Centre to transfer Rs 6,000 crore as GST compensation to 16 states

The Central Government will release Rs 6,000 crore to 16 states and 3 union territories on Monday. This amount will be the second round of back-to-back loans given to states/UTs to meet the shortfall in Goods and Services Tax (GST) collections. There was a major decline in GST collections earlier this year due to the Covid-19 pandemic. The total amount released to states is now at Rs 12,000 crore. 

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HDFC Q2 Results: Net Profit declines 28% YoY to Rs 2,870 crore

Housing Development Finance Corp Ltd. (HDFC) reported a 27.5% year-on-year (YoY) decline in net profit to Rs 2,870.12 crore, for the quarter ended September (Q2). The non-banking financial company reported a 20.7% YoY increase in net interest income (NII) to Rs 3,647 crore, during the same period. The share price of HDFC Bank saw a rise of 5.13%, and closed at Rs 2,022.30 on the NSE today.

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India’s manufacturing PMI rises for third straight month

Factory activity in India has expanded for the third straight month this year, as the removal of lockdown restrictions led to a surge in demand and output. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) has increased from 56.8 in September to 58.9 in October. PMI is a month-on-month calculation, and a value of more than 50 represents an expansion when compared to the previous month.

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NTPC announces Q2 results and share buyback plan

The National Thermal Power Corporation Ltd. (NTPC) reported a 7.43% year-on-year (YoY) increase in standalone net profit to Rs 3,504 crore, for the quarter ended September (Q2). The company’s revenue from operations was up by 8.4% YoY to Rs 24,677 crore, during the same period. The Board of Directors of NTPC has approved a buyback of 19.78 crore equity shares at Rs 115 per share.

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Zee Entertainment Q2 Results: Net Profit declines 77% YoY to Rs 93 crore

Zee Entertainment Enterprises Ltd. reported a 77% year-on-year (YoY) decline in consolidated net profit to Rs 93.41 crore, for the quarter ended September. The company’s total income saw a decline of 19.6% YoY to Rs 1,760.61 crore, during the same period. Zee also stated that it had introduced cost-saving initiatives and sold various non-core assets in Q2.

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Punjab National Bank Q2 Results: 22% YoY increase in net profit

Punjab National Bank reported a 22% year-on-year (YoY) increase in standalone net profit to Rs 621 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 85% YoY to Rs 8,393 crore, during the same period. The company has also posted an improvement in its asset quality.

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Pfizer Q2 Results: 15% YoY decline in net profit

Pfizer Limited reported a 14.83% year-on-year (YoY) decline in net profit to Rs 131.37 crore, for the quarter ended September (Q2). The total income stood at Rs 607.56 crore, during the same period. In a statement made last week, Pfizer had said that it could deliver the Covid-19 vaccine in 2020.

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Thermax gets Rs 320 crore order to set up Combined Heat and Power plant

Thermax Limited announced that it has received an order of Rs 320 crore, for setting up a Combined Heat and Power (CHP) plant for Assam Bio Refinery Pvt Ltd (ABRPL). The company is a leading energy and environment solutions provider. Thermax Ltd. will help in the design, engineering, and construction of the CHP plant in Assam.

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Escorts Q2 Results: Two-fold jump in net profit to Rs 227 crore

Escorts Ltd reported a 130% year-on-year (YoY) increase in consolidated net profit at Rs 227.22 crore, for the quarter ended September (Q2). The company’s revenue from operations stood at Rs 1,654.18 crore, during the same period. Haryana-based Escorts is a multinational engineering company that mainly produces farm equipment.

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Wockhardt Q2 Results: Net Profit at Rs 3.29 crore

Drug firm Wockhardt Limited reported a consolidated net profit of 3.29 crore, for the quarter ended September (Q2). The consolidated revenue of the company stood at Rs 714.05 crore, during the same period. The company has been selected by the UK Government to supply Covid-19 vaccine. The share price of Wockhardt saw a rise of 0.94%, and closed at Rs 295.05 on the NSE today.

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