Tata Group takes over Air India after 69 years

The Tata Group has officially taken over Air India from the Indian government on Thursday. A consideration of Rs 2,700 crore has been received by the government as part of the divestment. “We are totally delighted to have Air India back at the Tata group,” said Tata Sons Chairman N Chandrasekaran. At present, Air India controls over 4,400 domestic and 1,800 international landing and parking slots at domestic airports.

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Canara Bank Q3 Results: Net profit jumps 115% YoY to Rs 1,502 crore

Canara Bank reported a 115.8% YoY jump in net profit to Rs 1,502 crore for the quarter ended December (Q3 FY22). Net profit increased 12.6% when compared to the previous quarter. Its net interest income (NII) rose 14.11% YoY (or 10.7% QoQ) to Rs 6,946 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 7.8% in Q3 FY22, compared to 8.42% in Q2 FY22. The bank’s provisions fell 46.7% YoY to Rs 2,244 crore in Q3 FY22.

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BEL signs $73 million contract with US-based Hyperion Global

Bharat Electronics Ltd (BEL) has entered into a contract with Hyperion Global Group LLC to develop, manufacture, and supply Internet of Things (IoT) devices for the US market. BEL will manufacture and supply IoT devices worth $73 million to Hyperion during the first year of commencement of supply. The contract pairs Hyperion’s need to provide advanced connectivity solutions with BEL’s world-class engineering and manufacturing capabilities.

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Route Mobile Q3 Results: Net profit rises 28% YoY to Rs 48 crore

Route Mobile Ltd reported a 28.3% YoY increase in consolidated net profit to Rs 48.27 crore for the quarter ended December (Q3 FY22). Its revenue from operations rose 44.2% YoY to Rs 567.49 crore during the same period. The company’s board has declared an interim dividend of Rs 3 per share.

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LTI partners with IIT Madras for innovation in 5G space

Larsen & Toubro Infotech (LTI) has partnered with the Indian Institute of Technology (IIT) Madras for collaborative research in the field of 5G. The companies aim to innovate in the emerging 5G space, enable 5G frameworks validation, and test various use cases. LTI and IIT Madras will promote research towards the development of a low-cost, low-frequency 5G network setup for better connectivity in rural India.

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PNB Q3 Results: Net profit jumps 123% YoY to Rs 1,126 crore

Punjab National Bank (PNB) reported a 123% YoY jump in net profit to Rs 1,126.78 crore for the quarter ended December (Q3 FY22). Net profit increased by 2% when compared to the previous quarter. Its net interest income (NII) fell 6.1% YoY to Rs 7,803.2 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 12.8% in Q3 FY22, compared to 13.6% in Q2 FY22.  

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Future Enterprises to sell 25% stake in general insurance JV to partner Generali

Future Enterprises Ltd (FEL) will sell its 25% equity in Future Generali India Insurance Company Ltd (FGIICL) to its joint venture (JV) partner Generali Participations Netherlands NV. The transaction is for a cash consideration of Rs 1,252.96 crore. This move is part of Future Group’s asset monetisation plans to reduce debts. Generali has also acquired an option to buy out FEL’s remaining interest in FGIICL.

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L&T partners with HydrogenPro for manufacturing hydrogen electrolysers in India

Larsen & Toubro Ltd has partnered with Norway-based HydrogenPro to access its electrolyser technology to enter the green hydrogen market. As part of the agreement, L&T and HydrogenPro will set up a joint venture company in India to manufacture gigawatt-scale alkaline water electrolysers. The planned joint venture is part of L&T’s strategy to expand its presence across the green energy value chain. 

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Laurus Labs Q3 Results: Net profit falls 44% YoY to Rs 154 crore

Laurus Labs Ltd reported a 44% YoY decline in net profit to Rs 154 crore for the quarter ended December (Q3 FY22). Its revenue from operations fell 20% YoY to Rs 1,029 crore during the same period. EBITDA stood at Rs 290 crore in Q3, down 17% YoY. The pharma company’s Q3 results were impacted by lower sales of active pharmaceutical ingredients (APIs) and formulations due to stocking at channel partners.

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M&M records 1 lakh bookings of XUV700, bills 14,000 units

Mahindra & Mahindra Ltd has clocked almost one lakh bookings of its latest sports utility vehicle XUV700 besides billing the first 14,000 units of the vehicle by January. In a statement, M&M said it is focusing on meeting its committed delivery timelines to customers despite dynamic supply chain issues.

In other news, Mahindra Electric Mobility has launched its new electric three-wheeler e-Alfa Cargo, priced at Rs 1.44 lakh. The launch marks the company’s entry into the rapidly growing e-cart segment.

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Coforge Q3 Results: Net profit rises 51% YoY to Rs 183 crore

Coforge Ltd reported a 51% YoY increase in net profit to Rs 183.7 crore for the quarter ended December (Q3 FY22). Net profit increased by 34.4% when compared to the previous quarter. The IT company’s revenue from operations rose 39% YoY (or 5.7% QoQ) to Rs 1,658 crore during the same period. EBITDA stood at Rs 246.7 crore, up 14.8% QoQ. Coforge Ltd’s board has declared an interim dividend of Rs 13 per share.

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