Google to invest up to $1 billion in Bharti Airtel

US internet giant Google has announced an investment of up to $1 billion (~Rs 7,497 crore) in partnership with Bharti Airtel. It includes a $700 million equity investment in Bharti Airtel for a 1.28% stake and up to $300 million towards potential multi-year commercial agreements. Bharti Airtel and Google will work together to build on the telecom company’s extensive offerings that cover a range of Android-enabled devices to consumers via innovative affordability programs.

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L&T Q3 Results: Net profit falls 17% YoY to Rs 2,055 crore

Larsen & Toubro (L&T) Ltd reported a 16.7% YoY decline in consolidated net profit to Rs 2,054.74 crore for the quarter ended December (Q3 FY22). Net profit increased by 13% when compared to the previous quarter. Its revenue from operations rose 11.14% YoY (or 14% QoQ) to Rs 39,562.92 crore during the same period. The company secured orders worth Rs 50,359 crore in Q3, a decline of 31% YoY.

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Chambal Fertilisers Q3 Results: Net profit falls 8% YoY to Rs 435 crore

Chambal Fertilizers & Chemicals Ltd reported a 7.56% YoY decline in consolidated net profit to Rs 435.17 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 22.4% YoY to Rs 4,743.3 crore during the same period. EBITDA stood at Rs 582.7 crore in Q3, down 25.8% YoY. The company’s board has approved a proposal to set up an Ammonium Nitrate plant at Kota (Rajasthan) for an investment of Rs 1,170 crore.

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Britannia Q3 Results: Net profit falls 19% YoY to Rs 371 crore

Britannia Industries Ltd reported a 19% YoY decline in consolidated net profit to Rs 371 crore for the quarter ended December (Q3 FY22). Net profit fell 3% when compared to the previous quarter. Its revenue from operations rose 13% YoY to Rs 3,575 crore during the same period. EBITDA stood at Rs 539 crore in Q3, down 12% YoY. Higher input costs affected the FMCG company’s margins.

Kotak Mahindra Bank Q3 Results: Net profit rises 15% YoY to Rs 2,131 crore

Kotak Mahindra Bank reported a 15% YoY increase in net profit to Rs 2,131.4 crore for the quarter ended December (Q3 FY22). Its net interest income (NII) rose 8.2% YoY to Rs 4,334 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.71% in Q3 FY22, compared to 3.19% in Q2 FY22. The bank’s expenses stood at Rs 5,559 crore in Q3 FY22, up 10% YoY.

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Glenmark Pharma gets USFDA approval for Metronidazole gel

Glenmark Pharmaceuticals Ltd’s unit has received final approval from the US Food & Drug Administration (USFDA) to market Metronidazole Vaginal gel in the US. As per IQVIA data, the generic version of the product had achieved annual sales of ~$60.4 million during the twelve months ended November 2021.

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Marico Q3 Results: Net profit rises 1.6% YoY to Rs 317 crore

Marico Limited reported a 1.6% YoY increase in consolidated net profit to Rs 317 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 13.4% YoY to Rs 2,407 crore during the same period. Revenue from its domestic market stood at Rs 1,817 crore, up 11.6% YoY. The FMCG firm’s total expenses were up 15.4% YoY to Rs 2,022 crore. 

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HPCL expands footprint in non-fuel retailing

Hindustan Petroleum Corporation Ltd (HPCL) has announced plans to set up a chain of multi-channel retail stores at its petrol pumps. The company plans to give a push to non-fuel retailing. As part of this, HPCL has opened two more retail stores under the brand name ‘HaPpyShop’. The product range in each store has been planned to suit the tastes and preferences of the local neighbourhoods.

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Vedanta Q3 Results: Net profit rises 26% YoY to Rs 4,164 crore

Vedanta Ltd reported a 26.2% YoY increase in consolidated net profit to Rs 4,164 crore for the quarter ended December (Q3 FY22). Net profit fell 10% when compared to the previous quarter. Its total income rose 46.7% YoY to Rs 34,674 crore during the same period. Vedanta’s board has declared an interim dividend of Rs 13.5 per share.

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TVS Motor acquires Swiss e-bike maker SEMG

TVS Motor Company Ltd has acquired a 75% stake in Switzerland’s largest e-bike player Swiss E-Mobility Group (SEMG). The consideration paid for the acquisition is $100 million (~Rs 750 crore). The move is in line with TVS Motor’s strategy to expand in Europe through a portfolio of premium and technology-leading brands. The two-wheeler company plans to buy the remaining 25% stake by next year.

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Dixon Tech Q3 Results: Net profit falls 25% YoY to Rs 46 crore

Dixon Technologies Ltd reported a 25% YoY decline in net profit to Rs 46.38 crore in Q3 FY22. Its revenue from operations rose 41% YoY to Rs 3,073.25 crore during the same period. EBITDA stood at Rs 103.67 crore, up 3% YoY. Revenue from its consumer electronics segment grew 3.3% YoY to Rs 1,410.39 crore in Q3. Dixon Tech’s home appliance segment revenue fell 20% YoY to Rs 180.12 crore.

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