Finance Ministry announces relief measures for sectors impacted by Covid-19

Union Finance Minister Nirmala Sitharaman has announced a Rs 6.28 lakh crore stimulus package to boost Covid-affected sectors. An amount of Rs 23,220 crore will be set aside for the expansion of medical infrastructure for one year. Once issuance resumes, five lakh tourist visas will be issued free of charge. This incentive will cost the government around Rs 100 crore. 

The Finance Ministry also announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors. Under this scheme, around 25 lakh beneficiaries will be able to borrow up to Rs 1.25 lakh through micro-finance institutions (MFIs). The cap of the Emergency Credit Line Guarantee Scheme (ECLGS) will be raised from Rs 3 lakh crore to Rs 4.5 lakh crore. The Centre will also allocate Rs 3.03 lakh crore to revamp state-owned power distribution companies.

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HAL Q4 Results: Net profit rises 31% YoY to Rs 1,622 crore

Hindustan Aeronautics Ltd (HAL) reported a 31.27% YoY increase in consolidated net profit to Rs 1,622.19 crore for the quarter ended March (Q4). Net profit has increased by 90% when compared to the previous quarter. Its total income rose 4.38% YoY (or 97% QoQ) to Rs 10,870.24 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) increased by 12.37% YoY to Rs 3,239.46 crore. HAL’s board has recommended a final dividend of Rs 30 per share.

Tata Motors to launch 10 new electric vehicles by 2025

Tata Motors Ltd has announced plans to roll out 10 new battery electric vehicles (BEVs) in its domestic portfolio by 2025. Going ahead, the automaker plans to drive its business model towards sustainable mobility. The company is also exploring opportunities to invest in lithium cell manufacturing in India and Europe. This is to establish a proper supply chain for its zero-emission vehicles in the coming decade. Tata Motors will also leverage its resources to set up a wide network of charging infrastructure in India. 

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NALCO Q4 Results: Net profit jumps 830% YoY to Rs 935 crore

National Aluminium Company Ltd (NALCO) reported an 830.99% YoY jump in consolidated net profit to Rs 935.74 crore for the quarter ended March (Q4). Net profit has increased by 290.36% when compared to the previous quarter. Its total income rose 40.75% YoY (or 19% QoQ) to Rs 2,874.47 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) jumped 853.8% YoY to Rs 1,299.41 crore.

Power Mech Projects secures order worth Rs 9,300 crore from Coal India

Power Mech Projects Ltd has received an order worth Rs 9,294 crore for a mine development and operation (MDO) project from Central Coalfields Ltd (CCL), a subsidiary of Coal India. The contract consists of mine infrastructure development, extraction of coking coal, processing, crushing, and transportation of coal to a washery of CCL. The project has been awarded to a consortium of Power Mech Projects and AMR India. Interestingly, the market cap of Power Mech Projects is less than Rs 1,000 crore.

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Tech Mahindra to acquire US-based Brainscale

Tech Mahindra Ltd, through its wholly-owned subsidiary Tech Mahindra (Americas) Inc., will acquire a 100% stake in US-based Brainscale. The cost of the acquisition is $28.8 million (~Rs 214 crore). Brainscale is a cloud-focused company that has expertise in cloud consulting, application development, and data analytics. This acquisition will help Tech Mahindra drive the growth of its cloud-related IT services in the North American market.

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KIOCL gets in-principle approval for mining in Devadari mines

The Union Ministry of Environment, Forests, and Climate Change has given Stage-I approval for the diverting 401.57 hectares of forest land at Devadari Hill Range in Ballari district (Karnataka) for iron ore and manganese ore mining by KIOCL Limited. The contract is for a period of 50 years. The Stage-II clearance is likely to be received by the end of the current financial year. Mining operations are expected to commence in 2022-23 (FY23).

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Commercial Bank of Kuwait selects TCS’ BaNCS for treasury solutions

The Commercial Bank of Kuwait (CBK) has selected Tata Consultancy Services (TCS) Ltd’s ‘BaNCS for Treasury’ solution to manage risks, enhance asset class coverage, and drive future growth. The solution will help CBK offer a wider range of cash and derivative treasury products and integrate various trading and messaging platforms. It will also help CBK offer extensive accounting and reporting capabilities and manage cash and positions in real-time.

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NLC India Q4 Results: Net profit rises 52% YoY to Rs 756 crore

NLC India reported a 51.9% YoY increase in consolidated net profit to Rs 756.83 crore for the quarter ended March (Q4). Its revenue from operations declined by 7.4% YoY to Rs 2,839.55 crore during the same period. The revenue from the lignite mining segment declined by 24.88% YoY to Rs 1,258.93 crore in Q4. Net profit for the financial year 2020-21 (FY21) declined by 7.4% YoY to Rs 1,345.44 crore. NLC India’s board has recommended a final dividend of Rs 1.5 per share. NLC India is a state-owned company engaged in fossil fuel mining and thermal power generation.

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Emami hikes stake in male grooming startup The Man Company

Emami Limited has increased its stake in Helios Lifestyle from 33.09% to 45.96%. Helios Lifestyle is a direct-to-consumer startup that sells male grooming products under The Man Company brand. It offers a wide range of premium men’s grooming products under the bath and body, beard management, shaving, and perfumes category. FMCG firm Emami said this investment was in line with its strategy of leveraging emerging online opportunities brought about by rapid digitisation. This transaction makes Emami the largest shareholder in Helios Lifestyle.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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