Mahindra & Mahindra Q2 Results: Net profit jumps 785% YoY to Rs 1,432 crore

Mahindra & Mahindra Ltd reported a 785% YoY jump in net profit to Rs 1,431.7 crore for the quarter ended September (Q2 FY22). Net profit increased 67% compared to the previous quarter. Its revenue from operations rose 14.7% YoY (or 13% QoQ) to Rs 13,305.4 crore during the same period. The automaker sold 99,334 vehicles in Q2, an increase of 9% YoY. Tractor sales fell 5% YoY to 88,920 units. The surge in profit was aided by strong export volumes and by mitigating some impact from the severe global semiconductor shortage.

M&M has announced plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories to strengthen its position in India’s electric mobility segment. The automaker will invest Rs 3,000 crore into EV development. 

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Praj Industries partners with Indian Oil to produce cleaner fuel

Praj Industries Ltd and Indian Oil Corporation have signed a Memorandum of Understanding (MoU) to explore opportunities in the production of alcohol to jet (ATJ) fuels, 1G & 2G ethanol, compressed bio-gas (CBG), and related opportunities in the biofuels industry. This MOU will boost ATJ fuel production capacity and its use in India to curb emissions emanating from the airplanes as per the International Air Transport Association’s (IATA) mandate. Indian Oil and Praj will also collaborate to set up biofuel production facilities, including biodiesel, and ethanol.

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MRF Q2 Results: Net profit falls 54% YoY to Rs 189 crore

MRF Limited reported a 53.9% YoY decline in consolidated net profit to Rs 189.06 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 15.62% YoY to Rs 4,907.81 crore during the same period. The tyre manufacturer’s board has declared an interim dividend of Rs 3 per share.

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BHEL Q2 Results: Net loss narrows to Rs 46 crore

Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs 46.58 crore for the quarter ended September (Q2 FY22). It had posted a net loss of Rs 552.38 crore in the corresponding quarter last year (Q2 FY21). Its revenue from operations rose 42.6% YoY to Rs 4,910.62 crore in Q2 FY22. Total expenses stood at Rs 5,275.39 crore during the July-Sept quarter of FY22, an increase of 16.2% YoY.

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Tata Motors partners with Bank of India for vehicle financing

Tata Motors has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85%. The scheme will offer a maximum of 90% financing on the total cost of the vehicle, which includes insurance and registration. The offers through the partnership will be applicable on the ‘New Forever’ range of conventional cars, SUVs, and EVs for personal segment buyers.

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Indraprastha Gas Q2 Results: Net profit rises 30% YoY to Rs  crore

Indraprastha Gas Ltd (IGL) reported a 30% YoY increase in net profit to Rs 400.54 crore for the quarter ended September (Q2 FY22). The company’s turnover rose 39% YoY to Rs 2,005.07 crore during the same period. IGL registered an average daily sale of 7.24 million metric standard cubic meters per day (mmscmd) in Q2 FY22 compared to 5.50 mmscmd in Q2 FY21, recording a growth of 32%.

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IRCON International emerges lowest bidder for order worth Rs 5,142 crore

IRCON International has emerged as the lowest (L-1) bidder in a tender valuing approximately Rs 5,142 crore floated by National High-Speed Rail Corporation (NHSRCL). The order involves the design, supply, and construction of track and track-related works (including testing and commissioning) for the double-line high-speed railway between Zaroli village and Vadodara in Gujarat. The completion period of the project is approx. 6.5 years.

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IDFC Q2 Results: Net profit at Rs 262 crore

IDFC Limited reported a consolidated net profit of Rs 262.55 crore for the quarter ended September (Q2 FY22). During the quarter, the company had received Rs 200 crore as its share of profit from its associates and joint ventures. It had posted a net loss of Rs 146.68 crore in the corresponding quarter last year (Q2 FY21). 

The Board of Directors of IDFC Ltd has approved the merger scheme of IDFC Alternatives Ltd, IDFC Trustee Company Ltd, and IDFC Projects Ltd (wholly-owned subsidiary companies) into IDFC.

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PowerGrid Q2 Results: Net profit rises 9% YoY to Rs 3,376 crore

Power Grid Corporation of India reported a 9% YoY increase in consolidated net profit to Rs 3,376.38 crore for the quarter ended September (Q2 FY22). Its total income rose 7% YoY to Rs 10,514.74 crore during the same period. During the quarter, 2,100 circuit kilometers (ckm) of transmission lines and 14,000 megavolt-ampere (MVA) transformation capacity were added. 

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Mazagon Dock delivers 4th Scorpene Submarine ‘Vela’ to Indian Navy

Mazagon Dock Shipbuilders Ltd (MDL) has delivered the fourth Scorpene Submarine of Project P-71 to the Indian Navy. It will be commissioned as INS Vela. With the delivery of Vela, MDL has lived up to its reputation as one of the country’s leading shipyards and reaffirmed India’s membership in the exclusive club of submarine-building nations.

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