Oil India Q2 Results: Net profit jumps 111% YoY to Rs 504.46 crore

Oil India Limited (OIL) reported a 111% YoY jump in net profit to Rs 504.46 crore for the quarter ended September (Q2 FY22). Its turnover rose 52.8% YoY to Rs 3,311.18 crore during the same period. EBITDA stood at Rs 1,290.99 crore in Q2, an increase of 50.9% YoY. Crude oil price realisation for Q2 FY22 rose to $71.35 per barrel, compared to $42.74 per barrel in the corresponding period last year. OIL’s board has recommended an interim dividend of Rs 3.5 per share.

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Bank of Baroda Q2 Results: Net profit rises 24% YoY to Rs 2,088 crore

Bank of Baroda reported a 24.4% YoY increase in net profit to Rs 2,087.9 crore for the quarter ended September (Q2 FY22). Its net interest income (NII) rose 2.11% YoY to Rs 7,566 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 8.11% in Q2, compared to 8.9% in the previous quarter. The bank’s provisions fell 2% YoY to Rs 2,754 crore.

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LTTS partners with Microsoft to offer industrial Io-based smart solutions

L&T Technology Services Ltd (LTTS) has partnered with Microsoft Corp. to offer its Energy & Sustainability Manager (ESM) solution on Microsoft Azure to digitally transform and create sustainable factories of the future. LTTS’ ESM is a comprehensive compliance and standard-driven solution that tracks energy losses across plants. It helps to reduce wastage sustainably throughout a business and provides visibility into utilities and plant equipment.

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Berger Paints Q2 Results: Net profit falls 1% YoY to Rs 219 crore

Berger Paints Ltd reported a 1% YoY decline in consolidated net profit to Rs 219.21 crore for the quarter ended September (Q2 FY22). Its revenue from operations rose 27.68% YoY to Rs 2,225.01 crore during the same period. The paint manufacturer’s total expenses stood at Rs 1,939.59 crore in Q2, an increase of 31.7% YoY.

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DLF to add 2.3 million sq. ft. in retail portfolio

DLF Limited will add 2.3 million square feet to its existing 4.2 million sq. ft. of retail portfolio with six new properties as part of its expansion plans. The realty company is introducing a new line of growth with the introduction of premium neighborhood plazas in Gurugram, Chennai, and Delhi. In addition to this, DLF Retail will be entering the Goa market with Patto Plaza, a 0.3 million sq. ft. premium offering at one of the most prime localities in the city. 

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Alembic Pharma Q2 Results: Net profit falls 50% YoY to Rs 169 crore

Alembic Pharmaceuticals Ltd reported a 50% YoY decline in net profit to Rs 169.29 crore for the quarter ended September (Q2 FY22). Its revenue from operations fell 11% YoY to Rs 1,292.32 crore during the same period. The US generics business posted a 40% YoY fall in sales to Rs 348 crore in Q2. Revenue from its domestic formulations business stood at Rs 509 crore, registering a growth of 23% YoY. 

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UCO Bank enters co-lending agreement with Aadhar Housing Finance

UCO Bank has entered into a co-lending agreement with Aadhar Housing Finance to offer home loans at competitive rates. The partnership aims at providing easy and convenient home finance solutions to customers from the economically weaker sections of society. The co-lending framework of the Reserve Bank of India (RBI) provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.

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Cadila Healthcare gets USFDA approval for pre-surgery injection

Cadila Healthcare has received final approval from the US Food & Drug Administration (USFDA) for Glycopyrrolate injection. The drug is used before surgery to decrease the volume of secretions from the mouth, lungs, and stomach. It will be manufactured at the group’s injectables manufacturing facility at CHL-Jarod, near Vadodara in Gujarat.

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Cabinet approves ethanol price hike by up to Rs 1.4 per litre for blending in petrol

The Union Cabinet has hiked the price of ethanol extracted from sugarcane for blending in petrol by up to Rs 1.47 per litre for the 2021-22 marketing year, starting December. It is part of the government’s target to achieve 20% doping by 2025. Higher mixing of ethanol in petrol will help India cut its oil import bill and also benefit sugar cane farmers and sugar mills.

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Bharti Airtel, Oracle enter into a data centre and cloud deal in India

Bharti Airtel and Oracle have extended their partnership to support the growth of India’s digital economy by bringing a range of industry-leading cloud solutions to more than 10 lakh enterprise customers. Oracle will expand its India West (Mumbai) region capacity with Nxtra by Airtel to support the increasing demand for cloud services in India. Nxtra by Airtel operates India’s largest data centre network of 10 hyper data centres and 120 edge data centres.

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