HDFC Bank’s Q3 Net Profit Rises 18% YoY – Top Indian Market News

HDFC Bank Q3 Results: Net profit rises 18% YoY to Rs 8,758 crore

HDFC Bank Ltd reported an 18.1% YoY increase in net profit to Rs 8,758.3 crore for the quarter ended December (Q3). It had posted a net profit of Rs 7,416.48 crore in the corresponding period a year ago. The bank’s net interest income (NII) rose 15.1% YoY to Rs 16,317.6 crore. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors]. Asset quality of the bank has seen improvement in the December quarter. It had also made provisions and contingencies amounting to Rs 3,414.1 crore in Q3.

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World’s biggest Covid-19 vaccination drive begins in India

India, on Saturday, launched one of the biggest Covid-19 vaccination drives in the world. Adequate doses of the two ‘Made-in-India’ vaccines (Covishield and Covaxin) had been delivered to all states and Union Territories in the past week. The vaccine will be administered to more than 3 lakh healthcare workers on the first day. In the first phase, which starts from January 16 and ends on February 16, around 100 people will receive shots at each of the 3,006 vaccination sites.

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Adani, GMR, Godrej, and 7 other firms in race to redevelop Mumbai CST railway station

Adani Railway Transport, GMR Enterprises, Godrej Properties, and Oberoi Realty have submitted applications for the redevelopment project for Mumbai’s Chhatrapati Shivaji Maharaj Terminus (CSMT) railway station. The CSTM redevelopment project includes segregation of arrival and departure platforms, better services for passengers, and energy-efficient buildings. The heritage site will also be restored to its 1930s levels. The redevelopment cost, including the cost of financing and contingency, is estimated at Rs 1,642 crore.

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Piramal Group wins bid for DHFL; secures 93.5% votes from CoC

The Committee of Creditors (CoC) of Dewan Housing Finance Corporation Ltd (DHFL) has voted in favour of a resolution plan submitted by the Piramal Group. The sixth round of voting on resolution plans for DHFL closed on Friday, with 93.5% of creditors voting in favor of Piramal. It has been reported that the Piramal Group offered Rs 37,250 crore as part of their settlement offer to DHFL’s creditors. They beat Oaktree Capital and Adani Group to win the bid.

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Apollo Pipes Q3 Results: Net profit rises 145% YoY to Rs 16 crore

Apollo Pipes Ltd reported a 144.83% YoY increase in net profit to Rs 16.33 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 6.66 crore in Q3 FY20. Its revenue from operations rose by 28% YoY to Rs 128.1 crore. Apollo Pipes’ MD stated that the performance in Q3 was led by a robust uptick in consumption in the domestic markets. The company had also introduced cost-optimization measures during the quarter. 

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BEML launches India’s first indigenously developed driverless metro car 

BEML Ltd has launched India’s first indigenously designed and developed Driverless Metro Car in Bengaluru. The company will supply the metro cars to Mumbai Metropolitan Region Development Authority (MMRDA). The cars will operate on 25 kV AC traction power and will have the provision to carry passenger bicycles in the coaches. It is made up of stainless steel body and can carry 2,280 passengers in 6 cars Metro train‐set. BEML had secured a total order of 576 cars for MMRDA’s MRS1 project. The supply is scheduled progressively up to January 2024. 

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Dr. Reddy’s gets DCGI approval to conduct Phase-3 clinical trials of Sputnik V in India

Dr. Reddy’s Laboratories has received approval from the Drugs Control General of India (DCGI) to conduct Phase-3 clinical trials for the Sputnik V vaccine. The trials will be conducted on 1,500 subjects as part of the randomized, double-blind, parallel-group, placebo-controlled study in India. The Data and Safety Monitoring Board (DSMB) had reviewed the data from the Phase-2 clinical trial of the vaccine and recommended Phase-3 recruitment. In its report, DSMB concluded that no safety concerns were identified, and the study met the primary endpoints of safety. 

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Shoppers Stop Q3 Results: Net loss widens to Rs 25 crore

Shoppers Stop Ltd reported a net loss of Rs 25.11 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 6.51 crore in the corresponding period a year ago. Its revenue declined by 27.2% YoY to Rs 746.45 crore in Q3 FY21. The company stated that business recovery during the festive period had been encouraging. Shoppers Stop was able to generate higher digital sales in Q3.

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IRFC raises Rs 1,390 crore from 31 anchor investors ahead of IPO

Indian Railway Finance Corporation (IRFC) has raised Rs 1,390 crore from 31 anchor investors ahead of its proposed initial public offering (IPO). Around 53.46 crore equity shares were allotted to anchor investors at an upper price band of Rs 26 per share. Almost 61% of the anchor portion was allotted to four domestic mutual funds- HDFC, Nippon Life, Invesco, and ITPL. The Rs 4,633-crore IPO of IRFC is set to open for subscription on January 18 (Monday) in the price band of Rs 25-26 per share.

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IRB InvIT Fund Q3 Results: Net profit rises 2% YoY to Rs 58 crore

IRB InvIT Fund reported a 2.03% YoY increase in consolidated net profit to Rs 58 crore for the quarter ended December (Q3). Its revenue stood at Rs 332.59 crore during the same period. The firm stated that toll collections were above pre-Covid levels. Electronic toll collection was in the range of 75% to 80% and is likely to go up further, as FASTags will be made mandatory from February 2021. IRB InvIT Fund is India’s first listed infrastructure investment trust (InvIT). The trust operates and maintains a portfolio of toll road concessions throughout India.

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