Supreme Court rules in favour of Amazon, restrains Reliance-Future Retail merger

The Supreme Court has ruled in favor of Amazon.com, Inc in its dispute with Future Retail Ltd (FRL). The e-commerce giant had filed a plea against the Rs 24,713 crore deal for the merger of Future Retail with Reliance Retail. Today, the SC stated that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules is valid and enforceable under Indian laws.

Amazon and Future Group had been locked in legal battles over the deal, with the US firm accusing FRL of violating pre-existing contracts when it sold its assets to rival Reliance Industries. 

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Tata Power Q1 Results: Net profit rises 74% YoY to Rs 465 crore

Tata Power Company Ltd reported a 74% year-on-year (YoY) increase in consolidated net profit to Rs 465.69 crore for the quarter ended June (Q1 FY22). Net profit has declined by 3% when compared to the previous quarter. Its revenue from operations rose 47% YoY to Rs 9,831 crore during the same period. EBITDA stood at Rs 2,365 crore, an increase of 16% YoY. Tata Power aims to scale up its renewable portfolio from the current 4 gigawatts (GW) to 15 GW by 2025 and to 25 GW by 2030. 

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RBI keeps policy rates unchanged, GDP growth target retained at 9.5% in FY22

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 4%. The reverse repo rate will also remain unchanged at 3.35%. The central bank will maintain its ‘accommodative’ stance as long as necessary to support growth and mitigate the impact of the Covid-19 pandemic. RBI has projected real GDP growth at 9.5% for the current financial year (FY22).

[Repo rate is the rate at which the central bank (RBI) lends money to commercial banks to meet short-term fund requirements. Reverse repo rate is the rate at which the central bank borrows money from the commercial banks]

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M&M and MVML Q1 Results: Net profit jumps 23 times to Rs 934 crore

Mahindra & Mahindra (M&M) and Mahindra Vehicular Manufacturing Ltd (MVML) reported a 23 times YoY jump in combined net profit to Rs 934 crore for the quarter ended June (Q1 FY22). Net profit stood at Rs 163 crore in the previous quarter (Q4 FY21). The combined revenue from operations jumped 110 YoY to Rs 11,763 crore in Q1 FY22. Its farm equipment business posted its highest-ever operating profit of Rs 1,081 crore and revenues of Rs 5,319 crore in Q1. 

According to M&M, the combined earnings of itself and MVML provide a comprehensive view of the company.

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Hindalco Q1 Results: Net profit rises 45% QoQ to Rs 2,787 crore

Hindalco Industries reported a 44.55% quarter-on-quarter (QoQ) increase in consolidated net profit to Rs 2,878 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 709 crore in the corresponding quarter last year (Q1 FY21). Hindalco’s total income rose 61.95% YoY (or 2.3% QoQ) to Rs 41,625 crore in the April-June quarter of FY22. EBITDA increased by 188% YoY (or 16% QoQ) to Rs 6,790 crore in Q1.

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Strides Pharma Science Q1 Results: Net loss at Rs 209 crore

Strides Pharma Science Ltd reported a consolidated net loss of Rs 209 crore for the quarter ended June (Q1 FY22). It had posted a net profit of Rs 101.84 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations declined by 11.9% YoY to Rs 588.36 crore in Q1 FY22.

The wholly-owned subsidiaries of Strides Pharma Science have entered into definitive agreements to acquire Endo International plc’s manufacturing facility at Chestnut Ridge, New York, for $24 million (~Rs 178 crore).

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Muthoot Finance Q1 Results: Net profit rises 14% YoY to Rs 979 crore

Muthoot Finance Ltd reported a 14% YoY increase in consolidated net profit to Rs 979 crore for the quarter ended June (Q1). Its revenue from operations rose 13.5% YoY to Rs 2,955.83 crore during the same period. The NBFC’s assets under management (AUM) rose 25% YoY to Rs 58,135 crore in Q1. Its interest income increased by 15.4% YoY to Rs 2,918.31 crore in the April-June quarter of FY22.

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Voltas Q1 Results: Net profit rises 50% YoY to Rs 122 crore

Voltas Ltd reported a 49.7% YoY increase in consolidated net profit to Rs 122.44 crore for the quarter ended June (Q1 FY22). Net profit has declined by 48% when compared to the previous quarter. Its total income rose 36.34% YoY to Rs 1,860.17 crore during the same period. Total expenses stood at Rs 1,661.53 crore, up 33.44% YoY in Q1. Revenue from its unitary cooling products segment grew 18.7% YoY to Rs 963.11 crore.

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Berger Paints Q1 Results: Net profit jumps multi-fold to Rs 140 crore

Berger Paints India Ltd reported an 811.74% YoY jump in consolidated net profit to Rs 140.59 crore for the quarter ended June (Q1 FY22). Net profit has declined by 32.6% when compared to the previous quarter.  Its revenue from operations rose 93.22% YoY to Rs 1,798.5 crore during the same period. The company’s total expenses grew 80.2% YoY to Rs 1,624.36 crore in Q1.

SAIL Q1 Results: Net profit at Rs 3,897 crore

Steel Authority of India Ltd (SAIL) reported a consolidated net profit of Rs 3,897.6 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 1,226.47 crore in the corresponding quarter last year (Q1 FY21). Net profit has increased by 12.3% when compared to the previous quarter. Its total income jumped 122% YoY to Rs 20,754.75 crore in Q1 FY22. EBITDA stood at Rs 6,567 crore during the same period, compared to a loss of Rs 400 crore in Q1 FY21.

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