L&T reports 45% YoY decline in net profit

Larsen & Toubro (L&T) reported a 44.73% year-on-year (YoY) decline in consolidated net profit at Rs 1,410.29 crore, for the quarter ended September (Q2). The company’s revenue from operations has declined by 12.15% YoY to Rs 31,034.74 crore, during the same period. L&T’s Board of Directors has approved a special dividend of Rs 18 per share.

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SBI signs $1 billion loan agreement with Japan Bank for International Cooperation

State Bank of India (SBI) has signed a loan agreement of $1 billion (~Rs 7,403 crore) with the Japan Bank of International Cooperation (JBIC). The loan will provide funds for manufacturers, suppliers, and dealers of Japanese automobiles in India. JBIC is a public financial institution and export credit agency, that promotes the overseas development of Japanese resources.

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Axis Bank Q2 Results: Net Profit at Rs 1,682 crore

Axis Bank Limited has reported a net profit of Rs 1,682.67 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) has increased by 20% YoY to Rs 7,326.07 crore, during the same period. NII is the difference between the interest earned by a bank on its loans, and the interest it pays to depositors.

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Marico Q2 Results: 8% YoY rise in Net Profit

Marico Limited reported a 7.9% year-on-year (YoY) increase in consolidated net profit at Rs 273 crore, for the quarter ended September (Q2). The FMCG firm’s revenue from operations increased by 8.74% YoY to Rs 1,989 crore, during the same period. The company has stated that it had gained a strong growth in domestic sales in Q2.

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Flipkart-Aditya Birla Fashion proposed deal violates FDI policy: CAIT

The Confederation of All India Traders (CAIT) has raised objections over the proposed deal between Aditya Birla Fashion & Retail and Flipkart. CAIT has alleged that the deal violates the Government’s foreign direct investment (FDI) policy. According to the deal, Aditya Birla Fashion has plans to raise Rs 1,500 crore by issuing a 7.8% stake to Walmart-owned Flipkart Group.

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Tata Elxsi secures global services deal from Aesculap AG

Tata Elxsi has been selected as the global engineering services partner by Aesculap AG. It has opened a dedicated Global Engineering Center (GEC) for Aesculap AG, as part of its strategic multi-year engagement. Aesculap AG is owned by Germany-based B. Braun, one of the world’s leading manufacturers of medical devices. 

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Piramal Enterprises Q2 Results: 14% YoY increase in net profit

Piramal Enterprises Limited reported a 13.95% year-on-year (YoY) increase in consolidated net profit at Rs 628.31 crore, for the quarter ended September (Q2). The company’s consolidated revenue from operations stood at Rs 3,301.84 crore, during the same period. The company has stated that these results have been achieved through strong sales in the pharma segment.

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TCS selected as strategic partner for Belgium-based AG

Tata Consultancy Services (TCS), on Wednesday, announced that it has been selected as a strategic partner by Belgium-based insurance company, AG. TCS would help to improve AG’s digital channels and modernize its IT systems. The global Innovation ecosystem and experience of TCS will be used to upgrade AG’s insurance services.

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Titan reports 38% YoY decline in net profit to Rs 199 crore

Titan Company Ltd. has reported a 37.8% year-on-year (YoY) decline in standalone net profit to Rs 199 crore, for the quarter ended September (Q2). The watch and jewellery maker has posted a 1.72% YoY decline in total income at Rs 4,389 crore, during the same period. The share price of Titan saw a fall of 1.12%, and closed at Rs 1,218 on the NSE today.

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RBL Bank Q2 Results: Profit rises 165% YoY to Rs 144 crore

RBL Bank Limited reported a 165% year-on-year (YoY) increase in net profit to Rs 144.2 crore, for the quarter ended September (Q2). The bank’s net interest income (NII) increased by 7.3% YoY to Rs 932.1 crore, during the same period. The share price of RBL Bank saw a rise of 2.48%, and closed at Rs 179.50 on the NSE today.

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