Kalyan Jewellers gets approval from SEBI to conduct IPO

Kalyan Jewellers India Ltd has received approval from market regulator SEBI to go ahead and raise Rs 1,750 crore through an initial public offering (IPO). The initial sale of shares consists of the issuance of fresh equity aggregating to Rs 1,000 crore, and an offer for sale (OFS) of Rs 750 crore. The company’s promoter, T. S. Kalyanaraman, would be offloading shares worth up to Rs 250 crore. An OFS is a method by which the promoters of a company sell their shares and reduce their holdings.

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HDFC Life Q2 Results: Profit rises 6% YoY to Rs 326 crore

HDFC Life Insurance Company reported a 6% year-on-year (YoY) increase in consolidated net profit to Rs 326 crore, for the quarter ended September (Q2). The company’s total income increased by almost 90% to Rs 16,426 crore for the same period.

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IPOs and share buybacks to support Government’s divestment plan

The Central Government is planning to go for IPOs and share buybacks in key public sector undertakings (PSUs), in order to meet expenses amidst the Covid-19 pandemic. The Department of Investment and Public Asset Management (DIPAM) stated that the BPCL stake sale would be completed before April. The Government has set a disinvestment target of Rs 2.1 lakh crore for the current financial year (FY21).

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ACC reports 20.26% YoY increase in net profit

Cement manufacturer ACC reported a 20.26% year-on-year increase in net profit to Rs 363.8 crore for Q3 CY21. The company also posted a revenue of Rs 3,537.3 crore for the same period. Since ACC is owned by a Swiss company, it follows international standards. Q3 CY21 is the same as the second quarter of the financial year 2020-2021 in India.

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MCX to start index futures in base metals from today

Multi Commodity Exchange (MCX) has formally launched its metal futures indices, MCX iComdex, on Monday. The metals being traded on this platform are gold, silver, copper, zinc, nickel, etc. MCX had received approval for the indices from SEBI on July 29, and had started mock trading of these metals on July 31.

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Bank of Maharashtra Q2 Results: Profit rises 13% YoY to Rs 130 crore

Bank of Maharashtra reported a 13.4% year-on-year increase in consolidated net profit at Rs 130.44 crore, for the quarter ended September (Q2). The bank’s income increased to Rs 3319.34 crore during the quarter, as compared to Rs 3,296.28 crore in the same quarter in FY20. The share price of the bank saw a rise of 7%, and closed at Rs 11.95 on the NSE today.

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Inox Wind confirms order of 40 MW wind power projects

Inox Wind Limited has announced new orders for the supply and installation of wind turbine generators of 40 MW (megawatts) from retail customers. The projects will be executed across locations in Gujarat and Karnataka, by March 2021. The share price of the company saw a rise of 0.12%, and closed at Rs 40.30 on the NSE today.

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CSB Bank reports two-fold increase in net profit

CSB Bank on Monday reported a two-fold year-on-year (YoY) increase in net profit at Rs 68.9 crore, for the quarter ended September (Q2). The bank’s half-yearly profit after tax was recorded at Rs 122.5 crore. CSB Bank’s total income grew to Rs 567.55 crore during the same period.

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NCLT approves JSW Steel’s acquisition of Asian Color Coated Ispat

The National Company Law Tribunal (NCLT) has given approval to JSW Steel to acquire bankrupt steel company Asian Colour Coated Ispat. JSW Steel has offered over Rs 1,550 crore for the 1 million tonne steel plant. Also, according to JSW Shareholding records, LIC has increased its stake in the company to 3.40% (from 2.43%) in the September quarter.

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Century Textiles reports net loss of Rs 10.35 crore in Q2

Century Textiles and Industries Ltd on Monday reported a consolidated net loss of Rs 10.35 crore, for the quarter ended September (Q2). The company’s net sales dropped 30.01% to Rs 595.77 crore during the same period. The share price of the company settled at Rs 319.35 on Monday, and saw a 0.7% decline from its previous close of Rs 321.60 on the NSE.

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