Reliance Industries Q3 Results: Net profit rises 12% YoY to Rs 13,101 crore

Reliance Industries Ltd (RIL) reported a 12.5% YoY increase in consolidated net profit to Rs 13,101 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 11,640 crore during the corresponding period in FY20. RIL’s consolidated revenue declined 21% YoY to Rs 1.23 lakh crore in Q3 FY21. The weak topline performance of the company was attributed to the continued struggles of the refining business. The revenues of the refining and petrochemical business, which contribute nearly two-thirds to RIL’s topline revenues, fell to Rs 83,838 crore in Q3.

Reliance Jio Infocomm Ltd reported a 15.5% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 3,489 crore for the quarter ended December (Q3). Revenue from operations increased 5.3% QoQ to Rs 19,475 crore. The telecom company witnessed a net addition of 52 lakh customers during the same period. The average revenue per user (ARPU) came at Rs 151 per subscriber per month.

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Grasim to enter paints business with Rs 5,000 crore investment

Aditya Birla Group’s flagship company, Grasim Industries Ltd, announced its plans to enter the paints business with an initial investment of Rs 5,000 crore over the next 3 years. Kumar Mangalam Birla, Chairman of Aditya Birla Group, stated that Grasim’s entry into the paints segment will add size, scale, and diversity to its existing portfolio of established standalone businesses. Grasim will offer a wide choice to Indian consumers, as it plans to introduce the latest range of paint products in line with global mega-trends.

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Yes Bank Q3 Results: Net profit rises to Rs 151 crore

Yes Bank Ltd reported a net profit of Rs 150.7 crore for the quarter ended December (Q3). The lender had posted a net loss of Rs 18,560 crore in the corresponding period in FY20. Net interest income (NII) jumped more than two-fold YoY to Rs 2,560.4 crore. The bank’s gross non-performing asset (NPA) ratio stood at 15.36% compared with 16.9% in the July-September quarter (Q2 FY21). 

Yes Bank’s board has voted in favour of raising funds worth Rs 10,000 crore via qualified institutional placement (QIP), non-convertible debentures (NCDs), etc.

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Adani Total Gas, Torrent Gas acquires 5% stake each in Indian Gas Exchange

Adani Total Gas and Torrent Gas have acquired a 5% stake each in the Indian Gas Exchange (IGX). Both companies have spent Rs 3.69 crore each for acquiring the stake.  IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX) and is the first authorised gas exchange in the country. It has 16 members and more than 500 registered clients, along with 3 physical hubs across Gujarat and Andhra Pradesh.

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JSW Steel Q3 Results: Net profit jumps 13-fold to Rs 2,681 crore

JSW Steel Ltd reported a 12.70 times (or 1,170%) YoY jump in consolidated net profit to Rs 2,681 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 211 crore in the corresponding period in FY20. Revenue from operations rose 21.1% YoY to Rs 21,859 crore in Q3 FY21. Its average capacity utilisation improved to 91%, compared to 86% in the September quarter (Q2 FY21). JSW Steel’s performance in Q3 was driven by robust operating income amid a strong demand environment.

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NTPC declares 150 MW unit of Kameng Hydro-Electric Project commercially operational

NTPC Limited announced that the 150 megawatt (MW) unit of Kameng Hydro-Electric Project of its subsidiary, North Eastern Electric Power Corporation, is commercially operational. With this, the commissioned and commercial capacity of the NTPC group has become 63,785 MW and 63,125 MW, respectively. [NTPC Ltd is a state-owned power generation company]

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Indian Bank Q3 Results: Profit rises 108% YoY to Rs 514 crore

Indian Bank Ltd reported a 108% YoY increase in profit to Rs 514.28 crore for the quarter ended December (Q3). The bank’s net interest income (NII) jumped 120% YoY to Rs 4,313.3 crore during the same period. Gross non-performing assets (NPAs) as a percentage of assets rose to 9.04% in Q3. Indian Bank’s board has approved a proposal to raise Rs 4,000 crore through qualified institutional placements (QIP), follow-on public offer (FPO), or rights issue.

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Om Metals Infra receives LoA for Shahpurkandi power house project

Om Metals Infraprojects Ltd has received a letter of award (LoA) from the Water Resources Department, Govt. of Punjab, for project works of Shahpurkandi power-house project. The estimated value of the contract is Rs 621 crore. The company will construct two power houses as part of the Hydel Channel of Shahpurkandi Dam Project via an engineering, procurement, and construction (EPC) mode. 

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SBI Life Q3 Results: Profit falls 40% YoY to Rs 232 crore

SBI Life Insurance Ltd reported a 40.2% YoY decline in profit to Rs 232.85 crore for the quarter ended December (Q3). Net premium income rose to Rs 13,766.49 crore in Q3 FY21, as compared to Rs 11,694.51 crore in Q3 FY20. The company has kept an additional reserve of Rs 70.38 crore for Covid-19 pandemic-related liabilities.

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Alembic Pharma gets USFDA approval for orthostatic hypotension tablets

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA)- Midodrine Hydrochloride Tablets USP. The tablets are indicated for the treatment of symptomatic orthostatic hypotension (OH). OH refers to a sudden drop in blood pressure when you stand from a seated or prone (lying down) position. According to IQVIA data, the tablets had an estimated market size of $60 million (~Rs 437 crore) for the twelve months ended September 2020.

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Indigo Paints IPO subscribed over 117 times on final day

The initial public offering (IPO) of Indigo Paints was subscribed 117.02 times on the final day of the bidding process. The issue received bids for 64.57 crore shares against the issue size of 55.18 lakh shares. The reserved portion for retail investors witnessed a subscription of 15.93 times, and that of employees 2.49 times. The portion set aside for qualified institutional buyers was subscribed 189.6 times, and that of non-institutional investors 263 times.

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