Tata Steel Q2 Results: Net Profit falls 60% YoY to Rs 1,635 crore

Tata Steel Ltd. reported a 60% year-on-year (YoY) decline in consolidated net profit to Rs 1,635 crore, for the quarter ended September (Q2). The company’s revenue increased by 7% YoY to Rs 37,154 crore, during the same period. Tata Steel has stated that it has been able to ramp up capacity utilization and achieve highest-ever sales in Q2, despite the ongoing Covid-19 pandemic.

India’s fuel demand posts first annual growth since February

India’s fuel demand posted its first yearly increase since February, as the demand for diesel saw a quick recovery ahead of the festive season. The total demand for petroleum products rose by 2.5% YoY in October, to reach 17.77 million tonnes. The consumption of both petrol and diesel has reached pre-Covid levels. 

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India to receive 100 million AstraZeneca vaccine shots by December

Serum Institute of India (SII) is increasing the production of the AstraZeneca-Oxford University Covid-19 vaccine. The company has stated that it is aiming to keep 100 million vaccine doses ready by December 2020. Adar Poonawalla, the CEO of SII, has said that his company may receive authorization for emergency use if the vaccine proves to be effective.

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Inox Leisure raises Rs 250 crore from QIP

Inox Leisure Limited has raised Rs 250 crore through a qualified institutional placement (QIP). The company has allocated 9.8 million shares to eligible institutional buyers at Rs 255 per share. The funds raised through QIP would be utilized by Inox to meet capital expenditure requirements for on-going and future projects.

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HAL Q2 Results: Net Profit declines marginally to Rs 615 crore

Hindustan Aeronautics Ltd. reported a 1.1% YoY decline in consolidated net profit to Rs 615 crore, for the quarter ended September (Q2). The consolidated revenue from operations increased by 41% YoY to Rs 4,854 crore, during the same period. Bangalore-based HAL is a state-owned aerospace and defense company.

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Shoppers Stop to launch rights issue on November 27

Shoppers Stop Ltd. has stated that its Board of Directors has approved the raising of Rs 300 crore, through a rights issue. A rights issue is an issue of shares offered at a special price by a company to its existing shareholders, in proportion to their holding of old shares. The company has stated that the issue will be priced at Rs 140 per share. The issue will open on November 27, and close on December 31.

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Future Retail Q2 Results: Net Loss stands at Rs 692 crore

Future Retail Limited reported a consolidated net loss of Rs 692.36 crore, for the quarter ended September (Q2). The retail firm’s consolidated revenue from operations declined by Rs 73.86% YoY to Rs 165.08 crore, during the same period. The company has stated that the Covid-19 pandemic has had a significant impact on its business operations.

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Oil India makes natural gas discovery in Assam

Oil India Limited, on Friday, announced that it has made a natural gas discovery at a well drilled in Tinsukia, Assam. The company has stated that this discovery will open up new areas for further oil and gas exploration in Assam. Oil India is the nation’s second-largest oil producer and a majority of its operations are concentrated in the north-east. 

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RBL Bank raises Rs 1,566 crore from Baring, ICICI Prudential

RBL Bank, on Friday, announced that it has raised Rs 1,566 crore in fresh capital through a preferential allotment of shares. The shares have been allotted to firms such as Baring Private Equity Asia and ICICI Prudential. RBL Bank has stated that it intends to invest in newer products like affordable housing loans. This would help to strengthen the bank’s presence in the semi-urban and rural markets.

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Graphite India Q2 Results: Net Loss at Rs 41 crore

Graphite India Ltd. reported a consolidated net loss of Rs 41 crore, for the quarter ended September (Q2). The company’s revenue declined by 45% YoY to Rs 485 crore, during the same period. Graphite India is a leading manufacturer of carbon and graphite speciality products.

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Apex Frozen Foods Q2 Results: Net Profit rises 15% YoY to Rs 25 crore

Apex Frozen Foods Ltd. reported a 14.91% YoY increase in net profit to Rs 25 crore, for the quarter ended September (Q2). The company’s sales declined by 2.64% YoY to Rs 262.24 crore, during the same period. Apex Frozen Foods is a prime exporter of shelf-stable quality agriculture products in India.

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