RIL to invest $80 billion in green energy projects in Gujarat

Reliance Industries Ltd (RIL) will invest $80.49 billion (~Rs 5.95 lakh crore) in green energy and other projects in Gujarat. The company will invest Rs 5 lakh crore over 10-15 years to set up a 100 gigawatts renewable energy power plant. RIL will invest Rs 60,000 crore for setting up solar modules and fuel cells. It will further spend Rs 7,500 crore to upgrade its Jio telecom network and invest Rs 3,000 crore in its retail business.

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Mindtree Q3 Results: Net profit rises 34% YoY to Rs 437 crore

Mindtree Ltd reported a 34% YoY increase in consolidated net profit to Rs 437.5 crore for the quarter ended December (Q3 FY22). Net profit increased 9.7% when compared to the previous quarter. Its revenue from operations rose 36% YoY (or 6% QoQ) to Rs 2,750 crore during the same period. The IT major’s order book stood at $358 million (~Rs 2,645 crore) in Q3, up 14.6% YoY. 

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TVS Motor partners with Swiggy to strengthen electric commercial mobility segment

TVS Motor Company Ltd has signed a pact with delivery platform Swiggy to strengthen the electric commercial mobility segment. The partnership highlights the two-wheeler maker’s commitment to strengthen electrification across diverse mobility segments and align with Swiggy’s efforts to enable the adoption of EVs in its delivery fleet. The entities will test the implementation of TVS Motor’s EV for food delivery and other on-demand services of Swiggy.

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NCLAT admits Amazon’s plea against CCI order on Future Coupons

The National Company Law Appellate Tribunal (NCLAT) has admitted Amazon’s plea challenging the Competition Commission of India’s (CCI) order, which had suspended its earlier approval of the e-commerce giant’s investment in Future Coupons. NCLAT also issued notices to CCI and Future Group and refused to give any interim relief. The next hearing will be on February 2.

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Adani Group signs MoU with POSCO to set up integrated steel mill in Gujarat

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with South Korea-based steel company POSCO to develop and establish an integrated steel mill in Mundra, Gujarat. Around $5 billion (~Rs 37,000 crore) will be earmarked for the project. POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements 

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Equitas Small Finance Bank’s gross advances rise 13% YoY in Q3

Equitas Small Finance Bank’s (SFB) gross advances increased 13% year-on-year (YoY) to Rs 19,642 crore for the quarter ended December (Q3 FY22). Gross advances rose 3% compared to the previous quarter. Total deposits grew 13% YoY to Rs 17,884 crore during the same period. The current account savings account (CASA) stood at Rs 9,085 crore in Q3, up 129% YoY or 11% QoQ.

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Aditya Birla Money Q3 Results: Net profit rises 52% YoY to Rs 6.4 crore

Aditya Birla Money Ltd reported a 53.8% YoY increase in net profit to Rs 6.46 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 23.53% YoY (or 4% QoQ) to Rs 60.27 crore during the same period. EBITDA stood at Rs 16.9 crore in Q3, up 32% YoY and 5% QoQ.

Vodafone Idea partners with Ciena to upgrade its national backbone network

Vodafone Idea (Vi) has revamped its national backbone network in partnership with US-based telecom equipment manufacturer Ciena to prepare for its 5G network rollout. Vi has deployed Ciena’s 6500 packet-optical platform for high-speed network services. With this deployment, the telecom operator will maximise fiber capacity and network efficiencies to prepare for 5G. Vi has also partnered with technology and ecosystem players to develop various 5G use cases relevant for Indian enterprises and consumers. 

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GTPL Hathway Q3 Results: Net profit rises 21% YoY to Rs 54.6 crore

GTPL Hathway Ltd reported a 20.83% YoY increase in consolidated net profit to Rs 54.6 crore for the quarter ended December (Q3 FY22). Net profit increased 27% when compared to the previous quarter. Its revenue from operations declined by 7.42% YoY to Rs 599.13 crore during the same period. EBITDA stood at Rs 133 crore in Q3, down 5% YoY and 1% QoQ. GTPL Hathway provides digital television cable, satellite, wired Internet, movies on demand, and broadband services across India.

Tata Motors global wholesales rise 2% YoY to 2.85 lakh units in Q3

Tata Motors Ltd reported a 2% YoY increase in group global wholesales (including Jaguar Land Rover) to 2,85,445 units for the quarter ended December (Q3 FY22). Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3 stood at 1,02,772 units, a growth of 14%. The global wholesales of passenger vehicles fell 3% YoY to 1,82,763 units during the same period. Jaguar Land Rover sold 83,110 vehicles globally in Q3.

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