India to grow oil refining capacity to 450 MT by 2025: PM Modi

Prime Minister Narendra Modi, on Monday, announced that India will increase its oil refining capacity to 450 million tonnes by 2025. The refining capacity is currently at 250 million tonnes. He stated that India’s energy sector will be growth-centric, investor-friendly, and environmentally conscious. While addressing the fourth India Energy Forum by CERAWeek, PM Modi further said that energy security will be India’s biggest priority.

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Kotak Bank reports 26% YoY increase in net profit

Kotak Mahindra Bank reported a 26.27% year-on-year (YoY) increase in standalone net profit at Rs 2,184.48 crore, for the quarter ended September (Q2). The bank’s Net Interest Income (NII) saw a rise of 16.8% to Rs 3,913 crore, during the same period. NII is the difference between the interest income a bank receives from loans, and the interest it pays to depositors. The share price of Kotak Bank saw a rise of 1.99%, and closed at Rs 1,410.55 on the NSE today.

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Bharti Airtel enters cloud communications market with ‘Airtel IQ’

Telecom operator Bharti Airtel, on Monday, launched a cloud-based communication platform called ‘Airtel IQ’. The platform will help enterprises in India to deepen their engagement with customers. According to Airtel, companies such as Swiggy, JustDial, Rapido, and Urban Company have already signed deals to use this platform. Bharti Airtel is the first telecom company to enter this segment, and expects the market to grow 20% YoY.

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Mahindra Finance Q2 Results: 34% YoY increase in net profit

Mahindra Finance Limited has reported a 33.7% year-on-year increase in consolidated net profit at Rs 352.5 crore, for the quarter ended September (Q2). The company’s total income increased by 4.6% YoY to Rs 3,070.5 crore, during the same period. The customer base of Mahindra Finance crossed 69 lakh during July-September, and reported strong rural demand.

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SBI Life reports two-fold jump in net profit at Rs 299.73 crore

SBI Life Insurance Company Ltd reported a two-fold year-on-year (YoY) increase in net profit at Rs 299.73 crore, for the quarter ended September (Q2). The total income of the company saw a rise of 45% YoY to Rs 18,458.25 crore, during the same period. The share price of SBI Life saw an increase of 1.34%, and closed at Rs 781 on the NSE today.

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TCS partners with Volt to expand payment offerings

Tata Consultancy Services (TCS), on Monday, announced that they have partnered with Australia’s first neo-bank, Volt. A neobank is a digital or virtual bank, or a bank that does not have any physical branches. The partnership has been aimed at launching Volt 2.0, a next-generation Banking as a Service (BaaS) platform. With the help of TCS, Volt’s digital payment methods will also be improved.

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Poly Medicure Q2 Results: Net profit rises 23% YoY to Rs 35 crore

Poly Medicure Limited reported a 23.27% year-on-year increase in net profit at Rs 35.01 crore, for the quarter ended September (Q2). The total sales of the company saw a growth of 14.81% YoY to Rs 199.63 crore, during the same period. The share price of Poly Medicure fell 0.67%, and closed at Rs 490 on the NSE on Monday.

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Aurobindo Pharma to sell US unit Natrol for $550 million

Aurobindo Pharma has signed a deal with New Mountain Capital to sell its US-based subsidiary, Natrol LLC. The cost of the sale has been estimated at $550 million (~Rs 4,048 crore). The deal is subject to regulatory approvals, and is expected to close by January 2021. The drug company had acquired Natrol in December 2014.

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Yes Bank sells DHFL bonds, raises Rs 500 crore from secondary market

Yes Bank has sold bonds in Dewan Housing Finance Corporation Ltd (DHFL) on the secondary market to raise Rs 500 crore. According to Yes Bank’s MD, Prashant Kumar, the company is planning to reduce its links with the troubled DHFL. He also stated that the bank is looking to sell its mutual funds by the end of the year, in order to raise more capital.

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CDSL reports 68% YoY increase in profit after tax to Rs 49 crore

The Central Depository Services (India) Limited reported a 68% year-on-year (YoY) increase in profit after tax (PAT) at Rs 48.87 crore, for the quarter ended September (Q2). The total income increased by 46% to Rs 101.16 crore, during the same period. CDSL allows investors to deposit securities by opening a Demat account. It gets its revenue from transaction charges and accounts maintenance charges.

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