Indonesia to lift palm oil exports ban from May 23

Following improvements in the local cooking oil supply situation, Indonesia will relax its prohibition on palm oil exports from May 23, said President Joko Widodo. The restriction on palm oil exports was implemented three weeks ago in an effort to boost domestic cooking oil supplies. The ban had a negative impact on several importing countries, causing an increase in cooking oil prices as well as supply globally.

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Dr. Reddy’s Labs Q4 Results: Net profit falls 76% YoY to Rs 88 crore

Dr. Reddy’s Laboratories Ltd reported a 75.85% YoY decline in consolidated net profit to Rs 87.5 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 14.98% YoY to Rs 5,436.8 crore during the same period. The decline in net profit was largely driven by an impairment of non-current assets worth Rs 751.5 crore. The pharma company’s domestic business posted a 15% YoY growth in revenue to Rs 968.9 crore.

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HPCL Q4 results: Net profit at Rs 1,795 crore

In Q4 FY22, Hindustan Petroleum Corporation Ltd (HPCL) declared a net profit of Rs 1,795 crore as against Rs 3,017.96 crore in the same quarter last fiscal (Q4 FY21) and Rs 868.86 crore in the previous quarter of this fiscal (Q3 FY22). HPCL’s total income climbed to Rs 1,06,886.35 crore in Q4 FY21 from Rs 85,748.12 crore the previous quarter.

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Bosch Q4 Results: Net profit slips 27% to Rs 350.5 crore

Bosch Ltd reported a 27.28% drop in overall net profit in the fourth quarter ended March 2022 to Rs 350.5 crore. The company reported a consolidated net profit of Rs 482 crore during the same time last year. Total expenses in the fourth quarter stood at Rs 2,972.2 crore, up from Rs 2,693 crore a year ago. In FY22, the company’s consolidated income from operations was Rs 11,781.6 crore, up from Rs 9,716.2 crore in FY21.


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Ashok Leyland Q4 Results: Net Profit Up 273% YoY to Rs 901 crore

Ashok Leyland Ltd’s net profit increased by 273.8% YoY to Rs 901 crore in the quarter ended March 31, 2022. In the same quarter of FY21, it made a net profit of Rs 241 crore. The company’s revenue was up by 25% YoY to Rs 8,744 crore, up from Rs 7,000 crore the previous year. Total Revenue for the full year FY22 stood at Rs 21,688 crore as against Rs 15,301 in FY21. In Q4 FY22, Ashok Leyland’s truck market share increased to 30.6%, up from 28.9% in Q4 FY21.

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Edtech firm Vedantu lays off 400+ employees

Edtech startup Vedandu has decided to layoff 424 employees from the company, confirmed CEO- Founder Vamsi Krishna in a blog post. “Today I am writing about one of the toughest decisions we had to take in the past many years. It is days like these that are heartbreaking and I hope to never see them again.  There is no easy way to say this – out of 5900 Vedans, 424 of our fellow teammates i.e ~7% of our company, will be parting with us.” said Vamsi in a blog post. 

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Paradeep Phosphates IPO: Issue subscribed 1.75 times

The Rs 1,501 crore Pradeep Phosphates initial public offering (IPO) was oversubscribed 1.75 times on the closing day, with investors bidding for 47.02 crore shares out of a total of 26.86 crore units. Retail portion was subscribed 1.37 times while non-institutional investors’ (NII) portion was subscribed 82%. Qualified institutional buyers have subscribed 3.01 times. India’s second largest manufacturer of non-urea fertilisers and di-ammonium phosphates (DAP) in the private sector.

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Dhanlaxmi Bank net profit jumps 4x to Rs 23 crore

Dhanlaxmi Bank’s net profit jumped fourfold to Rs 23.42 crore in the quarter ending March 2022. In the previous financial year, the bank had a net profit of Rs 5.28 crore. Total income increased to Rs 302.58 crore in the fourth quarter FY22, up from Rs 233.43 crore in the same quarter last year. The Bank’s interest income increased by 10.4% to Rs 234.91 crore in the fourth quarter of FY22, up from Rs 212.77 crore the previous quarter. Gross NPA and Net NPA declined by 2.91% and 1.91%. Gross NPA stood at 6.32% and Net NPA at 2.85%.

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