Mindtree Q1 Results: Net profit rises 61% YoY to Rs 343 crore

Mindtree Limited reported a 61% YoY increase in net profit to Rs 343.3 crore for the quarter ended June (Q1 FY22). Net profit has increased by 8.2% when compared to the previous quarter. Its revenue from operations rose 20% YoY (or 8.6% QoQ) to Rs 2,291.7 crore during the same period. The IT company recorded its highest-ever order book of $504 million (~Rs 3,760 crore) in Q1, a growth of 34% QoQ. However, the attrition rate jumped from 12.1% in Q4 FY21 to 13.7% in Q1 FY22.

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NTPC REL to build India’s first green Hydrogen Mobility project in Ladakh

NTPC Renewable Energy Ltd (NTPC REL), a subsidiary of NTPC Ltd, has signed a pact with the Union Territory of Ladakh to set up India’s first green Hydrogen Mobility project in the region. The company also inaugurated the first solar installations in Leh, in the form of solar trees and a solar carport. NTPC plans to launch five hydrogen buses in the region and set up a solar plant and green hydrogen generations unit in Leh.

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Maharashtra govt unveils EV policy, sets a target of 25% electrification of public transport by 2025

To further promote the cause and mass adoption of electric vehicles in the state, the Maharashtra government has unveiled a revised electric vehicle (EV) policy. The govt has set an objective to accelerate the adoption of battery-powered EVs in such a manner that it contributes to 10% of new vehicle registration by 2025. The policy also proposes to achieve 25% electrification of public transport and last-mile delivery vehicles by 2025.

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Ramkrishna Forgings secures multi-year order from European OEM

Ramkrishna Forgings Ltd has received a multi-year order from a European original equipment manufacturer (OEM) worth Rs 132 crore. The order is to be implemented for three years, distributed equally. The company’s MD said this order improves revenue visibility and profitability over the next three years. Ramkrishna Forgings is a leading manufacturer and supplier of open and closed die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel. 

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NMDC’s board approves demerger of steel business

The Board of Directors of National Mineral Development Corporation (NMDC) has approved the Scheme of Arrangement for Demerger between NMDC Ltd and NMDC Steel Limited. The scheme is subject to statutory and regulatory approvals from SEBI, the Ministry of Corporate Affairs, etc. NMDC Steel carries out the business of manufacturing and import/export of various categories of steel and iron ore.

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Lupin launches generic antifungal drug in the US market

Lupin Limited has announced the launch of Tavaborole topical solution in the US. The drug is a generic equivalent of kerydin topical solution of US-based Anacor Pharmaceuticals. It is indicated for the treatment of onychomycosis (fungal infection) of the toenails. According to IQVIA data, Tavaborole topical solution had estimated annual sales of $53 million (~Rs 394 crore) in the US for the 12 months ended May 2021. The product will be manufactured at Lupin’s facility in Pithampur, Madhya Pradesh.

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Ceat partners with Tata Power to set up captive solar power plant

Ceat Limited has entered into a partnership with Tata Power to establish a 10 megawatt (MW) captive solar power plant at its tyre manufacturing facility in Bhandup, Mumbai. TP Akkalkot Renewable Ltd, a special purpose vehicle (SPV) created by Tata Power, will be responsible for undertaking the construction, operation, and maintenance of the solar plant. Ceat will hold a 26% stake in the SPV, while Tata Power will own 74%. 

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Tata Metaliks Q1 Results: Net profit at Rs 94.72 crore

Tata Metaliks Limited reported a net profit of Rs 94.72 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 12.36 crore in the corresponding quarter last year (Q1 FY21). Total income jumped 187.43% YoY to Rs 606.45 crore in Q1 FY22. Tata Metaliks is a leading manufacturer of pig iron and ductile iron pipes in India.

ITC to double presence of its e-store to 14 cities

ITC Limited has announced plans to double the geographical presence of its e-stores to 14 cities in India. The company had launched its e-store (itcstore.in) service across seven cities with more than 700 products. It currently sells products across 46 categories through the e-store. This includes organic and multi-grain atta, ghee, frozen snacks, luxury chocolates, etc. To drive traffic, ITC also runs surprise offers at Re 1 for new products that are launched in the e-store.

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Steel Strips Wheels secures order worth Rs 113 crore from Western Hemisphere

Steel Strips Wheels Ltd (SSWL) has received export orders worth Rs 113 crore from Western Hemisphere. SSWL will complete the execution of the orders by August 21, 2021, from its Chennai and Dappar plants. The company said orders of similar capacity are anticipated in coming months from a similar customer base, as business continues to recover rapidly.