for the fourth quarter ended December (Q4). The company follows the January-December financial year cycle. Its total revenue rose 2.08% YoY to Rs 4,144.72 crore during the same period. ACC’s revenue from its cement segment grew by 4.63% YoY to Rs 3,876.54 crore in Q4. The company’s board has declared an interim dividend of Rs 14 per share.

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Power Grid Q3 Results: Net profit rises 26% YoY to Rs 3,368 crore

Power Grid Corporation of India reported a 26% YoY increase in consolidated net profit to Rs 3,367.71 crore for the quarter ended December (Q3). Its total revenue rose 8.3% YoY to Rs 10,142.5 crore during the same period. The company’s transmission business grew 9.3% YoY to Rs 10,042.97 crore in Q3. Power Grid’s telecom segment registered a 4.5% YoY growth in revenue to Rs 206.85 crore during the October-Decemer quarter (Q3).

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