Asian Paints Q1 Results: Net profit jumps 161% YoY to Rs 574 crore

Asian Paints Ltd reported a 161.5% year-on-year (YoY) jump in consolidated net profit to Rs 574.3 crore for the quarter ended March (Q1 FY22). Its revenue from operations rose 91.1% YoY to Rs 5,585.4 crore during the same period. Revenue from its paints segment grew 90.4% YoY to Rs 5,464.7 crore in Q1. A steep rise in the prices of raw materials impacted Asian Paints’ margins across all business segments.

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Infosys opens digital tech and innovation center in Germany for auto sector

Infosys Limited has set up an Automotive Digital Technology and Innovation Centre in Stuttgart, Germany. As part of the IT company’s partnership with Daimler, automotive IT infrastructure experts based in Germany will transition from Daimler AG to the new innovation centre. Infosys will support Daimler AG to strengthen its IT and data centre infrastructure and drive a competitive edge.

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Bajaj Finance Q1 Results: Net profit rises 4% YoY to Rs 1,002 crore

Bajaj Finance Ltd reported a 4.17% YoY increase in consolidated net profit to Rs 1,002.44 crore for the quarter ended June (Q1 FY22). Net profit has declined by 25.56% when compared to the previous quarter. The net interest income (NII) rose 8% YoY to Rs 4,489 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.96% in Q1 FY22, compared to 1.79% in Q4 FY21. Bajaj Finance’s assets under management (AUM) grew by 15% YoY to Rs 1.59 lakh crore in Q1.  

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Wipro to invest $1 billion over next three years to expand cloud transformation capabilities

Wipro Limited has announced plans to invest $1 billion (~Rs 7,465 crore) over the next three years to build capabilities around cloud technologies. The IT company has launched ‘Wipro FullStride Cloud Services’, a portfolio of services that will help them offer comprehensive cloud transformation capabilities to its customers. The strategic investment and launch are in line with the consistent growth Wipro has witnessed in its cloud business. 

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JSW Energy energy to invest Rs 3,000 crore to set up windmills in Tamil Nadu

JSW Energy Ltd has signed an investment agreement worth Rs 3,000 crore with the Tamil Nadu government to set up windmills across the state. The company will establish windmills at Thoothukudi, Tirunelveli, and Tirupur districts. The project will create employment opportunities for more than 600 people.

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DCM Shriram Q1 Results: Net profit jumps two-fold to Rs 158 crore

DCM Shriram Ltd reported a 124.68% YoY jump in consolidated net profit to Rs 157.5 crore for the quarter ended June (Q1 FY22). Net profit has declined by 31.9% when compared to the previous quarter. Its total income rose 4.47% YoY to Rs 2,205.11 crore during the same period. DCM Shriram is engaged in the manufacturing of sugar, fertilisers, chloro-vinyl, and bio-seeds.   

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Tatva Chintan IPO subscribed 180.36 times on final day of bidding 

The Rs 500 crore initial public offering (IPO) of Tatva Chintan Pharma Chem Ltd was subscribed 180.36 times on the final day of bidding. The IPO received bids for 58.82 crore equity shares against the issue size of 32.61 lakh shares. Retail investors have subscribed 35.35 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 512.22 times and 185.23 times, respectively, against their reserved portions. To learn more about the IPO, click here.

CRISIL Q1 Results: Net profit rises 51% YoY to Rs 100 crore

CRISIL Limited reported a 51.9% YoY increase in consolidated net profit to Rs 100.8 crore for the quarter ended June (Q1 FY22). Its revenue from operations rose 12% YoY to Rs 528.5 crore during the same period. The company’s board has declared an interim dividend of Rs 8 per share. Revenue from its research segment and advisory segment grew 20.2% YoY and 14% YoY, respectively, in Q1. To learn more about CRISIL, click here.

Isgec Heavy Engineering secures order from Russian firm

Isgec Heavy Engineering has secured a significant order from one of the world’s most prominent soda ash manufacturing companies based in Russia. The order is for two sets of carbonation columns, one set of gas scrubber columns, and a set of distillation columns. The broad scope of the order includes casting, machining, hydro-testing, and painting. Noida-based Isgec Heavy Engineering is a diversified heavy engineering company engaged in manufacturing and project businesses.

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Shyam Metalics Q1 Results: Net profit jumps 470% YoY to Rs 458 crore

Shyam Metalics and Energy Ltd reported a 470.4% YoY jump in consolidated net profit to Rs 457.98 crore for the quarter ended June (Q1 FY22). Net profit has increased by 18.2% when compared to the previous quarter. Its revenue from operations rose 170% YoY to Rs 2,464 crore during the same period. The company posted strong volume growth of ~37% in Q1. Shyam Metalics and Energy’s shares were listed on the stock exchanges on June 24.

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NTPC emerges winner for 450 MW solar capacity at Rewa

The renewables arm of NTPC Limited has emerged as the winner at the Rewa Ultra Mega Solar Ltd auction for 450 megawatts (MW) of solar projects at the Shajapur Solar Park in Madhya Pradesh. NTPC Renewable Energy won a capacity of 105 MW and 200 MW by quoting the lowest tariff of Rs 2.35 per kilowatt-hour (kWh) and 2.33 per kWh, respectively. NTPC aims to build 60 gigawatts (GW) of renewable energy capacity by 2032.

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IOC to build India’s first green hydrogen plant

Indian Oil Corporation (IOC) will build India’s first green hydrogen plant at its Mathura refinery. The company has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses over the next 10 years. Meanwhile, IOC will also focus on its advancements in petrochemicals, hydrogen, and electric mobility.

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