HCL Tech reports 18.5% year-on-year increase in net profit

IT firm HCL Technologies reported an increase in net profit by 18.5% year-on-year (YoY) to Rs 3,142 crore, for the quarter ended September (Q2). The company’s revenue grew 6.1% YoY to Rs 18,594 crore. HCL Tech has also announced an interim dividend of Rs 4 per share. 

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RBI to conduct first Open Market Operation in State Bonds

The RBI on Friday announced that it will conduct the first-ever purchase auction of state development loans (SDLs) under Open Market Operations, for an aggregate amount of Rs 10,000 crore. This is to ensure that state governments are not burdened with higher costs for borrowings. The purchase auction will be conducted on October 22nd.

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Federal Bank Q2 results: Net Profit falls 26% year-on-year

Federal Bank on Friday reported a 26.2% year-on-year (YoY) decline in net profit at Rs 307.62 crore, for the quarter ended September (Q2). The bank had increased its provisions by 50% in order to deal with the impact caused by the Covid-19 pandemic. Provisions are amounts set aside from profits to cover any unexpected events

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India bans import of ACs with refrigerants

The Indian Government has banned the import of air conditioners with refrigerants, in order to provide a boost to domestic production. In a notification issued by the Directorate General of Foreign Trade, the import of split ACs and any other ACs with refrigerants have been placed into the “prohibited’ category. The share price of Voltas jumped 4.25% to Rs 701, and that of Blue Star saw a rise of 4.3% to Rs 639, after the announcement was made.

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Passenger vehicle sales in India rise 26% in September

Passenger vehicle wholesales in India increased by 26.45% to 2.72 lakh units in September, as compared to 2.15 lakh units in the same month last year. The data was reported by the Society of Indian Automobile Manufacturers (SIAM). The manufacturers are anticipating an increase in demand during the festive season in India.

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Sambandh Finserve faces allegations of fraud

Allegations of fraud have emerged at Odisha-based microfinance lender Sambandh Finserve Private Ltd., as the company has defaulted in its payment to lenders. Reports have stated that false accounts were used to divert funds for money laundering. The company with a debt of Rs 433 crore is undergoing an internal investigation.

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Indiabulls Housing Finance sells additional stake in OakNorth Holdings for Rs 220 crore

Indiabulls Housing Finance Limited on Friday said that it has further sold a portion of its stake in OakNorth Holdings for Rs 220 crore. The company has raised a total of Rs 2,493 crore as fresh equity in September and October, out of which Rs 1,810 crore was through the sale of stake in OakNorth Holdings Ltd. On October 14th, the company had also redeemed (bought back) secured, redeemable, non-convertible debentures of face value Rs 10 lakh each, that it had issued. 

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IDBI Bank to seek in-principle Cabinet approval on stake sale

The Indian Government is planning to lower its 47.11% stake in IDBI bank. The inter-ministerial feedback has been received for IDBI Bank divestment, and will be up for an in-principle approval from the Cabinet Committee on Economic Affairs soon. The share price of IDBI Bank saw an increase of 18% to Rs 39.65 in the intra-day trade on Friday.

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ArcelorMittal-Nippon JV launches brands in HR steel 

AM/NS, a joint venture between ArcelorMittal and Nippon Steel, has launched two new brands named Stallion and Maximus to produce hot-rolled (HR) steel. The product will be available through the joint venture’s Hypermart distribution network. AM/NS India has also planned to expand its Hypermart retail network to 50 outlets over the next year.

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Cut-off time for equity Mutual Funds to be restored to 3 PM

The Securities and Exchange Board of India (SEBI) will restore the cut-off timing for buying and selling of equity mutual fund units to 3 pm from 19th October, according to the Association of Mutual Funds in India (AMFI). Earlier in April, SEBI had reduced the cut-off time for subscription and redemption of mutual funds due to the Covid-19 pandemic.

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