Bank of Maharashtra: State-run Bank of Maharashtra on Monday reported a more than two-fold jump in net profit to ₹452 crore in the April-June quarter, helped by a healthy net interest income and improvement in asset quality. The lender had reported a net profit of ₹208 crore on a standalone basis in the same quarter of the fiscal year 2022. Net interest income (NII) rose by 20 per cent to ₹1,686 crore as compared to ₹1,406 crore in the Q1 of FY22.
HeidelbergCement India: HeidelbergCement India on Monday reported a 24.82% decline in net profit at ₹51.61 crore for June quarter 2022-23, impacted by an increase in operating cost. The company had reported a net profit of ₹68.65 crore in April-June period a year ago, said HeidelbergCement in a BSE filing. However, revenue from operation increased 6.10 per cent to ₹589.89 crore during the quarter under review from ₹555.94 crore in the year-ago period.
Reliance Industries: Arm Reliance Jio Infocomm has put in ₹14,000 crore as earnest money deposit (EMD), more than half of the amount submitted by the bidders for the 5G spectrum auction, official data showed on Monday. The second highest amount of money as EMD has been put in by Bharti Airtel Limited at ₹5,500 crore. EMD amount of Adani Data Networks stands at ₹100 crore, as per data released by the Department of Telecommunications.
NTPC: State-owned power giant NTPC and Indian Oil have inked a pact to form a joint venture firm for meeting the electricity requirements of upcoming projects of the oil major. NTPC and Indian Oil signed the agreement of a joint venture company for meeting the power requirements of upcoming projects of Indian Oil refineries, a company statement said. Unified in the purpose of increasing the usage and capacity of renewable energy sources in the country, the state-run corporations teamed up for setting up renewable energy-based power plants for Indian Oil refineries, it stated.
Adani Enterprises: State-owned CIL has cancelled its maiden tender for short-term import of coal in which Adani Enterprises had emerged as the lowest bidder, sources said on Monday. For a medium-term tender for sourcing additional 6 million tonnes (MT) of coal from overseas, PT Bara Daya Energy had quoted ₹2,000 per tonne less than the rate quoted by the Adani group firm. Coal India, in its board meeting held on July 8, decided to cancel the short-term tender of 2.416 million tonnes and PT Bara Daya Energy was asked to supply the indented quantity against the medium-term tender, the sources said.
Indusind Bank: Private lender IndusInd Bank on Monday said its board has approved a proposal to raise ₹20,000 crore in debt to fund business growth. The board approved raising funds through debt securities in any permitted mode on a private placement basis as may be decided, for an aggregate amount not exceeding ₹20,000 crore.
Indian Oil: The company signed a joint agreement with the state-owned NTPC to meet the electricity requirement. Going forward NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC, will form the JV company for the supply of power to Indian Oil. Indian Oil said it plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650 MW by December 2024 through this JV.
Mahindra and Mahindra: Mahindra & Mahindra on Monday said it has hiked its stake in its Finland-based arm Sampo Rosenlew Oy to 100 per cent with the acquisition of residual shares for over ₹35 crore. In a regulatory filing, Mahindra & Mahindra (M&M) said it executed an option exercise share purchase agreement on Monday to acquire 1,317 equity shares of Sampo Rosenlew Oy, pursuant to the exercise of a call option by it on the other shareholder of Sampo.
Yes Bank: Yes Bank will invest up to ₹350 crore for a potential 20 per cent stake in asset reconstruction company JC Flowers, which has emerged as the base bidder for the lender's bad loans worth ₹48,000 crore. The private sector lender is planning to raise up to USD 1 billion in FY23 to bolster its core capital base once the NPA challenge is over, its managing director and chief executive Prashant Kumar told reporters here on Monday.
HCL Technologies: HCL Technologies has signed a multi-year deal with the Netherlands-based pharma and personal care company DSM, the Indian IT company said on Monday. As part of the deal, HCL will help accelerate the digital transformation of Dutch pharma and personal care with a cloud-first strategy, agile delivery and next-generation security and network practice, HCL Technologies said without disclosing the value of the deal.
