India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

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Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

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Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

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ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

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Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

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Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

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MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

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Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

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Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

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Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

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