HCL Tech Q3 Results: Net profit rises 31% YoY to Rs 3,982 crore

HCL Technologies Ltd reported a 31.1% year-on-year (YoY) increase in net profit to Rs 3,982 crore for the quarter ended December (Q3). The IT firm had posted a net profit of Rs 3,037 crore in the same quarter in FY20. Its revenue rose 6.4% YoY to Rs 19,302 crore in Q3 FY21. HCL Tech’s solid performance during Q3 was driven by success in strategic investments and improved demand for its digital and cloud platforms. The company has declared an interim dividend of Rs 4 per share.

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GAIL announces Rs 1,046 crore share buyback

The Board of Directors of GAIL (India) Ltd has approved a Rs 1,046.35 crore share buyback programme. The state-owned gas distributor will buy back 6.97 crore shares, representing 2.5% of the total paid-up equity share capital. The buyback price has been fixed at Rs 150 per share, a 4.1% premium to Thursday’s closing price. GAIL has also declared an interim dividend of Rs 2.5 per share. The board has fixed January 28 as the record date for buyback and dividend.

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PVR reports Q3 net loss of Rs 49 crore

PVR Limited reported a consolidated net loss of Rs 49.21 crore for the quarter ended December (Q3). It had posted a net profit of Rs 36.26 crore in the corresponding period a year ago. The company’s revenue from operations declined by 95% YoY to Rs 45.4 crore in Q3 FY21. PVR stated that it has taken significant steps to mitigate the adverse impact of Covid-19 on business. The company has reached settlements with landlords for 88% of cinemas for a complete or partial waiver for the lockdown period. They also introduced temporary salary cuts and reduced overhead costs.

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Fiat Chrysler partners with Wipro to set up its first global digital hub in India

Wipro Limited has been chosen as a strategic technology services partner by Fiat Chrysler Automobiles (FCA) to establish its first global digital hub in Hyderabad. This digital hub, called FCA ICT India, will support FCA’s Information and Communication Technology operations to focus on delivering premium mobility services. Wipro will source and build a talent pool of more than 1,000 skilled consultants and technologists for FCA ICT India.

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Indian exports rise marginally to $27.15 billion in December

According to latest government data, India’s exports rose marginally to $27.15 billion (~Rs 1.98 lakh crore) in December 2020. Imports have surged 7.56% YoY to $42.59 billion (~Rs 3.13 lakh crore). The trade deficit for December increased by 23.66% YoY to $15.44 billion (~Rs 1.12 lakh crore). Prahalathan Iyer, Chief General Manager of India EXIM (Export-Import) Bank, stated that the trade data for December gives positive hopes with both exports and imports showing growth. Notably, the export growth of non-petroleum and non-jewellery was positive at 5.5%, indicating pick up in manufacturing activity in the country.

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CEAT to supply tyres to Royal Enfield for its 650cc Interceptor range

CEAT Limited announced that it will supply its Zoom Cruz tyres to bike maker Royal Enfield for its 650cc Interceptor range. With Zoom Cruz tyres, CEAT marks its entry in the 650cc segment for the two-wheeler and twin-engine cylindrical motorcycles segment. CEAT has associated with Royal Enfield in the past by supplying tyres for Royal Enfield Bullet, Classic, and Himalayan. The company is the first Indian manufacturer to supply tyres as original fitment for the Interceptor 650cc range.

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Maruti Suzuki launches online finance platform in Arena dealerships across 30 cities

Maruti Suzuki India Ltd has announced the launch of their online financing platform, Smart Finance, for Maruti Suzuki ARENA customers. Smart Finance offers customers a one-stop solution for all vehicle finance needs. The services include the option to choose among a wide range of finance products based on customer needs, selecting the best-suited loan product, and completion of all finance-related formalities. The platform will be available in over 30 cities in India.

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Hathway Cable Q3 Results: Net profit declines 6.96% YoY to Rs 62 crore

Hathway Cables & Datacom Ltd reported a 6.96% YoY decline in consolidated net profit to Rs 62.56 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 67.24 crore in the corresponding period in FY20. Its revenue declined by 1.9% YoY to Rs 442.25 crore in Q3 FY21. 

ABB India partners with Surat Municipal Corporation for optimizing water system

ABB India Ltd has partnered with the Surat Municipal Corporation (SMC) to roll out next-generation technology for delivering continuous water supply across the city. The new infrastructure will enable over 10 lakh residents to access a safe and reliable water supply in line with the government’s Smart Cities Mission. ABB said that the latest investments follow the success of Phase-1 digitalisation upgrade of the city’s water system, which took place in 2018.

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NTPC completes trial run of Unit-2 of 660 MW Meja Thermal Power Project

NTPC Limited announced that Unit-2 of 660 megawatt (MW) capacity of Meja Thermal Power Project of Meja Urja Nigam Pvt Ltd (MUNPL) has successfully completed trial operation. The total installed capacity of MUNPL and NTPC has become 1,320 MW and 63,635 MW, respectively. MUNPL is a joint venture between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam, an electricity generation company under the UP Govt.

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Trident receives European patent for ‘Fabric & Method of Manufacturing Fabric’

Trident Limited has been granted a patent for “Fabric and Method of Manufacturing Fabric” by the European Patent office. The present invention comprises a method of producing fabric by subjecting it to a special treatment, thereby obtaining increased air space. This will help the company to deliver its special soft towels in the European market, without using chemical-based fibres.

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