Tata Motors Q1 Results: Net loss at Rs 4,451 crore

Tata Motors Ltd reported a consolidated net loss of Rs 4,450.92 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 8,437.99 crore in the corresponding quarter last year (Q1 FY21). Its revenue from operations jumped 107.6% YoY to Rs 66,406 crore in Q1 FY22. Tata Motors’ electric vehicle (EV) business delivered 5x revenue growth and the highest ever quarterly sales at 1,715 units. Jaguar Land Rover (JLR) retail sales rose 68.1% YoY to 1.24 lakh units during the same period.

Tata Motors said the global chip shortages, uncertainty due to the spread of coronavirus variants, and commodity inflation would continue to impact business in the short term.

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Kotak Mahindra Bank Q1 Results: Net profit rises 32% YoY to Rs 1,642 crore

Kotak Mahindra Bank reported a 32% YoY increase in net profit to Rs 1,641.9 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 6% YoY to Rs 3,942 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.56% in Q1 FY22, compared to 3.25% in Q4 FY21. The bank’s operating profit rose 19% YoY to Rs 3,121 crore in Q1 FY22. Provisions and contingencies declined by 2.8% YoY to Rs 935 crore during the April-June quarter of FY22.

[NII is the difference between the interest income a bank receives on assets such as loans and interest paid to depositors]

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Hitachi ABB Power Grids commissions Raigarh-Pugalur UHVDC link

Hitachi ABB Power Grids in India has commissioned a 1,800 km long 6 gigawatts (GW) ultra-high voltage direct current (UHVDC) transmission link from Raigarh to Pagulur. The 800 kilovolts (kV) transmission link has the capacity to meet the electricity demand of more than 8 crore people. The link strengthens grid resilience and stabilizes the power infrastructure by combining traditional and renewable power generation. It stretches from Raigarh in Chattisgarh to Pugalur in Tamil Nadu.

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Axis Bank Q1 Results: Net profit rises 94% YoY to Rs 2,160 crore

Axis Bank reported a 94% YoY increase in net profit to Rs 2,160 crore for the quarter ended June (Q1 FY22). Its net interest income (NII) rose 11% YoY to Rs 7,760 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 3.85% in Q1 FY22, compared to 3.7% in Q4 FY21. The bank’s operating profit grew 10% YoY to Rs 6,416 crore in Q1 FY22. Axis Bank posted a 12% YoY increase in loan advances to Rs 6.14 lakh crore.

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Sun Pharma gets exclusive right to market Cassiopea’s acne drug in the US, Canada

Sun Pharmaceutical Industries has signed an exclusive licensing agreement with Italy-based Cassiopea SpA to sell Winlevi (clascoterone cream 1%) in the United States and Canada. Winlevi is a novel drug with a unique mechanism of action for the topical treatment of acne in patients 12 years and older. Cassiopea will receive an upfront payment of $45 million, potential commercial milestones totaling up to $190 million, and customary double-digit royalties. 

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L&T Q1 Results: Net profit jumps 287% YoY to Rs 1,174 crore

Larsen & Toubro (L&T) reported a 287% YoY jump in consolidated net profit to Rs 1,174 crore. Its revenue from operations rose 38% YoY to Rs 29,335 crore during the same period. EBITDA increased by 95.8% YoY to Rs 3,171.5 crore in Q1. The company secured orders worth Rs 26,557 crore at the group level in Q1, registering a growth of 13% YoY. You can learn more about L&T here.

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HCL Tech selected as a strategic launch partner for Microsoft Cloud for Financial Services

HCL Technologies has been selected as a launch partner for Microsoft’s recently announced industry cloud– Microsoft Cloud for Financial Services. It brings together capabilities with multi-layered security and comprehensive compliance coverage to deliver differentiated customer experiences. HCL Tech’s PowerBanking product is built to leverage all available capabilities of the Microsoft Cloud for Financial Services.

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SBI Life Q1 Results: Net profit falls 43% YoY to Rs 223 crore

SBI Life Insurance Company reported a 43% YoY decline in net profit to Rs 223.16 crore for the quarter ended June (Q1 FY22). There was a 1.28 times increase in the number of claims reported from the end of the previous financial year (FY21) to the end of the June quarter. The company posted a 9% YoY growth in new business premium to Rs 3,350 crore in Q1. SBI Life’s assets under management (AUM) rose 32% YoY to Rs 1.75 lakh crore during the same period.

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DLF Q1 Results: Net profit at Rs 337.17 crore

DLF Limited reported a consolidated net profit of Rs 337.17 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 71.52 crore in the corresponding quarter last year (Q1 FY21). The real estate developer’s total income rose 92% YoY to Rs 1,242.27 crore in Q1 FY22. DLF’s board has announced a dividend of Rs 2 per share for the previous financial year (FY21).

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Alembic Pharma Q1 Results: Net profit falls 45% YoY to Rs 165 crore

Alembic Pharmaceuticals Ltd reported a 45.42% YoY decline in consolidated net profit to Rs 164.52 crore for the quarter ended June (Q1 FY22). Its revenue from operations fell 1.13% YoY to Rs 1,326.03 crore during the same period. Revenue from its Active Pharmaceutical Ingredients (API) business rose 6% YoY to Rs 279 crore in Q1. The India branded business grew 57% YoY to Rs 481 crore during the April-June quarter.

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NTPC REL secures 325 MW solar projects at Shajapur Solar Park in Madhya Pradesh

NTPC Renewable Energy Ltd (NTPC REL) has secured 325 megawatts (MW) solar projects to be set up at Shajapur Solar Park in Madhya Pradesh. The company won a capacity of 105 MW and 220 MW by quoting the lowest tariff rate of Rs 2.35 per kilowatt-hour (kWh) and Rs 2.33 per kWh, respectively. NTPC REL is a wholly-owned subsidiary of NTPC Limited.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]

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