Nitin Gadkari approves proposal to levy ‘Green Tax’ on old vehicles

Union Minister for Road Transport and Highways Nitin Gadkari has approved a proposal to levy a ‘Green Tax’ on old vehicles that are polluting the environment. Transport vehicles older than eight years could be taxed at the rate of 10-25% of road tax. This will be imposed at the time of renewal of the fitness certificate. Personal vehicles will be charged Green Tax at the time of renewal of registration certificate after 15 years. A higher Green Tax of 50% will be levied on vehicles registered in highly polluted cities. The ministry will now consult state governments before finalising the proposal. 

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Kotak Mahindra Bank Q3 Results: Net profit rises 16% YoY to Rs 1,853 crore

Kotak Mahindra Bank reported a 16% YoY increase in net profit to Rs 1,853.5 crore for the quarter ended December (Q3). Net interest income (NII) rose 17% YoY to Rs 4,007 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The lender’s gross non-performing assets (NPAs) ratio stood at 2.26% in Q3, against 2.55% in the previous quarter. Kotak Bank’s provisions and contingencies increased sharply by 34.9% to Rs 599 crore.

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L&T Q3 Results: Net profit rises 5% YoY to Rs 2,467 crore

Larsen and Toubro (L&T) reported a 4.87% YoY increase in consolidated net profit to Rs 2,466.71 crore for the quarter ended December (Q3). Its revenue from operations declined 1.78% YoY to Rs 35,596.42 crore during the same period. The company’s total orders in Q3 jumped 76% YoY and stood at Rs 73,233 crore. During the quarter, L&T was awarded the biggest EPC contract in the country and the first of its kind- the High Speed Rail order. The consolidated order book stood at a record Rs 3,31,061 crore as of December 31, 2020.

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ED raids 10 premises of Omkar Group for irregularities in SRA projects

The Enforcement Directorate (ED) on Monday conducted raids on 10 premises of Mumbai-based Omkar Group. The group is alleged to have misused various permissions given under the Slum Rehabilitation Authority (SRA) schemes. It is also alleged that they diverted ~Rs 450 crore taken by way of loan from Yes Bank. The premises of Omkar Realtors and Developers, which includes 7 residential and 3 commercial buildings in Mumbai, were searched by the central probe agency. 

[Piramal Enterprises’ shares fell 1.44% today. It has tied up with Omkar Realtors for various projects] 

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Dixon Tech’s subsidiary enters into deal with HMD India to manufacture Nokia smartphones

Padget Electronics, a wholly-owned subsidiary of Dixon Technologies, has entered into an agreement with HMD India for manufacturing Nokia smartphones. The smartphones will be manufactured at Padget’s manufacturing facility in Noida, Uttar Pradesh. HMD Global Oy, branded as HMD and Nokia Mobile, is a Finnish mobile phone manufacturer.

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Lupin gets USFDA approval for Sevelamer Carbonate tablets

Lupin Limited announced that it has received approval from the US Food & Drug Administration (USFDA) to market its generic Sevelamer Carbonate tablets. The tablets are used to control phosphorus in people with chronic kidney disease on dialysis. According to the IQVIA MAT September 2020 data, Sevelamer Carbonate tablets had estimated annual sales of $348 million (~Rs 2,537 crore) in the US.

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PNC Infratech secures EPC projects worth Rs 2,475 crore in Uttar Pradesh

PNC Infratech Ltd, in a joint venture with SPML Infra, has received Letters of Award (LoA) for six new EPC projects in Uttar Pradesh. The orders were placed by the State Water Supply & Sanitation Mission, Namami Gange & Rural Water Supply Department. The projects include the survey, design, construction, and commissioning of rural water supply for a total of 2,475 villages. The project is to be constructed and put on trial within 21 months upon signing of the agreement. The aggregate value of the six projects is approximately Rs 2,475 crore.

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UCO Bank Q3 Results: Net profit at Rs 35 crore

UCO Bank reported a net profit of Rs 35.44 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 960.17 crore during the corresponding period in FY20. Net interest income (NII) rose 13.8% YoY to Rs 1,407.2 crore in Q3 FY21. Net non-performing assets (NPAs) were at 2.97%, against 6.34% in Q3 FY20. Provisions for bad loans fell sharply to Rs 393.06 crore in Q3, compared to Rs 1,645.51 crore a year ago.

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ICICI Securities Q3 Results: Net profit rises 95% YoY to Rs 267 crore

ICICI Securities Ltd reported a 95% YoY increase in net profit to Rs 267 crore for the quarter ended December (Q3). Its revenue rose 47% YoY to Rs 620 crore during the same period. The company’s revenue growth in Q3 was driven by strong all-around performance in its equities & allied business, distribution business, and private wealth management business.

Strides Pharma gets USFDA approval for Ursodiol capsules

Strides Pharma Science Ltd announced that its wholly-owned subsidiary, Strides Pharma Global-Singapore, has received approval for Ursodiol capsules from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of patients with Primary Biliary Cirrhosis (an autoimmune disease of the liver). The product will be manufactured at the company’s facility in Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

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Home First Finance Company IPO subscribed 27 times on final day

The initial public offering (IPO) of Home First Finance Company was subscribed 26.65 times on the final day of bidding (Jan 25). The issue has received bids for 41.43 crore equity shares against an offer size of 1.56 crore shares. The category reserved for qualified institutional buyers (QIBs) was subscribed 52.63 times. The reserved portion for non-institutional investors was subscribed 39.08 times and individual retail investors 6.60 times.

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Aarti Drugs Q3 Results: Net profit jumps 144% YoY to Rs 68 crore

Aarti Drugs Ltd reported a 144.54% YoY increase in consolidated net profit to Rs 68 crore for the quarter ended December (Q3). It had posted a net profit of Rs 27.82 crore during the corresponding period in FY20. The company’s consolidated revenue rose 11.98% YoY to Rs 530.25 crore in Q3 FY21.