Infosys Q3 Results: Net profit jumps 16.6% YoY to Rs 5,197 crore

Infosys Ltd reported a 16.6% year-on-year (YoY) increase in consolidated net profit at Rs 5,197 crore for the quarter ended December (Q3). The IT major had posted a net profit of Rs 4,457 crore in the same period last year. The company’s revenue rose by 12.27% YoY to Rs 25,927 crore. Infosys had secured large digital-transformation deals from companies such as Rolls-Royce, El Paso Water, and Daimler in Q3.

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Govt to sell 5% stake in SAIL through OFS

The Central Government has decided to sell up to 20.65 crore shares or 5% of the total equity of Steel Authority of India Limited (SAIL) through an Offer for Sale (OFS). The floor price of the OFS has been set at Rs 64 per share. The OFS for non-retail investors opens on Thursday (Jan 14). It will start for retail investors on Friday (Jan 15). The government currently holds a 75% stake in SAIL.

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Wipro Q3 Results: Net profit rises 21% YoY to Rs 2,968 crore

Wipro Ltd reported a 20.85% YoY increase in net profit to Rs 2,968 crore for the quarter ended December (Q3). It had reported a net profit of Rs 2,455.9 crore in the same quarter last year (Q3 FY20). The IT firm’s revenue rose by 1.28% YoY to Rs 15,670 crore during the same period. Wipro has declared an interim dividend of Re 1 per equity share. The record date for the same has been set as January 25.

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IRFC to launch Rs 4,633-crore IPO on January 18

State-owned Indian Railway Finance Corporation (IRFC) announced that it will launch its Rs 4,633-crore initial public offering (IPO) on January 18. The price band of the IPO has been set at Rs 25-26 per share. IRFC is offering up to 178 crore equity shares of the face value of Rs 10 each. The IPO comprises a fresh issue of up to 118.8 crore equity shares and an offer for sale of up to 59.4 crore equity shares by the government. IRFC is the first non-banking financial company (NBFC) in the PSU sector that is going public. 

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Reliance loses crown to HDFC Bank in the NIFTY 50

Reliance Industries Limited (RIL) has lost its position to HDFC Bank in terms of weightage in the NIFTY 50. RIL’s weightage slipped to as low as 9.82% on Monday and stood at 10.08% on Tuesday. This led to the stock losing its top rank to HDFC Bank. On Monday, the private sector bank’s weight in NIFTY 50 surpassed RIL’s for the first time since May to 10.11%.

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Amazon signs deal with Bharti Airtel to launch world’s first mobile-only Prime Video plan

Amazon has partnered with Bharti Airtel to introduce Prime Video Mobile Edition at an introductory price of Rs 89. India has become the first country in the world to obtain this mobile-only Prime Video plan. Airtel customers can get 28-days of Prime Video Mobile Edition through pre-paid recharges starting at an introductory offer of Rs 89. The recharges will be available on the Airtel Thanks app or at recharge points across the country.

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Petrol price touches new high of Rs 84.45 in Delhi, crosses Rs 91 mark in Mumbai

Petrol price on Wednesday touched a new high of Rs 84.45 per litre in Delhi, as state-owned fuel retailers hiked prices after a five-day interval. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. In Mumbai, petrol comes for Rs 91.07 a litre and diesel for Rs 81.34. This is the highest ever price of petrol in Delhi, while diesel is at a record high in Mumbai.

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India clears purchase of 83 ‘Tejas’ jets for IAF

The Cabinet Committee on Security (CCS) has approved the procurement of 83 Light Combat Aircraft (LCA) Tejas Mk-1A for the Indian Air Force (IAF). The Rs 48,000 crore deal will be the biggest ever in the indigenous military aviation sector. The aircraft will be manufactured by Hindustan Aeronautics Limited (HAL). About 500 Indian companies, including MSMEs in the design and manufacturing sectors, will be working with HAL in this procurement.

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SEBI bans CNBC TV anchor Hemant Ghai, family members from capital market

The Securities and Exchange Board of India (SEBI) has barred CNBC TV anchor Hemant Ghai, his wife, and his mother from accessing the capital markets for indulging in fraudulent trading activity. The market regulator has alleged that the three individuals pocketed nearly Rs 3 crore between January 2019 and May 2020 by dealing in stocks that were being recommended on the TV show Stock 20:20 on CNBC Awaaz. SEBI stated that Hemant Ghai had the advance information about the recommendation to be made on the show (which was co-hosted by him) and that he directly or indirectly used it to his advantage.

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L&T secures multiple orders in domestic, overseas market

Larsen & Toubro has secured orders for the construction of metallurgical plants and power transmission & distribution projects in the domestic as well as international market. The construction major said that the orders fall under the “significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore. The company also stated that it has bagged an engineering, procurement, construction, and commissioning (EPCC) contract to construct a 500-kilovolt transmission line in Malaysia.

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Granules India receives USFDA approval for diabetes management drug Metformin

Granules India announced that the US Food & Drug Administration (USFDA) has granted final approval for its Abbreviated New Drug Application (ANDA) for Metformin Hydrochloride Extended-Release Tablets. The tablets are indicated for the management of Type-2 diabetes. According to IQVIA health data, Metformin Hydrochloride ER tablets had sales of approximately $192 million (~Rs 1,404 crore) in the US for the twelve months ending in November 2020.

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