Jet Airways to take off again after DGCA approval

The Directorate General of Civil Aviation (DGCA) has granted Jet Airways the license to resume commercial flights. The airline conducted its first of three sets of proving flights for the permit on Sunday and the final two on Tuesday. The new owners of Jet Airways, a consortium of Kalrock Capital and middle east-based businessman Murari Lal Jalan, had applied for the security clearance in December 2021.

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Zydus Lifesciences Q4 Results: Net profit falls 41% YoY to Rs 397 crore

Zydus Lifesciences Ltd reported a 41.47% YoY decline in consolidated net profit to Rs 397.4 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 5.2% YoY to Rs 3,863.8 crore during the same period. The pharma company’s board has approved the proposal to buy back ~1.15 crore shares, representing 1.13% of the paid-up equity share capital. The board has also declared a final dividend of Rs 2.5 per share.

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Welspun Corp secures order worth over Rs 5,000 crore

Welspun Corp Ltd has secured its largest order for the supply of pipes valued at over Rs 5,000 crore from the United States. The order includes the supply of 325,000 metric tonnes (MT) of large diameter coated pipes for transporting natural gas from the Permian Basin to Houston. The pipes will be produced at the company’s Little Rock plant in the US. Welspun Corp’s order book currently stands at Rs 10,500 crore.

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IDBI Bank to exit insurance JV by selling entire stake to Ageas for Rs 580 crore

IDBI Bank has signed a pact with Ageas Insurance International NV to sell its entire stake in its joint venture Ageas Federal Life Insurance Company Ltd (AFLICL) for ~Rs 580 crore. As of March 31, 2022, IDBI Bank holds a 25% stake in the AFLICL. The transaction is expected to be completed in the second quarter of the current fiscal year 2022-23.

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Indigo Paints Q4 Results: Net profit rises 39% YoY to Rs 35 crore

Indigo Paints Ltd reported a 39.1% YoY increase in net profit to Rs 34.58 crore for the quarter ended March (Q4 FY22). Net profit rose 42.3% when compared to the previous quarter. Its revenue from operations rose 13.41% YoY to Rs 288.38 crore during the same period. EBITDA (excluding other income) stood at Rs 53.77 crore, up 25.22% YoY. Indigo Paints’ board has declared a dividend of Rs 3 per share.

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SEBI imposes penalties worth Rs 38.75 crore on 32 entities involved in FHL fund diversion case

Securities Exchange Board of India (SEBI) has imposed penalties totaling Rs 38.75 crore on 32 entities, including Fortis Healthcare Holdings, in a case related to the diversion of funds of Fortis Healthcare Ltd (FHL) and misrepresentations to conceal the fraud. In 2018, a media report stated that the promoters of FHL had allegedly taken massive funds out of the company. SEBI had initiated an investigation into the matter to examine possible violations of the provisions of the Prohibition of Fraudulent and Unfair Trade Practices.

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JK Tyre Q4 Results: Net profit falls 80% YoY to Rs 38 crore

JK Tyre & Industries Ltd reported an 80% YoY decline in consolidated net profit to Rs 38.22 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 13.13% YoY to Rs 3,311.83 crore during the same period. Total expenses stood at Rs 3,280.78 crore in Q4, up 22.71% YoY. Exports contributed significantly to the company’s total revenue and were higher by 60% YoY.

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Saudi Tourism signs MoU with EaseMyTrip

Saudi Tourism Authority and Easy Trip Planners Ltd (EaseMyTrip) have signed a Memorandum of Understanding (MoU) to boost inbound tourism to Saudi Arabia by leveraging the company’s travel network. The two entities will explore opportunities to collaborate on key initiatives and undertake various activities to promote and develop quality tourism experiences in Saudi Arabia and expand their presence in the Indian market.

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NTPC Q4 Results: Net profit rises 12% YoY to Rs 5,200 crore

NTPC Limited reported an 11.9% YoY decline in net profit to Rs 5,199.51 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 23.12% YoY to Rs 37,085.07 crore during the same period. EBITDA stood at Rs 11,426 crore in Q4, up 47% YoY. NTPC’s board has declared a final dividend of Rs 3 per share.

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