Maruti Suzuki Q3 Results: Net profit rises 24% YoY to Rs 1,941 crore

Maruti Suzuki India Ltd reported a 24% year-on-year (YoY) increase in net profit to Rs 1,941 crore for the quarter ended December (Q3). Its revenue from operations rose 13.3% YoY to Rs 23,458 crore during the same period. The company sold a total of 4.95 lakh units in Q3, up 13.4% YoY. The carmaker said that capacity utilisation in the quarter improved, which reflected in the double-digit volume growth for the company. The operating performance was aided by lower promotional costs and overall cost reduction efforts.

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Bharti Airtel successfully demonstrates live 5G services in Hyderabad

Bharti Airtel Ltd has announced that it has become the first telecom service provider in the country to successfully ‘demonstrate and orchestrate’ live 5G service. The demonstration took place in the city of Hyderabad. The company used a spectrum block in the 1,800MHz band to operate both 5G and 4G simultaneously on its network. Bharti Airtel said that it will be able to roll out the services across several parts of the country as soon as the Department of Telecommunications (DoT) permits the commercial launch of the 5G and auctions spectrum in the mid-size bands (3,300-3,600MHz).

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IndiGo Q3 Results: Net loss at Rs 620 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 620 crore for the quarter ended December (Q3). It had posted a net profit of Rs 496 crore in the corresponding period in FY20. The company’s total revenue declined 50.2% YoY to Rs 5,142.8 crore in Q3 FY21. The airline said that it operated 40.8% less seats during Q3 compared to the same period last year.

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Airtel adds 44 lakh subscribers in November; Vodafone Idea loses 29 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fourth straight month in November. According to data collected by telecom regulator TRAI, Airtel gained 43.7 lakh subscribers, while Jio added 19.4 lakh subscribers in November 2020. Vodafone Idea (Vi) lost 28.9 lakh subscribers during the same month. Vi’s market share shrunk to 25.10%, while Bharti Airtel’s expanded to 28.97%. At 35.34%, Reliance Jio remains India’s biggest telecom operator by market share. 

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Laurus Labs Q3 Results: Net profit jumps 271% YoY to Rs 273 crore

Laurus Labs Ltd reported a 271.33% YoY increase in net profit to Rs 272.85 crore for the quarter ended December (Q3). Its revenue rose 76% YoY to Rs 1,288 crore during the same period. The company’s performance in Q3 was led by its Active Pharmaceutical Ingredient (API) division, which recorded a growth of 100%. Laurus Labs’ board has declared an interim dividend of Rs 0.4 per share.

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Dilip Buildcon JV signs pact with NHAI for Rs 1,000 crore highway project in Rajasthan

Dilip Buildcon Limited – Altis Holding Corporation joint venture (JV) has entered into an agreement with the National Highways Authority of India (NHAI) for a Rs 1,000 crore highway project in Rajasthan. The project will be built on an engineering, procurement, and construction (EPC) mode. The completion period for the 8.30 km project is 30 months.

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TVS Motor Q3 Results: Net profit at Rs 266 crore

TVS Motor Company Ltd reported its highest-ever net profit of Rs 266 crore for the quarter ended December (Q3). Its revenue rose 31% YoY to Rs 5,404 crore during the same period. TVS Motor’s overall two-wheeler sales were up 23% YoY to 9.52 lakh units. The company’s two-wheelers sales in the domestic market have grown by 21% and in the export market by 31% in Q3. The company’s board has declared an interim dividend of Rs 2.10 per share.

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USFDA grants orphan drug designation to Zydus Cadila’s Saroglitazar Mg

The US Food & Drug Administration (USFDA) has granted orphan drug designation (ODD) to Zydus Cadila’s Saroglitazar Mg tablets. The tablets are indicated for the treatment of patients with Primary Biliary Cholangitis (a liver disease). The drugmaker stated that the ODD provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions, and seven-year marketing exclusivity.

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RBL Bank Q3 Results: Net profit rises 110% YoY to Rs 147 crore

RBL Bank reported a 110% YoY increase in net profit to Rs 147.1 crore for the quarter ended December (Q3). Its total revenue rose 6% YoY to Rs 1,488 crore during the same period. Net interest income (NII) fell 2% YoY to Rs 932 crore. The bank’s gross non-performing assets (NPAs) fell to 1.84% of the gross advances, compared to 3.33% in the corresponding period last year. RBL Bank’s provisions fell by 2% YoY to Rs 609.76 crore.

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Tata Power Solar receives letter of award to build GSECL project

Tata Power Solar Systems Ltd (TPSSL) has received a letter of award (LoA) to build a 95 megawatt (MW) solar photovoltaic project for Gujarat State Electricity Corporation Ltd (GSECL). The project’s order value is about Rs 460 crore. The commercial operation date for this project is set for April 2022. With this addition, the order pipeline of TPSSL stands at about 4.2-gigawatt peak (GWp) with a value of about Rs 12,500 crore.

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Stove Kraft IPO subscribed 18 times on final day of bidding

The initial public offering (IPO) of Stove Kraft was subscribed 18 times on the final day of bidding (Jan 28). The IPO received bids for 10.59 crore equity shares against an offer size of 58.94 lakh equity shares. The portion set aside for qualified institutional buyers has seen a subscription of 8.02 times, while the reserved portion of non-institutional investors has been subscribed 32.72 times. The portion reserved for retail investors was subscribed 26.4 times.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]