Infosys Q1 Results: Net profit rises 23% YoY to Rs 5,195 crore

Infosys Limited reported a 22.7% year-on-year (YoY) increase in consolidated net profit to Rs 5,195 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.3% when compared to the previous quarter. Its revenue from operations rose 17.87% YoY (or 6% QoQ) to Rs 23,665 crore during the same period. The IT company signed large deals worth $2.6 billion (~Rs 19,300 crore) in Q1. Infosys has announced plans to hire 35,000 college graduates globally in the current financial year (FY22).

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India’s WPI inflation eases to 12.07% in June

The inflation based on the Wholesale Price Index (WPI) eased to 12.07% in June 2021, compared with 12.94% in May. There was a decline in the prices of crude oil, power, and food items last month. Inflation in manufactured products stood at 10.88% in June, compared with 10.83% in May. The inflation in food articles stood at 3.09% YoY in June, compared to 4.31% in May. The fuel and power index rose 32.83% annually in June, against an increase of 37.61% in May. The data was released by the Ministry of Commerce and Industry.

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Zomato IPO subscribed 1.05 times on first day of bidding

The Rs 9,375 crore initial public offering (IPO) of Zomato Limited was subscribed 1.05 times on the first day of bidding. The IPO has received bids for 75.60 crore equity shares, compared to the issue size of 71.92 crore shares. Retail investors have subscribed 2.7 times against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have put in bids for 13% and 98%, respectively, against their reserved portions. The IPO closes on July 16 (Friday).

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ITC to enter boutique lifestyle hotel segment with ‘Storii’

ITC Limited will venture into the boutique lifestyle hotel segment with a new brand— Storii. The launch is part of the company’s strategy to focus more on managing properties rather than owning them. With Storii, ITC aims to offer curated travel experiences to new-age travellers. The company revealed that its new hotel signings and openings took a hit in 2020-21 due to the Covid-19 pandemic. However, it has assured of bouncing back again as the state of affairs normalises.

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L&T Tech Q1 Results: Net profit rises 84% YoY to Rs 216 crore

L&T Technology Services (LTTS) reported an 84% YoY increase in net profit to Rs 216.2 crore for the quarter ended June (Q1 FY22). Net profit has increased by 11% when compared to the previous quarter. Its revenue from operations rose 17% YoY to Rs 1,518 crore during the same period. The company secured six deals with a total contract value (TCV) of more than $10 million (~Rs 74.5 crore) in Q1. LTTS is the engineering services arm of Larsen & Toubro.

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CEAT to supply tyres for M&M’s new seven-seater Bolero Neo

CEAT Limited will supply its range of high-performance CZAR HP tyres for Mahindra & Mahindra’s (M&M) new seven-seater Bolero Neo SUV. The seven-seater SUV is built on third-generation chassis, shared with Scorpio and Thar. CEAT’s tyres are designed to provide better steering control and higher fuel efficiency. The company said the tyres have been optimised to perfectly complement the exceptional performance of Bolero Neo.

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Quess Corp counters IT department, denies concealing income of Rs 880 crore

Quess Corp has denied allegations of concealing income after the Income Tax (IT) Department claimed that it had revealed undisclosed income of ~Rs 880 crore during raids of the company’s two premises in Bengaluru. “We extended full cooperation to the Department, including providing complete information in a timely manner, and have not received any claims to date,” said Quess Corp in a statement. Quess Corp said the IT Dept had conducted surveys at its registered offices during July 8-10.

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IndiGrid acquires 100 MW solar assets from FRV for Rs 660 crore

India Grid Trust (IndiGrid) has acquired the entire stake in two solar energy assets from Fotowatio Renewable Ventures (FRV) for Rs 660 crore. The cumulative capacity of the solar assets is 100 megawatts (MW). IndiGrid has become the first infrastructure investment trust (InvIT) to acquire renewable energy assets in India. With this acquisition, IndiGrid’s asset portfolio will consist of 14 diversified projects— 40 transmission lines, 11 substations, and 100 MW solar power plants across 18 states and one Union Territory.

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Mahanagar Gas hikes prices of CNG, domestic PNG

Mahanagar Gas Limited (MGL) has announced a hike in prices of Compressed Natural Gas (CNG) and Domestic Piped Natural Gas (PNG) for Mumbai and surrounding areas. The rate of CNG has been hiked by Rs 2.58 per kilogram, taking it up to Rs 51.98 per kg. Domestic PNG rates have been hiked by Rs 0.55 per standard cubic meter (SCM). MGL has increased prices to offset operational costs and high gas pipeline transportation costs.

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Marico to acquire 60% stake in Apcos Naturals

Marico Limited will acquire a 60% stake in Apcos Naturals Pvt Ltd over the next two years through primary infusion and secondary buyouts. Apcos owns Just Herbs, a range of ayurvedic and organic skin and hair care products. The brand had posted sales of Rs 17.5 crore during the financial year 2020-21 (FY21). Marico will acquire a 52.4% stake in Apcos by the end of July, while the balance 7.6% stake will be bought by March 2023.

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