Ambuja Cement reports 50.5% YoY rise in net profit

Ambuja Cement Limited on Thursday reported a 50.5% year-on-year (YoY) increase in consolidated net profit at Rs 803.5 crore, for the July-September quarter. The increase in profit has been due to the company’s cost reduction programs, and increased volume growth. Ambuja Cement has also declared an interim dividend of Rs 17 per share.

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Aurobindo Pharma’s New Jersey unit receives warning letter from USFDA 

Aurobindo Pharma shares fell 6.53% to Rs 753.50 today after the company’s New Jersey subsidiary received a warning letter from the United States Food and Drug Administration (USFDA). AuroLife Pharma LLC received the warning letter for its oral solid manufacturing unit in Dayton. The exclusive sales from this facility make up 2% of the group turnover.

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Bajaj Auto Q2 Results: Net profit declines 19% YoY 

Bajaj Auto Limited reported an 18.84% year-on-year (YoY) drop in net profit to Rs 1,138.20 crores, for the quarter ended September (Q2). The company’s total revenue from operations declined 7.16% YoY to Rs 7,155.86 crore. The share price of Bajaj Auto saw a fall of 0.71%, and closed at Rs 2,996.55 on the NSE today.

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Asian Paints reports 1.15% YoY increase in net profit

Asian Paints on Thursday reported a 1.15% year-on-year (YoY) increase in its consolidated net profit at Rs 851.90 crore, for the quarter ended September (Q2). The total income during the same period increased by 5.37% YoY to Rs 5,432.86 crore. The paint major also announced an interim dividend of Rs 3.35 per share. The share price of the company saw a fall of 0.88%, and closed at Rs 2,095.75 on Thursday.

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Dr. Reddy’s Labs forced to shut units after cyber attack

Dr. Reddy’s Laboratories was forced to close some of its production facilities, following a cyber attack on its data servers on Thursday. The company, in a statement, said that they have isolated all data center services, and do not foresee any major impact on its operations. The company had received approval for Phase-3 testing of the Covid-19 vaccine, Sputnik-V, on October 17th. The share price of Dr. Reddy’s Labs Ltd saw a fall of 0.35%, and closed at Rs 5,029.15 on the NSE today.

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TCS in talks to acquire technology unit of Deutsche Bank

Reports have come about stating that Tata Consultancy Services (TCS) is in advanced talks to buy the technology services unit of Deutsche Bank AG. The unit, Postbank Systems AG, has over 1,400 employees who would potentially be taken over by TCS. The deal will be finalized towards the end of the year, as per the report.

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SBI Cards reports 46% YoY decline in net profit 

SBI Cards and Payment Services reported a 46% year-on-year (YoY) decline in net profit at Rs 206 crore, for the quarter ended September (Q2). The total income increased 6% YoY to Rs 2,513 crore during the same period. SBI Cards is the only credit card company that is listed in India. The share price of SBI Cards saw a decline of 7.41%, and closed at Rs 829 today.

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Vedanta Ltd to consider dividend payout on 24th October 

Mining company Vedanta Ltd on Thursday stated that its Board of Directors will meet on Saturday (24th October) to consider an interim dividend for the current financial year. On October 10th, Vedanta announced that its voluntary delisting offer had failed. The share price of the company gained 3.61%, and closed at Rs 104.85 on the NSE today.  

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Bharti Infratel reports 24% YoY fall in net profit

Bharti Infratel Limited on Thursday reported a 22% year-on-year decline in net profit to Rs 733 crore, for the quarter ended September (Q2). The company’s revenue increased by 2% YoY to Rs 3,695 crore for the same period. Bharti Infratel also announced the closure of its merger with Indus Towers.

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India Bank Q2 Results: Net profit rises 15% YoY to Rs 412 crore

State-owned Indian Bank reported a 15% year-on-year rise in consolidated net profit at Rs 412.28 crore, for the quarter ended September (Q2). The total income of the bank increased to Rs 11,669.11 crore during the September quarter, as compared to Rs 6,045.32 crore during the same period in the financial year 2019-2020.

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Burger King plans to raise Rs 542 crore through IPO

The quick-service restaurant chain, Burger King India Ltd, has filed draft papers for an initial public offering (IPO) with market regulator SEBI. The company plans to raise Rs 542 crore through a mix of issuing fresh equity shares, as well as an offer for sale by its promoters, QSR Asia Pte Limited. The promoters are planning to exit by offering to sell 6 crore equity shares.

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