ICICI Bank Q2 Results: Net Profit jumps 6-fold to Rs 4,251 crore 

ICICI Bank Ltd. reported a six-fold year-on-year (YoY) increase in net profit to Rs 4,251 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 16% YoY to Rs 9,366 crore, during the same period. Its provisions for the quarter had increased by 19% YoY to Rs 2,996 crore. Provision is an amount set aside by a company to pay for any losses that might arise in the future.

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Jindal Steel & Power Q2 Results: Net Loss increases to Rs 706 crore

Jindal Steel & Power Ltd. (JSPL) reported a 76% year-on-year (YoY) increase in net loss at Rs 706 crore, for the quarter ended September (Q2).  JSPL’s consolidated gross revenue has increased by 22% YoY to Rs 9,804 crore, during the same period. The company has stated that it has completed the sale of a 48.99% stake in its Oman subsidiary, JSIS.

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Adani Group takes over Mangalore Airport

Adani Group has taken over the Mangalore International Airport, which was earlier run by the Airports Authority of India (AAI). This is one of the six state-run airports that has been awarded to Adani Group, under the first phase of India’s airport privatization. As per reports, the Group is expected to take over the airports at Lucknow and Ahmedabad by the end of next week.

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ADIA, PIF to invest Rs 3,779 crore each in Jio Fibre

Reliance Industries Ltd. has stated that the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund (PIF) have invested Rs 3,779 crore each in Jio Fibre’s network. Both ADIA and PIF will acquire 51% of Jio’s Digital Fibre Infrastructure Trust (DFIT). The remaining 49% will be held by various entities of Reliance.

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Vodafone Idea to raise Rs 25,000 crore in 2-3 months

Vodafone Idea’s MD, Ravinder Takkar, has stated that the company plans to raise Rs 25,000 crore within the next 2-3 months. The amount would be raised through a mix of debt and equity instruments. These funds would be used to expand networks, and pay its adjusted gross revenue (AGR) dues. Vodafone Idea (Vi) has AGR dues of Rs 50,000 crore, which is payable over 10 annual installments till March 31, 2031. 

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Edelweiss Financial Services Q2 Results: Net Loss stands at Rs 56 crore

Edelweiss Financial Services Ltd. reported a consolidated net loss of Rs 56.12 crore, for the quarter ended September (Q2). The company has reported a 6.17% YoY decline in revenue to Rs 2,256.88 crore, during the same period. The non-banking financial company (NBFC) is engaged in wealth management, asset reconstruction, and insurance businesses.

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Gold ETFs registers Rs 2,426 crore inflow in September quarter

Gold exchange-traded funds (ETFs) saw a net inflow of over Rs 2,426 crore, during the three months ended September (Q2). This is a 14-time increase in inflows, as compared to Q2 of the previous financial year. The main reason for this increase has been linked to investors trying to minimize their risks, as there is higher economic uncertainty resulting from Covid-19 and the US election.

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Quess Corp Q2 Results: Net profit falls 25% YoY to Rs 50 crore

Quess Corp Limited has reported a 25.1% year-on-year (YoY) decline in net profit at Rs 49.93 crore, for the quarter ended September (Q2). The company has reported a 1.37% YoY decline in revenue to Rs 2614.07 crore, during the same period. Quess Corp is a business service provider based in Bangalore.

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Unichem Lab Q2 Results: Net Profit stands at Rs 8.74 crore

Unichem Laboratories Limited reported a consolidated net profit of Rs 8.74 crore, for the quarter ended September (Q2). The company had posted a net loss of Rs 22.21 crore in Q2 of the previous financial year. Unichem Lab’s sales have increased by 18.41% year-on-year (YoY) to Rs 317.51 crore in Q2 FY21. 

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Relaxo Footwears Q2 Results: Profit rises by 6% YoY to Rs 75 crore

Relaxo Footwears Ltd. reported a 6.46% year-on-year (YoY) increase in net profit to Rs 75.10 crore, for the quarter ended September (Q2). The revenue from operations has declined by 7.38% YoY to Rs 575.87 crore, during the same period. The company has stated that demand for its products has reached pre-Covid levels.

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