ICICI Bank Q2 Results: Net profit rises 30% YoY to Rs 5,511 crore

ICICI Bank reported a 30% YoY increase in net profit to Rs 5,511 crore for the quarter ended September (Q2 FY22). Net profit rose 19% compared to the previous quarter. Its net interest income (NII) rose 25% YoY to Rs 11,690 crore during the same period. [NII is the difference between the interest income a bank receives on loans and the interest paid to depositors]. The bank’s gross non-performing assets (GNPA) ratio stood at 4.82% in Q2, compared to 5.15% in the previous quarter. Provisions declined by 9% YoY to Rs 2,714 crore in the July-Sept quarter of FY22. 

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Minda Industries to hike stake in Strongsun Renewables to 28.10%

Minda Industries Ltd said the Investment Committee of its Board of Directors has approved the second round of stake purchase in Strongsun Renewables Pvt Ltd. The committee approved the acquisition of 3.07 lakh equity shares (of the face value of Rs 10 each) at Rs 80 per share of Strongsun Renewables, aggregating to Rs 2.46 crore. After completion of the transaction, Minda Industries will hold a 28.10% stake in the special purpose vehicle (SPV).

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Tatva Chintan Pharma Q2 Results: Net profit jumps 811% YoY to Rs 32 crore

Tatva Chintan Pharma Chem reported an 811.5% YoY jump in consolidated net profit to Rs 32.41 crore for the quarter ended September (Q2 FY22). Net profit increased by 40% compared to the previous quarter. Its revenue from operations rose 105.8% YoY (or 16% QoQ) to Rs 123.6 crore during the same period. EBITDA stood at Rs 35.8 crore in Q2, up 477% YoY (or 39% QoQ). 

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Ami Organics Q2 Results: Net profit rises 14% YoY to Rs 17.5 crore

Ami Organics Ltd reported a 14.78% YoY increase in consolidated net profit to Rs 17.47 crore for the quarter ended September (Q2 FY22). Net profit increased by 27% compared to the previous quarter. Its revenue from operations rose 33.9% YoY (or 8% QoQ) to Rs 122.31 crore during the same period. EBITDA stood at Rs 27.3 crore in Q2, an increase of 27% YoY.  Ami Organics is one of the leading research and development (R&D)-driven manufacturers of specialty chemicals. 

Exxon looks to buy stake in ONGC’s Indian deep sea fields

Global oil major ExxonMobil Corp is looking at buying a stake in some of the local deepwater fields of Oil and Natural Gas Corporation (ONGC), said Oil Secretary Tarun Kapoor. India, the world’s third-largest importer and consumer of oil, imports ~85% of its oil needs from overseas. The government has been scouting for partnerships with global oil companies to quickly monetise its reserves. Exxon would either acquire a stake in the Indian fields or form a joint venture with ONGC to operate them.

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Orient Electric Q2 Results: Net profit rises 7% YoY to Rs 34 crore

Orient Electric reported a 7.25% YoY increase in net profit to Rs 34.77 crore for the quarter ended September (Q2 FY22). Net profit jumped 595% compared to the previous quarter. Its revenue from operations rose 37% YoY (or 41% QoQ) to Rs 594.38 crore during the same period. Revenue from its electrical consumer durables segment rose 49.33% YoY to Rs 454.5 crore. The company’s total expenses stood at Rs 549.17 crore in Q2, up 40.38% YoY.

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Whistle-blower alleges related party transactions by Asian Paints promoters

A whistle-blower has red-flagged related party transactions (RPTs) carried out by the promoters of Asian Paints Ltd (APL), which allegedly benefited them at the cost of the company’s shareholders. The whistle-blower informed market regulator SEBI that money to buy a company called Paladin Paints and Chemicals (PPC) went from APL. However, APL’s promoters Ashwin Dani and son Malav now control it in their personal capacity. SEBI has sought further details from the whistle-blower.

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MCX Q2 Results: Net profit falls 44% YoY to Rs 33 crore

Multi Commodity Exchange of India (MCX) reported a 44% YoY decline in consolidated net profit to Rs 44 crore for the quarter ended September (Q2 FY22). Net profit fell 18% compared to the previous quarter. Its revenue from operations declined by 30% YoY (or 5% QoQ) to Rs 82 crore during the same period. EBITDA stood at Rs 34 crore in Q2, a decline of 49% YoY.

Petrol, diesel prices hiked for fourth consecutive day

The prices of petrol and diesel soared to new record highs across the country after the rates were hiked for the fourth consecutive day on Saturday. State-run oil marketing companies (OMCs) have increased the fuel rates by 35 paise per litre each. Following the latest price revision, petrol is retailing at Rs 107.24 per litre in Delhi. The cost of diesel stands at Rs 95.97 per litre in the national capital.

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Real estate sector to touch $1 trillion by 2030: Niti Aayog

The real estate sector plays a multiplier effect in the development of the economy and is expected to reach a market size of $1 trillion by 2030, said Niti Aayog CEO Amitabh Kant. He further said that the sector will account for 18-20% of India’s gross domestic product (GDP). Kant noted that the real estate sector and its stakeholders also play a critical role in supporting the ‘housing for all’ initiative of the government. Real Estate Investment Trusts (REITs) are expected to create opportunities worth Rs 1.25 lakh crore in the coming years.

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