ICICI Bank Q3 Results: Net profit rises 25% YoY to Rs 6,194 crore

ICICI Bank reported a 25% YoY increase in net profit to Rs 6,194 crore for the quarter ended December (Q3 FY22). Net profit rose 12% when compared to the previous quarter. Its net interest income (NII) rose 23% YoY (or 5% QoQ) to Rs 12,236 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 4.13% in Q3 FY22, compared to 4.82% in Q2 FY22. Provisions fell 27% YoY to Rs 2,007 crore in Q3 FY22. ICICI Bank’s total deposits rose 16% YoY to Rs 10.17 lakh crore.

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Yes Bank Q3 Results: Net profit rises 77% YoY to Rs 266 crore

Yes Bank reported a 77% YoY increase in net profit to Rs 266 crore for the quarter ended December (Q3 FY22). Net profit rose 18% when compared to the previous quarter. Its net interest income (NII) fell 31% YoY to Rs 1,764 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 14.7% in Q3 FY22, compared to 15% in Q2 FY22. Provisions fell 82.1% YoY to Rs 375 crore in Q3 FY22. 

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Biocon Biologics set to reap biosimilar insulin glargine opportunity in US

Biocon Ltd is banking on the ramp-up of interchangeable biosimilar insulin glargine primarily from the US market. The product is expected to boost the revenue and profit growth in the next several quarters. Biocon’s marketing partner Viatris is working to ensure wide access to the product. Last year, Biocon and Vitaris jointly developed Semglee, the first interchangeable biosimilar product approved by the US Food & Drug Administration (USFDA).

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Vardhman Textiles Q3 Results: Net profit jumps 146% YoY to Rs 428 crore

Vardhman Textiles Ltd reported a 146.7% YoY jump in consolidated net profit to Rs 431.51 crore for the quarter ended December (Q3 FY22). Its total income rose 47.6% YoY to Rs 2,666.8 crore during the same period. The company’s total expenses increased by 32% YoY to Rs 2,097.62 crore in Q3 FY22. Vardhman Textiles’ board has approved a stock split in the ratio 5:1.

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Vakrangee Q3 Results: Net profit rises 74% YoY to Rs 29 crore

Vakrangee Ltd reported a 74.62% YoY increase in consolidated net profit to Rs 29.33 crore for the quarter ended December (Q3 FY22). Net profit rose 9.6% when compared to the previous quarter. Its total income jumped 126.9% YoY (or 1% QoQ) to Rs 209.2 crore during the same period. The company’s EBITDA stood at Rs 42.75 crore in Q3, up 487% YoY. Mumbai-based Vakrangee provides banking, insurance, e-governance, e-commerce, and logistics services.

ONGC Videsh enters development stage of Budiao discovery in Brazil

ONGC Videsh Ltd (OVL) has declared a 2019 gas discovery in a deepsea block in Brazil as commercially viable. It has now entered the development stage that will bring it to production. OVL had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin. Brazil’s Petrobras is the operator of the block with 75% Participating Interest (PI), while OVL has the remaining 25% stake. OVL is the overseas investment arm of state-owned Oil & Natural Gas Corporation (ONGC).

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Sangam (India) Q3 Results: Net profit jumps 488% YoY to Rs 43 crore

Sangam (India) Ltd reported a 488.69% YoY increase in consolidated net profit to Rs 43.74 crore for the quarter ended December (Q3 FY22). Net profit rose 46% when compared to the previous quarter. Its revenue from operations rose 47.6% YoY (or 2% QoQ) to Rs 649.8 crore during the same period. EBITDA stood at Rs 77 crore in Q3, up 85% YoY. Sangam (India) manufactures and sells PV (polyester viscose) dyed yarns in India.

Stock market players seek removal of LTCG tax in upcoming Budget

Stock market insiders are seeking the removal of Long Term Capital Gain (LTCG) tax in the upcoming Budget 2022. They question the logic behind levying LTCG tax when investors are already giving Security Transaction Tax (STT). Experts were of the opinion that transaction cost in India is too high, and LTCG and STT dampen the sentiments of the market.

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