Avenue Supermarts Q3 Results: Net profit rises 24% YoY to Rs 553 crore

Avenue Supermarts Ltd (DMart) reported a 23.71% YoY increase in consolidated net profit to Rs 553 crore for the quarter ended December (Q3 FY22). Net profit rose 32% compared to the previous quarter. Its revenue from operations rose 22.2% YoY (or 18% QoQ) to Rs 9,218 crore during the same period. The company added 17 stores in Q3 FY22, taking the tally to 263 stores.

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Oberoi Realty’s sales bookings jump 2-fold to Rs 1,965 crore in Q3

Oberoi Realty Ltd reported an over two-fold jump in sales bookings to Rs 1,965 crore for the quarter ended December (Q3 FY22). The realty company sold 371 units in Q3, compared to 234 units in the corresponding quarter last year. During the first nine months of FY 2021-22, Oberoi Realty’s sales bookings more than doubled to Rs 2,964 crore.

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Mahanagar Gas hikes CNG-PNG prices for second time in 3 weeks

Mahanagar Gas Ltd (MGL) has decided to hike prices of compressed natural gas (CNG) and piped natural gas (PNG) with effect from Saturday midnight. The basic price of CNG has been increased by Rs 2.50 per kg and domestic PNG by Rs 1.50 per standard cubic meter (SCM) for the Mumbai Metropolitan Region (MMR).

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Maruti Suzuki lines up its biggest annual product launch

Maruti Suzuki India Ltd (MSIL) has lined up more product launches in 2022 than it has done ever during a year in the past. The automaker plans to launch more than half a dozen products in 2022. Half of these products will be in the fast-growing SUV space, and the rest in its core area of small cars. In the first nine months of FY22, MSIL has produced 1.164 million vehicles, compared to 939,000 units in the same period last year. 

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Equitas Holdings to divest its stake in subsidiary ETPL ahead of merger with Equitas SFB

Equitas Holdings Ltd will divest its entire stake in subsidiary Equitas Technologies Pvt Ltd (ETPL) as part of the requirement for the merger with Equitas Small Finance Bank (ESFB). As part of the Reserve Bank of India’s licensing conditions, the boards of Equitas Holdings and ESFB had in July 2021 approved the scheme of amalgamation between them. According to the scheme, all assets held by Equitas Holdings (including its investments in ETPL) have to be transferred to ESFB.

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CSB Bank MD & CEO takes early retirement; lender to set up panel to find successor

C V R Rajendran, the Managing Director & Chief Executive Officer of CSB Bank, has decided to take early retirement on health grounds. He will continue as MD & CEO till March 2022. His current three-year term was supposed to end on December 8, 2022. The Board of Directors of CSB Bank has decided to constitute a search committee to identify and evaluate candidates, either internally or externally, for the position of MD & CEO.

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Wonderla Holidays temporarily shuts Bangalore Park for two weekends

Wonderla Holidays Ltd has announced that the Bangalore park operations will be temporarily shut for the two weekends i.e., January 8 & 9 and 15 & 16. The move comes after the Government of Karnataka announced strict restrictions to contain the Covid-19 pandemic.

USFDA rejects Biocon, Vitaris’ application for Insulin Aspart

Biocon Biologics, a subsidiary of Biocon Ltd, said the US Food & Drug Administration (USFDA) has not approved an application for Insulin Aspart filed by its partner Viatris Inc. The USFDA has issued a complete response letter (CRL) for the biologics license application (BLA) for Insulin Aspart. Biocon Biologics said it will respond to the CRL to satisfy the FDA’s requests.

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DLF launches luxury residential project in New Delhi

DLF Home Developers Ltd. (DHDL) and GIC, Singapore’s sovereign wealth fund, will develop over 900 luxury apartments at Delhi’s Moti Nagar. The revenue potential of the project is Rs 4,000 crore. DLF’s ONE Midtown luxury residential project will have luxury condominiums with two, three, and four-bedroom residences. DHDL is a wholly-owned subsidiary of DLF Ltd.

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