GAIL to invest Rs 6,000 crore in renewables in next three years

GAIL India Ltd has announced plans to invest Rs 6,000 crore in renewable energy over the next three years. The investment can go up by an additional Rs 20,000 crore by 2030, said Manoj Jain— Chairman and MD. GAIL has outlined an overall capital expenditure (capex) plan of up to Rs 40,000 crore in the next five years.

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Sun Pharma Q4 Results: Net loss at Rs 2,277 crore

Sun Pharmaceutical Industries Ltd (SPIL) reported a consolidated net loss of Rs 2,277 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 894 crore in the corresponding quarter last year. Its revenue from operations rose 11% YoY to Rs 9,386.1 crore in Q4 FY22. ​​The pharma company faced a one-time loss of Rs 3,935.7 crore due to antitrust payments and other lawsuit settlements in the US. SPIL’s board has declared a final dividend of Rs 3 per share.

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Tata Motors signs MoU for potential acquisition of Ford India’s Sanand plant

Tata Passenger Electric Mobility Ltd (TPEML) has signed a Memorandum of Understanding (MoU) with Ford India Pvt Ltd and the Government of Gujarat for the potential acquisition of Ford’s vehicle manufacturing facility in Sanand. The proposed MoU includes the purchase of land & buildings, vehicle manufacturing plant, machinery and equipment, and transfer of all eligible employees of the unit. TPEML is a subsidiary of Tata Motors.

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LIC Q4 Results: Net profit falls 18% YoY to Rs 2,409 crore

Life Insurance Corporation of India (LIC) reported a 17.41% YoY decline in consolidated net profit to Rs 2,409.39 crore for the quarter ended March (Q4 FY22). Its net premium income (NPI) rose 17.8% YoY to Rs 1.44 lakh crore during the same period. Income from investments stood at Rs 67,855.59 crore in Q4, compared to Rs 67,684.27 crore in the year-ago quarter. LIC’s board declared a dividend of Rs 1.5 per share.

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Jubilant Foodworks Q4 Results: Net profit falls 9% YoY to Rs 96 crore

Jubilant Foodworks Ltd (JFL) reported an 8.8% YoY decline in consolidated net profit to Rs 96 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.3% YoY to Rs 1,175.97 crore during the same period. Total expenses increased 13.7% YoY to Rs 1,038.27 crore. JFL opened 80 new Domino’s Pizza restaurants in Q4. The company’s board declared a dividend of Rs 1.2 per share. 

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L&T secures order for Chennai Metro Rail Project

Larsen & Toubro Ltd has secured a significant order (in the range of Rs 1,000-2,500 crore) for the Chennai Metro Rail Project. The scope of the order involves the construction of an elevated viaduct of ~10 km, including an elevated ramp and 10 elevated metro stations. This metro rail package is to be constructed in 35 months.

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IRCTC Q4 Results: Net profit doubles to Rs 213.78 crore

Indian Railway Catering & Tourism Corp (IRCTC) reported a 105.99% YoY jump in net profit to Rs 213.78 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 103.95% YoY to Rs 690.96 crore during the same period. Revenue from internet ticketing stood at Rs 292.82 crore, up 38.11% YoY. IRCTC’s board has declared a final dividend of Rs 1.5 per share.

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Aditya Birla Sun Life AMC partners with BentallGreenOak to form credit investment vehicle

Aditya Birla Sun Life AMC Ltd (ABSLAMC) has partnered with BentallGreenOak to form a structured credit investment vehicle. This investment vehicle will target structured debt investments in post-approval real estate projects, primarily in Tier-1 metropolitan locations. The collaboration brings together two established investment managers with extensive track records in both the domestic and international markets.

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Natco Pharma Q4 Results: Net loss at Rs 50.5 crore

Natco Pharma Ltd reported a consolidated net loss of Rs 50.5 crore for the quarter ended March (Q4 FY22). It had posted a net profit of Rs 53 crore in the corresponding quarter last year. Its revenue from operations rose 80.13% YoY to Rs 596.8 crore in Q4 FY22. ​​The loss in the fourth quarter was primarily due to inventory value write-off and provision of estimated credit losses.

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