Flipkart-Aditya Birla Fashion deal gets approval from CCI

The Competition Commission of India (CCI) has approved the Rs 1,500 crore deal between Flipkart and Aditya Birla Fashion. Flipkart Investments Private Ltd will acquire a 7.8% minority stake in Aditya Birla Fashion and Retail Ltd (ABFRL). ABFRL plans to use the funds to strengthen its balance sheet and scale up its existing business. The company will also focus on increasing its presence in the emerging high-growth categories such as innerwear, athleisure, casual wear, and ethnic wear. 

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Federal Bank Q3 Results: Net profit falls 8% YoY to Rs 404 crore

Federal Bank reported an 8.2% YoY decline in net profit to Rs 404.10 crore for the quarter ended December (Q3). The bank’s total income improved to Rs 3,941.36 crore in Q3 FY21, as compared to Rs 3,738.22 crore in Q3 FY20. Operationally, the bank saw strong growth in Q3, with net interest income (NII) seeing a 24% YoY growth to Rs 1,437 crore. Provisions for bad loans and other contingencies were increased by 161% YoY to Rs 421 crore in Q3.

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Adani Green Energy commissions 150 MW solar plant in Kutch

Adani Solar Energy Kutchh One, a subsidiary of Adani Green Energy Ltd (AGEL), has commissioned a 150 MW solar plant in Kutch, Gujarat. This plant has a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) at Rs 2.67/kWh for a period of 25 years. With the commissioning of this plant, AGEL’s total operational renewable capacity grows to 3,125 MW. 

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Hindustan Zinc Q3 Results: Net profit rises 36%YoY to Rs 2,200 crore

Hindustan Zinc Ltd (HZL) reported a 36% YoY increase in net profit to Rs 2,200 crore for the quarter ended December (Q3). Its revenue from operations rose 28% YoY to Rs 5,915 crore during the same period. The company reported its highest-ever ore production in the October-December quarter. HZL’s total mined metal production was up 4% YoY to 2.44 lakh tonnes. Integrated zinc production was up 2% YoY to 1.82 lakh tonnes.

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Havells Q3 Results: Net profit rises 74% YoY to Rs 350 crore

Havells India Ltd reported a 74.52% YoY increase in consolidated net profit to Rs 350.14 crore for the quarter ended December (Q3). Its revenue from operations rose 39.67% to Rs 3,175.20 crore during the same period. The company saw increased demand in Q3 due to a pick-up in the overall construction and infrastructure activity. The Board of Directors of Havells India has declared an interim dividend of Rs 3 per share.

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L&T construction arm secures order worth up to Rs 5,000 crore in Bangladesh

The power transmission and distribution business of Larsen & Toubro (L&T) has won a set of transmission line orders in Bangladesh. The orders are valued in the range of Rs 2,500-Rs 5,000 crore. The scope of these packages involves the design, supply, installation, testing, and commissioning of extra high voltage transmission lines on a turnkey basis.

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Indigo Paints IPO subscribed 1.89 times on first day of bidding

The initial public offering (IPO) of Indigo Paints was subscribed 1.89 times on the first day of bidding. The public issue has received bids for 1.04 crore equity shares, against an offer size of 55.18 lakh shares. The portion reserved for retail investors was subscribed 3.3 times and that of non-institutional investors 1.09 times. The employee portion received 72% subscription and that of qualified institutional buyers (QIBs) 10%. 

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Ramco Systems partners with HERE Technologies

Ramco Systems Ltd has partnered with HERE Technologies, a global leader in mapping and location platform services, to embed location intelligence in their Logistics ERP platform. The Ramco Logistics Software is an integrated and smart platform engineered to provide an end-to-end comprehensive business solution for third-party logistics, e-commerce logistics, etc. By embedding the geo-visualization layer provided by HERE, Ramco’s clients will benefit from the real-time view of their logistics operations using HERE Maps.

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LT Foods acquires 30% stake in Netherlands-based Leev  

LT Foods Limited has acquired a 30% stake in Leev.nu, a Netherlands-based packaged foods company, through its subsidiary Nature Bio Foods BV (NBF BV). The transaction allows NBF BV an option to acquire a further 21% stake in Leev.nu at the end of five years. Leev.nu will start sourcing organic produce from NBF for its packed snacking brands. This acquisition gives Nature Bio Foods a direct reach to European consumers- through the mainstream distribution strength of Leev. 

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Newgen Software Q3 Results: Net profit rises 48% YoY to Rs 35 crore

Newgen Software Technologies Ltd reported a 47.83% YoY increase in consolidated net profit to Rs 35.42 crore for the quarter ended December (Q3). Its revenue rose 0.3% YoY to Rs 185.51 crore during the same period. The company’s subscription-based revenues witnessed strong growth in Q3. Newgen Software is a Delhi-based business process management company.

Ola partners with Siemens to build EV manufacturing hub in Tamil Nadu

Ola has partnered with Siemens Ltd to build India’s most advanced electric vehicle (EV) manufacturing facility in Tamil Nadu. The popular ride-hailing platform had signed a Rs 2,400 crore deal with the Tamil Nadu government to set up its first factory in the state. Ola stated that the upcoming manufacturing hub will be the world’s largest scooter manufacturing facility. Ola will have access to Siemens’ integrated Digital Twin design and manufacturing solutions to digitalise and validate product and production ahead of actual operations.

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