TCS Q3 Results: Net profit rises 7% YoY to Rs 8,701 crore

Tata Consultancy Services (TCS) reported a 7.18% YoY increase in net profit to Rs 8,701 crore for the quarter ended December (Q3). The IT major had posted a profit of Rs 8,118 crore in Q3 of the previous financial year. Its revenue rose 5% YoY to Rs 42,015 crore in Q3 FY21. The company said it has benefited from greater demand for its cloud services during the Covid-19 pandemic. TCS has announced an interim dividend of Rs 6 per share, for which the record date is January 16 and the payment date is February 3.

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SAIL reports 9% growth in crude steel production

Steel Authority of India Ltd (SAIL) reported a 9% YoY growth in crude steel production for the December quarter (Q3) of FY21 at 4.37 million tonnes (mt), as against a production of 4 mt during the same period last year. The state-owned company’s sales volume registered a growth of 5.6% YoY during the Q3 of FY 21, at 4.32 million tonnes. SAIL stated that it had reduced net debt from a peak of Rs 52,290 crore as of April 30, 2020, to Rs 44,308 crore on December 31, 2020.

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Phoenix Mills sees healthy demand recovery in Q3

Phoenix Mills reported a 192% quarter-on-quarter (QoQ) growth in consumption across its retail portfolio in Q3 FY21, which came to around Rs 1,370 crore. The company’s retail collections saw an improvement to approximately Rs 260 crore in Q3. In the residential category, the developer sold 14 units with an aggregate sales value of approximately Rs 74 crore.

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Empowered Group of Secretaries recommends cabinet note on 5 PLI sectors: Report

According to a report from CNBC-TV18, the Empowered Group of Secretaries (EGoS) has recommended a cabinet note on five production linked incentive (PLI) sectors. The sectors include Advanced Chemistry Cell Battery, Telecom & Networking Goods, Pharmaceutical Drugs, Technical Textiles, and Automobiles & Auto components.

EGoS has suggested that ministries should be careful in the identification of the base year and examination of incremental production and incentive. It has further recommended to bring in a uniform approval process for choosing a beneficiary company under the PLI scheme.

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Om Metals Infra emerges lowest bidder for Punjab-based project

Om Metals Infraprojects Ltd was declared the lowest bidder in competitive bidding for a tender value of about Rs 621 crore, floated by the Punjab Government. The tender is for constructing two powerhouses and part of the hydel channel of Shahpurkandi Dam Project on EPC mode. Om Metals is an engineering, procurement, and construction (EPC) company that focuses on water, irrigation, and hydroelectric projects.

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Shalby Q3 Results: Net profit rises 106% YoY to Rs 16 crore

Shalby Ltd reported a 106.38% YoY increase in consolidated net profit to Rs 16.82 crore for the quarter ended December (Q3). The company had reported a net profit of Rs 8.15 crore in Q3 of the previous financial year. Shalby’s revenue increased by 9.11% YoY to Rs 131.80 crore in Q3 FY21. Shalby Ltd operates a chain of multispeciality hospitals in India.

Mahindra & Mahindra hikes prices of personal, commercial vehicles by 1.9%

Mahindra & Mahindra (M&M) Ltd announced a hike in prices of its range of personal and commercial vehicles by around 1.9%. The automaker stated that it will raise prices by Rs 4,500-Rs 40,000, depending on the model and variant. M&M said the price increase was necessitated due to an unprecedented increase in commodity prices and various other input costs over the past many months.

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Himatsingka Seide enters into licensing agreement with Disney for European region

Himatsingka Seide Ltd has entered into a licensing agreement with The Walt Disney Company for the European region. The license will give Himatsingka the rights to design, develop, manufacture, and distribute a broad range of home textile products inspired by Disney’s archives and characters from all its franchises including Disney, Marvel, Pixar, and Lucas. Himatsingka will distribute an extensive range of licensed home textile products across the United Kingdom, Germany, France, Italy, Spain, and South Africa.

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SBI, IOCL launch contactless RuPay debit card

State Bank of India (SBI) and Indian Oil Corporation Ltd (IOCL) announced the launch of a co-branded contactless Rupay debit card. The features of the card include 6 reward points for Rs 200 spent at an Indian Oil fuel station every time and loyalty points worth 0.75% against the purchase of fuel. Customers can earn and redeem reward points by spending on dining, movies, grocery, and utility bills. Transactions up to Rs 5,000 can be paid for with a tap through the contactless card.

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J B Chemicals receives USFDA approval for generic antihistamine

J B Chemicals & Pharmaceuticals Ltd announced that it has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) of Loratadine tablets. The tablets are used for treating allergic rhinitis caused by pollen and upper respiratory tract allergy. The company said it expects to commercialize this product by Q1 of the next financial year (FY 2021-2022).

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