ICICI Bank Q3 Results: Net profit rises 19% YoY to Rs 4,940 crore

ICICI Bank Ltd reported a 19% YoY increase in net profit to Rs 4,939.6 crore for the quarter ended December (Q3). Net interest income (NII) rose 16% YoY to Rs 9,912 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The bank’s gross non-performing asset (NPA) ratio stood at 3.38%, compared with 5.17% in Q2 FY21. ICICI Bank’s total provisions increased by 31% YoY to Rs 2,741.72 crore in Q3.

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L&T Finance Holdings to open rights issue on Feb 1

L&T Finance Holdings announced that its Rs 2,998.61 crore rights issue will open on February 1, 2021. [A rights issue is an invitation to existing shareholders to purchase additional new shares in the company] The company will issue up to 46.13 crore equity shares for cash, at Rs 65 per equity share (including a premium of Rs 55 per share). The funds raised through the issue will be used to repay certain commercial papers issued by the company and for infusing funds into its subsidiary. 

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Shree Cement Q3 Results: Net profit jumps 102% YoY to Rs 626 crore

Shree Cement Ltd reported a 102% YoY increase in net profit to Rs 626.2 crore for the quarter ended December (Q3). Its revenue rose 16.2% YoY to Rs 3,309.4 crore during the same period. The company has benefited from the pick-up in sales volumes and a strong pricing environment.

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Happiest Minds acquires US-based Pimcore Global Services

Happiest Minds Technologies Ltd said it will acquire US-based Pimcore Global Services (PGS) for $8.25 million (~Rs 60 crore). PGS is a digital e-commerce and data management solutions company. Happiest Minds stated that the acquisition will further strengthen its offerings and leadership in the digital transformation space. The deal is subject to customary closing conditions and is expected to close in the quarter ended March 31, 2021 (Q4).

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SAIL Q3 Results: Net profit at Rs 1,468 crore

Steel Authority of India Ltd (SAIL) reported a net profit of Rs 1,468.20 crore for the quarter ended December (Q3). It had posted a net loss of Rs 343.57 crore in the corresponding quarter last year. The company’s revenue rose 20% YoY to Rs 19,835 crore during the same period. Total sales including domestic and exports grew 1% YoY to 4.15 million tonnes. SAIL has declared an interim dividend of Rs 1 per share.

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Power Grid secures two power transmission projects in Rajasthan

Power Grid Corporation of India has been declared as the successful bidder under tariff-based competitive bidding (TBCB) to establish two power transmission projects in Rajasthan. The projects include the establishment of a new 400/220kV Substation, 400kV D/C transmission lines, and associated Substation extension works in Rajasthan.

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Unichem Labs Q3 Results: Net profit at Rs 23 crore

Unichem Laboratories Ltd reported a consolidated net profit of Rs 23.56 crore for the quarter ended December (Q3). The pharma company had posted a net loss of Rs 14.60 crore in the corresponding quarter last year. Its revenue rose 18.72% YoY to Rs 326.28 crore in Q3 FY21.

NSE adds 5 stocks in F&O segment from March series

The National Stock Exchange (NSE) has announced the inclusion of five securities in the futures and options (F&O) segment from the March series. Alkem Laboratories, AU Small Finance Bank, Deepak Nitrite, Indian Railway Catering & Tourism Corporation (IRCTC), and Nippon Life India Asset Management will come under the F&O segment, effective from February 26. These securities have been added to the F&O segment based on the stock selection criteria prescribed by market regulator SEBI.

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Zen Technologies Q3 Results: Net profit declines 77% YoY to Rs 2.32 crore

Zen Technologies Ltd reported a 77.32% YoY decline in net profit to Rs 2.32 crore for the quarter ended December (Q3). Its revenue declined 49.77% YoY to Rs 16.57 crore during the same period. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

Relaxo Footwears Q3 Results: Net profit jumps 67% YoY to Rs 90 crore

Relaxo Footwears Ltd reported a 67% YoY increase in net profit to Rs 90 crore for the quarter ended December (Q3). Its revenue rose 12% YoY to Rs 672 crore during the same period. Total expense during the quarter increased by 4.7% YoY to Rs 555.10 crore. Relaxo Footwears is engaged in the production of Hawaii slippers, lightweight slippers, canvas shoes, PVC footwear, etc.

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