HDFC Bank Q1 Results: Net profit rises 16% YoY to Rs 7,730 crore

HDFC Bank reported a 16.1% year-on-year (YoY) increase in standalone net profit to Rs 7,729.60 crore for the quarter ended June (Q1 FY22). Net interest income (NII) rose 8% YoY to Rs 17,009 crore during the same period. [NII is the difference between the interest income a bank earns on its lending activities and the interest it pays to depositors]. The gross non-performing assets (GNPA) ratio stood at 1.47% in Q1 FY22, compared to 1.32% in Q4 FY21. HDFC Bank’s board has approved a dividend of Rs 6.50 per share. 

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Reliance Retail acquires 40.95% stake in Just Dial for Rs 3,497 crore

Reliance Retail Ventures Ltd has acquired a 40.95% stake in Just Dial for Rs 3,497 crore. The subsidiary of Reliance Industries Ltd (RIL) received a preferential allotment of 2.12 crore equity shares (equivalent to 25.33%) of Just Dial at Rs 1,022.25 per share. It also acquired a 15.62% stake from Just Dial’s promoter, VSS Mani. Reliance Retail will make an open offer to acquire a further 26% stake in Just Dial (taking its total stake to 66.95%). Just Dial is a leading internet technology company that specializes in local search, business-to-business (B2B), and e-commerce.

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Central Bank of India to seek shareholders’ approval to set off accumulated loss of Rs 18,724 crore

Central Bank of India will seek shareholders’ approval to set off an accumulated loss of over Rs 18,724 crore from the share premium account of the bank. The lender said the setting off of accumulated loss would benefit the shareholders as their holding will yield better value. It will allow the bank to be in a better position to achieve its turnaround plans in a time-bound manner. The state-owned bank’s Annual General Meeting (AGM) is scheduled for August 10, 2021, through audio/video means.

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ED searches premises linked to Videocon Group

The Enforcement Directorate (ED) conducted raids at multiple premises of the Videocon Group in Mumbai and Delhi. The searches were in connection with a money laundering case the agency is probing against the company and its chairman Venugopal Dhoot, related to alleged loan fraud by the group in the sale of an oilfield in Mozambique. 

In an FIR, the Central Bureau of Investigation (CBI) had alleged irregularities by Videocon Industries in the acquisition of oil and gas assets in Mozambique, which were later taken over by a consortium of lenders, led by the State Bank of India. 

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HDFC Securities Q1 Results: Net profit rises 95% YoY to Rs 260 crore

HDFC Securities Limited reported a 94.9% YoY increase in net profit to Rs 260.6 crore for the quarter ended June (Q1 FY22). Its total income rose 67.3% YoY to Rs 457.8 crore during the same period. HDFC Securities is one of the leading retail broking firms in India. It has 215 branches across 147 cities/towns across the country. HDFC Bank holds a 96.3% stake in HDFC Securities.

Surana Solar Q1 Results: Net profit at Rs 0.07 crore

Surana Solar Limited reported a standalone net profit of Rs 0.07 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 0.22 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations rose 13.33% YoY to Rs 3.74 crore in Q4 FY22. Surana Solar manufactures and sells solar panels and solar photovoltaic modules in India.

Kirloskar to invest additional Rs 250 crore in NBFC arm, monetise land assets

Kirloskar Oil Engines Ltd (KOEL) announced it will be investing an additional Rs 250 crore in its non-bank finance company (NBFC), Arka Fincap. They will also monetise its 50-acre land bank in Pune for its realty company— Avanti Spaces. The Kirloskar Group has announced reorienting of businesses from B2B manufacturing engineering companies to solutions providing B2C companies. The group companies have planned large investments over the next 2-3 years across all business lines.

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FedEx invests $100 million in IPO-bound Delhivery

FedEx Express, a subsidiary of FedEx Corp, has invested $100 (~Rs 746 crore) in logistics firm Delhivery. US-based FedEx Express will manage international import and export services to and from India, while Delhivery will sell FedEx Express’ products and services in the country. The development comes less than two months after the logistics startup raised ~$277 million in funding from certain investors that valued the firm at an estimated $3 billion. Delhivery is set to launch its initial public offering (IPO) soon.

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