MRF Q1 Results: Net profit rises 12-fold YoY to Rs 166 crore

MRF Limited reported a 1,130% YoY jump in consolidated net profit to Rs 165.58 crore for the quarter ended June (Q1 FY22). However, net profit has declined by 50.15% when compared to the previous quarter. Its revenue from operations rose 70% YoY to Rs 4,184 crore during the same period. EBITDA grew 49.2% YoY to Rs 2,460.7 crore in Q1. The tyre manufacturer’s total expenses increased by 63.5% YoY to Rs 4,054.24 crore during the April-June quarter of FY22.

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Amara Raja Batteries to acquire 11.36% stake in Log 9 for Rs 37 crore

Amara Raja Batteries Ltd (ARBL) will invest ~Rs 37 crore for acquiring an 11.36% stake in Log 9 Materials Scientific Pvt Ltd, a Bengaluru-based battery-tech and deep-tech startup. ARBL is expected to be the primary partner for scaling up the manufacturing operations of Log 9’s battery and fuel cell technologies. The investment is part of ARBL’s ‘Energy & Mobility’ strategy, which focuses on entering into green technologies and solutions.

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AstraZeneca Pharma Q1 Results: Net profit falls 45% YoY to Rs 10.24 crore

AstraZeneca Pharma India Ltd reported a 45.62% YoY decline in net profit to Rs 10.24 crore for the quarter ended June (Q1 FY22). Net profit has declined by 62.45% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY to Rs 175.4 crore during the same period. The pharma company’s board has declared an interim dividend of Rs 2 per share.

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Govt looks to cut import duties on electric cars to as low as 40%: Report

According to a report from Reuters, India is considering slashing import duties on electric cars to as low as 40%. The government plans to cut the tax rate from 60% to 40% for electric cars under $40,000 (~Rs 29.69 lakh). For EVs valued at more than $40,000, the Centre is looking at cutting the rate from 100% to 60%. This comes days after Tesla Inc appealed for a cut in India’s import duties. The EV giant argued that lowering import duties on EVs to 40% would make them more affordable and boost sales. 

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Subex Q1 Results: Net profit falls 11% YoY to Rs 13.48 crore

Subex Ltd reported an 11.08% YoY decline in consolidated net profit to Rs 13.48 crore for the quarter ended June (Q1 FY22). Net profit has declined by 13.6% when compared to the previous quarter. Its total income fell 2.62%% YoY (or 10.8% QoQ) to Rs 87.31 crore during the same period. Subex is an enterprise software company that provides digital trust products to communication service providers.

Equity mutual fund inflows surge more than three-fold in July

Investment into equity mutual funds surged more than three-fold in July amidst optimism about the economy, as restrictions eased after the second wave of Covid-19. Net inflows into equity and equity-linked schemes jumped ~277% over the preceding month to Rs 22,583.5 crore in July 2021. This is the fifth-straight month of inflows into the category and is the highest since April 2018. The data was released by the Association of Mutual Funds in India (AMFI).

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Balrampur Chini Mills Q1: Net profit falls 44% YoY to Rs 77 crore

Balrampur Chini Mills Ltd reported a 44.7% YoY decline in consolidated net profit to Rs 77.92 crore for the quarter ended June (Q1 FY22). Net profit has declined by 67.34% when compared to the previous quarter. Its revenue from operations fell 20.2% YoY to Rs 1,140.44 crore during the same period. The company’s board has approved a proposal to buy back up to 52.5 lakh equity shares at a maximum price of Rs 410 per share. The Board of Directors has also approved a further expansion of ethanol production from 840-kilo litre per day (KLPD) to 1,050 KLPD.

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Shree Cements Q1 Results: Net profit rises 91% YoY to Rs 630 crore

Shree Cements Ltd reported a 91.11% YoY increase in consolidated net profit to Rs 629.9 crore for the quarter ended June (Q1 FY22). Net profit has declined by 21.1% when compared to the previous quarter. Its total income rose 44.5% YoY (but declined by 13.3% QoQ) to Rs 3,775.9 crore during the same period.

Clean Science and Tech Q1 Results: Net profit rises 30% YoY to Rs 54 crore

Clean Science and Technology Ltd reported a 30.3% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended June (Q1 FY22). Net profit has increased by 2.7% when compared to the previous quarter. Its revenue from operations rose 29.62% YoY (or 9.2% QoQ) to Rs 146.4 crore during the same period. Clean Science and Tech is a specialty chemical manufacturer based in Pune, Maharashtra.

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CarTrade Tech IPO subscribed 41% on first day of bidding

The Rs 2,998.5 crore initial public offering (IPO) of CarTrade Tech was subscribed 41% on the first day of bidding. Retail investors have subscribed 0.8% against their reserved portion. Non Institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) have subscribed 3% and 1%, respectively, against their reserved portions. To learn more about the IPO, click here.

Meanwhile, the Rs 5,000 crore initial public offering (IPO) of Nuvoco Vistas Corp was subscribed 16% on the first day of bidding. Retail investors have subscribed 31% against their reserved portion. Non Institutional investors (NIIs) have subscribed 1% against their reserved portion. 

Indian Hotels Q1 Results: Net loss at Rs 277 crore

The Indian Hotels Company Ltd (IHCL) reported a consolidated net loss of Rs 277 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 279.9 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 139% YoY to Rs 344.55 crore in Q1 FY22. IHCL is a hospitality company that manages a wide portfolio of hotels, resorts, spas, etc. It is a subsidiary of the Tata Group.

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