PM Modi addresses the nation, reminds citizens that fight against virus must not stop

Prime Minister Narendra Modi, in his address, stated that India has come a long way from the first lockdown restrictions in March. He announced that economic activities are increasing rapidly, and several Covid-19 vaccines are approaching final testing stages in India. The government is also making efforts to ensure that the vaccine reaches every Indian when it is launched. However, PM Modi also reminded citizens to follow rules, and to keep fighting against the virus until a vaccine is approved.

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Indian Railways approves Jindal Steel and Power rails for high-speed corridor

Jindal Steel and Power Ltd. (JSPL) announced on Tuesday that the Indian Railways has approved the rails developed by the company, for high-speed and high-axle load applications. The new track system can be used to carry heavy loads at a speed of up to 200 km/hour. The company also plans to double its supply of rails to the Indian Railways and metro lines.

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Mrs Bectors Food files papers for Rs 550 crore IPO

Biscuit and bread maker Mrs Bectors Food Specialities has filed documents with market regulator SEBI, in order to raise Rs 550 crore, through an initial public offering (IPO). The IPO would include a fresh issue of equity shares worth Rs 50 crore, and an offer for sale (OFS) by existing shareholders worth Rs 550 crore. Mrs Bectors is a supplier of fast-food chains Burger King and McDonald’s in India.

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Hindustan Zinc reports 6.7% YoY drop in profits 

Hindustan Zinc Ltd. on Tuesday reported a 6.7% year-on-year decline in net profit to Rs 1,940 crore, for the quarter ended September (Q2). The total income of the company stood at Rs 6,050 crore during the July-September period. The company has also announced an interim dividend of Rs 21.3 per share.

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Hindustan Unilever Q2 Results: Net profit rises 8.7% to Rs 2,009 crore

Hindustan Unilever Limited reported an 8.7% year-on-year (YoY) increase in net profit to Rs 2,009 crore, for the quarter ended September (Q2). The total income of the company saw a rise of 16% YoY to Rs 11,593 crore. The company’s Board of Directors has also declared an interim dividend of Rs 14 per share.

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Granules India reports 71% YoY increase in profits 

Drug firm Granules India reported a 70.82% year-on-year increase in its consolidated net profit to Rs 163.63 crore, for the quarter ended September (Q2). The company’s consolidated revenue from operations stood at Rs 858.12 crore during the same period. The company’s Board of Directors has announced an interim dividend of Rs 25 paise per equity share of Rs 1 each.

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Shares of Hexaware to be delisted from NSE on 2nd November 

IT firm Hexaware Technologies has announced that trading of its shares on the National Stock Exchange will be suspended from November 2nd. The voluntary delisting process of the company’s shares from NSE and BSE was undertaken last month. The final delisting price was set at Rs 475 per share.

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Sunteck Realty acquires 50-acre land in Mumbai to develop residential project

Sunteck Realty, a real estate development company, on Tuesday, announced the acquisition of a 50-acre land in Vasind (Thane). The company has plans to develop a  2.6 million square feet residential project, that will have a revenue potential of Rs 1,250 crore. Mumbai-based Sunteck Realty has conducted over 26 real estate development projects in India.

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Future Group approaches lenders for one-time debt recast

Kishore Biyani’s Future Group has approached banks such as State Bank of India and Bank of India, to restructure its outstanding debt under the RBI’s one-time restructuring scheme. This scheme is permitted by market regulator SEBI, and will be used to provide support to companies affected by the Covid-19 crisis. Future group is planning to defer (postpone) repayments on Rs 7,500 crore in debt over the next few months.

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Wipro secures five-year contract with energy company Fortum

IT company Wipro has won a five-year application management (AMS) and services integration & management (SIAM) contract with Finland-based clean energy company Fortum. Wipro will manage Fortum’s applications, which has more than 11,500 users across 18 countries. Wipro had acquired cloud-services firm 4C in July, and has plans to further strengthen its presence in the Nordic and Baltic region.

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